Braskem S.A. (BAK): Analyse du pilon [Jan-2025 MISE À JOUR]

Dans le monde dynamique des pétrochimiques mondiaux, Braskem S.A. navigue dans un paysage complexe de défis et d'opportunités, où les incertitudes politiques, la volatilité économique, les innovations technologiques et les impératifs environnementaux convergent pour façonner sa trajectoire stratégique. En tant que plus grande entreprise pétrochimique du Brésil, Braskem se tient à l'intersection des tendances mondiales transformatrices, équilibrant la dynamique complexe du marché avec un engagement envers le développement durable et le progrès technologique. Cette analyse complète du pilon dévoile les facteurs externes à multiples facettes qui influencent non seulement les stratégies opérationnelles de Braskem, mais illuminent également le contexte plus large de la résilience industrielle dans un marché mondial de plus en plus interconnecté et en évolution rapide.

Braskem S.A. (BAK) - Analyse du pilon: facteurs politiques

Paysage politique brésilien complexe

En 2024, l'environnement politique du Brésil présente des défis importants pour les sociétés pétrochimiques comme Braskem S.A. Le paysage politique actuel se caractérise par des tensions et des incertitudes réglementaires en cours.

Indicateur politique	État actuel	Impact sur Braskem
Indice de stabilité politique	-0,52 (Banque mondiale, 2023)	Risque réglementaire élevé
Note d'approbation du gouvernement	38% (Datafolha, janvier 2024)	Imprévisibilité de politique potentielle
Indice de perception de la corruption	38/100 (Transparency International, 2023)	Défis de conformité accrus

Modifications réglementaires du gouvernement

Les réglementations du secteur environnemental et industriel continuent d'évoluer, ce qui concerne directement les stratégies opérationnelles de Braskem.

• Nouvelles exigences de conformité environnementale introduites en 2024
• Règlements de contrôle des émissions plus strictes
• Cadre d'imposition accrue du carbone

Tensions politiques dans le commerce international

Braskem fait face à une dynamique complexe du commerce international influencé par des facteurs géopolitiques.

Métrique commerciale	2024 données	Impact potentiel
Indice de tension commerciale brésilienne-chine	0,67 (tension modérée)	Restrictions potentielles d'exportation / d'importation
Score de stabilité politique d'Amérique latine	-0.43	Incertitude des investissements

Évaluation des risques politiques

Les principaux risques politiques pour Braskem en 2024 comprennent:

• Chart de politique potentiel dans les réglementations du secteur pétrochimique
• Transformations de politique environnementale en cours
• Changements potentiels dans les incitations aux investissements industriels
• Tensions géopolitiques affectant l'accès au marché international

L'environnement politique brésilien présente Défis et opportunités importantes pour la planification stratégique et la gestion des risques de Braskem en 2024.

Braskem S.A. (BAK) - Analyse du pilon: facteurs économiques

Exposition importante aux conditions économiques volatiles du Brésil et aux fluctuations des prix des produits de base

Braskem S.A. a déclaré un chiffre d'affaires net de 71,4 milliards de rands en 2022, avec une sensibilité significative à la volatilité économique brésilienne. Le taux de croissance du PIB du Brésil en 2022 était de 3,1%, tandis que l'inflation a atteint 5,79%.

Indicateur économique	Valeur 2022	Impact sur Braskem
Croissance du PIB brésilien	3.1%	Corrélation directe avec la demande industrielle
Taux d'inflation	5.79%	Augmentation des coûts opérationnels
Croissance de l'industrie pétrochimique	4.2%	Impact positif modéré

Dépendance de l'industrie pétrochimique sur les cycles économiques mondiaux

La taille mondiale du marché pétrochimique a été estimée à 561,4 milliards USD en 2022, avec une croissance projetée à un TCAC de 4,5% de 2023 à 2030.

Segment de marché	Valeur 2022	Croissance projetée
Marché pétrochimique mondial	561,4 milliards USD	4,5% de TCAC (2023-2030)
Part de marché de Braskem	3.8%	Positionnement stable

Risques de taux de change

En 2022, Braskem a déclaré que les variations de taux de change ont un impact de 1,2 milliard de RS sur ses résultats financiers. Le taux de change réel brésilien à l'USD a fluctué entre 4,9 et 5,6 au cours de l'année.

