Q4 2025 Braskem SA Earnings Call

March 27, 2026

Speaker #1: Business Estados Unidos, na Europa, até.

Speaker #2: In the United States and Europe, utilization rates remained in line with those reported in 2024. In Mexico, production levels were lower than in 2024 due to the first general maintenance shutdown of the petrochemical complex in the country since the beginning of its operations, completed at the end of July 2025.

Speaker #2: Regarding safety, the global accidental frequency rate was 0.80 events per million per hour worked. This was the second lowest rate since 2002, reinforcing the safety is and will always be a non-negotiable value to the company.

Speaker #2: In relation to the financial results, the company recorded recurring consolidated EBITDA of $109 million in the quarter, and for the full year, recurring consolidated EBITDA was $557 million.

Speaker #2: Regarding operating cash flow, the company posted operating cash generation of approximately $13 million in the quarter, and operating cash consumption was $246 million for the year.

Speaker #2: Reflecting the lower EBITDA. Finally, the corporate cash at the end of the fourth quarter of 2025 totaled approximately $2.1 billion, including $1 billion by facility maturing in December 2026, and corporate leverage was approximately 14.74 times.

Speaker #2: Moving to the next slide, in 2025, the global macroeconomic environment was marked by volatile trade conditions driven by commercial tensions, geopolitical fragmentation, and the economic slowdown of major economies, including China.

Speaker #2: These uncertainties impacted production decisions and inventory replenishment throughout the transformation during the weekend demand and the global oversupply that has been occurring in recent years. In addition, national revenue spreads, which are references for the products, including the regions where we operate, were lower.

Speaker #2: When compared to 2024, in Brazil, after 60% growth in resin demand in 2024, downstream converters sought to optimize inventory levels in line with the global macroeconomic uncertainties.

Speaker #2: This resulted in a decline of approximately 2% in domestic resin demand in 2025. The same movement was observed in the United States, considering the activity.

Speaker #2: Now, moving to the next slide. The performance of each business segment will be presented next. Beginning with Brazil on slide 7. In the fourth quarter, utilization rates at the petrochemical complexes in Brazil were 6 percentage points lower when compared to the third quarter of 2025, mainly due to the scheduled maintenance shutdown at the Bahia complex, completed in January 2026, and continued adjustments in production levels to reflect lower seasonal demand.

Speaker #2: While ensuring supply to the Brazilian market. This effect also impacted the 2025 utilization rate versus the prior year. Domestic values sales volumes were 6% lower mainly due to weaker seasonal demand in the period.

Speaker #2: Chemical sales were also lower due to reduced product availability resulting from lower utilization rates, as mentioned previously, especially at the Bahia complex. In this context, recurring EBITDA for the Brazil segment in 2025 was $698 million (22% lower than in 2024), mainly due to the lower resin and chemical sales volumes and the lower average spreads, partially offset by the depreciation of the Brazilian real and the cost reduction initiatives.

Speaker #2: Moving to the next slide. In the quarter, United States and Europe segments posted utilization rates 8 percentage points lower when compared to the third quarter of 2025, mainly due to the scheduled shutdowns at European plants completed in the fourth quarter of 2025.

Speaker #2: And also, the inventory optimization in both regions. Lower quarterly volumes also reflect seasonality. For the year, utilization rates and sales volumes remained broadly stable.

Speaker #2: Recurring EBITDA for the year was negative $52 million, impacted by lower polypropylene spreads in Europe, inventory effects on the cost of goods sold in the United States, and the reclassification of expenses from corporate into this segment following an organizational change.

Speaker #2: Moving to the next slide. In Mexico, polyethylene utilization in the fourth quarter of 2025 reached 85%, an increase of 38 percentage points versus the third quarter of 2025, driven by the ramp-up after the general maintenance shutdowns completed in July of this year and higher imported item supply through the import terminal.

Speaker #2: For the year, utilization was 64%, a reduction of 14 percentage points compared to 2024, due to the same shutdown as previously mentioned. In the quarter, higher imported item volumes supported the gradual recovery after the shutdown, partially offset by continued lower deliveries from Pemex.

Speaker #2: Recurring EBITDA for the segment totaled $2 million. The decline in comparison to the previous year reflects lower product availability due to the shutdown, associated with lower international polyethylene-ethane spreads.

Speaker #2: Now, moving on to the next slide. The next chapter covers consolidated performance of the company. Recurring consolidated EBITDA for the fourth quarter 2025 was $109 million.

Speaker #2: For the full year 2025, recurring consolidated EBITDA was $557 million, representing a 49% decrease versus 2024. The decline was mainly due to lower contribution margins, resulting from continued pressure on petrochemical spreads.

Speaker #2: Lower sales volumes reflected weaker resins and chemical volumes in Brazil and lower polyethylene sales in Mexico. This effect was partially offset by higher revenues from tax credit recoveries and by the depreciation of the Brazilian real, which averaged approximately 20 cents.

Speaker #2: Now, let's move on to the next slide. By the end of December 2025, all work fronts in Maceió continued to advance as planned. The relocation and compensation program ended the quarter with 99.9% of relocation execution completed; the same percentage applies to proposals submitted, of which 99.6% were accepted and 99.5% were already paid.

Speaker #2: Together with that, the ceiling and monitoring of solid activity cavities continued as planned. All necessary actions to ensure the 35 cavities reach a long-term maintenance condition have already been provisioned for the long term.

Speaker #2: By the end of 2025, six cavities were naturally filled, six were completed, and four of those cavities reached their technical filling limit. Six cavities remained in the filling process.

Speaker #2: Thus, the total provision for Alavo's event was approximately $18 billion, of which around $13.9 billion had already been disbursed, and approximately $1.4 billion have been codified to other payables.

Speaker #2: With this, the remaining provision at the end of the fourth quarter of 2025 was $3.5 billion. Now, let's move on to the next slide.

Speaker #2: For the year, the company posted operating cash consumption of $1.4 billion. Mainly due to lower EBITDA in 2025 as a result of the prolonged down cycle as seen in the petrochemical industry.

Speaker #2: The working capital consumption increase was due to lower availability of certain payment arrangements with international institutions and suppliers. Recurring cash consumption was impacted by higher interest payments resulting from higher gross debt.

Speaker #2: Including Alavo's disbursement, total cash consumption reached approximately $7.3 billion. Next slide. At the end of 2025, Brandscan's adjusted net debt was $7.5 billion, excluding Brandscan Idesa.

Speaker #2: The weighted average cost was consideration plus 6.2% per year. The corporate leverage ended the year at 14.74 times. Available cash of $2.1 billion includes the drawdown made in October from the $1 billion facility maturing in December 2026.

Speaker #2: Going over our agenda, let's move on to slide 15. Global macroeconomic volatility, combined with the prolonged petrochemical down cycle, has resulted in the lowest industry operating rates in decades.

