Braskem SA (BAK) 2025 Q3 法說會逐字稿

Good afternoon, and thank you for waiting. Welcome to Braskem's third quarter of 2025 results conference call. With us here today, we have Mr. Roberto Ramos, Braskem's CEO; Felipe Jens, Braskem's CFO; and Rosana Avolio, Investor Relations, Strategic Planning and Corporate Market Intelligence Director. Please note that this event is being recorded.

下午好，感謝您的耐心等待。歡迎參加 Braskem 2025 年第三季業績電話會議。今天在場的有：Braskem 執行長 Roberto Ramos 先生；Braskem 財務長 Felipe Jens 先生；以及投資者關係、策略規劃和企業市場情報總監 Rosana Avolio 先生。請注意，本次活動正在錄影。

The presentation will be held in Portuguese with simultaneous translation into English. (Operator Instructions) Now I will repeat the same instructions in Portuguese translated into English. The presentation is being held in Portuguese and simultaneous interpreting into English. (Operator Instructions) The audio for this event will be available on the Investor Relations website after it ends. We remind you that participants will be able to submit questions for Braskem, which will be answered after the end of the conference by the IR department.

本次演講將以葡萄牙語進行，並提供英語同聲傳譯。（操作說明）現在我將用葡萄牙語重複一遍相同的說明，並將其翻譯成英語。本次演講以葡萄牙語進行，並提供英語同聲傳譯。（操作說明）本次活動的音訊將在活動結束後發佈在投資者關係網站上。我們提醒各位與會者，可以向 Braskem 提交問題，這些問題將在會議結束後由 IR 部門解答。

Before we proceed, please note that any statements that may be made during this conference call regarding Braskem's business prospects, projections, operational and financial goals constitute beliefs and assumptions of the company's management as well as information currently available to Braskem. Future considerations are not a guarantee of performance and involve risks, uncertainties, and assumptions as they refer to future events and therefore, depend on circumstances that may or may not occur. Investors and analysts should understand that general conditions, industry conditions and other operational factors may affect Braskem's future results and may lead to results that differ materially from those expressed in such future conditions.

在繼續之前，請注意，本次電話會議中可能就 Braskem 的業務前景、預測、營運和財務目標所作的任何陳述，均構成公司管理層的信念和假設，以及 Braskem 目前可獲得的資訊。未來展望並非業績保證，且涉及風險、不確定性和假設，因為它們涉及未來事件，因此取決於可能發生也可能不發生的情況。投資者和分析師應該了解，一般情況、行業狀況和其他營運因素可能會影響 Braskem 的未來業績，並可能導致實際業績與此類未來情況下所表達的業績存在重大差異。

Now I'll turn the conference over to Ms. Rosana Avolio, Investor Relations, Strategic Planning and Corporate Market Intelligence Director. Ms. Avolio, you may begin your presentation.

現在我將把會議交給投資者關係、策略規劃和企業市場情報總監羅莎娜·阿沃利奧女士。阿沃利奧女士，您可以開始演講了。

Good morning, everyone. Thank you for participating in Braskem's earnings conference call for the third quarter of 2025. As indicated in the agenda described on slide 3, I will begin the presentation with the company's main highlights in the period, starting on slide 4.

各位早安。感謝您參加 Braskem 2025 年第三季財報電話會議。如投影片 3 所述的議程所示，我將從投影片 4 開始，介紹公司在此期間的主要亮點。

In the third quarter of 2025, the industry's performance continued to be impacted by the prolonged downward cycle. Utilization rate at petrochemical plants in Brazil were lower than in the second quarter due to the scheduled maintenance stoppage at the Rio de Janeiro plant and the continued implementation of the strategy to optimize production at naphtha-based plants, which takes into account demand levels and spreads on the international market.

2025年第三季度，該產業的表現持續受到長期下行週期的影響。由於裡約熱內盧工廠按計劃停產檢修，以及繼續實施優化石腦油基工廠生產的戰略（該戰略考慮了國際市場的需求水平和價差），巴西石化工廠的利用率低於第二季度。

In the United States and Europe, the increase is mainly due to the normalization of operations and the rebuilding of stocks in the United States, while production levels in Mexico remained lower given the first general maintenance stoppage since the start of production, which was completed at the end of July 2025. With regard to safety and non-negotiable value, Braskem recorded an average accident frequency rate of 0.75 events per million hours worked, down on the previous quarter and well below the global industry average.

在美國和歐洲，產量增加主要是由於營運正常化和美國庫存的重建，而墨西哥的產量水準仍然較低，這是由於自生產開始以來的第一次全面維護停產，該停產已於 2025 年 7 月底完成。在安全性和不可協商的價值方面，Braskem 的平均事故發生率為每百萬工時 0.75 起，比上一季有所下降，遠低於全球行業平均水平。

In the quarter, the company recorded consolidated recurring EBITDA of $150 million, 104% higher than that in the first -- second quarter of '25, with Brazil, South America segment standing out. With regard to operating cash flow, despite the better EBITDA recorded in the quarter, the company had operating cash consumption of approximately $62 million.

該季度，該公司錄得合併經常性 EBITDA 1.5 億美元，比 2025 年第一季度和第二季度增長 104%，其中巴西和南美業務表現突出。就經營現金流而言，儘管本季 EBITDA 有所改善，但該公司經營現金消耗約為 6,200 萬美元。

Braskem's cash position at the end of the quarter was approximately $1.3 billion, sufficient to cover debt maturities over the next 27 months without taking into account the international standby revolving credit line in the full amount of $1 billion and maturing in December 2026. The company's total liquidity, including this credit line was approximately $2.3 billion at the end of the quarter.

截至季末，Braskem 的現金狀況約為 13 億美元，足以支付未來 27 個月到期的債務，這還不包括將於 2026 年 12 月到期的 10 億美元的國際備用循環信貸額度。截至季末，該公司的總流動資金（包括這筆信貸額度）約為 23 億美元。

Let's move on to the next slide. In the third quarter of 2025, the global macroeconomic scenario was marked by moderate growth, the accelerated inflation, high interest rates and strong geopolitical and trade tensions. And considering the still volatile scenario, we have seen a significant impact in the regions where we operate, resulting in lower industrial activity in resin processing and a typical downturn in demand for the period, reflecting the challenges faced by the industry on a global scale, especially in Brazil and Europe. In addition, most international petrochemical spreads fell in the period, remaining at historically low levels due to excess installed capacity, which, together with weakened demand, continue to put negative pressure on the sector's profitability at the global level.

我們來看下一張投影片。2025年第三季度，全球宏觀經濟情勢的特徵是成長溫和、通貨膨脹加速、利率高企以及地緣政治和貿易緊張局勢加劇。考慮到當前情況仍然動盪，我們在營運所在地區已經看到了顯著的影響，導致樹脂加工行業的工業活動減少，需求也出現了該時期典型的下滑，這反映了該行業在全球範圍內面臨的挑戰，尤其是在巴西和歐洲。此外，由於產能過剩，大多數國際石化產品價差在此期間下降，並保持在歷史低位，這與需求疲軟一起，繼續對全球石化行業的盈利能力構成負面壓力。

Moving on to the next slide. The performance of each of the company's segments will presented below, starting with Brazil on slide number 7. In Brazil, the utilization rate at the petrochemical plants was lower due to the scheduled shutdown of the Rio de Janeiro petrochemical plant and the strategy of optimizing production at naphtha-based plants in face of demand levels. Resin sales in the Brazilian market were lower, mainly due to the higher volume of polyethylene imports and lower demand for polypropylene. This reduction was offset by higher sales of key chemicals.

接下來是下一張投影片。以下將介紹公司各業務部門的業績，先從第 7 頁的巴西業務部門開始。在巴西，由於裡約熱內盧石化廠按計畫停產，以及在需求水準下優化石腦油基工廠生產的策略，石化廠的利用率較低。巴西市場的樹脂銷售量下降，主要原因是聚乙烯進口量增加和聚丙烯需求下降。這一降幅被關鍵化學品銷售的成長所抵消。

In the quarter, recurring EBITDA was $205 million, 35% higher than in the previous quarter. This increase is explained by the prioritization of sales with higher added value, the implementation of the commercial strategy to supply the Brazilian market, and the initiatives of the resilience program.

本季經常性 EBITDA 為 2.05 億美元，比上一季成長 35%。這一增長可歸因於優先發展高附加價值銷售、實施面向巴西市場的商業策略以及韌性計劃的各項舉措。

Let's move on to the next slide, please. In the third quarter of 2025, the utilization rate of green ethylene plant was 40%, 31 percentage points lower than the previous quarter, impacted by the continued implementation of measures to optimize stock levels, which is part of the resilience program. Sales were lower compared to the second quarter due to lower demand from Asian markets.

請繼續下一張投影片。2025年第三季度，綠色乙烯裝置的利用率為40%，比上一季下降了31個百分點，這是由於持續實施優化庫存水準的措施所致，而這是韌性計畫的一部分。由於亞洲市場需求下降，銷售額較第二季下降。

In relation to the strategy of accelerating the production of new bioproducts and with the aim of seeking opportunities to create value, Braskem GreenCo was created at the end of 2023, a company that already owns the green ethylene assets in Rio Grande do Sul and which will concentrate the growth of Braskem's green portfolio.

為了加快新生物產品的生產策略，並尋求創造價值的機會，Braskem GreenCo 於 2023 年底成立，該公司已擁有南里奧格蘭德州的綠色乙烯資產，並將集中發展 Braskem 的綠色產品組合。

Next slide, please. The utilization rate in the United States and Europe segment was higher due to the normalization of operations and the rebuilding of inventories in the United States. The lower sales volume compared to the previous quarter is mainly explained by the lower industrial activity in Europe and the weakened demand in the United States. The segment's results continued at negative levels, impacted by weakened demand in the regions pressured spreads and higher ship expenses. These effects were partially offset by the lower inventory effect of feedstock acquired in previous periods in the United States.

請看下一張投影片。由於美國業務運作正常化和庫存重建，美國和歐洲市場的利用率較高。與上一季相比，銷量下降的主要原因是歐洲工業活動減少和美國需求疲軟。受地區需求疲軟、價差收窄和船舶費用上漲的影響，該業務板塊的業績持續處於負成長狀態。這些影響部分被美國前期購買的原料庫存影響降低所抵銷。

Moving on to the next slide, we will talk about the Mexico segment's performance in the quarter. The utilization rate for the quarter was 47%, still impacted by the first general maintenance stoppage since the plant start-up, which was concluded on July 31.

接下來，我們將在下一張投影片中討論墨西哥業務在本季的表現。本季利用率為 47%，仍受到工廠啟動以來首次全面維護停產的影響，該停產於 7 月 31 日結束。

With regard to ethane supply, the lower volume of ethane supplied by PEMEX compared to the previous quarter was offset by the increase in the volume imported through Fast Track and the start of supply from the ethane import terminal. In this scenario, the volume of polyethylene sales was lower than in the second quarter. Recurring EBITDA of the segment for the period was negative by $37 million, also impacted by the higher idle expenses in the quarter due to scheduled stoppages and lower provisions for fine receivable for delays in the construction of the terminal of ethane imports compared to the second quarter of 2025.

就乙烷供應而言，墨西哥國家石油公司 (PEMEX) 供應的乙烷量較上一季度有所下降，但通過快速通道進口的乙烷量增加以及乙烷進口碼頭開始供應，抵消了這一下降。在這種情況下，聚乙烯的銷售量低於第二季。該業務部門本期經常性 EBITDA 為負 3700 萬美元，這也受到本季度因計劃停工而導致的閒置支出增加以及與 2025 年第二季度相比，乙烷進口碼頭建設延誤應收罰款撥備減少的影響。

Now let's move on to the next slide. The general maintenance stoppage at Braskem Idesa petrochemical plant was completed at the end of July with the participation of more than 30,000 people. This was the first scheduled maintenance stoppage at the petrochemical complex in Mexico since its inauguration in 2016.