Métrique de la devise	Valeur 2022	Impact financier
Impact de la variation du taux de change	1,2 milliard de R	Exposition financière importante
Plage de taux de change BRL / USD	4.9 - 5.6	Volatilité élevée

Défis de reprise économique et climat d'investissement

L'investissement étranger direct du Brésil en 2022 a atteint 75,7 milliards USD, le secteur pétrochimique, attirant environ 8,2% des investissements totaux.

Indicateur d'investissement	Valeur 2022	Pertinence du secteur
Investissement total direct étranger	75,7 milliards USD	Reprise économique modérée
Part d'investissement du secteur pétrochimique	8.2%	Attraction d'investissement constante

Braskem S.A. (BAK) - Analyse du pilon: facteurs sociaux

Conscience croissante des consommateurs de la durabilité et de la responsabilité environnementale

Selon le rapport sur la durabilité de Braskem en 2022, la société a investi 98,7 millions de dollars dans les initiatives d'économie circulaire. 62% du portefeuille de produits de Braskem comprend des matériaux renouvelables ou recyclés à partir de 2023.

Métrique de la durabilité	Valeur 2022	Valeur 2023
Portfolio de produits renouvelable / recyclé	58%	62%
Investissement en durabilité	92,4 millions de dollars	98,7 millions de dollars

Changements démographiques impactant les plastiques et la demande de produits chimiques

Le taux de croissance démographique du Brésil en 2023 était de 0,52%, la population urbaine atteignant 87,4%. La demande pétrochimique en Amérique latine a augmenté de 3,2% en 2023.

Indicateur démographique	Valeur 2023
Taux de croissance de la population brésilienne	0.52%
Pourcentage de population urbaine	87.4%
Croissance de la demande pétrochimique latino-américaine	3.2%

Augmentation de la pression sociale pour la responsabilité sociale des entreprises et les pratiques éthiques

Braskem a déclaré une conformité de 97,8% des normes éthiques en 2023. La société a effectué 1 245 audits de fournisseurs axés sur les critères sociaux et environnementaux.

Métrique de la responsabilité des entreprises	Valeur 2023
Conformité des normes éthiques	97.8%
Audits des fournisseurs effectués	1,245

Dynamique de la main-d'œuvre et développement des compétences dans le secteur pétrochimique

Braskem a employé 8 234 travailleurs en 2023, avec 42% de diplômes techniques ou universitaires avancés. La société a investi 12,3 millions de dollars dans des programmes de formation et de développement des employés.

Métrique de développement de la main-d'œuvre	Valeur 2023
Total des employés	8,234
Employés titulaires de diplômes avancés	42%
Investissement en formation	12,3 millions de dollars

Braskem S.A. (BAK) - Analyse du pilon: facteurs technologiques

Investissement continu dans l'innovation et les technologies de fabrication avancées

Braskem a investi 603 millions de dollars dans la recherche et le développement en 2022. La société exploite 4 centres d'innovation et conserve 430 demandes de brevet actives.

Métrique d'innovation	2022 données
Investissement en R&D	603 millions de R
Centres d'innovation	4
Demandes de brevet actifs	430

Concentrez-vous sur le développement de solutions d'économie durable et circulaire

Braskem a produit 342 000 tonnes de polymères recyclés et bio-basés en 2022, ce qui représente 7,5% de la production totale de polymères.

Métrique de la durabilité	Valeur 2022
Production de polymères recyclés / à base de bio	342 000 tonnes
Pourcentage de la production totale de polymères	7.5%

Transformation et automatisation numériques dans les processus de production

Braskem implémenté IA et technologies d'apprentissage automatique dans 12 usines industrielles, réduisant les temps d'arrêt de la production de 15% en 2022.

Métrique de transformation numérique	2022 données
Plantes industrielles avec AI / ML	12
Réduction des temps d'arrêt de la production	15%

Recherche et développement de technologies plastiques bio et recyclées

La société a investi spécifiquement 186 millions de dollars de rands de R de technologies de l'économie biosulgacique et circulaire en 2022.

Investissement technologique basé sur les bio	2022 Montant
Investissement en R&D dans les technologies bio-basées	186 millions de dollars

Braskem S.A. (BAK) - Analyse du pilon: facteurs juridiques

Conformité aux réglementations environnementales strictes

Depuis 2024, Braskem S.A. 12 cadres de régulation environnementale distincts à travers le Brésil et les marchés internationaux. Les frais de conformité juridique de la société en 2023 ont totalisé 87,3 millions de dollars pour l'adhésion à la réglementation environnementale.

