Braskem S.a. · BMFBOVESPA:BRKM3
Braskem — Q2 2025 Earnings Presentation
60 slides from Braskem's earnings presentation, Aug 7, 2025
Slide 1: Earnings Release 2Q25 - Contents
EARNINGS RELEASE 2Q25 CONTENTS 1. 2Q25 HIGHLIGHTS 2. KEY INDICATORS 3. 2Q25 EXECUTIVE SUMMARY 4. GLOBAL PETROCHEMICAL INDUSTRY 5. PERFORMANCE BY SEGMENT 5.1 BRAZIL/SOUTH AMERICA 5.2 UNITED STATES AND EUROPE 5.3 MEXICO 6. CONSOLIDATED FINANCIAL OVERVIEW 6.1 CONSOLIDATED REVENUE 6.2 COST OF GOODS SOLD
Slide 2: 2Q25 Highlights
GQ) recorngsai0. US$74 MM USS1.7 bi -67% vs. 1Q25 Coverage of debt -77% Vs. 2Q24 maturities: 30 months * Does not consider the international revolving credit line available in the amount of US$1.0 billion, due in 2026. OPERATIONS > Global accident frequency rate (CAF + SAF') of 1.11 in 2025 (events/
Slide 3: Key Indicators
é z e 2025 1925 2024 Chg. Chg. 1H25 124 Chg. Main Operational Indicators A) B) C} AN/(B ANIC) D) 5 DE Brazil Utilization Rate Ethylene (%) 74% 74% 71% Opp. 3pp. 74% 72% 2 pp. Sales Volume of Main Chemicals (kton) 632 632 624 0% 1% 1,264 1,287 2% Sales Volume of Main Chemicals Exports (kton) 39 64 88
Slide 4: Global petrochemical industry
For more information on the petrochemical scenario during the quarter, see Annex 8.1 of this document.
Slide 5: 5.1.1 Operational Overview
5.1.1 OPERATIONAL OVERVIEW a) Demand for resins in Brazil (PE, PP, and PVC): increased (+7%) compared to 1Q25, mainly explained by (i) the 8% higher demand for PE, with emphasis on the hygiene, cleaning, logistics and transport sectors; (ii) the 7% higher demand for PP, driven by the automotive and
Slide 6: Average utilization rate of petrochemical complexes
b) Average utilization rate of petrochemical complexes: remained in line in relation to 1Q25, mainly impacted by the higher production of the Rio de Janeiro petrochemical complex due to the build-up of inventories in anticipation of the scheduled shutdown of this complex scheduled to occur in 3Q25.
Slide 7: Resin sales volume
c) Resin sales volume: in the Brazilian market, the increase (+3%) in relation to 1Q25 is mainly explained by the anticipation of purchases in the transformation chain due to (i) lower prices in the international market during 2Q25, impacted by tariff uncertainties; and (ii) the expectation of an in
Slide 8: Exports were higher compared to 1Q25
Exports were higher compared to 1Q25 (+19%), mainly explained by the increased volume of PE and PP exports, with emphasis on South America due to the higher availability of products for export.
