Slide 1: Q4 and FY 2025 Results Presentation
Borouge Plc Q4 and FY 2025 Results Presentation 4th February 2026
Slide 2: Disclaimer
Disclaimer This presentation has been prepared by Borouge PLC and its subsidiaries (the “Company”) based on publicly available information and non-public information to assist you in making a preliminary analysis of the content referenced herein solely for informational purposes. It should not be co
Slide 3: Agenda and Presenters
Agenda and Presenters Agenda Q4 and FY 2025 Results Highlights Operational Highlights Market Update and Commercial Highlights Financial Highlights Summary Q&A HAZEEM SULTAN AL SUWAIDI DR. HASAN KARAM ROLAND JANSSEN JAN-MARTIN NUFER Chief Executive Officer Chief Operating Officer Chief Marketing Offi
Slide 4: Q4 and FY 2025 Results Highlights
Q4 AND FY 2025 RESULTS HIGHLIGHTS HAZEEM SULTAN AL SUWAIDI CHIEF EXECUTIVE OFFICER 4 Q4 2025 Results Presentation
Slide 5: Exceptional Q4 Performance
EXCEPTIONAL Q4 PERFORMANCE Record Quarterly Production 1,464 kt “Borouge continues to lead the industry Highest-ever 119% PE as the world’s most profitable polyolefins Utilisation Rates 114% PP company, demonstrating our resilience, supported by record sales volumes and Record Quarterly 1,643 kt pro
Slide 6: Results Ahead of Market Expectations
RESULTS AHEAD OF MARKET EXPECTATIONS Net Profit Sales Volumes Adj. EBITDA (1) Adj. Operating FCF (2) Q4 25 Q4 25 Q4 25 Q4 25 $330 million 1,643 kt $601 million $502 million 20% margin 36% margin 84% cash conversion Year-on-Year Year-on-Year Year-on-Year Year-on-Year Flat +12% -8% -12% Quarter-on-Qua
Slide 7: Operational Highlights
OPERATIONAL HIGHLIGHTS DR. HASAN KARAM CHIEF OPERATING OFFICER 7 Q4 2025 Results Presentation
Slide 8: Record Utilisation Rates
RECORD UTILISATION RATES Utilisation Rates, % Record utilisation rates for PE & PP 119% 120% 114% 113% 114% 112% 110% 110% 110% 105% 106% 103% 101% 100% 98% 98% B3 Turnaround 90% 80% 80% 78% 74% 70% 60% 50% 40% Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Polyethylene Polypropylene 8 Q4 2025 Resu
Slide 9: AI & Digital Technologies Power Our Performance
AI & DIGITAL TECHNOLOGIES POWER OUR PERFORMANCE Key levers impacted by AIDT Gross Efficiency Margin Improvement Performance Cost Improvement Reduction Proof of Concept completed with Honeywell for AI-powered autonomous operations at Ruwais 9 Q4 2025 Results Presentation
Slide 10: Borouge 4 Commissioning Underway
BOROUGE 4 COMMISSIONING UNDERWAY Project Update XLPE 2 entered commissioning at end-2025, more than doubling XLPE capacity to 180 ktpa Additional B4 units scheduled for commissioning through 2026 Central Control Building Extruder Project to add 1.4 Mtpa of polyethylene capacity and $900m EBITD
Slide 11: Market Update and Commercial Highlights
MARKET UPDATE AND COMMERCIAL HIGHLIGHTS ROLAND JANSSEN CHIEF MARKETING OFFICER 11 Q4 2025 Results Presentation
Slide 12: Strong Premia Despite Benchmark Softness
STRONG PREMIA DESPITE BENCHMARK SOFTNESS Polyethylene Prices, $/t PE benchmark Polyethylene Premia, $/t PE avg. selling price Consistent strong PE premia in 2025 1,200 1,122 1,113 1,093 250 FY avg. 25 = $224/t 1,059 1,079 1,081 1,047 994 FY avg. 24 = $197/t 1,000 225 901 915 895 800 881 855 200 832
Slide 13: Record Sales Volumes
RECORD SALES VOLUMES Sales Volumes, ktpa Record quarterly production and sales 1,800 1,600 B3 1,400 Turnaround 1,200 1,000 800 600 400 200 0 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 PE PP Ethylene & Other Total production 13 Q4 2025 Results Presentation
Slide 14: Innovation Drives Our Competitiveness
INNOVATION DRIVES OUR COMPETITIVENESS Recent Product Launch Upcoming Innovation Circular Solutions Advanced Packaging Value Creation 10 new products launched in 2025 Record $94m Recleo Borstar BJ399MO innovation value • New circular PO solution supporting • New high-flow PP grade, high customer sust
Slide 15: Polyolefins Long Term Outlook
