Core Viewpoint - Norsk e-Fuel AS and Braskem have formed a strategic collaboration to explore the integration of e-Naphtha into the plastics value chain, aiming to enhance the development of carbon-derived plastics and promote a circular economy [1] Group 1: Companies Involved - Norsk e-Fuel AS is recognized as a pioneer in Power-to-Liquid (PtL) technology [1] - Braskem is identified as a global leader in polymers and biopolymers [1] Group 2: Objectives of the Collaboration - The partnership seeks to accelerate the development of plastics that utilize carbon emissions that would otherwise be released into the atmosphere [1] - Both companies are committed to reinforcing a circular future through this collaboration [1]

Financial Performance - In Q3 2025, Braskem recorded a consolidated recurring EBITDA of US$150 million, a 104% increase compared to Q2 2025[28]. - The net revenue for Q3 2025 was US$3,175 million, reflecting a 1% increase from Q2 2025 but a 17% decrease year-over-year[22]. - The gross profit for 3Q25 was R$615 million, reflecting a 14% decrease compared to 2Q25 and a 61% decrease compared to 3Q24[65]. - Recurring EBITDA for 3Q25 was R$1.1 billion, an increase of 29% compared to 2Q25, but a decrease of 40% compared to 3Q24[83]. - The net financial result for Q3 2025 was a loss of R$904 million, a significant improvement compared to a loss of R$2,332 million in Q3 2024[182]. - The company recorded a net loss of R$174 million in Q3 2025, a 55% improvement from a loss of R$390 million in Q2 2025[168]. - The company recorded a net loss attributable to shareholders of US$1 million (R$26 million) in 3Q25, primarily due to geological event provisions and the hibernation of the chlor-alkali plant[195]. Sales and Market Performance - Sales volume of main chemicals in Brazil increased by 11% in the domestic market and 10% in exports[25]. - The sales volume of resins in Brazil decreased by 5%, while exports remained stable[25]. - The Brazil/South America segment recorded a 35% increase in Recurrent EBITDA compared to 2Q25, despite a 39% decrease compared to the same quarter last year[37]. - Resin sales in the Brazilian market decreased by 5% compared to 2Q25, primarily due to higher import volumes[43]. - Exports of resins increased by 1% compared to 2Q25 and by 9% compared to 3Q24, driven by higher product availability[46]. - The sales volume of main chemicals in the Brazilian market increased by 11% compared to 2Q25, driven by higher demand for paraxylene, ethylene, and propylene[50]. Utilization Rates - The average utilization rate for ethylene in Brazil was 65%, down 9 percentage points from Q2 2025[22]. - The utilization rate in the United States and Europe was 79%, with a negative recurring EBITDA of US$15 million[26]. - In Mexico, the utilization rate was 47%, significantly impacted by a general maintenance shutdown[27]. - The average utilization rate of petrochemical complexes fell by 9 percentage points compared to 2Q25, attributed to scheduled maintenance shutdowns[41]. - The Green Ethylene utilization rate in 3Q25 was 40%, down 31 percentage points from 2Q25 and 55 percentage points from 3Q24[84]. - The average utilization rate of PE plants in Mexico increased by 3 percentage points compared to 2Q25, reaching 47%[129]. - The utilization rate of PP plants increased by 5 percentage points compared to 2Q25, reaching 79%[98]. Debt and Financial Structure - The corporate gross debt at the end of Q3 2025 was approximately US$8.4 billion, with an average maturity of 9 years[29]. - As of September 30, 2025, gross debt stood at US$2.179 billion, with net debt increasing by 9% year-over-year to US$2.133 billion[160]. - The average debt maturity was approximately 5.2 years, with a weighted average cost of debt at exchange variation +7.3% per annum[157]. - Fitch and S&P downgraded Braskem Idesa's ratings to 'CCC+' and 'CCC', respectively, due to concerns over its capital structure[163]. - The company announced it is evaluating a range of economic-financial options to improve its capital structure amid macroeconomic uncertainties[126]. Investments and Projects - The Company approved the Transforma Rio Project with an estimated investment of R$ 4.2 billion to expand ethylene and polyethylene capacity in Rio de Janeiro[31]. - Total investments planned for 2025 amount to US$104 million, including US$23 million for the completion of the ethane import terminal[149]. - The ethane import terminal has a capacity to import up to 80,000 barrels of ethane per day, covering 120% of Braskem Idesa's needs[153]. - Total investments expected for 2025 are US$404 million (R$2.4 billion), with approximately US$133 million (R$725 million) invested in 3Q25[197]. - The total investment in Brazil for 9M25 was R$1.478 billion (US$270 million), with a projected total of R$2.174 billion (US$363 million) for 2025[199]. - Braskem advanced in capacity expansion projects through resources from REIQ Investimentos, with an updated investment estimate of R$405 million (US$72 million) for 2025[200]. Cost and Expenses - COGS in 3Q25 was impacted by R$435 million due to the hibernation of the chlor-alkali plant in Alagoas[72]. - SG&A expenses increased by 40% in reais compared to 3Q24, primarily due to higher provisions for losses in accounts receivable[80]. - SG&A expenses increased by 8% in dollars compared to 2Q25, mainly due to higher spending on personnel and IT[119]. - COGS decreased by 7% in dollars compared to 2Q25, primarily due to a 5% reduction in international propylene price references in the U.S.[115]. Geological Events and Provisions - The Company faced a geological event provision of approximately R$ 524 million, impacting its financials[40]. - The provision balance for the geological event in Alagoas at the end of 3Q25 was R$3.8 billion, a decrease of 19% compared to the end of 2Q25[61]. - The Company entered into a State Agreement with the State of Alagoas on November 10, 2025, involving a total payment of R$1.2 billion, with R$139 million already paid[61]. - The company recorded a provision of R$524 million related to the geological event in Alagoas, impacting other operating expenses[81].

