Braskem S.a. · BMFBOVESPA:BRKM3
Braskem — Q4 2025 Earnings Presentation
65 slides from Braskem's earnings presentation, Mar 27, 2026
Slide 1: Earnings Release 4Q25 and 2025
EARNINGS RELEASE 4Q25 and 2025 SUMMARY 1. KEY INDICATORS 2. EXECUTIVE SUMMARY 3. GLOBAL PETROCHEMICAL INDUSTRY 4. PERFORMANCE BY SEGMENT 4.1 BRAZIL/SOUTH AMERICA 4.2 UNITED STATES & EUROPE 4.3 MEXICO 5. CONSOLIDATED FINANCIAL OVERVIEW 5.1 CONSOLIDATED REVENUE 5.2 COST OF GOODS SOLD (COGS) 5.3 OTHER
Slide 2: Key indicators by segment
4Q25 A) Brazil Utilization Rate Ethylene (%) 59% Sales Volume of Main Chemicals (kton) 595 Sales Volume of Main Chemicals Exports (kton) 52 Sales Volume of Resins (kton) 743 Sales Volume of Resins Exports (kton) 20 Utilization Rate of Green Ethylene (%) 67% Sales of Green PE (kton) 52 United States
Slide 3: Consolidated key financial indicators
4Q25 3Q25 Chg. Cha. 2025 (2024 Cha. bai dita larreis « (8) (A) I) (0) ©) (Oye) Average Exchange Rate (R$/US$) 5.39 0% 7% 5.59 539 4% ‘Net Revenue 2,985 3,175 3,285, 6% 9% 12,642 14,396 -12% coGs (3,085) (3,096) (3,085) 0% 0% (12,381) (13,277) 7% Recuing EBITDAY 109 150 102 D% 7% 3571083 49% ‘Net Fin
Slide 4: For more information
For more information on the petrochemical scenario during the quarter, see Annex 9.1 .
Slide 5: 4.1.1 Operational Overview
4.1.1 OPERATIONAL OVERVIEW a) Demand for resins in Brazil (PE, PP, and PVC): lower than in 3Q25 (-4%), explained by lower demand for: (i) PE (-3%), mainly influenced by the cleaning, agriculture, and packaging sectors, which was partially offset by higher demand from the beverage sector; (ii) PP (-3
Slide 6: Average utilization rate
b) Average utilization rate of petrochemical crackers: reduction compared to 3Q25 (-6 p.p.) is mainly explained by: (i) the scheduled maintenance shutdown at the Bahia petrochemical complex, completed in January 2026; (ii) the adjustment of production levels in response to lower demand due to the se
Slide 7: Resin sales volume
c) Resin’s sales volume: in the Brazilian market, the decrease (-6%) compared to 3Q25 is mainly explained by: (i) lower PE sales volumes (-7%) due to higher inventory levels across the transformation chain, associated to the seasonality of the period; and (ii) lower PP (-4%) and PVC (-4%) sales volu
Slide 8: Resin exports
Resin exports were lower compared to 3Q25 (-4%) and 4Q24 (-5%), mainly explained by: (i) the lower export volume of PP due to the lower product availability for export in 4Q25; and (ii) the lower export volume of PE due to the strategy to prioritize higher value-added exports combined with lower dem
Slide 9: Sales Volume of Resins Exports
Sales Volume of Resins Exports (kton) Sales Volume of Resins Exports (kton) | Annual —: 230 229 220 807 5% 3Q25 Ml Exports ll Exports
Slide 10: Main chemicals exports
The increase in exports (+21%) compared to 3Q25 is mainly explained by the higher export volume of (i) paraxylene, due to specific commercial opportunities; and (ii) benzene, due to commercial opportunities in Asia. Exports of main chemicals remained in line with 4Q24.
Slide 11: Main chemicals
1 Main chemicals refer to: ethylene, propylene, butadiene, cumene, gasoline, benzene, toluene and paraxylene due to the representation of these products in the segment’s net revenue.
