Braskem S.a. · BMFBOVESPA:BRKM3
Braskem — Q3 2025 Earnings Presentation
65 slides from Braskem's earnings presentation, Nov 12, 2025
Slide 1: Earnings Release 3Q25
EARNINGS RELEASE 3Q25 CONTENTS 1. 3Q25 HIGHLIGHTS 2. KEY INDICATORS 3. 3Q25 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: Operations
OPERATIONS > Global accident frequency rate (CAF + SAF') of 0.75 in 3025 (events/1MM HHT), lower compared to 2Q25 (-18%) > 3Q25 Utilization rate compared to the 2Q25: + Brazil/South America Segment -9 p.p.: scheduled shutdown at the Rio de Janeiro petrochemical Complex and optimization of inventory
Slide 3: Resilience
RESILIENCE > Cash Generation: revenue of R$208 million from the sale of credit rights and shares in an investment fund and optimization of inventory levels in the amount of R$763 million > REIQ Investimentos: progress in the execution of strategic projects to increase production capacity with the im
Slide 4: Transformation
(2 TRANSFORMATION > Transforma Rio Project: approval by the Board of Directors of the investment to increase the ethane base capacity of the Rio de Janeiro petrochemical plant by 220 thousand tons of ethylene per year and equivalent volumes of polyethylene. The total estimated value of investment in
Slide 5: Key indicators by segment
A) Brazil Utilization Rate Ethylene (%) 65% Sales Volume of Main Chemicals (kton) 700 Sales Volume of Main Chemicals Exports (kton) 43 Sales Volume of Resins (kton) 787 Sales Volume of Resins Exports (kton) 229 Utilization Rate of Green Ethylene (%) 40% Sales of Green PE (kton) 44 United States and
Slide 6: Main Financial Indicators
Chg. Main Financial Indicators (ONO) ‘Average Exchange Rate (R§/USS) 5.45 5.67 555 3.9% x 5.65 5.24 8% Net Revenue 3,175 3,151 3.835 1% 17% 9,657 1111 “13% cocs (3,096) (3,091) (3.429) 0% -10% (9,296) (10,193) -9% Recurring EBITDAt 150 4 432 104% -65% 448 982 “54% Net Financial Result (164) @ (420)
Slide 7: Petrochemical scenario
For more information on the petrochemical scenario during the quarter, see Annex 8.1 of this document.
Slide 8: 5.1.1 Operational Overview
5.1.1 OPERATIONAL OVERVIEW a) Demand for resins in Brazil (PE, PP, and PVC): remained in line when compared to 2Q25 and 3Q24, mainly explained by (i) higher demand for PE by 1%, with emphasis on the food and beverage sectors; and (ii) higher demand for PVC by 3%, influenced by the pipes and construc
Slide 9: Average utilization rate
b) Average utilization rate of petrochemical complexes: lower compared to 2Q25 (-9 p.p.) and 3Q24 (-8 p.p.) mainly explained by (i) scheduled maintenance shutdown at the Rio de Janeiro petrochemical complex that began in August and lasted around 33 days; and (ii) strategy to optimize production at n
Slide 10: Resin sales volume
c) Resin sales volume: in the Brazilian market, the reduction (-5%) compared to 2Q25 is mainly explained by (i) lower PE sales volume due to the higher volume of imports in July and August; and (ii) lower PP sales volume due to lower demand in the Brazilian market by 5%. In relation to 3Q24, the red
Slide 11: Resin exports
Resin exports remained in line with 2Q25 (+1%). In relation to 3Q24, the increase (+9%) is mainly explained by the (i) higher availability of product for export given the lower PP demand in the Brazilian market by 11%; and (ii) optimization of PE inventory levels.
