Braskem S.A. (BAK) 2025 Q4 法說會逐字稿

Good morning, and thank you for waiting. Welcome to Braskem's video conference to discuss our results for Q4 2025 and the year 2025. Today, we have with us Mr. Roberto Ramos, CEO; Felipe Jens, CFO; and Rosana Avolio, Investor Relations, Strategic Planning and Market Intelligence Director. Please note that this event is being recorded.

早安，感謝您的等候。歡迎參加 Braskem 的視訊會議，討論我們 2025 年第四季及 2025 全年的業績。今天與會者包括執行長 Roberto Ramos 先生、財務長 Felipe Jens 先生，以及投資人關係、策略規劃與市場情報總監 Rosana Avolio 女士。請注意，本活動將進行錄音。

The presentation will be delivered in Portuguese with live translation and simultaneous interpreting into English. (Operator Instructions) Before we proceed, we'd like to clarify 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.

簡報將以葡萄牙語進行，並提供即時翻譯與英語同步口譯。(接線員指示) 在我們開始之前，我們想先說明：本次電話會議中任何關於 Braskem 業務前景、預測、營運與財務目標的陳述，均構成公司管理層的信念與假設，以及 Braskem 目前可取得的資訊。

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.

對未來的考量不保證績效，且涉及風險、不確定性與假設，因其關係到未來事件，因此取決於可能發生或不發生的情況。投資人與分析師應理解，一般環境、產業狀況及其他營運因素可能影響 Braskem 未來的結果，並可能導致實際結果與此類前瞻性陳述所表達者存在重大差異。

Now I'll turn the conference over to 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人關係、策略規劃與企業市場情報總監 Rosana Avolio。Avolio 女士，您可以開始簡報。

Good morning, everyone. Thank you for participating in Braskem's conference call for the fourth quarter and the full year 2025. As indicated in the agenda shown on slide 3, I will begin the presentation with the company's main highlights for the period, starting on slide 4.

各位早安。感謝各位參加 Braskem 2025 年第四季與全年電話會議。如投影片 3 所示的議程，我將先從投影片 4 開始，介紹本期間公司的主要重點。

During 2025, the petrochemical industry remained impacted by the prolonged downcycle with international petrochemical spreads below the historical industry average due to the continued imbalance between global supply and demand. These dynamics significantly affected the profitability and liquidity indicators of the global industry and therefore, the company in 2025.

2025 年期間，石化產業仍受長期景氣下行影響；由於全球供需持續失衡，國際石化價差低於產業歷史平均。這些動態顯著影響全球產業的獲利能力與流動性指標，因此也影響公司 2025 年的表現。

As a result, the utilization rate of the petrochemical complexes in Brazil in 2025 was 4 percentage-points lower compared to the previous year. This reduction is mainly explained by the adjustments to production levels in line with demand, ensuring the Brazilian market demand remains supplied and prioritizing higher value sales. In relation to international businesses in the United States and Europe, utilization rates remained in line with those recorded in 2024.

因此，2025 年巴西石化園區的產能利用率較前一年下降 4 個百分點。此下降主要源於配合需求調整產量，在確保巴西市場需求供應的同時，優先布局較高價值的銷售。至於美國與歐洲的國際業務，產能利用率與 2024 年水準大致一致。

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.

在墨西哥，由於該國石化園區自投產以來首次進行全面歲修停工（於 2025 年 7 月底完成），2025 年的產量低於 2024 年。

Regarding safety, the global accident frequency rate was 0.80 events per million hours worked. This was the second lowest rate since 2002, reinforcing that safety is and will always be a nonnegotiable value to the company. 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.

在安全方面，全球事故頻率為每百萬工時 0.80 起。這是自 2002 年以來第二低的水準，再次強化安全對公司而言是、也將永遠是不可妥協的價值。在財務結果方面，公司本季錄得經常性合併 EBITDA 為 1.09 億美元。全年經常性合併 EBITDA 為 5.57 億美元。

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, 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 standby facility maturing in December 2026, and corporate leverage was approximately 14.74 times.

在營運現金流方面，公司本季營運現金流入約 1,300 萬美元；全年營運現金流出為 2.46 億美元，反映 EBITDA 較低。最後，截至 2025 年第四季末，公司企業端現金約 21 億美元，其中包含 10 億美元、將於 2026 年 12 月到期的備用授信額度；企業槓桿約為 14.74 倍。

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. These uncertainties impacted production decisions and inventory replenishment throughout the transformation.

接著看下一張投影片。2025 年全球總體經濟環境的特徵是貿易條件波動，主要由商業緊張、地緣政治碎片化，以及包括中國在內的主要經濟體放緩所驅動。這些不確定性影響了整個加工轉化產業鏈的生產決策與庫存回補。

Thus considering the weakened demand and the global oversupply that has been occurring in recent years, international resin spreads, which are references for the products sold in the regions where we operate were lower when compared to 2024. In Brazil, after a 6% growth in resin demand in 2024, downstream converters sought to optimize inventory levels in light of global macroeconomic uncertainties. 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 growth in industrial activity.

因此，在需求走弱以及近年持續的全球供給過剩背景下，作為我們營運地區產品銷售參考的國際樹脂價差，較 2024 年下降。在巴西，繼 2024 年樹脂需求成長 6% 之後，下游加工業者在全球總經不確定性下，轉而尋求最佳化庫存水位。這使得 2025 年國內樹脂需求約下降 2%。在美國也觀察到相同趨勢，並考量工業活動的成長。

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 the continued adjustments in production levels to reflect lower seasonal demand while ensuring supply to the Brazilian market.

現在進入下一張投影片。接下來將呈現各業務區塊的表現，先從投影片 7 的巴西開始。第四季巴西石化園區的產能利用率較 2025 年第三季下降 6 個百分點，主要原因為巴伊亞園區的計畫性歲修停工（於 2026 年 1 月完成），以及持續調整產量以反映季節性需求走弱，同時確保巴西市場供應。

These effects 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. Chemical sales were also lower due to reduced product availability resulting from lower utilization rates, as mentioned previously, especially at the Bahia complex.

