CC: Further Settlements in PFAS Liabilities Appear Positive

Research evidence excerpt

CC: Further Settlements in PFAS Liabilities Appear Positive

EQUITY RESEARCH QUICK TAKE

RBC Capital Markets, LLC

Arun Viswanathan, CFA (Analyst)

Adam Hamilton (AVP)

Brian Dong (Senior Associate)

June 24, 2026

The Chemours Company

Further Settlements in PFAS Liabilities Appear Positive

NYSE: CC | USD 19.96 | Outperform | Price Target USD 29.00

Sentiment: Positive

Maintain Outperform. Today's announcement of the settlement of CC's PFAS liabilities in West Virginia represents positive

directional progress for CC's legacy PFAS liabilities, in our view, and we would endorse the positive, immediate stock reaction.

Some liabilities remain (personal injury/property claims, NC state case), although we believe investors are still likely to see this

news as positive given 1) low total settlement value ($22.5M, $15M already accrued), and 2) payments of the $90M funding

to mitigate further issues are spread over 15 years (i.e. $6M/yr), meaning the financial impacts should be somewhat minimal,

while creating a framework for further settlements, and reducing overall uncertainty about future payments. Overall, we remain

positive on Chemours, and continue to like the stock on 1) TSS strength given ongoing msd%+ growth in HFOs even after including

the recent delay (and stronger after-market HFC margins); as well as the emerging opportunity in two-phase immersion cooling for

data centers (potential ~$2-3B TAM), 2) a potential cyclical recovery in TiO2 which could drive significant earnings uplift, especially

given >$250M in segment savings from 'Pathway to Thrive' (incl. $100M from the closure of CC's higher-cost Kuan Yin site), and 3)

CC's continued reduction in PFAS liabilities, which we expect to be an ongoing trend given the company's pointed efforts toward