The Chemours Company Reports Third Quarter 2025 Results

November 7, 2025

WILMINGTON, Del.–(BUSINESS WIRE)–$CC–The Chemours Company (“Chemours” or “the Company”) (NYSE: CC), a global chemistry company with leading market positions in Thermal & Specialized Solutions (“TSS”), Titanium Technologies (“TT”), and Advanced Performance Materials (“APM”), today announced its financial results for the third quarter 2025.

Key Third Quarter 2025 Results & Highlights¹

Net Sales of $1.5 billion were flat compared to the corresponding prior-year quarter, with TSS continuing strong year-over-year growth of 80% in Opteon™ Refrigerants
Net Income attributable to Chemours of $60 million, or $0.40 per diluted share, compared with Net Loss attributable to Chemours of $32 million, or $(0.22) per diluted share, in the corresponding prior-year quarter
Adjusted Net Income² of $30 million, or $0.20 per diluted share, compared to $61 million, or $0.40 per diluted share, in the corresponding prior-year quarter
Adjusted EBITDA ^2,3 of $195 million compared to $202 million in the corresponding prior-year quarter
Communicated a global TiO2 price increase which becomes effective December 1, 2025
Announced the successful qualification of Chemours’ two-phase immersion cooling fluid with Samsung Electronics
Strategic agreement with SRF Limited in India to support market needs for essential applications

“Our consolidated results exceeded our expectations for the quarter, driven by continued strong demand for Opteon™ products, paired with a focus on enhancing operational excellence, driving stability in our operations to resolve disruptions, and ensure improved performance going forward,” said Denise Dignam, Chemours President and CEO. “While the broader macroeconomic environments we participate in continue to remain weak, we are focused on our strategic pillar execution where we continue to make notable progress.”

Total Chemours

	Q3 2025	Q3 2024	Y-o-Y % ∆	Q2 2025	Q-o-Q % ∆
Net Sales (millions)	$1,495	$1,508	(1)%	$1,615	(7)%
Net Income (Loss) (millions)	$60	($32)	288%	($381)	116%
EPS	$0.40	($0.22)	282%	($2.54)	116%
Adjusted EBITDA (millions)	$195	$202	(3)%	$253	(23)%

Third quarter 2025 Net Sales were $1.5 billion, flat compared to the prior-year quarter. Net Sales were primarily driven by a 3% decrease in volume, a 1% increase in price, and a 1% currency tailwind. The decrease in volumes was primarily driven by operational impacts related to the now resolved outage at APM’s Washington Works site, combined with demand weakness in industrial end markets, partially offset by the continued strength in TSS volumes driven by demand for Opteon™ Refrigerants.

Third quarter 2025 Net Income attributable to Chemours was $60 million, or $0.40 per diluted share, compared to Net Loss attributable to Chemours of $32 million, or $0.22 per diluted share in the prior-year quarter primarily driven by higher restructuring costs and a goodwill impairment charge in 2024. Adjusted EBITDA for the third quarter of 2025 was $195 million, compared to $202 million in the prior-year. The decrease in Adjusted EBITDA was primarily driven by increased costs due to now resolved operational disruptions in the TT business and the previously referenced APM outage above, partially offset by strong TSS performance.

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¹ As previously disclosed in the first quarter of 2025, certain prior period amounts have been revised to correct for certain immaterial errors as further described in our Quarterly Report on Form 10-Q for the three months ended September 30, 2025.

² Non-GAAP measures, including Adjusted Net Income, Adjusted EPS and Adjusted EBITDA referred to throughout, principally exclude the impact of recent litigation settlements for legacy environmental matters and associated fees, in addition to other unallocated items – please refer to the attached “Reconciliation of GAAP Financial Measures to Non-GAAP Financial Measures (Unaudited)”.

³ Adjusted EBITDA excludes net income attributable to noncontrolling interests, net interest expense, depreciation and amortization, and all remaining provision for income taxes from Adjusted Net Income. See the corresponding reconciliation referenced in footnote #2.