Slide 12: Sales volume of main chemicals
d) Sales volume of main chemicals 1 : in the Brazilian market, increase (+11%) compared to 2Q25, mainly explained by the higher sales volume of (i) paraxylene due to the normalization of operations after a scheduled shutdown at the production unit for this product; (ii) ethylene and propylene, due t
Slide 13: Main chemicals exports
The increase in exports (+10%) compared to 2Q25 is mainly explained by the higher volume of propylene exports due to the increased availability of product for sale and lower demand for PP in the Brazilian market, partially offset by the lower volume of butadiene exports due to the prioritization of
Slide 14: Sales Volume of Main Chemicals Exports
Sales Volume of Main Chemicals Exports (kton) Bie 5S I Exports
Slide 15: Net Revenue
A) Net Revenue: in line in dollars (+1%) when compared to 2Q25, mainly due to the increase of (i) 69 thousand tons, or 11%, in the sales volume of main chemicals in the Brazilian market; and (ii) 4 thousand tons, or 10%, in the export volume of main chemicals. This effect was partially offset by the
Slide 16: Cost of Goods Sold (COGS)
B) Cost of Goods Sold (COGS): in 3Q25, the COGS of the Brazil/South America segment was impacted by the provision for the hibernation of the chlor-alkali plant in Alagoas, within the scope of Transforma Alagoas , which aims to make PVC production more competitive and sustainable, by around US$ 81 mi
Slide 17: COGS 3Q25
3925 2925 3Q24 COGS 3Q25* Hl Naphtha and Wl Fixed Costs? Natural Gas Condensate Other variable costs? Ml Deprec / Amort fll Gast Il Propylene [Sales Freight Ml Electric Energy "considers accountng figures 2ncludes chemicals, additives, catalysts, fuels, utes, among others Sinekides salaries and bene
Slide 18: Sales volume of Green PE
b) Sales volume of Green PE (I'm greenTM bio-based): lower compared to 2Q25 (-4%) and 3Q24 (- 8%) due to the chain’s destocking in Asian markets.
Slide 19: Sales of green PE
Sales (kton) of green PE 46 a 7 2925 IM Green PE
Slide 20: 5.1.3.2 Financial Overview
5.1.3.2 FINANCIAL OVERVIEW A) Net Sales Revenue of Green PE and ETBE 4 : lower compared to 2Q25 (-5%) and 3Q24 (-5%) mainly due to the lower sales volume given the destocking process in the chain in some Asian markets.
Slide 21: 5.2 United States and Europe
5.2 UNITED STATES AND EUROPE In 3Q25, the average PP Europe spread was lower than in 2Q25, mainly due to the lower PP price in the region, explained by lower demand and higher supply of the product in the region. In the United States, the PP spread remained in line when compared to the previous quar
Slide 22: 5.2.1 Operational Overview
5.2.1 OPERATIONAL OVERVIEW a) PP demand: PP demand in North America was lower (-4%) when compared to 2Q25, mainly due to higher inventory levels in the production chain in the region. In Europe, PP demand was lower (-11%) compared to 2Q25, mainly due to the seasonality of the period after the summer
Slide 23: Average utilization rate of PP plants
b) Average utilization rate of PP plants: increase (+5 p.p.) compared to 2Q25, mainly due to the normalization of operations and the replenishment of inventories in plants in the United States, partially offset by lower production in Europe, due to unscheduled shutdowns that occurred in the quarter
Slide 24: PP sales volume
c) PP sales volume: lower compared to 2Q25 (-2%) mainly explained by lower industrial activity in Europe due to the seasonality of the period. Compared to 3Q24, sales volume was lower (-1%) due to the lower volume of PP exported in the United States.
Slide 25: Sales Volume
Sales Volume (kton) 1% i: 2% 501 504 3Q24 2925 Mi pp
Slide 26: Net Revenue
A) Net Revenue : lower in dollars (-5%) and in reais (-9%) when compared to 2Q25, mainly due to the reduction of (i) 3% and 4% in international PP price references in the United States and Europe, respectively; and (ii) 9 thousand tons, or 2%, in the total sales volume of PP. In reais, the reduction
Slide 27: SG&A Expenses
C) SG&A Expenses : increase in dollars (+8%) and in reais (+4%) compared to 2Q25, mainly due to higher spending on people and IT. Since 2Q25, due to changes in the organizational structure, the Company reclassified part of the expenses that were previously classified within "Corporate Unit", to the
Slide 28: Average utilization rate of PE plants
b) Average utilization rate of PE plants: higher compared to 2Q25 (+3 p.p.), mainly due to the normalization of operations at the Braskem Idesa petrochemical Complex after a scheduled shutdown concluded on July 31, 2025. In relation to 3Q24, the average utilization rate of the PE plants was lower (-
Slide 29: PE sales volume
c) PE sales volume: lower (-6%) compared to 2Q25 and 3Q24 (-30%) mainly due to the lower availability of product for sale, as explained previously.