現在我們來看下一張投影片。Braskem Idesa 石化廠的全面檢修停工已於 7 月底完成，超過 30,000 人參與其中。這是墨西哥該石化聯合企業自 2016 年投產以來首次規劃性停產檢修。

In addition, the start of ethane supplies from Terminal Química Puerto México in September 2025 marks the beginning of a new chapter in the history of Braskem Idesa with the reduction of the need to use Fast Track solution and guaranteeing the possibility of access to 100% of Braskem Idesa's feedstock at lower logistics costs. This ethane will be transported using two ethane transport vessels leased by Braskem Trading and Shipping, which are dedicated to this operation.

此外，2025 年 9 月墨西哥港化學碼頭開始供應乙烷，標誌著 Braskem Idesa 歷史上新篇章的開始，減少了對快速通道解決方案的需求，並保證了 Braskem Idesa 能夠以更低的物流成本獲得 100% 的原料。這些乙烷將使用 Braskem Trading and Shipping 租賃的兩艘乙烷運輸船進行運輸，這兩艘船專門用於此作業。

TQPM is connected to the petrochemical complex in Mexico via pipelines, guaranteeing greater reliability to the operation when compared to the Fast Track solution. It's worth noting that in September, TQPM supply of ethane to Braskem Idesa amounted to approximately 11,000 barrels per day.

TQPM 透過管道與墨西哥的石化聯合體相連，與快速通道解決方案相比，保證了更高的運作可靠性。值得注意的是，9 月 TQPM 向 Braskem Idesa 供應的乙烷量約為每天 11,000 桶。

Next slide, please. In the next chapter, we will discuss the company's consolidated results. Consolidated recurring EBITDA in the third quarter was $150 million. The increase in relation to the previous quarter is mainly explained by the prioritization of higher value-added sales, prioritization of supply to the Brazilian market, positively impacting the contribution margin, lower inventory effect in the United States, and the implementation of the resilience plan initiatives with emphasis on reducing fixed costs in general. These effects were partially offset by higher idle expenses due to scheduled stoppages in Brazil and Mexico and by the appreciation of the real against the dollar.

請看下一張投影片。下一章，我們將討論公司的合併表現。第三季合併經常性 EBITDA 為 1.5 億美元。與上一季相比，成長主要歸因於：優先發展高附加價值銷售、優先供應巴西市場（對邊際貢獻率產生正面影響）、美國庫存影響降低，以及實施以降低固定成本為重點的韌性計畫措施。由於巴西和墨西哥的計畫停工導致閒置成本增加，以及雷亞爾對美元升值，這些影響部分抵消了上述影響。

Moving on to the next slide. By the end of September 2025, all work fronts in Maceió were progressing according to plan. The relocation and compensation front continue to show progress in its indicator and ended the quarter with 99.9% execution of the residents relocation program.

接下來是下一張投影片。到 2025 年 9 月底，馬塞約的所有工作面都按計畫推進。搬遷和補償方面持續取得進展，其指標顯示，本季居民搬遷計畫的執行率達到 99.9%。

The same percentage applies to the number of proposals submitted for the financial compensation and relocation support program of which around 99.6% were accepted and 99.5% were paid out. At the same time, the closure and monitoring of the salt cavities is being implemented after all the actions have been taken, if necessary, to ensure that the 35 cavities reach a maintenance-free state in the long term.

同樣的比例也適用於提交的財務補償和搬遷支援計畫提案數量，其中約 99.6% 的提案被接受，99.5% 的提案被支付。同時，在採取一切必要措施後，將對鹽穴進行封閉和監測，以確保這 35 個鹽穴在長期內達到免維護狀態。

This quarter, we highlight the achievement of the technical filling limit of cavity 16. As a result, six cavities have now been naturally filled, six cavities have been completed, three have reached the technical filling limit and seven cavities are being filled. Additionally, as announced by the company through a material fact, Braskem and the state of Alagoas signed an agreement related to the Alagoas geological event, providing for a total payment of BRL1.2 billion, of which around BRL139 million had already been paid. The outstanding balance is to be paid in 10 variable and adjusted annual installments, mainly after 2030, taking into account the company's payment capacity.

本季度，我們重點介紹了第 16 型腔的技術填充極限的實現。因此，目前已有 6 個牙洞自然填充完畢，6 個牙洞已完成填充，3 個牙洞已達到技術填充極限，7 個牙洞正在填充中。此外，正如該公司透過重大事實宣布的那樣，布拉斯科公司與阿拉戈斯州簽署了一項與阿拉戈斯地質事件相關的協議，規定總付款額為 12 億巴西雷亞爾，其中約 1.39 億巴西雷亞爾已經支付。未償餘額將分 10 年可變調整的年度分期付款，主要在 2030 年之後支付，具體支付時間將考慮公司的支付能力。

The state agreement establishes compensation, indemnification and/or reimbursement to the state of Alagoas for full operation of any and all state property and of patrimonial damages and granted the company full discharge for any damages arising from and/or related to the geological event in Alagoas, including the extinction of the Alagoas state suit in action. The signing of this agreement represents a significant and important step forward for the company in relation to the impact resulting from the geological event in Alagoas.

該州協議規定，對於阿拉戈斯州所有國有財產的全面運營和財產損失，應向阿拉戈斯州提供補償、賠償和/或償還，並授予該公司完全免除因阿拉戈斯州地質事件引起和/或與之相關的任何損害賠償責任，包括終止阿拉戈斯州的訴訟。該協議的簽署對公司而言，是應對阿拉戈斯地質事件影響方面邁出的重要一步。

Therefore, in relation to the final provision, the total provision related to Alagoas event was around BRL18.1 billion, of which around BRL13.6 billion have already been disbursed and approximately BRL1.5 billion have been reclassified to other obligations payable, including those related to the agreement signed with the state of Alagoas as mentioned above. As a result, the total provisioned balance at the end of the third quarter of 2025 was BRL3.8 billion.

因此，就最終準備金而言，與阿拉戈斯事件相關的準備金總額約為 181 億雷亞爾，其中約 136 億雷亞爾已撥付，約 15 億雷亞爾已重新分類為其他應付義務，包括如上所述與阿拉戈斯州簽署的協議相關的義務。因此，截至 2025 年第三季末，撥備餘額總額為 38 億雷亞爾。

Now let's move on to the next slide. In the third quarter of 2025, the implementation of resilience measures, especially the optimization of inventory levels was important in partially mitigating the consumption of working capital. The company had an operating cash consumption of BRL334 million, impacted mainly by the higher seasonal disbursement of operating investments, including the scheduled stoppage at the Rio de Janeiro petrochemical plant and in Mexico.

現在我們來看下一張投影片。2025 年第三季度，實施韌性措施，特別是優化庫存水平，對於部分緩解營運資金消耗至關重要。該公司經營現金消耗為 3.34 億雷亞爾，主要受季節性經營投資支出增加的影響，包括裡約熱內盧石化廠和墨西哥工廠的計畫停產。

Recurring cash consumption was mainly impacted by higher half-yearly interest payments on debt securities issued on the international market by the company, which are concentrated in the first and third quarters of the year. The sales of fund quotas part of the resilience plan and the receipt of the last installment of the sale of Cetrel reduced this consumption by BRL211 million. Finally, considering the disbursements in Alagoas, the company had a cash consumption of approximately BRL2.2 billion.

經常性現金消耗主要受到公司在國際市場發行的債務證券半年期利息支付增加的影響，這些利息支付集中在每年的第一季和第三季。作為韌性計劃的一部分，基金配額的出售以及 Cetrel 出售的最後一筆款項的收到，使該項消耗減少了 2.11 億雷亞爾。最後，考慮到在阿拉戈斯州的支出，該公司現金消耗約為 22 億雷亞爾。

Now let's move on to the next slide. Braskem ended the third quarter of the year with an elongated debt profile with 69% of its debt concentrated after 2030. In order to strengthen its liquidity position in the face of the industry prolonged downturn, the company drew down its standby line in the amount of $1 billion at the beginning of October. The current line matures in December 2026. The available cash of $1.3 billion is enough to cover the debt principal repayments over the next 27 months. Finally, corporate leverage stood at approximately 14.7 times at the end of the third quarter of 2025, mainly due to the lower EBITDA over the last 12 months.

現在我們來看下一張投影片。截至第三季末，Braskem 的債務結構較為複雜，其 69% 的債務集中在 2030 年以後。為了在該行業長期低迷的情況下加強流動性，該公司於 10 月初提取了 10 億美元的備用信貸額度。目前線路將於 2026 年 12 月到期。現有的 13 億美元現金足以支付未來 27 個月的債務本金償還。最後，截至 2025 年第三季末，該公司槓桿率約為 14.7 倍，這主要是由於過去 12 個月的 EBITDA 較低所致。

Moving on with our agenda on slide 11. This concludes the overview of the results for the third quarter of 2025. And next, I will comment on the company's resilience and transformation program. Braskem continues to focus on implementing the initiatives set out in its global resilience and transformation program, considering the significant impact resulting from the prolonged downturn of the entire industry and the Brazilian chemical sector. To this end, the company has adopted measures aimed at generating sustainable value with an emphasis on maximizing EBITDA and mitigating cash consumption.

接下來，我們繼續討論第11張投影片的內容。以上是2025年第三季業績的概述。接下來，我將對公司的韌性和轉型計畫發表評論。考慮到整個產業和巴西化工產業長期低迷的重大影響，Braskem 將繼續專注於實施其全球韌性和轉型計畫中所製定的各項措施。為此，公司採取了旨在創造永續價值的措施，重點是最大限度地提高 EBITDA 並減少現金消耗。

Braskem's resilience program is aimed at implementing tactical initiatives in the company's operations and processes and is structured around two pillars: initiatives with an impact on EBITDA and short-term cash generation and actions to defend the competitiveness of the Brazilian chemical industry with a focus on building a more competitive Braskem, resilient and sustainable. The transformation program brings together initiatives that support the perpetuity of the business and is structured around three pillars: optimization of naphtha base, increasing and flexibility of the gas base, and finally, migrating to products with renewable sources.

Braskem 的韌性計畫旨在公司營運和流程中實施戰術舉措，其結構圍繞著兩大支柱展開：一是影響 EBITDA 和短期現金流的舉措，二是捍衛巴西化工行業競爭力的行動，重點是打造一個更具競爭力、韌性和可持續性的 Braskem。該轉型計畫匯集了支持業務永續發展的各項舉措，其結構圍繞著三大支柱展開：優化石腦油基礎、提高天然氣基礎的靈活性，以及​​最終向再生能源產品轉型。

Now let's move on to the next slide. Following on from what was presented on the previous slide, the implementation of the global resilience program fronts have been intensified considering the prolonged downturn in the industry. So far, we have established 79 action plans globally, which have been broken down into more than 700 initiatives. These actions are distributed on fronts presented above, institutional agenda, commercial agenda, monetization of assets, negotiation with suppliers, optimization of capital employed, and operational optimization.

現在我們來看下一張投影片。繼上一張投影片所展示的內容之後，考慮到產業長期低迷，全球韌性計畫各方面的實施力度已經加大。到目前為止，我們已在全球範圍內制定了 79 項行動計劃，這些計劃又細分為 700 多項舉措。這些行動分佈在上述各個面向：機構議程、商業議程、資產貨幣化、與供應商談判、資本優化和營運優化。

In 2025, the potential for capturing these actions is around $400 million in EBITDA and about $500 million in cash generation in relation to the business plan budget for the year 2025. Regarding the progress of the implementation of the actions, around one-third of the initiatives have already been implemented and other are in execution or partially implemented, demonstrating the progress of the program. This program is an essential pillar to get through the challenging scenario of the global industry.

到 2025 年，這些舉措預計將帶來約 4 億美元的 EBITDA 和約 5 億美元的現金收入，這與 2025 年的業務計劃預算相關。關於各項行動的實施進展，約三分之一的措施已經實施，其他措施正在執行或部分實施，這表明該計劃取得了進展。該專案是應對全球產業挑戰的重要支柱。

Moving on to the next slide. Continuing what we saw in the previous slide, resilience initiatives have made progress that is fundamental to mitigating the impact of the prolonged downturn in the industry. On the regulatory side, we have made significant progress in strengthening the Brazilian chemical industry, ensuring fair competitiveness. Among them, the approval of the provisional application of the antidumping duty for the imported from the US and Canada, mitigating the existing damage in the Brazilian market and the maintenance of the 20% import rate in Brazil for PE, PP, and PVC resins.

