Braskem S.A. (BAK) 2026 Q2 法說會逐字稿

Welcome to Braskem's second quarter of 2026 results conference call. With us here today, we have Mr. Helcio Tokeshi, Braskem's CEO; Mr. Carlos Brandao, Braskem's CFO; and Mrs. Rosana Avolio, Investor Relations, Strategic Planning and Global Market Intelligence Director.

歡迎參加布拉斯科姆（Braskem）2026年第二季業績電話會議。今天與會者包括布拉斯科姆執行長 Helcio Tokeshi 先生；財務長 Carlos Brandao 先生；以及投資人關係、策略規劃與全球市場情報總監 Rosana Avolio 女士。

We inform you that this event is being recorded. The presentation will be held in Portuguese with simultaneous translation into English. All participants can choose which language to listen to and see the presentation using the show captions and view options button respectively. After Braskem remarks, there will be a Q&A session. Please be advised that questions must be sent through the Q&A button.

我們提醒您，本活動將進行錄音。簡報將以葡萄牙語進行，並同步翻譯成英語。所有與會者可分別透過「顯示字幕」與「檢視選項」按鈕選擇收聽語言並查看簡報。在布拉斯科姆發言後，將進行問答環節。請注意，問題必須透過 Q&A 按鈕提交。

I will now repeat the same instructions in Portuguese. We inform you that this event is being recorded. The presentation will be held in Portuguese with simultaneous translation into English. All participants can choose which language to listen to and see the presentation using the show captions and view options button respectively. After Braskem remarks, there will be a question-and-answer session. Please note that questions should be submitted in writing through the Q&A button.

我現在將以葡萄牙語重複相同指示。我們提醒您，本活動將進行錄音。簡報將以葡萄牙語進行，並同步翻譯成英語。所有與會者可分別透過「顯示字幕」與「檢視選項」按鈕選擇收聽語言並查看簡報。在布拉斯科姆發言後，將進行問答環節。請注意，問題應透過 Q&A 按鈕以書面方式提交。

The audio of this event will be available on the Investor Relations website after it ends. We remind you that the participants will be able to submit questions to Braskem, which will be answered after the end of this conference by the IR department.

本活動結束後，音訊將可於投資人關係網站上取得。我們提醒您，與會者可向布拉斯科姆提交問題，投資人關係部門將在本次會議結束後予以回覆。

Before proceeding, we would like to clarify that any statements that may be made during this conference call regarding Braskem's business prospects, projections, operational and financial goals are beliefs and assumptions of the company's management as well as information currently available to Braskem.

在繼續之前，我們希望澄清：本次電話會議中可能就布拉斯科姆的業務前景、預測、營運與財務目標所作的任何陳述，均為公司管理層的信念與假設，以及布拉斯科姆目前可得之資訊。

Future considerations are not 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 as well as other operational factors may affect Braskem's future results and may lead to results that differ materially from those expressed in such future considerations.

對未來的考量不構成績效保證，且涉及風險、不確定性與假設，因其涉及未來事件，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，一般經濟狀況、產業狀況以及其他營運因素可能影響布拉斯科姆未來業績，並可能導致實際結果與此類未來考量中所表述者存在重大差異。

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

現在我將把會議交給投資人關係、策略規劃與全球市場情報總監 Rosana Avolio 女士。Avolio 女士，您可以開始簡報。

Good morning, ladies and gentlemen. Thank you for participating in the Braskem earnings release conference call for the second quarter of 2026. Today, we will present the main operational and financial highlights for the period, discuss the market environment that affected our business, detail the performance of each segment, and share our market outlook for the coming quarters, as well as the company's priorities for the second half of 2026.

各位女士、先生，早安。感謝各位參加布拉斯科姆2026年第二季財報發布電話會議。今天我們將介紹本期間主要營運與財務重點，討論影響我們業務的市場環境，詳述各事業部門的表現，並分享未來幾季的市場展望，以及公司在2026年下半年的優先事項。

Following the agenda on slide number three, we will begin by presenting the context observed in the second quarter of 2026, starting with slide number four. In the second quarter of 2026, the global macroeconomic environment remained volatile due to the conflict in the Middle East, which restricted the global supply of feedstock, particularly to Asia, and raised international market prices of oil and naphtha, the company's main feedstock.

依照第3頁投影片的議程，我們將從第4頁投影片開始，先說明2026年第二季所觀察到的背景。2026年第二季，全球總體經濟環境因中東衝突而持續波動，該衝突限制了全球原料供應，特別是對亞洲的供應，並推升了國際市場原油與石腦油價格；石腦油為本公司主要原料。

Given the above context, production costs among marginal producers in Asia were higher, which positively impacted the prices of resins and chemicals on the international market. Prices were higher when compared to the first quarter of 2026. As you can see, this trend is evident in the main PE and PP spreads. Which were significantly higher than the average from 2016 to 2025. In the US PE market, for example, the spread was almost 40% higher, driven mainly by the temporary widening of arbitrage between the US and Asia.

在上述背景下，亞洲邊際生產商的生產成本較高，進而對國際市場樹脂與化學品價格形成正面影響。與2026年第一季相比，價格有所上升。如各位所見，這一趨勢在主要PE與PP價差中十分明顯。其水準顯著高於2016年至2025年的平均值。例如在美國PE市場，價差幾乎高出40%，主要受美國與亞洲之間套利空間暫時擴大所帶動。

This move opened up an export opportunity to the US PE market with more attractive netbacks and higher margins. Behavior similar to that observed in the US PE ethane market, which also saw significant increases given that the price of ethane in the US market did not follow the price increases of other petrochemical feedstocks.

此一變化帶來了對美國PE市場的出口機會，淨回收（netback）更具吸引力且利潤率更高。其表現與美國PE乙烷市場觀察到的情況相似；由於美國市場乙烷價格未跟隨其他石化原料價格上漲，乙烷市場的價差亦出現顯著擴大。

It's worth noting that this improvement in international spreads results mainly from an on-off supply shock. And not from a structural change in the dynamics of the global petrochemical cycle. Moving on to the next slide, the performance of each segment of the company will be presented below, starting with Brazil on slide number six.

值得注意的是，國際價差的改善主要源自供給面短期、間歇性的衝擊。而非全球石化景氣循環動態的結構性改變。接著看下一頁，以下將從第6頁投影片的巴西事業開始，介紹公司各事業部門的表現。

The petrochemical plants in the Brazil segment presented an average utilization rate in line with the previous quarter, higher by 1-percentage-point. This result is mainly attributable to the strategy of maintaining production levels in response to the high volatility of feedstock prices in international markets resulting from the conflict in the Middle East.

