Braskem SA-A: 1Q26 review: Heavy cash burn exceeding our expectations; cash at US$1.1bn

研报英文原文证据摘录

Braskem SA-A: 1Q26 review: Heavy cash burn exceeding our expectations; cash at US$1.1bn

et debt increased to US$11.0bn (vs. US$10.0bn in 4Q25), while leverage Investment Opinion C-3-9 / C-3-9

rose to 16.8x. We note that 2026 debt-related spending includes US$1.0bn of RCF, 52-Week Range 6.11 BRL - 13.78 BRL

US$288mn in maturities, and US$169mn in interest, amounting to US$1.46bn – this Market Value (mn) 9,734 BRL

compares to the cash position of US$1.06bn, highlighting the tight liquidity position. Free Float 54.1%

Average Daily Value 16.37 USD

All eyes on working capital dynamics Shares Outstanding (mn) 797.2 / 398.6

The working consumption came above our estimates at US$670mn, largely driven by: 1) BofA Ticker / Exchange BAKAF / SAO

reduced availability of supplier and financial institution payment agreements, and 2) BofA Ticker / Exchange BAK / NYS

inventory replenishment. Of this total, we estimate only US$265mn was related to Bloomberg / Reuters BRKM5 BZ / BRKM5.SA

inventories and receivables that, in our view, could see further increases given the rising ROE (2026E) NA

om feedstock and resin prices, potentially not fully reflected in 1Q26. Payables Net Dbt to Eqty (Dec-2025A) NA

accounted for US$380mn of the WK outflow. Despite the EBITDA recovery for the year

on the back of improved spreads, we believe WK remains a key area of concern, as we TQPM: Terminal Química Puerto

highlighted in our report Weak cash flow visibility and liquidity concerns reinforce U/P. México

Alagoas provisions total R$3.4bn (R$4.6bn incl. other liab.)

RCF: Revolving Credit Facility

Braskem’s provisions associated with the Alagoas geological event totaled R$3.4bn (vs.

R$3.5bn in 4Q25). The decrease reflects R$278mn in payments and reclassifications. In WK: working capital