Braskem (BRKM5) investor relations material

Executive summary

• 2025 was marked by a prolonged global petrochemical downcycle, with spreads below historical averages due to supply-demand imbalances, macroeconomic volatility, and geopolitical conflicts, impacting all key markets.

• Recurring consolidated EBITDA for 2025 was US$557 million, down 49% year-over-year; Q4 2025 recurring EBITDA was US$109 million, reflecting the downturn and seasonal effects.

• Corporate leverage rose to 14.74x at year-end, with gross debt at US$9.4 billion and cash position at US$2.1 billion.

• Net loss attributable to shareholders was US$1.9 billion, mainly due to a deferred tax asset write-off.

• Over 700 initiatives and resilience action plans were implemented to preserve liquidity, optimize operations, and reinforce competitiveness.

Financial highlights

• Recurring consolidated EBITDA: US$109 million in Q4 2025; US$557 million for the year, a 49% decrease from 2024.

• Operating cash flow: US$13 million generated in Q4; US$246 million consumed for the year.

• Corporate cash at year-end: US$2.1 billion, including a US$1 billion standby facility drawn in October 2025, maturing December 2026.

• Adjusted net debt (excluding Braskem Idesa): US$7.5 billion; total debt at year-end US$9.4 billion.

• Recurring EBITDA margin for 2025 was 4.4%, down from 7.5% in 2024.

Outlook and guidance

• Strategic focus for 2026–2028 includes capital structure reorganization, resilience, transformation initiatives, and advancing bio-based growth projects.

• Priorities for 2026: capital structure reorganization, resilience plan implementation, transformation plan financing, green portfolio growth, and compliance with Alagoas agreements.

• No formal EBITDA guidance provided; external consultancies expect spreads to return to historical levels, but scenario remains highly uncertain due to geopolitical risks.