巴西事業部的石化工廠平均稼動率與前一季大致持平，並高出1個百分點。此結果主要歸因於公司在中東衝突導致國際市場原料價格高度波動的情況下，採取維持產量水準的策略。

In relation to sales, the volume of resins in the Brazilian market was 2% lower compared to the previous quarter. This result is mainly attributable to a 6% decrease in polyethylene sales volume and a 1% decrease in PVC sales volume due to higher volumes of imported products during the period.

就銷售而言，巴西市場樹脂銷量較前一季下降2%。此結果主要歸因於聚乙烯銷量下降6%以及PVC銷量下降1%，原因是期間進口產品量增加。

This effect was partially offset by the 3% increase in polypropylene sales in line with the growth in demand in the Brazilian market. Sales volume of chemicals, however, was down 4%, mainly due to the lower availability of gasoline and benzene for sale and lower demand for ethylene and cumene in the Brazilian market.

此影響部分被聚丙烯銷量成長3%所抵銷，該成長與巴西市場需求增加一致。然而，化學品銷量下降4%，主要由於可供銷售的汽油與苯供給較少，以及巴西市場對乙烯與異丙苯（cumene）的需求較低。

Regarding the quarter's results, the segment recurring EBITDA was $869 million, an increase of 261% compared to the previous quarter. This result was mainly driven by the segment's higher contribution margin due to approximately 50% increasing the spreads for resins and major chemicals in the international market, 50%, as mentioned previously.

就本季結果而言，該事業部經常性EBITDA為8.69億美元，較前一季增加261%。此結果主要由於該事業部貢獻毛利率提高，原因在於國際市場樹脂與主要化學品價差約上升50%，如前所述。

In addition to the positive impact of $115 million from PIS/COFINS, credits on the purchase of feedstocks under the REIQ and SUDAM program. In addition, the recovery of nearly $27 million in credits related to vessel demurrage and the reversal of accounting provisions had a positive impact on the segments results. These effects were partially offset by the 4% appreciation of the average Brazilian real against the average dollar for the period and by the lower sales volume of. Resin and major chemicals in the Brazilian market.

此外，REIQ與SUDAM計畫下購買原料所產生的PIS/COFINS稅額抵減，帶來1.15億美元的正面影響。另外，與船舶滯期費（demurrage）相關的抵減回收近2,700萬美元，以及會計準備的回轉，也對該事業部結果產生正面影響。上述效果部分被本期間巴西雷亞爾兌美元平均匯率升值4%以及較低的銷售量所抵銷。巴西市場樹脂與主要化學品的銷量較低。

Next slide please. In the second quarter of 2026, the green ethylene utilization rate was higher by 2-percentage-points compared to the first quarter of 2026, mainly due to the adjustment of production levels in response to higher demand. During the period sales of green polyethylene increased by 49%. The.

請看下一頁。2026年第二季，綠色乙烯稼動率較2026年第一季提高2個百分點，主要由於因應需求增加而調整產量水準。期間綠色聚乙烯銷量增加49%。該。

Mainly due to greater commercial opportunities in Europe and the normalization of demand following the seasonal effect of the Chinese New Year in the previous quarter. Highlights for the quarter include the renewal of our commercial partnership with New Balance to use on green bio based EVA in the soles of running shoes, strengthening our existing commercial partnerships.

主要是由於歐洲更大的商業機會，以及在上一季受農曆新年季節性因素影響後，需求回歸常態化。本季亮點包括：我們與 New Balance 續簽商業合作夥伴關係，將綠色生物基 EVA 應用於跑鞋鞋底，並強化我們既有的商業合作夥伴關係。

Next slide. The United States and Europe segment registered a utilization rate of 76% in the quarter. The reduction of 3-percentage-points in relation to the previous quarter is explained by the scheduled maintenance shutdowns in plants in the US and in Germany lasting 35 and 30 days respectively.

下一張投影片。美國與歐洲事業部本季產能利用率為 76%。較上一季下降 3 個百分點，主要是因美國與德國工廠按計畫進行歲修停工，分別持續 35 天與 30 天。

It's worth noting that the higher sales volumes in the United States was offset by the lower sales volume in Europe due to the inventory management and the processing chain in the region, which meant that the sales volume in the quarter was in line when compared to the first quarter of 2026.

值得注意的是，美國較高的銷售量被歐洲較低的銷售量所抵銷；由於該地區的庫存管理與加工鏈因素，使得本季銷售量與 2026 年第一季相比大致持平。

In the quarter the recurring EBITDA of the United States and Europe segment was $147 million. The increase in relation to the previous quarter is mainly explained by the positive impact of the higher polypropylene spreads in the international market arising from the conflict in the Middle East. Moving on to the next slide.

本季美國與歐洲事業部的經常性 EBITDA 為 1.47 億美元。較上一季增加，主要是因中東衝突帶動國際市場聚丙烯價差擴大所帶來的正面影響。接著看下一張投影片。

In Mexico, the capacity utilization rate for polyethylene plants was 43%, down 12-percentage-points from the previous quarter, mainly due to the liquidity preservation measures adopted by Braskem and IDESA. During the quarter, average ethane imports through the terminal amounted to 14.7,000 barrels per day, a decrease of approximately 3,000 barrels per day compared to the first quarter of 2026.

在墨西哥，聚乙烯工廠產能利用率為 43%，較上一季下降 12 個百分點，主要由 Braskem 與 IDESA 採取的流動性保全措施所致。本季透過碼頭進口乙烷的平均量為 14,700 桶/日，較 2026 年第一季約減少 3,000 桶/日。

Additionally, the supply of ethane by Pemex in the second quarter was 11,800 barrels per day, a reduction of about 3,000 barrels per day when compared with the first quarter of 2026. Polyethylene sales were lower by 11%, impacted by the lower availability of product for sale due to the lower utilization rate.

此外，Pemex 於第二季供應乙烷為 11,800 桶/日，較 2026 年第一季約減少 3,000 桶/日。聚乙烯銷售量下降 11%，主要受較低產能利用率導致可供銷售產品減少所影響。

In this context, the recurring EBITDA of the Mexico segment was $57 million in the second quarter of '26. The improvement in relation to the previous quarter is mainly explained by the increase in the polyethylene spread in the United States by 73% impacted by the uncertainties related to the conflict in the Middle East.

在此背景下，墨西哥事業部 2026 年第二季的經常性 EBITDA 為 5,700 萬美元。較上一季改善，主要是因中東衝突相關不確定性影響下，美國聚乙烯價差上升 73%。

Next slide, please. In this next chapter, I will present the company's consolidated financial results. Consolidated recurring EBITDA in the second quarter of '26, was $1.043 billion with an EBITDA margin of 24%, representing an increase compared to the previous quarter.