接下來是下一張投影片。正如我們在上一張幻燈片中看到的那樣，韌性舉措已經取得了進展，這對於減輕該行業長期低迷的影響至關重要。在監管方面，我們在加強巴西化學工業、確保公平競爭方面取得了重大進展。其中包括批准對從美國和加拿大進口的產品暫時徵收反傾銷稅，以減輕巴西市場現有的損害，並維持巴西對 PE、PP 和 PVC 樹脂 20% 的進口稅率。

In addition, the approval of Bill 892 of 2025 by the Chamber of Deputies represents a significant step forward for the Brazilian chemical industry, which has been operating at the highest rate in the last 30 years. This bill has the purpose of extending the break, the special regime for chemical industry in November and December 2025, in addition to instituting the PRESIQ, which is the special program for the sustainability of the chemical industry from 2027 to 2031.

此外，眾議院批准 2025 年第 892 號法案，對巴西化學工業而言是向前邁出的重要一步，該行業在過去 30 年中一直保持著最高的生產力。該法案的目的是將化學工業的特殊優惠政策延長至 2025 年 11 月和 12 月，此外還將設立 PRESIQ，即 2027 年至 2031 年化學工業永續發展特別計畫。

The text of the bill is currently being processed in the Senate for approval and subsequent presidential sanction. Braskem, together with ABIQUIM and other companies in the sector, reinforces the importance of proving the Bill 892.

該法案文本目前正在參議院審議，等待批准和總統簽署。Braskem 與 ABIQUIM 和該行業的其他公司一起，強調了證明第 892 號法案的重要性。

ABIQUIM's technical studies indicate that this bill could generate an estimated positive impact of BRL112 billion on the Brazilian GDP by 2029, create up to 1.7 million direct and indirect jobs recover up to BRL65 billion in tax revenues as well as increasing the use of the sector's installed capacity, which currently operates at the lowest level in the industry. In addition, a series of initiatives with an impact on EBITDA were implemented, such as commercial optimizations, reductions of logistics costs, energy, supplies, input, raw materials, optimization of inventory levels as we commented on throughout the performance of the segment, monetization of tax credits, among others.

ABIQUIM 的技術研究表明，到 2029 年，該法案預計將對巴西 GDP 產生 1120 億雷亞爾的積極影響，創造多達 170 萬個直接和間接就業崗位，恢復多達 650 億雷亞爾的稅收收入，並提高該行業已安裝產能的利用率，而該行業目前的產能利用率在該行業目前已處於最低水平。此外，還實施了一系列對 EBITDA 產生影響的舉措，例如商業優化、降低物流成本、能源、供應、投入、原材料成本、優化庫存水準（正如我們在整個業務部門業績報告中所提到的）、稅收抵免貨幣化等等。

These combined initiatives generated positive impact of around $240 million in EBITDA and approximately $330 million in cash in the year to date compared to the budget of the company's business plan for 2025. These results reinforce the importance of the resilience program in the current industry scenario.

與該公司 2025 年業務計畫預算相比，這些綜合舉措在今年迄今產生了約 2.4 億美元的 EBITDA 和約 3.3 億美元的現金的正面影響。這些結果進一步凸顯了韌性計畫在當前產業情勢下的重要性。

Now let's move on to the next slide. With regard to the transformation program, the company also made progress on initiatives to increase the competitiveness of its operations in the medium and long term with the aim of ensuring the perpetuity of our business. Starting with Transforma Alagoas, we highlight the beginning of actions to increase the competitiveness of the company's PVC operations and make them more sustainable.

現在我們來看下一張投影片。在轉型計畫方面，公司也在提高中長期營運競爭力的措施方面取得了進展，旨在確保公司業務的永續發展。從 Transforma Alagoas 開始，我們重點介紹為提高公司 PVC 業務的競爭力並使其更具可持續性而採取的行動的開端。

The chlorine-soda plant in Alagoas will be transformed into a unit dedicated to handling volumes of EDC, the raw material for the production of PVC. In this context, the chlorine-soda plant was hibernated in September 2025. The company started a new PVC operating model and will now import all its EDC needs through a long-term contract signed with an international supplier. Braskem, which has been present in Alagoas for 48 years, reaffirms its commitment to the socioeconomic development of the state, boosting the strengthening of the chemical and plastic chain.

阿拉戈斯州的氯鹼廠將改建為專門處理大量EDC（PVC生產原料）的工廠。在這種情況下，氯蘇打廠於 2025 年 9 月停產。該公司啟用了一種新的PVC營運模式，並將透過與國際供應商簽訂的長期合約進口其所有EDC需求。在阿拉戈斯州經營了 48 年的 Braskem 公司重申了對該州社會經濟發展的承諾，並促進了化學和塑膠產業鏈的加強。

With regard to Transforma Sul initiative, the study into importing LPG for use as feedstock has been completed. It's worth noting that the Rio Grande do Sul petrochemical plant is the most competitive naphtha-based plant in South America and the best positioned on the global ethylene cash cost curve. This study was carried out with the aim of taking advantage of the plant's existing gas processing flexibility, combined with greater logistical efficiency by importing LPG from Argentina, taking advantage of Vaca Muerta production.

關於 Transforma Sul 計劃，進口液化石油氣作為原料的研究已經完成。值得注意的是，南里奧格蘭德石化廠是南美洲最具競爭力的石腦油基工廠，也是全球乙烯現金成本曲線上位置最佳的工廠。這項研究的目的是利用該工廠現有的天然氣處理彈性，結合從阿根廷進口液化石油氣以提高物流效率，並利用瓦卡穆埃爾塔的生產能力。

This initiative brings potential incremental profitability of about $110 per tonne compared to the using naphtha as a feedstock. These actions demonstrate how the company has sought to modify its operations to ensure efficiency, flexibility and long-term sustainability.

與使用石腦油作為原料相比，這項舉措預計將每噸增加約 110 美元的利潤。這些舉措表明，該公司已努力調整營運方式，以確保效率、靈活性和長期可持續性。

Now let's move on to the next slide. Concluding this chapter, we come to the biggest transformation initiative underway, Transform Rio. The expansion of the Rio de Janeiro plant's capacity was approved by the Board of Directors in October 2025. This project will add 220,000 tonnes per year of ethylene capacity with an equivalent expansion of PE, increasing the share of gas in Braskem's feedstock profile. The estimated investment of BRL4.2 billion with completion estimated for the end of 2028.

現在我們來看下一張投影片。本章最後，我們來看看正在進行的最大規模的轉型計畫—裡約熱內盧轉型計畫。裡約熱內盧工廠產能擴建計畫於 2025 年 10 月獲得董事會批准。該計畫將每年新增 22 萬噸乙烯產能，同時擴大聚乙烯產能，進而提高天然氣在 Braskem 原料結構中的佔比。預計投資金額為 42 億雷亞爾，預計 2028 年底完工。

The implementation of the project is conditional on obtaining funding in addition to the resources already approved under the REIQ investments benefit for 2025 and 2026 and a long-term supply contract with Petrobras. In addition to increasing the competitiveness of Brazil's most efficient petrochemical plant, this expansion will bring greater competitiveness to the Brazilian polyethylene market, which is in deficit and positive socioeconomic impacts such as revenue generation for the states and the creation of more than 7,500 jobs during the project execution.

此專案的實施取決於除 REIQ 2025 年和 2026 年已批准的投資優惠資金外，還能獲得額外資金，以及與巴西石油公司簽訂長期供應合約。除了提高巴西最高效的石化工廠的競爭力外，此次擴建還將提高巴西聚乙烯市場的競爭力（該市場目前存在短缺），並帶來積極的社會經濟影響，例如為各州創造收入，並在項目執行期間創造超過 7500 個就業機會。

With this, we conclude the chapter by reinforcing that the resilience and transformation program is essential for getting through the industry's challenging cycle, guaranteeing competitiveness and sustainability. On to the next slide. I will now comment on the company's strategic direction for the next five-year cycle and the outlook for the petrochemical scenario.

綜上所述，本章最後強調，韌性和轉型計畫對於度過產業充滿挑戰的週期、保證競爭力和永續性至關重要。進入下一張投影片。接下來，我將對公司未來五年的策略方向以及石化產業的展望發表評論。

Now let's move on to the next slide. Every year, the company draws up its business plan with a five-year horizon through a regular process with a structured timetable and the involvement of various areas of the company. Discussions related to the strategic direction typically take place during the second half of the year, where we revisit our vision for the next five years. taking into account changes in the global scenario, trends and fundamentals in the energy and petrochemical industry.

現在我們來看下一張投影片。公司每年都會通過一套有條不紊的流程，制定未來五年的商業計劃，該流程有結構化的時間表，並有公司各部門的參與。與策略方向相關的討論通常在下半年進行，屆時我們會重新審視未來五年的願景，同時考慮到全球情勢的變化以及能源和石化產業的趨勢和基本面。

For this cycle between May and July, we kick off by drawing up future scenarios for the petrochemical industry. In August and September, after a detailed discussion, the macroeconomic and petrochemical scenarios were validated with the leadership. In October, we refined the market, operational, financial projections based on these validations. And in December, we will consolidate the strategic direction for approval by the Board of Directors.

在 5 月至 7 月的這個週期中，我們首先制定了石化產業的未來發展情景。8 月和 9 月，經過詳細討論，宏觀經濟和石化情景得到了領導層的確認。10 月份，我們根據這些驗證結果，完善了市場、營運和財務預測。12月，我們將整合策略方向，提交董事會批准。

Now let's move on to the next slide. When we look at the global scenario in 2025, what stands out most is the high level of uncertainty and volatility. This movement has been driven by trade tensions between the United States and China, which have escalated throughout the year. These tensions are accompanied by a series of factors that are likely to continue over the next years, such as more fragmented global chains, increasingly protectionist industrial policies and changes in investment flows, which directly affect international competitiveness.

現在我們來看下一張投影片。展望 2025 年的全球情勢，最突出的問題是高度的不確定性和波動性。這一趨勢是由中美貿易緊張局勢推動的，而這種緊張局勢在今年不斷升級。這些緊張局勢伴隨著一系列可能在未來幾年持續存在的因素，例如全球供應鏈更加分散、產業政策日益保護主義以及投資流動的變化，這些都直接影響國際競爭力。

Even with interest rate cuts, the risk of global economic slowdown is still present. When we look at the GDP projections, the consensus is for growth similar to the start of the decade, but limited by the uncertainties of the trade war. This means that we are facing a scenario in which globalization is weakening and protection is advancing.

即使降息，全球經濟放緩的風險依然存在。從 GDP 預測來看，普遍認為成長將與十年前類似，但會受到貿易戰不確定性的限制。這意味著我們正面臨全球化削弱、保護主義抬頭的局面。

The main impacts of this scenario are uncertainty about the stability of the global economic growth and the profound transformations in the dynamics of international trade with additional risks of disruption in global supply chains. This is the macroeconomic backdrop that we are taking into consideration in our strategic discussions for the 2026 to 2030 cycle.

此情境的主要影響是全球經濟成長穩定性的不確定性，以及國際貿易動態的深刻變化，並伴隨全球供應鏈中斷的額外風險。這是我們在2026年至2030年周期策略討論中考慮的宏觀經濟背景。

Moving on to the next slide. The current scenario combines two factors that put pressure on the petrochemical industry, which are lower oil prices and subdued global demand. This configuration tends to reduce resin prices on the international market as the marginal producers' cost falls, and there is not enough demand to sustain the price of resin on the international market, even with relatively stable spreads for the marginal producer based naphtha. Lower oil prices and consequently, naphtha and resins on the international market could be unfavorable for base gas producers as in the case of Mexico, depending on the magnitude of the drop in the naphtha prices if gas prices remain stable.