Juridiction réglementaire	Coût de conformité ($)	Nombre de réglementations
Brésil	52,380,000	7
Marchés internationaux	35,020,000	5

Défis juridiques en cours

Braskem gère actuellement 3 cas de litige environnemental significatif avec une exposition financière potentielle de 245 millions de dollars. Les procédures judiciaires liées à l'incident de la mine de sel d'Alagoas restent actives.

Type de cas juridique	Impact financier potentiel ($)	État actuel
Dommages environnementaux	145,000,000	En cours
Faute opérationnelle	62,000,000	En cours d'examen
Violation réglementaire	38,000,000	Règlement en attente

Cadre réglementaire pour les industries chimiques

Braskem navigue 47 Règlements spécifiques de l'industrie chimique à travers ses territoires opérationnels. La conformité nécessite des investissements annuels de 63,5 millions de dollars d'infrastructures juridiques et réglementaires.

Risques juridiques de la conformité environnementale

L'entreprise identifie 6 catégories principales de risques juridiques potentiels:

• Contamination environnementale
• Violations de la sécurité opérationnelle
• Gestion des déchets chimiques
• Non-respect des émissions
• Règlement sur la sécurité des travailleurs
• Restrictions chimiques du commerce international

Catégorie de risque	Exposition financière potentielle ($)	Budget d'atténuation ($)
Contamination environnementale	95,000,000	22,500,000
Sécurité opérationnelle	65,000,000	15,700,000
Gestion des déchets chimiques	45,000,000	11,200,000

Braskem S.A. (BAK) - Analyse du pilon: facteurs environnementaux

Engagement à réduire les émissions de carbone et les pratiques de production durables

Braskem s'est engagé à réduire les émissions de gaz à effet de serre des lunettes 1 et 2 par 53% D'ici 2030, avec une année de base de 2019. Les émissions totales de gaz à effet de serre de la société en 2022 étaient de 4,86 ​​millions de tonnes métriques d'équivalent de CO2.

Catégorie d'émission	2022 émissions (tonnes métriques CO2E)	Cible de réduction
Portée 1	3,42 millions	Réduction de 40% d'ici 2030
Portée 2	1,44 million	13% de réduction d'ici 2030

Investissements dans l'économie circulaire et les technologies de recyclage des plastiques

Braskem a investi 87 millions de dollars dans les initiatives d'économie circulaire en 2022. La capacité de recyclage de la société a atteint 60 000 tonnes métriques par an.

Initiative de recyclage	Investissement (USD)	Capacité
Recyclage mécanique	52 millions de dollars	45 000 tonnes métriques / an
Recyclage chimique	35 millions de dollars	15 000 tonnes métriques / an

Gestion des risques environnementaux dans les opérations chimiques et industrielles

Braskem a mis en œuvre 247 programmes de gestion et de surveillance de l'environnement dans ses installations industrielles en 2022. La société a effectué 1 563 audits de conformité environnementale au cours de la même année.

Métrique de gestion des risques	2022 Performance
Programmes de gestion de l'environnement	247
Audits de conformité environnementale	1,563
Taux d'incident environnemental	0,23 par million d'heures de travail

Résoudre les préoccupations environnementales et les défis potentiels de durabilité

Braskem a alloué 123 millions de dollars aux initiatives de durabilité et de protection de l'environnement en 2022. La société s'est fixé 300 000 tonnes métriques de produits recyclés et renouvelables dans son portefeuille d'ici 2030.

Domaine de mise au point de la durabilité	Investissement (USD)	2022 Progrès
Développement de produits renouvelables	68 millions de dollars	65 000 tonnes métriques
Protection de l'environnement	55 millions de dollars	42 Projets de conservation

Braskem S.A. (BAK) - PESTLE Analysis: Social factors

Strong consumer demand drives the I'm green™ bio-based portfolio, now trusted by over 200 brands globally.

You can't ignore the seismic shift in consumer preferences; people are willing to pay a premium for verifiable sustainability. Braskem's 'I'm green™' bio-based portfolio, derived from sugarcane ethanol, directly capitalizes on this trend. This is a crucial social factor because it translates directly into a competitive advantage and sales volume. The portfolio is now trusted by over 200 brands worldwide, a clear signal of its market acceptance and the reliability of its supply chain.

