Braskem (BRKM5.SA): 2Q26 Op Results: Likely better figures ahead, but all eyes in the restructuring process

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Braskem (BRKM5.SA): 2Q26 Op Results: Likely better figures ahead, but all eyes in the restructuring process

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31 Jul 2026 08:16:06 ET │ 11 pages

Braskem (BRKM5.SA)

2Q26 Op Results: Likely better figures ahead, but all eyes in the

restructuring process

CITI'S TAKE Sell / High Risk

Price (30 Jul 26 18:00) R$5.93 Braskem posted a mixed set of 2Q26 operational figures, marked by a

Target price R$4.50 significant sequential improvement in petrochemical spreads, but with

continued operational weakness, especially in Mexico. The average Expected share price return -24.1%

utilization rate in Mexico plummeted to 43%(-12p.p.QoQ), reflecting Expected dividend yield 0.0%

ongoing liquidity preservation measures at Braskem Idesa. On the positive Expected total return -24.1%

side, spreads recovered strongly across all segments compared to 1Q26, Market Cap R$4,285M

driven by higher international petrochemical prices amid the Middle East US$847M

conflict, as anticipated by us. Overall, while the sharp recovery in spreads

is a positive tailwind that should boost sequential EBITDA, partially offset

by lower YoY sales volume, combine with operational challenges,

particularly the low asset utilization in Mexico, remain a significant Gabriel BarraAC

concern for the company's cash generation capability. Despite the likely +55-11-4009-2223

higher result ahead, we believe it will not be enough to change the liquidity gabriel.barra@citi.com

crunch in which the company finds itself, while all eyes are on the Pedro Gama

restructuring path (Valor, 07/29/2026). +55-21-4009-0431

pedro.gama@citi.com

Brazil: The cracker utilization rate was 70%, down YoY (-4 p.p) as the company Andrés Cardona

managed production levels amid lower demand and feedstock availability. Domestic +57-601-484-0441