Segment Information (Tables)

3 Months Ended

Mar. 31, 2026

The following table sets forth certain summary financial information for the Company’s reportable segments for the periods presented.


	Thermal & Specialized Solutions			Titanium Technologies			Advanced Performance Materials
Three Months Ended March 31, 2026
Segment information from Interim Consolidated Statements of Operations:
Net sales to external customers (1)	$	568		$	559		$	243
Segment cost of goods sold		364			538			238
Segment selling, general and administrative expense		29			28			34
Segment research and development expense		7			7			11
Add back: Depreciation and amortization (2)		18			33			23
Equity in earnings of affiliates		3			—			5
Other segment items (3)		(1	)		1			(17	)
Segment Adjusted EBITDA	$	190		$	18		$	5

March 31, 2026
Segment information from Interim Consolidated Balance Sheets:
Total assets	$	1,799		$	2,333		$	1,674
Investments in affiliates		73			—			93

Three Months Ended March 31, 2026
Segment information from Interim Consolidated Statements of Cash Flow:
Purchases of property, plant and equipment		20			15			12

	Thermal & Specialized Solutions			Titanium Technologies			Advanced Performance Materials
Three Months Ended March 31, 2025
Segment information from Interim Consolidated Statements of Operations:
Net sales to external customers (1)	$	466		$	597		$	294
Segment cost of goods sold		312			544			250
Segment selling, general and administrative expense		25			28			33
Segment research and development expense		7			7			12
Add back: Depreciation and amortization (2)		16			31			35
Equity in earnings of affiliates		2			—			6
Other segment items (3)		(1	)		(1	)		8
Segment Adjusted EBITDA	$	141		$	50		$	32

December 31, 2025
Segment information from Consolidated Balance Sheets:
Total assets	$	1,694		$	2,399		$	1,677
Investments in affiliates		73			—			87

Three Months Ended March 31, 2025
Segment information from Interim Consolidated Statements of Cash Flow:
Purchases of property, plant and equipment		33			37			13

(1)

Segment net sales to external customers are provided by product group in "Note 3 – Net Sales".

(2)

Segment depreciation and amortization expense is included as a component of cost of goods sold; selling, general, and administrative expense; and research and development expense in the amounts regularly provided to the CODM and are therefore added back to arrive at Segment Adjusted EBITDA.

(3)

Other segment items includes segment other (income) expense, net.

Reconciliation of Segment Adjusted EBITDA from Segments to Consolidated Income Before Income Taxes

The following table sets forth a reconciliation of Segment Adjusted EBITDA to the Company’s consolidated income before income taxes for the three months ended March 31, 2026 and 2025.


	Three Months Ended March 31,
	2026			2025
Thermal & Specialized Solutions	$	190		$	141
Titanium Technologies		18			50
Advanced Performance Materials		5			32
Segment Adjusted EBITDA		213			223
Other non-reportable segment Adjusted EBITDA		3			1
Corporate expenses (1)		(47	)		(57	)
Unallocated Items:
Interest expense, net		(69	)		(66	)
Depreciation and amortization		(79	)		(88	)
Non-operating pension and other post-retirement employee benefit income		2			2
Exchange gains (losses), net		1			(3	)
Restructuring, asset-related, and other charges (Note 4)		(13	)		(21	)
Loss on extinguishment of debt (2)		(9	)		—
Gain on sales of assets and businesses, net		—			1
Transaction costs		(2	)		(1	)
Qualified spend recovery (3)		5			9
Litigation-related charges		(20	)		—
Environmental charges		(7	)		—
(Loss) income before income taxes	$	(22	)	$	—

(1)

Includes corporate costs and certain legal and environmental expenses, and stock-based compensation expenses excluding unallocated items as listed above.

(2)

For the three months ended March 31, 2026, loss on extinguishments of debt includes $9, associated with our senior unsecured notes which is discussed in further detail in "Note 15 - Debt".

(3)

Qualified spend recovery represents costs and expenses that were previously excluded from the determination of segment Adjusted EBITDA, reimbursable by DuPont and/or Corteva as part of the Company's cost-sharing agreement under the terms of the MOU. Terms of the MOU are discussed in further detail in "Note 17 – Commitments and Contingent Liabilities".

Summary of Reconciliation for Summary Financial Information for Reportable Segments

The following table sets forth a reconciliation for instances in which the above financial information for the Company's reportable segments does not sum to consolidated amounts.


		Segment Total			Other Non-Reportable Segment			Corporate			Total Consolidated
Three Months Ended March 31, 2026
Net sales to external customers	$		1,370	$		11	$		—	$		1,381
Depreciation and amortization	$		74	$		1	$		4	$		79
Purchases of property, plant, and equipment	$		47	$		1	$		1	$		49

Three Months Ended March 31, 2025
Net sales to external customers	$		1,357	$		11	$		—	$		1,368
Depreciation and amortization	$		82	$		1	$		5	$		88
Purchases of property, plant, and equipment	$		83	$		1	$		—	$		84

Total Assets (1)
March 31, 2026	$		5,806	$		94	$		1,367	$		7,267
December 31, 2025	$		5,770	$		95	$		1,517	$		7,382

(1)

Corporate assets primarily includes cash and cash equivalents, property, plant and equipment associated with the Chemours Discovery Hub, pension assets and deferred tax assets.