Slide 9: Sales volume of main chemicals
d) Sales volume of main chemicals 1 : in the Brazilian market, it remained in line compared to 1Q25, mainly explained by the higher sales volume of benzene and propylene due to the increase in demand in the Brazilian market. This effect was partially offset by the lower sales volume of (i) paraxylen
Slide 10: Exports were lower compared to 1Q25
Exports were lower compared to 1Q25 (-39%), mainly explained by the lower volume of exports of butadiene, benzene, paraxylene and toluene due to the lower availability of the product for export. The reduction (-56%) compared to 2Q24 is mainly explained by the lower volume of exports of gasoline, ben
Slide 11: Sales Volume of Main Chemicals Exports (kton)
‘Sales Volume of Main Chemicals Exports (kton) “56% Y = —a— 64 ! 39 2Q24 1925 2Q25 HH Exports
Slide 12: Net Revenue
A) Net Revenue: lower, in dollars (-1%) and in reais (-4%), compared to 1Q25, mainly due to the reduction of (i) 7% in the international reference for the average price of resins and Main Chemicals on the market; and (ii) 25 thousand tons, or 39%, in the export volume of Main Chemicals. In 2Q25, net
Slide 13: Cost of Goods Sold (COGS)
B) Cost of Goods Sold (COGS): in line, in dollars (+1%), mainly explained by the increase in the volume of resin sales in the Brazilian and export markets, partially offset by the reduction in the export volume of Main Chemicals. In reais, the reduction (-2%) is also explained by the appreciation of
Slide 14: SG&A Expenses
C) SG&A Expenses: due to changes in the organizational structure, the Company reclassified part of the expenses that were previously classified under "Corporate Unit", for the segments. Therefore, for the Brazil/South America Segment, there was an increase in expenses of around US$3 million (R$17 mi
Slide 15: Sales volume of Green PE
[4] b) Sales volume of Green PE (I'm green TM bio-based): higher compared to 1Q25 (+24%) mainly due to increased demand from new and existing customers. The increase compared to 2Q24 (+10%) is mainly explained by the higher availability of the product for sale, after the normalization of operations
Slide 16: Green ethylene production capacity review
Due to the review of green ethylene production capacity, starting in 2Q25, the calculation of the utilization rate considers the production capacity of 275 thousand tons per year.
Slide 17: 5.1.3.2 Financial Overview
5.1.3.2 FINANCIAL OVERVIEW A) Net Sales Revenue of Green PE and ETBE 5 : increase compared to 1Q25 (+18%) mainly explained by (i) higher sales volume of Green PE and ETBE, as explained previously. The increase compared to 2Q24 (+6%) is mainly explained by (i) higher sales volume of PE Verde and ETBE
Slide 18: 5.2 United States and Europe
5.2 UNITED STATES AND EUROPE The average spread of PP Europe was higher than in 1Q25, mainly due to the increase in the price of PP in the region, explained by the reduction in supply. In the United States, the PP spread remained in line compared to the previous quarter. PP sales volume was higher c
Slide 19: 5.2.1 Operational Overview
5.2.1 OPERATIONAL OVERVIEW a) PP demand: PP demand in North America was higher (+6%) when compared to 1Q25, mainly due to the seasonal demand. In Europe, PP demand remained in line compared to 1Q25. Compared to 2Q24, demand in North America was lower (-2%) mainly explained by tariff uncertainties du
Slide 20: Average utilization rate of PP plants
b) Average utilization rate of PP plants: remained in line compared to 1Q25, mainly due to the increase in production in the United States in anticipation of the seasonal increase in demand, partially offset by lower production in Europe, mainly due to the lower availability of feedstock caused by o
Slide 21: PP sales volume
[6] c) PP sales volume: higher compared to 1Q25 (+2%) mainly due to higher seasonal demand in the United States, as previously mentioned. Compared to 2Q24, sales volume remained in line (+1%).
