Environment Mixed. PFAS News Likely A Positive

Research evidence excerpt

Environment Mixed. PFAS News Likely A Positive

USA | Chemicals

Chemours EquityJuneResearch28, 2026

ESTIMATE CHANGEEnvironment Mixed. PFAS News Likely A

RATING HOLDPositive

PRICE $20.74^

The demand environment remains mixed at best. TiO2 has shown some signs

of stabilization, whereas Opteon demand growth has slowed, but likely gains PRICE TARGET | % TO PT $24.00 | +16%

traction in 2H26. In APM, demand likely remains soft in the near-term, though 52W HIGH-LOW $28.67 - $10.44

the business is gradually shifting toward higher-value growth areas like data FLOAT (%) | ADV MM (USD) 98.2% | 52.40

center cooling. The just-announced PFAS settlement is likely an incremental MARKET CAP $3.1B

positive. TICKER CC ^Prior trading day's closing price unless otherwise

noted.

Demand Environment Remains Uneven: In TiO2, volumes remain somewhat choppy due to

inventory stocking and a soft start to the season, but demand has shown some signs of

FY (Dec) CHANGE TO JEFe JEF vs CONS

improvement, pricing is positive, and segment sales likely grows YoY in 2H26. As inventories

2026 2027 2026 2027

normalize and seasonal demand progresses, firmer pricing rather than volume recovery is expected

to be the primary driver of margin improvement. In TSS, favorable supply dynamics and longer-term REV NA NA NM -1%

structural growth will bolster sales and EBITDA. Strength in legacy refrigerants has been bolstered EPS -8% -7% +18% -17%

by competitor constraints, but Opteon is the main growth engine. The regulatory transitions and

a growing installed base are underpinning demand, with a meaningful aftermarket opportunity 2026 ($) Q1A Q2 Q3 Q4 FY

expected to emerge over time as systems age into service cycles. APM continues to face EPS 0.05 0.56 0.63 0.41 1.65