Slide 1: Borouge Plc Q1 2026 Results Presentation
Borouge Plc Q1 2026 Results Presentation 30th April 2026
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 Q1 2026 Results Highlights Operational Highlights Market Update and Commercial Highlights Financial Highlights Summary Q&A HAZEEM SULTAN AL SUWAIDI ROLAND JANSSEN DR. HASAN KARAM JAN-MARTIN NUFER Chief Executive Officer Chief Marketing Officer Chief Operating Officer Chi
Slide 4: Q1 2026 Results Highlights
Q1 2026 RESULTS HIGHLIGHTS HAZEEM SULTAN AL SUWAIDI CHIEF EXECUTIVE OFFICER 4 Q1 2026 Results Presentation
Slide 5: Executing in Complex and Challenging Conditions
EXECUTING IN COMPLEX AND CHALLENGING CONDITIONS Resilient Production 1,208 kt “We delivered a resilient Q1 2026 performance, reflecting strong execution, operational High Asset 99% PE excellence and continuous cost discipline. Our Utilisation Rates 98% PP business continuity plans have been tested a
Slide 6: Logistics Continuity Plans Activated Successfully
LOGISTICS CONTINUITY PLANS ACTIVATED SUCCESSFULLY Activated pre-existing contingency plans in March to maintain customer deliveries 61% of March production was successfully routed via alternative logistics channels Additional production volumes placed into storage for shipment in Q2 2026 Com
Slide 7: Resilient Q1 Financial Performance
RESILIENT Q1 FINANCIAL PERFORMANCE Financial results underpinned by strong execution and operational resilience, despite logistics transition which deferred sales to Q2 and increased production and distribution costs Net Profit Sales Volumes Adj. EBITDA (1) Adj. Operating FCF (2) Q1 26 Q1 26 Q1 26 Q
Slide 8: Operational Highlights
OPERATIONAL HIGHLIGHTS DR. HASAN KARAM CHIEF OPERATING OFFICER 8 Q1 2026 Results Presentation
Slide 9: High Utilisation Rates Sustained
HIGH UTILISATION RATES SUSTAINED Utilisation Rates, % Record utilisation rates Operational excellence maintained 119% 120% despite 114% 113% 114% 112% disruption 110% 110% 110% 105% 106% 103% 101% 98% 98% 99% 98% 100% B3 Turnaround 90% 80% 80% 78% 74% 70% 60% 50% 40% Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2
Slide 10: First Production from Borouge 4 Megaproject
FIRST PRODUCTION FROM BOROUGE 4 MEGAPROJECT First production delivered from XLPE 2 line from April B4 LLC Asset usage Additional B4 units scheduled for commissioning (asset owner) through 2026 Remuneration (operator, through Abu Fee Dhabi Polymers) Asset Usage Agreement with ADNOC and OMV gran
Slide 11: China Joint Venture Agreement
CHINA JOINT VENTURE AGREEMENT 50:50 JV agreement signed with Wanrong New Materials for a possible 1.6 Mtpa PE project in Fujian, China(1),(2) Agreement establishes governance and financing framework for the next project phase Strategic greenfield project in the world’s largest and fastest-grow
Slide 12: Market Update and Commercial Highlights
MARKET UPDATE AND COMMERCIAL HIGHLIGHTS ROLAND JANSSEN CHIEF MARKETING OFFICER 12 Q1 2026 Results Presentation
Slide 13: Polyolefins Market Now in Acute Global Shortage
POLYOLEFINS MARKET NOW IN ACUTE GLOBAL SHORTAGE Polyolefins Market Outlook Polyolefin Prices Recovered Sharply in March 2026 Borouge avg. monthly realised selling prices ($/t), Jan 24 - Mar 26 Polyolefins market balance shifted quickly from End of March order prices 62% higher vs surplus in Januar
Slide 14: Recovery in Pricing Already Evident in Q1
RECOVERY IN PRICING ALREADY EVIDENT IN Q1 Order book pricing increased by 62% during March and remains high in April due to global polyolefin shortage Polyethylene Prices, $/t PE benchmark Polyethylene Premia, $/t PE avg. selling price 1,200 1,122 1,113 1,093 300 Q1 26 = $196 /t 1,059 1,079 1,081 1,
Slide 15: Sales Volumes Supported by Alternative Logistics
SALES VOLUMES SUPPORTED BY ALTERNATIVE LOGISTICS Additional produced volumes placed in storage for sale in Q2 Sales Volumes, ktpa Record quarterly production and 61% of March sales production 1,800 shipped, 123 kt placed in storage 1,600 B3 1,400 Turnaround 1,200 1,000 800 600 400 200 0 Q1 24 Q2 24