Slide 30: Sales Volume
Sales Volume (kton) -30% 2925 mre
Slide 31: Net Revenue
A) Net Revenue: lower in dollars (-9%) mainly due to the reduction of 9 thousand tons, or 6%, in total PE sales volume. The reduction in reais (-13%) is also explained by the appreciation of the average real against the average dollar of 4% in the period. Compared to 3Q24, lower in dollars (-40%) ma
Slide 32: Cost of Goods Sold (COGS)
B) Cost of Goods Sold (COGS): in dollars, it remained in line when compared to 2Q25, mainly due to (i) idle expenses in the amount of US$ 22 million (R$ 123 million) with the scheduled general maintenance shutdown of the petrochemical Complex; and (ii) the higher volume of ethane imported from the U
Slide 33: SG&A Expenses
C) SG&A Expenses: lower in dollars (-12%) and in reais (-16%) compared to 2Q25, mainly due to expenses related to the ethane resale operation recorded in the previous quarter. In relation to 3Q24, the increase in dollars (+21%) and in reais (+19%) is mainly explained by higher logistics expenses and
Slide 34: 5.3.3.1 Ethane Import Terminal
5.3.3.1 ETHANE IMPORT TERMINAL In May 2025, the construction project for the ethane import terminal in Mexico was completed, through the subsidiary Terminal Químico Puerto México (“TQPM”), a joint venture between Braskem Idesa and Advario, with a 50% stake for each shareholder. The terminal has the
Slide 35: Braskem Idesa Debt
Debt* Jun/25 Sep/24 n (B) (c) (A)/(B) GI@) Gross Debt 2,182 2,194 0% 1% in R$ - - - na. na. in US$ 2,179 2,182 2,194 0% -1% (-) Cash and Cash Equivalents 46 100 229 54% 80% in R$ - - - na. na. in US$ 46 100 229 -54% -80% (=) Net Debt 2,133 2,082 1,965 mM 9% in R$ - - - na. na. in US$ 2,133 2,082 1,9
Slide 36: Corporate Credit Risk – Braskem Idesa
Agency Rating Outlook Date FITCH CCC+ - 09/09/2025 S&P CCC Negative CreditWatch 09/09/2025 Rating In September 2025, Fitch and S&P downgraded Braskem Idesa’s rating to ‘CCC+’ and ‘CCC’, respectively, mainly due to the engagement of legal and financial advisors with the objective of reviewing its cur
Slide 37: 6. Consolidated Financial Overview
6.CONSOLIDATED FINANCIAL OVERVIEW
Slide 38: Income Statement
Income Statement (R$ CONSOLIDATE! Gross Revenue Net Revenue Cost of Good Sold Gross Profit Selling and Distribution Expenses (Provision) Loss for impairment of trade accounts receivable and 3925 i} 20,305 17,299 2925 (B) 20,886 17,857 3024 (c) 24,709 21,264 (19,015) 2,249 (530) Change (a)/(8) 3% 3%
Slide 39: Net Revenue Consolidated
3Q25 2925 3Q24 Net Revenue (R$ million) | Consolidated 61% 22% 7% SOTA 59% 24% 6% 6% 07) 59% 24% 6% Mi Brazil Ml Green PE+ETBE [lll Mexico MM Exports? Ml USA and Europe ‘Does not consider feedstock resale and others 2Considers only exports from Brazil *Adjusted for 4Q23 to consider the volume of Gre
Slide 40: Other Revenue (Expense), Net
6.3 OTHER REVENUE (EXPENSE), NET In 3Q25, Braskem recorded a total net expense of R$740 million, mainly due to (i) the supplement to the provision relating to the geological event in Alagoas of around R$524 million, mainly due to the advance in maturity of estimates for spending on public equipment
Slide 41: 6.4 Recurring EBITDA
6.4 RECURRING EBITDA 5 In 3Q25, the Company's Consolidated Recurring EBITDA was US$150 million (R$818 million), higher than 2Q25 in dollars (+104%) and in reais (+91%) mainly due to (i) the strategy of prioritizing the sale of resins with higher added value; (ii) the higher volume of sales and expor
Slide 42: Consolidated results note
Braskem's consolidated results are equal to the sum of the results of Brazil, the United States and Europe and Mexico subtracted from the eliminations and reclassifications of purchases and sales between the Company's reportable segments and added to Other Segments.
