“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, 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.”

Thermal & Specialized Solutions (TSS)

TSS net sales rose 20% to $560 million on an 8% volume increase and an 11% price increase, with a 1% currency tailwind. Growth was led by stronger aftermarket demand for Opteon refrigerant blends tied to the U.S. AIM Act stationary AC transition, partly offset by lower Freon volumes under the same regulatory shift. Adjusted EBITDA increased 40% to $194 million, with margin up five points to 35%. Sequentially, net sales fell 6% on normal refrigerant seasonality, while pricing improved 4%.

Titanium Technologies (TT)

TT net sales declined 9% to $612 million as global TiO₂ pricing decreased 8% and volumes fell 2% in a challenged market, partly offset by a slight currency tailwind. Adjusted EBITDA was $25 million versus $78 million a year ago, including about $11 million in costs from operational disruptions. Chemours also communicated a global TiO₂ price increase effective Dec. 1, 2025.

Advanced Performance Materials (APM)

APM net sales were $311 million, down 12% year over year, with a 15% volume decline partly offset by slight price and currency tailwinds. The volume impact primarily reflected a now resolved outage at the Washington Works site and the final closure of the SPS Capstone product line. Adjusted EBITDA was $14 million versus $38 million a year ago. Sequentially, net sales decreased 10% and adjusted EBITDA decreased to $14 million from $50 million.

Other Non-Reportable Segment

Performance Chemicals and Intermediates delivered net sales of $12 million and adjusted EBITDA of $2 million.

Corporate Expenses

Corporate expenses were a $38 million offset to adjusted EBITDA, an improvement of $15 million year over year due to lower litigation costs, including credits tied to timing of third-party legal expense recognition. Third quarter consolidated adjusted EBITDA also reflects $3 million of additional unallocated costs.

Liquidity and Capital Allocation

As of Sept. 30, 2025, gross debt was $4.2 billion and cash and cash equivalents were $613 million, resulting in net debt of $3.6 billion and an estimated net leverage ratio of about 4.6x on a trailing twelve-month adjusted EBITDA basis. Total liquidity was $1.6 billion, including $953 million of revolver capacity net of letters of credit. Cash from operating activities was $146 million versus $139 million a year ago. Capital expenditures were $41 million compared with $76 million a year ago. Free cash flow was $105 million, a 54% conversion of adjusted EBITDA. During the quarter the company paid $13 million in dividends.

Fourth Quarter 2025 Outlook

Chemours expects consolidated net sales to decrease 10% to 15% sequentially on seasonality and mix, with adjusted EBITDA of $130 million to $160 million. Corporate expenses are expected at $40 million to $45 million as an offset to adjusted EBITDA. Capital expenditures are projected at about $50 million and free cash flow conversion at 50% to 70%.

By segment, TSS expects a high-teens to low-twenties percent sequential sales decline on seasonal trends, with adjusted EBITDA of $125 million to $140 million and continued double-digit Opteon growth year over year. TT expects sales down high single digits to low teens sequentially on seasonality and regional mix, with adjusted EBITDA of $15 million to $20 million. TT plans to reduce production volumes to align with near-term demand, creating about a $25 million cost impact to fourth quarter adjusted EBITDA but improving cash generation. APM expects a low single-digit sequential sales decline on industrial market weakness and adjusted EBITDA of $30 million to $40 million with Washington Works back to normal operations.

Additional Q3 Highlights

Chemours announced successful qualification of its two-phase immersion cooling fluid with Samsung Electronics, a strategic agreement with SRF Limited in India to support essential applications, and a global TiO₂ price increase effective Dec. 1, 2025.