Slide 16: Financial Highlights
FINANCIAL HIGHLIGHTS JAN-MARTIN NUFER CHIEF FINANCIAL OFFICER 16 Q1 2026 Results Presentation
Slide 17: Revenue Decrease YoY Due to Lower Volumes & Pricing
REVENUE DECREASE YoY DUE TO LOWER VOLUMES & PRICING Lower sales volumes and pricing were partially offset by March price increases Revenue, $m -30% 1,800 1,676 1,600 -17% 1,420 1,400 678 1,175 1,175 1,200 546 1,000 490 490 800 600 991 400 859 678 678 200 0 Q1 25 Q1 26 Q4 25 Q1 26 PE PP Ethylene 17 Q
Slide 18: Industry Leading Profitability Maintained
INDUSTRY LEADING PROFITABILITY MAINTAINED Margins temporarily lower on reduced volumes and higher propylene and freight costs Robust margins despite lower sales volumes Q1 profit impacted by March logistics disruption Adjusted EBITDA, $m Net Profit, $m Margin: 40% 29% 36% 29% Margin: 20% 13% 20% 13%
Slide 19: Cost of Sales Reduced in Line with Volumes
COST OF SALES REDUCED IN LINE WITH VOLUMES Distribution costs increased in March due to logistics disruption 1st quartile ADNOC A4G success Cost position Long term feedstock advantage Fixed cost base maintained Cost of Sales (excl. D&A), $m S&D Expenses (excl. D&A), $m +39% +9% -28% 150 125 125 115
Slide 20: Balance Sheet Strength Provides Flexibility
BALANCE SHEET STRENGTH PROVIDES FLEXIBILITY Borouge retains significant financial resilience to navigate short term disruption Strong cash generation Significant available liquidity Adj. EBITDA to Cash Flow bridge – Q1 26, $m Cash, cash equivalents and undrawn facilities 31 Mar 26, $m 400 343 1,400
Slide 21: Summary
SUMMARY HAZEEM SULTAN AL SUWAIDI CHIEF EXECUTIVE OFFICER 21 Q1 2026 Results Presentation
Slide 22: Strongly Positioned Through 2026
STRONGLY POSITIONED THROUGH 2026 Exceptional execution, commercial discipline and financial resilience support the outlook and underpin our committed minimum dividend of 16.2 fils per share for FY 2026 Borouge supplies essential Q2 sales to be supported by materials that underpin manufacturing inven
Slide 23: Q&A
Q&A 23 Q1 2026 Results Presentation
Slide 24: Appendix
APPENDIX 24 Q1 2026 Results Presentation
Slide 25: FY 2026 Guidance
FY 2026 GUIDANCE FY 2026 polyolefins production targeting ~105% asset utilisation. As disclosed on 6 April, an incident occurred at Borouge’s production facilities in the Ruwais Industrial Area on 5 April, resulting in damage to certain assets following interception by air defence. Production activi
Slide 26: Unaudited Statement of Profit or Loss and Other Comprehensive Income
UNAUDITED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME 2026 2025 USD Thousands For the three months ended 31 For the three months ended 31 % change March March Revenue 1,175,190 1,419,611 -17% Total costs (766,400) (845,554) -9% Gross profit 408,790 574,057 -29% Other income 6,306 6,05
Slide 27: Borouge Consolidated Balance Sheet
BOROUGE CONSOLIDATED BALANCE SHEET As at As at USD Thousands 31 March 2026 31 December 2025 ASSETS Current assets 2,282,851 2,119,378 Non-current assets 6,321,249 6,369,726 Total Assets 8,604,100 8,489,104 EQUITY AND LIABILITIES Total Equity 4,245,604 4,115,682 Current liabilities 3,963,478 3,994,75
Slide 28: Reconciliation from EBITDA to Free Cash Flow
RECONCILIATION FROM EBITDA TO FREE CASH FLOW 2026 USD Millions For the three months ended 31 March Adjusted EBITDA 343 CAPEX (48) Adjusted operating free cash flow 295 Changes in working capital (36) Cash tax payment (81) Cash interest payment (36) Cash interest income 5 Cash lease payment (2) Free
Slide 29: Glossary
Glossary Adj. Calculated as EBITDA plus adjustments on foreign exchange gain or loss and impairment loss on property, EBITDA plant and equipment Adj. Operating Free Cash Flow Defined as adjusted EBITDA less Capital Expenditure Bn Billions CAPEX Capital expenditure D&A Depreciation and amortisation F