Speaker #2: Demand declined by approximately 3 million tonnes of polyethylene and polypropylene globally. So it reflects a lower consumption in the main regions. Operating rates reached the historically low levels of 79% for polyethylene and 24% for polypropylene.

Speaker #2: Pressurizing the profitability and.

Rosana Avolio: About 4% to 11% of the global operating rate. In the case of polypropylene, the potential supply reduction could range between 7 and 10 million tons, equivalent to 4% to 5% of the global operating rate. From the regional perspective, the effect would be very different. In North America, the combination of feedstock availability and structural competitive advantage could allow for the maximization of operation rates and eventual value capture through prices, both in polyethylene and polypropylene. In Europe, the expectation would be a reduction in import pressure in the short term. However, in the medium and long terms, the process of capacity rationalization tends to continue, reinforcing a more cautious stance regarding operational levels and working capital. In Asia, lower availability of feedstock imported from the Middle East, such as naphtha and propane, could lead to shutdowns and production reductions, accelerating the rationalization processes.

Equivalent to 4% to 5% of the global operating rates. From the original perspective, the effect would be very different in America. The combination of stock availability and structural competitive advantage could allow for the mechanization of operation rates and eventual value capture due to prices, both in polyethylene and polypropylene. In Europe, the situation would be a reduction in import pressure in the short term. However, in the medium and long term, the process of capacity rationalization can continue, reinforcing a more conscious sense regarding operational levels and working capital.

Rosana Avolio: In this context, the priority tends to be meeting domestic demand to the detriment of exports. In the Middle East, in addition to logistics constraints, there would be additional pressures on ports, increased costs, and operational risks related to security and safety, which could significantly impact the region's export capacity in the long term. In South America, a scenario of lower global supply could lead to an increase in operating rates to meet the shortage of resins. At the same time, the region would remain exposed to the volatility of the availability and price of feedstocks, impacting costs. For Braskem, these effects mentioned on the previous slide tend to be potentially positive in the short term compared to the scenario expected at the beginning of the year.

In Asia, lower availability of free stock imported from the Middle East, such as naphtha and propane, could lead to shutdowns and production reductions, accelerating the rationalization processes. In this context, the priority tends to be meeting the method of demand to the betterment of exports in the Middle East, in addition to logistics constraints. There would be additional pressures on boards—increased costs and operational risks related to security and safety—which could significantly impact the region's export capacity in the long term. In South America, a scenario of lower global supply could lead to an increase in operating rates to meet the shortage of resin.

At the same time, the reason was to remain exposed to the volatility of the availability and price of pixel, impacting costs.

Rosana Avolio: However, we emphasize that all the impacts presented on this slide are potential scenarios which may or may not materialize, depending on the evolution of the geopolitical conflict and the international logistics conditions. The company continues to monitor these developments and their potential effects on costs, spreads, and competitive dynamics, maintaining discipline in the company's commercial, operational, and financial management in the face of this more volatile environment. Next, I will comment on the company's strategic direction for the coming years. Moving on to the next slide, please. For the 2026 and 2028 cycle, we will reinforce the pillar of actions of the strategy as defined in the previous cycle, including the reorganization of the capital structure with the aim of balancing the company's capital structure, enabling business continuity. Our strategy maintains safety as a non-negotiable value, in addition to people, culture, and governance as its foundation.

For breast cancer, the benefits of the previous life tend to be potentially positive in the short term. Compared to the scenario expected at the beginning of the year, however, we emphasize that all the impacts presented on the slide are potential scenarios, which may or may not materialize depending on the evolution of the geopolitical conflict and the international logistics condition.

The company continues to monitor these developments and their potential impact on cost spreads and competitive dynamics. Maintaining discipline in the company's commercial, operational, and financial management is based on this more volatile environment. Next, I will comment on the company's strategic direction for the coming years. Moving on to the next slide, please.

Rosana Avolio: On this basis, we will advance initiatives of resilience and financial soundness, as well as transformation initiatives aimed at the perpetuity of the business. In the area of resilience and financial soundness, we will focus on tactical initiatives to mitigate the impact of the downturn cycle and preserve liquidity, highlighting operational optimizations, strategic and commercial initiatives, and feedstock initiatives, in addition to initiatives for the defense of the Brazilian chemical industry. Transformation, we will seek to ensure competitiveness and continuity of the business through the implementation of the methanol strategy and the expansion of the gas and renewable base in the company's feedstock profile. This strategy aims to enable the recovery of the company's value through an integrated set of actions, which will strengthen its capacity for value creation, maintenance of competitiveness, and therefore business sustainability. Now, let's move on to the next slide.

For the 2026 and 2028, I call, we will reinforce the pillar of actions of the strategy and find in the previous cycle, including the reorganization of the capital structure. With the aim of balancing the capital structure in May, our strategy maintains safety as a non-negotiable value, in addition to people, cover, and governance at its foundation. On this basis, we will advance initiatives of resilience and financial funds as well as transformation initiatives, saying that the priority of the business is in the area of resilience and Financial Service where we focus.

Some practical initiatives to mitigate the impact of the downtime. I hope and reserve liquidity, highlighting operational optimizations, strategic and commercial initiatives, and FITS FAR initiatives. In addition to initiatives for the defense of the Brazilian chemical industry and transformation, we will seek to ensure competitiveness and continuity of the business through the implementation of the method strategy and the expansion of the gas and renewable base in the company. Feedstock provided, this strategy aims to enable the recovery of the company's value through an integrated set of actions, which will strengthen its capacity for value creation—Mason himself and Peter—and therefore business solutions.

Rosana Avolio: Finally, I would like to highlight the main priorities for the company for the year 2026, aligned with the strategic direction, which take into consideration the challenging scenario of the global petrochemical industry and the preservation of the business's sustainability. The first priority is the reorganization of the company's capital structure, creating the necessary conditions to ensure the continuity of operations throughout petrochemical cycles. In parallel, we'll continue with the implementation of the resilience plan, focusing on the preservation of the company's financial liquidity through strict cost control, discipline in capital allocation, and initiatives that reinforce operational cash generation to mitigate the impact of the adverse scenario. The third priority concerns the transformation plan initiatives, focusing on seeking financing alternatives to ensure the necessary resources and make the strategic project feasible, thus strengthening the company's competitiveness.

Now, let's move on to the next slide. Finally, I would like to highlight the main priorities for the company for the year 2026, aligned with the Strategic Direction, which take into consideration the challenging scenario of the global network of the chemical industry and the preservation of the businesses.

Sustainability, the first priority is that reorganization of the companies, like those structures, creating the necessary conditions to ensure the continuity of operations throughout special chemical cycles.

With a documentation of the resistance plan, the first thing is the pre-preservation of the company's financials.

