
Tronox Holdings PLC, Investors: Company Investigated by the Portnoy Law Firm
The Portnoy Law Firm advises Tronox Holdings PLC ('Tronox' or 'the Company') (NYSE: TROX) investors that the firm has initiated an investigation into possible securities fraud and may file a class action on behalf of investors. Tronox investors that lost money on their investment are encouraged to contact Lesley Portnoy, Esq.
Investors are encouraged to contact attorney Lesley F. Portnoy, by phone 310-692-8883 or email: [email protected], to discuss their legal rights, or click here to join the case. The Portnoy Law Firm can provide a complimentary case evaluation and discuss investors' options for pursuing claims to recover their losses.
On July 30, 2025, Tronox issued a press release announcing its financial results for the second quarter of 2025. The Company reported revenue of $731 million, reflecting a 10.9% decline compared to the same quarter the previous year and falling short of consensus estimates by $53.45 million. Tronox attributed the underperformance in part to delays in Brazil's anti-dumping investigation, which negatively affected sales in the region. The Company further announced a revision to its 2025 financial outlook and stated it was implementing proactive measures, including adjustments to capital allocation priorities aimed at enhancing long-term shareholder value.
Following this announcement, Tronox's stock price declined by $1.95 per share, or approximately 37.94%, closing at $3.19 per share on July 31, 2025.
Please visit our website to review more information and submit your transaction information.
The Portnoy Law Firm represents investors in pursuing claims against caused by corporate wrongdoing. The Firm's founding partner has recovered over $5.5 billion for aggrieved investors. Attorney advertising. Prior results do not guarantee similar outcomes.
Lesley F. Portnoy, Esq.Admitted CA, NY and TX Bars
[email protected] 310-692-8883
www.portnoylaw.com

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These non-GAAP financial measures may not be comparable to similar measures reported by other companies and should be considered in addition to, and not as a substitute for, or superior to, other measures prepared in accordance with GAAP. Net sales change information for the three and six-month periods ended June 30, 2025 is presented on a GAAP (reported) basis and on a constant currency basis. Net sales change for those periods is also presented on an organic constant currency basis to exclude the impact on net sales from the April 2025 acquisition of Paragon 28. Constant currency percentage changes exclude the effects of foreign currency exchange rates. They are calculated by translating current and prior-period sales at the same predetermined exchange rate. The translated results are then used to determine year-over-year percentage increases or decreases. Projected revenue change information for the year ended December 31, 2025, is also presented on an organic constant currency basis. In addition to excluding the projected effects of foreign currency exchange rates, projected 2025 organic constant currency revenue change also excludes the projected impact on net sales from the April 2025 acquisition of Paragon 28. Net earnings and diluted earnings per share for the three and six-month periods ended June 30, 2025 and 2024 are presented on a GAAP (reported) basis and on an adjusted basis. These adjusted financial measures exclude the effects of certain items, which are detailed in the reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measures presented later in the press release. Free cash flow is an additional non-GAAP measure that is presented in this press release. Free cash flow is computed by deducting additions to instruments and other property, plant and equipment from net cash provided by operating activities. Reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measures are included in this press release. This press release also contains supplemental reconciliations of additional non-GAAP financial measures that the Company presents in other contexts. These additional non-GAAP financial measures are computed from the most directly comparable GAAP financial measure as indicated in the applicable reconciliation. Management uses non-GAAP financial measures internally to evaluate the performance of the business. Additionally, management believes these non-GAAP measures provide meaningful incremental information to investors to consider when evaluating the performance of the Company. Management believes these measures offer the ability to make period-to-period comparisons that are not impacted by certain items that can cause dramatic changes in reported income but that do not impact the fundamentals of our operations. The non-GAAP measures enable the evaluation of operating results and trend analysis by allowing