Braskem S.a. · BMFBOVESPA:BRKM3
Braskem — FY2025 Earnings Presentation
46 slides from Braskem's earnings presentation, Mar 27, 2026
Slide 1: Management Report
Management Report
Slide 2: International references and spreads
- 2025 2024 Cha, Intemational Referencest (USS/ton) “7” Tat) Brent (USS/bb) 69 Bl 14% Natural Gas (US$/MMBU) 353222 50% ‘Naphtha 567 657, 14% Ethane: 188 141 33% Propane 300 405 4% Resins () 879 «73-10% PEUS 926 1,029 10% PP Asia 8509618 PVC Asia 65 774 -12% ‘Main Chemicals (ii) 920 1,062 13% Causti
Slide 3: Main Indicators Brazil/South America
2025 2024 MAIN INDICATORS BRAZIL/SOUTH AMERICA (a) (8) (a)/(B) Utilization Rate 68% 72% 4pp. Resins - Brazilian Market Sales (kton) 3,166 3341 3% Exports - Resins (kton) 865 807 7% Brazilian Market Sales - Main Chemicals (kton)* 2,560 2,688, 3% Exports - Main Chemicals (kton)* 198 270 2% Resins Spre
Slide 4: Utilization rate
b) Utilization rate of petrochemical plants: In relation to 2024, the reduction (-4 p.p.) is mainly explained by (i) the adequacy of production levels in view of the lower demand in the period; and (ii) scheduled maintenance shutdown at the Bahia petrochemical plant, completed in January 2026.
Slide 5: Sales of main chemicals
d) Sales of main chemicals: Compared to 2024, the reduction (-5%) is mainly explained by the lower sales volume of propylene, cumene, ethylene and paraxylene, due to the lower demand in the period, given the optimization of customers' operating rates in the Brazilian market.
Slide 6: Exports of main chemicals
The reduction in the volume of exports of main chemicals (-27%) compared to the previous year is mainly explained by the lower volume of exports of (i) gasoline, due to the prioritization of serving the Brazilian market; (ii) benzene, impacted by U.S. import tariffs; and (iii) toluene, due to the lo
Slide 7: Sales Volume of Main Chemicals Exports
Sales Volume Of Main Chemicals Exports (kton) | Annual
Slide 8: Net Revenue
A) NET REVENUE: In January 2025, REIQ Investiments program was announced, which consists of a presumed credit of 1.5% of PIS/COFINS linked to investments in the Brazilian chemical industry. In this context, Braskem advanced its capacity expansion projects throughout the year, and in the fiscal year
Slide 9: Cost of Goods Sold
B) COST OF GOODS SOLD (COGS): In 2025, the COGS for the Brazil/South America segment was impacted by the provision for the hibernation of the chlor-alkali plant in Alagoas, as part of the Transforma Alagoas initiative, which aims to make PVC production more competitive and sustainable, by approximat
Slide 10: SG&A Expenses and Other Revenue
C) SG&A EXPENSES: In the year, the increase in U.S. dollars (+13%) and in Brazilian real (+18%) is primarily due to the recognition of approximately US$21 million (R$110 million) in provisions for expected credit losses for 2025, compared to the reversal of approximately US$19 million (R$107 million
Slide 11: Financial Overview
Financial Overview A) NET SALES REVENUE OF I’M GREEN TM BIO-BASED PE + ETBE [11] : The decrease (-7%) is mainly explained by a reduction of 8.4 thousand tons, or 4%, in the sales volume of I’m green TM bio-based PE.
