The Chemours Company — Third Quarter 2026 Earnings Summary

Financial Performance:

• Net sales were $1.54 billion for the quarter, a 3% year-over-year increase driven by a 5% price increase, partially offset by a 2% volume decrease and a slight currency headwind.
• Net income attributable to Chemours was $196 million ($1.29 per diluted share), compared to $46 million ($0.31 per diluted share) in the prior-year quarter.
• Adjusted net income was $31 million ($0.21 per diluted share), a 19% increase year-over-year.
• Adjusted EBITDA was $200 million, a 6% increase year-over-year, driven by pricing momentum in Titanium Technologies and a favorable mix shift toward Advanced Performance Materials.
• Operating cash flows were $149 million, including a $150 million receipt of PFAS insurance proceeds and offset by approximately $100 million in settlement payments and $25 million in taxes related to the Kuan Yin property sale.
• Free cash flow was $98 million for the quarter.
• Consolidated gross debt was $3.9 billion; net debt (excluding $698 million unrestricted cash) was $3.2 billion, resulting in a Net Leverage ratio of approximately 4.3x.
• Total liquidity was $1.7 billion, composed of $698 million in unrestricted cash and $953 million in revolving credit facility capacity.
• Capital expenditures were $51 million for the quarter.

Guidance and Future Outlook:

• Fourth Quarter 2026 consolidated net sales are expected to decrease 5% to 10% sequentially, driven by seasonality in TSS and TT.
• Fourth Quarter 2026 Adjusted EBITDA is expected to range between $160 million and $185 million.
• Fourth Quarter 2026 capital expenditures are anticipated to be between $75 million and $85 million, with positive free cash flows.
• Full Year 2026 net sales are expected to grow approximately 2% over 2025.
• Full Year 2026 Adjusted EBITDA is expected to be between $775 million and $800 million.
• Full Year 2026 capital expenditures are anticipated to be between $220 million and $230 million.
• Full Year 2026 Free Cash Flow Conversion is expected to be above 15%.
• The Company anticipates achieving a Net Leverage ratio below 4.2x in 2026.

Business Segments and Product Lines:

• Thermal & Specialized Solutions (TSS): Net sales decreased 9% year-over-year to $510 million, driven by a 9% volume decrease in North American stationary AC aftermarket sales. Adjusted EBITDA decreased 30% to $136 million.
• Titanium Technologies (TT): Net sales increased 11% year-over-year to $680 million, driven by a 10% global price increase and 1% volume growth. Adjusted EBITDA increased 240% to $85 million with a margin expansion of 9 percentage points to 13%.
• Advanced Performance Materials (APM): Net sales increased 8% year-over-year to $337 million, driven by a 6% price increase and 2% volume increase. Performance Solutions sales grew 26% year-over-year, serving data center and semiconductor end markets. Adjusted EBITDA increased 71% to $24 million.
• Other Non-Reportable Segment: Net sales were $13 million with Adjusted EBITDA of $1 million.
• The Company formally launched its liquid cooling portfolio under the Faizeon™ brand, including four two-phase direct-to-chip and one immersion cooling fluid.

Market and Competitive Landscape:

• Pricing execution in TiO2 and increased demand in high-value AI infrastructure (data center and semiconductor) drove performance in TT and APM.
• TSS volumes were impacted by anticipated lower North American stationary AC aftermarket sales compared to elevated demand in the prior year associated with the U.S. AIM Act transition.
• TT volume growth was observed in North America, Latin America, and APAC (excluding China), offsetting lower volumes in EMEA and China.

Risks and Challenges:

• The Company continues to navigate TSS stationary aftermarket dynamics and a softer macroeconomic environment.
• Costs were higher across each business segment during the quarter.
• Significant legal and environmental reserves related to settlements with the EPA, WVDEP, and State of New Jersey have impacted deferred tax asset realizability and valuation allowances.
• Forward-looking statements involve risks regarding the outcome of pending environmental liabilities, litigation, regulatory inquiries, and changes in environmental or trade regulations.

Management Commentary and Tone:

• CEO Denise Dignam stated that results demonstrate strong year-over-year performance in TT and APM, reflecting pricing execution and increased demand in AI infrastructure.
• Management highlighted meaningful progress under the "Pathway to Thrive," including the North Carolina PFAS settlement, operational improvements via the Chemours Business System, and the sale of the Kuan Yin property.
• The tone remains focused on disciplined execution of strategic priorities to drive long-term returns for shareholders.

Other Key Points:

• Entered into a settlement with the State of North Carolina and 11 local entities to resolve PFAS litigation and historical discharge claims from Fayetteville Works.
• Completed the sale of the Kuan Yin property for total net consideration of approximately $340 million.
• Received $150 million in PFAS insurance proceeds related to the finalization of the judicial consent order with the State of New Jersey, recorded as a reduction to SG&A expenses.
• Restricted cash was approximately $103 million at the end of the quarter, primarily reflecting the PFAS Insurance Escrow.
• The Company will hold a conference call on November 3, 2026, at 8:00 a.m. Eastern Standard Time.