接下來是下一張投影片。當前情勢是石油價格走低和全球需求疲軟這兩個因素共同作用的結果，這兩個因素都給石化產業帶來了壓力。這種配置往往會降低國際市場上的樹脂價格，因為邊際生產商的成本下降了，即使邊際生產商的石腦油價差相對穩定，也沒有足夠的需求來維持國際市場上的樹脂價格。國際市場上石油價格走低，進而導致石腦油和樹脂價格走低，可能對基礎天然氣生產商不利，例如墨西哥的情況，這取決於石腦油價格下跌的幅度，前提是天然氣價格保持穩定。

In 2025, the price of oil on the international market was intensified by the trade war between the United States and China, which brought uncertainties and reduced expectations of growth and global energy consumption. In addition, there was a significant increase in oil production, especially by OPEC, OPEC+, which gradually resumed its supply, contributing to adjustments in global supply and putting pressure on resin prices benchmarks.

2025年，中美貿易戰加劇了國際市場上的石油價格，帶來了不確定性，並降低了人們對經濟成長和全球能源消費的預期。此外，石油產量大幅增加，尤其是歐佩克和歐佩克+逐步恢復供應，導致全球供應調整，並對樹脂價格基準構成壓力。

In this scenario, realized oil prices this year were lower than expected when compared to the assumption made in the company's 2025, 2029 business plan as well as most of the market. This difference has resulted in a challenging environment for the petrochemical industry, with direct impact on competitiveness and profitability.

在這種情況下，與該公司 2025 年、2029 年商業計劃中的假設以及大多數市場預期相比，今年的實際油價低於預期。這種差異為石化產業帶來了嚴峻的挑戰，直接影響了其競爭力和獲利能力。

Now let's move on to the next slide. In the company's internal discussions supported by external consultants, it was concluded that dynamics of the petrochemical industry will remain structurally challenging until at least 2030, with China leading investments to achieve self-sufficiency.

現在我們來看下一張投影片。公司內部在外部顧問的支持下進行討論後得出結論：石化行業的動態變化至少到 2030 年仍將面臨結構性挑戰，而中國將引領投資以實現自給自足。

These investments, combined with the growth in demand impacted by the macroeconomic uncertainties, as mentioned above, contributed to the continued imbalance between supply and demand, putting pressure on overall operating rates, which should remain at historically low levels, even with moderate growth in demand. Given the current expectations about the rationalization scenario, it's expected that the sector will begin to recover towards the end of the decade.

如上所述，這些投資加上受宏觀經濟不確定性影響的需求成長，導致供需持續失衡，給整體營運率帶來壓力，即使需求溫和成長，營運率也​​應維持在歷史低點。鑑於目前對合理化方案的預期，預計該行業將在本世紀末開始復甦。

Now let's move on to the next slide. Finally, when we look at the outlook for the petrochemical spreads until 2030, the scenario is structurally challenging, considering global trends and industry dynamics. The prolonged downward cycle is expected to last until the end of the decade with a modest recovery after 2029. This behavior reflects the structural excess of supply combined with moderate growth in demand, which has kept international spreads below the historical average for a prolonged period.

現在我們來看下一張投影片。最後，當我們展望 2030 年之前的石化產品價差時，考慮到全球趨勢和產業動態，這一前景在結構上充滿挑戰。預計這種長期的下行週期將持續到本十年末，2029 年後將出現小幅復甦。這種現象反映了供應結構過剩和需求溫和成長相結合，導致國際價差長期低於歷史平均值。

This reality reinforces the importance of the initiatives we presented in previous chapters aimed at resilience and transformation as well as the need for increasingly assertive commercial and operational strategies. With this, we end this chapter by emphasizing that in the face of a challenging global environment and pressured margins, Braskem's strategic advances will be essential to ensure competitiveness, sustainability, and value generation.

這一現實強化了我們在前幾章中提出的旨在增強韌性和轉型的各項舉措的重要性，以及製定更加積極主動的商業和營運策略的必要性。綜上所述，本章最後要強調的是，面對充滿挑戰的全球環境和不斷壓縮的利潤空間，Braskem 的策略進步對於確保競爭力、永續性和價值創造至關重要。

I would now like to close the presentation by reinforcing the company's priorities for 2025 on the next slide. We will continue to make progress with the initiatives to transform our assets. This front of the resilience and transformation plan is strategic if we are to continuously increase the competitiveness, efficiency, and sustainability of our business, making Braskem better prepared to face the adversities of the global petrochemical scenario and guaranteeing its perpetuity.

現在，我想在下一張投影片上重申該公司 2025 年的優先事項，以此結束本次簡報。我們將繼續推動資產轉型升級的各項措施。如果要不斷提高我們業務的競爭力、效率和可持續性，使 Braskem 更好地應對全球石化形勢的逆境並保證其永續發展，那麼韌性和轉型計劃的這一方面具有戰略意義。

In order to guarantee the continued progress of the transformation, it's essential that the company continues to identify and implement resilience measures. These actions are fundamental to mitigating the impact of the cycle on the company's results and cash flow, strengthening the competitiveness of our business throughout this prolonged downturn.

為了確保轉型工作的持續推進，公司必須持續識別並實施增強韌性的措施。這些措施對於減輕經濟週期對公司業績和現金流的影響至關重要，有助於增強我們業務在長期低迷時期的競爭力。

Braskem reaffirms its commitment to the competitiveness of the Brazilian chemical industry together with associations, clients, suppliers, and society. It will continue to promote initiatives that guarantee a level playing field and a fair competitiveness for the Brazilian industry, making a consistent contribution to the sector's development. In addition, the company maintains its commitment to the agreement signed in Maceió, conducting each stage with transparency, responsibility, and respect for all parties involved.

Braskem重申其與協會、客戶、供應商和社會各界共同致力於提升巴西化學工業競爭力的承諾。它將繼續推動各項舉措，以確保巴西工業擁有公平的競爭環境和公正的競爭力，並為該行業的發展做出持續貢獻。此外，該公司始終恪守在馬塞約簽署的協議，以透明、負責和尊重所有相關方的態度進行每個階段的工作。

Finally, it's essential to emphasize that all our priorities will be carried out while maintaining our commitment to safety in our operations. safety is and will continue to be a perpetual and non-negotiable value in Braskem's strategy, guiding every action and decision the company makes. This concludes the presentation of Braskem for the third quarter of 2025.

最後，必須強調的是，我們將在履行所有優先事項的同時，始終堅持對營運安全的堅定承諾。安全一直是並將繼續是布拉斯科戰略中永恆且不可妥協的價值，指導著公司的每項行動和決策。至此，Braskem 2025 年第三季業績報告全部完成。

Ladies and gentlemen, we will now begin the question-and-answer session. Please, you may proceed.

女士們、先生們，現在開始問答環節。請繼續。

Good afternoon, everyone. This is Roberto Ramos, President of Braskem. Before we begin the Q&A session, I'd like to highlight some aspects from the presentation in addition to some updates about the financial and economic alternatives for our capital structure, which are currently in effect in assistance from our external consultants as we announced in September '25. That work in developing our strategy for the 2026, 2030 cycle began in August and have now been finished by the Administrative Board. We've made some significant conclusions about the company's mid- and long-term outlooks.

大家下午好。我是布拉斯科公司總裁羅伯托·拉莫斯。在開始問答環節之前，我想重點介紹演講中的一些方面，以及一些關於我們資本結構的財務和經濟替代方案的最新資訊。正如我們在 2025 年 9 月宣布的那樣，這些方案目前正在外部顧問的協助下實施。制定 2026 年、2030 年週期策略的工作於 8 月開始，現在已由行政委員會完成。我們對公司的中長期前景得出了一些重要結論。

We have ascertained that the perspectives for the local and international petrochemical industry have suffered a significant negative impact for a number of reasons because China will continue to make significant expansions in its ethylene, propylene, and polypropylene chains using different feedstocks and solutions, also because in the Middle East, there are similar movements. This movement by the Chinese government will have a significant impact on the global scenario with over 40 new crackers increasing production by 70 million or 100 million tonnes, respectively.

我們已經確定，由於多種原因，本地和國際石化行業的前景受到了嚴重的負面影響，因為中國將繼續使用不同的原料和解決方案大幅擴張其乙烯、丙烯和聚丙烯產業鏈，而且中東也出現了類似的趨勢。中國政府的這項舉措將對全球情勢產生重大影響，新增的 40 多套裂解裝置將分別使產量增加 7,000 萬噸或 1 億噸。

This will have a significant effect as well on the different petrochemical plants idle capacities. This, combined with the very timid rationalization in the petrochemical industry updates our idle projections. We project a significant gap between supply and demand up until at least the turning of the decade. As such, the companies and the petrochemical industry's mid- and long-term outlooks must be updated. And so this leads to our strategic planning project. So in September, the company announced the contracting of external consultants to investigate a healthier capital structure.

這將對各石化廠的閒置產能產生重大影響。這一點，再加上石化產業非常謹慎的合理化措施，更新了我們先前的預測。我們預計，至少到本世紀末，供需之間將存在顯著差距。因此，必須更新各公司和石化產業的中長期前景。因此，這就引出了我們的策略規劃項目。因此，該公司在 9 月宣布聘請外部顧問，以研究更健康的資本結構。

And this is given the projection that the downward cycle is going to be longer than we expected. Since then, we have been updating our mid- and long-term strategies and outlooks. This is made even more challenging by the 2025, '26 cycle. Any potential change about the path to -- path forward must consider these projections. As always, the company will keep its investors and the market as a whole duly informed about all material developments and conclusions about the topic.

而且，我們預期下跌週期將比預期更長。從那時起，我們一直在更新我們的中長期策略和展望。2025 年和 2026 年的週期讓這一切變得更具挑戰性。任何關於未來發展方向的潛在變化都必須考慮這些預測。本公司將一如既往地及時向投資者和整個市場通報有關該主題的所有實質進展和結論。

Lastly, please note that any -- in spite of any negative outlooks or projections, Braskem continues to move forward with its resiliency project, which was approved by its shareholders in '25 and focuses on increasing global competitivity around the world. As such, I'd like to highlight some initiatives linked to value generation for various stakeholders, emphasizing on maximizing EBITDA and cash generation, which were announced recently by Rosana.

最後，請注意，儘管存在任何負面的前景或預測，Braskem 仍將繼續推進其韌性項目，該項目已於 2025 年獲得股東批准，旨在提高其在全球範圍內的競爭力。因此，我想重點介紹羅莎娜最近宣布的一些與為各利益相關者創造價值相關的舉措，重點是最大限度地提高 EBITDA 和現金流。

First, defense of competitivity for the Brazilian industry by maintaining the 20% import rate for various feedstocks; two, approving various antidumping laws and rights with regard to the US and Canada and also with regard to PVC in the US; three, approval in the Chamber of Deputies of a bill here PL 892/2025, which sets forth rules about the REIQ and PRESIQ, which is now going to the Brazilian Senate for approval.

首先，透過維持各種原料 20% 的進口率來捍衛巴西產業的競爭力；其次，批准針對美國和加拿大以及美國 PVC 的各種反傾銷法律和權利；第三，眾議院批准了 PL 892/2025 號法案，該法案規定了 REIQ 和 PRESIQ 的相關規則，現在將提交巴西參議院批准。

Next, the hibernation of the chlorine-soda plant in September '25 with the goal of making PVC production in Alagoas more competitive and sustainable by importing EDC, this feedstock makes our PVC plant more competitive, and also approving the transformer Rio project, which will make Braskem more competitive by using gas in its feedstock matrix to produce polyethylene. And next, operating improvements, which have been generated by over 700 initiatives in 79 different action plans, which include the use of inventories linked to CapEx, producing resin with lower -- or higher added value, reducing downtime in plants due to upgrades, which is something that used to hurt us, improving our use of feedstocks and inputs and also the use of fiscal incentives and credits.

接下來，氯蘇打廠於 2025 年 9 月停產，目標是透過進口 EDC 使阿拉戈斯州的 PVC 生產更具競爭力和可持續性，這種原料使我們的 PVC 工廠更具競爭力，同時批准了裡約熱內盧變壓器項目，該項目將透過在其原料基質中使用氣體來生產聚乙烯，從而使 Braskem 更具競爭力。接下來是營運改進，這是透過 79 個不同行動計劃中的 700 多項舉措實現的，其中包括使用與資本支出相關的庫存、生產附加值較低或較高的樹脂、減少因升級而導致的工廠停機時間（這曾經對我們造成損害）、改進原料和投入的使用以及使用財政激勵和信貸。

So that being said, I will now begin to answer our listeners' questions.