請看下一張投影片。在接下來這個章節，我將介紹公司合併財務結果。2026 年第二季合併經常性 EBITDA 為 10.43 億美元，EBITDA 利潤率為 24%，較上一季增加。

This increase compared to the previous quarter is mainly due to the increase of 82% and 98% in the average international spreads of resins and main chemicals in the Brazil and South America segment. A 28% increase in the average polypropylene spread in the United States and Europe market segments, and a 73% increase in the international polyethylene spread in the Mexico market segment.

相較上一季的增加，主要來自巴西與南美事業部樹脂與主要化學品的平均國際價差分別上升 82% 與 98%。此外，美國與歐洲市場事業部平均聚丙烯價差上升 28%，墨西哥市場事業部國際聚乙烯價差上升 73%。

Additionally, results were positively impacted by [$115 million], or BRL578 million, result of PIS/COFINS credits for the purchase of feedstocks under the REIQ inputs program in Brazil. Such effects were partially offset by the average appreciation of the Brazilian real against the dollar of 4% during the period.

此外，業績亦受到正面影響：因巴西 REIQ 投入品計畫下購買原料所產生的 PIS/COFINS 稅額抵免，帶來 [1.15 億美元]（或 5.78 億巴西雷亞爾）的收益。上述效果部分被期間巴西雷亞爾兌美元平均升值 4% 所抵銷。

Also, sales of resins and main chemicals decreased in the Brazilian market by 2% and 4% respectively. Additionally, there was an 11% decrease in PE sales in Mexico. Next slide, please. The company presented an operating cash generation of $385 million, which mainly reflected an increase in chemical and petrochemical spreads in the international market driven by the conflict in the Middle East.

同時，巴西市場樹脂與主要化學品銷售量分別下降 2% 與 4%。此外，墨西哥 PE 銷售量下降 11%。請看下一張投影片。公司營運現金流入為 3.85 億美元，主要反映中東衝突推動國際市場化學品與石化產品價差擴大。

Negative variation in working capital was mainly due to the high volatility of feedstock prices in international markets and an increase in inventory volumes due to prioritization of sales with higher added value. Recurring cash generation total approximately $210 million. Finally, when disbursements for Alagoas and payments related to lease purchase agreements are considered, the company presented a cash consumption of approximately $15 million in the period.

營運資金的負向變動主要源於國際市場原料價格高度波動，以及因優先銷售附加價值較高的產品而導致庫存量增加。經常性現金創造合計約 2.10 億美元。最後，若納入阿拉戈斯（Alagoas）相關支出與租賃購買協議的付款，公司於期間約消耗現金 1,500 萬美元。

Next slide, please. As of the end of June 2026, work fronts in Maceio continued to move forward as planned. The relocation compensation work front ended the quarter off with a 99.9% completion rate through the residence relocation program. The same percentage of proposals were submitted under the financial compensation and relocation support program.

請看下一張投影片。截至 2026 年 6 月底，馬塞約（Maceio）的各項工作面仍按計畫推進。透過住宅搬遷計畫，搬遷補償工作面於本季結束時完成率達 99.9%。在財務補償與搬遷支援計畫下，提交的提案比例亦達相同水準。

And approximately 99.7% of the proposals were accepted and also paid out. In parallel, we continue to move forward with the closing and monitoring of cell cavities. Every effort has been made along this work front to ensure, if necessary, that these 35 cavities require zero maintenance over the long-term.

且約 99.7% 的提案已被接受並完成支付。同時，我們持續推進鹽穴（cavities）的封閉與監測工作。在此工作面上已盡一切努力，以確保如有需要，這 35 個鹽穴在長期內可達到零維護需求。

Six cavities were filled naturally during the second quarter of 2026. A further eight cavities were completed and the technical fill limit was reached in six cavities. Finally, three cavities are in the filling process and one cavity in the planning phase. As a result, the total financial provision implemented for the event in Alago as of the end of June 26, was approximately BRL18.2 billion, which approximately BRL14.6 billion was previously dispersed and nearly BRL1.2 billion were reclassified under other payables. As a result, the total revision balance as of the end of the second quarter of '26, was BRL3.2 billion.

2026 年第二季有 6 個鹽穴自然回填完成。另有 8 個鹽穴完成回填作業，其中 6 個鹽穴已達技術回填上限。最後，有 3 個鹽穴正在回填中，另有 1 個鹽穴處於規劃階段。因此，截至 6 月 26 日（6/26）底，阿拉戈斯事件已提列的財務準備金總額約為 182 億巴西雷亞爾，其中約 146 億巴西雷亞爾已先前支付，近 12 億巴西雷亞爾已重分類至其他應付款。因此，截至 2026 年第二季底，修訂餘額為 32 億巴西雷亞爾。

Next slide, please. The next few slides will present the chemical and petrochemical scenario perspectives. Slide 15 presents the expected scenario for the second half of 2026 and 2027. The base scenarios prepared by consulting firms for these periods point to moderate spreads and potential occasional upsides.

請看下一張投影片。接下來幾張投影片將呈現化學品與石化景氣展望。第 15 張投影片呈現 2026 年下半年與 2027 年的預期情境。顧問公司為這些期間所建立的基準情境指出，價差將屬溫和，且可能偶有上行空間。

The gradual normalization of trade flows will tend to reduce the premium observed in the second quarter of 2026. However, geopolitical, logistical and operational risks may continue to sustain volatility and value capture opportunities. These trends can be observed in the main spreads. With regards to Brazilian PE naphtha, external consulting firms expect a 59% decrease between the second and third quarters of 2026, given that a reduction in arbitrage between the United States and Asia is expected.

貿易流向逐步正常化，將傾向於降低 2026 年第二季所觀察到的溢價。然而，地緣政治、物流與營運風險可能仍會支撐波動性與價值擷取機會。這些趨勢可在主要價差中觀察到。就巴西 PE（聚乙烯）石腦油而言，外部顧問公司預期 2026 年第二季至第三季將下降 59%，因預期美國與亞洲之間的套利空間將縮小。

Starting in the third quarter. Similar results are expected for Brazilian PP-naphtha and Mexican PE ethane, which also saw a decrease. Consultants are predicting a base scenario marked by the normalization of spreads, driven by the redirection of those moderate demand and excess global supply.

自第三季開始。巴西 PP-石腦油與墨西哥 PE 乙烷也出現下滑，預期將呈現類似結果。顧問預測的基準情境將以價差回歸常態為特徵，其驅動因素為中度需求的轉向以及全球供給過剩。

However, potential upsides remain possible if disruptions persist or intensify. I would therefore like to reiterate that we remain attentive to these potential trajectories and we are ready to capture opportunities whenever the environment allows.

