For the full year, Tenet reported revenue of $3.074 billion, up 8 percent from a year earlier. Net loss attributable to Tronox was $48 million, or $0.31 per diluted share.

Excluding non-recurring adjustments totaling $36 million or $0.23 per diluted share, Tronox's adjusted net loss (non-GAAP) was $12 million or $0.08 per diluted share.

Adjusted EBITDA was $564 million, an increase of 8% compared to $524 million in the prior year. The full-year adjusted EBITDA margin was 18.3%.

For the full year 2025, the Company expects revenue of $3.0 billion to $3.4 billion, driven by higher TiO2 and zircon production, partially offset by lower sales of other products.

Adjusted EBITDA is expected to be $525 - $625 million, with pigment production costs improving, partially offset by higher mining production costs. The company expects the second half of 2025 to be stronger than the first half.

Capital expenditures are expected to be $375 - $395 million. Free cash flow is expected to be relatively flat at the midpoint of the range. The company identified $125 - $175 million in sustainable operating rate cost improvements that could be delivered by the end of 2026.

The company expects most of these savings to be even more significant by 2026.