a reader to better identify operating trends that may otherwise be masked or distorted by these types of items that are excluded from the non-GAAP measures. In addition, constant currency revenue, adjusted operating profit, adjusted diluted earnings per share and free cash flow are used as performance metrics in our incentive compensation programs. Forward-Looking Non-GAAP Financial Measures This press release and our commentary in our investor conference call today also include certain forward-looking non-GAAP financial measures for the year ending December 31, 2025. We calculate forward-looking non-GAAP financial measures based on internal forecasts that omit certain amounts that would be included in GAAP financial measures. For instance, we exclude the impact of certain charges related to initial compliance with the European Union Medical Device Regulation; restructuring and other cost reduction initiatives; acquisition, integration, divestiture and related; and certain legal and tax matters. We have not provided quantitative reconciliations of these forward-looking non-GAAP financial measures (other than projected 2025 organic constant currency revenue change) to the most directly comparable forward-looking GAAP financial measures because the excluded items are not available on a prospective basis without unreasonable efforts. For example, the timing of certain transactions is difficult to predict because management's plans may change. In addition, the Company believes such reconciliations would imply a degree of precision and certainty that could be confusing to investors. It is probable that these forward-looking non-GAAP financial measures may be materially different from the corresponding GAAP financial measures. Cautionary Note Regarding Forward-Looking Statements This press release contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, including statements regarding financial guidance, statements regarding macro pressures, including the impact of such pressures on our business, and any statements about our forecasts, expectations, plans, intentions, strategies or prospects. All statements other than statements of historical or current fact are, or may be deemed to be, forward-looking statements. Such statements are based upon the current beliefs, expectations and assumptions of management and are subject to significant risks, uncertainties and changes in circumstances that could cause actual outcomes and results to differ materially from the forward-looking statements. These risks, uncertainties and changes in circumstances include, but are not limited to: competition; pricing pressures; dependence on new product development, technological advances and innovation; changes in customer demand for our products and services caused by demographic changes, obsolescence, development of different therapies or other factors; our ability to attract, retain, develop and maintain adequate succession plans for the highly skilled employees, senior management, independent agents and distributors we need to support our business; shifts in the product category or regional sales mix of our products and services; the risks and uncertainties related to our ability to successfully execute our restructuring plans; control of costs and expenses; risks related to the ability to realize the anticipated benefits of the acquisition of Paragon 28, including the possibility that the expected benefits from the transaction will not be realized or will not be realized within the expected time period; the risk that the businesses of Paragon 28 will not be integrated successfully; disruption from the Paragon 28 acquisition making it more difficult to maintain business and operational relationships, including with customers, vendors, service providers, independent sales representatives, agents or agencies; the effects of business disruptions affecting us, our suppliers, customers or payors, either alone or in combination with other risks on our business and operations; the risks and uncertainties related to our ability to successfully integrate the operations, products, employees and distributors of acquired companies; the effect of the potential disruption of management's attention from ongoing business operations due to integration matters related to mergers and acquisitions; the effect of mergers and acquisitions on our relationships with customers, suppliers and lenders and on our operating results and businesses generally; unplanned delays, disruptions and expenses attributable to our enterprise resource planning and other system updates; the ability to form and implement alliances; dependence on a limited number of suppliers for key raw materials and other inputs and for outsourced activities; the risk of disruptions in the supply of materials and components used in manufacturing or sterilizing our products; breaches or failures of our (or of our business partners' or other third parties') information technology systems or products, including by cyberattack, unauthorized access or theft; the outcome of government investigations; the impact of healthcare reform and cost containment measures, including efforts sponsored by government agencies, legislative bodies, the private sector and healthcare purchasing organizations, through reductions in reimbursement levels, repayment demands and otherwise; the impact of substantial indebtedness on our ability to service our debt obligations and/or refinance amounts outstanding under our debt obligations at maturity on terms favorable to us, or at all; changes in tax obligations arising from examinations by tax authorities and from changes in tax laws in jurisdictions where we do business, including as a result of the "base erosion and profit shifting" project undertaken by the Organisation for Economic Co-operation and Development and otherwise; challenges to the tax-free nature of the ZimVie Inc. spinoff transaction and the subsequent liquidation of our retained interest in ZimVie Inc.; the risk of additional tax liability due to the recategorization of our independent agents and distributors to employees; changes in tariffs relating to imports to the U.S. and other countries; the risk that material impairment of the carrying value of our intangible assets, including goodwill, could negatively affect our operating results; changes in general domestic and international economic conditions, including interest rate and currency exchange rate fluctuations; changes in general industry and market conditions, including domestic and international growth, inflation and currency exchange rates; the domestic and international business impact of political, social and economic instability, tariffs, trade restrictions and embargoes, sanctions, wars, disputes and other conflicts, including on our ability to operate in, export from or collect accounts receivable in affected countries; challenges relating to changes in and compliance with governmental laws and regulations affecting our U.S. and international businesses, including regulations of the U.S. Food and Drug Administration ("FDA") and other government regulators relating to medical products, healthcare fraud and abuse laws and data privacy and cybersecurity laws; the success of our quality and operational excellence initiatives; the ability to remediate matters identified in inspectional observations issued by the FDA and other regulators, while continuing to satisfy the demand for our products; product liability, intellectual property and commercial litigation losses; and the ability to obtain and maintain adequate intellectual property protection. A further list and description of these risks and uncertainties and other factors can be found in our Annual Report on Form 10-K for the year ended December 31, 2024, including in the sections captioned "Cautionary Note Regarding Forward-Looking Statements" and "Item 1A. Risk Factors," and our subsequent filings with the Securities and Exchange Commission (SEC). Copies of these filings are available online at or on request from us. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in our filings with the SEC. Forward-looking statements speak only as of the date they are made, and we expressly disclaim any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Readers of this press release are cautioned not to rely on these forward-looking statements since there can be no assurance that these forward-looking statements will prove to be accurate. This cautionary note is applicable to all forward-looking statements contained in this press release. Note: Amounts reported in millions within this press release are computed based on the actual amounts. As a result, the sum of the components reported in millions may not equal the total amount reported in millions due to rounding. Certain columns and rows within tables may not add due to the use of rounded numbers. Percentages presented are calculated from the underlying unrounded amounts. 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RECONCILIATION OF REPORTED NET SALES % CHANGE TO CONSTANT CURRENCY AND ORGANIC CONSTANT CURRENCY % CHANGE (unaudited)For the Six Months EndedJune 30, 2025 vs. 2024OrganicForeignConstantParagonConstantExchangeCurrency28Currency% ChangeImpact% ChangeImpact% Change Geographic ResultsUnited States3.7% -% 3.7% 1.9% 1.8% International4.5 0.4 4.1 0.6 3.5 Total4.0% 0.1% 3.9% 1.4% 2.5% Product CategoriesKneesUnited States0.9% -% 0.9% -% 0.9% International3.1 0.1 3.0 - 3.0 Total1.9 0.1 1.8 - 1.8 HipsUnited States4.5 - 4.5 - 4.5 International2.3 0.4 1.9 - 1.9 Total3.4 0.2 3.2 - 3.2 S.E.T.10.7 0.1 10.6 5.7 4.9 Technology & Data, Bone Cement and Surgical(2.4) 0.4 (2.8) - (2.8) Total4.0% 0.1% 3.9% 1.4% 2.5% ZIMMER BIOMET HOLDINGS, INC. RECONCILIATION OF PROJECTED