Rosana Avolio: We will also look for ways to continue growing the green portfolio, green product portfolio, reinforcing its positioning in sustainable solutions and commercial differentiation in the long term. Additionally, we maintain our commitment to full compliance with the agreement related to the geological events in Alagoas. Finally, safety remains as a perpetual and non-negotiable value for the company, with safe and reliable operations aligned with the best practices of the global industry. These priorities will guide the company's decisions throughout 2026. Thus we conclude the presentation of Braskem's Q4 and 2025 earnings results. Thank you very much for everyone's attention. We will now begin the Q&A session.

Liquidity through strict cost control discipline in capital allocation and initiative. That reinforces operational cash generation to mitigate the impact of the adverse scenario. The third priority concerns the transformation planning initiatives, focusing on seeking finance, the alternative structure, the necessary resources, and making the strategic project possible, thus strengthening the company’s competitiveness. We will also look for ways to continue growing the green portfolio. We grab the portfolio, reinforcing its positioning in sustainable solutions and commercial differentiation in the long term. Additionally, we maintain our commitment to focus on the clients with the agreements regulated to the geological events in Al. And finally, safety remains a perpetual and non-negotiable value for the company, with safe and reliable operations aligned with the best practices of the global industry. This will guide the company's decisions throughout 2026.

Thus, we could use the presentation of Braskem for the fourth quarter, and for 2025 Earth results. Thank you very much for your presentation. We will now begin the Q&A session.

Operator: Ladies and gentlemen, I will now pass the floor to the company for their remarks.

Ladies and gentlemen, I will now pass the floor to the company for their remarks.

Felipe Montoro Jens: Good morning. Before we begin the Q&A session, I'd like to highlight a few points. First, it's important to remember that the year 2025, and I know you all followed the scenario very closely, was a very challenging year, especially because of the external perspective, considering the geopolitical conflicts and tariff wars. In this context, we see the continuous imbalance between global supply and demand, which had an even bigger impact on petrochemical spreads around the world, compressed industry margins, and as a result affected Braskem. To tackle these challenges, we adopted some initiatives over the year 2025, focusing on generating value for various different company stakeholders, focusing on maximizing EBITDA and improving and maximizing Braskem's cash generation. Among these initiatives, I will highlight three. First, defending the competitiveness of Brazilian petrochemical industry, where we maintained the 20% import rate for PE, PP, and PVC resins.

Good morning. Before we begin the Q&A session.

I’d like to highlight a few points. First, it’s important to remember that the year 2025—and I know you all follow the scenario very closely—was a very challenging year, especially because of the external perspective, considering the geopolitical conflicts and terror force.

In this context, we need a continuous imbalance between global supply and demand, which had an even bigger impact on petrochemical spreads around the world. Compressed industry margins and, as a result, affected,

To tackle these challenges, we adopted some initiatives over the year 2025, focusing on generating value for a very different company. Stakeholders are concentrating on maximizing Aida and improving and maximizing Braskem's cash generation.

Felipe Montoro Jens: We approved the anti-dumping law affecting the United States and Canada, and the PVC anti-dumping from PVC coming from the US. Lastly, approving Presic and increasing and maximizing rake for the coming year, which are essential programs for the Brazilian chemical and petrochemical industry. Secondly, the transformation program. We hibernated the chlor-soda plant in 2025 with the goal of making Alagoas PVC more competitive and above all, more sustainable. We approved the Transforma Rio program, which will transform Braskem's products through ethane and polyethylene. Thirdly, but no less important, operational improvements.

A month, these initiatives—I will highlight three. First, defending the competitiveness of the Brazilian petrochemical industry, where we maintain the 20% import rate for BP and PVC resins.

We approved the anti-dumping law, affecting United States, and Canada, and the TVC, and The Dumping from TVs coming from the US. Lastly, approving, and increasing, and maximizing rates for the coming years, which are essential programs for the Brazilian chemical and petrochemical industries.

Secondly, the transformation program—we hibernated the CAR soda plant in 2025 with the goal of making Alagoas, PC more competitive and, above all, more sustainable.

And we proved the Transformer Rio program, which will transform brass cams.

Products through ethane and polyethylene.

Thirdly, but no less important.

Felipe Montoro Jens: We established 79 action plans with over 700 internal initiatives, of which I will highlight the following: optimizing feedstocks and gases with CapEx, prioritizing resins with greater added value and the demand in the internal market, and reducing downtime in transitions between grades, reducing logistics costs, improving the acquisition of feedstocks and raw materials, and adopting tax grids. These initiatives adopted by Braskem gave us $500 million in EBITDA and $600 million in cash generation for 2025, which allowed Braskem to remain healthy financially to date. Now, with regard to the Alagoas geological event, we've signed an agreement with the state valued at BRL 1.2 billion in payment, of which the vast majority has already been paid.

Operational improvements: we established 79 action plans with over 700 internal initiatives, which I will highlight—the following: optimizing key stocks and gases with Capex.

Prioritizing resins with greater added value and the demand in the internal market, and reducing downtime in transitions between grades.

Reducing logistics costs, improving the acquisition of heat stocks and raw materials, and adopting tax grids.

Cash generation for 2025, which allowed brascan to remain, healthy, financially to date. Now with regard to the algo geological event, we signed an agreement with the state.

Value that 1.2 billion and payment.

Felipe Montoro Jens: Considering the total provisioned amount of BRL 18 billion and the payments the company has already disbursed by the end of 2025, we have a remaining provision amount of BRL 3.5 billion to be paid over the coming years, which demonstrates the company's strong commitment and healthy advances in improving the situation after the Alagoas event. I should also highlight the advances of our negotiations with our other parties, with Braskem and Braskem Idesa, along with legal advisors and financial advisors the company hired for this purpose. This was announced to the market in various different events over the previous months. These events are essential for the financial health of both companies.

Of which the vast majority has already been paid.

And so, considering the total provisions amount of $18 billion and the payments that the company has already dispersed by the end of 2025, we have a remaining provisioned amount of $3.5 billion to be paid over the coming years, which demonstrates the company's strong commitment and healthy advances in improving the situation. After the algo service,

I should highlight the, uh, advances of our negotiations with our other parties with Braskem and Braskem, along with legal advisors and financial advisors the company hired for its purpose. This was announced to the market in, uh, various different events over the previous months.

Felipe Montoro Jens: Now, with regard to the change in the company's shareholder situation and controlling structure, the Brazilian CADE has approved, and now in the US, the their organization still needs to investigate and approve. Now with Novonor and the Shine I credit funds, including with any related topics, will all be announced to the market if and when they arise. Now with our perspectives for 2026, in spite of a lot of instability around the world, the war in the Middle East and the remaining closure in the Strait of Hormuz. As well as the limited amount of feedstocks coming from the Middle East, we may see captures in certain regions, value captures, including the Americas, as well as spreads for the international market. This means we must continue to assess risks and opportunities and preserve the company's liquidity.

