Unipar Carbocloro (UNIP6) Q4 2025 earnings summary

Executive summary

• Achieved record operational excellence in 2025, with electrolysis utilization averaging 79–80% and full-capacity operations at Santo André and Camaçari, despite a challenging chemical industry environment and international price pressures.

• Completed the largest Capex cycle in company history, including new chlor-alkali plant in Bahia, modernization in Cubatão, and sustainability projects.

• Maintained resilience amid external challenges, including a weak petrochemical cycle, record PVC imports in Brazil, and a subdued Argentine PVC market.

• Focused on local markets, maximizing chlorine sales to reduce exposure to petrochemical cycles, and leveraging renewable energy assets.

Financial highlights

• Adjusted recurring EBITDA reached R$1.109 billion in 2025, up 16% year-over-year, with a margin of 22%.

• Net income for 2025 was R$482 million, a 13% decrease from 2024; operational cash generation totaled R$1.248 billion.

• Adjusted consolidated net revenue for 2025 was R$5,158 million, up 1% year-over-year; gross margin was 28.5%.

• Year-end cash position was R$1.1 billion, covering 26 months of debt amortization; net debt/EBITDA at 2.2x.

• Dividend payout for 2025 was R$1.1 billion, including reserves.

Outlook and guidance

• Capex for 2026 will be substantially lower as major projects are completed; Cubatão modernization to start operations in March 2026.

• Capacity expansions in Santo André and Camaçari expected in the second half of 2026.

• Renewable energy contracts and joint ventures to enhance competitiveness, with new supply starting in 2028.

• Continued focus on cost reduction, operational efficiency, and capturing opportunities in sanitation and agribusiness.