Slide 12: Net Revenue
A) Net Revenue: In 4Q25, Net Revenue was positively impacted by approximately US$23 million (R$123 million) from presumed PIS/COFINS credits under REIQ Investimentos, 5% higher than 3Q25. Additionally, in 4Q25, Net Revenue for the Brazil/South America segment was positively impacted by (i) US$47 mil
Slide 13: Resin Sales Volume per Region
Resin Sales Volume per Region (%)* ‘Sales Volume per Region (%)* | Annual <= I Brazil Mil Mercosur ll Europe Ml Asta and Oceania (ex-China) Ml China Ml NorthAmerica Ill Others ‘Includes Green PE sales
Slide 14: SG&A expenses
C) SG&A expenses: lower in U.S. dollar (-22%) and in Brazilian real (-22%) compared to 3Q25, primarily due to the reversal of provisions for expected credit losses of approximately US$2 million (R$11 million) in 4Q25, while there was a provision of approximately US$24 million (R$130 million) in 3Q25
Slide 15: Green PE sales volume
b) Green PE (I’m green TM biobased) sales volume : higher compared to 3Q25 (+18%), mainly explained by higher demand for Green PE in Asia in anticipation of the Chinese New Year period. Compared to 4Q24, the reduction (-9%) is mainly explained by the higher product availability for sale in the same
Slide 16: Sales of green PE
Sales (kton) of green PE Sales (kton) of green PE| Annual = | 23 191 Tr 7 3Q25 4Q25, IM Green PE
Slide 17: 4.1.3.2 Financial Overview
4.1.3.2 FINANCIAL OVERVIEW A) Net Sales Revenue of Green PE and ETBE 5 : lower compared to 2Q25 (-2%) and 4Q24 (-12%), mainly due to lower sales volume and the price of ETBE in the quarter.
Slide 18: 4.2 United States & Europe
4.2 UNITED STATES & EUROPE In 4Q25, the average PP Europe spread was lower than in 3Q25 (-33%), mainly due to the lower PP price, explained by the higher supply of imported products in the region. In the United States, the PP spread remained in line compared to the previous quarter. Product that con
Slide 19: 4.2.1 Operational Overview
4.2.1 OPERATIONAL OVERVIEW a) PP Demand: PP demand in North America was lower (-2%) compared to 3Q25, mainly due to the seasonality of the period. In Europe, PP demand remained in line (+1%) during the period. Regarding 4Q24, PP demand in North America was higher (+1%), mainly due to inventory reple
Slide 20: Average utilization rate of PP plants
b) Average utilization rate of PP plants: lower (-8 p.p.) compared to 3Q25, mainly explained by: (i) the scheduled shutdowns at the European plants, concluded in 4Q25; and (ii) the optimization of inventory levels in both regions. Compared to 4Q24, the utilization rate was higher (+4 p.p.), mainly d
Slide 21: Utilization Rate
Utilization Rate (%) Utilization Rate (%) | Annual 2024 Mire
Slide 22: Sales Volume
Sales Volume (kton) Sales Volume (kton) | Annual <> + 1,957 1,976 495 479 4925
Slide 23: Net Revenue and COGS
A) Net Revenue : lower in U.S. dollar (-4%) and in Brazilian real (-5%) compared to 3Q25, mainly due to decrease of: (i) 9% and 6% in international PP price benchmarks in the United States and Europe, respectively; and (ii) 17 thousand tons, or 3%, in PP sales volume. Compared to 4Q24, the decrease
Slide 24: SG&A expenses
C) SG&A expenses : increase in U.S. dollar (+11%) and in Brazilian real (+10%) compared to 3Q25, mainly due to higher expenses with third-party services. Since 2Q25, due to changes in the organizational structure, the Company has reclassified part of the expenses that were previously classified unde
Slide 25: Mexico key indicators
4025 3: 4Q24 esi oO @) © Utilization Rate+ 85% 47% 77% PE Sales (kton) p3i 146 195 PE Mexico Spread? (US$/ton) 625 724 779 Recurring EBITDA 11 (37) 35 Chg. 2025 2024 (A)/(B) (Ayi(c) (D) (E) (D) CE) 39D. 8p0. 64% 78% “14 pe. 52% 14% 708 846 “16% “14% 20% 720 804 “19% na. 67% 2 208 90%
Slide 26: Average utilization rate of PE plants
b) Average utilization rate of PE plants: higher compared to 3Q25 (+38 p.p.), mainly explained by: (i) the normalization of Braskem Idesa operations following the general maintenance shutdown concluded in 3Q25; and (ii) the higher volume of imported ethane supplied by TQPM during the quarter. Compar
Slide 27: PE sales volume
c) PE sales volume: higher compared to 3Q25 (+52%) and 4Q24 (+14%), mainly explained by the higher product availability for sale due to the higher utilization rate in 4Q25, as previously explained. In 4Q25, the Mexico segment recorded the highest PE sales volume since 2Q24.