上述因素也影響了 2025 年相較前一年的產能利用率。在國內市場，銷售量下降 6%，主要因期間季節性需求較弱。化學品銷售亦因產能利用率較低而導致產品供給減少而下滑，如前所述，尤其是在巴伊亞園區。

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 cost reduction initiatives.

在此背景下，2025 年巴西事業部的經常性 EBITDA 為 6.98 億美元，較 2024 年下降 22%，主要由於樹脂與化學品銷售量較低以及平均價差較低；部分被巴西雷亞爾貶值與降本措施所抵銷。

Moving to the next slide. In the quarter, United States and Europe segment posted utilization rates 8 percentage-points lower when compared to the third quarter of 2025, mainly to the scheduled shutdowns at European plants completed in the fourth quarter of 2025 and also the inventory optimization in both regions. Lower quarterly volumes also reflect seasonality.

接著看下一張投影片。本季美國與歐洲事業部的產能利用率較 2025 年第三季下降 8 個百分點，主要因歐洲廠區的計畫性停工（於 2025 年第四季完成），以及兩地同步進行庫存最佳化。本季銷售量較低亦反映季節性因素。

For the year, utilization rates and sales volumes remained broadly stable. Recurring EBITDA for the year was negative $52 million, impacted by lower polypropylene, polyethylene spreads in Europe, inventory effects on the cost of goods sold in the United States and the reclassification of the expenses from the corporate into this segment following an organization change.

就全年而言，產能利用率與銷售量整體維持大致穩定。全年經常性 EBITDA 為負 5,200 萬美元，主要受歐洲聚丙烯與聚乙烯價差較低、美國銷貨成本中的庫存影響，以及組織調整後將費用自企業端重分類至本事業部所影響。

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 shutdown completed in July of this year and higher imported ethane supply through the import terminal. For the year, utilization was 64%, a reduction of 14 percentage-points compared to 2024 due to the same shutdown as previously mentioned.

接著看下一張投影片。在墨西哥，2025 年第四季聚乙烯產能利用率達 85%，較 2025 年第三季提高 38 個百分點，主要受惠於 7 月完成全面歲修停工後的產能爬坡，以及透過進口碼頭增加進口乙烷供應。全年產能利用率為 64%，較 2024 年下降 14 個百分點，原因同樣為前述停工。

In the quarter, higher imported ethane volumes supported the gradual recovery after the shutdown, partially offset by continued lower deliveries from Pemex. 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 the lower international polyethylene, ethane spreads.

本季較高的進口乙烷量支撐停工後的逐步復甦，部分抵銷 Pemex 持續較低的交付量。該事業部經常性 EBITDA 合計為 200 萬美元。相較前一年下滑，反映停工導致產品供給較低，以及國際聚乙烯與乙烷價差較低。

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

現在進入下一張投影片。下一章將涵蓋公司的合併表現。2025 年第四季經常性合併 EBITDA 為 1.09 億美元。2025 全年經常性合併 EBITDA 為 5.57 億美元，較 2024 年下降 49%。下滑主要由於石化價差持續承壓，導致貢獻毛利下降。

Lower sales volumes reflected weaker resins and chemical volumes in Brazil and lower polyethylene sales in Mexico. These effects were partially offset by higher revenues from tax credit recoveries and by the depreciation of the Brazilian real, which averaged approximately $0.20.

較低的銷售量反映巴西樹脂與化學品銷量走弱，以及墨西哥聚乙烯銷售較低。上述影響部分被稅額抵免回收帶來的較高收入，以及巴西雷亞爾貶值（平均約為 0.20 美元）所抵銷。

Now let's move on to the next slide. By the end of December 2025, all work fronts in Maceio continue to advance as planned. The relocation and compensation program ended the quarter with 99.9% of relocation execution completed.

現在讓我們進入下一張投影片。截至2025年12月底，馬塞約（Maceio）的所有工作面仍按計畫推進。安置與補償計畫在本季結束時，安置執行完成率達99.9%。

The same percentage applies to proposals submitted, of which 99.6% were accepted and 99.5% were already paid. Together with that, the sealing and the monitoring of salt cavities continued as planned. All necessary actions to ensure the 35 cavities reach a long-term maintenance-free condition have already been provisioned for the long term.

已提交的提案亦為相同比例，其中99.6%已被接受，99.5%已完成支付。同時，鹽穴的封堵與監測亦按計畫持續進行。為確保35個鹽穴達到長期免維護狀態所需的所有行動，均已就長期需求完成提列。

By the end of 2025, six cavities were naturally filled, six were completed and four of those cavities reached their technical filling limit and six cavities remained in the filling process. Thus, the total provision for Alagoas event was approximately BRL18 billion, of which around BRL13.9 billion had already been disbursed and approximately BRL1.4 billion have been classified to other payables. With this, the remaining provision at the end of the fourth quarter of 2025 was BRL3.5 billion.

截至2025年底，已有6個鹽穴自然回填，6個已完成回填，其中4個達到其技術回填上限，另有6個仍在回填過程中。因此，阿拉戈阿斯事件（Alagoas event）的總提列約為180億巴西雷亞爾（BRL），其中約139億雷亞爾已支付，約14億雷亞爾已分類至其他應付款。因此，2025年第四季末的剩餘提列為35億雷亞爾。

Now let's move on to the next slide. For the year, the company posted operating cash consumption of BRL1.4 billion, mainly due to lower EBITDA in 2025 as a result of the prolonged downcycle as seen in the petrochemical industry. The working capital consumption increase was due to lower availability of certain payment arrangements with financial institutions and suppliers. Recurring cash consumption was impacted by higher interest payments resulting from higher gross debt. Including Alagoas' disbursement, total cash consumption reached approximately BRL7.3 billion in the period.

現在讓我們進入下一張投影片。全年而言，公司營運現金流出為14億雷亞爾，主要由於2025年石化產業長期下行週期導致EBITDA下降。營運資金消耗增加，係因與金融機構及供應商的某些付款安排可用性降低。經常性現金消耗亦受到利息支付增加的影響，原因是總負債較高。包含阿拉戈阿斯的支出在內，期間總現金消耗約達73億雷亞爾。

Next slide. At the end of 2025, Braskem's adjusted net debt was $7.5 billion, excluding Braskem Idesa. The weighted average cost was currency variation plus 6.2% per year, and 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 standby facility maturing in December 2026.