那麼，接下來我將開始回答聽眾們的問題。

Thank you, Robert. I'll start with the questions that we received on the chat. And there is some convergence in some points. So I'm going to answer some individual questions, and then I'm going to answer the questions that are grouped in terms of content, starting with Vicente with Bradesco. Vicente asked two questions.

謝謝你，羅伯特。我先回答一下我們在聊天中收到的問題。在某些方面，兩者有一定的共識。所以，我將回答一些單獨的問題，然後我將回答按內容分組的問題，首先是布拉德斯科的維森特。維森特問了兩個問題。

The first one, he made some comments as follows. Lots have happened since the last fall, and Braskem hire financial processors to help them in this restructuring. When are we going to have a decision on this? And does the company consider injecting equity now that Alagoas case seems to be completed? And Vicente also ask us resin volumes were very weak in this quarter. What was the main economic driver? What can we expect for the quarters to come?

對於第一個問題，他發表瞭如下評論。自去年秋天以來發生了很多事情，Braskem 聘請了財務處理人員來幫助他們重組。我們什麼時候才能就此事做出決定？既然阿拉戈斯案似乎已經結束，該公司是否考慮注資？Vicente 也問我們，本季的樹脂銷售量非常疲軟。主要的經濟驅動因素是什麼？接下來幾季我們會有什麼預期？

Thank you, Rosana, and thank you, Vicente, for the question. I'll field the first one, and Rosana will handle your second question.

謝謝羅莎娜，也謝謝維森特提出的問題。我來回答第一個問題，羅莎娜會回答你的第二個問題。

With regard to hiring the advisers, as you can imagine, this is something that comes up rather often. It's an important decision of the company, which was actually a relevant fact that was announced to the market in September. And what we can state right now is what Roberto has just read when he opened the Q&A session, vis-a-vis any decision pertaining to whatever route we will move forward is still subject to the completion of this diagnostic and especially with the necessary adaptations by the company's Board.

至於聘請顧問的問題，正如你所想，這是一個經常被提及的話題。這是該公司的一項重要決定，實際上，這一消息已於 9 月向市場公佈。我們現在可以聲明的是，正如羅伯託在問答環節開始時所宣讀的那樣，任何關於我們未來發展方向的決定，仍取決於此次診斷的完成情況，尤其是公司董事會做出必要的調整。

At this moment, these discussions are already being elaborated on, the results as well so that we can, as we mentioned previously, develop in conjunction with the company's main stakeholders, something that will effectively reorganize Braskem's capital structure. At the present moment, no options are discarded or confirmed. Everything is open.

目前，這些討論及其結果正在進一步完善，以便我們能夠像之前提到的那樣，與公司的主要利益相關者共同製定一項能夠有效重組 Braskem 資本結構的方案。目前，沒有任何方案被排除或確認。一切開放。

Rosana?

羅莎娜？

Yes, of course. Thank you for the question. You know the company quite well. On a quarterly basis, we see some dynamics of seasonability. And in the historic seasonability, the third quarter tends to be the best period because it anticipates the we -- end of year celebrations and the formation of inventory levels.

是的當然。謝謝你的提問。你對這家公司很了解。從季度來看，我們可以看到一些季節性變化。從歷史季節性來看，第三季往往是最佳時期，因為它預示著年底慶祝活動和庫存水準的形成。

It was different this year, however. If we consider 2025 compared to 2024, if we consider the demand growth of resins, we do not see a growth posted in this line. We see that demand of resins, the demand of plastic is strongly associated with the Brazilian GDP. When we talk about PE and PP, we can see that there is a drop of about 4% for the next months.

但今年情況有所不同。如果我們比較 2025 年和 2024 年，如果我們考慮樹脂的需求成長，我們看不到該領域出現成長。我們看到，樹脂的需求，塑膠的需求，與巴西的GDP密切相關。當我們談到市盈率和市銷率時，我們可以看到未來幾個月將下降約 4%。

For the year to come, we see a recovery of about 3%, but without any doubt, there was a drop when compared to last year. If you see because of the sanitation law, we have seen a very important demand from the sectors of [to] and the civil construction that is a result from the sanitation law. So we expect a 3% growth for this year, just what -- just as we saw in the third quarter when we compare to the previous quarter, we saw a 3% growth. And for the next year, we expect a growth of 3% based on the sanitation law.

對於未來一年，我們預計會有大約 3% 的復甦，但毫無疑問，與去年相比有所下降。如果你仔細觀察，你會發現，由於衛生法的實施，[to] 和土木工程等行業出現了非常重要的需求，而這正是衛生法帶來的結果。因此，我們預計今年將成長 3%，正如我們在第三季與上一季相比所看到的那樣，我們看到了 3% 的成長。根據衛生法，我們預計明年將成長 3%。

And a general comment I would like to make. We have seen, from the global viewpoint, a very weakened demand or I would even say an uncertain demand due to tariff war that we have seen along the year of 2025.

我還有一點想補充說明。從全球角度來看，由於2025年全年發生的關稅戰，我們已經看到需求非常疲軟，或者我甚至可以說需求存在不確定性。

I'm going to answer the next question by Gabriel with Citi. This is his question. It's about -- in relation to transform Rio project, could you provide us the time line of the investments and the impact expected on the EBITDA of the company? In addition, could you talk about the funding of the project? Could Petrobras take part in the funding of the project?

接下來，我將回答花旗銀行的加布里埃爾提出的問題。這是他的問題。關於裡約熱內盧改造項目，您能否提供投資時間表以及預計對公司 EBITDA 的影響？此外，您能否談談該專案的資金來源？巴西石油公司能否參與此計畫的資金籌措？

And the second question is as follows. Could you provide an update on the PRESIQ? And what are the discussions like in Brazil? Is there a time line to provide? What would be the potential impact for the company?

第二個問題如下。能否提供一下 PRESIQ 的最新進展？巴西那邊的討論情況如何？是否有時間表需要提供？這對公司可能產生什麼影響？

All right. I'll begin with transformer Rio and Roberto can talk about PRESIQ afterwards. So with regard to Transformer Rio, as we -- as Rosana presented now, we have a schedule. The project will begin its engineering phase right now. And this persists until the end of '28 or the beginning of 2029, at which point the project will be completed.

好的。我先從變形金剛 Rio 開始，之後 Roberto 可以談 PRESIQ。所以關於《變形金剛：裡約大冒險》，正如羅莎娜剛才所說，我們已經有了日程安排。該項目現在將立即進入工程設計階段。這種情況將持續到 2028 年底或 2029 年初，屆時該專案將完成。

If we do some math to calculate the added value that this could bring to the company's EBITDA and using a 220,000 tonnes installed capacity as announced and using an average from the spreads of the previous years, which is $860 per tonne, this brings us to just under $200 million per year of additional EBITDA that we will bring to the company.

如果我們進行一些數學計算，以計算這可能為公司 EBITDA 帶來的附加價值，並使用已宣布的 22 萬噸裝置產能，並採用前幾年平均價差（每噸 860 美元），這將使我們每年為公司帶來近 2 億美元的額外 EBITDA。

With regard to financing this project, which is extremely important, as was also announced in our relevant fact, there is a condition for this project to persist so that it can have the needed resources and funds so that it can proceed with the company's cash flow. So at this first stage, we use the funds that are already available for the company from the REIQ and investments. This allows us to neutralize those impacts to our cash by the first part of 2026. And after that, the need to raise additional funds is already included in the context.

關於該專案的融資問題（這一點極其重要，正如我們在相關事實中宣布的那樣），該專案要繼續進行下去，就必須獲得所需的資源和資金，以便公司能夠繼續推進其現金流。因此，在第一階段，我們使用公司已從 REIQ 和投資中獲得的資金。這樣一來，我們就能在 2026 年上半年消除這些對我們現金流的影響。之後，籌集額外資金的需求也已包含在內。

So actually, the first question that was asked with regard to restructuring the company, this has -- this already includes this project. Due to the nature of the project, very likely we were going to find funding sources, but this is not yet defined. It is still being discussed. It will be defined as soon as possible so that this project will not be delayed.

所以實際上，關於公司重組的第一個問題，已經包含了這個項目。由於專案性質特殊，我們很可能需要尋找資金來源，但這尚未確定。目前仍在討論中。我們會盡快確定具體細節，以免工程延誤。

Roberto, could you talk about PRESIQ and our forecasts for next steps?

羅伯托，你能談談 PRESIQ 以及我們對下一步計畫的預測嗎？

Yes, of course. The project, as you know, was approved by the chamber here in Brazil and was sent to the Senate, EBDQUIM and ourselves as members of EBDQUIM, the Brazilian chemical industry, is pushing for this to be voted on with urgency so that it can be duly studied by the industry and Trade Commission and then follow on to the plenary session to actually be voted on.

是的當然。如您所知，該項目已獲得巴西商會批准，並已提交參議院。巴西化學工業聯合會（EBDQUIM）及其成員——巴西化學工業聯合會（EBDQUIM）正在敦促盡快對此進行投票表決，以便工業和貿易委員會能夠對其進行充分研究，然後提交全體會議進行最終表決。

We believe that if we manage to get it evaluated with urgency, it can still be signed this year, maybe in November, or if not November, then at least in December, so that it will have an impact on the 2026 results. It's very difficult to make projections about how quickly these bills go through, whether it's in the chamber or in the Senate because political scenarios change every day. New scenarios produce the need for other discussions and other topics to be pushed forward.

我們相信，如果我們能夠盡快對其進行評估，它仍然可以在今年簽署，也許是在 11 月，如果 11 月不行，那麼至少在 12 月，這樣它就會對 2026 年的結果產生影響。很難預測這些法案在眾議院或參議院的通過速度，因為政治局勢每天都在變化。新的情況會產生需要推進的其他討論和議題。

So it's very difficult for us to give any kind of forecast as to when we think this will happen. But it's our wish and our firm belief that this will be approved in 2025.

因此，我們很難預測這件事何時會發生。但我們希望並堅信，這項提案將在 2025 年獲得批准。

Thank you, Roberto, Felipe. Now a question about Alagoas about the recent announcement. We disclosed a material fact yesterday. Since there are many questions, I'm going to try to focus on the main points.

謝謝你，羅伯托，費利佩。現在問一個關於阿拉戈斯州最近公告的問題。我們昨天披露了一項重要事實。由於問題很多，我將盡量集中精力回答重點。

So there's a request for more details about the agreement in Alagoas, especially in relation to the schedule of payment expected. And there's a question if there is flexibility of the amount considering each payment individually.

因此，有人要求提供更多關於阿拉戈斯協議的細節，特別是關於預期付款時間表的細節。還有一個問題是，考慮到每筆付款的具體情況，金額是否有彈性。

Thanks for the question. The state of Alagoas, as we mentioned in the material fact, signed with Braskem this agreement. It now needs to once again go through the legal approval by the public sector. This is a BRL1.2 billion, of which BRL139 million have already been paid by Braskem. So the remaining balance, and this is a very important topic in the negotiations by both parties or all parties with regard to Braskem's present financial condition, was established so that this agreement would be paid over a 10-year period. And so that's our material fact.

謝謝你的提問。正如我們在實質事實中提到的，阿拉戈斯州與布拉斯科公司簽署了這項協議。現在它還需要再次經過公共部門的法律批准。這筆款項為 12 億雷亞爾，其中 Braskem 已支付 1.39 億雷亞爾。因此，剩餘款項（這是雙方或所有各方就 Braskem 目前的財務狀況進行談判時一個非常重要的主題）被確定為該協議將在 10 年內支付。這就是我們的實質事實。

And the initial installments up until 2030 do respect the company's projected financial condition, which is a result of the entire tightening of the whole global petrochemical cycle and Braskem is tied to it. And after that period, these factors become even more material and move to make Braskem's financial condition recover, as Rosana mentioned in the beginning of the call, and that includes the transformation, switch to gas, fly up to green and all of our green projects in a context with more rational balance between supply and demand for the global petrochemical sector.