FULL-YEAR 2025 REPORTED REVENUE CHANGE TO ORGANIC CONSTANT CURRENCY REVENUE CHANGE (unaudited)Projected Full-year 2025Reported revenue change 6.7 - 7.7 % Less: Foreign currency exchange impact 0.5Less: Paragon 28 2.7Organic constant currency revenue change 3.5 - 4.5 % ZIMMER BIOMET HOLDINGS, OF REPORTED TO ADJUSTED RESULTSFOR THE THREE MONTHS ENDED JUNE 30, 2025 and 2024(in millions, except per share amounts, unaudited)FOR THE THREE MONTHS ENDED JUNE 30, 2025Cost of products sold, excluding intangible asset amortization Intangible asset amortization Research and development Selling, general and administrative Restructuring and other cost reduction initiatives Acquisition, integration, divestiture and related Other income, net Interest expense, net Provision for income taxes Net Earnings of Zimmer Biomet Holdings, Inc. Diluted earnings per common shareAs Reported$ 592.2 $ 160.6 $ 113.3 $ 814.8 $ 17.5 $ 78.9 $ 3.9 $ (79.3) $ 71.2 $ 152.8 $ 0.77Inventory and manufacturing-related charges(1) (17.0)-------4.712.30.06Intangible asset amortization(2) -(160.6)------32.6128.00.65Restructuring and other cost reduction initiatives(3) ----(17.5)---3.913.60.07Acquisition, integration, divestiture and related(4) -----(78.9)--13.465.50.33European Union Medical Device Regulation(6) --(4.3)-----1.03.30.02Other charges(7) ---(0.3)--(0.5)0.80.10.5-Other certain tax adjustments(8) --------(35.2)35.20.18As Adjusted$ 575.2 $ - $ 109.0 $ 814.5 $ - $ - $ 3.4 $ (78.5) $ 91.7 $ 411.2 $ 2.07 FOR THE THREE MONTHS ENDED JUNE 30, 2024Cost ofproducts sold, excluding intangible asset amortization Intangible asset amortization Research and development Selling, general and administrative Restructuring and other cost reduction initiatives Acquisition, integration, divestiture and related Other income, net Provision for income taxes Net Earnings of Zimmer Biomet Holdings, Inc. Diluted earnings per common shareAs Reported$ 553.6 $ 144.0 $ 109.4 $ 737.1 $ 41.5 $ 5.2 $ 2.0 $ 59.1 $ 242.8 $ 1.18Inventory and manufacturing-related charges(1) (2.7)------1.21.50.01Intangible asset amortization(2) -(144.0)-----29.4114.60.56Restructuring and other cost reduction initiatives(3) ----(41.5)--9.332.20.16Acquisition, integration, divestiture and related(4) -----(5.2)-0.64.60.02Litigation(5) ---(0.1)----0.1-European Union Medical Device Regulation(6) --(7.6)----1.85.80.03Other charges(7) ---(0.2)--4.11.42.90.01Other certain tax adjustments(8) -------(10.4)10.40.05As Adjusted$ 550.9 $ - $ 101.8 $ 736.7 $ - $ - $ 6.1 $ 92.4 $ 415.0 $ 2.01 ZIMMER BIOMET HOLDINGS, OF REPORTED TO ADJUSTED RESULTSFOR THE SIX MONTHS ENDED JUNE 30, 2025 AND 2024(in millions, except per share amounts, unaudited)FOR THE SIX MONTHS ENDED JUNE 30, 2025Cost of products sold, excluding intangible asset amortization Intangible asset amortization Research and development Selling, general and administrative Restructuring and other cost reduction initiatives Acquisition, integration, divestiture and related Other income, net Interest expense, net Provision for income taxes Net Earnings of Zimmer Biomet Holdings, Inc. Diluted earnings per common shareAs Reported$ 1,142.0 $ 311.6 $ 223.9 $ 1,573.5 $ 53.5 $ 89.5 $ 6.9 $ (145.5) $ 117.6 $ 334.9 $ 1.68Inventory and manufacturing-related charges(1) (23.2)-------6.816.40.08Intangible asset amortization(2) -(311.6)------60.8250.81.26Restructuring and other cost reduction initiatives(3) ----(53.5)---11.142.40.21Acquisition, integration, divestiture and related(4) -----(89.5)--15.374.20.37European Union Medical Device Regulation(6) --(8.7)-----1.96.80.04Other charges(7) ---(0.2)--(0.5)5.62.82.50.01Other certain tax adjustments(8) --------(44.3)44.30.22As Adjusted$ 1,118.8 $ - $ 215.3 $ 1,573.4 $ - $ - $ 6.4 $ (139.9) $ 172.0 $ 772.3 $ 3.88 FOR THE SIX MONTHS ENDED JUNE 30, 2024Cost of products sold, excluding intangible asset amortization Intangible asset amortization Research and development Selling, general and administrative Restructuring and other cost reduction initiatives Acquisition, integration, divestiture and related Other income, net Provision for income taxes Net Earnings of Zimmer Biomet Holdings, Inc. Diluted earnings per common shareAs Reported$ 1,065.9 $ 286.1 $ 217.4 $ 1,473.2 $ 165.9 $ 5.5 $ 1.9 $ 101.4 $ 415.2 $ 2.01Inventory and manufacturing-related charges(1) (3.8)------2.01.80.01Intangible asset amortization(2) -(286.1)-----57.2228.91.11Restructuring and other cost reduction initiatives(3) ----(165.9)--37.1128.80.62Acquisition, integration, divestiture and related(4) -----(5.5)-1.04.50.02Litigation(5) ---(0.1)----0.1-European Union Medical Device Regulation(6) --(13.4)----3.110.30.05Other charges(7) ------6.41.94.50.02Other certain tax adjustments(8) -------(20.5)20.50.10As Adjusted$ 1,062.1 $ - $ 204.0 $ 1,473.1 $ - $ - $ 8.2 $ 183.3 $ 814.7 $ 3.95(1) Inventory and manufacturing-related charges include inventory step-up expense, excess and obsolete