下一張投影片。截至2025年底，Braskem 的調整後淨負債為75億美元，不含 Braskem Idesa。加權平均成本為匯率變動加上每年6.2%，公司槓桿倍數於年底為14.74倍。可用現金21億美元包含於10月自10億美元備用融資（到期日為2026年12月）提用的款項。

Following our agenda, let's move on to slide 15. Global macroeconomic volatility, combined with the prolonged petrochemical downcycle has resulted in lowest industry operating rates in decades. Demand declined by approximately 3 million tons of polyethylene and polypropylene globally. So it reflects a lower consumption in the main regions. Operating rates reached historically low levels of 79% for polyethylene and 74% for polypropylene, pressurizing the profitability of the global industry.

依照議程，讓我們進入第15張投影片。全球總體經濟波動，加上石化產業長期下行週期，導致產業開工率降至數十年來最低。全球聚乙烯與聚丙烯需求合計下降約300萬噸。這反映主要地區的消費降低。開工率降至歷史低位：聚乙烯79%、聚丙烯74%，對全球產業獲利能力造成壓力。

So the company tried to use the global program of resilience with the purpose of minimize the downturn cycle, preserving cash levels and maintain the sustainability of the business. Throughout 2025, we implemented more than 70 action plans of over 700 initiatives across six major fronts, institutional agenda, supplier negotiations, commercial initiatives, asset monetization, optimization of employed capital and operational (technical difficulty).

因此，公司嘗試運用全球韌性計畫，以降低下行週期影響、維持現金水位並維護業務永續性。在2025年期間，我們在六大面向（機構議程、供應商談判、商業倡議、資產變現、已投入資本最佳化以及營運）推動超過70項行動計畫、700多項倡議。(technical difficulty)。

These were fundamental to minimize the effect of adverse scenario, preserve liquidity and reinforce the competitiveness of the company and of the Brazilian industry. At the same time, it continues moving forward with this restructuring agenda and also with transformation initiatives.

這些措施對於降低不利情境的影響、維持流動性，並強化公司及巴西產業的競爭力至關重要。同時，公司也持續推進此重整議程以及轉型倡議。

Now let's move on to slide 16. The next slides cover the global petrochemical scenario. On slide 17, we bring an update on the global petrochemical scenario, focusing on the risks associated with the geopolitical environment. In recent weeks, we have observed an escalation of tensions in the Middle East involving the United States, Israel and Iran.

現在讓我們進入第16張投影片。接下來的投影片將涵蓋全球石化情勢。在第17張投影片，我們將更新全球石化情勢，並聚焦於地緣政治環境相關風險。近幾週，我們觀察到中東緊張局勢升級，涉及美國、以色列與伊朗。

This movement has reflected in greater volatility in commodity prices, especially Brent crude oil and naphtha in addition to additional pressures on international freights. Since the beginning of the conflict, Brent prices have shown significant increase, reflecting the strategic importance of the Middle East region for oil production and export.

此一動向反映在大宗商品價格波動加劇，尤其是布蘭特原油與石腦油（naphtha），並對國際運費帶來額外壓力。自衝突開始以來，布蘭特價格顯著上升，反映中東地區在石油生產與出口上的戰略重要性。

Naphtha has followed this volatility given its direct link to oil, which can impact the costs of the petrochemical chain, especially for marginal producers with greater exposure to this feedstock. The prices of chemicals and petrochemicals have increased in the international market due to the direct impact of the increase in the price of naphtha.

由於石腦油與原油直接連動，石腦油亦隨之波動，可能影響石化產業鏈成本，特別是對此原料曝險較高的邊際生產者。由於石腦油價格上升的直接影響，化學品與石化產品在國際市場的價格已上漲。

It's important to emphasize that impacts presented on the slide represent hypothesis. And this has to do with the additional increases of freight that can impact the parity of the export and the prices in the Brazilian market. As I said, it's important to point out that all those impacts are hypothesis that can or not materialize.

需要強調的是，投影片所呈現的影響屬於假設。這與運費的額外上升有關，可能影響出口平價以及巴西市場價格。如我所說，必須指出，所有這些影響都是假設，可能會或不會實現。

And that would depend the geopolitical scenario and possible logical restrictions such as the Strait of Hormuz. On this slide, we hypothetically explore the potential global productive impact resulting from a possible logistical restriction of the Strait of Hormuz should the geopolitical conflict intensify further. Strait of Hormuz is a critical point for the flow of feedstock and resins produced in the Middle East.

而這將取決於地緣政治情勢，以及可能的物流限制，例如荷姆茲海峽（Strait of Hormuz）。在本頁中，我們以假設方式探討：若地緣政治衝突進一步升級，荷姆茲海峽可能出現物流限制，進而對全球產能造成的潛在影響。荷姆茲海峽是中東地區原料與樹脂流通的關鍵節點。

In a scenario restriction, estimates indicate that global supply of polyethylene could be reduced between 6 million and 19 million tons, which represents about 4% to 11% of the global operating rate. In the case of polypropylene, the potential supply reduction could range between 7 million and 10 million tons, equivalent to 4% to 5% of the global operating rates.

在限制情境下，估計全球聚乙烯供給可能減少600萬至1,900萬噸，約相當於全球開工率的4%至11%。就聚丙烯而言，潛在供給減少可能介於700萬至1,000萬噸，相當於全球開工率的4%至5%。

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.

從區域角度來看，影響將非常不同。在北美，原料供應可得性與結構性競爭優勢的結合，可能使其得以將開工率最大化，並透過價格在聚乙烯與聚丙烯上取得價值。在歐洲，短期內預期進口壓力將降低。

However, in the medium and long term, 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.

然而，中長期而言，產能理性化的進程仍可能持續，並強化對營運水準與營運資金採取更審慎立場的趨勢。在亞洲，自中東進口的石腦油與丙烷等原料可得性降低，可能導致停產與減產，並加速理性化進程。

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.

在此背景下，優先事項往往是滿足國內需求，而非出口。在中東，除物流限制外，港口亦將面臨額外壓力、成本上升，以及與治安與安全相關的營運風險，長期可能顯著影響該地區的出口能力。

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, the 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.

