Chemours Company (2CU) Q2 2026 Earnings Report

The call highlighted meaningful operational and commercial progress—Q2 adjusted EBITDA beat expectations, TT pricing momentum (≈5% YTD), APM Performance Solutions growth (+8% YoY) and strong cash generation including a ~$270M debt repayment—while also acknowledging notable near-term headwinds, especially TSS aftermarket destocking (pre-buy impact ≈$65M and ~25% YoY market drop), APM volume effects from a prior line closure and TT volume softness amid inflationary input costs. Management reiterated a constructive multi-year view (Pathway to Thrive, $1B adjusted EBITDA ambition) and provided a measured FY 2026 outlook, but near-term guidance incorporates expected sequential declines and ongoing uncertainties.

Chemours guided Q3 consolidated net sales to be down 5% to flat sequentially with consolidated adjusted EBITDA of $175–$205 million, corporate expense of ~$40–$45 million, Q3 CapEx of ~$65 million and at least $50 million of free cash flow; segment guidance was TSS net sales down sequentially mid‑teens to 20% with adjusted EBITDA $125–$140 million, TT net sales up low‑ to mid‑single digits with adjusted EBITDA $70–$80 million, and APM net sales up mid‑ to high‑single digits with adjusted EBITDA $20–$30 million. For full‑year 2026 Chemours expects net sales +1% to +5% versus 2025, adjusted EBITDA $775–$825 million, CapEx $250–$280 million, free cash flow conversion above 25% and net leverage around 3.8x by year‑end; management also reiterated longer‑term targets of at least $1.0 billion of annual adjusted EBITDA and >40% FCF conversion and noted TT pricing actions have driven roughly a 5% YTD TiO2 price increase.