然而，若干擾持續或加劇，仍可能出現上行空間。因此，我想再次強調，我們將持續關注這些可能的走勢，並在環境允許時隨時準備把握機會。

Slide 16 presents an outlook for the global petrochemical industry from specialized external consultants. Despite improvements observed during the second quarter of 2026, the petrochemical cycle is expected to remain structurally challenging over the coming periods.

第 16 頁投影片呈現專業外部顧問對全球石化產業的展望。儘管 2026 年第二季觀察到改善，石化景氣循環在未來一段期間預期仍將在結構上充滿挑戰。

The increase in spreads in the second quarter of 2026 resulted from a supply shock. Medium-term fundamentals, meanwhile, remain under pressure due to overcapacity and moderate demand. Global operating rates remain under pressure in both the PE and PP sectors, a reflection of global overcapacity, particularly in Asia, and continued moderate demand.

2026 年第二季價差擴大源自供給面衝擊。同時，中期基本面仍因產能過剩與中度需求而承壓。PE 與 PP 兩個領域的全球開工率仍承受壓力，反映全球產能過剩（尤其在亞洲）以及需求持續溫和。

Structural challenges such as excess supply, a need for rationalization of capacity, and greater operational discipline existed before the conflict and will tend to persist even after trade flows are normalized. It is therefore important to emphasize that the scenario for the second quarter of '26, should be interpreted as a tactical capture of value and not as a structural change in the cycle. Let's move on to the next slide.

如供給過剩、需要產能理性化以及更高的營運紀律等結構性挑戰，在衝突發生前即已存在，且即使貿易流恢復正常後也傾向持續。因此必須強調，2026 年第二季的情境應解讀為戰術性價值捕捉，而非景氣循環的結構性改變。我們進入下一張投影片。

I will end off by commending the company's priorities for the second half of 2026. Brass can review its targets and priorities for the second half of 2026 in response to recent changes in the company's environment and business activities.

最後，我將說明公司在 2026 年下半年的優先事項。Braskem 可因應公司環境與業務活動的近期變化，檢視其 2026 年下半年的目標與優先順序。

These changes are due to external and internal factors within the global scenario in the petrochemical industry and Braskem new shareholding structure. I'd like to highlight our new priorities for the second half of the year, given the above context in relation to our pillars of action. We'll move forward along two complementary work fronts under the restructuring pillars. These efforts will focus on optimizing Braskem capture structures, including Braskem IDESA. Guaranteeing business continuity and activities.

這些變化源自全球石化產業情勢中的外部與內部因素，以及 Braskem 新的股權結構。基於上述背景並結合我們的行動支柱，我想強調我們在下半年新的優先事項。在重整支柱之下，我們將沿著兩個互補的工作面向推進。這些工作將聚焦於優化 Braskem 的價值捕捉架構，包括 Braskem IDESA。確保業務連續性與營運活動。

Additionally, given the ongoing challenges faces in global industry, the company remains committed to disciplining capital allocation, focused on preserving and optimizing financial liquidity. We are expanding our ambition to strengthen our business structure competitiveness under our operational and commercial pillar through the implementation of an operation excellence program, synergies, and the strengthening of commercial value capture levers.

此外，鑑於全球產業仍面臨持續挑戰，公司仍致力於資本配置紀律，重點在於維持並優化財務流動性。在營運與商業支柱下，透過導入營運卓越計畫、推動協同效益，以及強化商業價值捕捉槓桿，我們正提升強化業務結構競爭力的企圖心。

Furthermore, we remain committed to reinforcing our institutional performance and promoting a more competitive business environment. For the Brazilian chemical and petrochemical industries. Additionally, we will remain focused on completing the mapping of further value creation opportunities and beginning to capture these benefits through the transformation plan.

同時，我們仍致力於強化機構面表現，並促進更具競爭力的商業環境。針對巴西化工與石化產業。此外，我們將持續聚焦於完成更多價值創造機會的盤點，並透過轉型計畫開始捕捉這些效益。

Finally, we are moving forward with our commitment to fulfilling agreements related to geological event in our goes with regards to safety, which remains as a non-negotiable value at the company. We remain dedicated to protecting people and safeguarding the integrity of our processes across all regions where we operate. We've reached the end of our presentation of Braskem results for the second quarter of 2026. I'd like to thank you all for your attention and we will now begin our Q&A session.

最後，我們正推進履行與我們營運所在地地質事件相關之協議的承諾，並以安全為公司不可妥協的價值。我們仍致力於保護人員，並在所有營運地區維護流程的完整性。以上為 Braskem 2026 年第二季業績簡報的全部內容。感謝各位的聆聽，接下來我們將開始問答環節。

(Operator Instructions)

(接線員指示)

Global macroeconomic and petrochemical sectors. Over the next few years, we are going to live in a very challenging scenario with a high level of volatility. This is a very important time for the industry, but I also see this with very positive view because we have a highly qualified team, a lot of institutional knowledge, and we're very serious about what we do.

全球總體經濟與石化產業。未來幾年，我們將處於一個極具挑戰且波動性很高的情境。這對產業而言是非常重要的時刻，但我也以非常正面的角度看待，因為我們擁有高度合格的團隊、豐富的制度性知識，且我們對所做的事情非常認真。

We are focused on building and strengthening relationships based on trust. And to that end, we will continue to share with you not just our results, but also our opinions about our outlook and Braskem’s conditions. And so, I would like to provide some context about Braskem's current status and outlook. Q2 was positive in terms of operations.

我們專注於建立並強化以信任為基礎的關係。為此，我們將持續與各位分享的不僅是業績結果，也包括我們對展望以及 Braskem 狀況的看法。因此，我想提供一些關於 Braskem 目前狀態與展望的背景。就營運而言，第二季表現正面。

We had favorable results given the conflict in the Middle East. Based on our team's agility and thanks to our institutional knowledge, we were able to capture many different markets with a positive reflection on our results. And so we closed the quarter in essentially neutral financials. We were able to capture energy as well.

在中東衝突的背景下，我們取得了有利的成果。憑藉團隊的敏捷性並受惠於制度性知識，我們得以切入多個不同市場，並對業績帶來正面反映。因此，我們以基本持平的財務表現結束本季。我們也成功掌握了能源方面的機會。

Although, and lines of credit, things became a little bit more difficult. Now, over the past few weeks, we've seen numbers return to levels close to what they were at before the war, which brings us back to a scenario where we can act with discipline in an environment we are accustomed to doing business in.

不過，在（融資）以及授信額度方面，情況變得稍微更困難。而在過去幾週，我們看到數據回到接近戰前水準，這使我們回到一個能以紀律行事、且我們熟悉的營運環境。

And so in conclusion, we must consider the structural adverse environment that the petrochemical industry is in. And also our need for financial restructuring. More than looking at just one quarter's performance, we now have an important moment where we can look at Braskem’s future. This begins a new phase for the company. We are entering this new.