Slide 22: Sales Volume (kton)
Sales Volume (kton) 41% r +2% > 500 496 2924 1925 Mipp
Slide 23: Net Revenue and COGS
A) Net Revenue : lower in dollars (-10%) and in reais (-12%) when compared to 1Q25, mainly due to the 11% reduction in the international price reference for PP in the United States, partially offset by the increase in sales volume of 8 thousand tons, or 2% of sales volume. In relation to 2Q24, the r
Slide 24: SG&A Expenses
C) SG&A Expenses : In the second quarter of 2025, due to changes in the organizational structure, the Company reclassified part of the expenses that were previously classified within "Corporate Unit", to segments. The United States and Europe Segment was impacted by around US$8 million (R$43 million
Slide 25: Average utilization rate of PE plants
b) Average utilization rate of PE plants: lower compared to 1Q25 (-35 p.p.) and 2Q24 (-34 p.p.), mainly due to (i) the beginning of the general maintenance shutdown at the Braskem Idesa Petrochemical Complex; and (ii) lower ethane supply due to operational problems at PEMEX, which was around 13 thou
Slide 26: PE sales volume
c) PE sales volume: lower compared to 1Q25 (-16%) and 2Q24 (-33%), mainly due to the lower availability of product for sale explained by lower production, as mentioned above. Calculation of the average supply adjusted to also consider the month of June, in which Braskem Idesa was undergoing a genera
Slide 27: Sales Volume (kton)
Sales Volume (kton) -33% 1Q25 mre
Slide 28: Net Revenue
A) Net Revenue: lower in dollars (-20%) and in reais (-22%) mainly due to (i) reduction of 30 thousand tons, or 16%, in PE sales volume; (ii) 12% reduction in the international PE reference price. In relation to 2Q24, the reduction in dollars (-37%) and in reais (-31%) is mainly explained by (i) a r
Slide 29: Cost of Goods Sold (COGS)
B) Cost of Goods Sold (COGS): higher in dollars (+18%) and in reais (+14%) compared to 1Q25, mainly explained by (i) the impact of around US$9 million related to idleness in the quarter due to the scheduled maintenance shutdown started in 2Q25; and (ii) higher volume of ethane imported from the Unit
Slide 30: SG&A, Other Revenue, Recurring EBITDA, Investments
C) SG&A Expenses: higher in dollars (+34%) compared to 1Q25 and 2Q24 (+18%) mainly due to higher storage expenses due to the planned shutdown in the Petrochemical Complex and the recording of expenses related to the ethane resale operation in Mexico carried out in 1Q25. D) Other Revenue (Expenses),
Slide 31: Braskem Idesa Investments
25 1H25 2025e RSMM US$MM J R$MM _ US$MM R$MM US$ MM (A) (B) (c) (D) Investments Non-Corporates (Braskem Idesa) Mexico Operating 130 23 202 35 484 81 Strategic (ex-TQPM) - : : - : Total (ex-TQPM) 130 23 202 35 484 81 TOQPM* 152 27 299 52 339 23 282 50 500 87 623 104 the amount disbursed by TQPM, whic
Slide 32: Braskem Idesa Debt
Braskem Idesa Debt* Jun/25 US$ Gross Debt 2,182 2,189 2,191. 0% 0% in R$ = - - na. na. in US$ 2,182 2,189 2,191 0% 0% (-) Cash and Cash Equivalents 100 195 236 49% 58% in RE = - = na. na. in US$ 100 195 236 -49% ~58% (=) Net Debt 2,082 1,994 1,955 4% 6% in R$ - - - na. na. in US$ 2,082 1,994 1,955 4
Slide 33: Braskem Idesa Corporate Credit Rating
Agency Rating Outlook Date S&P B Stable 06/24/2025 FITCH B+ Stable 12/13/2024 Rating In June 2024, S&P Global Ratings downgraded Braskem Idesa to 'B' with a stable outlook. CORPORATE CREDIT RATING - BRASKEM IDESA 5.3.5 PERFORMANCE OF BRASKEM IDESA'S DEBT INSTRUMENTS
Slide 34: Performance of Braskem Idesa's Debt Instruments