Thermal & Specialized Solutions

	Q3 2025	Q3 2024	Y-o-Y % ∆	Q2 2025	Q-o-Q % ∆
Net Sales (millions)	$560	$468	20%	$597	(6)%
Opteon™ Refrigerants	$368	$205	80%	$375	(2)%
Freon™ Refrigerants	$94	$146	(36)%	$123	(24)%
Foam, Propellants & Other (FP&O)	$98	$117	(16)%	$99	(1)%
Adjusted EBITDA (millions)	$194	$139	40%	$207	(6)%
Adjusted EBITDA Margin	35%	30%	5 ppts	35%	0 ppts

TSS segment third quarter 2025 Net Sales were $560 million, a 20% increase compared to the third quarter 2024. The Net Sales growth was primarily driven by a volume increase of 8% and a price increase of 11%, while currency acted as a 1% tailwind. Volume growth was driven by stronger demand for Opteon™ Refrigerant blends in connection with the stationary air conditioning (“AC”) transition under the U.S. AIM Act, partially offset by lower volumes for Freon™ Refrigerant products under this regulatory transition. The increase in pricing was primarily attributed to stronger Opteon™ Refrigerant aftermarket demand.

TSS segment third quarter 2025 Adjusted EBITDA increased 40% to $194 million compared to the prior-year quarter, while Adjusted EBITDA Margin also increased five 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™ Refrigerant blends in connection with the stationary AC regulatory transition, partially offset by input cost increases driven by R32 paired with one-time costs associated with liquid cooling product development.

On a sequential basis, Net Sales decreased by 6%, driven by a volume decrease of 11% and a price increase of 4%, with favorable currency movements adding a 1% tailwind. Overall, the volume decrease and price increase were primarily related to typical seasonal trends across refrigerant products paired with stronger Opteon™ Refrigerant blends aftermarket pricing in connection with the stationary AC transition under the U.S. AIM Act.

Titanium Technologies

	Q3 2025	Q3 2024	Y-o-Y % ∆	Q2 2025	Q-o-Q % ∆
Net Sales (millions)	$612	$672	(9)%	$657	(7)%
Adjusted EBITDA (millions)	$25	$78	(68)%	$47	(47)%
Adjusted EBITDA Margin	4%	12%	(8) ppts	7%	(3) ppts

TT segment third quarter 2025 Net Sales were $612 million, a 9% decrease compared to the third quarter 2024. This decrease was primarily driven by an 8% decrease in price globally, partially offset by favorable currency movements adding a slight 1% tailwind. Volumes showed a 2% decrease globally as the overall TiO2 market continues to remain challenged.

TT segment third quarter 2025 Adjusted EBITDA decreased 68% to $25 million compared to the prior-year quarter, while Adjusted EBITDA Margin decreased eight percentage points to 4%. The decline was primarily driven by the previously mentioned decrease in price paired with operational disruption costs of approximately $11 million.

On a sequential basis, TT segment third quarter 2025 Net Sales decreased 7%, driven by a 4% decrease in volume driven by seasonality in western markets paired with continued weaker market conditions, as well as a 4% decrease in price reflecting weaker pricing in non-western markets while western markets remained stable. Favorable currency movements added a 1% tailwind to segment net sales.

Advanced Performance Materials

	Q3 2025	Q3 2024	Y-o-Y % ∆	Q2 2025	Q-o-Q % ∆
Net Sales (millions)	$311	$354	(12)%	$346	(10)%
Advanced Materials	$190	$214	(11)%	$214	(11)%
Performance Solutions	$121	$140	(14)%	$132	(8)%
Adjusted EBITDA (millions)	$14	$38	(63)%	$50	(72)%
Adjusted EBITDA Margin	5%	11%	(6) ppt	14%	(9) ppts

APM segment third quarter 2025 Net Sales of $311 million, a 12% decrease compared to the prior-year quarter. A 15% decrease in volume was partially offset by slight price and currency tailwinds. The decrease in volume was primarily driven by operational impacts related to the now resolved outage at the Washington Works site.

