Braskem S.A. (BAK) 2026 Q1 法說會逐字稿

Good morning, and thank you for holding. Welcome to Braskem's first-quarter Of 2026 results conference call. With us here today, we have Mr. Roberto Ramos, Braskem's CEO; Mr. Felipe Jens, Braskem's CFO; and Ms. Rosana Avolio, Investor Relations, Strategic Planning and Corporate Market Intelligence Director. Please note that today's event is being recorded. The presentation will be delivered in Portuguese with simultaneous interpreting into English.

早安，感謝您的等候。歡迎參加 Braskem 2026 年第一季業績電話會議。今天與會者包括 Braskem 執行長 Roberto Ramos 先生、財務長 Felipe Jens 先生，以及投資人關係、策略規劃與企業市場情報總監 Rosana Avolio 女士。請注意，今天的活動將進行錄音。簡報將以葡萄牙語進行，並同步口譯成英語。

In Zoom, participants may select their preferred audio language and view using the interpretation and view options buttons respectively. Options are also available using the show captions buttons. Following Braskem's remarks, we will open the call for questions. Questions should be submitted through the Q&A button. I will now repeat the same instruction.

在 Zoom 中，與會者可分別透過「口譯」與「檢視選項」按鈕選擇偏好的音訊語言與觀看方式。也可透過「顯示字幕」按鈕使用相關選項。在 Braskem 發言結束後，我們將開放提問。問題請透過 Q&A 按鈕提交。我現在將重複相同的說明。

The presentation will be held in Portuguese and simultaneously interpreted into English. You may select your preferred audio language and presentation view using the interpretation and view options buttons. You may also switch between languages using a button in the same menu. Following the remarks, we will open the call for questions. Please submit them using the Q&A button. Please remember that you may send questions to Braskem to be answered after the call as well.

簡報將以葡萄牙語進行，並同步口譯成英語。您可透過「口譯」與「檢視選項」按鈕選擇偏好的音訊語言與簡報觀看方式。您也可在同一選單中使用按鈕切換語言。在發言結束後，我們將開放提問。請使用 Q&A 按鈕提交問題。也請記得，您同樣可以在會後將問題寄送給 Braskem，以便在電話會議後回覆。

Before we proceed, I'd like to note that any forward-looking statements made during this conference call regarding Braskem's business outlook, projections and operating or financial targets are based on the beliefs and assumptions of the company's management as well as on information currently available to Braskem.

在我們開始之前，我想提醒各位：本次電話會議中任何關於 Braskem 業務展望、預測以及營運或財務目標的前瞻性陳述，均係基於公司管理層的信念與假設，以及目前 Braskem 可取得的資訊。

Forward-looking statements are not guarantees of performance. They involve risks, uncertainties and assumptions as they relate to future events and therefore, depend on circumstances that may or may not occur. Investors and analysts should understand that general economic conditions, industry conditions and other operating factors may affect Braskem's future results and could cause actual results to differ materially from those expressed or implied in these forward-looking statements.

前瞻性陳述並非績效保證。其涉及與未來事件相關的風險、不確定性與假設，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，一般經濟狀況、產業狀況及其他營運因素可能影響 Braskem 未來業績，並可能導致實際結果與這些前瞻性陳述所明示或暗示者出現重大差異。

I will now turn the call over to Ms. Rosana Avolio, Director of Investor Relations, Strategic Planning and Corporate Market Intelligence. Ms. Avolio, please go ahead.

接下來我將把電話會議交給投資人關係、策略規劃與企業市場情報總監 Rosana Avolio 女士。Avolio 女士，請開始。

Good morning, ladies and gentlemen. Thank you for joining Braskem's earnings conference call for the first quarter of 2026. Following the agenda on slide number 3, we will start with the company's main highlights for the period, beginning on slide number 4. In the first quarter of 2026, operations at Braskem's petrochemical complexes in Brazil delivered a utilization rate 10 percentage points higher than in the last quarter of 2025.

各位女士、先生，早安。感謝各位參加 Braskem 2026 年第一季財報電話會議。依照第 3 頁投影片的議程，我們將從第 4 頁開始，先介紹本期間公司的主要重點。2026 年第一季，Braskem 在巴西的石化園區營運稼動率較 2025 年第四季高出 10 個百分點。

In relation to the United States and Europe segment, the utilization rate was higher by 8 percentage points. And in the Mexico segment, the utilization rate was lower by 30 percentage points, impacted by the feedstock supply and Braskem Idesa's liquidity needs.

就美國與歐洲事業部而言，稼動率提高了 8 個百分點。而在墨西哥事業部，稼動率下降了 30 個百分點，主要受到原料供應以及 Braskem Idesa 流動性需求的影響。

Regarding safety, a nonnegotiable value for the company, the average global frequency rate of accidents in the period was 0.18 events per 1 million hours worked, the best rate in the first quarter result in the last 10 years. In the quarter, the company reported consolidated recurring EBITDA of USD192 million, up by 76% compared to the fourth quarter of 2025.

在安全方面（公司不可妥協的價值），本期間全球平均事故頻率為每 100 萬工時 0.18 起，為近 10 年第一季最佳表現。本季公司合併經常性 EBITDA 為 1.92 億美元，較 2025 年第四季成長 76%。

Regarding cash flow -- operating cash flow, the company presented an operating cash consumption of approximately USD603 million in the period. Regarding indebtedness, the average maturity was approximately seven years with 61% of the corporate debt maturing as of 2030.

就現金流而言——營運現金流方面，公司本期間營運現金流出（消耗）約 6.03 億美元。就負債而言，平均到期年限約 7 年，且 61% 的公司債務到期日落在 2030 年及之後。

Braskem's cash position ended the first quarter of 2026 at USD1.1 billion, considering the standby facility maturing in December 2026. Finally, it's worth highlighting Braskem's return to ISE B3, the Corporate Sustainability Index, integrating the 2026 portfolio. The return to the ISE is a recognition of the company's efforts and initiatives on the sustainability topics.

Braskem 於 2026 年第一季末的現金部位為 11 億美元（包含將於 2026 年 12 月到期的備用融資額度）。最後，值得強調的是 Braskem 重返 ISE B3（企業永續指數），並納入 2026 年投資組合。重返 ISE 是對公司在永續議題上努力與倡議的肯定。

Now moving on to the next slide. The performance of each segment of the company will be presented below, starting with Brazil on slide number 6. The petrochemical plants in the Brazil segment had a higher average utilization rate when compared to the fourth quarter of 2025 by 10 percentage points, mainly explained by the normalization of operations at the petrochemical plant in Bahia after the scheduled maintenance shutdown started in the fourth quarter of 2025 and concluded in January 2026.

接著看下一頁投影片。以下將呈現公司各事業部的表現，並從第 6 頁的巴西事業部開始。巴西事業部的石化工廠平均稼動率較 2025 年第四季高出 10 個百分點，主要原因是巴伊亞（Bahia）石化廠在 2025 年第四季開始、並於 2026 年 1 月完成的例行歲修停工後，營運恢復正常化。

In addition, results were impacted by inventory buildup ahead of the scheduled maintenance shutdown at the Rio Grande do Sul petrochemical plant, which started in March and ended in April 2026. In addition, the higher feedstock supply to the São Paulo petrochemical complex during the period also contributed to the increase in the utilization rate in the quarter.

此外，為因應南大河州（Rio Grande do Sul）石化廠的例行歲修停工（於 3 月開始、4 月結束），公司在停工前進行庫存建立，亦對結果造成影響。另外，本期間對聖保羅（São Paulo）石化園區的原料供應增加，也促成了本季稼動率的提升。

Regarding sales, the volume of sales of resins in the Brazilian market was 5% higher compared to the previous quarter, impacted by higher sales of polyethylene and PVC, reflecting the beginning of the conflict in the Middle East. Chemical sales volume also increased by 5%, mainly due to higher product availability with highlights, including higher sales of gasoline, toluene and benzene.

