Chemours (CC)

• Chemours reported strong quarterly free cash flow of $92 million in Q4 2025, with net sales meeting expectations and the TSS segment achieving record sales driven by 37% growth in Opteon adoption compared to the prior year quarter.
• The company announced an agreement to sell its Kuanyin site for $300 million in net proceeds, which will be used to reduce debt, with a target net leverage ratio below 4x adjusted EBITDA by the end of 2026.
• For Q1 2026, the TSS segment projects net sales to rise sequentially in the mid-20s-30% range and adjusted EBITDA between $170 million and $185 million.
• The TT segment anticipates Q1 2026 net sales to decrease in the low- to mid-single digits % range sequentially and adjusted EBITDA between breakeven and $5 million, impacted by mineral sales timing and $17 million in net costs.
• The APM business faced Q4 2025 headwinds but observed a strengthening order book for Q1 2026, particularly in the semiconductor sector, despite a temporary shutdown at its Washington Works facility. Management also acknowledged carrying excess inventory and committed to reducing it.

• Chemours reported strong quarterly free cash flow of $92 million in Q4 2025, with net sales meeting expectations and the TSS segment achieving record sales, driven by 37% growth in Opteon adoption compared to the prior year quarter.
• For Q1 2026, the company anticipates consolidated net sales to increase 3%-5% sequentially and Adjusted EBITDA to range between $120 million-$150 million. The TT and APM segments are projected to experience sequential net sales decreases and lower Adjusted EBITDA due to factors such as mineral sales timing, additional costs, and the Washington Works outage.
• Chemours provided a full-year 2026 outlook, forecasting consolidated net sales growth of 3% to 5% and Adjusted EBITDA between $800 million-$900 million. The company also targets a free cash flow conversion of above 25% for the full year.
• Strategic actions include an agreement to sell the Kuan Yin site, expected to generate $300 million in net proceeds for debt reduction, and a commitment to reduce higher-than-needed inventory levels across businesses in 2026.

• Chemours reported $92 million in strong quarterly free cash flow for Q4 2025 and achieved record sales in its TSS business, with Opteon refrigerant growth of 56% for the full year 2025.
• The company expects to receive $300 million in net proceeds from the sale of its Kuanyin site, which will be used to reduce outstanding debt.
• For Q1 2026, consolidated net sales are projected to increase 3%-5% sequentially, with adjusted EBITDA expected between $120 million-$150 million.
• Full-year 2026 guidance includes consolidated net sales growth of 3% to 5% and Adjusted EBITDA ranging from $800 million-$900 million, with free cash flow conversion targeted at above 25%.
• Strategic initiatives include fulfilling $125 million in gross controllable cost savings in 2025, advancing liquid cooling solutions, and making progress on resolving legacy liabilities in New Jersey, West Virginia, and North Carolina.

• Chemours Company reported a significant Net Loss for both the fourth quarter and full year 2025, with a notable decrease in Adjusted EBITDA compared to the prior year. This was primarily driven by lower cost absorption in APM and TT, a non-cash inventory charge, and an unfavorable product mix.
• Net Sales for Q4 2025 were slightly down year-over-year, while full-year 2025 Net Sales remained flat. The Thermal & Specialized Solutions (TSS) segment achieved record annual sales in 2025, driven by strong growth in Opteon™ Refrigerants, which helped offset weaker performance in Titanium Technologies (TT) and Advanced Performance Materials (APM).
• The company projects positive growth for full-year 2026, anticipating an increase in consolidated Net Sales and Adjusted EBITDA, along with Free Cash Flow Conversion above 25%. This outlook is supported by expected demand increases in TSS and APM Performance Solutions, pricing strength in TT, and continued cost improvements.
• As of December 31, 2025, Chemours had consolidated gross debt of $4.2 billion, resulting in a net leverage ratio of approximately 4.7x. The company expects to receive approximately $300 million in net proceeds from the sale of its Kuan Yin TiO2 site in 2026, which will contribute to significant cash inflow.