到 2030 年的初始分期付款符合公司預期的財務狀況，這是全球石化週期整體收緊的結果，而 Braskem 也與此息息相關。在那段時期之後，這些因素變得更加重要，並推動 Braskem 的財務狀況恢復，正如 Rosana 在電話會議開始時提到的那樣，這包括轉型、轉向天然氣、轉向綠色能源以及我們所有的綠色項目，而這一切都是在全球石化行業供需更加合理的平衡背景下進行的。

Thank you, Felipe. Moving on along the same lines, there's a question by Gustavo with BTG, which is consistent with what you just mentioned. In a scenario of a possible change of control in the pillar of transformation, what do you believe to be non-negotiable to sustain the long-term cases. So there is the green agenda.

謝謝你，費利佩。沿著同樣的思路繼續，BTG 的 Gustavo 提出了一個問題，這個問題與你剛才提到的內容一致。在轉型支柱可能發生控制權變更的情況下，您認為為了維持長期發展，哪些方面是不可協商的？這就是綠色議程。

The second question, what is material in terms of hibernation of capacity in Europe and Asia? And how does it compare to the scenarios announced in the past? As the company sees it, the rationalization tends to be relevant within two years.

第二個問題是，歐洲和亞洲的產能休眠究竟代表什麼？它與過去公佈的方案相比如何？公司認為，合理化措施通常在兩年內有效。

And lastly, in relation to Braskem Idesa, with ethane terminal in operation, what is the EBITDA capacity that you would consider to be normalized for Braskem Idesa? And how long this asset is likely to start contributing again for reducing the consolidated leverage level?

最後，關於 Braskem Idesa，其乙烷碼頭已投入運營，您認為 Braskem Idesa 的 EBITDA 產能應該如何標準化？這項資產需要多久才能再次為降低合併槓桿率做出貢獻？

Of course. Thank you, Rosana, and thank you Gustavo. The answer to the first question is contained right in the question. It's, in fact, what the company believes it has as far as ability to add value to all its stakeholders. That is continuing with the transformation plan, our migration to gas, our focus on competitive assets and the green agenda, or what we call here in-house as fly up to green.

當然。謝謝你，羅莎娜，也謝謝你，古斯塔沃。第一個問題的答案就在問題本身。事實上，這正是該公司認為自己有能力為所有利害關係人創造價值的地方。我們正在繼續推進轉型計劃，向天然氣轉型，專注於競爭性資產和綠色議程，或者我們內部稱之為「飛向綠色」。

A new -- if a new potential shareholder has a different view, it's difficult to answer that because if we already had that view, we would certainly be implementing it right now. So it really will depend on what such a question would be, if and when such a new shareholder would be. With regard to our strategic plan, this is what we've been working on throughout 2025.

如果一位新的潛在股東持有不同的觀點，那就很難回答這個問題，因為如果我們已經持有這種觀點，我們肯定會立即實施它。所以，這真的取決於這個問題具體是什麼，以及何時會出現這樣的新股東。關於我們的策略計劃，這是我們在 2025 年全年一直在努力的方向。

With regard to the perspectives of closing or hibernating Europe, that depends on rationalization and our rationalization strategy. What we've been seeing is that rationalization has been lower than what we initially projected. We know this from our own experience. We announced recently the hibernation of chlorine-soda. This is a decision that was made in the beginning of the year and was only implemented in September.

至於關閉或休眠歐洲的前景，這取決於合理化以及我們的合理化策略。我們看到的情況是，合理化程度低於我們最初的預期。我們根據自身的經驗知道這一點。我們最近宣布停止生產氯蘇打。這項決定是在年初做出的，但直到九月才開始實施。

So these decisions all take significant time to implement with all the due care and precautions that are needed so that they can actually happen in the most sustainable and rational and also productive possible ways for the company. Roberto?

因此，所有這些決定都需要花費大量時間才能落實，並且需要採取一切必要的謹慎措施和預防措施，以便能夠以對公司而言最可持續、最合理、最高效的方式真正實現。羅伯托？

I have two points. First, our strategic plan was approved by our Board of Administrators which is composed of -- there's a significant stake by Petrobras there. So Petrobras is certainly aligned with our vision, and I'm sure that Petrobras will continue to have that same vision regardless of whatever new shareholder comes in, if that happens. And again, this needs to be approved by all shareholders. We never do anything different from what is approved by the shareholders. So this new shareholder, if and when someone arrives, they will need to get involved in discussions with all shareholders as always.

我有兩點要說。首先，我們的策略計畫已獲得董事會的批准，董事會成員包括—巴西石油公司在其中持有大量股份。因此，巴西石油公司與我們的願景完全一致，我相信，無論未來是否有新的股東加入，巴西石油公司都將繼續秉持同樣的願景。再次強調，這需要所有股東批准。我們做任何事都必須經過股東批准。因此，如果將來有新的股東加入，他/她將需要像往常一樣參與與所有股東的討論。

With regard to Europe, what we are seeing in Europe is announced shutting down of units and refineries. One of the biggest petrochemical companies in the world, which has units in England and the Netherlands has closed dozens of refineries in the previous years.

就歐洲而言，我們看到的是歐洲宣布關閉一些裝置和煉油廠。一家全球最大的石化公司，在英國和荷蘭設有工廠，並在前幾年關閉了數十家煉油廠。

The President of a large European petrochemical company announced the closure of 12 million tonnes of capacity of ethylene production in Europe if they do not obtain the necessary protection measures that includes either antidumping or tariffs to prevent the arrival of products, especially from China that come into Europe. That also includes US products that arrive in Europe without any import tariffs.

一家大型歐洲石化公司總裁宣布，如果該公司無法獲得必要的保護措施（包括反傾銷或關稅），以阻止產品（特別是來自中國的產品）進入歐洲，該公司將關閉其在歐洲的1200萬噸乙烯產能。這也包括無需繳納任何進口關稅即可運抵歐洲的美國產品。

Now that being said, Europe is strategically long in propane. Now our polypropylene plants use propane as a feedstock. So it's really about finding the needed logistics. So if we need to replace any current suppliers, we'll do that. But the propane molecule, which is important for us, will continue to exist. So it will just be a matter of plugging the right numbers into the equation.

也就是說，歐洲在戰略上擁有充足的丙烷儲備。現在我們的聚丙烯工廠使用丙烷作為原料。所以關鍵在於找到所需的物流方案。所以，如果我們需要更換任何現有供應商，我們會這樣做。但對我們而言重要的丙烷分子將繼續存在。所以，只要要把正確的數字代入公式就可以了。

Thank you, Roberto. In relation to ethane terminal, to only to provide the context. Today, we have Braskem Idesa solution for the import of 80,000 barrels per day. Braskem Idesa to run the total capacity would require 66 barrels per day. And therefore, the total focus of Braskem team is to run full capacity. So an operation rate above 90% that in our industry, extremely high. That will be the focus. From the startup of the terminal, we have had operating results very positive, all in line with what we expected.

謝謝你，羅伯托。關於乙烷碼頭，僅提供背景資訊。目前，我們採用 Braskem Idesa 的解決方案，每天進口 80,000 桶原油。Braskem Idesa 要達到全部產能，每天需要 66 桶。因此，Braskem 團隊的全部精力都集中在滿載運作上。因此，超過 90% 的運行率在我們這個行業中是極高的。這將是重點。自從碼頭投入營運以來，我們的營運結果非常積極，一切都符合我們的預期。

And when you made a comment about the consistent way of reducing the consolidated leverage. It's good to remember that Braskem Idesa since when we developed this project, it was devised by means [lim] recourse at the time, all the bonds, all the debt have no collateral by Braskem. Braskem as a controller of the asset. So every time we are announcing our cash position, our debt coverage and the consolidated leverage. We do not consider the cash position or EBITDA or the debt of Braskem Idesa.

當你就降低合併槓桿率的持續方法發表評論時。值得注意的是，自從我們開發這個專案以來，Braskem Idesa 就採用了當時有限的追索權方式，所有債券、所有債務都沒有 Braskem 的抵押品。Braskem 作為該資產的控制者。因此，每次我們公佈現金狀況、債務覆蓋率和綜合槓桿率時，都會這樣做。我們不考慮 Braskem Idesa 的現金狀況、EBITDA 或債務。

The way it's going to contribute to the future is when there will be dividend payments impact since the startup of the plan in 2016. Considering everything that we went through, the reduction of ethane supply, the renegotiation of ethane contract -- so there is a limitation of the availability of ethane in Mexico. And this is why we made this investment.

該計劃對未來的貢獻體現在自 2016 年啟動以來，股息支付將受到的影響。考慮到我們所經歷的一切，乙烷供應減少，乙烷合約重新談判——因此墨西哥的乙烷供應受到限制。這就是我們進行這項投資的原因。

So we received dividends only once in the past 10 years. So the total focus of the team is to increase the operating rate, increase the sales volume, focus on the Mexican market. This was the first purpose when the product was devised, which is to meet the demands of the Mexican market. And as there is a more balanced capital structure, we will consider the contribution for Braskem.

所以過去10年裡，我們只收到過一次股利。因此，團隊的全部重點是提高營運率、提高銷售額，並專注於墨西哥市場。該產品最初的設計目的就是為了滿足墨西哥市場的需求。由於資本結構更加平衡，我們將考慮 Braskem 的貢獻。

Rosana, Gustavo also asked about China, and whether the movements in China tend to have an impact on the market. I believe Rosana already mentioned this in her presentation. We are looking at an increase in 20 million to 30 million tonnes of additional capacity in China over the next five years, essentially resulting from crackers, whether they are gas-based or naphtha based, and also whether they are carbon based, believe it or not. And even gas for olefins and methanol for olefins plants.

羅薩娜，古斯塔沃也詢問了中國的情況，以及中國的局勢發展是否會對市場產生影響。我相信羅莎娜在她的演講中已經提到過這一點。未來五年，中國預計將新增 2,000 萬至 3,000 萬噸產能，這主要得益於裂解裝置，無論是天然氣裂解裝置或石腦油裂解裝置，以及碳基裂解裝置（信不信由你）。甚至還有烯烴工廠所需的天然氣和甲醇。

So these are four different types of feedstocks that China is coordinating in its search for self-sufficiency with regard to PE consumption. And it's always very difficult to understand the scale of this shift. But this means that China's trend is, just as it is in polypropylene, to be a net importer of polyethylene. Today, it is currently an importer of polypropylene, but it will become self-sufficient after some time, and it will become a net exporter of polyethylene as well.

所以，這是中國在尋求聚乙烯消費自給自足的過程中正在協調的四種不同類型的原料。而且，要理解這種轉變的規模總是非常困難的。但這意味著，就像聚丙烯一樣，中國的發展趨勢是成為聚乙烯的淨進口國。目前，該國是聚丙烯的進口國，但一段時間後將自給自足，並成為聚乙烯的淨出口國。

This is the baseline scenario for us. And it's a scenario that leads us to conclude that this downward cycle will extend for many years.

這是我們的基準情境。這種情況讓我們得出結論：這種下行週期將會持續很多年。

Thank you, Roberto. Another question by Joaquin with Moneda. He asks about the context of transformer contract that has been recently announced by the company. The question is, have we signed a long-term contract with Petrobras to supply ethane or would that depend on the construction of the project?

謝謝你，羅伯托。Joaquin向Moneda提出了另一個問題。他詢問了該公司最近宣布的變壓器合約的具體情況。問題是，我們是否已與巴西石油公司簽訂長期乙烷供應合同，還是這取決於專案的建設？

Thanks for the question. Yes, as we mentioned in the material fact, Braskem's Board approved the terms of the negotiation between Petrobras and Braskem for ethane supply. But this contract has not yet been signed. It is still subject to being concluded. This has not yet occurred. It is still currently in negotiations. And so within the schedule that we announced recently, that Rosana announced recently.