The core value proposition is clear: a renewable, 100% recyclable solution that significantly lowers a product's carbon footprint. For instance, the bio-based high-density polyethylene (HDPE) for non-wovens, used in hygiene products like diapers, has a reported carbon footprint of -2.01 kgCO₂e per kg in its latest Life Cycle Assessment (LCA). That's a powerful marketing tool for any consumer brand.

The Wenew portfolio of recycled content products has sold over 85,000+ tons globally.

The social pressure to eliminate plastic waste is intense, and Braskem is responding with its 'Wenew' portfolio of recycled content products. As of September 2025, this portfolio, which features over 55 grades, has sold more than 85,000+ tons globally. This tonnage is a concrete measure of the company's contribution to the circular economy (a term for keeping materials in use for as long as possible), but it also shows the scale of the market opportunity.

Here's the quick math: the company has a stated goal to increase sales of products with recycled content to 300,000 tons by the end of 2025. Hitting that target is vital, not just for revenue, but for maintaining the social license to operate in a plastics-skeptical environment. The Wenew resins also reduce carbon emissions by up to 48% compared to conventional virgin resins, reinforcing the social benefit.

Public scrutiny remains intense due to the Maceió geological event, despite 99.9% of resident relocations being completed.

The Maceió geological event, caused by Braskem's past rock salt mining operations, remains the single largest social liability and reputational risk. While the company has made significant progress on remediation, the public memory of the forced relocation of over 60,000 people is long.

As of the end of the third quarter of 2025, Braskem reported 99.9% execution of the residents' relocation program. That's defintely a high completion rate, but the financial and social cost is enormous and ongoing. The total provisioned balance for this event at the end of 3Q25 stood at R$3.8 billion (Brazilian Reais). Additionally, the company recently announced an agreement with the State of Alagoas to pay BRL 1.2 billion in compensation, payable over ten years.

What this estimate hides is the long-term impact on Braskem's reputation and its ability to secure permits for new projects-a classic social factor risk. Transparency and full compensation are the only path to mitigating this damage.

Maceió Compensation Program Status (as of 3Q 2025)	Percentage	Financial Impact
Resident Relocation Program Execution	99.9%
Proposals Accepted for Financial Compensation	~99.6%
Proposals Paid Out	~99.5%
Total Provisioned Balance (3Q 2025)		R$3.8 billion

Focus on sustainable solutions is key to attracting a younger, more environmentally-aware talent pool.

The war for talent, particularly among younger, highly-skilled engineers and scientists, is increasingly fought on the grounds of Environmental, Social, and Governance (ESG) performance. Braskem's pivot to bio-based and recycled materials is a strategic move to attract and retain this talent pool, which is highly motivated by purpose-driven work.

The company employs almost 8,000 team members globally, and its ability to fill key roles depends on its social image. Braskem's long-term objectives, aligned with the UN Sustainable Development Goals (SDGs), include specific social targets that appeal to modern workers:

• Reduce the rate of occupational accidents to 0.5 per million hours worked by 2030.
• Implement 100% of annual plans for mitigating socio-environmental risks by 2030.
• Increase the percentage of women in leadership to 40% in the Brazil region by 2030.

A strong ESG narrative is now a non-negotiable part of the employee value proposition. You need to be a part of the solution, not the problem.

Braskem S.A. (BAK) - PESTLE Analysis: Technological factors

You're looking at Braskem S.A.'s technological position, and the key takeaway is simple: the company is making significant, concrete investments in both bio-based and fossil-fuel efficiency to future-proof its feedstock matrix. This isn't just R&D talk; it's about scaling up proven green technology now and integrating next-generation carbon capture solutions for the long term.

The technology strategy is a dual-track approach: deepening the lead in renewable polymers while also modernizing existing assets to remain competitive in the traditional petrochemical market. This balance is defintely critical for navigating the sector's energy transition risks.

Pioneering I'm green™ bio-based polyethylene production from sugarcane ethanol at an industrial scale

Braskem is the global leader in bio-based polyethylene (bio-PE), a position cemented by its proprietary technology that converts sugarcane ethanol into green ethylene. The scale of this operation is substantial and already exceeds initial targets for 2025.