Slide 28: Sales Volume
Sales Volume (kton) Sales Volume (kton) | Annual 708 +14% 1 4Q25 2024 2025 me 195 a : 4Q24 3Q25, mire
Slide 29: Net Revenue
A) Net Revenue: higher in U.S. dollar (+38%) and in Brazilian real (+37%) mainly due to a 52% increase in PE sales volume compared to 3Q25. This effect was partially offset by an 8% decrease in the international price reference for PE US. The reduction in U.S. dollar (-2%) and in Brazilian real (-9%
Slide 30: Sales Volume per Region
Sales Volume per Region (%) Sales Volume per Region (%) | Annual m8 7 6 D6 9 ~ WE Latin America MMI Europe Ml Asia Ml United States Ill Mexico
Slide 31: SG&A, Other Revenue and Recurring EBITDA
C) SG&A expenses: higher in U.S. dollar (+78%) and in Brazilian real (+77%) compared to 3Q25, mainly due to expenses related to the ethane resale operation carried out in 4Q25. The revenue portion from the ethane resale operation impacted the Other Revenue line. Compared to 4Q24, the increase in U.S
Slide 32: Investments in 2026
Investments in 2026 The investments planned for 2026 by Braskem Idesa total US$42 million (R$234 million), allocated to operational investments for maintenance and operation of the petrochemical complex. Operational Investments for 2026: operational investments will be mainly allocated to projects r
Slide 33: 4.3.3.1 Ethane Import Terminal
4.3.3.1 ETHANE IMPORT TERMINAL In May 2025, the ethane import terminal construction project in Mexico was completed through the subsidiary TQPM, a joint venture between Braskem Idesa and Advario, with a 50% stake for each shareholder. The financing for the terminal’s construction included a capital
Slide 34: Braskem Idesa Debt
Debt* Dec/25 Sep/25 Dec/24 n iG) (B) i@) (A)/(B) (A)/(C) Gross Debt 2,252 2,179 2,191 3% 3% in R$ - - - na. na. in US$ 2,252 2,179 2,191 3% 3% (-) Cash and Cash Equivalents 35 46 231 -23% 85% in R$ - - - na. na. in US$ 35 46 231 -23% -85% (=) Net Debt 2,217 2,133 1,960 MN 13% in R$ - - - na. na. in
Slide 35: Braskem Idesa capital structure review
In September 2025, the Company announced that Braskem Idesa had engaged advisors to assist in assessing a comprehensive set of economic and financial options aimed at revisiting its existing capital structure. This decision reflects Braskem Idesa's ongoing efforts to preserve its liquidity and impro
Slide 36: Cash Flow Generation 4Q25
Cash How Generation 4Q25 R$n (A) Recurring EBITDA 62 Operational CAPEX (33) ‘Changes in Working Capital (205) Operational Cash Generation (456) Interest Paid (97) Cash Generation (253) ‘Strategic Investments (1) Cash Generation after Strategic Investments (264) *Untl Nov/23 the disbursements related
Slide 37: Income Statement
Income Statement 4025 3025 4Q24 Cho. 2025 2024 5 million @) (8) © (OOMEEECIC) (©) © Gross Revenue 18,296 20,305 22,440 “10% “18% 82,090 ‘90,080 Net Revenue 16,101 17,299 19,152 7% “16% = 70,717 TAL Cost of Good Sold (16653) (16,863) (18,006) “1% 8% 69,161) (71,414) Gross Profit (551) 436 1,146 na. n
Slide 38: Consolidated Net Revenue
Net Revenue (R$ million) | Consolidated? Net Revenue (R$ million) | Annual | Consolidated 7% 5 2024 55% 4% — 10%f 7% 6% WM Brazil MM USA and Europe Mil Exports? lll Green PE +ETBE [ill Mexico 3Q25 61% 2 4Q24 58% "Does not consider feedstock resale and others 2Considers only exports from Brazil “Adju
Slide 39: 5.3 Other Revenue (Expenses), Net
5.3 OTHER REVENUE (EXPENSES), NET In 4Q25, Braskem recorded total net revenue of R$2,1 billion mainly due to: (i) the recovery of PIS/COFINS tax credit related to the deduction of CIDE-Fuels (Contribution of Intervention in the Economic Domain) in the sale of gasoline of about US$310 million (R$1.7
Slide 40: 5.4 Recurring EBITDA
5.4 RECURRING EBITDA 6 In 4Q25, Braskem’s Consolidated Recurring EBITDA totaled US$109 million (R$589 million), lower than in 3Q25 in dollars (-27%) and in reais (-28%), mainly due to the reduction of US$179 million (R$987 million) in consolidated gross profit, mainly explained by: (i) reduction of
Slide 41: Consolidated result composition
Braskem’s consolidated result corresponds to the sum of the results in Brazil, United States & Europe, and Mexico, minus eliminations and reclassifications of purchases and sales among the segments reported by the Company, plus Other Segments.