在銷售方面，巴西市場樹脂銷售量較前一季增加 5%，受惠於聚乙烯與 PVC 銷售提升，並反映中東衝突爆發初期的影響。化學品銷售量亦增加 5%，主要因產品供應量提高；其中亮點包括汽油、甲苯與苯的銷售增加。

Regarding results, the segment's recurring EBITDA was USD241 million, an increase of 69% versus the previous quarter. This was mainly driven by the segment's higher contribution margin, explained by the PIS/COFINS credit on feedstock purchases totaling $32 million, which had a positive impact on the segment's COGS. On the other hand, the appreciation of the average real against the average dollar by 3% in the period negatively impacted recurring EBITDA by about $10 million.

在獲利表現方面，該事業部經常性 EBITDA 為 2.41 億美元，較前一季增加 69%。主要動能來自該事業部貢獻毛利提高，原因是原料採購取得 PIS/COFINS 稅額抵扣合計 3,200 萬美元，對該事業部銷貨成本（COGS）帶來正面影響。另一方面，本期間巴西雷亞爾平均匯率相對美元平均匯率升值 3%，對經常性 EBITDA 造成約 1,000 萬美元的負面影響。

Moving on to the next slide. In the first quarter of 2026, the green ethylene utilization rate was 3 percentage points lower when compared to the last quarter of 2025. During the period, sales of green polyethylene were impacted by the lower demand due to the Chinese New Year. I would like to highlight that in early April, Braskem announced that it will be the first chemical company to receive the Celo Verde Brasil certification.

接著看下一頁投影片。2026 年第一季，綠色乙烯的稼動率較 2025 年第四季低 3 個百分點。本期間，綠色聚乙烯的銷售受到中國農曆新年導致需求較低的影響。我想特別強調，Braskem 於 4 月初宣布，將成為首家獲得「Selo Verde Brasil」認證的化學公司。

The Selo Verde is a program of the Ministry of Development, Industry, Trade and Services designed to recognize products and services aligned with rigorous sustainability criteria based on a specific standard for renewable polymers in line with the Brazilian Association of Technical standards. With this advancement, products in the Braskem's and green bio-based portfolio are positioned to become the first to receive the Silver Brazil certification, which is expected to be concluded in the second half of this year.

Selo Verde 是由發展、工業、貿易與服務部（Ministry of Development, Industry, Trade and Services）推動的計畫，旨在依據與巴西技術標準協會（ABNT）一致、針對可再生聚合物的特定標準，表彰符合嚴格永續性準則的產品與服務。隨著此一進展，Braskem 的綠色生質產品組合中的產品，將具備成為首批取得「Silver Brazil」認證的定位；該認證預計於今年下半年完成。

Now let's move on to the next slide. In the quarter, the utilization rate of the United States and Europe segment was 8 percentage points higher when compared to the fourth quarter of 2025, mainly due to the normalization of the plants after maintenance shutdowns in Europe and in the increase in production in the United States.

現在讓我們進入下一張投影片。本季度，美國與歐洲分部的產能利用率較2025年第四季高出8個百分點，主要由於歐洲工廠在維修停工後恢復正常運作，以及美國產量增加。

In this context, sales volume in the quarter was 3% higher, mainly explained by the higher sales volume in the United States due to the geopolitical environment. The segment reported recurring EBITDA of USD21 million, driven by the increase in the polypropylene spread in the United States and Europe and by the allocation of part of the chemical expenses previously recorded in the US and Europe segment to the Brazil segment to better reflect the commercial efforts in each region.

在此背景下，本季度銷售量提高3%，主要是由於地緣政治環境使美國銷售量增加所致。該分部錄得經常性EBITDA為2,100萬美元，主要受美國與歐洲聚丙烯價差擴大所帶動，並且將先前記錄於美國與歐洲分部的部分化學品費用分攤至巴西分部，以更好反映各地區的商業投入。

Now let's move on to the next slide. In Mexico, the polyethylene plant utilization rate was 55%, 30 percentage points lower than in the previous quarter, explained by the lower average import ethane through the terminal of 13,800 barrels per day compared to the 29,400 barrels per day in the fourth quarter of 2025, in line with Braskem Idesa's need for liquidity.

現在讓我們進入下一張投影片。在墨西哥，聚乙烯工廠產能利用率為55%，較上一季低30個百分點，原因是透過終端進口乙烷的平均量較低，為每日13,800桶，低於2025年第四季的每日29,400桶，符合Braskem Idesa的流動性需求。

Also contributing to the lower utilization rate was the lower supply of ethane by PEMEX in the quarter of 14,800 barrels per day compared to 16,900 barrels per day in the fourth quarter of 2025. The polyethylene sales were lower by 37%, impacted by the lower availability of product for sale due to the lower utilization rate.

此外，本季度PEMEX供應乙烷量較低亦導致產能利用率下降：本季度為每日14,800桶，低於2025年第四季的每日16,900桶。聚乙烯銷售量下降37%，主要受產能利用率較低導致可供銷售產品減少所影響。

The segment reported negative recurring EBITDA of $15 million, mainly impacted by lower sales volume due to lower product availability for sale associated with the lower utilization rate in the period and by the decrease in other revenues, partially offset by a positive impact in SG&A due to the ethane resale operation recorded in the fourth quarter of 2025.

該分部錄得經常性EBITDA為負1,500萬美元，主要受銷售量下降影響，原因在於本期產能利用率較低導致可供銷售產品減少，以及其他收入下滑；部分被SG&A的正面影響所抵銷，該影響來自於2025年第四季記錄的乙烷轉售作業。

Moving on to the next slide. In the next section, I will present the company's consolidated performance. The consolidated recurring EBITDA in the first quarter of 2026 was USD192 million, 76% higher when compared to the previous quarter.

接著進入下一張投影片。在下一部分，我將介紹公司的合併表現。2026年第一季合併經常性EBITDA為1.92億美元，較上一季高出76%。

This increase in relation to the last quarter is mainly explained by the increase of 16% in the average international spreads of resins in Brazil segment by the positive impact of USD32 million related to the rate increase in the acquisition of raw materials in the Brazil segment and by the 6% increase in the international spread of polypropylene-based polypropylene in the United States and Europe segment and by the increase in polypropylene sales volume in the United States and Europe segment.

相較上一季的增加，主要原因包括：巴西分部樹脂平均國際價差上升16%；巴西分部原料採購價格上調帶來3,200萬美元的正面影響；美國與歐洲分部以聚丙烯為基礎的國際價差上升6%；以及美國與歐洲分部聚丙烯銷售量增加。

Additionally, the reduction of approximately $30 million or BRL180 million and other recurring expenses related to environmental provisions, fines, terminations, indemnities and plant maintenance expenses recorded in the Brazil and South America segment in the fourth quarter of 2024 had a positive impact on the consolidated recurring EBITDA in the period.

此外，2024年第四季在巴西與南美分部記錄的、與環境準備金、罰款、解約、賠償及工廠維護費用相關的其他經常性費用減少約3,000萬美元（或18億巴西雷亞爾），亦對本期合併經常性EBITDA帶來正面影響。

These effects were partially offset by higher idle costs and the scheduled shutdown impacts across all reportable segments of approximately USD41 million and by the 3% appreciation of the average Brazilian real against the average US dollar during the period.

上述影響部分被以下因素抵銷：所有可報告分部較高的閒置成本及計畫性停工影響合計約4,100萬美元，以及本期巴西雷亞爾兌美元平均匯率升值3%。

Now let's move on to the next slide. By the end of March 2026, work streams in Maceio continued to progress as planned. The relocation and compensation front ended the quarter with 99.9% of execution of the resident relocation program. The same percentage applies to the number of proposals submitted under the financial compensation and relocation support program with approximately 99.6% of the proposals being accepted and 99.6% being paid.

現在讓我們進入下一張投影片。截至2026年3月底，馬塞約（Maceio）的各項工作流仍按計畫推進。安置與補償方面，本季度末居民搬遷計畫的執行率達99.9%。在財務補償與搬遷支援計畫下，提交提案的比例同為99.9%，其中約99.6%的提案已被接受，且99.6%已完成支付。

In parallel, the execution of the closure and monitoring of the sold cavities remains under implementation. On this front, all actions are provisioned, if necessary to ensure that the 35 cavities reach a maintenance-free state in the long term. At the end of the first quarter of 2026, six caverns were naturally filled, six were completed, four with their technical limit filled and six cavities being sold and two were in the preparation phase.

