Chemours Co: 2Q26 Ahead, 3Q and Full Year Guidance Below

Research evidence excerpt

M

Update

August 5, 2026 12:24 AM GMT

Morgan Stanley & Co. LLC

Chemours Co | North America

Vincent Andrews

Equity Analyst

2Q26 Ahead, 3Q and Full Year

Guidance Below

Justin T Pellegrino

Research Associate

Chemours Co (CC.N, CC UN)

Chemicals | United States of America

AlphaSignals Earnings Reaction

Unchanged

Modest upside

Modest revision lower

Impact to our thesis

Financial results versus consensus

Direction of next 12-month

consensus EPS

Source: Company data, Morgan Stanley Research

Stock Rating

Industry View

Price target

Shr price, close (Aug 4, 2026)

Mkt cap, curr (mm)

52-Week Range

Equal-weight

In-Line

$21.00

$17.93

$2,702

$28.65-10.45

Key Takeaways

2Q26 Adj. EBITDA (+7.2% MSe/+4.4% cons) and Adj. EPS (+26.8% MSe/+3.5%

cons) beat despite a Net Sales miss (-3.1%/-4.1%)

TSS is the soft spot — both the 2Q revenue miss and the 2H guide reflect

Opteon aftermarket normalization and weak HVAC season.

3Q26 consolidated Adjusted EBITDA guidance is ~24% below both MSe and

consensus at the midpoint

FY26 Adjusted EBITDA guidance was cut to $800m from $850m at the midpoint

(below MSe/cons), while FY26 FCF guidance was raised to $220m from $205m.

We expect a negative response to Chemours shares as the 2Q26 EBITDA beat

and increased FCF expectations are a positive but are more than offset by the

reduced FY 2026 EBITDA guidance which will likely carry into 2027 revisions.

1. What drove the 2Q beat? APM Adjusted EBITDA drove the bulk of the beat. APM

EBITDA of $26m was 75.9%/58.9% ahead of MSe/consensus, respectively, even as

APM Net Sales missed both slightly (-0.8%/-1.6%). TT EBITDA of $48m also beat

(+7.5%/+5.1%) on a modest revenue beat. TSS was the offset: Net Sales of $591m

missed MSe/consensus by 8.3%/9.7%, respectively, though EBITDA fell only

2.1%/3.4% short. Corporate expenses of $42m also came in below MSe/consensus

($47.5m/$47m).

2. Context of the quarter. APM sales grew 8% y/y, which management notes as

underscoring momentum and a mix shift towards high-value specialty products

serving data center and semiconductor end markets. Management frames the 3Q

APM guide as a "return to normal operating levels," consistent with the 2Q

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