因此總結而言，我們必須考量石化產業所處的結構性不利環境。以及我們進行財務重整的需求。不僅僅是看單一季度的表現，現在我們迎來一個重要時刻，可以審視 Braskem 的未來。這標誌著公司進入新階段。我們正進入這個新的。

Stage with a clear objective to build a company that is stronger, more competitive, financially solid and prepared to generate value consistently in the long-term for our shareholders and other stakeholders. Our priority is to move forward in developing sustainable capital. We want to establish solid foundations that allow Braskem to generate value consistently in the long-term.

階段，並以明確目標打造一家更強大、更具競爭力、財務更穩健，且已準備好在長期為股東與其他利害關係人持續創造價值的公司。我們的優先事項是推進永續資本的建構。我們希望建立穩固基礎，使 Braskem 能在長期持續創造價值。

In parallel, we continue to move forward in our transformation. Project, which is focused on generating and capturing cash and EBITDA through operational excellence, cost discipline and capturing synergies throughout our organization.

同時，我們也持續推進我們的轉型。計畫，該計畫聚焦於透過營運卓越、成本紀律，以及在全組織範圍內捕捉協同效益，來創造並取得現金與 EBITDA。

These agendas do not move separately; they move hand in hand. For us, Braskem’s future necessarily involves two complementary pillars, a sustainable capital structure and the constant strengthening of our competitiveness. Going back to what I mentioned at the beginning, we have operational excellence, ability to innovate a global presence, and most importantly, people with a huge ability to execute.

這些議程並非各自推進，而是相輔相成、並肩前行。對我們而言，Braskem 的未來必然包含兩個互補支柱：永續的資本結構，以及持續強化我們的競爭力。回到我一開始提到的，我們具備營運卓越、創新能力、全球布局，而最重要的是，擁有具備強大執行力的人才。

Our work now is to transform these strengths into greater efficiency, greater cash generation and sustainable value generation. We know we have a lot of work ahead of us and this will demand discipline, speed and consistency. Yet we are clear about our priorities and we will continue to implement them. Thank you all for joining us once again and we will now begin the question-and-answer session. Thank you.

我們目前的工作是將這些優勢轉化為更高的效率、更強的現金創造能力，以及可持續的價值創造。我們知道前方仍有大量工作要做，這將要求紀律、速度與一致性。然而，我們對優先事項非常清楚，並將持續推動落實。感謝各位再次與會，現在我們將開始問答環節。謝謝。

Hello. Thank you, Helcio. This is Rosana. While the dynamics will be similar to other calls, we will welcome the questions. Some questions are similar, so we will answer your questions in block. Let’s check the questions by some of the market analysts regarding the financial restoration of the company. Basically, the main question has to do with the status of this process. Mr. Brandao, our CFO, will discuss the status of this restructuring process focused on the company’s capital structure.

您好。謝謝你，Helcio。我是 Rosana。雖然流程將與其他電話會議類似，我們將歡迎各位提問。有些問題相近，因此我們會以整體方式集中回覆。讓我們先看市場分析師就公司財務修復所提出的問題。基本上，主要問題與此流程目前的進展狀態有關。我們的財務長 Brandao 先生將說明這項以公司資本結構為重點的重整進度。

Just a moment please good morning, everyone. Thank you all for joining us this quarter for our earnings call and thanks for your questions. As we've just mentioned, the restructuring efforts are one of the primary priorities for us in the short-term and we've been discussing this with some major groups of creditors.

請稍等一下，各位早安。感謝各位在本季參加我們的財報電話會議，也謝謝各位的提問。如同我們剛才提到的，短期內重整工作是我們的主要優先事項之一，我們也一直就此與幾個主要債權人團體進行討論。

One has is the majority composed of representatives of banks and others are bondholders who hold shares of the company. As we always reiterate, our goal is for a consensual restructuring which is moving forward with dialogue from all parties. And I believe we are moving toward a development that will once again rebalance the company's capital structure in the long-term.

其中一個團體主要由銀行代表組成，另一些則是持有公司債券的債券持有人。如我們一再強調，我們的目標是達成共識性的重整，並在各方對話下持續推進。我相信我們正朝向一項發展邁進，將在長期內再次平衡公司的資本結構。

Thank you, Mr. Brandao. Now we have a question about CapEx in the first. Half of '26, was different from the round eight to reach to the guidance. Can we expect a full catch-up in the second half of the year and could you detail with CapEx what is lagging and where will be majorly located through the year? I will answer this and then Brendel can comment too. But historically, let me talk about the round rate. The company is around $500 million. There is an effort of the company to optimize.

謝謝你，Brandao 先生。接下來有一個關於第一、2026 年上半年資本支出（CapEx）與指引相比有所不同的問題。我們是否可以預期下半年會完全追趕上來？另外，能否就 CapEx 說明目前落後的是哪些項目，以及全年主要會集中在哪些地區？我先回答，之後 Brendel 也可以補充。不過從歷史上來看，先談一下常態水準。公司大約在 5 億美元左右。公司正在努力進行優化。

This is an important effort, given the dynamics of the petrochemical industry, which was broadly discussed during the presentation, As far as 2026 goes that we have a global assets CapEx excepting IDESA of $485 million and up to this moment we have spent 35% of what we expect for the year. Regarding your question, Mr. Castro, if we go back to what to the 2025 disbursement at the same moment by the end of the first.

鑑於石化產業的動態（我們在簡報中已廣泛討論），這是一項重要的努力。就 2026 年而言，我們的全球資產 CapEx（不含 IDESA）為 4.85 億美元，截至目前我們已支出全年預期的 35%。關於您的問題，Castro 先生，如果我們回頭看 2025 年在同一時間點、截至第一、

Semester was equal, 35%. So we are in line. When the company opens the year, we have a plan to follow the pre-approved plan in the budget, which is broadly discussed and presented to the board. And naturally, there's a major disbursement during the second half of '25, and we expect to reach what was developed.

上半年末的支出比例也是 35%。因此我們是符合進度的。公司在年初會依循預先核准的預算計畫執行，該計畫已充分討論並提交董事會。而且自然地，2025 年下半年會有較大的資金支出，我們預期將達到原先規劃的水準。

What was shared as a Braskem investment expectation. The next question has to do with the regarding Braskem IDES. As we have discussed in the presentation, Braskem IDES has reduced his operation. To preserve liquidity. So the question has to do with that, whether the company expects given financial restructuring efforts that Brendel mentioned, if we expect to have the same initiative here in terms of utilization rate in Brazil. Vendel.