在南美，全球供給降低的情境可能促使開工率上升，以滿足樹脂短缺。同時，該地區仍將暴露於原料供應可得性與價格波動，進而影響成本。對 Braskem 而言，與年初預期情境相比，前一頁所提及的這些影響在短期內可能偏正面。

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, maintaining discipline in the company's commercial, operational and financial management in face of this more volatile environment. Next, I will comment on the company's strategic direction for the coming years.

然而，我們強調，本頁所呈現的所有影響皆為潛在情境，是否實現取決於地緣政治衝突的演變以及國際物流條件。公司將持續監測這些發展及其潛在影響，並在更為波動的環境下，維持商業、營運與財務管理的紀律。接下來，我將說明公司未來幾年的策略方向。

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.

請進入下一張投影片。在2026至2028週期，我們將強化前一週期所定義之策略行動支柱，包括資本結構重整，以平衡公司的資本結構並確保業務持續經營。

Our strategy maintains safety as a nonnegotiable value in addition to people and culture and governance as its foundation. 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.

我們的策略除以人員、文化與治理作為基礎外，亦將安全視為不可妥協的價值。在此基礎上，我們將推進韌性與財務穩健相關的舉措，以及以業務永續經營為目標的轉型舉措。在韌性與財務穩健方面，我們將聚焦於戰術性舉措，以減輕景氣下行週期的影響並維持流動性，重點包括營運優化、策略與商業舉措、原料舉措，以及捍衛巴西化工產業的相關舉措。

In transformation, we will seek to ensure competitiveness and continuity of the business through the implementation of an asset 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.

在轉型方面，我們將透過落實資產策略，並在公司原料結構中擴大天然氣與再生來源的比重，以確保業務的競爭力與延續性。此策略旨在透過一套整合性的行動組合，促進公司價值回升，強化其價值創造能力、維持競爭力，進而確保業務永續性。

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 petrochemical industry and the preservation of the business 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.

現在我們進入下一張投影片。最後，我想強調公司在2026年的主要優先事項，這些事項與策略方向一致，並考量全球石化產業的挑戰性情勢以及維持業務永續性。第一項優先事項是重整公司的資本結構，創造必要條件，以確保在石化景氣循環中營運得以持續。

In parallel, we will 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.

同時，我們將持續推動韌性計畫，透過嚴格的成本控管、資本配置紀律，以及強化營運現金創造的舉措，聚焦於維持公司的財務流動性，以減輕不利情境的影響。

The third priority concerns the transformation plan initiatives, focusing on seeking financing alternatives to ensure the necessary resources and make the strategic projects feasible, thus strengthening the company's competitiveness.

第三項優先事項與轉型計畫的舉措相關，重點在於尋求融資替代方案，以確保所需資源並使策略性專案可行，從而強化公司的競爭力。

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 agreements related to the geological events in Alagoas.

我們也將尋求持續擴大綠色產品組合，強化其在永續解決方案與長期商業差異化上的定位。此外，我們仍承諾全面遵循與阿拉戈阿斯（Alagoas）地質事件相關的各項協議。

And finally, safety remains as a perpetual and nonnegotiable 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 decision throughout 2026. Thus, we conclude the presentation of Braskem's fourth quarter and 2025 earnings results.

最後，安全仍是公司長期且不可妥協的價值；我們將以安全可靠的營運，並與全球產業最佳實務保持一致。這些優先事項將引導公司在2026年全年的決策。至此，我們結束Braskem第四季與2025年財報結果的簡報。

Thank you very much for everyone's attention. We will now begin the Q&A session.

非常感謝各位的關注。我們現在開始問答環節。

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

各位女士、先生，現在我將把時間交給公司進行說明。

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 tariff wars.

各位早安。在開始問答環節之前，我想先強調幾點。首先，重要的是要記得，2025年——我知道各位都非常密切關注情勢——是非常具挑戰的一年，尤其從外部環境來看，地緣政治衝突與關稅戰帶來了很大影響。

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.

在此背景下，我們看到全球供需持續失衡，對全球石化價差造成更大的衝擊，壓縮了產業利潤率，因此也影響了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.

為了因應這些挑戰，我們在2025年採取了一些舉措，聚焦於為公司不同利害關係人創造價值，並著重於提升與最大化EBITDA，以及改善並最大化Braskem的現金創造能力。

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. We approved the antidumping law affecting the United States and Canada and the PVC antidumping from PVC coming from the US. And lastly, approving PRESIQ and increasing and maximizing REIQ for the coming year, which are essential programs for the Brazilian chemical and petrochemical industries.

在這些舉措中，我將重點提三項。第一，捍衛巴西石化產業的競爭力，我們維持了對PE、PP與PVC樹脂20%的進口稅率。我們核准了針對美國與加拿大的反傾銷法案，以及針對來自美國的PVC之PVC反傾銷措施。最後，我們核准了PRESIQ並在來年提高並最大化REIQ，這些都是巴西化學與石化產業的關鍵計畫。

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. And we approved the Transforma Rio program, which will transform Braskem's products through ethane and polyethylene.

第二，轉型計畫。我們在2025年讓氯鹼（chlor-soda）工廠進入休眠狀態，目標是讓阿拉戈阿斯的PVC更具競爭力，最重要的是更具永續性。我們也核准了Transforma Rio計畫，將透過乙烷與聚乙烯來轉型Braskem的產品。

And thirdly, but no less important, operational improvements. 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. I should highlight that 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.

第三，同樣重要的是營運改善。我們制定了79項行動計畫、超過700項內部舉措，其中我特別強調：以資本支出（CapEx）優化原料與氣體、優先生產附加價值更高且符合內需市場需求的樹脂、降低不同牌號切換期間的停機時間、降低物流成本、改善原料與原材料採購，以及採用稅務網格（tax grids）。我也要強調，Braskem採取的這些舉措在2025年為我們帶來5億美元EBITDA與6億美元現金創造，使Braskem至今仍維持良好的財務健康狀況。

Now with regard to the Alagoas' geological event, we signed an agreement with the state valued at BRL1.2 billion in payment, of which the vast majority has already been paid. And so considering the total provisioned amount of BRL18 billion and the payments that company has already disbursed by the end of 2025, we have a remaining provisioned amount of BRL3.5 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.