APM segment third quarter 2025 Adjusted EBITDA decreased 63% to $14 million compared to the prior-year quarter, while Adjusted EBITDA Margin decreased six percentage points to 5%. The decrease was primarily due to the previously mentioned volume impact and outage-related costs approximating $20 million, partially offset by favorable pricing and currency.

On a sequential basis, APM segment third quarter 2025 Net Sales decreased by 10%, driven by a 12% decrease in volume reflecting impacts from the referenced plant outage and the final closure of our SPS Capstone^™ product line completed during the quarter. This decrease in volume was partially offset by favorable pricing of 1% and currency movements adding an additional 1%.

Other Non-Reportable Segment

The Performance Chemicals and Intermediates business in the Company’s Other Non-Reportable Segment had Net Sales and Adjusted EBITDA for the third quarter 2025 of $12 million and $2 million, respectively.

Corporate Expenses⁴

Corporate Expenses were a $38 million offset to Adjusted EBITDA in the third quarter 2025, a decrease of $15 million compared to the prior-year quarter. This was primarily due to lower costs associated with litigation activities including credits in the third quarter related to the timing of third-party legal expense recognition.

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⁴ Third quarter 2025 consolidated Adjusted EBITDA also reflects additional unallocated costs of $3 million, this brings the year-to-date total to $6 million. These costs are reflected in consolidated Adjusted EBITDA results only.

Liquidity and Capital Allocation

As of September 30, 2025, consolidated gross debt was $4.2 billion. Debt, net of $613 million in unrestricted cash and cash equivalents, was $3.6 billion, resulting in a net leverage ratio of approximately 4.6x on a trailing twelve-month Adjusted EBITDA basis. Total liquidity was $1.6 billion, comprised of $613 million in unrestricted⁵ cash and cash equivalents and $953 million of revolving credit facility capacity, net of outstanding letters of credit.

Cash provided by operating activities for the third quarter of 2025 was $146 million, compared to $139 million in the prior-year quarter.

Capital expenditures for the third quarter of 2025 amounted to $41 million, a decrease in spend compared to $76 million in the prior-year quarter, driven by lower capital expenditures in APM and TSS.

Free Cash Flow for the third quarter of 2025 reflected a positive $105 million, reflecting Free Cash Flow Conversion of 54%. During the quarter, the Company paid $13 million in dividends to shareholders.

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⁵ Restricted cash approximated $52 million of the end of the third quarter of 2025, reflecting escrow payments Chemours has made related to the MOU agreement with DuPont, Corteva and EID as further described in our Quarterly Report on Form 10-Q for the three months ended September 30, 2025.

Fourth Quarter 2025 Outlook

In the fourth quarter, the Company anticipates consolidated Net Sales to decrease 10-15% sequentially given seasonal impacts, with consolidated Adjusted EBITDA expected to range between $130 million and $160 million. Corporate Expenses, as an offset to Adjusted EBITDA, are expected to approximate $40 million to $45 million. The Company also anticipates capital expenditures to be in the range of $50 million, with Free Cash Flow Conversion to be between 50%-70%.

TSS expects a sequential Net Sales decrease in the high-teens to low-twenties percentage range, driven by overall traditional refrigerant seasonality with continued double-digit Opteon™ growth anticipated to more than offset Freon™ declines year-over-year. Adjusted EBITDA is expected to be between $125 million and $140 million, primarily driven by the previously referenced seasonality.

TT expects a sequential Net Sales decrease in the high single-digits to low-teens percentage range, driven by seasonality and regional sales mix. Adjusted EBITDA is expected to be between $15 million and $20 million, driven by adjustments to production volumes in response to near-term demand signals. This change in production is expected to result in a $25 million cost impact to TT’s Adjusted EBITDA in the fourth quarter, offsetting sequential benefits for improved operations and cost reductions, but will improve TT’s cash generation.

APM expects a sequential Net Sales decrease in the low single-digit percentage range, driven by market weakness in its industrial end markets. Adjusted EBITDA for APM is expected to be between $30 million and $40 million, driven by a return to normal operations at the Washington Works U.S. site.