謝謝你的提問。是的，正如我們在實質事實中所提到的，Braskem 董事會批准了 Petrobras 與 Braskem 之間關於乙烷供應的談判條款。但這份合約尚未簽署。該案仍有待最終定案。這件事尚未發生。目前仍在談判中。因此，在我們最近公佈的日程安排中，羅莎娜最近也公佈了日程安排。

But we do not foresee any kind of change. The commercial conditions have already been agreed to officially. The only conditions that are still being discussed are secondary conditions that are not material to the contract.

但我們預計不會有任何改變。商業條款已正式達成一致。目前仍在討論的只是與合約無關的次要條款。

Thank you. Moving on. Conrado from Safra, asked the following, to whom you attribute the sequential improvement of the margin in Brazil, the focus that had a better margin and better cost efficiency? Or is there any special reason or a combination of all? Is there -- is it likely for the margin to continue improving?

謝謝。繼續。來自 Safra 的 Conrado 問：您認為巴西利潤率的持續提高，以及利潤率和成本效益的提升，應該歸功於誰？或是有其他特殊原因，或是多種原因的綜合作用？利潤率是否有可能繼續提高？

Thank you, Conrado. I'm going to answer your question. Let's consider the historical viewpoint. Brazilian business is very important for the company. Without, we saw some improvement with an EBITDA margin from 5% to 9%, but below what would be a historical margin for this business as a result of everything that we mentioned in this call, capacity, the demand is weakened when compared to the historical levels, especially 2010, 2019, putting pressure on the petrochemical spread at the international level.

謝謝你，康拉多。我將回答你的問題。讓我們從歷史的角度來考慮這個問題。巴西市場對公司而言非常重要。如果沒有這些因素，我們看到 EBITDA 利潤率從 5% 提高到 9%，但低於該業務的歷史利潤率。這是由於我們在本次電話會議中提到的所有因素造成的，產能、需求與歷史水準相比有所減弱，尤其是與 2010 年和 2019 年相比，這給國際石化產品價差帶來了壓力。

And this is where our resiliency program stands. So when you ask what were the factors? Without a doubt, this is a combination of different factors. Without a doubt, we are always going to prioritize the supply of the Brazilian market, the South American market, but we have been going for grades whose value added is higher for the company.

這就是我們韌性計畫的現況。那麼，當你問是什麼因素時？毫無疑問，這是多種因素共同作用的結果。毫無疑問，我們將始終優先供應巴西市場和南美市場，但我們一直追求對公司而言附加價值更高的等級。

In terms of cost reduction, we have made different renegotiations with our suppliers, and we've been seizing to reduce logistics costs. And in addition, when considering the EBITDA and the cash flow, we captured along the year nearly $100 million as the numbers presented in the presentation, and that was driven by the optimization of inventory levels. And when the spread, which is the main contributor to the result of any petrochemical industry, when it stands at a level which is historically low, the company has to operate in such a way to mitigate this impact partially of this downward turn.

在降低成本方面，我們已經與供應商進行了多次重新談判，並且一直在努力降低物流成本。此外，考慮到 EBITDA 和現金流，我們在這一年中獲得了近 1 億美元的收益（如演示文稿中所示），這主要得益於庫存水準的最佳化。當價差（任何石化產業績效的主要影響因素）處於歷史低點時，公司必須採取措施來部分減輕這種下滑趨勢的影響。

And this is something we are going to continue doing. We are going to continue communicating.

我們會繼續這樣做。我們將繼續保持溝通。

I just wanted to add one thing. With regard to when Braskem was created 20 years ago, the major difference with regard to supply and demand is that at the time, the European petrochemical industry was very important. It was actually the largest in the world, and it gradually lost competitivity and has been replaced by the petrochemical industry that is being created in China and that already existed in the Middle East and was expanded.

我只想補充一點。就 Braskem 20 年前創立之時而言，供需方面的主要差異在於，當時歐洲石化產業非常重要。它曾經是世界上最大的石油化工產業，但逐漸失去了競爭力，被中國正在興起、中東地區已經存在並得到擴張的石油化工產業所取代。

The consequences are that the new petrochemical industries that were created and also with -- in Japan and Korea, but to a lesser extent. But China and Middle East react much more quickly to requests for higher demand than the European industry did. As a result, the high and low cycles are going to be less steep and longer. And as a result of that, the petrochemical industry must adjust its processes, reduce its costs so that it can coexist with the new reality for the future, where the EBITDA margins are not going to be exuberant as they were before, 20% or more.

結果是，新創建的石化產業，以及在日本和韓國（但程度較輕）創建的產業。但與歐洲工業界相比，中國和中東對提高需求的反應要快得多。因此，高低週期的陡峭程度會降低，持續時間會延長。因此，石化產業必須調整其流程，降低成本，以便適應未來的新現實，即 EBITDA 利潤率不會像以前那麼高，達到 20% 或更高。

These margins are going to be more contained, closer to the refinery margins. And so we need to reinvent the way we operate petrochemical plants, for example, by reducing the impact of labor, increasing automation, using artificial intelligence tools to make the plant respond automatically to certain requests.

這些利潤率將會更加集中，更接近煉油廠的利潤率。因此，我們需要重新發明石化工廠的運作方式，例如，減少勞動力投入，提高自動化程度，利用人工智慧工具使工廠能夠自動回應某些請求。

All of this will reduce direct cost and fixed cost. This movement is an intrinsic part of our resiliency plan. We've had results in 2025. We're going to capture even more of them in '26. This is inexorable. It's a new reality in the petrochemical industry, and everyone is going to need to adapt to this new way of doing business.

所有這些都將降低直接成本和固定成本。這項舉措是我們韌性計畫的內在組成部分。我們已經得到了2025年的結果。我們將在 2026 年捕捉到更多這樣的畫面。這是不可避免的。這是石油化學產業的新現實，每個人都需要適應這種新的經營方式。

Thank you, Roberto. I'm going to read a question that we received from different people participating in this call in relation to the possible sale of Novonor and change of control, bringing the name of IG4 as a result of what we've seen in the media. So there is a question asking if we have any type of time line to complete the discussion, especially in the case of IG4.

謝謝你，羅伯托。我將宣讀一個來自參與本次電話會議的不同人士提出的問題，該問題與 Novonor 可能出售和控制權變更有關，並因我們在媒體上看到的內容而引入了 IG4 這個名稱。所以有人問，我們是否有完成討論的時間表，尤其是在 IG4 的情況下。

I would really love to be able to give you that answer. Unfortunately, I can't. As we've been saying repeatedly, we are not party to that negotiation. The information we received from Novonor, everything we received, we immediately convey to the market through material facts. And we are not aware of any topics or any progress that leads to an imminent decision with regard to the sale of Novonor shares.

我真的很想給你那個答案。很遺憾，我不能。正如我們反覆強調的那樣，我們不參與那次談判。我們從Novonor收到的所有訊息，我們都會立即透過實質事實傳達給市場。我們目前尚未獲悉任何有關出售 Novonor 股份的議題或進展，這些議題或進展將導致即將做出的決定。

So we remain waiting just as the market as a whole is waiting, of course, it's a topic that is of interest to us. It's of interest to everyone. But we are not even side players. We are merely spectators. Sure, we may be in the first row, but we are spectators nonetheless.

所以，我們和整個市場一樣，仍在等待，當然，這是我們感興趣的話題。這引起了所有人的興趣。但我們甚至連配角都算不上。我們只是旁觀者。沒錯，我們可能坐在第一排，但我們終究只是觀眾。

Thank you, Roberto. There's a question of Anne with Bank of America in relation to our transformation in Alagoas. Can you provide more information about Braskem chlor-alkali for transformation plant? And we would like to understand a little bit more about [Ole] and if we saw the press release that was published by Ole, as you would like to understand how this relationship is going to play out. So at the end of the day is how to Transforma Alagoas will perform in general.

謝謝你，羅伯托。關於安妮與美國銀行在阿拉戈斯州轉型方面的問題，我們有一些疑問。您能提供更多關於 Braskem 氯鹼轉化裝置的資訊嗎？我們想多了解[奧萊]，如果我們看到了奧萊發布的新聞稿，就像你們一樣，我們也想了解這段關係將如何發展。所以歸根結底，這取決於 Transforma Alagoas 的整體表現。

Well, what does this transformation bring us? Our chlor-ethane process is based on electrolysis used with salt. This is something that's been in effect since we opened in 2021. It was a brine transformation. And this actually was -- it didn't generate value. It produced EDC at a cost that was harmful to the PVC plant. The PVC plant carried the cost of the lack of competitivity from the chlor-soda plant.

那麼，這種轉變會為我們帶來什麼呢？我們的氯乙烷製程是基於使用鹽的電解法。這項措施自 2021 年開業以來一直有效。這是一次鹽水轉換。而這其實並沒有產生價值。它生產EDC的成本對PVC工廠造成了損害。PVC工廠承擔了氯蘇打工廠缺乏競爭力的成本。

This is a plant that dated from the 1970s and whose technology had already lost its competitivity and especially guided by the fact that we needed to bring salt -- gem rock salt halite, which is different from sea salt from Chile. So this halite came all the way down -- down south through the coast of Chile through the Magellan Strait and then north all the way up through the Brazilian coast.

這是一家建於 20 世紀 70 年代的工廠，其技術已經失去了競爭力，尤其受到我們需要進口鹽——寶石岩鹽（岩鹽）這一事實的影響，這與智利的海鹽不同。所以，這些岩鹽一路南下──一路向南，穿過智利海岸，經過麥哲倫海峽，然後一路往北，一直到達巴西海岸。

So the logistics cost was actually just as high as, if not even higher than the halite itself. So this was something that could only work if the product -- the polyethylene prices were high -- sorry, not polyethylene, he corrects himself, PVC. But if the costs were sufficient, so replacing EDC manufactured in Alagoas with a non-competitive plant, such as EDC imported from the US made using ethane resulting from shale gas. therefore, an appreciable comparative advantage. And it was transported using efficient cabotage to our Alagoas plant.

因此，物流成本實際上與岩鹽本身一樣高，甚至更高。所以，只有當產品——聚乙烯價格很高——抱歉，不是聚乙烯，他糾正自己，是PVC——的時候，這件事才有可能成功。但如果成本夠高，那麼用非競爭性工廠生產的EDC（例如從美國進口的、使用頁岩氣乙烷生產的EDC）來取代阿拉戈斯州生產的EDC，就具有顯著的比較優勢。然後透過高效的沿海運輸方式將其運送到我們在阿拉戈斯州的工廠。

This makes the work of the PVC plant more competitive than it was before. And we were actually often forced to reduce the output of the PVC plant to stop losing money. Now with this change, we can run our PVC plant at its maximum capacity. We can even apply some improvements that will improve it by 25, maybe 30 per year -- tonnes per year. And it will also lead us to produce more material in a shorter amount of time. This is all based on the fact that it is going to be produced. The PVC is going to be produced from more efficient feedstocks.

這使得PVC工廠的工作比以前更具競爭力。事實上，為了止損，我們經常被迫減少PVC工廠的產量。現在有了這項改變，我們的PVC工廠就可以以最大產能運作了。我們甚至可以進行一些改進，使其每年提高 25 噸，也許 30 噸。這將使我們在更短的時間內生產出更多的材料。這一切都基於它將被生產出來的前提。PVC將採用更有效率的原料生產。

In addition, in a partnership that we have signed, we are burning [kvako], which is a renewable feedstock. This makes our PVC increasingly more and more green. This is going to improve the results for our sales as well.

此外，根據我們簽署的合作協議，我們正在燃燒[kvako]，這是一種可再生原料。這使得我們的PVC產品越來越環保。這將提升我們的銷售業績。

With regard to the press release from Ole, I apologize, I haven't read it.

關於索爾斯克亞的新聞稿，很抱歉，我還沒看過。

As we mentioned previously, when we were mentioning Transform Rio, any change, any project is necessary, requires raw material contract in order to maintain operational stability. With the change explained by Roberto, the answer is yes, we have an agreement for the supply of feedstock and it's a long-term contract.

正如我們之前提到的，在談到「改造裡約」計畫時，任何變革、任何專案都需要原料合約來維持營運穩定。根據羅伯託的解釋，答案是肯定的，我們已經就原料供應達成協議，而且這是一份長期合約。

Moving on, we have some questions by [Hashis] about PRESIQ. And the question is repeated sometimes. So it's in relation to PRESIQ seems to be an important and necessary program in order to control the cash burn of the company. What are the expected impacts of PRESIQ?