Slide 12: Product that contains renewable feedstock, ethanol
11 Product that contains renewable feedstock, ethanol
Slide 13: Operational Overview
4.2.1 OPERATIONAL OVERVIEW a) Resin demand: In North America, PP demand remained steady (-1%), primarily due to the optimization of inventory levels throughout the processing chain in the region, as well as the maintenance of demand levels compared to the previous year. In Europe, PP demand was high
Slide 14: Net Revenue and Cost of Goods Sold
A) NET REVENUE: lower in U.S. dollar (-19%) and in Brazilian real (-16%) mainly due to the 17% and 7% decrease in international PP benchmark prices in the United States and Europe, respectively. B) COST OF GOODS SOLD (COGS): lower in U.S. dollar (-14%) and in Brazilian real (-10%) mainly due to the
Slide 15: SG&A Expenses
C) SG&A EXPENSES: Since 2Q25, due to changes in the organizational structure, the Company has reclassified part of the expenses that were previously classified under "Corporate Unit" to the reportable business segments. Due to this effect, the United States & Europe Segment was impacted by approxima
Slide 16: Operational Overview
4.3.1 OPERATIONAL OVERVIEW a) Demand for PE in the Mexican market: Resin demand in the Mexican market increased (+3%) compared to 2024, mainly due to the increase in inventory formation in the chain related to (i) tariff uncertainties in the United States; and (ii) the expectations of an increase in
Slide 17: Net Revenue
A) NET REVENUE: lower in dollars (-23%) and in reais (-20%) compared to 2024 mainly due to (i) the reduction of 138 thousand tons, or 16%, volume of PE sales; and (ii) the 12% reduction in the international PE price reference of the United States in the period. Sales by region (%)
Slide 18: Cost of Goods Sold
B) COST OF GOODS SOLD (COGS): in 2025, the COGS of the Mexico segment was negatively impacted by US$272 million (R$1.5 billion) related to the recording of impairment loss, after the identification that the recoverable amounts of Braskem Idesa's assets were lower than the respective book values. Exc
Slide 19: SG&A, Other Revenue and Recurring EBITDA
C) SG&A EXPENSES: the increase in U.S. dollar (+15%) and in Brazilian real (+17%) compared to 2024 is mainly due to: (i) higher storage costs as a result of the scheduled shutdown of the Braskem Idesa petrochemical complex during 2Q25 and 3Q25; and (ii) higher expenses related to the ethane resale o
Slide 20: Income Statement
Income Statement, R$ million Gross Revenue Net Revenue Cost of Good Sold Gross Profit ‘Selling and Distibution Expenses (Loss) reversals for impaiiment of accounts receivable ‘General and Administrative Expenses Expenses with Research and Technology Investment in Subsidiary and Associated Companies
Slide 21: Net Revenue (R$ million) | Annual | Consolidated
Net Revenue (R$ million) | Annual | Consolidated" 2025 2024 55% 4% 10% WB Brazil I Green PE + ETBE USA and Europe i Mexico Wi Exports? "Dose net consider feedstock resale and athers Considers only exparts from Bran “Adjusted for 4925 to consider the volume of Green PE sales in reais in the Brasiian
Slide 22: Other Net Income (Expenses)
OTHER NET INCOME (EXPENSES) – ORD In 2025, the Company recorded a total net revenue of R$1.9 billion, mainly due to: (i) the recovery of PIS/COFINS tax credit related to the deduction of Cide-Fuels in the sale of gasoline of about US$310 million (R$1.7 billion) (ii) the effect of the recognition of
Slide 23: Recurring EBITDA
RECURRING EBITDA In 2025, recurring EBITDA was US$557 million (R$3.2 billion). The reduction compared to 2024 (-49%) is mainly explained by a decrease in gross profit of US$857 million (-77%), resulting from: (i) lower spreads for main chemicals (-13%) and resins (-6%) in the Brazil/South America se
Slide 24: Consolidated Recurring EBITDA tables
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Slide 25: Financial expenses and revenues
Financial expenses: lower compared to 2024 (-1%), mainly due to: (i) reduced interest expenses related to Braskem Idesa's Shareholder Loan following its capitalization in 2024; and (ii) the appreciation of the Brazilian real against the U.S. dollar by approximately 7.4% at the end of the period. The
Slide 26: REIQ Investimento
REIQ Investimento: The REIQ Investimento program was announced in January 2025, 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 Investimento program. At the end
Slide 27: Braskem Idesa Investments
Braskem Idesa Investments Regarding Braskem Idesa, investments at the end of 2025 totaled US$160 million, about 54% higher than the initial estimate of US$104 million. The values of investments, including Terminal Química Puerto México ("TQPM"), totaled US$160 million in 2025. Operational Investment
Slide 28: Investments in 2026
Investments in 2026 Investments expected for 2026 by Braskem (ex-Braskem Idesa and Ex-REIQ Investimento) total US$465 million (R$2.6 billion), 31% lower than the historical average of the last six years (US$672 million). Operational investments in 2026: (i) scheduled shutdowns and maintenance pit-st
Slide 29: Investments by Macro-Objective for 2026
Investments by Macro-Objective for 2026 For 2026, investments related to sustainable development goals will amount to US$281 million (R$1,552 million), accounting for 41% of corporate investments. These funds will be primarily allocated to projects focused on economic and financial results, health a
Slide 30: Braskem Idesa Investments in 2026
Braskem Idesa Investments in 2026 Investments planned for 2026 by Braskem Idesa total US$42 million (R$234 million), allocated to investments for maintenance and operation of the petrochemical complex. Operational Investments for 2026: operational investments will be mainly allocated to projects rel
Slide 31: Debt Maturity Profile and Rating
DEBT MATURITY PROFILE AND RATING Braskem (ex-Braskem Idesa) On December 31, 2025, corporate gross debt balance stood at US$9.4 billion, considering the drawdown of the stand-by facility made in October 2025, an increase of US$840 million (+12%) compared to the previous year's balance. At the end of
Slide 32: Debt and net debt table
Debt Dec/24 Cho. US$ milion B) Oe Consolidated Gross Debt 11,040 9% in RS eS «13% in uss 10365 9% (©) Debt - Braskem Idesa and TQPM. 2444 6% in USS 28% (G4) Financing Derivatives (@)__na. in USE @) na. (=) Gross Debt (Ex-Braskem Idesa and TQPM) 8589 10% ins 87S «13% in Ug 7914 10% Cash and Cash Equi
Slide 33: Credit ratings
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 In September 2025, Braskem engaged financial and legal advisors to assist it in developing an assessment of economic and financial alterna
Slide 34: Braskem Idesa capital structure advisors and interest non-payment
In September 2025, the Company disclosed that Braskem Idesa retained 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 enhance
Slide 35: Safety and Social Responsibility
8.2 SAFETY AND SOCIAL RESPONSIBILITY 8.2.1 HEALTH & SAFETY § 2020-2030 long-term goals: For Braskem, safety is a nonnegotiable value. With respect to Health and Safety, in 2024 the Company achieved 83% of its 2030 goals, driven by the reported occupational disease rate, which recorded no occurrences
Slide 36: Women hired by Braskem
At the end of 2025, the proportion of women hired by Braskem was 52.4% in the administrative sectors and 18.7% in operations.