Core Insights - Brazilian engineering group Novonor is nearing an agreement to sell a significant portion of its controlling stake in the petrochemical company Braskem to IG4 Capital [1] Group 1 - The transaction involves the sale of most of Novonor's controlling interest in Braskem, indicating a strategic shift for the company [1] - Sources indicate that the deal is in advanced stages, highlighting the urgency and importance of this transaction for both parties involved [1] - The potential sale reflects ongoing consolidation trends within the petrochemical industry, as companies seek to optimize their portfolios and focus on core operations [1]

Financial Data and Key Metrics Changes - In Q3 2025, Braskem recorded consolidated recurring EBITDA of $150 million, which is 104% higher than in Q2 2025 [5][13] - The company's cash position at the end of the quarter was approximately $1.3 billion, sufficient to cover debt maturities over the next 27 months [6][18] - Corporate leverage stood at approximately 14.7 times at the end of Q3 2025, mainly due to lower EBITDA over the last 12 months [18] Business Line Data and Key Metrics Changes - In Brazil, recurring EBITDA was $205 million, a 35% increase from the previous quarter, driven by prioritization of higher value-added sales [7][8] - The utilization rate of the Green Ethylene Plant was 40%, down 31 percentage points from the previous quarter due to lower demand from Asian markets [8] - The Mexico segment had a recurring EBITDA of negative $37 million, impacted by higher idle expenses and lower provisions for fine receivable [11] Market Data and Key Metrics Changes - Utilization rates at petrochemical plants in Brazil were lower due to maintenance stoppages and production optimization strategies [4][6] - Resin sales in the Brazilian market decreased due to higher polyethylene imports and lower polypropylene demand [7] - The global macroeconomic scenario was marked by moderate growth, accelerated inflation, and high interest rates, impacting industrial activity in resin processing [6] Company Strategy and Development Direction - Braskem's resilience program aims to implement tactical initiatives to generate sustainable value, focusing on maximizing EBITDA and mitigating cash consumption [19][20] - The company is pursuing a transformation program structured around optimizing naphtha base, increasing gas base flexibility, and migrating to renewable products [19][24] - The Transform Rio project was approved to expand the Rio de Janeiro plant's capacity, expected to add 220,000 tons per year of ethylene capacity [25][27] Management's Comments on Operating Environment and Future Outlook - Management highlighted that the petrochemical industry is facing a prolonged downturn, with expectations of a challenging environment until at least 2030 [32][38] - The company anticipates a significant gap between supply and demand in the petrochemical industry, driven by expansions in China and the Middle East [38] - Despite negative outlooks, Braskem continues to advance its resilience project to enhance global competitiveness [39] Other Important Information - Braskem signed an agreement related to the Alagoas geological event, providing for a total payment of BRL 1.2 billion, with around BRL 139 million already paid [15][53] - The company has established 79 action plans globally, with potential for capturing around $400 million in EBITDA and $500 million in cash generation for 2025 [20][22] Q&A Session Summary Question: When will a decision on the restructuring be made? - The company is currently completing a diagnostic with external advisors, and no options are confirmed or discarded at this moment [44] Question: What was the main economic driver for weak resin volumes this quarter? - The demand for resins is strongly associated with Brazilian GDP, and a drop of about 4% is expected for the next months, with a recovery of about 3% for the following year [45] Question: What is the timeline and expected impact of the Transform Rio project? - The project will begin its engineering phase now and is expected to be completed by the end of 2028, potentially adding just under $200 million per year to EBITDA [47][48] Question: What is the status of the PRESIC bill? - The bill has been approved by the Chamber of Deputies and is awaiting urgent evaluation in the Senate, with hopes for approval by the end of 2025 [51] Question: Can you provide details about the Alagoas agreement? - The agreement involves a total payment of BRL 1.2 billion over a 10-year period, with initial installments respecting the company's projected financial condition [53]