Conference Call

As previously announced, Chemours will hold a conference call and webcast on November 7, 2025, at 8:00 AM Eastern Time. The webcast and materials can be accessed by visiting the Events & Presentations page of Chemours’ investor website, investors.chemours.com. A webcast replay of the conference call will be available on Chemours’ 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 – Thermal & Specialized Solutions, Titanium Technologies, and Advanced Performance Materials – we deliver application expertise and chemistry-based innovations that solve customers’ biggest challenges. Our flagship products are sold under prominent brands such as Opteon™, Freon™, Ti-Pure™, Nafion™, Teflon™, Viton™, and Krytox™. 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 chemours.com or follow us on LinkedIn.

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’s 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 September 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 Consolidated Statements of Operations (Unaudited)¹ (Dollars in millions, except per share amounts)

	Three Months Ended September 30,						Nine Months Ended September 30,
	2025			2024			2025			2024
Net sales	$	1,495		$	1,508		$	4,478		$	4,423
Cost of goods sold		1,262			1,222			3,732			3,546
Gross profit		233			286			746			877
Selling, general, and administrative expense		109			137			669			428
Research and development expense		26			29			81			83
Restructuring, asset-related, and other charges		4			45			55			52
Goodwill impairment charge		—			56			—			56
Total other operating expenses		139			267			805			619
Equity in earnings of affiliates		9			11			27			34
Interest expense, net		(68	)		(68	)		(201	)		(196	)
Other income, net		16			6			23			10
Income (loss) before income taxes		51			(32	)		(210	)		106
(Benefit from) provision for income taxes		(9	)		—			114			25
Net income (loss)		60			(32	)		(324	)		81
Less: Net income attributable to non-controlling interests		—			—			1			—
Net income (loss) attributable to Chemours	$	60		$	(32	)	$	(325	)	$	81
Per share data
Basic earnings (loss) per share of common stock	$	0.40		$	(0.22	)	$	(2.16	)	$	0.54
Diluted earnings (loss) per share of common stock	$	0.40		$	(0.22	)	$	(2.16	)	$	0.54

The Chemours Company Consolidated Balance Sheets (Unaudited)¹ (Dollars in millions, except per share amounts)

	September 30, 2025			December 31, 2024
Assets
Current assets:
Cash and cash equivalents	$	613		$	713
Accounts and notes receivable, net		947			770
Inventories		1,547			1,463
Prepaid expenses and other		78			71
Assets held for sale		22			—
Total current assets		3,207			3,017
Property, plant, and equipment		9,833			9,572
Less: Accumulated depreciation		(6,743	)		(6,389	)
Property, plant, and equipment, net		3,090			3,183
Operating lease right-of-use assets		281			258
Goodwill		46			46
Other intangible assets, net		2			3
Investments in affiliates		180			152
Restricted cash and restricted cash equivalents		52			50
Other assets		712			804
Total assets	$	7,570		$	7,513
Liabilities
Current liabilities:
Accounts payable	$	1,035		$	1,156
Compensation and other employee-related cost		97			99
Short-term and current maturities of long-term debt		52			54
Current environmental remediation		107			115
Other accrued liabilities		589			393
Total current liabilities		1,880			1,817
Long-term debt, net		4,098			4,054
Operating lease liabilities		203			194
Long-term environmental remediation		502			456
Deferred income taxes		18			35
Other liabilities		569			369
Total liabilities		7,270			6,925
Commitments and contingent liabilities
Equity
Common stock (par value $0.01 per share; 810,000,000 shares authorized; 198,718,745 shares issued and 149,871,866 shares outstanding at September 30, 2025; 198,300,033 shares issued and 149,428,431 shares outstanding at December 31, 2024)		2			2
Treasury stock, at cost (48,846,879 shares at September 30, 2025 and 48,871,602 at December 31, 2024)		(1,803	)		(1,804	)
Additional paid-in capital		1,071			1,055
Retained earnings		1,312			1,701
Accumulated other comprehensive loss		(284	)		(367	)
Total Chemours stockholders’ equity		298			587
Non-controlling interests		2			1
Total equity		300			588
Total liabilities and equity	$	7,570		$	7,513