Key Financial Results

Outlook and Debt Position

• The Chemours Company reported Net Sales of $1.3 billion and a Net Loss attributable to Chemours of $47 million for the fourth quarter of 2025. For the full year 2025, Net Sales were $5.8 billion, and the Net Loss attributable to Chemours was $386 million.
• Adjusted EBITDA for Q4 2025 was $128 million, and for the full year 2025, it was $742 million.
• The company implemented a global TiO2 price increase effective December 1, 2025, and announced the sale of the former Kuan Yin TiO2 site on January 15, 2026, for approximately $300 million in net proceeds.
• For the full year 2026, Chemours anticipates consolidated Net Sales growth in the range of 3 to 5% and Adjusted EBITDA between $800 million and $900 million.

• The Chemours Company has signed definitive agreements to sell the remaining land at its former titanium dioxide manufacturing location in Kuan Yin, Taiwan.
• The land sale is expected to generate approximately $360 million in gross cash proceeds.
• Chemours plans to apply the cash proceeds to reduce its debt obligations.
• The transactions are anticipated to substantially close by mid-year 2026.

• Chemours exceeded adjusted EBITDA expectations in Q3 2025, primarily driven by strong performance in its Thermal & Specialized Solutions (TSS) segment.
• The TSS segment reported 80% year-over-year growth in Opteon sales, which now constitute 80% of total refrigerant sales, achieving a 35% adjusted EBITDA margin.
• The Titanium Technologies (TT) segment's results were below expectations due to sustained macroeconomic weakness and destocking, with a $25 million cost impact anticipated in Q4 2025 from reduced production volumes.
• For the full-year 2025, consolidated adjusted EBITDA is expected to range between $745 million-$770 million, with sales projected at $5.7 billion-$5.8 billion.

• Chemours reported flat net sales of $1.5 billion in Q3 2025, with its Thermal & Specialized Solutions (TSS) segment seeing a 20% increase in net sales to $560 million driven by strong demand for Opteon™ refrigerants.
• The company's Q3 2025 adjusted EBITDA of $195 million beat analyst expectations, despite missing earnings per share estimates with $0.20 per diluted share.
• Management anticipates a challenging fourth quarter, projecting revenue could decline by up to 15% and adjusted EBITDA to be between $130 million and $160 million.
• Chemours' shares have underperformed this year, dropping nearly 29%, though Wall Street maintains a median price target approximately 29% above current levels.

• Consolidated Net Sales for Q3 2025 were $1.5 billion, flat compared to the prior-year quarter, primarily due to a 3% decrease in volume partially offset by a 1% price increase and a 1% currency tailwind.
• The company reported a Net Income of $60 million, or $0.40 per diluted share, in Q3 2025, a significant improvement from a Net Loss of $32 million, or $(0.22) per diluted share, in the prior-year quarter. Adjusted EBITDA for Q3 2025 was $195 million, a decrease from $202 million in the prior-year quarter.
• Thermal & Specialized Solutions (TSS) segment Net Sales increased 20% to $560 million, and Adjusted EBITDA increased 40% to $194 million in Q3 2025, driven by strong demand for Opteon® Refrigerants. Conversely, Titanium Technologies (TT) and Advanced Performance Materials (APM) segments experienced significant declines in both Net Sales and Adjusted EBITDA.
• As of September 30, 2025, consolidated gross debt was $4.2 billion, with total liquidity of $1.6 billion, including $613 million in unrestricted cash, and a net leverage ratio of 4.6 times Adjusted EBITDA. Cash provided by operating activities was $146 million, and Free Cash Flow was $105 million for the quarter.
• For Q4 2025, the company anticipates consolidated Net Sales to decrease 10-15% sequentially and consolidated Adjusted EBITDA to range between $130 million and $160 million.