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The Chemours Company Reports Second Quarter 2025 Results

WILMINGTON, Del.--(BUSINESS WIRE)-- The Chemours Company (鈥淐hemours鈥� or 鈥渢he Company鈥�) (NYSE: CC), a global chemistry company with leading market positions in Thermal & Specialized Solutions (鈥淭SS鈥�), Titanium Technologies (鈥淭T鈥�), and Advanced Performance Materials (鈥淎PM鈥�), today announced its financial results for the second quarter 2025.

Key Second Quarter 2025 Results & Highlights¹

• Net Sales of $1.6 billion, a 4% increase compared to the corresponding prior-year quarter, with TSS achieving year-over-year growth of 65% in Opteon鈩� Refrigerants
• Net Loss attributable to Chemours of $381 million, or $2.54 per diluted share, compared with Net Income attributable to Chemours of $60 million, or $0.39 per diluted share, in the corresponding prior-year quarter
• Adjusted Net Income² of $87 million, or $0.58 per diluted share, compared to $58 million, or $0.38 per diluted share, in the corresponding prior-year quarter
• Adjusted EBITDA^2,3 of $253 million compared to $207 million in the corresponding prior-year quarter
• Agreement reached with the State of New Jersey to comprehensively resolve all statewide environmental claims, including those related to PFAS
• Declared a quarterly cash dividend of $0.0875 per share on the Company鈥檚 common stock for the third quarter of 2025

鈥淥ur results surpassed our expectations for the quarter, with improved performance across each of our three businesses driven by strong demand for Opteon鈩�, volume growth in TT, and favorable pricing in APM. We also made significant progress against Pathway to Thrive through our Strengthening the Long Term pillar, reaching a settlement to comprehensively resolve all statewide environmental claims, including those related to PFAS in New Jersey,鈥� said Denise Dignam, Chemours President and CEO. 鈥淲e also remain equally focused on the other key pillars in our strategy with an emphasis on Operational Excellence, considering recent operational headwinds as we work to drive an improved operating model to reduce business disruptions going forward.鈥�

Total Chemours

Second quarter 2025 Net Sales were $1.6 billion, a 4% increase compared to the prior-year quarter. The increase in Net Sales was primarily driven by a 3% increase in volume and a 1% increase in price. The increase in volumes was primarily driven by increased Opteon鈩� Refrigerant blends volumes in TSS. Increased pricing was driven by stronger aftermarket demand for Opteon鈩� Refrigerant blends in TSS and strong pricing in APM鈥檚 Advanced Materials portfolio, partially offset by TT pricing.

Second quarter 2025 Net Loss attributable to Chemours was $381 million, or $2.54 per diluted share, compared to Net Income attributable to Chemours of $60 million, or $0.39 per diluted share in the prior-year quarter, primarily driven by litigation-related charges pertaining to the announced settlement with the State of New Jersey⁴ and related tax impacts. Adjusted EBITDA for the second quarter of 2025 was $253 million, compared to $207 million in the prior-year quarter. The increase in Adjusted EBITDA was primarily driven by the referenced volume and pricing dynamics and lower Corporate Expenses. This was partially offset by higher input and operational costs in TT, lower fixed cost absorption in APM, and minor input cost increases in TSS.

Thermal & Specialized Solutions

TSS segment second quarter 2025 Net Sales were $597 million, a 15% increase compared to the second quarter 2024. Net Sales growth was primarily driven by a volume increase of 11% and a price increase of 4%, while currency impact remained flat. Volume growth was driven by stronger demand for Opteon鈩� Refrigerant blends in connection with the stationary air conditioning (鈥淎C鈥�) transition under the U.S. AIM Act, partially offset by lower volumes for Freon鈩� Refrigerant products under this regulatory transition. The increase in pricing was primarily attributed to stronger Opteon鈩� Refrigerant aftermarket demand.

TSS segment second quarter 2025 Adjusted EBITDA increased 29% to $207 million compared to the prior-year quarter, while Adjusted EBITDA Margin also increased 4 percentage points to 35%. This increase was driven primarily by the previously mentioned increases in volume and price as a result of increased demand for Opteon鈩� Refrigerant blends products in connection with the stationary AC regulatory transition, partially offset by minor input cost increases.

