Slide 1: Q3 and 9M 2025 Results Presentation
Borouge Plc Q3 and 9M 2025 Results Presentation 29th October 2025
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 Q3 and 9M 2025 Results Highlights Market Update and Commercial Highlights Operational Highlights Financial Highlights Hazeem Sultan Roland Dr. Hasan Jan-Martin Al Suwaidi Janssen Karam Nufer Outlook and Concluding Remarks Chief Executive Chief Marketing Chief Operating C
Slide 4: Q3 and 9M 2025 Results Highlights
Q3 and 9M 2025 Results Highlights Hazeem Sultan Al Suwaidi Chief Executive Officer
Slide 5: Most Profitable Polyolefins Company
MOST PROFITABLE POLYOLEFINS COMPANY Record Quarterly Operational Strong Net Production Excellence Profit Growth Achieved highest-ever quarterly Exceptional asset utilisation rates Net profit up 52% QoQ to $295 production of 1,390 kt – following of 110% for PE and 112% for PP – million – driven by st
Slide 6: Q3 and 9M 2025 Results Summary
Q3 AND 9M 2025 RESULTS SUMMARY Record production, robust sales volumes and strict cost discipline support exceptional financial performance 9M 2025 Net profit $769 million (-15%, YoY) Q3 Net Profit Q3 Sales Volumes Q3 Adj. EBITDA(1) Q3 Adj. Operating FCF (2) $295 million 1,355 kt $565 million $525 m
Slide 7: Market Update and Commercial Highlights
Market Update and Commercial Highlights Roland Janssen Chief Marketing Officer
Slide 8: Polyolefins Prices and Premia
POLYOLEFINS PRICES AND PREMIA Strong and sustained pricing premia above benchmark prices Commentary ▪ Lower average selling prices 1,109 1,093 – PE down $34/t QoQ 1,068 1,081 1,047 1,055 1,0181,053 1,025 987 903 895 902 877 893 884 855 – PP down $38/t QoQ 835 832 817 Benchmark – Reflecting continued
Slide 9: Commercial Performance
COMMERCIAL PERFORMANCE Record production and commercial excellence drives robust sales volumes Commentary 2,250 2,118 PE Sales -6% -7% +21% Volume 809 753 753 625 (kt) ▪ Record-high production of 1,390 kt supported robust sales volumes of 1,355 kt 9M 24 9M 25 Q3 24 Q3 25 Q2 25 Q3 25 – Sales volumes
Slide 10: Innovation Led Growth
INNOVATION LED GROWTH Executing on innovation pipeline to expand into high-value market segments Healthcare UAE Advanced Electric Packaging vehicles Infrastructure Mono-materialSolutions packaging • Second healthcare grade product • New mono-material pouch launched • New BorSafe PE pipe grade launch
Slide 11: Operational Highlights
Operational Highlights Dr. Hasan Karam Chief Operating Officer
Slide 12: Operational Highlights
OPERATIONAL HIGHLIGHTS Record production driven by strong reliability and zero downtime Commentary 109% 106% 110% 110% 97% Polyethylene 78% Utilisation ▪ Significant increase in utilisation rates Rates following the successful B3 turnaround in (%) Q2 2025 ▪ Strong asset reliability of 98% in Q3 2025
Slide 13: Financial Highlights
Financial Highlights Jan-Martin Nufer Chief Financial Officer
Slide 14: Revenue and Profitability
REVENUE AND PROFITABILITY Record production and industry-leading margins delivers highest profit of the year Commentary -5% PE PP 34 38 Ethylene Revenue 1,745 1,689 -10% +11% 15 ($m) 10 13 10 2,626 2,445 657 605 538 605 ▪ Exceptional Q3 2025 performance driven by 928 831 754 831 record production an
Slide 15: Costs
COSTS Cost discipline sustained as volumes rise post-B3 turnaround Commentary % of Revenue 48% 52% 49% 51% 56% 51% 2,113 2,172 Cost of Sales +3% -6% Flat (excl. D&A) 779 731 728 731 ($m) ▪ Total cost of sales (excl. D&A): Down 6% YoY, broadly flat QoQ despite significant 9M 24 9M 25 Q3 24 Q3 25 Q2 2
Slide 16: Capex and Free Cash Flow
CAPEX AND FREE CASH FLOW High cash conversion and prudent leverage Commentary ▪ CAPEX +135% -4% -69% Capital – $40 million in Q3 – broadly flat YoY Expenditure – $210 million in 9M 2025 – up 135% YoY, ($m) 210 reflecting B3 turnaround investment 130 89 41 40 40 ▪ Cash conversion: 9M 24 9M 25 Q3 24 Q
Slide 17: Outlook and Summary
Outlook and Summary Hazeem Sultan Al Suwaidi Chief Executive Officer
Slide 18: Outlook & Guidance
OUTLOOK & GUIDANCE Market Prices Volumes Costs ▪ Stable macroeconomic ▪ Underlying benchmark ▪ Record production volumes ▪ Borouge remains well environment expected across pricing expected to remain achieved in Q3 2025 after the positioned to manage supply Borouge’s core markets for soft in Q4 succe
Slide 19: Polyolefins Powerhouse
POLYOLEFINS POWERHOUSE MOST PROFITABLE POLYOLEFINS COMPANY Record Quarterly Polyolefins Production First quartile cost position, industry leading 39% Q3 EBITDA Margin 1,390 EBITDA margin kt Borouge IPO B3 FINANCIAL RESILIENCE Turn. PE: $230/t Technology & innovation supports product PP: $132/t diffe
Slide 20: Q&A
Q&A Borouge
Slide 21: Appendix
Borouge Appendix
Slide 22: Glossary
GLOSSARY Adj. Adjusted Premia 9M 2025 Defined as equal to the difference between Borouge’s average sales prices and Adj. EBITDA Calculated as EBITDA plus adjustments on benchmark prices foreign exchange gain or loss and impairment Net profit QoQ Quarter-on-quarter loss on property, plant and equipme