Financial Data and Key Metrics Changes - In Q3 2025, consolidated recurring EBITDA was $150 million, a 104% increase compared to the previous year [7] - Operating cash consumption was approximately $62 million, with a cash position of about $1.3 billion at the end of the quarter, sufficient to cover debt maturities over the next 27 months [7][20] - Corporate leverage stood at approximately 14.7x at the end of Q3 2025, primarily due to lower EBITDA over the last twelve months [21] Business Line Data and Key Metrics Changes - In Brazil, the utilization rate at petrochemical plants was lower due to a scheduled shutdown, with recurring EBITDA of $205 million, a 35% increase from the previous quarter [10] - The utilization rate of the green ethylene plant was 40%, down 31 percentage points from the previous quarter, impacted by lower demand from Asian markets [11] - The United States and Europe segment saw a higher utilization rate due to normalization of operations, but results remained negative due to weakened demand [12] Market Data and Key Metrics Changes - The global macroeconomic scenario in 2025 was marked by moderate growth, decelerating inflation, and high interest rates, impacting industrial activity and resin processing demand [8][9] - Most international petrochemical spreads fell to historically low levels due to excess installed capacity and weakened demand [9] - In Brazil, resin sales decreased due to higher polyethylene imports and lower polypropylene demand, although this was offset by increased sales of key chemicals [10] Company Strategy and Development Direction - The company is focused on implementing a global resilience and transformation program to generate sustainable value and mitigate cash consumption [22] - The transformation program includes initiatives to optimize naphtha-based production, increase gas base flexibility, and migrate to renewable products [22] - The company plans to expand the Rio de Janeiro plant's capacity, adding 220,000 tonnes per year of ethylene capacity, with an estimated investment of BRL 4.2 billion [30] Management's Comments on Operating Environment and Future Outlook - Management highlighted the prolonged downturn in the petrochemical industry, with expectations of a challenging environment until at least 2030 [36][38] - The company anticipates a modest recovery in the petrochemical sector towards the end of the decade, driven by structural excess supply and moderate demand growth [38] - Management emphasized the importance of resilience initiatives to mitigate the impacts of the downturn and ensure competitiveness [40] Other Important Information - The company signed an agreement related to the Alagoas geological event, with a total payment of BRL 1.2 billion, of which BRL 139 million has already been paid [18] - The company has established 79 action plans globally, with the potential to capture around $400 million in EBITDA and $500 million in cash generation for 2025 [23] - The chlor soda plant in Alagoas was hibernated to enhance the competitiveness of PVC production by importing EDC [28] Q&A Session Summary Question: When will a decision on the restructuring be made? - The company is currently completing diagnostics and discussions regarding its capital structure, with no options discarded or confirmed at this time [50][51] Question: What was the main economic driver for weak volumes this quarter? - The demand for resins is closely tied to Brazilian GDP, with a projected drop of about 4% for PE and PP in the coming months, but a 3% growth expected for PVC due to the sanitation law [53][55] Question: What is the timeline and expected impact of the Transforma Rio project? - The project will begin its engineering phase now and is expected to be completed by 2028 or 2029, potentially adding just under $200 million per year to EBITDA [58][59] Question: What is the status of the agreement in Alagoas? - The agreement involves a total payment of BRL 1.2 billion over ten years, with initial installments aligned with the company's projected financial condition [63][64] Question: How does the company view the impact of movements in China on the market? - China is expected to increase its ethylene and propylene production significantly, which will impact global supply and demand dynamics, leading to a prolonged downward cycle [78][79]