Slide 42: Financial expenses and income
Financial expenses : increase compared to 3Q25 (+20%) mainly explained by: (i) increase in financial expenses related to the drawdown of US$1.0 billion from the stand-by credit facility , increasing the Company's gross debt balance; (ii) update of the present value adjustment related to disbursement
Slide 43: 5.6 Net Income (Loss) and 2025 Investments
5.6 NET INCOME (LOSS) In 4Q25, the Company recorded a net loss attributable to shareholders of US$1.9 billion (R$10.3 billion), higher than in 3Q25 mainly due to the write-off of deferred tax assets, with no impact in Braskem’s liquidity, with a net impact on the result of approximately US$1.4 billi
Slide 44: REIQ Investments
REIQ Investments : In January 2025, REIQ Investment Program was announced, which consists of a 1.5% presumed PIS/COFINS credit linked to investments in the Brazilian chemical industry. Braskem continues to advance its capacity expansion projects through the REIQ Investimentos program.
Slide 45: Investment approval and 5.9 Cash Generation
In October 2025, the Board of Directors approved the investment to increase the ethane base capacity of its petrochemical plant in Rio de Janeiro by 220 thousand tons of ethylene per year and equivalent volumes of polyethylene. The estimated total value of investment in the project is approximately
Slide 46: 5.10 Debt Maturity Profile and Rating
5.10 DEBT MATURITY PROFILE AND RATING On December 31, 2025, the corporate gross debt balance stood at US$9.4 billion, considering the drawdown of the stand-by facility made in October 2025. At the end of the period, corporate debt in foreign currency accounted for 92% of the Company's total debt. Th
Slide 47: Consolidated Gross Debt and Cash
Dec/ 25 Dec/24 Chg. USS mi A) Cc: A)/(B, Consolidated Gross Debt 12,018 10,948 11040 10% 9% in RS 762 sil 675.0% B% in US$ 11,256 10,137 10365 11% 9% () Debt - Braskem Idesa and TQPM 2,600 2,538 2444 2% 6% in USS 2,600 2,538 2444 2% 6% (+) Financing Derivatives n ty (8) 0% na. in USS Fry i (8) 0% na
Slide 48: Debt Profile
Debt Profile (US$ million) 12/31/2025 * 16% 15% 2.067 11% 9% ‘oe 4% 3% | Ht a 12/31/2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 cast MM Total Cash Ml Total Debt [lll Principal [ll Interest lj Sustainability linked loan? lj Stand by * Does not consider the amount of US$25 million in restri
Slide 49: Credit Ratings and 6. Strategy
Agency Rating Outlook Date FITCH CC - 12/30/2025 S&P CCC- Negative 9/26/2025 Agency Rating Outlook Date FITCH CC (bra) - 12/30/2025 S&P brCCC- Negative 9/26/2025 Rating In December 2025, Fitch Ratings downgraded Braskem's global credit rating to ‘CC’ and its national rating to ‘CC(Bra)’ CORPORATE CR
Slide 50: Stock Performance
Stock Performance 160 +34% 120 -23% 80 -32% 33% 40 0 jan/25_ mar/25 may/25 jul/25_ Sep/25 nov/25__ jan/26 — IBOV — BRKMS == BRKM3 — BAK Source: Bloomberg
Slide 51: Free Float and Shareholding Composition
Free Float distribution in 12/31/2025 Shareholding composition in 12/31/2025 (% of shares amount) (B3 + NYSE) i Brazilians i individuals HM Novonor [Mj Others Ml Foreigners il Legal Entities @ Petrobras Tresury ADRs
Slide 52: 8. List of Annexes: Petrochemical Spreads
8. LIST OF ANNEXES 8.1 PETROCHEMICAL SPREADS BRAZIL/SOUTH AMERICA • PE Spread 7 : lower compared to 3Q25 (-14%). ○ PE prices in the United States were lower (-10%) compared to 3Q25, mainly impacted by the increase in supply during the previous quarter, resulting in higher inventory levels in the reg