Slide 43: Financial result
Financial expenses : decrease compared to 2Q25 (-3%) mainly explained by the update of the adjustment to present value related to disbursement estimates over time of the geological event in Alagoas. In relation to 3Q24, financial expenses were in line (+1%). Financial Income: increase compared to 2Q
Slide 44: 6.6 Net Income (Loss) and Investments
6.6 NET INCOME (LOSS) In the quarter, the Company recorded a net loss attributable to shareholders of US$1 million, or R$26 million, mainly due to (i) the supplement to the provision relating to the geological event in Alagoas; and (ii) the hibernation of the chlor-alkali plant in Alagoas within the
Slide 45: Investments
Investments (Ex-REIQ 392 9M25 Ties HIRenir) R$MM US$MM [| RSMM_— US$MM Corporates (ex-Braskem Idesa) Brazil 669 123 1,478 270 2174 363 Operating 642 118 1441 264 2,147 359 Strategic 28 5 37 7 7 4 USA and Europe 55 10 97 17 244 41 Operating 55 10 97 17 244 41 Strategic - o - 0 1 0 - - Total 725 133 1
Slide 46: Debt Maturity Profile and Rating
6.10 DEBT MATURITY PROFILE AND RATING On September 30, 2025, the corporate gross debt balance was US$8.4 billion, in line with the balance presented on June 30, 2025. At the end of the period, corporate debt in foreign currency represented, at the end of the period, 90% of the Company's total debt.
Slide 47: Cash level and liquidity
The cash level of around US$1.3 billion, in September 2025, guarantees coverage of corporate debt maturities over the next 27 months. In October 2025, the Company has drawn down the available “stand-by” credit line, in the amount of US$1.0 billion, an amount which, added to the Company's cash positi
Slide 48: Debt Profile
Debt Profile (US$ million) 09/30/2025 “Amount of stand-by credit faciity drawn down on October 3, 2025, 18% 16% 12% 11% 5% 5% ae | | Ei 5 09/30/2025 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 Cash onwards Wi Total cash Total debt Principal Interest Ml Sustainability linked loan* lll Stand by
Slide 49: Capital structure advisors and rating
In September 2025, Braskem hired financial and legal advisors to assist the Company in preparing a diagnosis of economic-financial alternatives to optimize its capital structure. The Company continues to focus on implementing resilience and transformation initiatives considering the relevant impacts
Slide 50: Stock Performance
Stock Performance 160 120 80 40 Dec Jan Feb Mar Apr May Jun Jul Aug Sep —IBOV — BRKMS —= BRKM3 —= BAK Source: Bloomberg
Slide 51: Free Float and Shareholding Composition
Free Float distribution in 09/30/2025 OC WM Brazilians Hi Foreigners (% of shares amount) Il Individuals i Legal Entities Shareholding composition in 09/30/2025 (B3 + NYSE) e HE Novonor [Ml Others {Ml Petrobras Tresury Wl vrs
Slide 52: Performance of Corporate Debt Securities
Q25 (B) 2Q25 (©) 3Q24 () Va (©)- (A) Braskem '28 Braskem "30 Braskem '31 Braskem '33 Braskem '34 Braskem ‘41. Braskem ‘50 Braskem Hibrido 4.500% 4.500% 8.500% 7.250% 8.000% 7.125% 5.875% 8.500% 48.72% 32.61% 33.95% 26.86% 26.86% 19.74% 17.08% 81.06% 11.06% 10.91% 11.69% 11.43% 11.64% 10.78% 9.95% 13
Slide 53: Resin sales by sector | Mexico segment