Outstanding 1925 4Q24 1924 Var. Var. Var. (US$ million) (8) (c) (Q) (A)-(B)__(A)-(©)__(A)-(0) Braskem Idesa'29 900 Nov/29 7.450% 15.89% 13.04% 12.29% +844 bps +559 bps +484 bps Braskem Idesa'32 1,200 Feb/32 6.990% 14.36% 12.56% 12.00% +737 bps +557 bps +501 bps
Slide 35: Income Statement
Income Statement R$ million Gross Revenue Net Revenue Cost of Good Sold Gross Profit Selling and Distribution Expenses (Loss) reversals for impairment of accounts receivable General and Administrative Expenses Expenses with Research and Technology Investment in Subsidiary and Associated Companies Ot
Slide 36: Net Revenue (R$ million) Consolidated
Net Revenue (R$ million) | Consolidated? 2Q25 59% 24% 6% 6% 1925 59% 25% 7% 2924 58% 27% 7% 5% Mi Brazil (Ml Green PE+ETBE [lll Mexico Wl Exports? Ml USA and Europe 'Does not consider feedstock resale and thers 2Considers only exports from Brazil *Adjusted for 4Q23 to consider the volume of Green PE
Slide 37: 6.3 Other Revenue (Expense), Net
6.3 OTHER REVENUE (EXPENSE), NET For 2Q25, Braskem recorded total net revenue of R$439 million, higher than in 1Q25 and 2Q24, mainly due to the (i) recognition of PIS/COFINS tax credits in the amount of R$293 million; (ii) the provision of a contractual fine for the delay in the construction of the
Slide 38: 6.4 Recurring EBITDA
6.4 RECURRING EBITDA 8 The Company's Consolidated Recurring EBITDA totaled US$74 million (R$427 million) in 2Q25, lower than 1Q25 and 2Q24, mainly due to (i) the reduction in international PE and PVC spreads in the Brazil/South America and Mexico segments; (ii) the effects of the scheduled maintenan
Slide 39: 6.5 Consolidated Financial Result
6.5 CONSOLIDATED FINANCIAL RESULT
Slide 40: Financial expenses, income and exchange variation
Financial expenses : in line with 1Q25 (-1%). In relation to 2Q24, the reduction (-4%) is mainly explained by the positive effect related to tax regularization through Refaz Reconstrução 9 . Financial Income : lower compared to 1Q25 (-5%) and 2Q24 (-30%), mainly due to lower interest income from fin
Slide 41: 6.6 Net Income (Loss) and 6.7 Investments
6.6 NET INCOME (LOSS) In the quarter, the Company reported a net loss attributable to shareholders of US$45 million, or R$267 million, mainly due to (i) decrease of 4 p.p. in gross margin compared to the previous quarter; and (ii) a reduction of approximately R$700 million in financial results, driv
Slide 42: REIQ Investimentos
2Q25 REIQ Investimentos : In January 2025, Braskem announced REIQ Investimentos, which consists of a presumed PIS/COFINS credit of 1.5% linked to investments in the Brazilian chemical industry. Braskem has been advancing its capacity expansion projects using REIQ Investimentos. For 2025, the estimat
Slide 43: 6.10 Debt Maturity Profile and Rating
6.10 DEBT MATURITY PROFILE AND RATING As of June 30, 2025, the balance of Braskem’s gross corporate debt was US$8.5 billion, in line with the balance reported on March 31, 2025. At the end of the period, corporate debt denominated in foreign currency accounted for 91% of the Company’s total debt. Th
Slide 44: Cash level and debt maturity coverage
The cash level of approximately US$1.7 billion as of June 2025 ensures coverage of debt maturities over the next 30 months and does not include the available international revolving credit facility of US$1.0 billion, which matures in December 2026.
Slide 45: Debt Profile (US$ million)
Debt Profile (US$ million) 06/30/2025 * 1,000 1,738 ia ™ is ww 5% ie S © Ei EI a - a - re —_— 96/30/2025 2025 2027 2031 2034 onwards Cash Mi Totalcash Ml Total debt [lll Principal fll Interest Mill Sustainal ked loan(2)* Ml Standby + Does not consider the amount of US$19 milion in restricted funds u