同時，已售出空腔的封閉與監測工作仍在執行中。在此方面，所有行動均已提列準備（如有需要），以確保35個空腔長期達到免維護狀態。截至2026年第一季末，6個洞穴已自然回填，6個已完成處置，4個已回填至其技術上限，另有6個空腔正在出售中，2個處於準備階段。

Thus, in relation to the financial provision, the total provision for the Alagoas event at the end of March 2026 was about BRL18.1 billion, of which about BRL14.4 billion have already been disbursed and approximately BRL1.2 billion have been reclassified to other obligations to be paid. As a result, the total balance provisioned by the end of the first quarter of 2026 was BRL3.4 billion.

因此，就財務準備而言，截至2026年3月底，阿拉戈阿斯事件的準備金總額約為181億巴西雷亞爾，其中約144億巴西雷亞爾已支付，約12億巴西雷亞爾已重新分類至其他應付義務。因此，截至2026年第一季末，已提列的準備金餘額合計為34億巴西雷亞爾。

Now let's move on to the next slide. The company reported an operating cash consumption of BRL3.2 billion, mainly due to the negative change in working capital explained by the reduction in the availability of certain payment arrangements with financial institutions and suppliers and by the replenishment of inventories following the optimization carried out during the fourth quarter of 2025.

現在讓我們進入下一張投影片。公司報告營運現金流出32億巴西雷亞爾，主要由於營運資金的負向變動，原因包括與金融機構及供應商之間某些付款安排可用性降低，以及在2025年第四季完成最佳化後進行庫存回補。

The recurring cash consumption was impacted by interest payments on debt securities issued in the international market, which occur in the first and third quarters of any year. Finally, including Alagoas disbursements, the company reported a cash consumption of approximately BRL5.0 billion in the period.

經常性現金流出亦受到在國際市場發行之債務證券利息支付的影響，該等支付通常發生於每年的第一季與第三季。最後，包含阿拉戈阿斯相關支出在內，公司本期現金流出約50億巴西雷亞爾。

Now let's move on to the next slide. By the end of the first quarter of 2026, Braskem's adjusted net debt, excluding Braskem Idesa, was USD8.5 billion. The weighted average cost of debt was foreign exchange variation plus 6.34% and the corporate leverage at the end of the first quarter was 16.81x. Finally, the available cash of USD1.1 billion includes the withdrawal made in October of the standby line in the amount of USD1 billion.

現在讓我們進入下一張投影片。截至2026年第一季末，Braskem經調整的淨負債（不含Braskem Idesa）為85億美元。加權平均債務成本為匯率變動加6.34%，而第一季末公司槓桿倍數為16.81倍。最後，可用現金11億美元包含於10月自備用授信額度提取的10億美元。

Moving on to the next slide. In the next slide, I will comment on the petrochemical scenario. On Slide 16, we provide an update on the global petrochemical scenario, focusing on the risks associated with the geopolitical environment. Since our last call with investors, the geopolitical environment has remained uncertain. On February 28, the United States and Israel launched attacks against Iran.

接著進入下一張投影片。下一張投影片我將評論石化產業情勢。在第16張投影片，我們更新全球石化情勢，重點聚焦於地緣政治環境相關風險。自上次與投資人電話會議以來，地緣政治環境仍然充滿不確定性。2月28日，美國與以色列對伊朗發動攻擊。

And in retaliation, Iran closed the Strait of Hormuz, impacting global energy and petrochemical markets. The closure of the Strait represents one of the biggest disruptions to global energy supply. Brent has accumulated so far an increase of more than 50% since the beginning of the war at the end of February with an estimated daily production deficit of 15 million barrels, only offset by oil exports via alternative routes and increased production in other regions.

作為報復，伊朗關閉荷姆茲海峽，衝擊全球能源與石化市場。海峽關閉代表全球能源供應面臨最嚴重的中斷之一。自2月底戰事爆發以來，布蘭特原油累計上漲逾50%，估計每日產量缺口達1,500萬桶；該缺口僅能透過替代路線的原油出口以及其他地區增產來抵銷。

Naphtha has followed the volatility of oil, in pressure on the cost of the global petrochemical chain. The prices of chemical and petrochemical products in the international market have increased significantly due to the direct impact of the increase in the price of naphtha. The disruption in the international logistics brought changes in the global flows, partially reflecting on imports parities and prices in the Brazilian market.

石腦油一直跟隨原油的波動，對全球石化產業鏈成本造成壓力。由於石腦油價格上漲的直接影響，國際市場上的化工與石化產品價格顯著上升。國際物流的中斷改變了全球流向，部分反映在巴西市場的進口平價與價格上。

I emphasize that although negotiations between the United States and Iran are ongoing, the outcome remains uncertain, and the company will continue to monitor these developments continuously. I also reinforce that the impact presented on this slide represent hypothesis and may or may not materialize depending on the evolution of the geopolitical scenario and possible logistical constraints such as those in the Strait of Hormuz.

我強調，儘管美國與伊朗之間的談判仍在進行，但結果仍不確定，公司將持續密切監測這些發展。我也再次強調，本投影片所呈現的影響屬於假設，是否會實現取決於地緣政治情勢的演變，以及可能的物流限制（例如荷姆茲海峽的情況）。

Now let's move on to the next slide. Regarding petrochemical spreads, according to external consultancies, a material improvement trajectory is expected throughout the second quarter of 2026 in the company's three segments, driven by the global supply shock resulting from the conflict. From the third quarter of 2026, spreads tend to follow a normalization path in line with expectations of lower feedstock costs and greater supply availability.

現在我們進入下一張投影片。關於石化價差，根據外部顧問機構的看法，受衝突引發的全球供給衝擊帶動，預期公司三大業務板塊在2026年第二季將呈現顯著改善的走勢。自2026年第三季起，價差傾向沿著正常化路徑發展，符合原料成本下降與供給可得性提高的預期。

This dynamic is also in line with expectations for the year 2026 as a whole, although relevant uncertainties remain regarding the duration and potential resolution of the conflict. It's important to note that the projections above incorporate the hypothesis that the conflict will end during May. An eventual extension of the conflict beyond this horizon could further impact spread in the short term as well as increased risks to global demand growth and feedstock costs.

此一動態也與對2026年全年的預期一致，儘管對於衝突的持續時間與可能的解決方式仍存在重大不確定性。需要注意的是，上述預測納入了衝突將於5月結束的假設。若衝突延長至此時間點之後，短期內可能進一步影響價差，同時也會提高全球需求成長與原料成本的風險。

Now let's move on to the next slide. Finally, I will comment on the company's priorities for the year 2026. Next slide. I would like to highlight the company's main priorities for 2026, aligned with Braskem's strategic direction, considering the global petrochemical industry scenario and the preservation of business sustainability.

現在我們進入下一張投影片。最後，我將說明公司在2026年的優先事項。下一張投影片。我想強調公司2026年的主要優先事項，這些事項與Braskem的策略方向一致，並考量全球石化產業情勢以及維持業務永續性。

As a first priority, we will continue the reorganization of the company's capital structure with the objective of creating necessary conditions to ensure the business continuity across petrochemical cycles. We will also continue with the implementation of the resilience plan with a focus on preserving the company's financial liquidity through strict control of costs and discipline in capital allocation.

作為第一項優先事項，我們將持續重整公司的資本結構，目標是創造必要條件，以確保公司能跨越石化景氣循環而持續營運。我們也將持續推動韌性計畫，重點在於透過嚴格的成本控管與資本配置紀律，維持公司的財務流動性。

As a third priority, we have initiatives under the transformation plan to strengthen the company's competitiveness. In the context of sustainability, the company will also continue exploring opportunities to expand its portfolio of products with sustainable attributes.