As of May 2025, the production capacity for green ethylene at the Triunfo, Brazil, plant stands at 275,000 tons/year. This capacity represents a 37% increase from the plant's original output in 2010. This industrial-scale production of I'm green™ bio-PE is a major technological differentiator because it offers a renewable, drop-in replacement for fossil-based plastic without compromising performance.

Here's the quick math on the environmental upside:

• Current green ethylene capacity: 275,000 tons/year
• Annual CO₂ capture: Approximately 159,000 tons
• CO₂ sequestration equivalent: Offsetting the annual emissions of 12,000 U.S. citizens

New product innovations include MDO film with bio-based PE for enhanced recyclability in packaging

Innovation isn't just about the raw material; it's about how that material enables the next generation of product design. Braskem showcased its latest innovations at the K 2025 trade fair in October 2025, focusing on solutions for the circular economy.

The new Machine Direction-Oriented (MDO) film made with I'm green™ bio-based PE is a key development. MDO technology stretches the film to enhance properties like stiffness and optical clarity. By using bio-PE, Braskem enables high-performance, mono-material packaging, which is much easier for recycling systems to process. This innovation, developed with its circular packaging design lab, Cazoolo, and converter FCO Group, directly addresses the growing regulatory and consumer demand for packaging that is both renewable and fully recyclable. The firm is also expanding its bio-based portfolio into specialized markets, including Medcol, a bio-based low-density polyethylene for pharmaceutical applications, which has a carbon footprint of -2.27 kgCO₂e per kg according to its 2023 Life Cycle Assessment.

Partnership with Norsk e-Fuel explores Power-to-Liquid technology to create e-Naphtha from captured CO₂

Looking beyond biomass, Braskem is making a forward-looking bet on Power-to-Liquid (PtL) technology, which is a significant move into carbon capture utilization (CCU). In November 2025, the company announced a strategic collaboration with Norsk e-Fuel to explore the integration of e-Naphtha into the plastics value chain.

e-Naphtha is a synthetic feedstock produced by combining captured carbon dioxide (CO₂) with green hydrogen, using fossil-free electricity. This partnership aims to produce plastics derived from carbon that would otherwise be released into the atmosphere, effectively keeping carbon in the loop. Norsk e-Fuel plans to have at least three PtL plants operating by 2032, with a combined annual capacity of over 200,000 tons of e-Fuels, of which about a quarter could be supplied as e-Naphtha for plastic production. This is a crucial step in developing a non-biomass-based renewable feedstock source.

The Transforma Rio project will add 220 kton/year of ethylene capacity by end-2028

To boost competitiveness in its core business, Braskem is executing a major modernization project at its Rio de Janeiro petrochemical complex. The Board of Directors approved this investment in October 2025. This project, part of the company's Transformation Program, will increase the use of natural gas feedstock, specifically ethane, which is more cost-competitive and less carbon-intensive than traditional naphtha.

The expansion will add 220,000 tons/year of ethylene capacity, plus equivalent volumes of polyethylene, by the end of 2028. Securing the long-term ethane supply is a key component, with a contract with Petrobras currently in the final stages of negotiation. The total estimated investment for this project is substantial, reinforcing the commitment to modernizing the industrial park.

Project Metric	Value (2025 Fiscal Year Data)	Timeline/Context
Estimated Total Investment	R$4.2 billion (~$780 million USD)	Board approved in October 2025; subject to financing.
Initial Engineering Budget	R$233 million	Approved in February 2025.
New Ethylene Capacity Addition	220 kton/year	Targeted for completion by end of 2028.

What this estimate hides is the execution risk in a project of this scale, plus still needing to finalize the long-term ethane supply contract. Still, the initial R$233 million basic engineering budget was already approved in February 2025, which shows momentum. Finance: monitor the final financing structure and the Petrobras contract closure.

Braskem S.A. (BAK) - PESTLE Analysis: Legal factors

Maceió Geological Event: Financial and Criminal Liability

The most significant legal risk for Braskem S.A. continues to be the fallout from the Maceió geological event, which involves extensive civil, environmental, and now criminal liability. You need to track the remaining financial provision closely, as it represents the expected cash outflow for this long-term obligation.

As of September 2025, the total provisions for the Maceió geological event stood at approximately R$18.1 billion. That's a massive figure, but the good news is that most of the cash has already been disbursed for compensation and remediation. The estimated remaining balance in the provision account at the end of the third quarter of 2025 was approximately R$3.8 billion. The company has also achieved a high execution rate on the ground, with 99.9% of the resident relocation program completed by the end of Q3 2025. Still, the legal exposure is far from over.