也就是先前分享的 Braskem 投資預期。下一個問題與 Braskem IDES 有關。如同我們在簡報中討論的，Braskem IDES 已降低其營運。以維持流動性。因此問題在於，考量 Brendel 提到的財務重整努力，公司是否預期在巴西的產能利用率方面也會採取相同的作法。Vendel。

Thank you, Rosana, and thanks for the question too. These things are all connected. Restructuring the capital structure in our operations, they're all connected. And so these measures protect the company and they protect the capital structure too.

謝謝你，Rosana，也謝謝這個問題。這些事情彼此都是相互連結的。重整我們營運的資本結構，這些都是相互連結的。因此，這些措施能保護公司，也能保護資本結構。

And they allow the company to continue doing business. And so the company continues to seek opportunities that the market makes available. There is no indication that there will be any change to demand for our products. And to that end, we don't foresee any change to our operation rates.

並使公司能夠持續營運。因此，公司也會持續尋找市場所提供的機會。目前沒有任何跡象顯示我們產品的需求會出現變化。因此，我們不預期營運稼動率會有任何調整。

Thank you very much. Moving on, let me take Safra question. Good morning, Conrado. How have been the inventory levels across the supply chain evolving since the end of the quarter. Has there been any recovery in demand alongside the drawdown on inventory?

非常感謝。接下來，我來回答 Safra 的問題。早安，Conrado。自本季末以來，供應鏈各環節的庫存水位是如何演變的？在去化庫存的同時，需求是否有任何回升？

Is there any movement. Towards restocking yet, I will start answering this question and then you can come. Well, in this quarter, Conrado, we have seen a growth demand in the Brazilian market. And before talking about the Brazilian market, let me talk briefly about the global demand dynamic. We've had this conflict that started in February 28.

是否已出現任何補庫存的動向？我先回答這個問題，然後你再補充。嗯，在本季，Conrado，我們看到巴西市場的需求有所成長。在談巴西市場之前，我先簡要談一下全球需求的動態。我們遇到這場衝突，於 2 月 28 日開始。

The initial expectation was that if there was a lack of products in the world, so those producers who have access to feedstocks in the case. In, we expected to be privileged. But what we saw is that in spite of this supply shock that was particular, there is a dependency on Middle East and Asia for feedstock, especially oil and natural gas. So we've realized that the world adjusted to the demand. So these spreads.

最初的預期是，如果全球出現產品短缺，那些能取得原料的生產商（在…的情況下）我們原本預期會更具優勢。但我們看到的是，儘管這次供給衝擊具有特殊性，全球對原料仍依賴中東與亞洲，尤其是原油與天然氣。因此我們發現，全球已對需求做出調整。因此這些價差（spread）。

They get to normality, we have to see that as we presented. And now moving on to the dynamics in Brazil, as I mentioned, we cement growth in the quarter also motivated by the conflict in the Middle East. We would imagine that we would lack product, but again, the world has a, there is an expectation that this war will be ended.

要回到常態，我們必須如同簡報所呈現的那樣來觀察。接著談巴西的動態，如我所提到的，本季我們確認了成長，部分也受到中東衝突的影響。我們原本以為會缺貨，但再一次，全球有一種預期：這場戰爭將會結束。

The company expects that aligned with external consulting firms, by the way. And then we have seen a, let me call a. Weakened demand in the world and also in Brazil. So we can compare this to demand expectation in Brazil. When we opened the year by the beginning of the year and up until now in the Brazilian market, apart from PVC due to the sanitation law, but this is a particular thing, it's not a structural market change, we see that demand tends to be lower than the initial.

順帶一提，公司也與外部顧問公司的看法一致，預期如此。然後我們看到——我稱之為——全球以及巴西的需求走弱。因此我們可以將其與巴西的需求預期做比較。當我們在年初開年時的預期，直到目前在巴西市場，除了因衛生法案而帶動的 PVC（但這是個別因素，並非結構性的市場變化）之外，我們看到需求傾向低於最初的預期。

What was initially expected. And as far as your question go, we have seen a level of inventory that's balanced in the chain and imports level that are getting into the Brazilian market, especially in polyethylene with a cost of production that is more competitive than the Brazilian cost, ethylene, I mean, an ethane-based competitive.

最初的預期。至於您的問題，我們看到供應鏈中的庫存水位已趨於平衡，而進入巴西市場的進口量也在增加，特別是在聚乙烯方面，其生產成本比巴西本地成本更具競爭力；也就是乙烯（更準確地說，是以乙烷為原料的競爭優勢）。

For ethylene and also the price of the molecule. So the company in this sense, as we have reported, we've been trying to find a balance by looking for opportunity by breast can has can fully supply the Brazilian market. This is one of our top priorities when it comes to Brazilian production will always try to meet the demands of the Brazilian markets in meeting the demands of our Brazilian customers.

就乙烯以及該分子的價格而言亦是如此。因此，公司在這方面，如同我們先前所報告的，一直嘗試透過尋找機會來取得平衡，讓Braskem能夠充分供應巴西市場。這是我們的首要優先事項之一：在巴西的生產將始終以滿足巴西市場需求為目標，並滿足我們巴西客戶的需求。

Thank you. Now moving on, let me take a question regarding working capital. The question is that given that commercial. Reduction of risk consumption the companies, how can you manage working capital to deal with decrease in utilization rates in petrochemical plants in Brazil and Mexico, I will talk about Brazil specifically in Brazil utilization rate is already a function that captures the demand and also captures opportunities and even payment condition.

謝謝。接下來，我來回答一個關於營運資金的問題。問題是：鑑於商業端（商業條件）以及公司風險消耗的降低，你們如何管理營運資金，以因應巴西與墨西哥石化廠開工率下降？我會先談巴西；在巴西，開工率本身已是一個函數，會反映需求，也會反映機會，甚至反映付款條件。

It has to do with industrial productive planning that has an important input. This reduction you mentioned has been taking place for a year and a half due to the downgrade we had of credit rating agencies, rate credit rating agencies, but we've been managing this from the operating standpoint, commercial standpoints, we visit clients, we see them trying to activate our long-term relationships.

這與工業生產規劃有關，而該規劃有一個重要的輸入因素。您提到的這種下降，已經持續了一年半，原因是我們遭到信用評等機構下調評等（信用評等機構的下調），但我們一直從營運面與商業面來管理：我們拜訪客戶，與他們溝通，並嘗試啟動我們的長期合作關係。

You can see in in our quarter information that is an explanatory note mentioning everything in the average price of clients. Receivables. So that's how the company has managed the working capital here in Brazil. Just one thing I would like to add regarding the volatility of the external scenario. It's not that the company could not have increased the operation and we didn't in fact we have taken all the opportunities we could find but we are pretty cautious because this volatile scenario requires us to be cautious and you've been doing so.