作為第三項優先事項，我們在轉型計畫下推動多項倡議，以強化公司的競爭力。在永續發展方面，公司也將持續探索機會，擴大具永續屬性的產品組合。

Additionally, we will maintain our commitment to the full compliance with the agreements related to the geological event in Alagoas. Finally, safety, a perpetual and nonnegotiable value for the company continues to guide the operations so that they can be safe and reliable in line with the best practices of the global industry.

此外，我們將維持對阿拉戈亞斯地質事件相關協議之全面遵循的承諾。最後，安全作為公司永恆且不可妥協的價值，將持續指引營運，確保作業安全可靠，並符合全球產業最佳實務。

Thus, we conclude the presentation of Braskem's results for the first quarter of 2026. Thank you very much for your attention. We will now start the Q&A session.

至此，我們完成Braskem 2026年第一季業績的簡報。非常感謝各位的關注。我們現在開始問答環節。

(Operator Instructions) I will now turn the floor over to the company for their remarks.

(接線員指示) 我現在把時間交給公司進行說明。

Thank you very much. Good morning, everyone. As a guidance, I'm going to take the questions beginning from Vicente speaking of Bradesco. He asks us about the gross indebtedness. He asks, what's the growth indebtedness -- with this indebtedness above $9 million, what would the company consider as sustainable? So Felipe will answer this. Thank you, Vincente for the question.

非常感謝。各位早安。作為指引，我將從Bradesco的Vicente開始提問。他詢問我們關於總負債。他問的是總負債的成長——在負債超過900萬美元的情況下，公司認為何種水準才算可持續？因此將由Felipe回答。謝謝你，Vicente，提出這個問題。

Good morning, everyone. Thanks again for joining us for this earnings conference. This question is, of course, strongly linked to the 2 ratings that compose leverage, net debt and EBITDA. As you know, this company's EBITDA has been updated constantly due to the events occurring in the Middle East, which has raised spreads. And this is not marginal when it comes to the positive economic impacts when it comes to improving the company's EBITDA.

各位早安。再次感謝各位參加本次法說會。這個問題當然與構成槓桿的兩個指標密切相關：淨負債與EBITDA。如各位所知，由於中東發生的事件推升了價差，公司EBITDA一直在持續更新。而這對於改善公司EBITDA所帶來的正面經濟影響而言，並非微不足道。

That being said, what the company always holds is that in low cycles, that means when the EBITDA is lower than the company's generation ability, we -- the company aims or accepts an indebtedness or leverage that is roughly around 4.5%. And in high cycles, this leverage can be reduced to 3x or 2.5x. So we are looking not just at the gross indebtedness level, but also the cash generation ability and EBITDA, which makes that sustainable in the medium and long term, resulting in the leverage levels that I've just mentioned.

話雖如此，公司一貫的看法是：在低景氣循環，也就是EBITDA低於公司創造能力的時候，我們——公司目標或可接受的負債或槓桿大約在4.5%左右。而在高景氣循環時，槓桿可降至3倍或2.5倍。因此我們看的不僅是總負債水準，也看現金創造能力與EBITDA，這使其在中長期具可持續性，並對應到我剛提到的槓桿水準。

Thank you, Felipe. Now moving on. There is a number of questions we received about the -- also about the indebtedness and potential alternatives that are being considered by the company. Technical support are included in the question. So I'll turn over to Felipe for him to provide updates how this process goes in relation to the reorganization of the capital structure. Over to you.

謝謝你，Felipe。接下來。我們收到不少問題也與負債以及公司正在考量的潛在替代方案有關。問題中也包含技術支援。因此我把時間交給Felipe，請他就資本結構重整的進展提供最新資訊。交給你。

Excellent. Thanks once again for the question. I'll answer in two parts. First is liquidity. As you've been seeing, in our presentations and relevant facts, the company has been employing significant efforts to improve and maintain its working capital over the past two quarters, which has been kept at a level that allows the company to keep its operating abilities and functions while also keeping our cash and working capital at good levels.

很好。再次感謝這個問題。我會分兩部分回答。第一部分是流動性。如各位在我們的簡報與重大事實公告中所見，過去兩個季度公司投入大量努力改善並維持營運資金，並將其維持在可讓公司保持營運能力與功能的水準，同時也讓現金與營運資金維持在良好水位。

As I said, this scenario starts really inflecting starting in March, so Q1, as we've confirmed now in April and May. All of this has, of course, economic impacts on the company. Now in a broader sense, when we talk about restructuring Braskem's capital structure, I need to make it very clear that at the present moment, there is nothing that is off the table nor is there anything that has been defined with governance bodies and entities.

如我所說，這個情境從3月開始出現明顯轉折，因此第一季的情況也如我們在4月與5月所確認的。當然，這些都對公司帶來經濟層面的影響。更廣泛地說，當我們談到重整Braskem的資本結構時，我必須非常清楚地說明：在目前這個時間點，沒有任何選項被排除，也沒有任何事項已在治理機構與相關實體中被定案。

Everything pertains to discussions that occurs. These are ongoing discussions, and we have kept all of you apprised since the second half of last year. The company has been updating all of our stakeholders. It's important to note that, yes, some very important marks, very important points have occurred with regard to shifts in the company's controlling stakeholders as it pertains to Petrobras and an MOU and other documents signed with Novonor and IG4. This has also been announced to the market vis-a-vis a new shareholder agreement, a potential new shareholder agreement.

一切都仍在討論之中。這些討論仍在進行，我們自去年下半年以來一直讓各位掌握最新進展。公司也持續向所有利害關係人更新資訊。需要注意的是，確實已發生一些非常重要的里程碑與關鍵事項，涉及公司控股股東的變動，包括與Petrobras相關，以及與Novonor與IG4簽署的MOU及其他文件。市場也已就此公告，包括一份新的股東協議——一份潛在的新股東協議。

Now, no shares have been transferred yet, but this is under discussion. And this has also already produced important changes to the company's Board. There are members in Petrobras that now occupy positions in Braskem's Board, starting with the President, Magda, who is now the President of Braskem's Administrative Board and also discussions with members of IG4 who participate and interact with the company already in the sense of better understanding the company's dynamics and also respecting the fact that they have not, at the present time, assumed any responsibilities because they are not, at the moment, shareholders of the company.

目前，尚未有任何股份完成轉讓，但此事正在討論中。而這也已經對公司的董事會產生了重要變化。Petrobras 方面已有成員目前擔任 Braskem 董事會職務，首先是總裁 Magda，她現在是 Braskem 管理董事會主席；同時也與 IG4 的成員進行討論，這些成員已經以更好理解公司運作動態的目的參與並與公司互動，同時也尊重一個事實：由於他們目前尚未成為公司股東，因此現階段並未承擔任何責任。

So they are firmly aware that this capital restructuring is an ongoing project as we've been discussing. Of course, they also do make -- they contribute to discussions, of course. And that pertains both to creditors in the capital market and our financial creditors who are the object of these discussions and the potential restructuring of the company's finance and keeping its financial creditors and operating vendors and suppliers and strategic vendors also intact.

因此，他們非常清楚這項資本重整正如我們所討論的，是一個正在進行中的專案。當然，他們也會提出——並且確實會對討論作出貢獻。而這同時涉及資本市場的債權人，以及我們的金融債權人——他們正是這些討論與公司潛在財務重整的對象——並且也涉及在維持公司金融債權人、營運端供應商與供貨商，以及策略性供應商整體穩定不受影響的前提下進行。

Thank you, Felipe. I'm going to ask a question from Alejandra. This is a question. Considering the cash position at the end of the first quarter of about $1 billion, how is the company managing its operations for the second quarter of 2026? Inventory reductions suggest this or is the company working with operation rates lower than those that were posted for this first quarter?

謝謝你，Felipe。我接下來要提 Alejandra 的一個問題。這是一個提問。考量到第一季末現金部位約 10 億美元，公司在 2026 年第二季是如何管理營運的？庫存下降是否暗示了這一點，或者公司是否以低於第一季所呈現的營運稼動率在運作？

I'm going to start answering the question, and then you can add. Thank you, Alejandra, for the question. First, speaking of the cash position of $1 billion, I'm going to explain why we had -- we posted that drop. If you observe any first quarter of the company, there is a natural movement of inventory formation of any year so that the company can start serving especially the Brazilian market, which is our main priority when I talk about Brazil operations, supply, Brazilian market.

