LatAm Oil Weekly Monitor: The Navigator - Braskem share price plunges as uncertainties rise

Research evidence excerpt

LatAm Oil Weekly Monitor: The Navigator - Braskem share price plunges as uncertainties rise

Global Research

26 June 2026ab

LatAm Oil Weekly Monitor Equities

Latin AmericaThe Navigator - Braskem share price plunges

as uncertainties rise Energy

Tasso Vasconcellos

Analyst

tasso.vasconcellos@ubs.com

See this week’s key highlights across our coverage: +55-11-2767 6683

Braskem - Braskem issued a material fact disclosing its Extrajudicial Joao Barichello

Recovery proposals, negotiations remain: Creditors rejected company's Associate Analyst

initial plan, with main pushbacks centered on coupon cut and the lack of joao-pedro.barichello@ubs.com

shareholder burden-sharing. Ongoing uncertainty around the agreement +55-11-2767 6364

leaves the company’s liquidity path unclear and could include potential

dilution risk for minority shareholders. While we see a constructive medium-

to long-term outlook as a resolution is eventually reached, elevated near-term

uncertainty supports our cautious stance.

Fuel Dist. - 1) ANP reported preliminary fuel sales data for May: Despite a

slight monthly market share loss for Vibra and Ipiranga, we continue to see a

supportive environment, following an improved competitive landscape and

near-term tailwinds from the ME conflicts. In that context, we expect margins

increasing in 2Q26, above R$250-300/m3 in 1Q26, and even with a

normalization expected in 2H26, we believe margins are likely to sustain

around cR$200/m3 levels. 2) Government may decide on fuel subsidy

rollback in June: The development suggests a potential normalization of

policy intervention, alongside expectations of easing inflation dynamics if

lower oil prices persist.

Petrobras - 1) Oil production at 2.65Mbd in May (-2% MoM, +16% YoY):