On a sequential basis, Net Sales increased by 28%, driven by a volume increase of 19% and a price increase of 8%, with favorable currency movements adding a slight 1% tailwind. Overall volume and price increases were primarily related to typical seasonal trends across refrigerant products and the increased demand for Opteon鈩� Refrigerant blends in connection with the stationary AC transition under the U.S. AIM Act.

Titanium Technologies

TT segment second quarter 2025 Net Sales were $657 million, a 3% decrease compared to the second quarter 2024. This decrease was primarily driven by a 4% decrease in price globally, partially offset by favorable currency movements adding a slight 1% tailwind. Volumes remained generally flat overall, with stronger demand in North America and Europe offsetting lower volumes in other non-western markets.

TT segment second quarter 2025 Adjusted EBITDA decreased 43% to $47 million compared to the prior-year quarter, while Adjusted EBITDA Margin decreased five percentage points to 7%. The decline was driven in part by the previously mentioned decrease in price, partially offset by the favorable currency movements. TT operations were also disrupted by a now resolved external rail issue in the second quarter of 2025, which impacted feedstock mix, while also experiencing unrelated operational disruptions. In order to supply its customers, the Company elected to consume higher-cost ore feedstock, which resulted in incremental costs of $15 million in the second quarter. The net costs associated with other operational disruptions were $8 million for the quarter.

On a sequential basis, TT segment second quarter 2025 Net Sales increased 10%, driven by a 9% increase in volume across all regions, partially offset by a 1% decrease in price, with favorable currency movements adding a 2% tailwind.

Advanced Performance Materials

APM segment second quarter 2025 Net Sales of $346 million were in line with the prior-year quarter. A 6% increase in price was offset by a 6% decrease in volume, while currency impact remained flat. The increase in pricing was primarily driven by stronger pricing in high-value applications as well as pricing opportunities associated with the SPS Capstone鈩� product line鈥檚 exit⁵. The decrease in volume was primarily driven by weakness in cyclical end markets impacting Advanced Materials and products serving the hydrogen markets under Performance Solutions.

APM segment second quarter 2025 Adjusted EBITDA increased 11% to $50 million compared to the prior-year quarter, while Adjusted EBITDA Margin increased 1 percentage point to 14%. The increase was primarily due to the previously mentioned increase in price, partially offset by lower fixed cost absorption due to lower overall volumes.

On a sequential basis, APM segment second quarter 2025 Net Sales increased by 18%, driven by a 14% increase in volume and a 2% increase in price, with favorable currency movements adding a 2% tailwind.

Other Non-Reportable Segment

The Performance Chemicals and Intermediates business in the Company鈥檚 Other Non-Reportable Segment had Net Sales and Adjusted EBITDA for the second quarter 2025 of $15 million and $4 million, respectively.

Corporate Expenses⁶

Corporate Expenses were a $53 million offset to Adjusted EBITDA in the second quarter 2025, a decrease of $24 million compared to the prior-year quarter. This was primarily due to lower costs associated with the Audit Committee鈥檚 internal review and the 2024 material weakness remediation.

Agreement reached with the State of New Jersey to comprehensively resolve all statewide environmental claims, including those related to PFAS

On August 4^th, 2025, Chemours, DuPont and Corteva, Inc. announced a settlement with the State of New Jersey to comprehensively resolve all environmental claims, including PFAS. This settlement resolves such matters across four current and former operating sites, providing for payments over 25 years with a net present value of approximately $250 million to Chemours. In connection with this settlement, earlier this week, Chemours also established an agreement with DuPont and Corteva to acquire Chemours鈥� rights to certain PFAS-related insurance proceeds, providing $150 million to be used to fund the New Jersey settlement payments. The combination of this $150 million and the expected release of the approximately $50 million in restricted cash from the 2021 MOU escrow account is anticipated to fully fund Chemours鈥� payment obligations under the New Jersey settlement through 2030. The present value of payments remaining after 2030 by Chemours for the New Jersey settlement is approximately $80 million prior to the consideration of additional PFAS-related insurance recoveries. Amounts related to the settlement are included in Selling, General and Administrative costs in the second quarter of 2025 and are excluded from Adjusted EBITDA.