關於阿拉戈阿斯地質事件，我們與州政府簽署了一項協議，付款金額為12億巴西雷亞爾（BRL），其中絕大部分已經支付。因此，考量已提列的總準備金為180億巴西雷亞爾，以及公司截至2025年底已支付的款項，我們仍有35億巴西雷亞爾的剩餘準備金將於未來數年支付，這顯示公司在阿拉戈阿斯事件後改善情況方面具備強烈承諾並取得穩健進展。

I should also highlight the advances of our negotiations with our other parties with Braskem and Braskem Idesa, along with legal advisers and financial advisers 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.

我也要強調，我們與其他相關方就Braskem與Braskem Idesa所進行的談判已有進展，並有公司為此聘請的法律顧問與財務顧問參與。過去幾個月中，市場已在多個不同事件中獲悉此事。這些事件對兩家公司的財務健康都至關重要。

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 Shining (sic) [Shine I] credit funds, including with any related topics will all be announced to the market if and when they arise.

關於公司股東情況與控制結構的變更，巴西的CADE已予以核准。而在美國方面，其主管機關仍需調查並核准。至於Novonor與Shining（原音，sic）[Shine I]信貸基金，以及任何相關議題，如有進展並在適當時點，皆將對市場公告。

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.

至於我們對2026年的展望，儘管全球仍存在許多不穩定因素，包括中東戰爭、荷姆茲海峽（Strait of Hormuz）持續封鎖，以及來自中東的原料供應量有限，我們可能會在某些地區看到價值攫取（value capture）的機會，包括美洲地區，以及國際市場的價差表現。這意味著我們必須持續評估風險與機會，並維持公司的流動性。

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

再次感謝各位參加我們的法說會，現在我們開始問答環節。

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. So I'm making a summary so that we can provide the answers. So these are the questions.

各位早安。如同上一場電話會議，我們已收到問題。當然，有許多問題與中東衝突相關。因此我做了一個整理，以便我們提供回答。以下是這些問題。

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 was also a question about how the petrochemical spreads are responding as a result of the conflict.

考量目前情境，您能否提供全球產業表現的看法？您是否看到重要產能的縮減，或不可抗力事件（force majeure）對業務造成影響？另外也有人問到，石化價差如何因衝突而反應。

Good morning. I know that the company does not provide 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?

早安。我知道公司不提供正式財測指引，但戰爭對公司EBITDA會有什麼影響？我們是否可以預期EBITDA約為10億美元？

And there's also a question about sourcing of feedstock. In previous year, have you managed to, you have been able to diversify the purchase of naphtha, reducing the exposure of naphtha for Petrobras. The lower availability of naphtha has been affecting your feedstock considering the global price at the global level.

另外還有一個關於原料來源的問題。在前一年，你們是否已經能夠分散石腦油的採購，降低對巴西國油（Petrobras）石腦油的曝險。石腦油供應可得性降低，考量到全球層面的價格，已經影響到你們的原料供應。

So I'll turn the floor to Roberto for him to answer the questions.

那我把時間交給 Roberto，請他回答這些問題。

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 purchased from the Middle East. So it's a shorter distance than what we have here in the Americas. So we started the war with a larger supply of feedstock than our competitors did. Naturally, we purchase, we import naphtha, especially from the US.

我先就採購來源這個主題，提供一些相關資訊。首先，日本、南韓與中國等亞洲石化強國，他們的石腦油庫存比我們低，大約只有 15 天，因為他們的石腦油補庫速度更快，原因在於他們是從中東採購。因此距離比我們在美洲這邊要短。所以在戰事開始時，我們的原料供應量比競爭對手更充足。當然，我們也採購、進口石腦油，尤其是從美國。

We also imported 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. Actually, our main supplier of naphtha is the US because the US is long in naphtha and in gasoline. Shale oil 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 shale products, and that includes naphtha. So the US has a surplus of naphtha supply.

我們也從阿爾及利亞進口凝析油。我們也有一些來自中東的石腦油船貨。由於制裁，我們不向俄羅斯採購石腦油。事實上，我們石腦油的主要供應商是美國，因為美國的石腦油與汽油供給偏長（供過於求）。頁岩油的密度與柴油非常相近。因此當你精煉這類原油時，會產生我們所稱的中、輕質頁岩產品，其中就包含石腦油。所以美國的石腦油供應是有剩餘的。

And so 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. So with regard 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.

因此他們是石腦油的淨出口國，而我們是美國石腦油的重要買家。如各位所知，Braskem 是全球最大的石腦油買家。所以就我們的石腦油供應而言，因為來源是美國，不會受到這些衝突的影響。當然，價格上會受到影響而上升，因為美國石腦油現在也被亞洲石化公司競相爭購。

But our price minus the price of transportation, purchase minus transport is still better than these prices for Japan, Korea and China. But 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.

但我們的到岸成本（採購價加上運輸）仍然比日本、南韓與中國的成本更有利。不過這個問題非常關鍵，因為它正是我們策略的核心：我們希望降低對石腦油的依賴。目前我們 80% 以石腦油為基礎。其餘則是天然氣與乙醇。

And our plan is, by 2030, to reach 60% naphtha and 40% ethanol and gas, roughly 20% each. So 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 2 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 2 in Rio Grande do Sul.

我們的計畫是到 2030 年達到 60% 石腦油、40% 乙醇與天然氣，大致各 20%。因此我們早已有非常明確的策略來降低對石腦油的依賴，並尋找其他原料來源，不僅是乙醇，也包括丙烷。我們在南大河州（Rio Grande do Sul）的 2 號廠正在處理來自阿根廷的丙烷。阿根廷可能是重要的供應來源。目前對丙烷已是如此，但未來也可能供應乙烷，我們的目標是在南大河州的 2 號廠使用乙烷。

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.

我們也從美國進口乙烷，在巴伊亞（Bahia）的一些設備中使用乙烷，以避開原料成本上升，因為乙烷價格幾乎沒有上漲，而石腦油價格幾乎翻倍。

So looking into the future and naphtha sourcing 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 petrochemical companies is they are reducing production and scale because essentially, they were supplied almost exclusively by naphtha coming from the Middle East. So our sourcing is not at risk.

