BRASKEM SA SEC Filings

Braskem S.A. furnished a consolidated summary of remote voting instructions for its Extraordinary General Meeting to be held on November 13, 2025. The statement aggregates instructions received via the stock transfer agent, the B3 central depositary, and directly by the company.

Key items and indicated vote counts included: replacement of one Board member appointed by Novonor/NSP Investimentos, with Approve 27,975,249; Reject 15,201,798; Abstain 44,142. An amendment to article 2 (corporate purpose wording) showed Approve 43,157,938; Reject 43,373; Abstain 19,878. Inclusion of Board election rules had Approve 27,770,686; Reject 15,439,516; Abstain 10,987. Updating article 26 (approval thresholds, authorization to adjust thresholds, and removing auditor selection for subsidiaries from the Board) showed Approve 43,007,735; Reject 179,098; Abstain 34,356. Consolidation of the Bylaws due to these amendments indicated Approve 43,147,187; Reject 54,372; Abstain 19,630.

Braskem S.A. filed a Form 6-K addressing media reports about a potential change of control. The company stated it is not responsible for, nor does it conduct, any negotiations by its shareholder Novonor regarding a possible sale of the controlling stake. Braskem said it is not aware of the information reported and sought clarification from its controlling shareholder.

Novonor informed that, as of November 11, 2025, there have been no material or binding developments in discussions involving its indirect stake in Braskem. Novonor added that any material developments will be promptly communicated to Braskem so the company can take usual measures.

Braskem (BAK) reported Q3 2025 results showing recurring EBITDA of US$150 million, up 104% versus Q2 but below last year as the petrochemical downcycle persisted. Utilization was mixed: Brazil 65%, U.S. & Europe 79%, Mexico 47%, and Green Ethylene 40%. Cash stood at ~US$1.3 billion, and total liquidity was ~US$2.3 billion including a stand-by facility maturing in Dec/26. The company cited higher value‑added sales in Brazil, lower inventory effects in the U.S., and resilience actions to reduce fixed costs.

Debt indicators reflected a stressed cycle: gross debt was US$8.4 billion, adjusted net debt US$7.2 billion, corporate leverage 14.76x, and weighted average cost 6.29%; Fitch rated CCC+ and S&P CCC‑ (Negative) as of Sep/25. Braskem progressed on the Alagoas program, with total provisions of R$18.1 billion and an estimated balance of ~R$3.8 billion at Sep/25, and reported 99.9% of resident relocations completed. In Mexico, the first general maintenance shutdown was completed (investment ~US$75 million) and TQPM ethane supply began (~11.3 kbpd in Sep/25). The Board approved “Transforma Rio,” adding 220 kton/year of ethylene (and equivalent PE) with estimated investment ~R$4.2 billion, targeted for completion by end‑2028, subject to financing and program incentives.

Braskem S.A. (BAK) reported 3Q25 results with consolidated recurring EBITDA of US$150 million (R$818 million), up 104% from 2Q25, amid weak global petrochemical spreads. The Brazil/South America segment delivered US$205 million recurring EBITDA (up 35% q/q), while the United States and Europe posted US$(15) million and Mexico US$(37) million.

The company recorded a net loss of US$1 million in the quarter and YTD net profit of US$66 million. Corporate gross debt was ~US$8.4 billion with an average term of 9 years; cash, excluding Braskem Idesa, was US$1.3 billion, plus a US$1.0 billion revolving line drawn in October. Adjusted net debt ended at US$7.1 billion.

Braskem advanced liability management related to Alagoas: provision balance fell to R$3.8 billion, and a R$1.2 billion State Agreement provides state-level discharge, subject to judicial ratification. The board approved the Transforma Rio project, an estimated R$4.2 billion expansion of ethylene and PE capacity in Rio de Janeiro. During the quarter, ratings moved to the ‘CCC’ range at Fitch and S&P. Sector measures in Brazil included provisional anti-dumping duties on PE imports and maintenance of a 20% import tax on PVC, PE and PP.

Braskem S.A. filed a Form 6‑K furnishing its 3Q25 interim results. Consolidated net revenue was R$17,299 million, down from R$21,264 million in 3Q24, and R$54,616 million for the nine months versus R$58,259 million a year earlier. The quarter showed a consolidated net loss of R$174 million, while year‑to‑date net income was R$68 million, including R$405 million attributable to shareholders.

Cash and cash equivalents were R$6,663 million, down from R$14,986 million at year‑end. Consolidated borrowings and debentures totaled R$44,720 million, and Braskem Idesa borrowings were R$13,507 million. Working capital was positive at R$3,921 million, and shareholders’ equity remained negative at R$(3,173) million. The company recognized R$784 million of impairments and write‑offs tied to the Alagoas industrial transformation.

Management noted September credit rating revisions to CCC+ and CCC‑ with a negative outlook and, in October, a draw of US$1.0 billion from a stand‑by credit facility. Sector measures included provisional anti‑dumping duties on polyethylene and maintenance of a 20% import tax for key resins. Braskem approved an expansion of ethane capacity in Rio de Janeiro, targeting an additional 220,000 tons per year of ethylene by end‑2028, subject to obtaining additional financing.

Braskem S.A. furnished an amended Form 6-K presenting its 2025 calendar of corporate events. Quarterly financial statements are scheduled for 05/09/2025 (Q1), 08/06/2025 (Q2), and 11/10/2025 (Q3). The Annual Shareholders’ Meeting timeline includes submission of the Management Proposal and Call Notice on 03/28/2025, the meeting on 04/28/2025, and minutes on 04/28/2025. An online public meeting with analysts is set for 11/11/2025.

Braskem S.A. announced a State Agreement with Alagoas tied to the geological event, totaling R$1.2 billion, subject to judicial approval. Of this amount, R$139 million has already been paid, with the remaining balance to be settled in 10 adjusted variable annual installments, mainly after 2030 and calibrated to the company’s payment capacity.

Braskem had provisioned R$467 million as of September 2025 for compensation related to property damage to the State. The agreement provides compensation, indemnity and/or reimbursement to Alagoas and grants the company full settlement for state pecuniary and non-patrimonial damages, including the extinction of the State’s action upon court approval.

Braskem S.A. announced a change to its Statutory Compliance and Audit Committee. The Board approved the election of José Mauro Mettrau Carneiro da Cunha to replace Roberto Faldini, with the term running until the first Board meeting to be held after the 2026 Annual General Meeting. The decision was approved on November 10, 2025.

The committee is now composed of: (i) Gesner José de Oliveira Filho (Coordinator); (ii) Carlos Plachta; (iii) José Mauro Mettrau Carneiro da Cunha; (iv) Maria Helena Pettersson; and (v) Gustavo Raldi Tancini. Pettersson and Tancini are identified as the committee’s financial experts.

Braskem S.A. filed a Form 6-K to clarify media coverage about potential liability restructuring. The company reiterated it has engaged financial and legal advisors, as previously disclosed on 09/26/2025, to prepare a diagnosis of economic-financial alternatives to optimize its capital structure.

Braskem noted that advisors have held preliminary conversations with creditors to gather information for this analysis. The company emphasized that, as of the date of the notice, there is no proposal, decision, or deadline defined by its competent bodies regarding any alternative.