AGENDA This presentation was updated as of September 30, 2025, and Braskem does not assume any obligation to update it in light of new information and/or future developments. Braskem undertakes no liability for transactions or investment decisions made based on the information in this presentation. 2 | PUBLIC EARNINGS CONFERENCE CALL 3 RD QUARTER 2025 N O V E M B E R 1 1 , 2 0 2 5 DISCLAIMER REGARDING FORWARD-LOOKING STATEMENTS 3Q25 EARNINGS CONFERENCE CALL This presentation may contain forward-looking stat ...

Core Insights - Brazilian petrochemical firm Braskem has agreed to pay 1.2 billion reais ($222 million) to the northeastern state of Alagoas as part of a compensation deal related to damages caused by its operations [1] Company Summary - The compensation amount of 1.2 billion reais ($222 million) reflects Braskem's ongoing efforts to address environmental and operational impacts in the region [1]

Core Viewpoint - Rosen Law Firm is investigating potential securities claims on behalf of shareholders of Braskem S.A. due to allegations of materially misleading business information issued by the company [1] Group 1 - The investigation is focused on the potential impact of misleading information on Braskem's securities [1] - Shareholders who purchased Braskem S.A. securities may be entitled to compensation without any out-of-pocket fees or costs through a contingency fee arrangement [1]

Core Insights - The article emphasizes the importance of experience in analyzing diverse industries and understanding macroeconomic factors, highlighting the author's extensive background in various sectors such as airlines, oil, retail, mining, fintech, and e-commerce [1] Industry Analysis - The author has navigated through multiple crises, including the dot-com bubble, 9/11, the great recession, and the COVID-19 pandemic, which has enriched their analytical perspective [1] - The experience gained from entrepreneurial ventures in export, factoring, and printing adds a unique dimension to the author's understanding of business models and innovation [1]

Core Insights - Braskem S.A. is a leading petrochemical company based in Brazil, specializing in thermoplastic resins and other petrochemical products, with a global presence and competition from major players like Dow Chemical and BASF [1] Financial Performance - On October 15, 2025, Grupo Santander downgraded Braskem's stock from "Neutral" to "Underperform," with the stock priced at $2.54, reflecting concerns about the company's financial health and strategic direction [2][6] - Following an announcement on September 26, 2025, regarding the exploration of financial alternatives, Braskem's ADR price dropped by 14.71%, closing at $2.61, indicating investor concerns [3][6] - Despite the downgrade and ongoing investigation, Braskem's stock showed resilience, currently priced at $2.54, a 1.6% increase from the previous day, with a market cap of approximately $1.01 billion and a trading volume of 526,021 shares [4][6] Stock Volatility - Over the past year, Braskem's stock has experienced significant volatility, reaching a high of $6.56 and a low of $2.32, reflecting challenges in optimizing its capital structure and addressing legal concerns [5][6]