我先開始回答這個問題，然後你可以再補充。謝謝你，Alejandra，提出這個問題。首先，談到 10 億美元的現金部位，我要解釋我們為何會——出現那樣的下降。如果你觀察公司任何一年的第一季，都會有一個自然的庫存建立動作，以便公司能開始供應、特別是巴西市場——當我談到巴西營運、供應與巴西市場時，這是我們的主要優先事項。

And we always see a beginning of demand recovery along the first quarter. So this is why we usually increase the stock levels. And you saw the consumption of about BRL1 billion. Another main impact was the reduction of exposures that we have with suppliers and the financial institutions of about BRL1 billion.

而我們也總是會在第一季看到需求開始回升。因此，這就是我們通常會提高庫存水位的原因。你也看到約 10 億巴西雷亞爾的資金消耗。另一個主要影響是，我們對供應商與金融機構的曝險降低了約 10 億巴西雷亞爾。

And the third impact was on the receivables account because of lower sales of the previous quarter. We have 35 days to receive the accounts. So this was the impact that we felt in the first quarter. In relation to the second quarter, there was a material change in the external scenario that had been supporting the spread in the international market for the industry and for Braskem.

第三個影響則在應收帳款，因為前一季銷售較低。我們的收款天期是 35 天。因此，這就是我們在第一季感受到的影響。至於第二季，外部情勢出現了實質變化；先前該情勢一直在支撐國際市場上本產業以及 Braskem 的價差（spread）。

So Braskem has a local supplier in Brazil and also suppliers outside Brazil by means of agreements. So we have very important collaterals in the receiving of free stocks. And this allows us to capture all those spreads that we have been observing. From the cash viewpoint, and this has been the biggest short-term challenge that we have this cash management when we see the turnover of receivables accounts and payable accounts.

因此，Braskem 在巴西有本地供應商，也透過協議在巴西以外有供應商。因此，我們在取得自由庫存（free stocks）的收貨方面有非常重要的擔保品（collaterals）。這使我們能夠掌握我們一直觀察到的所有那些價差。從現金的角度來看，而這也是我們短期最大的挑戰：當我們看到應收帳款與應付帳款的周轉時，如何進行現金管理。

So we have been making weekly decisions. Whenever there is a material change in the scenario, the company gets together and we discuss on a weekly basis to make decisions especially in relation to production and sales, which is the heart of the company. And so far, we made a decision to have the operation similar to what we've been doing so far so that we can capture the advantages.

因此，我們一直在做每週的決策。每當情勢出現實質變化，公司就會召集起來，每週討論以做出決策，特別是與生產與銷售相關的決策——這是公司的核心。截至目前，我們的決定是讓營運維持與目前相近的方式，以便我們能掌握這些優勢。

So in relation to the cash flow, the challenge that I just mentioned, there is a very important work done by the commercial team so that we can have a reduction of the accounts receivable, and we have been very successful so far. Of course, the difficulty is to maintain as such for the months to come. And the company has been talking to the main suppliers of feedstock so that we can increase the credit limit and also expand the payment terms.

因此，就我剛才提到的現金流挑戰而言，商務團隊做了非常重要的工作，使我們能降低應收帳款，而且到目前為止我們非常成功。當然，困難在於未來幾個月能否維持同樣的成果。公司也一直在與主要原料供應商溝通，以提高信用額度並延長付款期限。

Alejandra, this is how we have been managing. In other words, in a very cautious way because the scenario is very uncertain, and they bring opportunities to the industry and for Braskem. But we have to be very cautious and we have to be on the lookout of the cash position and preserving the liquidity of the company.

Alejandra，這就是我們一直以來的管理方式。換句話說，我們非常謹慎，因為情勢非常不確定；它為產業與 Braskem 帶來機會。但我們必須非常謹慎，並且必須密切關注現金部位，維持公司的流動性。

Well -- and moving on to the next question. The question is the following. In relation to the spread increase that was observed in March, it's already captured in the first quarter versus what you expect for the second quarter? And what's the current expectation for the average spreads for the next quarter, considering the continuation of the contract? How do you see the short-term scenario and the structure of the sector after the war?

好——接著進入下一個問題。問題如下。關於 3 月觀察到的價差上升，這是否已在第一季反映，相較於你們對第二季的預期？並且考量合約的延續性，你們對下一季平均價差的目前預期為何？你們如何看待短期情勢，以及戰後產業的結構？

In relation to the first quarter of 2026, and we wanted to have everything very transparent in the earnings release. In fact, we did not see any material impact. If we observe the average spread of January, February and March, March, we saw a significant increase in the prices of feedstock and the petrochemical product prices. So we do not see a lot of impact yet because so far, our decision or our commercial policy of pricing is done on a monthly basis.

就 2026 年第一季而言，我們希望在財報新聞稿中一切都非常透明。事實上，我們沒有看到任何實質影響。如果我們觀察 1 月、2 月與 3 月的平均價差，到了 3 月，我們看到原料價格與石化產品價格都顯著上升。因此，我們目前還沒有看到太多影響，因為到目前為止，我們的決策或我們的商業定價政策是以每月為基礎進行。

So months had a lot of planning and had a lot of planning. So I go back to what I said in relation to preserving cash and preserving liquidity. So March was a month when we were getting prepared when we were defining our strategy in order to capture the highest possible value without hurting the liquidity of the company. So the impact of those spreads that we even included the view from external consulting firms.

因此，各月份都有很多規劃，也做了很多規劃。所以我回到我剛才所說的：要保留現金並維持流動性。因此，3 月是我們在做準備的一個月份，我們在制定策略，以便在不傷害公司流動性的前提下，盡可能取得最高價值。因此，這些價差的影響——我們甚至納入了外部顧問公司的觀點。

So this is not our vision, but the market consulting firms' vision. So consulting firms have the expectation that chemical spreads will increase, bringing numbers as a reference. In the presentation, we mentioned that the historical level of the spread of chemicals in Brazil and the historical average first two years of 2010 and 2025.

因此，這不是我們的看法，而是市場顧問公司的看法。顧問公司預期化學品價差將上升，並提供數據作為參考。在簡報中，我們提到巴西化學品價差的歷史水準，以及 2010 年前兩年與 2025 年的歷史平均。

So we consider multiple five. So we consider the mid cycle. This is the size of the cycle. So we consider an increase of about 30% of the spread of chemicals in Brazil. For the second -- third quarter of the year. In relation to resin, we expect an increase of 20%, considering the historical -- based on the consulting firms.

因此，我們採用 5 倍。因此，我們以中週期（mid cycle）來看。這就是週期的幅度。因此，我們認為巴西化學品價差將上升約 30%。針對今年的第二——第三季。至於樹脂（resin），根據顧問公司的資料、以歷史為基礎，我們預期將上升 20%。

And we see the same movement in relation to other regions where the company operates. So we are very confident for the second quarter, but we have been very cautious, as I said, and this has been the main driver of the company. In other words, the preservation of the liquidity. And providing an overview when you asked about the short and long terms.

我們也看到在公司營運的其他地區出現相同的走勢。因此，我們對第二季非常有信心，但如我所說，我們一直非常謹慎，而這一直是推動公司的主要因素。換言之，就是維持流動性。並在你詢問短期與長期時提供一個概覽。

We have been working with some scenarios. The conflict in the Middle East may -- it's hard to find a historical benchmark to understand what would be the potential impact to expect for the next month should the conflict continue. So what are those scenarios? Those are scenarios that vary according to the time of the conflict and the time for the things to return to normal after the conflict.

我們一直在推演一些情境。中東的衝突可能——很難找到歷史基準來理解若衝突持續，未來一個月可能預期的潛在影響。那麼有哪些情境？這些情境會依衝突持續的時間，以及衝突結束後恢復正常所需的時間而有所不同。

As our case base is based on the consulting firms, so the conflict might end in three months. So in other words, it might end in the next week. Everybody has been watching the news, and we see that prices change throughout the day. And if we consider a three-month conflict, we believe that this normality will happen in 10 months. In other words, we observe in line with the consulting firms, a better spread estimated for this year just as for next year.