Slide 37: Women on the Board of Directors
Currently, 9% of the positions on the Board of Directors are held by women.
Slide 38: Sales by Economic Activity
i rood Motes: Wi construction Ml Automotive Wi indusvial Ml Cosmetic and Pharmaceutical I Consumer goods Mil Tete sector il etait usiness nfastuctre I agrcutural sector ‘Sales by Econcmc Activity PP ‘Sales by Economic Activity PVC
Slide 39: Updates on Alagoas
12.1 UPDATES ON ALAGOAS In May 2019, the Geological Survey of Brazil (“CPRM”) issued a report, indicating that the geological phenomenon identified in certain neighborhoods of the municipality of Maceió, Alagoas, could be related to the rock salt well exploration activities developed by Braskem. The
Slide 40: Income Statement
2025 2024 ~— Change (a) (8) (A)/(B) Gross Revenue 82,090 90,080 -9% Net Revenue 70,717 77,A11 9% Cost of Good Sold (63,161) (71,414) 396 Gross Profit, 1556 5,997 -74% Selling and Distribution Expenses (2,067) (1,991) 4% (Provision) Loss for impaitment of trade accounts receivable and others from cli
Slide 41: Recurring EBITDA Statement
ing EBITDA Statement (R$ m 2025 2024 Change CONSOLIDATED (A) (B) (A)/(B) Net Profit (10,961) (12,052) -9% Income Tax / Social Contribution 8116 (5,681) na. Financial Result 1,038 16,654 -94% Depreciation, amortization and depletion 4673 4,950 6% Cost 3,967 4,158 5% Expenses 705 793 -11% Basic EBITDA
Slide 42: Consolidated Balance Sheet
‘Change ASSETS (R$ million) re) “18% Current Cash and Cash Equivalents Marketable Securtes/Held for Trading "30% 25% “3% 24% ‘Accounts Receivable Inventories Recoverable Taxes Prepaid expenses Derivatives Other Assets ‘Non Current 31431 Marketable Securtes/ Held-to-Maturty 2 ‘Taxes recoverable 3562
Slide 43: Cash Flow
2025 2024 Change @) (8) (AB) Profit (Loss) Before Income Tax and Social Contribution (2,845) (47,733)__-849%6 ‘Adjust for Result Restatement Depreciation and Amortization 4,673 4950 5% Equity Result ) a na. Interest, Monetary and Exchange Variation, Net i415 17,555 34%, Provisions, net 31 178 142% I
Slide 44: Braskem Idesa Balance Sheet
12.7 BRASKEM IDESA BALANCE SHEET
Slide 45: Braskem Idesa Balance Sheet
ASSETS (RS million) Be | ts eee “ @ wie) Current 3.340 3,620 “1306 ‘Cah and Gath Eqavlents 23 1720 “36% ‘Accounts Receivable 46 174 156% pee 1034 1.008 396 Recoverabe Taxes 792 592 25% other es 140 ral ‘Non Current 48720 19,605. 506 foes 251 238 “16% Defered income Tax and Socal Contrbution 2.356 ot
Slide 46: Braskem Idesa Cash Flow 2025
|Braskem Idesa Cash Flow 2025 © 2024 Change R§ million wo io) Profit (Loss) Before Income Tax and Social Contribution (4.077) _(4,912)__-179 “Adjustments for Reconcliation of Profit (Loss) Depreciation and Amortization 4255248196 Equity Result : - na. Interest, Monetary and Exchange Variation, Net 4