Resin sales by sector (%) | Mexico segment
Slide 54: Sales by Economic Activity
Sales by Economic Activity 3Q25 2925 3Q24 Ml Bags & Films Ml industrial I Packaging Ml others Il Hygiene and Cleaning Ii Chemicals I Construction & Infrastructure
Slide 55: 8.5 Consolidated Recurring EBITDA Calculation
8.5 CONSOLIDATED RECURRING EBITDA CALCULATION
Slide 56: 8.6 Recurring EBITDA by Segment
8.6 RECURRING EBITDA BY SEGMENT
Slide 57: Financial Overview (R$ million)
Other ancial Overview (R§ millon) CONSOLIDATED 3Q25 NetRevenue COGS GrossProit_ GBA Terest_ Revenuesand re pais Brazilt 12,957 (12,342) 615 (562) (186) U.S, and Europe 3807 (3,709) 98 (280) E (a9) 7 Mexico 821 (4,207) (385) (337) = (457) (204) Segments Total 17,586 (47,258) 328 (978) = (662) 1,009 O
Slide 58: Financial Overview (US$ million)
Other Financial Overview (USS nillon) CONSOLIDATED 3025 NetRevenue COGS scan MOPEY eyenuesond Operating Recuring Expenses Brazil* 2378 (2,267) 12 (103) = (45) Gy US. and Europe 699 (681) 18 GD) - 30 @ Meio 151 (222) cea) (5) 3 12 cco) Green? Segments Total 3,228 (3,169) 59 (180) = G3) (124) 185 Othe
Slide 59: Indicators and Company Valuation
Indicators 3Q25 2Q25 3Q24 Chg. Chg. US$ million (A) (B) (©) (A)/(B) (A)/(C) Recurring EBITDA 150 74 432 104% 65% EBITDA Margin? 5% 2% 11% = 3pp. pp. SG&A/Net Revenue (%) 7% 7% 6% Opp. pp. Adjusted Net Debt 7,235 6,919 5,967 5% 21% Adjusted Net Debt/Recuring EBITDA (LTM)> 14.76x 10.59x 576x 39% 156%
Slide 60: Consolidated Balance Sheet
Jun/25 Change ASSETS (R$ million) (a) (a)/(B) Current 26,273 30,743 -15% Cash and Cash Equivalents 6,663 9,183 -27% Marketable Securities/Held for Trading 745 1,121 34% Accounts Receivable 3,114 3,547 -12% Inventories 12,649 13,496 -6% Recoverable Taxes 1,183 1,338 -12% Prepaid expenses 849 1,014 -1
Slide 61: Consolidated Cash Flow
jated Cash Flow 3Q25 3Q24 Change Change = 9M25 24 = Change lion (a) (B) (c) (a)/(B)_(A)/(C) (D) (E) (D)/(E) Profit (Loss) Before Income Tax and Sodal Contribution (2,591) (531)__(.312) na. 97% (2,305) (9,404) -75% Adjust for Result Restatement Depreciation and Amortization 1,085 1,237 1293 12% = 16%
Slide 62: 8.11 Braskem Idesa Income Statement
8.11 BRASKEM IDESA INCOME STATEMENT
Slide 63: Braskem Idesa Income Statement
Income Statement (R$ mi 3025-2025, 3Q24 = Change Change = 9M25° = 9M24 Change BRASKEM IDESA. iy (8) (c) (a)/(B)_(AD/(C) (0) (e) (D)/(E) Net Revenue 784 «1,002,378 -22% = -43% «= 3,053 3,997 24% Cost of Products Sold (4147) (1,241) (1,065) 8% 8% (3496) (3,459) 1% Gross Profit (363) (239) 313 52% na,
Slide 64: Braskem Idesa Balance Sheet
Sep/25 a 25 hi ASSETS (R$ million) ep/ jun/ ange iG) (B) (A)/(B) Current 2,549 2,762 8% Cash and Cash Equivalents 342 719 52% Accounts Receivable 227 100 127% Inventories 923 986 -6% Recoverable Taxes 662 685 3% Other 395 272 45% Non Current 19,914 19,385 3% Taxes Recoverable 243 270 -10% Deferred I
Slide 65: Braskem Idesa Cash Flow
/Braskem Idesa Cash Flow 3Q24 Change Change 9M25 9M24 Change IRS million (A) (8) ( (A)/(8)_ (A/C) (D) (e) (D)/(E) Profit (Loss) Before Income Tax and Social Contribution (635) (463) (4,334) 80% 37% —(1,790)_B 567) 50% Adjustments for Recondliation of Profit (Loss) Depredation and Amortization 296 30