由於我們的基準情境是依據顧問公司，因此衝突可能在三個月內結束。換句話說，也可能下週就結束。大家都在關注新聞，我們看到價格在一天之內都會變動。如果我們假設衝突持續三個月，我們認為恢復正常將在10個月內發生。換言之，依照顧問公司的觀察，我們預估今年以及明年都會有較佳的價差（spread）。

Now let's go back to the industry foundation. As this conflict, regardless of how long the normality will happen, the foundation of the industry is still of a surplus. It's a foundation where we continue observing new capacities. We continue observing regions that are searching for self-sufficiency.

現在讓我們回到產業基本面。這場衝突不論恢復正常需要多久，產業的基本面仍然是供給過剩。我們持續看到新增產能。我們也持續看到各地區在追求自給自足。

And in fact, this trend of new offers across the world of polypropylene of polyethylene tends to materialize, of course, with the demand that is growing. But still, we're going to have an oversupply where the global market is likely to be close to the -- to reach a balance at the end of the decade.

事實上，全球聚丙烯與聚乙烯新增供給的趨勢確實會逐步落地，當然也伴隨需求成長。但即便如此，我們仍將面臨供給過剩，全球市場很可能要到本十年末才會接近——才會達到供需平衡。

Just a consideration to mention, depending on the time of conflict because we believe that if the conflict lasts longer than 6 months, we will start to see impact or an expectation of an impact on the growth on the global demand, and that can even hurt the spreads in the long term. Roberto?

補充一點需要提及：取決於衝突持續的時間，因為我們相信若衝突超過6個月，我們將開始看到、或市場將開始預期其對全球需求成長的影響，而這甚至可能在長期傷害價差（spread）。Roberto？

Good morning, everyone. I'd just like to add that it's hard to make a firm assessment, but we are working on that to see what exactly is the extent of the damage caused to the cracker and polyethylene and polypropylene plants in the conflict region, but also to the gas generation fields because the major change that occurs in the industry to progressively abandon naphtha and move toward ethane as a feedstock has been possible because there were major ethane producers in the region, that means Qatar.

各位早安。我想補充的是，很難做出明確評估，但我們正在進行分析，以了解衝突地區的裂解裝置以及聚乙烯、聚丙烯工廠究竟受損到什麼程度，同時也包括天然氣生產氣田；因為產業中逐步放棄石腦油、轉向以乙烷作為原料的重大變化之所以可行，是因為該地區有主要乙烷生產國，也就是卡達。

Qatar and Iran share the largest gas field in the planet, which is -- sorry, 1,000 trillion cubic feet of gas. In Qatar, this is called the North Field or the North Zone. Qatar produces 77 billion tons a year of LNG and ethane as well, they are a major supplier of ethane, including for China. This field has been attacked by Iran.

卡達與伊朗共享全球最大的天然氣田，也就是——抱歉——1,000兆立方英尺的天然氣。在卡達，這被稱為北方氣田（North Field）或北區（North Zone）。卡達每年生產7,700萬噸LNG，也同時生產乙烷；他們是乙烷的主要供應商，包括供應中國。這個氣田遭到伊朗攻擊。

As you know, Iran and Qatar share this geological structure and Iran attacked Qatar, but that's what happens in a war. So we now need to reassess these fields because the situation may have changed. I don't know if you've been following, but since Trump applied the US gas export tariffs, China stopped buying it from the US and started buying ethane exclusively from Qatar and Russia.

如你所知，伊朗與卡達共享這個地質構造，而伊朗攻擊了卡達，但戰爭中就是會發生這種事。因此我們現在需要重新評估這些氣田，因為情勢可能已經改變。不知道你是否有關注：自從川普對美國天然氣出口加徵關稅後，中國停止向美國採購，轉而幾乎只從卡達與俄羅斯購買乙烷。

Now with this recent visit that Trump made to Beijing, conversations have resumed between the US and China working toward attempting to reduce those tariffs, aiming for China to once again buy ethane from the US. To me, this seems like an indication that part of Qatar's export capacity is out of order and therefore, may have suffered a damage that could take a while to be repaired. If they need to replace a compressor that takes two years, to produce a compressor for example.

而隨著川普最近訪問北京，美中之間的對話已恢復，雙方正努力嘗試降低這些關稅，目標是讓中國再次向美國購買乙烷。在我看來，這似乎顯示卡達部分出口產能已無法運作，因此可能遭受了需要一段時間才能修復的損害。例如若需要更換一台壓縮機，而製造一台壓縮機就要兩年。

So what I think will happen is that we will see greater stress when it comes to obtaining feedstocks and many companies are going to end up short on feedstocks. This in turn will translate into higher prices because if you have a permanent increase in feedstocks, then you need to raise your prices.

因此我認為接下來會發生的是：在取得原料方面的壓力將更大，許多公司最終會面臨原料短缺。這反過來會轉化為更高的價格，因為如果原料成本永久性上升，那你就必須提高售價。

So in my view, it could be that spreads may not evolve, but the nominal spreads will need to remain at a high level because the increase in feedstocks, whether that's naphtha or ethane, I believe it's going to be permanent for a number of years until there is a complete replenishment of these products and feedstocks and everything that has been impacted by the attacks, including naphtha.

所以在我看來，價差（spread）可能不會擴大，但名目價差必須維持在高位，因為原料成本的上升——不論是石腦油或乙烷——我相信將在未來數年呈現永久性，直到這些產品與原料完全補充到位，以及所有受攻擊影響的項目都恢復，包括石腦油。

Thank you, Roberto. Moving on, Rodrigo with BTG asks the following. I would like to discuss the working capital of the company, especially in the light of the higher prices of feedstock in Brazil and the financing restrictions. It would be important to understand if the increase of feedstock prices have fully reported in the balance of the first quarter of 2026 or because of the delay in pricing, we are going to have higher expenses with feedstock in 2026.

謝謝你，Roberto。接下來，BTG的Rodrigo提出以下問題。我想討論公司的營運資金，特別是在巴西原料價格較高以及融資限制的背景下。重要的是要了解：原料價格上漲是否已在2026年第一季的資產負債表中完全反映，或是因為定價遞延，我們在2026年將面臨更高的原料費用。

If I'm not mistaken, the third quarter is the best demand period. How can we think about the permission of inventory in the next months, especially in a moment when imported resins may be losing competitiveness in the local market? I'm going to start answering the question and then Roberto can complement.

如果我沒記錯，第三季是需求最好的期間。我們該如何看待未來幾個月的庫存水位（或庫存維持），尤其是在進口樹脂在本地市場可能正在失去競爭力的時候？我先回答這個問題，然後Roberto可以補充。

In relation to the working capital and the dynamics of prices of feedstock, both feedstock in Brazil and imported feedstock, a reminder, naphtha in Brazil, considering the current operation level, it's about 45%, 50% from local suppliers and the remaining amount is imported, and we pay cash practically.

就營運資金與原料價格動態而言，包含巴西本地原料與進口原料，提醒一下：以目前的營運水準來看，巴西的石腦油約有45%到50%來自本地供應商，其餘則為進口，而且我們幾乎是以現金支付。

In the first quarter and considering the average of the previous month, when I talk about the local suppliers, in the first quarter, March, naphtha price increased almost 50%. In fact, this consumption in the inventory, depending on how we are modeling the analysis is going to be observed, especially in the second quarter.

在第一季，並以前一個月的平均值來看——當我談到本地供應商時——第一季的3月，石腦油價格上漲了將近50%。事實上，這部分在庫存中的消耗，取決於我們如何建模分析，將會被觀察到，特別是在第二季。

So the first price increase between March and April, especially in April and in the month of May because of the transit inventory that would demand a longer period. And now considering the average term of payment, I'm considering the feedstock and other players of the company. In a general way, I'm talking about accounts payable accounts.