Liquidity and Capital Allocation

As of June 30, 2025, consolidated gross debt was $4.2 billion. Debt, net of $502 million in unrestricted cash and cash equivalents, was $3.7 billion, resulting in a net leverage ratio of approximately 4.7x on a trailing twelve-month Adjusted EBITDA basis. Total liquidity was $1.5 billion, comprised of $502 million in unrestricted cash and cash equivalents and $954 million of revolving credit facility capacity, net of outstanding letters of credit.

Cash provided by operating activities for the second quarter of 2025 was $93 million, compared to operating cash usage of $620 million in the prior-year quarter. The improvement in operating cash flows in the second quarter of 2025 compared with the prior-year quarter was primarily due to the release of the $606 million of restricted cash and restricted cash equivalents deposited in the qualified settlement fund per the terms of the U.S. public water system settlement agreement.

Capital expenditures for the second quarter of 2025 amounted to $43 million, a decrease in spend compared to $73 million in the prior-year quarter, driven by lower capital expenditures in APM and TSS.

Free Cash Flows for the second quarter of 2025 reflected a positive $50 million. During the quarter, the Company paid $13 million in dividends to shareholders.

Effective August 5, 2025, the Company鈥檚 Board of Directors declared a quarterly cash dividend of $0.0875 per share on the Company鈥檚 common stock for the third quarter of 2025. The dividend will be paid on September 12, 2025, to stockholders of record as of the close of business on August 15, 2025.

Third Quarter 2025 Outlook

In the third quarter, the Company anticipates consolidated Net Sales to decrease 4-6% sequentially, with consolidated Adjusted EBITDA expected to range between $175 million and $195 million. Corporate Expenses, as an offset to Adjusted EBITDA, are expected to decrease approximately 5%. The Company also anticipates capital expenditures to be approximately $50 million, with Free Cash Flow Conversion to be between 60-80%.

TSS expects a sequential Net Sales decrease in the mid single-digit percentage range, driven by overall traditional refrigerant seasonality concentrated in Freon鈩� Refrigerants. Adjusted EBITDA is also expected to decrease in the low-teens percentage range sequentially, primarily driven by the referenced seasonality as well as overall product mix.

TT expects a sequential Net Sales decrease in the low single-digit percentage range, driven by seasonality and regional sales mix, with volumes expected to remain stable. Adjusted EBITDA is also expected to decrease in the low-teens percentage range sequentially due to lower sales paired with certain operational disruptions. Costs associated with these operational issues are anticipated to approximate $15 million in the third quarter.

APM expects a sequential Net Sales decrease in the mid-teens percentage range due to production constraints associated with an outage at our Washington Works U.S. site. Adjusted EBITDA for APM is expected to approximate $15 million in the third quarter, considering lower sales as well as additional costs from the referenced site outage, which are anticipated to approximate $20 million.

Full Year 2025 Outlook

The Company expects to deliver Net Sales of $5.9 billion to $6.0 billion and Adjusted EBITDA of $775 million to $825 million in 2025, with referenced Q3 operational disruptions in TT and outage impacts in APM totaling $35M, collectively, to be resolved in the fourth quarter. Anticipated capital expenditures are expected to be approximately $250 million, with Free Cash Flow Conversion to be between 60-80% in the second half of 2025 through a seasonal net working capital unwind.

Conference Call

As previously announced, Chemours will hold a conference call and webcast on August 6, 2025, at 8:00 AM Eastern Daylight Time. The webcast and materials can be accessed by visiting the Events & Presentations page of Chemours鈥� investor website, . A webcast replay of the conference call will be available on Chemours鈥� investor website.