inventory charges on certain product lines we intend to discontinue, the acceleration of depreciation and fixed overhead costs expensed immediately related to a manufacturing plant shutdown, and other inventory and manufacturing-related charges or gains. Inventory step-up expense represents the incremental expense of inventory sold recognized at its fair value after business combination accounting is applied versus the expense that would have been recognized if sold at its cost to manufacture. Since only the inventory that existed at the business combination date was stepped-up to fair value, we believe excluding the incremental expense provides investors useful information as to what our costs may have been if we had not been required to increase the inventory's book value to fair value. (2) We exclude intangible asset amortization as well as deferred tax rate changes on our intangible assets from our non-GAAP financial measures because we internally assess our performance against our peers without this amortization. Due to various levels of acquisitions among our peers, intangible asset amortization can vary significantly from company to company. (3) In December 2019, 2021 and 2023, and in February 2025, we initiated global restructuring programs that included a reorganization of key businesses and an overall effort to reduce costs in order to accelerate decision-making, focus the organization on priorities to drive growth and, in the case of the December 2021 program, to prepare for the spinoff of ZimVie, Inc. ("ZimVie"). Restructuring and other cost reduction initiatives also include other cost reduction and optimization initiatives that have the goal of reducing costs across the organization. The costs include employee termination benefits; contract terminations for facilities and sales agents; and other charges, such as consulting fees, project management expenses, retention period salaries and benefits and relocation costs. (4) The acquisition, integration, divestiture and related gains and expenses we have excluded from our non-GAAP financial measures resulted from various acquisitions, post-separation costs we have incurred related to ZimVie and gains related to a transition services agreement for services we provide to ZimVie and a transition manufacturing and supply agreement for products we supply to ZimVie for a limited period. The expenses in the three and six-month periods ended June 30, 2025, include $43.4 million of compensation expense related to the discretionary accelerated vesting of Paragon 28 unvested restricted stock units as agreed upon as part of the merger agreement. (5) We are involved in patent litigation, product liability litigation, commercial litigation and other various litigation matters. We review litigation matters from both a qualitative and quantitative perspective to determine if excluding the losses or gains will provide our investors with useful incremental information. Litigation matters can vary in their characteristics, frequency and significance to our operating results. The litigation charges and gains excluded from our non-GAAP financial measures in the periods presented relate to patent litigation and product liability litigation. Once the litigation matter has been excluded from our non-GAAP financial measures in a particular period, any additional expenses or gains from changes in estimates are also excluded, even if they are not significant, to ensure consistency in our non-GAAP financial measures from period-to-period. (6) The European Union Medical Device Regulation imposes significant additional premarket and postmarket requirements. The new regulations provided a transition period until May 2021 for previously-approved medical devices to meet the additional requirements. For certain devices, this transition period was extended until May 2024. A conditional extension of the transition period has been implemented until December 2027 and 2028 depending on the legacy medical device's risk class. We are excluding from our non-GAAP financial measures the incremental costs incurred to establish initial compliance with the regulations related to our previously-approved medical devices. The incremental costs primarily relate to temporary personnel and third-party professionals necessary to supplement our internal resources. (7) We have incurred other various expenses from specific events or projects that we consider highly variable or that have a significant impact to our operating results that we have excluded from our non-GAAP measures. These include gains and losses from changes in fair value on our equity investments, among other various costs. In addition, in February 2025 we issued senior notes in order to have the necessary cash-on-hand to acquire Paragon 28 once regulatory approval was received. We have excluded from our non-GAAP financial measures the interest on this