因此展望未來，Braskem 的石腦油來源在供應端並沒有風險，但會受到價格影響。日本與南韓的石化公司目前正在減產、降低開工規模，因為他們基本上幾乎完全依賴來自中東的石腦油供應。所以我們的採購來源沒有風險。

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. Now the question is, how much time will this price increase that impacted naphtha resulting from the higher cost of oil?

我們能取得石腦油。當然，我們必須支付相應的價格。我們一開始的石腦油庫存就已經比競爭對手更充足。而未來，我們希望對石腦油的依賴更低。現在的問題是：由於油價上升導致石腦油成本提高，這波價格上漲會持續多久？

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 a war between the US, Israel and Iran. It also involves other countries around the globe. I should also mention that the Gulf of Persia (sic) [Persian Gulf] and the Middle East has 50% of the energy inventory, energy stocks in the world, more than 50% of gas and oil.

這會持續多久？這在很大程度上取決於伊朗衝突會持續多久。而今天，這已不僅僅是美國、以色列與伊朗之間的戰爭。它也牽涉到全球其他國家。我也要提到，波斯灣（原文誤稱 Gulf of Persia）[波斯灣]與中東擁有全球 50% 的能源庫存／能源儲量，天然氣與石油更是超過 50%。

So the energy that can be stored because wind and solar cannot really be stocked. But storable energy overall, more than 50% of it is stored in the Middle East. So this conflict is not a conflict that involves just three countries. It involves a whole region, Iran, beyond Dubai, Bahrain, Qatar.

因此，可被儲存的能源——因為風能與太陽能其實無法真正被「囤存」——但就整體可儲存能源而言，超過 50% 都儲存在中東。所以這場衝突不是只涉及三個國家的衝突。它牽涉整個區域，包括伊朗，以及杜拜以外的巴林、卡達等。

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.

因此，這場衝突的影響遠大於去年美國與以色列對伊朗所進行的那些突襲。所以今年的衝突將需要更長時間才能解決，而對石化供應鏈、生產鏈與物流鏈的影響，可能需要數年才能完全消化與恢復。

Allow me to add, I'm going to read a question about the EBITDA impact. For sure, the company does not provide the formal guidance. So I'm going to use the history track from external consultancy services between 2014 and 2025. If we consider the historical consolidated EBITDA between 2014 and 2025, this is about [$2.54 billion]. And in this period, 2014 and 2025, we have a PE and ethane, which were very similar, which are the spread expected by the external consultancy.

我補充一下，我將朗讀一個關於 EBITDA 影響的問題。公司確實不提供正式的財測指引。因此我將引用外部顧問機構在 2014 至 2025 年間的歷史追蹤資料。如果我們看 2014 至 2025 年的歷史合併 EBITDA，大約是[25.4 億美元]。在這段期間（2014 至 2025 年），PE 與乙烷的利差非常相近，這也是外部顧問機構所預期的利差。

So 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. So considering this market reference, the expectation for the future in terms of average petrochemical spreads according to the external consultancy, we would reach the historical levels.

也就是主要化學品的利差，甚至高於平均水準；考量油價上升，PE-石腦油利差略低，約低於 10%。因此，依據這個市場參考值，外部顧問機構對未來平均石化利差的預期，我們將可回到歷史水準。

And the external consultancy services have been using an average of timing. And this is what's going to define the impact and the upsides and downsides, an average of one month for the war with a later impact considering the structural impact that we have seen in the region. But it's too early to try to imagine a future scenario.

外部顧問機構也採用一個平均的時間假設。而這將決定影響的上行與下行：以戰事平均一個月為假設，但考量我們在該區域看到的結構性影響，後續影響會延後顯現。但現在要去想像未來情境仍然太早。

So we are considering different scenarios. We are getting ready for the best, for the worst. As Roberto mentioned, we see the price of the feedstock going up in a significant manner following the oil price, especially naphtha.

因此我們正在考量不同情境。我們同時為最好與最壞的情況做準備。如 Roberto 所提到，我們看到原料價格隨油價顯著上升，尤其是石腦油。

And we can see that the rising prices have a lag so that it can be reflected in the results. And 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.

我們也看到價格上漲會有時間落後，之後才會反映在業績結果上。而如 Felipe 所提到，我們正在維持現金與流動性，但也必須謹慎，因為這是個即時變動、隨時改變的動態情境，這也是我們考量不同情境的原因。

Well, moving on to the next question. I'm going to ask Felipe. This was related to Braskem Idesa as follows. With the default of the bond interest rates and the lower ratings to D and 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 the control of its assets?

好，那我們進入下一個問題。我想請教 Felipe。這個問題與 Braskem Idesa 相關，如下。在債券利息利率違約、評級下調至 D，且可能透過第 11 章進行重整的情況下，這個情境實際發生的可能性有多大？接下來的步驟是什麼？而第 11 章對合併資產負債表以及其資產控制權會帶來什麼後果？

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 advisers 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.

謝謝你，Rosana。謝謝你的提問。如同你在我們近期發布、說明財務結果的附註中所看到的，我們一向非常透明且非常客觀。過去幾年我們也一直如此，逐步說明去年在我們聘請 Braskem Idesa 的法律與財務顧問以重整該公司的資本結構時所發生的每一步。現在隨著流程推進，我們需要持續投入參與，以便了解最終情況會是什麼。

It is not up to me to speculate about what any of 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 announced here at the beginning of this call and focusing 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.

我不便去臆測未來可能採取的任何路徑。但我可以告訴在座各位，正如我們在本次電話會議一開始所宣布並聚焦於流動性一樣，這是絕對優先事項。一旦我們掌握關於此次重整／重組將呈現何種樣貌的重大資訊，我們一定會與各位分享，讓大家能即時掌握公司接下來的步驟。

Thank you, Felipe. Moving on, there's a question related to the antidumping process of polyethylene in Brazil. So 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 antidumping actions in Brazil?

謝謝你，Felipe。接下來，有一個與巴西聚乙烯反傾銷程序相關的問題。問題如下。昨天召開的會議結果是什麼？新的保護措施會實施嗎？以及目前的物流限制、運費上升與生產限制，是否會降低在巴西採取反傾銷措施的可能性？

Well, we had an 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 Industry and Commerce that recommended a $700 per ton antidumping norm for ethylene coming from the US and it opted to maintain the protection that had been granted by the provisional antidumping law from six months ago.