These events are essential for the financial health of both companies. Now, with regard to changes in the company's shareholder situation and controlling structure.

The Brazilian has approved, and now in the US,

Their organization still needs to investigate and approve.

Now, with an over and the Chinese credit funds.

including,

Felipe Montoro Jens: Once again, we'd like to thank you all for joining our earnings call, and we'll now begin the Q&A session.

With, uh, any related topics will all be announced to the market if and when they arrive. Now, with our perspective for 2026, in spite of a lot of instability around the world—the war in the Middle East and the remaining closure in the state of Hormuz, as well as the limited amount of heat talks coming from the Middle East—we may see captures in certain regions, value captures, including the Americas as well. As spreads, for the international market, this means we must continue to assess risks and opportunities and preserve the company's liquidity.

Rosana Avolio: Good morning, everyone. As we did in the previous call, we received the questions. Of course, there are many questions related to the conflict in the Middle East. I'm making a summary so that we can provide the answers. These are the questions: Considering the current context, could you provide a view of how the global industry has behaved? Have you seen reduction of relevant capacity or events of force majeure impacting the business? And then there is also a question about the risk, how the petrochemical spreads are responding as a result of the conflict. Good morning. I know that the company does not provide the formal guidance, but what would be the effect of the war on the EBITDA of the company? Could we expect an EBITDA about $1 billion? And there's also a question about the sourcing of the feedstock.

Once again, we'd like to thank you all for joining our earnings call. We will now begin the Q&A session and the Philippines.

Yes, we did. In the previous call, we received questions.

Of course, there are some questions related to collect in the Middle East, so I'm making a summary so that we can provide the answers.

So these are the questions considering the current context to provide a view of how the global industry has behaved.

Have you seen a reduction of relevant capacity or events first majorly impacting the business? And then there was also a question.

To that, how will the metro campus be responding as a result of the conflict?

Rosana Avolio: In the previous year, have you been able to diversify the purchase of naphtha, reducing the exposure of naphtha for Petrobras? The low availability of naphtha has been affecting your feedstock considering the global price at the global level. I'll turn the floor to Roberto for him to answer the questions.

Good morning, and know that the company does not provide formal guidance. But what would be the effect of the wall of the company? Could we expect an EBITDA of about $1 billion? And there's also a question about the sourcing of the feedstock.

In the previous year, have you managed to that you have been able to diversify the purchase of NAFTA, reducing exposure of NAFTA?

For petrol grass.

Uh, the lower availability of NAFTA has been affecting your

Facebook, because he's doing the global price at the global level. So, I'll turn the floor to H for him to answer the questions.

Roberto Ramos: I'll begin on the topic of sourcing with some relevant information first. First, the Asian petrochemical powers in Japan, South Korea, and China, they have lower naphtha inventories than we do, roughly 15 days, because the rate of replenishment of naphtha there is made much easier because of the fact that they purchase from the Middle East. It's a shorter distance than what we have here in the Americas. We started the war with a larger supply of feedstock than our competitors did. Naturally, we purchase, we import naphtha, especially from the US. We also import it condensate from Algeria. We also have some shipments of naphtha coming from the Middle East. We do not purchase naphtha from Russia because of sanctions. Naturally, our main supplier of naphtha is the US, because the US is long in naphtha and in gasoline.

Again, on the top of sourcing.

Some relevant information. First first.

Not the inventories, and we do roughly 15 days.

Because the rate of replenishment of NAFTA is made much easier because of the fact that they purchase from the Middle East, so the distance is shorter than what we have here in the Americas. So we started the war with a larger supply of stock than our competitors.

And actually, we purchased imported NAFTA, especially from the US. We also imported condensate from, uh, Algeria.

Felipe Montoro Jens: Shale oil has a density that is very similar to diesel oil. When you refine that type of oil, we have what we call medium and light shale products, and that includes naphtha. The US has a surplus of naphtha supply, and they are a net exporter of naphtha, and we are a significant purchaser of US naphtha. As you know, Braskem is the biggest buyer of naphtha in the world. With regards to our naphtha supply, since it comes from the US, it is not impacted by any of these conflicts. Of course, there is an impact in higher prices because US naphtha now is also being fought over by the Asian petrochemical companies. Our price, minus the price of transportation, purchase minus transport, is still better than these prices for Japan, Korea, and China.

We also have some shipments of NAFTA coming from the Middle East. We do not purchase NAFTA from Russia because of sanctions, naturally. Our main supplier of NAFTA is the us because the US is long in NAFTA and in gasoline.

Shale oil.

It has a density that is very similar to diesel oil. So, when you refine that type of oil,

We have what we call medium and light shell products, and that includes naphtha. So, the US has a surplus of naphtha supply.

And so they are net exporter of naphtha and we are a significant purchaser of US, as you know. Braskem is the biggest buyer of naphtha in the world.

So, with regards to our inactive supply, since it comes from the US, it is not impacted by any of these conflicts.

Felipe Montoro Jens: The question is very relevant because it is at the linchpin of our strategy, which is we want to reduce our dependency on naphtha. Today, we are 80% naphtha-based. The rest is gas and ethanol. Our plan is by 2030 to reach 60% naphtha and 40% ethanol and gas, roughly 20% each. We already had a very well-defined strategy to reduce our dependency on naphtha and look for others, not just ethanol, but also propane. Our Plant Two in Rio Grande do Sul. We are processing propane coming from Argentina. Argentina is potentially an important supplier. It already is for propane, but in the future, it could be for ethane as well, which we aim to use in Plant Two in Rio Grande do Sul.

Of course, there is an impact in higher prices because of US naphtha. Now it's also being fought over by the Asian petrochemical companies, but our price minus the price of transportation, minus transport, is still better than used prices for both Korea and China.

But the question is very relevant because it is at the lynch of our strategy, which is we want to reduce our dependency on NAFTA. Today, we are 80% NAFTA-based. The rest is gas and ethanol, and our plan is by 2030 to reach 60% NAFTA and 40% ethanol and gas, roughly 20% each. So we already had a very well-defined strategy to reduce our dependency on NAFTA and look for others. Not just ethanol, but also propane. Our Plant 2 in Rio Grande, a dual—we are processing propane coming from Argentina. Argentina is potentially an important supplier. It already is for propane; in the future, it could be for ethane as well.

Felipe Montoro Jens: We're also importing ethane from the US to use this ethane in some of the machines we have in Bahia as a way of sidestepping the increasing cost of feedstocks, because ethane prices went up practically almost nothing, whereas, naphtha practically doubled in price. Looking into the future and naphtha sourcing and for Braskem, it's not at risk at the source, but it is impacted due to price. What's happening in the Japanese and Korean petrochemical companies is they are reducing production and scale because essentially they were supplied almost exclusively by naphtha coming from the Middle East. Our sourcing is not at risk. We have access to naphtha. Of course, we must pay the price. Our initial supply of naphtha was already bigger than our competitors, and in the future, we want to be less reliant or less dependent on naphtha.