您可以在我們本季資訊中看到一則說明附註，提到客戶平均價格等各項內容。應收帳款。這就是公司在巴西管理營運資金的方式。另外我想補充一點，關於外部情勢的波動性。並不是公司不能提高營運量；事實上，我們已把能找到的機會都把握住了，但我們相當謹慎，因為這種波動的情勢要求我們必須謹慎，而我們也一直如此。

I wanted to add, of course, Rosanna has mentioned the effects of working capital and we've seen effects since September of last year and we knew we were thinking of opening a capital restructuring plan. So we were particularly cautious about. Our results, this quarter the impacts were significantly better and we expect that moving forward the impact will absolutely be neutral as we move forward with the precautionary measure.

我也想補充，當然，Rosanna已提到營運資金的影響；自去年9月以來我們就看到相關影響，並且我們知道、也在考慮啟動一項資本重整計畫。因此我們特別謹慎。就我們的結果而言，本季的影響顯著改善；我們預期往後，隨著我們持續採取審慎措施，影響將會完全中性。

Now, moving on, we have the consolidation of the new shared governance between IG4 and Petrobras under Helcio Tokeshi’s leadership. The market wants to understand the long-term plan. So Petrobras is a strategic partner. How can the board balance the reduction in leverage with investments in synergies, operating synergies plan for the second half? Second quarter regarding the new controllers.

接下來，我們談到在Helcio Tokeshi領導下，IG4與Petrobras之間新的共同治理架構的整合。市場想了解長期計畫。Petrobras是策略夥伴。董事會如何在降低槓桿的同時，平衡對協同效益投資、以及下半年營運協同計畫的投入？以及第二季關於新控制股東的議題。

It's very important for us to be very familiar with the nature of the industry where we do business. In this industry, many of our units have decades of history. Of course, they go through revamps and improvements, but these assets are extremely long-lived. This is an industry where it does not make any sense to think in the very short-term. It just doesn't work that way. And the changes we've been seeing now are the results of that. For instance.

對我們而言，非常重要的是要充分理解我們所處產業的本質。在這個產業中，我們許多裝置都有數十年的歷史。當然，它們會進行翻修與改善，但這些資產的使用年限非常長。在這個產業裡，以非常短期的角度思考是沒有意義的。運作方式並非如此。而我們現在看到的變化，正是這種特性的結果。例如。

China is now seeing, they started planning 35 years ago. In other words, from our perspective, from the perspective of a collegiate board, it doesn't make sense for us to have any other. This is the view that allows us to have solid, robust decisions of course, we do also think in the short-term, but those are opening measures. There are two pillars and one is the transcur in the quarterly or yearly basis. Instead, this is a structural transformation that will allow us to have the efficiency, sustainability and solid results.

中國現在所看到的，是他們在35年前就開始規劃。換言之，從我們的角度、從集體董事會（collegiate board）的角度來看，我們沒有理由採取其他觀點。這樣的視角讓我們能做出穩健、扎實的決策；當然，我們也會考量短期，但那是因應性的措施。有兩個支柱，其中一個不是只在季度或年度的基礎上推進。相反地，這是一場結構性的轉型，將使我們具備效率、永續性與穩健的成果。

That we need because this is the new reality where all of us will continue to live for a long time yet. So it makes no sense to have a short-term view. We always need to balance short-term view with long-term view. That is what is. Going to give us a robust, sustainable and competitive result for Braskem so that we can continue to generate value for our stakeholders.

這正是我們所需要的，因為這是新的現實，而我們所有人都將在其中生活很長一段時間。因此，採取短期視角沒有意義。我們必須始終在短期與長期之間取得平衡。這就是。將為Braskem帶來穩健、可持續且具競爭力的成果，使我們能持續為利害關係人創造價值。

And just to add to what he said, I think the complementary nature of the profiles of the new partners. Who are now part of the collegiate board is particularly valuable for value generation. IG4 is not focused in the short-term. It's a manager focused on long-term value creation which is built by implementing the right strategies which in turn allow the company's strengths to be focused on. And we see this in the day-to-day as we do business with Petrobras, which has been particularly positive and high synergy in these two different abilities.

另外補充他剛才所說，我認為新夥伴的特質互補性。如今成為集體董事會一部分，對價值創造特別有利。IG4並不著眼於短期。它是一家專注於長期價值創造的管理機構，而這種價值是透過落實正確策略所建立，進而使公司的優勢得以聚焦。我們在與Petrobras的日常合作中也看到了這一點，兩種不同能力之間的合作特別正面，且協同效益很高。

Thank you. Now moving on, there is a question. I mean, there are some questions, in fact, related to the returning to of the spreads to the normality in the sector, in the segment, how you see this returning to normal and what I mean, under this context, there is another. Question regarding sales volumes for the next quarter. How is the entering of exports to Brazil? How has this behaving?

謝謝。接下來，有一個問題。我的意思是，事實上有一些問題與產業、該細分市場的利差回歸常態有關：你們如何看待這種回歸常態？在此背景下，還有另一個。問題是關於下一季的銷售量。出口進入巴西的情況如何？其表現如何？

Yes, you’re right. It’s also part of the results.

是的，您說得對。這也是業績的一部分。

Presentation I would divide all of this conflicts dynamics into some parts as I said before first of all when the conflict started back then we had this expectation of the industry as a whole of lacking products so it's a cycle -- there was a cycle uptrend, we didn't expect that other consulting firms didn't expect this, but the world has adjusted to this reality. I mean, the global demand, which leads to that, the fact that from June on with the announcements of a possible ceasefire, these demands would adjust even more and the spread would get back to normal, let's say.

在簡報中，我會把這些衝突的動態分成幾個部分，如我之前所說：首先，當衝突在當時開始時，整個產業原本預期會出現產品短缺，因此形成一個循環——當時是上行循環；我們沒有預期到，其他顧問公司也沒有預期到，但全球已經調整以適應這個現實。也就是說，全球需求帶動了這一點；而且自6月起，隨著可能停火的宣布，這些需求會進一步調整，利差也會回到常態水準，姑且這麼說。

So nowadays, the expectation and what we put in our earnings presentation. Is an average of specialized consultancies firms. They expect that these spreads will return to levels that were close to pre-conflict levels, especially in the first quarter. And in some spreads there that will be even lower than that. I would like to reinforce not only the tactics but the fundamentals.