我們在 MDIC 網站上看到一則資訊：Gecex 選擇不採納由工業與商業部技術人員所做、建議對來自美國的乙烯採取每噸 700 美元反傾銷稅標準的深入詳細研究，而是選擇維持六個月前臨時反傾銷措施所授予的保護。

Apparently, the information that we received was that apparently, this decision was taken due to the public interest. We will appeal this decision because it is our opinion that the antidumping 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.

我們收到的資訊顯示，這項決定似乎是基於公共利益而做出。我們將對此決定提出上訴，因為我們認為反傾銷案件的論據非常充分且證據非常明確。而且實際上可以取得美國生產商提供的資訊，清楚顯示他們確實在實施掠奪性定價政策。

So in effect, we have a concession of theirs about their infraction. And 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 informed by the Gecex.

因此，實際上我們取得了他們對其違規行為的承認。我認為令人遺憾的是，巴西委員會未將這些資訊納入考量，而且 Gecex 也未將相關資訊告知工業與商業部的技術人員。

It's, and 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.

此外，特別是過去一年所蒐集的價格樣本（包含臨時保護措施期間）顯示，這種情況實際上因戰爭而持續存在，因為石腦油價格會隨市場波動，而我們的主要原料就是石腦油。因此，我們所承受的不公平定價因戰爭而更加惡化。

So the situation not only failed to improve, but it also became worse. So the Gecex actually should have detected that we are in, we are literally in a war. So 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 Commerce and Trade. So I, again, I reiterate, it is deplorable that a research, a project with enormous technical information and quality was not taken into account.

所以情況不但沒有改善，反而變得更糟。因此 Gecex 其實應該察覺到我們正處於——我們確實正處於戰爭之中。所以我很難理解，究竟是什麼樣的公共利益可能影響了這項決定；但我只能根據商業與貿易部發布的那段簡短內容來形成看法。因此我再次重申：一份具備大量技術資訊且品質極高的研究／專案未被納入考量，令人遺憾。

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

謝謝你，Roberto。接下來，Roberto，我們有一個問題。為什麼在 Braskem 的財務報告中，會出現對持續經營能力的疑慮？

Thank you Paul 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.

謝謝你，Paul 的提問。這個問題非常重要。我需要先非常清楚地說明：我們的資產負債表已經由審計師確認。作為我們報表的基本假設之一，是關於公司及其營運能夠持續且保持良好健康狀態。然而，公司董事會已經制定並核准了一項計畫。

We've actually mentioned some of these topics recently. They involve a restructuring of Braskem's capital structure. 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 plan they assess.

我們近期其實已提到其中一些主題。它們涉及 Braskem 資本結構的重整。而如同任何公司與任何實體一樣，審計師、獨立審計師必須就其所評估的任何計畫，提出任何重大或較不重大的不確定性議題。

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 advisers to implement this plan. So that is the reason. That's why there have been mentions about uncertainties and the assumptions were maintained about the company's operational continuity.

鑑於我們所談的公司是 Braskem，報告中提到該計畫存在不確定性；但自去年 9 月以來，我們已在所有人的充分投入下——包括財務與法律顧問——持續推動該計畫的落實。因此原因就在這裡。這就是為什麼會提到不確定性，同時仍維持公司營運持續性的假設。

Thank you, Felipe. Talking about our transformation plan, this is a 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 of those investments?

謝謝你，Felipe。談到我們的轉型計畫，這裡有一個問題。公司宣布投資 Transforma Rio 專案，並持續進行策略性投資。考量到高槓桿與現金消耗，公司將如何在不影響資本結構的情況下為這些資本支出（CapEx）融資？這些投資的範圍是否有任何重新評估？

Thank you once again for this question. Yes, we already mentioned this in the last time we published the Q3 '25 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. So the resources for this purpose have been earmarked and are included for this purpose.

再次感謝這個問題。是的，我們在上次發布 2025 年第三季（Q3 '25）業績時已經提過，且我們維持相同的回答。是的。這次重整、也就是公司資本結構的重組，確實包含了推動這個對 Braskem 轉型至關重要的專案所需資源。因此，相關資源已被預留並納入規劃。

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. I'd like to highlight something about our strategy. We have a process underway where we are changing our feedstock.

它需要落地並加以執行，但對於其必要性完全沒有任何爭議。這也有助於我們印證整體商業計畫——該計畫已由公司董事會核准，而該專案本身也在董事會核准後即對市場公告。這將使 Braskem 能夠維持營運、保持浮力並健康地存續，並回到並不算太久遠的過去那樣的狀態。我想強調我們策略中的一點。我們正在推進一個更換原料的流程。

The Rio plant that is roughly 300,000 tons a year, it's gas-based. This allows us to pull Bahia's Plant 1, which will be converted from a naphtha unit, and it will start processing ethanol. So the 300,000 tons that we are going to start producing in addition in Rio, plus the green ethane, ethylene, sorry, that we produce in Bahia will replace the 600,000 naphtha-based ethylene.

里約工廠年產約 30 萬噸，是以天然氣為基礎。這使我們能夠調整巴伊亞（Bahia）的 1 號工廠，該廠將從石腦油裝置轉換，並開始處理乙醇。因此，我們將在里約新增生產的 30 萬噸，加上我們在巴伊亞生產的綠色乙烯——抱歉，是乙烯——將取代 60 萬噸以石腦油為基礎的乙烯。

And in so doing, we are adding more competitivity and increasing our sustainability because whether it's because the prices are more interesting for us or because these feedstocks 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.

透過這樣做，我們提升了競爭力並提高了永續性，無論是因為價格對我們更有利，或是因為這些原料更具永續性。所以不要把里約擴產視為一個孤立事件——不是說「喔，Braskem 因為里約更便宜就要在里約拉升產量」。

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 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.

嗯，這確實如此，但我們做的不僅僅是那樣。我們正在以其他原料取代石腦油。我們正在從天然氣轉換，並且我們正在轉向綠色（更環保）的方案，這是我們邁向綠色轉型的躍升。這些因素都是整合在一起的。這不是一個簡單的作業。因此，為這個專案融資會把所有這些因素都納入考量。

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 increase and what are the potential impacts? I'm going to answer these questions, and then Roberto and Felipe can add to what I said.