Which we aim to use in Part 2, and you were also importing ethane.

For us to use this ethane and some of the machines we have in Bahia have a way of sidestepping the increasing cost of heat stock, because ethane prices went up practically almost nothing, whereas naphtha practically doubled in price. So, looking into the future and naphtha sourcing, and for Braskem not being—it's not at risk at the source, but it is impacted due to price.

So what's happening in the Japanese and Korean chemical companies is they are reducing production scale because essentially—

They were supplied almost exclusively by naphtha coming from the Middle East.

Felipe Montoro Jens: Now, the question is, how long will this price increase that impacted naphtha resulting from the higher cost of oil last? Well, that will depend considerably on how long the Iran conflict will last. Today, this is much more than a war between the US, Israel, and Iran. It also involves other countries around the globe. I should also mention that the Persian Gulf and the Middle East has 50% of the energy inventory, every energy stock in the world, more than 50% of gas and oil. The energy that can be stored, because wind and solar cannot really be stored. But storable energy, overall, more than 50% of it is stored in the Middle East. This conflict is not a conflict that involves just three countries. It involves the whole region.

So our source is not at risk. We have access to naphtha, of course; we must pay the price. Our initial supply of naphtha was already bigger than our competitors and, in the future, we want to be less reliant or less dependent on Africa.

Now, the question is, how much time will this price increase impact NAFTA as a result of the higher cost of oil? How long would this last? Well, that will depend considerably on how long the Iran conflict will last. And today, this is much more than—

I should also mention that the Gulf of Persia and the Middle East have 50% of the energy inventory, energy stocks in the world.

More than 50% of gas and oil. So, the energy that can be stored, because wind and solar cannot really be stopped. But

Storable energy, overall, more than 50% of it is stored in the Middle East. So, this conflict is not a conflict that involves—

Felipe Montoro Jens: Iran bombed Dubai, Bahrain, Qatar. This conflict has a much bigger impact than just the incursions that the US and Israel made in Iran last year. This year's conflict is going to take much longer to be resolved, and the impact on petrochemical supply and production chains, and logistics chains is going to take a number of years before it is fully resolved.

Just three countries? It involves a whole region—Iran bombs Dubai, Bahrain, Qatar.

Rosana Avolio: Only to add, I'm gonna read a question about the EBITDA impact. For sure, the company does not provide a form of guidance, so I'm gonna use the history track from external consultancy services between 2014 and 2025. If I consider the historical consolidated EBITDA between 2014 and 2025, this is about $2.5 billion to $4 billion. In this period, 2014 and 2025, we have a P&18, which were very similar, which are the spread expected by the external consultancy. This is a spread of the main chemicals, and even higher than the average considering the increase in oil prices and the PE naphtha is a bit lower, about 10% below them.

So, this conflict has a much bigger impact than just the incursions that the US and Israel made in Iran last year. So, this year's conflict is going to take much longer to be resolved, and the impact on petrochemical supply and production chains, and logistics chains, is going to take a number of years before it is fully resolved. I'm going to read the question about—

The, at the impact.

For sure, the company does not provide the formal guidance that we're going to use the history track from external, consult to see services.

Rosana Avolio: Considering this market reference, the expectation for the future in terms of average petrochemical spreads, according to the external consultancy, we would reach the exceeding historical levels. The external consultancy services have been using an average of timing. This is what's going to define the impact and the upside and downside, an average of one month for the war with the later impact, considering the structural impact that we have seen in the region. It's too early to try to imagine a future scenario. We are considering different scenarios. We are getting ready for the best, for the worst. Roberto mentioned, we see the price of the feedstock going up in a significant manner following the crude oil price, especially naphtha. We can see that the rising prices have a lag, so that it can be reflected in the results.

Between 2014 and 2025. If I consider the historical consolidated between 2014 and 2025, this is about $2.5 billion to $4 billion. And in this period, 2014 to 2025, we have a PE and it in which we're very similar, which are the spread expected by the external consultancy. So this is a spread of the main chemicals and even higher than the average, considering the increase in your prices. And the master is a bigger, about 10% below them.

So since we doing this Market reference the expectation for the future, in terms of average better chemical spreads, according to the consultancy, it will we will reach in the historical levels and external consultancy Services have been using in average of timing and this is what going to be finding that and aside from the downside and average of

One month for the war, with the later impact, considering the impact that we have seen in the region.

But it's too early to try to imagine a future scenario.

Rosana Avolio: As Felipe mentioned, we are preserving cash and the liquidity, but we also have to be cautious because it's a dynamic scenario that changes at all times in real time, and this is the reason why we are considering different scenarios. Well, moving on to the next question, I'm gonna ask Felipe. This was related to Braskem Idesa as follows. With the fall of the bond interest rates and the lower ratings to D and the possible reorganization via Chapter 11, what's the real likelihood of this scenario to materialize? What are the next steps and what would the consequences of Chapter 11 in the consolidated balance sheet and in the control of its assets?

So we are considering giving scenarios. We are getting ready for the best for the worst and competition. We see the price of the seats of going up in significant matter following, the, your price, uh, especially next time. And we can see that the rent prices have a lag, so that we can be reflected in the results. And as Philip mentioned, we are preserving cash and liquidity, but we also have to be cautious because it's a dynamic scenario that changes that whole time in real time. And this is the reason why we are what

On to the next question, I'm going to ask.

this.

With the default of the bond interest rates and the lower ratings to D and possible organization by chapter 11. What's a good video like?

Good of the scenario to.

Felipe Montoro Jens: Thank you, Rosana. Thanks for the question. As you saw in the notes we published explaining our financial results recently, we are always very transparent and very objective, and we've been practicing this over the past years, explaining each and every step that occurred last year when we hired the Braskem Idesa legal and financial advisors to reorganize that company's capital structure. Now, as the process progresses, we need to keep up our engagement in order to see what the final situation will be. It is not up to me to speculate about what any of the routes forward may be. What I can tell everyone here in this room is that this is an absolute priority, as we have announced here at the beginning of this call and focusing on liquidity.

Materialize? What are the steps? And what would be the consequences for your life and the consolidated balance sheet, and if the control of it,

Thank you, Rosana, and thanks for the question. Also, as you saw in the notes, we published—explaining our financial results—recently.