因此目前的預期，以及我們在業績簡報中所呈現的。是多家專業顧問公司的平均看法。他們預期這些利差將回到接近衝突前的水準，特別是在第一季。而在某些利差上，甚至會低於那個水準。我想強調的不僅是策略層面，還有基本面。

It. We are in the middle of a war, we don't know if it's going to scale or if it's going to end, there's a lot of volatility in oil, we are waiting for new to see how it unfolds. But the fundamentals of industry are maintained to pre conflict levels. These are fundamental pillars. By the end of 2025, we had already observed almost 20 million tons of oversupply in the world. And I'm talking about the polyethylene; it's almost 15% of the industry capacity today. This is a operation rate that is in the lowest level. This is the fundamental aspect of the industry and you need to get ready for that, regardless of any optimistic that are waiting for a spread to change due to the conflict.

它。我們正處於戰爭之中，我們不知道它是否會擴大或是否會結束，油價波動很大，我們正在等待新的消息以了解事態如何發展。但該產業的基本面仍維持在衝突前的水準。這些是基本支柱。到2025年底，我們已經觀察到全球接近2,000萬噸的供給過剩。我指的是聚乙烯；這幾乎相當於目前產業產能的15%。這是一個處於最低水準的開工率。這是產業的基本面，你需要為此做好準備，不論任何因衝突而期待價差改變的樂觀情緒。

And now what we expect for the third quarter, usually third quarters, and we always mention. This, they have a seasonality effect, especially by the end of the this by the end of this third quarter, because we expect preparations for end of the year parties, but we are not seeing the seasonability. So in fact, it's really hard to predict how we'll do to that. But we will get ready to capture opportunities, meet the demands of the Brazilian markets there's no doubt that.

而現在我們對第三季的預期，通常第三季——我們也總會提到——會有季節性影響，特別是在第三季末，因為我們預期會為年底節慶做準備，但我們並沒有看到這種季節性。所以事實上，要預測我們將如何應對真的很困難。但我們會做好準備以把握機會、滿足巴西市場的需求，這點毫無疑問。

The American the US producers, due to this known lack of products in the world, they keep on placing products for a lower level of price lower than the petrochemical industry in Brazil, we're trying to revert this to change this as well as well as well as we can, by having good relationships with long-term clients, or. Are maybe working with federal authorities and so on in the context of the polyethylene anti-dumping idea.

美國（美國）生產商，由於全球眾所周知的產品短缺，他們持續以低於巴西石化產業的價格投放產品；我們正盡可能努力扭轉並改變這種情況，透過與長期客戶維持良好關係，或。也可能在聚乙烯反傾銷議題的脈絡下，與聯邦主管機關等合作。

So we expect a recovery in sales for the next few months, maybe before this recovery of the market. We are working very hard to achieve that, but right now it's hard to set an expectation on what's going to happen in the next few months.

因此，我們預期未來幾個月銷售將會回升，或許會早於市場復甦。我們正非常努力以達成這點，但就目前而言，很難對未來幾個月會發生什麼做出預期。

All right. Now, moving on, there's a question about anti-dumping related to what I just said about the anti-dumping measure currently applied to the polyethylene from the US has Braskem been actively participating in this process with Brazilian authorities? And in the company's view, what would be the main impacts on the domestic market in the Brazilian market if the measure or if the measures or extended. Alcides, please.

好的。接下來，有一個關於反傾銷的問題，與我剛才提到目前對來自美國的聚乙烯所適用的反傾銷措施有關：Braskem 是否一直在與巴西主管機關的這個流程中積極參與？並且就公司觀點而言，如果該措施（或措施）延長，對巴西國內市場／巴西市場的主要影響會是什麼？請 Alcides 回答。

Anti-dumping is a process that is very well handled by the authorities and the different ministries and GECEX, which is the ministry that handles that. They perform a meticulous technical study based on data. From those companies and when they detect that there has been dumping with relationship, the government understood that it did need to modulate things and it has performed that. So today we do have an anti-dumping measure in effect, effective today.

反傾銷是一個由主管機關、不同部會以及負責此事的 GECEX 所妥善處理的流程。他們會基於數據進行細緻的技術研究。根據這些公司的資料，當他們偵測到存在傾銷行為時，政府理解確實需要進行調整，並已採取相應作為。因此，今天我們確實有一項反傾銷措施正在生效，且目前有效。

We believe that these measures need to be reviewed and revised and we are in discussion with all ministries in GECEX and we understand that they clearly understand that the flows need to be balanced due to. Due to this imbalance that is occurring because of the dumping that's been performed, and we think that things could be improved. We've made requests to improve the degree of protection. This is currently under discussion, and we hope that and expect the government to take a responsible decision, responsible measures over the coming weeks and we will wait and see.

我們相信這些措施需要被檢視與修訂，我們也正與各部會及 GECEX 討論；我們理解他們清楚明白，基於。由於正在發生的這種失衡——源於已發生的傾銷——資金流／貨物流需要被平衡，我們認為仍有改善空間。我們已提出提高保護程度的請求。目前仍在討論中，我們希望並預期政府在未來幾週採取負責任的決定與負責任的措施，我們將拭目以待。

Ladies and gentlemen, we now complete the Q&A. Conference call for breast skin. Mr. Helcio, the floor is yours.

各位女士先生，我們現在完成問答環節。Braskem 的電話會議。Helcio 先生，請您發言。

Well, thanks again. I'm very grateful that you all took the time to take part in our earnings call. I'd like to conclude really by reinforcing the fact that we have two complementary pillars. One is to attain and secure a sustainable capital structure in a constructive manner by performing discussions with our creditors. And the second is to continuously strengthen our competitive nature.

好的，再次感謝。非常感謝各位撥冗參加我們的法說會。我想在結語中再次強調，我們有兩個互補的支柱。第一是透過與債權人進行協商，以建設性的方式達成並確保可持續的資本結構。第二是持續強化我們的競爭力。

That is why we launched the transformation plan. That is why we do most of what we do. We have a phenomenal team with extremely high-quality. We have a fantastic. Amount of quality of people with us and this makes us cautiously optimistic that we will be able to do good work in this direction and over the coming months and years.

這就是我們推出轉型計畫的原因。這也是我們所做大部分事情的原因。我們擁有一支卓越的團隊，品質極高。我們擁有非常出色的。高素質人才與我們並肩，這讓我們在審慎之下保持樂觀，相信未來幾個月與幾年，我們能在這個方向上做好工作。

We will all be able to have many more of these earnings calls and improve our relationship even further. This is strong work that the company has been engaging in with all of you for a long time now and we believe that we will continue to improve things over time. Thank you.

我們都將能夠舉行更多這樣的法說會，並進一步改善彼此的關係。公司長期以來一直與各位共同投入這項扎實的工作，我們相信隨著時間推進，我們會持續把事情做得更好。謝謝。

The Braskem teleconference is hereby closed. Thank you all for your participation and have a nice afternoon.

Braskem 電話會議到此結束。感謝各位的參與，祝各位下午愉快。

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

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