因此，第一波價格上漲發生在3月至4月之間，尤其是在4月以及5月，因為在途庫存需要更長的期間。而現在考量平均付款期限，我指的是原料以及公司其他項目。概括而言，我談的是應付帳款。

The average price of payment considering the historical levels of the company is about 20 days. So when I observe the receiving term because what we have seen is that the price of the resins increased in relation to the feedstock. And we have seen that the industry, not only the company, but the industry at large, whoever has availability would pass through the increases in the feedstock in their prices.

就公司歷史水準而言，付款的平均天數約為 20 天。因此，當我觀察應收帳款天期時，因為我們所看到的是樹脂價格相對於原料上漲。而且我們也看到整個產業——不僅是公司，而是整體產業——只要有供應能力者，都會把原料上漲反映到其售價中。

So the receiving price has been about 30 or 35 days. And historically, I mentioned 35 days. But in the short term, I even mentioned previously when I answered the question I answered at the beginning of the call, there is a work which is very important that is done by the commercial team, trying to find an alignment of our cash flow alignment.

因此，收款天數大約在 30 或 35 天。而從歷史來看，我提到的是 35 天。但在短期內，我甚至在先前回答問題時、也就是在電話會議一開始回答的那個問題時提過，商務團隊正在進行一項非常重要的工作，試圖讓我們的現金流達成一致性的對齊。

So the effect of the war, material impact on the EBITDA of the company or on the cash flow of the company, we are going to start observing them as of the second quarter as we have already observed in the month of April. In relation to your question, when you ask about the demand, you're right when you say that.

因此，戰爭的影響——對公司 EBITDA 或公司現金流的實質影響——我們將從第二季開始觀察到，正如我們在 4 月份已經觀察到的。就你的問題而言，當你問到需求時，你說得沒錯。

Usually, the third quarter is the best with the best global demand and also in the region, especially because it's an anticipation of clients for their inventories for the year-end parties. But this year, because of the conflict, the trend will be different. We have seen a level of demand in the world, and my comment is at the global level that the demand is different from the others.

通常第三季是全球需求以及區域需求最好的季度，特別是因為客戶會為年終節慶提前備貨。但今年因為衝突，趨勢會不同。我們已看到全球層面的需求水準；我的評論是在全球層面，需求與以往不同。

So the conflict started on February 28, and we started receiving additional orders due to the uncertainties. But now if we consider what the external consulting say, they consider that the conflict will end at the end of this month. So we see that the demand has weakened because the expectation is that the conflict will end. And of course, we will still need a moment of normality, but prices tend to fall. So Rodrigo, the seasonality of the demand may be different from what we usually observe. Roberto, over to you.

因此，衝突在 2 月 28 日開始，我們因不確定性而開始收到額外訂單。但如果我們考量外部顧問的說法，他們認為衝突將在本月底結束。因此我們看到需求已轉弱，因為市場預期衝突將結束。當然，我們仍需要一段恢復正常的時間，但價格傾向下跌。所以 Rodrigo，需求的季節性可能會不同於我們通常觀察到的情況。Roberto，交給你。

Rodrigo, I'd just like to add that if you want to imagine a proxy between reduced oil demand and reduced naphtha and consequently resin demand, the International Energy Agency yesterday revised their oil demand to -- by 400,000 barrels and reduced the same forecast by 200,000 barrels. That's something between 0.2% and 0.4% of the daily use of oil.

Rodrigo，我想補充的是，如果你想在石油需求下降與石腦油、進而樹脂需求下降之間找一個替代指標（proxy），國際能源總署昨天把石油需求預測下修了——40 萬桶，並將同一項預測再下修 20 萬桶。這大約相當於每日石油使用量的 0.2% 到 0.4%。

I believe it's still a moderate impact. They're obviously doing the math. For me, in my opinion, that's based on assuming that a conflict will begin resolving starting at the end of May. Now that's the question everyone is asking and no one has the answer to, which is how much longer is that region going to remain in the state of war.

我認為這仍是中度影響。他們顯然是在做推算。就我而言，我的看法是，這是基於假設衝突將從 5 月底開始走向解決。而這正是所有人都在問、但沒有人有答案的問題：該地區還會在戰爭狀態下維持多久。

The fact that there is no bombing currently occurring, but the Strait of Hormuz is still closed makes the risk rate to remain very high. And as a result, you don't have any guaranteed feedstock provisions coming out from there. It's not just the case of naphtha and gas, which is our working area we work with. But Iran also is a major producer of sulfur, benzene, ethadiene. These are all products that are produced at those refineries, which today are embargoed.

目前雖然沒有轟炸在發生，但荷姆茲海峽仍然關閉，使得風險溢價仍然非常高。因此，你無法獲得任何從那裡出口的原料供應保證。這不僅是石腦油與天然氣——也就是我們的業務範圍——的問題。伊朗同時也是硫磺、苯、乙二烯（ethadiene）的主要生產國。這些都是在那些煉油廠生產的產品，而目前都受到禁運。

So yes, there's going to be lower demand. It's very difficult to estimate because it's difficult to estimate not when the conflict will end because the conflict is, in theory, is suspended. But I mean when will the conflict be resolved? And what are the conditions that will allow this conflict to be resolved? Definitely, the extent of which if you want to set up a proxy with oil, something between 0.2% and 0.4%, but we will see what happens.

所以是的，需求會降低。這非常難以估計，因為難以估計的不是衝突何時結束——因為理論上衝突已暫停。而是我指的是衝突何時會被解決？以及哪些條件能讓這場衝突得以解決？如果你想用石油作為替代指標，確實大約在 0.2% 到 0.4% 之間，但我們將拭目以待。

Thank you, Roberto. There are some questions related to the working capital. I have already addressed that topic, but I'm going to turn over to Felipe for him to talk about the initiatives. So as to mitigate the potential working capital consumption based on what has been explained before. In other words, what are the main trends that are being implemented to mitigate the effect of the conflict on the cash flow of the company?

謝謝你，Roberto。有一些問題與營運資金有關。我已經談過這個主題，但我會把時間交給 Felipe，請他談談相關措施。以便根據前述說明，降低潛在的營運資金消耗。換言之，目前正在推動哪些主要趨勢／作法，以減輕衝突對公司現金流的影響？

Thank you, Rosana. The broader explanation has been given. Rosana mentioned the economic and stocks and sales aspects, but looking at the more micro and operational aspects, we have been engaging in operations, focusing on through sales for our receivables to anticipate future receivables through programs done with financial institutions.

謝謝你，Rosana。較宏觀的說明已經提供了。Rosana 提到了經濟、庫存與銷售面向；但從更微觀與營運層面來看，我們一直在推動相關作業，聚焦於透過銷售應收帳款，並透過與金融機構合作的方案，提前回收未來的應收款項。

We are also in negotiation and have completed some negotiations already with some important suppliers of the companies that will allow working capital to build up and as a result, improve our spreads. As we mentioned recently, this will allow us to capitalize on the company's economic condition.

我們也正在談判，且已與一些重要供應商完成部分談判；這將使營運資金得以累積，並因此改善我們的價差（spreads）。如我們近期所提到的，這將使我們能夠把握公司的經濟狀況所帶來的機會。

And we've also been discussing maintenance of a program that has been in practice since last year to monetize what we call nonliquid assets, so contingent and the future assets of the companies that do have some economic value, sometimes very large, but difficult to establish exactly.

此外，我們也在討論維持一項自去年起即在執行的計畫，用以將我們所稱的非流動性資產變現；也就是或有資產與未來資產，這些資產具有一定的經濟價值，有時甚至非常可觀，但難以精確估值。

So we keep an economic gain that we call an earn-out for Braskem, but in a way that also allows us to use these assets, so to give us immediate liquidity in the cash. Some of these have already been completed and others are in the final implementation phase.

因此，我們保留一項我們稱之為 Braskem 的或有對價收益（earn-out）的經濟利益，但同時也讓我們能運用這些資產，為我們帶來即時的現金流動性。其中一些已經完成，其他則處於最後的落地執行階段。

Thank you, Felipe. Moving on, I have a question by Raul with [91]. This is his question. If the company has had a higher liquidity, the utilization rate of the petrochemical activities and assets in general would be higher as well.