Legal and financial advisors to reorganize that company's capital structure. Now, as the progress of the process progresses,

We need to keep up our engagement in order to see what the final expectation will be. It is not, uh, it’s not up to me to speculate about what any of the, uh, the routes forward may be. But what I can tell everyone here in this room is that this is an absolute priority.

as we have, uh, as we have announced here at the beginning of this call,

Felipe Montoro Jens: As soon as we have material information about what this reorganization restructuring will look like, we will certainly share it with you so that you all stay apprised in real time about the company's coming steps.

Rosana Avolio: Thank you, Felipe. Moving on, there's a question related to the anti-dumping process of polyethylene in Brazil. This is the question: What was the result of the meeting that was held yesterday? And will the new protections be implemented? And the current logistics restrictions, freight increases, and production restrictions, can they reduce the possibility of using anti-dumping actions in Brazil?

And discussing on liquidity. As soon as we have material information about what this reorganization, restructuring will look like, we will certainly share it with you so that you all stay apprised in real time about the company's coming steps.

To the Antics jumping offices.

Uh, polyethylene in Brazil. So, this is a question: what was the result of the meeting that was held yesterday? And will the protection be the benefit, and the current logistics restrictions free increases and production restrictions—can they...

Actions in Brazil.

Roberto Ramos: Well, we had found information on the MDIC site that GECEX opted not to consider the in-depth detailed study that was prepared by the technicians at the Ministry of Development, Industry, Trade and Services that recommended a $700 per ton anti-dumping norm for ethylene coming from the US, and it opted to maintain the protection that had been granted by the provisional anti-dumping law from six months ago. Apparently, the information that we received was that this decision was taken due to the public interest. We will appeal this decision because it is our opinion that the anti-dumping case is very strong and very well demonstrated, and there's actually access to information provided by the US-based producers that effectively demonstrates that they were implementing a predatory pricing policy. So, in effect, we have a confession of theirs about their infraction.

Well, we we had

Uh, some information on the MIDI site just sucks. Opted not to consider the in-depth, detailed study that was prepared by the technicians at the Ministry of Industry of Commerce.

That recommended a $700 per ton anti-dumping norm for us, and it opted to maintain the protection that had been granted by the provisional anti-dumping law from six months ago.

Apparently, the information that we received,

Apparently, this decision was taken due to the public interest.

We will appeal this decision because it is our opinion that the anti-dumping case is very strong and very well demonstrated. There's actually access to information provided by the USA's producers that effectively demonstrates that they were implementing a predatory pricing policy.

Felipe Montoro Jens: I think it's deplorable to consider that this information was not taken into account by the Brazilian council. The technicians at the Ministry of Development, Industry, Trade and Services were not informed by the GECEX. There's more, in particular, the sample of prices that were collected over the past year, including the provisional protection. This actually has been maintained as a result of the war, because naphtha does follow the price fluctuation, and our main feedstock is naphtha. So the unfair pricing that we suffer has been exacerbated by the war. So the situation not only failed to improve, but it also became worse. So the GECEX actually should have detected that we are literally in a war.

Roberto Ramos: I think it's deplorable to consider that this information was not taken into account by the Brazilian council. The technicians at the Ministry of Development, Industry, Trade and Services were not informed by the GECEX. There's more, in particular, the sample of prices that were collected over the past year, including the provisional protection. This actually has been maintained as a result of the war, because naphtha does follow the price fluctuation, and our main feedstock is naphtha. So the unfair pricing that we suffer has been exacerbated by the war. So the situation not only failed to improve, but it also became worse. So the GECEX actually should have detected that we are literally in a war.

So, in the fact that we have a confession of theirs about their infraction, I think it's deplorable to consider that this information was not taken into account by the Brazilian Council.

And the technicians at the Ministry of Industry and Commerce were not, uh, informed by the effects.

And there's more.

In particular, the sample of prices that were collected over the past year, including the provisional protection.

This has actually been maintained as a result of the work.

Because NAFTA does follow the price fluctuation, and our main feedstock is after. So the

Uh, the unfair pricing that we suffer.

has been exacerbated by the work, so the situation not only failed to improve but also became worse. So the

Actually should have.

Detected that we are in. We are literally in a war.

Felipe Montoro Jens: It's really difficult for me to understand what sort of public interest could possibly have impacted this decision, but I can only base my opinions on the short clip that was published by the Ministry of Development, Industry, Trade and Services. I again reiterate it is deplorable that a research project with enormous technical information and quality was not taken into account.

Roberto Ramos: It's really difficult for me to understand what sort of public interest could possibly have impacted this decision, but I can only base my opinions on the short clip that was published by the Ministry of Development, Industry, Trade and Services. I again reiterate it is deplorable that a research project with enormous technical information and quality was not taken into account.

Rosana Avolio: Thank you, Roberto. Moving on, Roberto, we have a question. Why are there questions in the capacity to continue operating, as we saw in the financial report of Braskem?

Rosana Avolio: Thank you, Roberto. Moving on, Felipe, we have a question. Why are there questions in the capacity to continue operating, as we saw in the financial report of Braskem?

Felipe Montoro Jens: Thank you, Ro, for the question. This question is very important. I need to make it very clear to start that the balance that has actually been confirmed by our auditors, it's one of the baseline assumptions of our statements, touches on the continued health, good health of the company and its operations. However, there is a plan that has been defined and approved by the company's board. We've actually mentioned some of these topics recently. They involve a restructuring of Braskem's capital structure. Just as every company and every entity, the auditors, the independent auditors, must raise any issues about significant or less significant uncertainties about any plan they assess.

The ministry of Commerce and trade. So I again, I reiterate it is deplorable that uh, a research a project with enormous technical, uh, information and quality was not taken into account. Thank you. And moving on. We have a question. Why there are questions in the capacity to continue operating? As we saw in the financial report of breaking,

Thank you. Hope for the question.

This question is very important. I need to make it very clear to start that.

the balance that has actually been confirmed by our auditors.

It's one of the baseline assumptions of our statements.

Taxes on the continued.

Health, good. Health of the company and its operations.

However, there is a plan that has been, uh, defined and approved by the company's board.

We actually mentioned some of these topics recently; they involved a restructuring of Braskem's comms capital.

Felipe Montoro Jens: Now, given the company that we're talking about, Braskem, it was mentioned that there are uncertainties about this plan, but we've already been working since September of last year with full engagement from everyone, financial and legal advisors, to implement this plan. That is the reason. That's why it, there have been mentions about uncertainties and the assumptions, were maintained about the company's operational, continuity.

And just as every company and every entity, the auditors, the independent auditors, must raise any issues about significant or less significant uncertainties about any planned data set. Now, given the company that we're talking about, Rasam,

It was mentioned that there are uncertainties about this plan, but we've already been working since September of last year with full engagement from everyone—financial and legal advisors—to implement this plan. So that is the reason, that's why it... Uh, there have been mentions about uncertainties and the assumptions.