POLYOLEFINS LONG TERM OUTLOOK Polyolefins Market Outlook Global Polyolefins Demand and Growth 2026-2030 Product benchmarks expected to remain at Borouge markets around current trough levels 30% 71% share of global demand growth 2026-2030 Further capacity closures anticipated across global polyol
Slide 16: Financial Highlights
FINANCIAL HIGHLIGHTS JAN-MARTIN NUFER CHIEF FINANCIAL OFFICER 16 Q4 2025 Results Presentation
Slide 17: Quarterly Revenue Growth
QUARTERLY REVENUE GROWTH Revenue, $m -3% 7,000 6,026 5,848 6,000 Record production and sales drove strong Q4 top 5,000 line, offsetting softer pricing 2,421 2,368 4,000 3,000 +3% +16% 1,621 1,676 1,447 1,676 2,000 3,558 3,436 676 678 678 1,000 605 933 991 831 991 0 FY 24 FY 25 Q4 24 Q4 25 Q3 25 Q4 2
Slide 18: Most Profitable Polyolefins Company
MOST PROFITABLE POLYOLEFINS COMPANY Adj. EBITDA, $m Margin, % Net Profit, $m Margin, % 41% 37% 40% 36% 39% 36% 21% 19% 20% 20% 20% 20% 3,000 3,000 -12% 2,500 2,500 2,477 Maintained Q4 delivered 2,172 industry-leading 2,000 2025’s highest net EBITDA margin profit 2,000 -11% 1,500 1,500 1,239 1,099 -8
Slide 19: Industry Cost Leader
INDUSTRY COST LEADER 1st quartile ADNOC A4G success Cost position Long term feedstock advantage Fixed cost base maintained Cost of Sales (excl. D&A), $m S&D Expenses (excl. D&A), $m -12% +5% 600 3,500 472 416 3,099 Strong fixed-cost 400 2,947 -21% +4% 3,000 absorption with higher 200 145 115 110 115
Slide 20: Strong Cash Generation Supports Dividend
STRONG CASH GENERATION SUPPORTS DIVIDEND Net Debt Bridge ($m) $1,864m $1,459m Robust cash generation enables strong dividend payout Adj. Operating Free Free Cash 2,691 1,312 2,696 Cash Flow Flow (1) Free Cash Flow Yield (2) Highest among global polyolefins peers (3) 7% 123 308 Peer 1 6% 390 Peer 2 5
Slide 21: Summary
SUMMARY HAZEEM SULTAN AL SUWAIDI CHIEF EXECUTIVE OFFICER 21 Q4 2025 Results Presentation
Slide 22: Polyolefins Powerhouse
POLYOLEFINS POWERHOUSE Most Profitable 37% | 19% Commercial APAC 59% | MEA 32% FY 25 EBITDA & Net Profit FY 25 Sales Volumes by PO Player Margins Resilience Geography Financial PE $224/t | PP $134/t Innovation +10 FY 25 Quality Pricing FY 25 New Product Grades Resilience Premium Advantage Launched O
Slide 23: Q&A
Q&A 23 Q4 2025 Results Presentation
Slide 24: Appendix
APPENDIX 24 Q4 2025 Results Presentation
Slide 25: FY 2026 Guidance
FY 2026 GUIDANCE Production 2026 polyolefins production targeting 105% utilisation (1) Production expected to ramp up through 2026 as units are commissioned and Borouge 4 brought online FY 25 dividend intention reaffirmed at 16.2 fils per share. H2 2025 dividend payout Dividend (FY 25) expected in A
Slide 26: Unaudited Statement of Profit or Loss and Other Comprehensive Income
UNAUDITED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME 2025 2024 2025 2024 For the twelve For the twelve USD Millions % change For the three months For the three months % change months ended 31 months ended 31 ended 31 December ended 31 December December December Revenue 5,848 6,026 -3
Slide 27: Borouge Consolidated Balance Sheet
BOROUGE CONSOLIDATED BALANCE SHEET As at As at USD Thousands 31 December 2025 31 December 2024 ASSETS Current assets 2,119,378 2,170,828 Non-current assets 6,369,726 6,536,637 Total Assets 8,489,104 8,707,645 EQUITY AND LIABILITIES Total Equity 4,115,682 4,482,063 Current liabilities 3,994,754 934,5
Slide 28: Reconciliation from EBITDA to Free Cash Flow
RECONCILIATION FROM EBITDA TO FREE CASH FLOW 2025 USD Millions For the twelve months ended 31 December EBITDA 2,172 CAPEX (308) Adjusted operating free cash flow 1,864 Changes in working capital 129 Cash tax payment (390) Cash interest payment (162) Cash interest income 18 Free cash flow 1,459
Slide 29: Glossary
Glossary Adj. Calculated as EBITDA plus adjustments on foreign exchange gain or loss and impairment loss on property, EBITDA plant and equipment Adj. Operating Free Cash Flow Defined as adjusted EBITDA less Capital Expenditure Bn Billions CAPEX Capital expenditure D&A Depreciation and amortisation F