謝謝你，Roberto。接下來。這個問題與石化價差有關。自從荷姆茲海峽關閉以來，我們看到哪些項目上升了，以及可能的影響是什麼？我先回答這些問題，然後 Roberto 和 Felipe 可以補充我所說的內容。

As I said, we are considering different scenarios. This is a very dynamic topic. Every day, there is something new and update. We learn about escalation of the conflict. So I'm going to talk about what we have seen in terms of consensus.

如我所說，我們正在考量不同的情境。這是一個非常動態的議題。每天都會有新的消息與更新。我們也得知衝突正在升級。因此我將就我們在「市場共識」層面所觀察到的情況來說明。

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. So all those higher prices of naphtha that you have been observing in March will be the national reference that you will use as consumption of feedstock for next month. So we see that there's a working capital being consumed from the payables.

從較技術性的角度來看，當我們看原料端時，如果油價上升，作為煉油副產品的石腦油價格自然也會更高。因此，你們在三月觀察到的石腦油較高價格，將成為你們用於下個月原料消耗的國內參考價格。所以我們看到，應付帳款端的資金正在被占用，導致營運資金被消耗。

When we consider the resins or the main products, we see a quicker response in relation to the chemicals. So base naphtha producer also make other chemicals that also have an impact on the margin of the company that would account to 15% to 20% of the historic EBITDA of the company.

當我們看樹脂或主要產品時，我們看到相較於化學品端有更快的反應。因此，基礎石腦油生產商也會生產其他化學品，這同樣會影響公司的利潤率；這部分在歷史上約占公司 EBITDA 的 15% 到 20%。

We already see this consequence in the result of March. But in terms of spot price, we have seen some increases. But in our cash flow, we can expect a positive result a little bit in the future. In terms of expectations, what are of the spreads of 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 spreads as we have observed in the first quarter of 2026.

我們已經在三月的結果中看到這個後果。但就現貨價格而言，我們確實看到一些上升。不過在我們的現金流上，我們預期在稍後一點的時間會看到正面結果。就價差的預期而言，根據顧問機構的看法，外部顧問預期價差將較我們在 2026 年第一季所觀察到的水準增加約 50%，涵蓋第一季或第二季。

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, 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.

我想補充一點，談談價格上漲持續時間的思考。我們預期這會持續多久？目前即便美國與伊朗之間真的有談判桌，伊朗提出了兩項要求，我個人認為非常難以滿足。第一，伊朗要求就其因戰爭所承受的損失獲得賠償。

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. 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.

這讓我想到《凡爾賽條約》對德國施加的戰爭賠款。如果你喜歡歷史與經濟，這常被引用為德國惡性通膨以及希特勒崛起的原因之一。當然那並不完全正確，但我不是來談歷史的。事實是，美國的攻擊摧毀了伊朗的艦隊，而伊朗要求美國與以色列支付費用以重建該艦隊。

And 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 on the negotiation, then this negotiation will drag on for a very long time.

此外，伊朗也要求其對荷姆茲海峽的主權能在國際上獲得承認。若真如此，伊朗將可以對所有通過海峽的貨物收取通行費。但這永遠不會被任何一方接受。因此，如果這些要求是真正的要求，且確實成為談判的絆腳石，那麼談判將會拖延非常長的時間。

Thank you, Roberto. I'm going to 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?

謝謝你，Roberto。我將進入我們最後一個問題。關於潛在的控制權變更，公司是否可以就最新情況提供更新？

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 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.

謝謝這個問題。我們也確實多次提到過。我想強調的是，Braskem 並非這些討論或談判的當事方。而且當 Braskem 收到通知時（如果收到），我們也會立即向市場公告。如同我們在電話會議一開始提到的，CADE 已發布公開資訊；此外，美國方面也在三月初就反壟斷以及與股東的最終談判相關事宜有所進展並已具體化。

So 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. So, and to send them to the market so that the market remains apprised in a timely manner as well.

因此，對我們而言，這是一個涉及潛在投資人所進行盡職調查與分析的議題。這些工作在公司內部仍在進行中，我們也持續及時回應相關要求。同時也會把資訊提交給市場，以便市場也能及時掌握最新情況。

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 IG4 has been approved and the new shareholders' agreement is likely to be signed briefly.

謝謝你，Felipe。我們最後一個問題，Felipe。你能否提供更多關於 Petrobras 的資訊？考量到與 IG4 的交易已獲批准，且新的股東協議可能很快簽署，Petrobras 是否可能對 Braskem 提供任何形式的支持？

Thank you. This question actually depends significantly on Petrobras, and it actually should be asked of Petrobras, not really Braskem. And 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.

謝謝。這個問題其實很大程度取決於 Petrobras，而且更應該問 Petrobras，而不完全是 Braskem。至於 Petrobras 與 Braskem 之間的關聯性，我們持續努力推動未來的改善與商業條件。當然，我們會尊重雙方，讓雙方都能達成對兩家公司都有利的協議。我相信這些討論仍在平行進行中。無論任何潛在的股東情況如何，這些討論一直都在持續。

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. So 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.

補充一下，Petrobras 確實持有公司相當重要的持股。他們在我們董事會中有四位董事。我們每月都有董事會會議。因此，Braskem 發生的一切，Petrobras 都能非常即時地獲得通知。此外，Petrobras 的董事會也能直接接觸 Braskem 的董事會。

And we talk every week, multiple times a week. So 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 and the interest they have at the company. So what Felipe said is true, but I think the answer is a little obvious. Petrobras is enormously interested in Braskem and will remain interested.

而且我們每週都會溝通，一週多次。因此，Petrobras 完全了解 Braskem 的情況以及極度低迷的石化景氣循環。他們也非常關注其在本公司的持股，以及他們在公司中的利益。所以 Felipe 所說的沒錯，但我認為答案其實相當明顯。Petrobras 對 Braskem 有極高的關注，並且將持續關注。

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.

各位女士先生，我們現在結束問答環節以及 Braskem 的視訊會議。本次會議到此結束。感謝各位的參與，祝各位有美好的一天。

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.

本逐字稿中的英文陳述由現場電話會議的口譯員口譯。該口譯員由主辦本活動的公司提供。