Braskem (BRKM5) reported in the second quarter of 2026 (2Q26) net income attributable to shareholders of R$ 3.3 billion, equivalent to US$ 664 million, and recurring EBITDA (earnings before interest, taxes, depreciation and amortization) of R$ 5.3 billion, or US$ 1.043 billion, driven mainly by higher chemical and petrochemical spreads in the international market. Consolidated net revenue reached R$ 21.7 billion, with cost of goods sold of R$ 16.4 billion.
Compared to 1Q26, consolidated recurring EBITDA increased by R$ 4.2 billion, an effect linked to growth of 82% and 98% in the average international spreads for resins and key chemicals in the Brazil/South America segment, 28% in the average polypropylene (PP) spread in the United States and Europe, and 73% in the average polyethylene (PE) spread in Mexico. Also contributing were PIS/COFINS tax credits on the purchase of raw materials under the REIQ Insumos program, which totaled US$ 115 million (R$ 578 million) in 2Q26.
In the quarter, operating cash generation was positive at R$ 1.928 billion, versus cash consumption in 1Q26, mainly reflecting higher recurring EBITDA. This result was partially offset by a negative change in working capital, associated with volatility in raw material prices, higher inventory levels and lower availability of certain payment arrangements with financial institutions and suppliers. Recurring cash generation was approximately R$ 1.048 billion, and cash generation before debt service, already considering disbursements related to the Alagoas geological event, totaled R$ 807 million.
As of June 30, 2026, corporate gross debt excluding Braskem Idesa and TQPM totaled US$ 10.3 billion, with 92% of the amount denominated in foreign currency. Adjusted net debt excluding Braskem Idesa and TQPM came to US$ 9.5 billion, and the adjusted net debt/recurring EBITDA ratio for the last 12 months ended the quarter at 6.74 times, versus 18.18 times in March 2026 and 11.62 times in June 2025.
On the operating front by segment, recurring EBITDA was US$ 869 million (R$ 4.4 billion) in Brazil/South America, US$ 147 million (R$ 739 million) in the United States and Europe, and US$ 57 million (R$ 289 million) in Mexico, all higher than those recorded in 1Q26 and 2Q25. The company also reported that it remains in discussions with financial creditors regarding a potential restructuring of its capital structure, supported by external advisors, and that the precautionary urgent relief in Brazil and the Chapter 15 proceedings in the United States, in effect for 60 days, involve only financial creditors and do not affect regular operations with suppliers and customers.