Slide 53: Sales by Economic Activity
‘Sales by Economic Activity PE Sales by Economic Activity PP ‘Sales by Economic Activity PVC %, om oy 3% 11% 13% 12% . | ; 4q24 3925 4g25 4Q24 3925 4925 4Q24 3925 4Q25 TB Food Wi others [Construction MB Automotive TM industrial Cosmetic & Pharmaceutical [ll Consumer goods [ll Textile Sector il Retai
Slide 54: Resin sales by sector, Mexico segment
Resin sales by sector (%) | Mexico segment
Slide 55: Sales by Economic Activity
Sales by Economic Activity Sales by Economic Activity| Annual 2025 3925 2024 4924 Ml Bags & Films {Ml Packaging Ml Hygiene and Cleaning Ml Construction & Infrastructure Mill Industrial Ml Others [lll Chemicals
Slide 56: 8.5 Consolidated Recurring EBITDA Calculation
8.5 CONSOLIDATED RECURRING EBITDA CALCULATION
Slide 57: 8.6 Recurring EBITDA by Segment
8.6 RECURRING EBITDA BY SEGMENT
Slide 58: Financial Overview by segment 4Q25
Other or Operat Recurring Financial Overview (R§ million) CONSOLIDATED 4925 NetRevenue -«COGS_—=— Gross Profit © SG&A daniel Revenuesand sehr mea Brazil 11627 (10,746), 881 (435) - 2217 77 US. and Europe 3,622 374) 52) (09) - (282) (075) Meco 1,125 (2678) (1,553) ean) E (1634) 62 Segments Total 1637
Slide 59: Financial Overview by segment (continued)
Other inorty Operating Recurring pase Interest Revenuesand “'proge” "EBITDA 2356 : oa 07 1o US. and Europe 672 - 33 62) G2) Mexico 3 30 (300) iL Segments Total * 387, 55 122 Other Segments? 3 @ 42 100 Corporate Unit ra 56 G0) (83) Eliminatons and Reclassificatons? (58) Braskem Total 5) (30) 52 109 3
Slide 60: Indicators
Indicators 4Q25 3Q25 4024 Chg. Chg. US$ million (A) (B) © (A)/(B) (A/(O Recurring EBITDA 109 150 102 -27% 7% EBITDA Margin 4% 5% 3% Opp. 2pp. SG&AVNet Revenue (%) 8% ™% 8% Ipp. Opp. Adjusted Net Debt 7,484 7,235 6,276 3% 19% Adjusted Net Debt/Recuting EBITDA (LTM)? 14.74x 14.76x 7.42x 0% 99% Recurri
Slide 61: Consolidated Balance Sheet
Sep/25 Change ASSETS (R$ mi (a) (a)/(B) Current 30,448 26,273 16% Cash and Cash Equivalents 10,501 6,663 58% Marketable Securities/Held for Trading 1,336 745 79% Accounts Receivable 3,455 3,114 11% Inventories 10,421 12,649 -18% Recoverable Taxes 2,703 1,183 128% Prepaid expenses 496 849 42% Derivat
Slide 62: Consolidated Cash Flow
jated Cash Flow 4925 Change Change = 2025 2024 = Change lion (a) (c) (a)/(B)_(A)/(C) (D) (E) (D)/(E) Profit (Loss) Before Income Tax and Sodal Contribution (539) (2,591) (8330) -79% -94% (2,845) (17,733)__-84% Adjust for Result Restatement Depreciation and Amortization 1,159 1,085 4141 7% 2% 4,673 4
Slide 63: 8.11 Braskem Idesa Balance Sheet
8.11 BRASKEM IDESA BALANCE SHEET
Slide 64: Braskem Idesa Balance Sheet
nasser Dec/25 Sep /25 Change iG) (B) (A)/(B) Current 3,140 2,549 23% ‘Cash and Cash Equivalents 233 342 32% Accounts Receivable 446 27 96% Inventories 1,094 923 19% Reooverable Taxes 742 662 12% Other 625 395 58% Non Current 18,720 19,914 -6% Taxes Recoverable 251 243 3% Deferred Income Tax and Soci
Slide 65: Braskem Idesa Cash Flow
/Braskem Idesa Cash Flow 4Q24 9 Change Change 2025-2024 = Change R$ million «) (@) © AB) AKO (0) (©) (KE) Profit (Loss) Before Income Tax and Social Contribution (2.287) (835) (4,345) 174% 70% (4077) (4912) “17% Adjustments for Recondliation of Profit (Loss) Depredation and Amortization 396 296 259%