Slide 46: Corporate Credit Rating and Capital Markets
Agency Rating Outlook Date FITCH BB Stable 05/27/2025 S&P BB Negative 05/27/2025 Agency Rating Outlook Date FITCH AAA(bra) Stable 05/27/2025 S&P brAAA Negative 05/27/2025 Rating In May 2025, Fitch Ratings downgraded Braskem's global scale rating to ‘BB’ with a stable outlook. The agency reaffirmed t
Slide 47: Stock Performance
Stock Performance 160 120 80 40 Dec Jan Feb Mar Apr May Jun = IBOV — BRKMS == BRKM3 == BAK ‘Source: Bloomberg
Slide 48: 7.2 Performance of Corporate Debt Securities
7.2 PERFORMANCE OF CORPORATE DEBT SECURITIES
Slide 49: Bond performance
Bond Braskem '28 \Braskem '30 Braskem '31 Braskem '33 /Braskem '34 Braskem "41 /Braskem '50 Braskem Hybrid Outstanding 'US$ million) 4,175 1,500 850 1,000 850 573 750 231 Maturity Jan/28 Jan/30 Jan/31 Fev/33 Out/34 jut Jan/50 Jan/81 Cupom (A) 4.500% 4.500% 8.500% 7.250% 8.000% 7.125% 5.875% 8.500% 2
Slide 50: Resin sales by sector - Mexico segment
Resin sales by sector (%) | Mexico segment
Slide 51: Sales by Economic Activity
Sales by Economic Activity 2925 34% 6% 13% 2924 31% 5% 20% 12% J Wl Bags & Films Ml Industrial I Packaging I others Il Hygiene and Cleaning I Chemicals IW Construction & Infrastructure
Slide 52: 8.5 Cálculo do EBITDA Recorrente Consolidado
8.5 CÁLCULO DO EBITDA RECORRENTE CONSOLIDADO
Slide 53: 8.6 EBITDA Recorrente por Segmento
8.6 EBITDA RECORRENTE POR SEGMENTO
Slide 54: Financial Overview by segment
‘Other Minority Operating Recurring Financial Overview (R$ million) CONSOLIDATED 2025 Net Revenue 0G5 GrossProfit SG&A Interest Peveruesand ree a Breall 13,342 (32,625) Za (974) 5 403 652 365 US. and Europe 4,190 (4,361) 2 (270) = 8 (152) (48) Mexico 933 (1,234) (2st) (162) EB 153 (300) (7) ‘Segment
Slide 55: Consolidated key financial indicators
2Q25 1925 2Q24 (A) (B) (c) (A)/(B) (A)/( Recurring EBITDA 74 224 320 -67% 77% EBITDA Margin? 2% 7% 9% -4pp. -6 pp. SGRA/Net Revenue (%) 7% 7% 6% Ipp. Ipp. ‘Adjusted Net Debt 6,919 6,675 5,685 4% 22% Adjusted Net Debt/Recuring EBITDA (LTM)? 10.59x 7.98x 6.79x 33% 56% Recurring EBITDA (LTM)/Interest P
Slide 56: Consolidated Balance Sheet
Mar/25 Change (B) (A)/(B) Current 30,743 34,101 -10% Cash and Cash Equivalents 9,183 11,317 -19% Marketable Securities/Held for Trading 4121 1712 -35% Accounts Receivable 3,547 3,454 3% Inventories 13,496 14412 -6% Recoverable Taxes 1,338 1,028 30% Prepaid expenses 1014 1,159 -13% Derivatives 243 30
Slide 57: Consolidated Cash Flow
Consolidated Cash Flow 2925 1925 2924 = Change hange = 1H25, 1H24 Change (a) (B) (c) (A)/(8)_ (AE) (D) (E) (D)/(E) Profit (Loss) Before Income Tax and Social Contribution (531) B17 (6,021) na. “91% 286 (8,092) na. ‘Adjust for Result Restatement Depreciation and Amortization 1,237 1,191 1,288 4% 4% 2
Slide 58: 8.11 Balanço Patrimonial Braskem Idesa
8.11 BALANÇO PATRIMONIAL BRASKEM IDESA
Slide 59: Braskem Idesa Balance Sheet
Jun/25 Mar/25 Change ASSETS (R$ million) iG) (B) (A)/(B) Current 2,762 3,405 -19% Cash and Cash Equivalents 719 1,527 53% Accounts Receivable 100 154 335% Inventories 986 1,059 7% Recoverable Taxes 685 579 18% Other 272 86 216% Non Current 19,385 19,067 2% Taxes Recoverable 270 283 5% Deferred Incom
Slide 60: Braskem Idesa Cash Flow
Braskem Idesa Cash Flow 2925 925 2024 Change Change 1H25 © 1H24 Change R$ million (a) (B) © @/8) AMO) iG} (D)/(E) Profit (Loss) Before Income Tax and Social Contribution (463) (492) (4,731) 6% —-73% (955) (2,233) 57% “Adjustments for Reconciliation of Profit (Loss) Depreciation and Amortization 308