Rosana Avolio: Thank you, Felipe. Talking about our transformation plan, this is the question: The company announced investment in the Transforma Rio project and continues with strategic investments. Considering the high leverage and cash burn, how is the company going to finance this CapEx without affecting its capital structure? Was there any reevaluation in the scope or the, those investments?

We maintained about the company's operational continuity. Thank you. Talking about our transformation plan, this is a question. The company announced investment in the project and continues with strategic investments.

Felipe Montoro Jens: Thank you once again for this question. Yes, we already mentioned this in the last time we published the Q3 2025 results, and we maintain the same answer. Yes, this restructuring, this reorganization of the company's capital structure does include the necessary resources for this essential project to transform Braskem. The resources for this purpose have been earmarked and are included for this purpose. It needs to be materialized and implemented, but there is no discussion about the need for this to occur whatsoever. This really helps us to corroborate our entire business plan that was approved by the company's board, and the project itself was also approved and announced to the market as soon as the board approved it. This will allow Braskem to survive, to stay afloat and survive healthily and go back to the not so ancient past.

Roberto Ramos: Thank you once again for this question. Yes, we already mentioned this in the last time we published the Q3 2025 results, and we maintain the same answer. Yes, this restructuring, this reorganization of the company's capital structure does include the necessary resources for this essential project to transform Braskem. The resources for this purpose have been earmarked and are included for this purpose. It needs to be materialized and implemented, but there is no discussion about the need for this to occur whatsoever. This really helps us to corroborate our entire business plan that was approved by the company's board, and the project itself was also approved and announced to the market as soon as the board approved it. This will allow Braskem to survive, to stay afloat and survive healthily and go back to the not so ancient past.

During the high leverage and cash burn, how is the company going to finance this Capex without affecting its capital structure? Was there any re-evaluation in the scope of those investments? Thank you. Once again, for this question, yes, we already mentioned this the last time we published the Q3 2025 results, and we maintain the same answer. Yes.

This restructuring, this reorganization of the company—capital structure does include the necessary resources for this essential project to transform Braskem. And so, the resources for this purpose have been earmarked and are included for this purpose; it needs to be materialized and implemented. But there is no discussion about the need for this to occur whatsoever. This really helps us to corroborate our entire business plan that was approved by the company's board.

And the project itself was also approved and announced to the market. As soon as the board approved it, this will allow scam to survive to stay flood and survive healthily

And go back to, uh, the not-so, not, not-so-ancient past.

Roberto Ramos: I'd like to highlight something about our strategy. We have a process underway where we are changing our feedstock. The Rio plant that is roughly 300,000 tons a year, it's gas-based. This allows us to pull Bahia's plant one, which will be converted from a naphtha unit, and it will start processing ethanol. The 300,000 tons that we are going to start producing in addition in Rio, plus the green ethylene that we produce in Bahia, will replace the 600,000 naphtha-based ethylene. In so doing, we are adding more competitiveness and increasing our sustainability, because whether it's because the prices are more interesting for us or because these feedstocks are more sustainable. Don't look at the Rio expansion as an isolated event. Oh, Braskem is ramping up production in Rio because it's cheaper.

I'd like to highlight something about our strategy.

We have a process underway. We are changing our need stock.

The real plan that is roughly 300,000 tons a year, it's tax-based.

This allows us to pull by year's Plan 1, which will be converted from a NAFTA unit, and it will start processing as an all.

We'll replace 600,000 NAFTA.

Base Ethylene.

And in so doing.

We are adding more competitivity and increasing our sustainability.

because,

Whether it's because prices are more interesting for us.

Felipe Montoro Jens: Well, that is true, but we're doing more than that. We are replacing naphtha with other feedstocks. We are switching from gas, and we are switching to green, which is our flight to green. These factors are all integrated. This is not a simple operation. Financing this project takes all of that into consideration.

Roberto Ramos: Well, that is true, but we're doing more than that. We are replacing naphtha with other feedstocks. We are switching from gas, and we are switching to green, which is our flight to green. These factors are all integrated. This is not a simple operation. Financing this project takes all of that into consideration.

Or because these seedstocks are more sustainable. So, don't look at the Rio expansion as an isolated event. 'Oh, Braskem is ramping up production in Rio because it's cheaper.' Well, that is true, but we're doing more than that. We are replacing NAFTA with other feedstocks. We are switching from gas, and we are switching to Green, which is our fly up to Green.

These factors are all integrated. This is not a simple operation. And so, financing this project takes all of that into consideration.

Rosana Avolio: Thank you, Roberto. Moving on. The question is related to petrochemical spreads since the closure of the Strait of Hormuz, what we have seen has increased, and what are the potential impacts. I'm gonna answer this question and then Roberto and Felipe can add to what I said. As I said, we are considering different scenarios. This is a very dynamic topic. Every day there's something new, an update, we learn about escalation of the conflict. I'm gonna talk about what we have seen in terms of consensus. In a more technical view, when we look at the feedstocks, if oil prices go up, naturally, as a co-product of the refinery will also have its price higher.

Thank you, Rebecca.

Moving on.

To petrochemical spreads, since the pleasure of this is what we have seen as increased and, menteur, potential impact.

I'm going to answer questions and then go back and see if they can add to what I said. As I said, we are considering some areas. This is a very dynamic topic—every day there's new and updated information. We learn about escalation of the conflict. So, I'm going to talk about what we have seen in terms of consensus from a more technical view, and we'll look at the feedbacks.

Rosana Avolio: All those higher prices of naphtha that you have been observing in March will be the national reference that you will use as the consumption of feedstock for next month. We see that there's a working capital being consumed from the payables. When we visit the resins of the main project, we see a quicker response in relation to the chemicals. Braskem also makes other chemicals that also have an impact on the margin of the company that would account for 15% to 20% of the historic EBITDA of the company. We already see this consequence in the results of March. In terms of spot price, we have seen some increases. In our cash flow, we can expect a positive result a little bit in the future.

If the oil prices go up, and naturally as a product of the refinery, we will also have its price higher. So, all those higher prices of naphtha that you have been observing in March will be the national reference that you will use as the consumption feedback for next month.

So we see that there's a working capital being consumed.

From the payables, when we visit the residents of the main product, we see a quick response in relation to the chemicals. So, based not producer, also make other chemicals that also.

Rosana Avolio: In terms of expectations, what are the spreads for the first or the second quarter based on the consultancies? There's an expectation from the external consultancies of an increase of about 50% of the spread, as we have observed in Q1 2026.

This has had an impact on the margin of the company that would account for 15% to 20% of the historic evidence of the company. We already see this consequence in the results for March, and in terms of spot price, we have seen increases. But in our cash flow, we can expect a positive result in the future.

Uh, in terms of expectations.

What are the spreads of the first and the second quarter?