About The Chemours Company

The Chemours Company (NYSE: CC) is a global leader in providing industrial and specialty chemicals products for markets, including coatings, plastics, refrigeration and air conditioning, transportation, semiconductor and advanced electronics, general industrial, and oil and gas. Through our three businesses 鈥� Thermal & Specialized Solutions, Titanium Technologies, and Advanced Performance Materials 鈥� we deliver application expertise and chemistry-based innovations that solve customers鈥� biggest challenges. Our flagship products are sold under prominent brands such as Opteon鈩�, Freon鈩�, Ti-Pure鈩�, Nafion鈩�, Teflon鈩�, Viton鈩�, and Krytox鈩�. Headquartered in Wilmington, Delaware and listed on the NYSE under the symbol CC, Chemours has approximately 6,000 employees and 28 manufacturing sites and serves approximately 2,500 customers in approximately 110 countries. For more information, visit or follow us on .

Non-GAAP Financial Measures

We prepare our financial statements in accordance with Generally Accepted Accounting Principles (GAAP). Within this press release, we may make reference to Adjusted Net Income, Adjusted EPS, Adjusted EBITDA, Free Cash Flows, Free Cash Flows Conversion, Total Debt Principal, Net and Net Leverage Ratio which are non-GAAP financial measures. The Company includes these non-GAAP financial measures because management believes they are useful to investors in that they provide for greater transparency with respect to supplemental information used by management in its financial and operational decision making. Management uses Adjusted Net Income, Adjusted EPS and Adjusted EBITDA, which adjust for (i) certain non-cash items, (ii) certain items we believe are not indicative of ongoing operating performance or (iii) certain nonrecurring, unusual or infrequent items to evaluate the Company's performance in order to have comparable financial results to analyze changes in our underlying business from period to period. Additionally, Free Cash Flows, Free Cash Flows Conversion, Total Debt Principal, Net and Net Leverage Ratio are utilized as liquidity measures to assess the cash generation of our businesses and on-going liquidity position.

Accordingly, the Company believes the presentation of these non-GAAP financial measures, when used in conjunction with GAAP financial measures, is a useful financial analysis tool that can assist investors in assessing the Company's operating performance and underlying prospects. This analysis should not be considered in isolation or as a substitute for analysis of our results as reported under GAAP. This analysis, as well as the other information in this press release, should be read in conjunction with the Company's financial statements and footnotes contained in the documents that the Company files with the U.S. Securities and Exchange Commission. The non-GAAP financial measures used by the Company in this press release may be different from the methods used by other companies. The Company does not provide a reconciliation of certain forward-looking non-GAAP financial measures to the most directly comparable GAAP reported financial measures on a forward-looking basis because it is unable to predict with reasonable certainty the ultimate outcome of unusual gains and losses, potential future asset impairments and pending litigation without unreasonable effort. These items are uncertain, depend on various factors, and could have a material impact on GAAP reported results for the guidance period. For more information on the non-GAAP financial measures, please refer to the attached schedules or the table, "Reconciliation of GAAP Financial Measures to Non-GAAP Financial Measures (Unaudited)" and materials posted to the Company's website at investors.chemours.com.