debt related to the principal amount of the estimated purchase price and acquisition-related costs up through the acquisition date. Interest expense subsequent to the acquisition date has not been excluded. (8) Other certain tax adjustments are related to certain significant and discrete tax adjustments including intercompany transactions between jurisdictions, ongoing impacts of tax only amortization resulting from certain restructuring transactions, and impacts of significant tax reform including Swiss reform. In June 2025, we recognized tax expense related to certain unremitted foreign earnings that were previously expected to remain permanently reinvested in those foreign subsidiaries. ZIMMER BIOMET HOLDINGS, OF NET CASH PROVIDED BY OPERATINGACTIVITIES TO FREE CASH FLOWFOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2025 and 2024(in millions, unaudited) Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024Net cash provided by operating activities $ 378.2 $ 369.4 $ 761.0 $ 597.4Additions to instruments(80.5)(65.2)(140.2)(147.2)Additions to other property, plant and equipment(50.0)(52.7)(94.7)(107.8)Free cash flow $ 247.7 $ 251.5 $ 526.1 $ 342.4 ZIMMER BIOMET HOLDINGS, INC. RECONCILIATION OF GROSS PROFIT & MARGIN TO ADJUSTED GROSS PROFIT & MARGIN FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2025 and 2024 (in millions, unaudited)Three Months Ended June 30,Six Months Ended June 30,2025 20242025 2024 Net Sales $ 2,077.3 $ 1,942.0$ 3,986.4 $ 3,831.2 Cost of products sold, excluding intangible asset amortization592.2553.6 1,142.01,065.9 Intangible asset amortization160.6144.0 311.6286.1 Gross Profit $ 1,324.5 $ 1,244.4$ 2,532.8 $ 2,479.2 Inventory and manufacturing-related charges17.02.7 23.23.8 Intangible asset amortization160.6144.0 311.6286.1 Adjusted gross profit $ 1,502.1 $ 1,391.1$ 2,867.6 $ 2,769.1 Gross margin63.8%64.1% 63.5%64.7% Inventory and manufacturing-related charges0.80.1 0.60.1 Intangible asset amortization7.77.4 7.87.5 Adjusted gross margin72.3%71.6% 71.9%72.3% ZIMMER BIOMET HOLDINGS, INC. RECONCILIATION OF OPERATING PROFIT & MARGIN TO ADJUSTED OPERATING PROFIT & MARGIN FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2025 and 2024 (in millions, unaudited)Three Months Ended June 30,Six Months Ended June 30,2025 20242025 2024 Operating profit $ 300.0 $ 351.3$ 592.3 $ 617.2 Inventory and manufacturing-related charges17.02.7 23.23.8 Intangible asset amortization160.6144.0 311.6286.1 Restructuring and other cost reduction initiatives17.541.5 53.5165.9 Acquisition, integration, divestiture and related78.95.2 89.55.5 Litigation-0.1 -0.1 European Union Medical Device Regulation4.37.6 8.713.4 Other charges0.30.2 0.2- Adjusted operating profit $ 578.5 $ 552.6$ 1,079.0 $ 1,092.0 Operating profit margin14.4%18.1% 14.9%16.1% Inventory and manufacturing-related charges0.80.1 0.60.1 Intangible asset amortization7.77.4 7.87.5 Restructuring and other cost reduction initiatives0.82.1 1.34.3 Acquisition, integration, divestiture and related3.80.3 2.20.1 European Union Medical Device Regulation0.20.4 0.20.3 Adjusted operating profit margin27.8%28.5% 27.1%28.5% ZIMMER BIOMET HOLDINGS, INC. RECONCILIATION OF EFFECTIVE TAX RATE TO ADJUSTED EFFECTIVE TAX RATE FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2025 and 2024 (unaudited)Three Months Ended June 30,Six Months Ended June 30,2025 20242025 2024 Effective tax rate31.7%19.6% 25.9%19.6% Tax effect of adjustments made to earnings before taxes(1)2.22.0 2.12.8 Other certain tax adjustments (2)(15.7)(3.4) (9.8)(4.0) Adjusted effective tax rate18.2%18.2% 18.2%18.4% (1) Includes inventory and manufacturing-related charges; intangible asset amortization; restructuring and other cost reduction initiatives; acquisition, integration, divestiture and related; litigation; European Union Medical Device Regulation; and other charges (2) Other certain tax adjustments are related to certain significant and discrete tax adjustments including intercompany transactions between jurisdictions, ongoing impacts of tax only amortization resulting from certain restructuring transactions, and impacts of significant tax reform including Swiss reform. In June 2025 we recognized tax expense related to certain unremitted foreign earnings that were previously expected to remain permanently reinvested in those foreign subsidiaries. ZIMMER BIOMET HOLDINGS, OF DEBT TO NET DEBTAS OF JUNE 30, 2025 and DECEMBER 31, 2024(in millions, unaudited) June 30, 2025 December 31, 2024Debt, both current and long-term $ 7,572.5 $ 6,204.6Cash and cash equivalents(556.9)(525.5)Net debt $ 7,015.6 $ 5,679.1 Media Investors Kristen Cardillo David DeMartino (925) 786-4913 (646) 531-6115 Kirsten Fallon Zach Weiner (781) 779-5561 (908) 591-6955 View original content to download multimedia: SOURCE Zimmer Biomet Holdings, Inc. Error in retrieving data Sign in to access your portfolio Error in retrieving data