謝謝你，Felipe。接下來，我有一個 Raul 的問題，標註為[91]。他的問題是：如果公司擁有更高的流動性，石化業務活動與資產整體的產能利用率也會更高。

Undoubtedly, the answer is an outright yes. The challenge we have today is how can we raise funds that will allow us to increase utilization percentage. They're currently at 70%, but we could work at 90%-plus because the market demands resins and part of the resin production capacity is currently reduced, whether it's because of the conflict zone or because of the lack of feedstocks.

毫無疑問，答案是明確的肯定。我們目前面臨的挑戰是：如何籌措資金，使我們能提高產能利用率。目前約為 70%，但我們可以運轉到 90% 以上，因為市場需要樹脂，而部分樹脂產能目前被壓縮——不論是因為衝突地區的因素，或是因為原料短缺。

This is our challenge. Our process of trying to handle this is trying to convince all stakeholders, and I do mean all stakeholders that includes shareholders and resource donators that if we have greater access to working capital, we will have more EBITDA and in turn, more cash.

這就是我們的挑戰。我們嘗試處理此事的方式，是試圖說服所有利害關係人——我指的是所有利害關係人，包括股東與資金提供者——如果我們能更容易取得營運資金，我們就能創造更多 EBITDA，進而帶來更多現金。

So it's immediate payback during the calendar year itself. I understand that the market perceives risk. I understand the risk perception. But having access to feedstocks, essentially, we consume naphtha from the US or African markets. In other words, from outside the epicenter of the world. We -- of course, we have access to feedstocks, but it could be higher. And the demand level for resins, both in the Brazilian market and internationally is significant. This is also very much true for our operations in Mexico.

所以在同一個曆年內就能立即回收。我理解市場會感知風險。我理解這種風險感知。但就原料取得而言，基本上，我們消耗來自美國或非洲市場的石腦油。換句話說，來自全球震央之外的地區。我們——當然，我們能取得原料，但取得程度本可以更高。而樹脂的需求水準，無論在巴西市場或國際市場都相當可觀。這對我們在墨西哥的營運也同樣非常適用。

We are working with a very low load in Mexico. We could triple our current utilization there. Our challenge is how can we gain access to these resources that will allow us to purchase feedstocks and sustain this working capital delta for that number of days. So I do some math, see how much Braskem gets in sales per month and find out what a 15-day investment in our cash flow will be. That's our challenge, to increase our operational capacity.

我們在墨西哥目前以非常低的負載運轉。我們可以把那裡目前的產能利用率提高到三倍。我們的挑戰在於：如何取得這些資源，使我們能夠購買原料，並在那麼多天內支撐這個營運資金差額。所以我做了一些計算，看看 Braskem 每月的銷售額是多少，並算出在我們現金流上投入 15 天會是什麼規模。這就是我們的挑戰：提升我們的營運產能。

Thank you, Roberto. I'm going to ask a question that came up a couple of times from some analysts and investors of the company. You related to the standby facility. Remember that we used it at the end of last year in the amount of $1 billion. So the question is related to the renegotiation of the standby which will mature at the end of the year. Felipe?

謝謝你，Roberto。我想問一個問題，這個問題已經有幾位分析師和公司投資人提過好幾次。是關於備用融資額度（standby facility）。請記得，我們在去年年底動用了其中 10 億美元。所以問題是關於這項備用額度在年底到期前的重新談判。Felipe？

Yes, this is a relevant liability for the company in '26 as we have published in our statements and our conference call. And without any doubt, this renegotiation of the standby is part of the entire context of the capital restructure. It doesn't have a specific -- it's not specifically being discussed in any particular place because since the last year, we've been -- we've received a proposal to restructure the company's capital in a very broad way in order to stabilize the company and its finances.

是的，正如我們在財報與法說會中所公布的，這在 2026 年對公司而言是一項重要負債。毫無疑問，這項備用額度的重新談判是整體資本重整脈絡的一部分。它沒有一個特定——也不是在某個特定場域單獨討論，因為自去年以來，我們已收到一項提案，要以非常廣泛的方式重整公司的資本，以穩定公司及其財務狀況。

In other words, we don't want to attack or reorganize any one specific financial covenant or agreement. What we're talking about is a major, a broad restructuring that we're interested in and something that will please all of our stakeholders, financial shareholders and everyone. So this is a very relevant discussion, and it's at the crux of every discussion we have with all of our stakeholders and all of our financial stakeholders and shareholders as well. And we're going to do that without any chance of breakage here at the company.

換句話說，我們不希望只針對某一項特定的財務契約條款或協議來處理或重整。我們談的是一項重大且廣泛的重整，我們有興趣推動，並希望能讓所有利害關係人都滿意，包括金融債權人、股東以及所有人。因此，這是一項非常重要的討論，也是我們與所有利害關係人、所有金融利害關係人及股東進行每一次討論的核心。而我們會在不讓公司出現任何破裂風險的情況下完成這件事。

In relation to EBITDA level, this is from Regis with XP. Could you comment on the level of possible EBITDA considering the current spread level? In the past 10 years, it would come to $2.4 billion. And he asks if it would make sense to think that in the second quarter, we are going to have the recurring level considering the inventory levels are lower.

關於 EBITDA 水準，這題來自 XP 的 Regis。你能否就目前利差（spread）水準下可能的 EBITDA 水準發表評論？以過去 10 年來看，會落在 24 億美元。他也問，考量庫存水位較低，是否合理認為第二季會回到經常性（recurring）的水準。

Thank you, Regis, for your question. So let's talk about the expectations from the consultancy companies in relation to the second quarter of 2026. And I'm going to make the comparison considering the average of spreads from 2017 to 2025, almost 10 years, excluding the outliers such as 2021, which had a different impact on the spreads.

謝謝你，Regis，謝謝你的提問。那我們來談談顧問公司對 2026 年第二季的預期。我會做一個比較：以 2017 到 2025 年、接近 10 年的利差平均為基準，並排除像 2021 年這種對利差有不同影響的離群值。

So we say that the potential of average spreads for the second quarter according to external consultancies in relation to history is a spread of nearly $800. And this average in this period that I mentioned is something about $470 per ton. So if we continue observing this level of spread, also considering the conflict, the continuity of the conflict as we have explained here and even comparing with some quarters where we had this level of spread.

因此我們說，根據外部顧問公司、相對於歷史而言，第二季的平均利差潛力接近 800 美元。而我剛提到那段期間的平均值大約是每噸 470 美元。所以如果我們持續觀察到這樣的利差水準，同時也把衝突因素、如我們在此所說的衝突延續納入考量，甚至與過去某些季度曾出現這種利差水準的情況相比。

So the EBIDTA potential is potential close to a high cycle moment. So this high cycle we would have in 2017. The first quarter as a reference, the first quarter of 2017 when we had similar levels of spreads realized in this first quarter of [2027] when compared to current expectations.

那麼 EBITDA 的潛力就接近景氣高循環（high cycle）時點的水準。這樣的高循環我們在 2017 年曾經出現。以第一季作為參考，也就是 2017 年第一季；當時實現的利差水準與 [2027] 年第一季所實現的利差水準相近，若與目前的預期相比的話。

In the first quarter of [2017], so the EBITDA was nearly $1 billion. Of course, we just using as a reference. The context are different, but only using spread as a reference. So you're right when you say that there is a potential of creating value at the operational level. But putting together everything that was mentioned in this call in relation to the challenges, liquidity and how you have been searching solutions to mitigate the impact of the 15 days of the management of the cash of the company for the second quarter of 2026.

在 [2017] 年第一季，EBITDA 接近 10 億美元。當然，我們只是把它作為參考。背景情境不同，但僅以利差作為參考。所以你說得對，營運層面確實有創造價值的潛力。但把本次電話會議提到的所有事項綜合起來，包含挑戰、流動性，以及你們一直在尋找解決方案以減輕 2026 年第二季公司現金管理 15 天所帶來的影響。

Ladies and gentlemen, we now conclude the question-and-answer session as well as Braskem's earnings conference call. We thank you all for joining us. Have a great day.

各位女士、先生，我們現在結束問答環節，也結束 Braskem 的財報電話會議。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翻譯轉述。該口譯員由主辦本活動的公司提供。