Forward-Looking Statements

This press release contains forward-looking statements, within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, which involve risks and uncertainties. Forward-looking statements provide current expectations of future events based on certain assumptions and include any statement that does not directly relate to a historical or current fact. The words "believe," "expect," "will," "anticipate," "plan," "estimate," "target," "project" and similar expressions, among others, generally identify "forward-looking statements," which speak only as of the date such statements were made. These forward-looking statements may address, among other things, guidance on Company and segment performance for the second quarter of 2025, the full year 2025 and the Company鈥檚 refreshed corporate strategy. Forward-looking statements are based on certain assumptions and expectations of future events that may not be accurate or realized, such as guidance relying on models based upon management assumptions regarding future events that are inherently uncertain. These statements are not guarantees of future performance. Forward-looking statements also involve risks and uncertainties including the outcome or resolution of any pending or future environmental liabilities, the commencement, outcome or resolution of any regulatory inquiry, investigation or proceeding, the initiation, outcome or settlement of any litigation, our ability to maintain an effective internal control over financial reporting and disclosure controls and procedures, changes in environmental regulations in the U.S. or other jurisdictions that affect demand for or adoption of our products, changes in regulations in the US or other jurisdictions that could impose tariffs or additional costs on products we either sell or need to purchase, anticipated future operating and financial performance for our segments individually and our company as a whole, business plans, prospects, targets, goals and commitments, capital investments and projects and target capital expenditures, efforts to resolve outstanding or potential litigation, including claims related to legacy PFAS liabilities, plans for dividends, sufficiency or longevity of intellectual property protection, cost reductions or savings targets, plans to increase profitability and growth, our ability to develop and commercialize new products or technologies and obtain necessary regulatory approvals, our ability to make acquisitions, integrate acquired businesses or assets into our operations, and achieve anticipated synergies or cost savings, all of which are subject to substantial risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements. These statements also may involve risks and uncertainties that are beyond Chemours' control. Matters outside our control, including general economic conditions, geopolitical conditions, changes in laws and regulations in the U.S. or other jurisdictions in which we operate, and global health events and weather events, have affected or may affect our business and operations and may or may continue to hinder our ability to provide goods and services to customers, cause disruptions in our supply chains such as through strikes, labor disruptions or other events, adversely affect our business partners, significantly reduce the demand for our products, adversely affect the health and welfare of our personnel or cause other unpredictable events. Additionally, there may be other risks and uncertainties that Chemours is unable to identify at this time or that Chemours does not currently expect to have a material impact on its business. Factors that could cause or contribute to these differences include the risks, uncertainties and other factors discussed in our filings with the U.S. Securities and Exchange Commission, including in our Quarterly Report on Form 10-Q for the quarter ended June 30, 2025, and in our Annual Report on Form 10-K for the year ended December 31, 2024. Chemours assumes no obligation to revise or update any forward-looking statement for any reason, except as required by law.

The Chemours Company
Reconciliation of GAAP Financial Measures to Non-GAAP Financial Measures (Unaudited)
(Dollars in millions)

GAAP Net (Loss) Income Attributable to Chemours to Adjusted Net Income and Adjusted EBITDA Reconciliation
GAAP Net Leverage Ratio to Non-GAAP Net Leverage Ratio Reconciliation¹

Adjusted earnings before interest, taxes, depreciation, and amortization (鈥淎djusted EBITDA鈥�) is defined as (loss) income before income taxes, excluding the following items: interest expense, depreciation, and amortization; non-operating pension and other post-retirement employee benefit costs, which represents the components of net periodic pension costs excluding the service cost component; exchange (gains) losses included in other income (expense), net; restructuring, asset-related, and other charges; (gains) losses on sales of businesses or assets; and, other items not considered indicative of the Company鈥檚 ongoing operational performance and expected to occur infrequently, including certain litigation related and environmental charges and Qualified Spend reimbursable by DuPont and/or Corteva as part of the Company's cost-sharing agreement under the terms of the MOU that were previously excluded from Adjusted EBITDA. Adjusted Net Income is defined as net (loss) income attributable to Chemours, adjusted for items excluded from Adjusted EBITDA, except interest expense, depreciation, amortization, and certain provision for (benefit from) income tax amounts. Net Leverage Ratio is defined as our total debt principal, net, or our total debt principal outstanding less unrestricted cash and cash equivalents, divided by Adjusted EBITDA.

The Chemours Company
Reconciliation of GAAP Financial Measures to Non-GAAP Financial Measures (Unaudited)
(Dollars in millions, except per share amounts)

GAAP Earnings per Share to Adjusted Earnings per Share Reconciliation¹

Adjusted earnings per share (鈥淎djusted EPS鈥�) is calculated by dividing Adjusted Net Income by the weighted-average number of common shares outstanding. Diluted Adjusted EPS accounts for the dilutive impact of stock-based compensation awards, which includes unvested restricted shares. Diluted Adjusted EPS considers the impact of potentially-dilutive securities, except in periods in which there is a loss because the inclusion of the potentially-dilutive securities would have an anti-dilutive effect.

GAAP Cash Flow Provided by Operating Activities to Free Cash Flows and Free Cash Flow Conversion Reconciliation

Free Cash Flows is defined as cash flows provided by (used for) operating activities, less purchases of property, plant and equipment as shown in the consolidated statements of cash flows. Free Cash Flow Conversion is calculated as the percentage of Free Cash Flows to Adjusted EBITDA.