接下來，[Hashis] 提出了一些關於 PRESIQ 的問題。這個問題有時會重複提出。因此，與 PRESIQ 相關的似乎是控制公司現金消耗的重要且必要的計劃。PRESIQ 的預期影響是什麼？

Thanks for the question. This is a relevant fact, a material fact for the company. It deals with our resiliency and transformation plan. So I'll answer in two sections. With regard to the year 2026, during which [rig] will still be in effect and two rigs, the investment and feedstock rigs.

謝謝你的提問。這是一個相關事實，對公司而言是一個實質事實。它涉及我們的韌性和轉型計劃。我將分兩部分回答。關於 2026 年，屆時 [鑽井平台] 仍將有效，並且有兩個鑽井平台，分別是投資鑽井平台和原料鑽井平台。

Now the investment rate has no change from what is currently in effect. This is a fiscal benefit, a 1.5% benefit we have based on PIS and COFINS that Braskem pays. As we mentioned previously, this is something we use as our funding for the Transformer Rio project and other projects of the company.

現在的投資率與現行水準相比沒有任何變化。這是一項財政收益，根據 Braskem 支付的 PIS 和 COFINS，我們可以獲得 1.5% 的收益。正如我們之前提到的，這是我們為 Transformer Rio 專案和公司其他專案提供的資金。

And the second is the feedstocks rig, which today is 0.7. As of 2026, as Roberto mentioned, once this is approved by the President, this will move to 6.25 from the current 0.7. So this will mean something in the order of $280 million to $300 million of EBITDA in the year 2026, starting as of 2027, up until 2031, which is currently in PRESIQ. It has a yearly budget for the petrochemical industry. And of course, Braskem is part of that of BRL3 billion per year, out of which BRL2.5 billion will be the so-called PRESIQ feedstocks and another BRL500 million for PRESIQ investments.

第二項是原料鑽井平台，目前為0.7。正如羅伯託所提到的，一旦獲得總統批准，到2026年，該平台將從目前的0.7增加到6.25。這意味著，從2027年開始，到2031年（目前在PRESIQ的計畫中），到2026年，EBITDA將達到2.8億至3億美元左右。它為石油化工行業製定了年度預算。當然，布拉斯科公司也參與了每年 30 億雷亞爾的撥款，其中 25 億雷亞爾將用於所謂的 PRESIQ 原料，另外 5 億雷亞爾將用於 PRESIQ 投資。

So this is what we are currently working on with our projections, and we currently await that signature as quickly as possible. We hope that it will be approved by the Senate firstly and then by the President.

這就是我們目前正在進行的預測工作，我們正在等待盡快獲得簽名。我們希望它先能得到參議院的批准，然後再得到總統的批准。

Just a reminder, the sum is for the whole industry, the BRL3 billion that Felipe mentioned, BRL3 billion per year. sum is the grant that is being given to the industry as a whole. We imagine that Braskem will receive something in the order of 50% of that sum.

再次提醒一下，這筆款項是針對整個產業的，也就是費利佩提到的30億雷亞爾，每年30億雷亞爾。這筆款項是撥給整個產業的補助。我們預計 Braskem 將獲得該金額的 50% 左右。

Thank you, Roberto. And to wrap up due to time limits, we have last questions. And the remaining questions will be answered lately -- later. And the question is about our projections. So there's a comment about our spreads projections, chemicals and petrochemical spreads.

謝謝你，羅伯托。最後，由於時間限制，我們還有最後一個問題要問。其餘的問題將在稍後得到解答。問題在於我們的預測。所以，這裡有一篇關於我們價差預測、化工產品價差和石化產品價差的評論。

Why would make us so confident to believe that the cycle would continue below the historical levels in the next five years? And they believe that external consulting services has a weak track record to estimate what would be the spreads for the future. And why -- what they usually do is to extrapolate what's happening at the moment? So I'm going to talk about our planning process at the conceptual level and how we carry out the mitigation. But before that, I would like to say that the downward cycle has been different from the other ones.

為什麼我們有理由如此確信，未來五年這一周期將繼續低於歷史水準？他們認為，外部諮詢服務在預測未來價差方面缺乏可靠的記錄。為什麼呢？他們通常的做法是根據當前情況進行推斷。接下來，我將從概念層面談談我們的規劃過程，以及我們如何實施緩解措施。但在此之前，我想說的是，這次下跌週期與其他週期有所不同。

So when we discuss the track record and the weakness and the weaknesses of the external consulting services, but this is the environment we have been experiencing since 2019. So we have seen a weakened demand when compared to the global GDP of 2010 to 2019, which was different to what we saw since 2019. As a reminder, the demand for plastic is very connected to the global GDP. The higher the global GDP, the higher the consumption of plastic. So whenever there is a drop in plastic, even though it's been growing, but we see a drop of the global average GDP when compared to the previous decade.

所以，當我們討論外部諮詢服務的過往績效、弱點和不足時，這就是我們自 2019 年以來所處的環境。因此，與 2010 年至 2019 年的全球 GDP 相比，我們看到需求減弱，這與 2019 年以來的情況有所不同。需要提醒的是，塑膠需求與全球GDP密切相關。全球GDP越高，塑膠消耗量就越高。所以，儘管塑膠使用量一直在成長，但每當塑膠使用量下降時，與前十年相比，我們看到全球平均 GDP 卻有所下降。

In addition to that, there's a very important difference to consider. China, with the driver with -- for new capacities, they are very based on sufficiency and to meet their own demand. And this is what we have seen, and this is aligned with the external consultancy. And this has created a very major oversupply. And this is something we showed in the results definition.

除此之外，還有非常重要的差異需要考慮。中國，其驅動力是──對於新增產能，他們非常注重產能充足，以滿足自身需求。這就是我們所看到的，這與外部諮詢的結果一致。這就造成了非常嚴重的供應過剩。而這正是我們在結果定義中所展示的內容。

And there is a backlog, there's a backlog before offering demand. And the backlog is really huge. And when I look into the future, we still see capacity coming in, especially in China in its search for self-sufficiency. When we defined our projections, this is what we considered. By the way, this is an approval process, which is still going on. And this is a process which will end at the end of the year with the approval by the Board. as we have mentioned in this results presentation.

而且目前有積壓訂單，在滿足需求之前就存在積壓訂單。積壓的工作量真的很大。展望未來，我們仍然可以看到產能不斷成長，尤其是在中國尋求自給自足的過程中。我們在製定預測方案時，考慮了這些因素。順便說一下，這是一個審批流程，目前仍在進行中。正如我們在本次業績報告中所提到的，這項流程將在年底獲得董事會批准後結束。

So for us to define the scenarios, we can consider different probabilities in different scenarios. We do not work with one case only. We incorporate different probabilities when we define the assumptions. And without any doubt, in our base case, we have been more conservative or even more realistic would be a better word when we do the rationalization because that could accelerate or could provide a better support to the better spread for the future.

因此，為了定義各種場景，我們可以考慮不同場景下的不同機率。我們並非只處理一個案件。我們在定義假設時會考慮不同的機率。毫無疑問，在我們的基本假設中，我們採取了更保守的做法，或者用「更為現實」來形容更為恰當，因為這樣可以加速或更好地支持未來的發展。

But as we mentioned in this call, it's very difficult to estimate other people's decision. So there are external consultancies that provide the cash cost of all producers in the world. But we do not have the disclosure of any agreement between suppliers and clients. So the decision of investment to close a plant is a decision based only on cash cost.

但正如我們在這通通話中提到的，預測別人的決定是非常困難的。因此，有一些外部顧問公司提供全世界所有生產商的現金成本。但我們沒有供應商和客戶之間任何協議的揭露資訊。因此，關閉一家工廠的投資決策只是基於現金成本的決策。

It starts from cash cost, but there is a definition at play, agreements, what's the best moment to make the decision for the rationalization. So again, in the past five or six years, there was a different downturn from the previous years. And there are players, there's this player that is going to include capacity up to 2030. So we consider the probability plus the definition of the assumption. And again, we were very realistic more than what we have been -- on what we have been observing.

它從現金成本開始，但其中涉及定義、協議，以及做出合理化決策的最佳時機。所以，過去五、六年裡，經濟衰退的程度與前幾年有所不同。還有一些玩家，像是這位玩家，他的產能將持續到 2030 年。因此，我們考慮機率以及假設的定義。而且，我們比以往更加務實——基於我們觀察到的情況。

Just to mention something else about the topic of rationalization. We have some perspectives for reductions. Some have been announced, others not yet, but there's a significant reduction in South Korea, which should reach maybe even 4 billion tonnes in China.

關於合理化這個主題，我還想補充一點。我們有一些減少開支的方案。有些已經公佈，有些還沒有公佈，但韓國的減排量將大幅增加，中國的減排量可能甚至會達到 40 億噸。

The Chinese capitalist process encourages creation of various industries and allows those industries to fight for space. And then once some time has elapsed, the winners remain and the Chinese government rationalizes the winners and losers. So of course, they have a lot of capacity spinning up. And of course, there's going to be rationalization.

中國的資本主義進程鼓勵各種產業的創立，並允許這些產業爭奪生存空間。然後，經過一段時間後，贏家依然存在，中國政府會對贏家和輸家進行合理化解釋。所以，他們當然有很多產能正在運作。當然，肯定會有各種理由來解釋這一切。

And the biggest losers are Europe. Europe has 12 million tonnes of ethylene production that is currently at risk. Structurally, Europe's problem is much more serious because not only do they not have the feedstocks, they don't have the ethane. They don't have the oil. So they import oil. Yes, they refine it, but they import oil and they import ethane. And their energy cost is also very high as a result of the war between Russia and Ukraine, which has shut down the supply of cheap Russian gas to Europe and especially to Germany.

最大的輸家是歐洲。歐洲目前有1200萬噸乙烯產能面臨風險。從結構上看，歐洲的問題要嚴重得多，因為他們不僅缺乏原料，而且缺乏乙烷。他們沒有石油。所以他們進口石油。是的，他們自己提煉，但他們進口石油，也進口乙烷。由於俄羅斯和烏克蘭之間的戰爭，導致廉價的俄羅斯天然氣無法供應歐洲，尤其是德國，他們的能源成本也非常高。

So with the energy cost in Europe, which is currently almost 3 times as high as it was before Ukraine was invaded and also considering that the petrochemical industry is highly energy intensive, combined with the fact that Europe doesn't produce any of these feedstocks, not even naphtha because they don't have oil or gas because they don't have oil reserves. And of course, I'm not considering Russia. This means that Europe's petrochemical industry is moving forward toward a state of the industrialization of total inexistence. And we have a significant amount of production capacity that is at risk during this sunset perspective.

因此，考慮到歐洲的能源成本目前幾乎是烏克蘭被入侵之前的 3 倍，而且石化行業是高度能源密集型行業，再加上歐洲不生產任何這些原料，甚至不生產石腦油，因為他們沒有石油或天然氣，因為他們沒有石油儲備。當然，我沒考慮俄羅斯。這意味著歐洲的石化工業正朝著完全不存在的工業化狀態發展。而我們有大量產能正面臨淘汰的風險。

Thank you, Roberto. Due to some limitations, the other questions we will answer later. So we would like to thank everyone for attending this call to discuss the results of the third quarter of 2025. And I'll see you next time when we -- for our next call. Thank you.

謝謝你，羅伯托。由於一些限制，其他問題我們稍後會回答。因此，我們要感謝大家參加本次電話會議，共同討論 2025 年第三季的業績。下次我們通話時再見。謝謝。

Thank you.

謝謝。

This concludes Braskem's conference call. Thank you all for joining us, and have a great afternoon.

布拉斯科公司的電話會議到此結束。感謝各位的參與，祝大家下午愉快。

Statements in English on this transcript were spoken by an interpreter present on the live call. The interpreter was provided by the company sponsoring this event.

本記錄稿中的英文陳述是由現場通話中的口譯員翻譯的。本次活動的翻譯人員由活動贊助公司提供。