Because, based on the concern fees, there's an expectation from the external consultancies of an increase of about 50% of the spread. As we have observed in the first quarter of 2016,

Roberto Ramos: I'd like to add, with a reflection about the length of the rise in prices. How long do we expect that to last? Now, if there even is a negotiating table between the US and Iran has two demands that I personally think are very difficult to meet. First, Iran demands reparations for the losses that it is suffering as a result of the war. This reminds me of the war reparations that were imposed on Germany by the Treaty of Versailles. If you like history and economics, this was often cited as a cause for the German hyperinflation and the rise of Hitler. Now, that's not exactly true, but I'm not here to talk about history.

I'd like to add, uh, a reflection.

About the length of the rise in prices—how long do you expect that to last?

Now.

If there even is a negotiating table between the US and France, Iran has two demands that I personally think are very difficult, very difficult to meet. First, Iran demands reparations for the losses that it is suffering as a result of the war.

This reminds me of the war issues that were imposed on Germany by the Treaty of Versailles.

If you like history and economics,

Felipe Montoro Jens: The fact of the matter is that the US attacks destroyed Iran's fleet, and Iran demands the US and Israel to pay to rebuild that fleet. Iran also demands that its sovereignty over the Strait of Hormuz be recognized internationally. This, if it occurred, would allow Iran to charge a toll on all goods that transit through the strait. Now, this will never be accepted by any party. If these demands are real demands, if they are in fact stumbling blocks on the negotiation, then this negotiation will drag on for a very long time.

Roberto Ramos: The fact of the matter is that the US attacks destroyed Iran's fleet, and Iran demands the US and Israel to pay to rebuild that fleet. Iran also demands that its sovereignty over the Strait of Hormuz be recognized internationally. This, if it occurred, would allow Iran to charge a toll on all goods that transit through the strait. Now, this will never be accepted by any party. If these demands are real demands, if they are in fact stumbling blocks on the negotiation, then this negotiation will drag on for a very long time.

Western attacks destroyed Iran's fleet, and Iran demands that the US and Israel pay to rebuild that fleet. Iran also demands that its sovereignty over the Strait of Hormuz be recognized internationally. This, if it occurred, would allow Iran to charge a toll on all goods that transit through the strait. Now, this will never be accepted by any party.

So if these demands are real demands—if they are, in fact, stumbling blocks in the negotiation—then this negotiation will drag on for a very long time.

Rosana Avolio: Thank you, Roberto. I'm gonna move on to our last question. In relation to the potential change of control, could the company provide an update on the latest facts, please?

Thank you, Roberto.

I'm going to move on to our last question.

Felipe Montoro Jens: Thanks for the question. We have mentioned this often. I'd just like to highlight that Braskem is not party to these discussions or to these negotiations. When and if Braskem is notified, then we will in turn notify the market immediately. As we've mentioned at the beginning of the call, there was public information that was published by the CADE and was materialized by the US in the beginning of March with regard to the antitrust and final negotiations with the shareholders. This is a topic that for us, there is our due diligence, the analysis that's done by potential investors. This remains ongoing here at the company, and we continue to respond to these requests in a timely manner, and to send them to the market so that the market remains apprised in a timely manner as well.

In relation to the potential change of control, who are the company providing today on the latest facts? Please, thanks for the question.

We do also. We have mentioned this often. I'd just like to highlight that Braskem is not party to these discussions or to these negotiations, and when—

And if Rosana is notified, then we will in turn notify the market immediately.

Because, as we mentioned at the beginning of the call, there was public information that was published by Kad.

And was materialized by the US in the beginning of March, with regard to the antitrust.

And finally, negotiations with the shareholders. So, this is a topic that, for us,

Rosana Avolio: Thank you, Felipe. Our last question, Felipe. Could you provide more information on Petrobras? Could there be any type of support from Petrobras to Braskem, considering that the transaction with J&F has been approved, and the new shareholders' agreement is likely to be signed briefly?

There is due diligence, the analysis that's done by potential investors. This remains ongoing here at the company, and we continue to respond to these requests in a timely manner so—and to, uh, send them to the market. So the market remains apprised in a timely manner as well. Thank you.

For this question.

Could you provide more information on the graph?

Could there be any type of support from Peter Rash to ask him?

Considering that the transaction with IG4 had been approved.

and the new,

Felipe Montoro Jens: Thank you. This question actually depends significantly on Petrobras, and it actually should be asked of Petrobras, not really Braskem. With regard to the relevance between Petrobras and Braskem, we continue to work to develop future improvements and commercial conditions, of course, respecting both parties so that both parties can reach an agreement that is fruitful for both companies. I believe that these discussions remain ongoing in parallel. They've always remained ongoing regardless of the any potential shareholder situation. Just to add, Petrobras does hold a relevant stock in the company. They have four board members in our board. We have monthly meetings of the board. Petrobras is notified in a very timely manner of everything happening at Braskem. In addition, the Petrobras board has direct access to the Braskem board, and we talk every week, multiple times a week.

Circle, disagreement is likely to be signed quickly.

Thank you.

This question.

Actually, it depends significantly on Peter Brass, and it actually should be asked of us—not really.

And with regard to the relevance,

Between Peter, we continue to work to develop future improvements and commercial conditions—of course, respecting both parties—so that both parties can reach an agreement that is fruitful for both companies. I believe that these discussions remain ongoing in parallel; they've always remained ongoing, regardless of any potential shareholder situation.

Just to add, PET does hold a relevant stock.

In the company, they have four board members. In our board, we have monthly meetings of the board.

Roberto Ramos: Petrobras is fully aware of the Braskem situation and the extremely negative petrochemical cycle. They are also enormously interested in the stake that they hold here at the company, the interest they have at the company. What Felipe said is true, but I think the answer is a little obvious. Petrobras is enormously interested in Braskem and will remain interested. Ladies and gentlemen, we now conclude the question and answer session and the Braskem video conference. Our conference is now complete. Thank you all for joining us, and have a great day.

So Peter Brest is notified in a very timely manner of everything happening at Braskem. In addition, the Braskem board has direct access to the Braskem board. And we talk every week, multiple times a week.

Felipe Montoro Jens: Petrobras is fully aware of the Braskem situation and the extremely negative petrochemical cycle. They are also enormously interested in the stake that they hold here at the company, the interest they have at the company. What Felipe said is true, but I think the answer is a little obvious. Petrobras is enormously interested in Braskem and will remain interested. Ladies and gentlemen, we now conclude the question and answer session and the Braskem video conference. Our conference is now complete. Thank you all for joining us, and have a great day.

So, Peter Brass is fully aware of the Brass scam situation and the extremely negative petrochemical cycle.

Monthly, interested in Braskem and will remain interested.

Ladies and gentlemen, we now conclude the question and answer session and the Braskem video conference.

Conference now complete. Thank you all for joining us, and have a great day.

Q4 2025 Braskem SA Earnings Call

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