On the criminal front, the Federal Public Ministry of Alagoas (MPF) filed a criminal complaint in October 2025 against Braskem S.A. and 15 individuals, including former executives and employees. This action alleges a series of environmental crimes and functional crimes against the environmental administration. This shift from civil to criminal proceedings introduces a new layer of personal and corporate risk that is defintely worth monitoring.

Maceió Event Financial Status (as of Sep 2025)	Amount (R$ Billion)	Status
Total Provisions for Alagoas Event	18.1	Cumulative liability recognized
Estimated Remaining Provision Balance	~3.8	Expected future cash outflow
Resident Relocation Program Execution	99.9%	Near-complete operational milestone

International Litigation and Subsidiary Liability

The company also faces ongoing legal appeals in a Dutch court seeking to hold its European subsidiaries liable for the Maceió disaster. A July 2024 ruling in Rotterdam already found Braskem S.A. responsible, but the victims' lawyers filed an appeal in July 2025 to extend that liability to the Dutch-based entities, arguing they profited from the rock salt mining operations.

This is a critical legal battle because it tests the principle of corporate accountability across international borders, potentially exposing the broader Braskem Group structure. Braskem S.A. has also filed its own grounds of appeal against the initial liability finding. The parties were set to file counterarguments by October 2025, with a ruling on the appeals expected as early as 2026. It's a complex, multi-jurisdictional fight that could set a precedent for other multinational corporations operating in Brazil.

Compliance with Brazilian Tax and Tariff Regulations

On the regulatory and trade side, Braskem S.A. must navigate a shifting landscape of Brazilian tax and import rules, which present both a compliance mandate and a strategic opportunity.

• Import Tariffs: The government trade body, CAMEX, decided in late 2025 to maintain the higher import tax for key resins-Polyethylene, Polypropylene, and PVC-at 20% until October 2026. This mandatory compliance acts as a significant legal barrier to entry for foreign competitors, directly benefiting Braskem S.A.'s domestic market share and pricing power.
• PRESIQ Tax Rules: The company is closely monitoring the progress of the proposed Special Program for the Sustainability of the Chemical Industry (PRESIQ), outlined in Bill 892/2025. This bill would establish a new tax incentive framework, offering tax credits to the chemical sector to boost competitiveness and sustainability. If passed, the PRESIQ scheme is estimated to have a positive impact of up to US$500 million per year on Braskem S.A.'s EBITDA by 2026.

The tariff protection is a near-term tailwind, but the PRESIQ legislation is the long-term structural change that could fundamentally improve the economics of domestic petrochemical production. Compliance here means positioning the business to capture those tax credits through strategic investments in modernization and sustainability, which is a clear action item for your strategy team.

Braskem S.A. (BAK) - PESTLE Analysis: Environmental factors

Found liable by a Dutch court for the environmental damage and ground subsidence in Maceió.

The environmental liability stemming from the rock salt mining operations in Maceió, Alagoas, remains the most significant near-term risk for Braskem S.A. The company is defintely facing a complex legal and financial situation. A July 2024 ruling by the Rotterdam District Court in the Netherlands found Braskem S.A. responsible for the extensive socio-environmental disaster caused by the ground subsidence, ordering compensation for the nine plaintiffs involved in that individual action.

This ruling, while not materially impacting the company's financials on its own, set a crucial precedent. The legal battle escalated in July 2025 when the victims appealed to hold Braskem's European subsidiaries liable as well, arguing they profited from the operations. To be fair, Braskem has also filed an appeal, and both parties have until October 2025 to file counterarguments. This means the total financial exposure from international litigation is still an open question for 2026. Still, the company has been proactively addressing the issue in Brazil.

Here's the quick math on the domestic liability: In November 2025, Braskem announced an agreement with the state of Alagoas to pay BRL 1.2 billion in compensation for property and non-property damages. This amount will be paid over ten variable annual installments, adjusted mainly after 2030, which helps manage the cash flow impact. This is on top of the over R$4 billion the company had already set aside for compensation and relocation programs for the estimated 60,000+ residents forced to relocate.

I'm green™ bio-based LDPE has a favorable carbon footprint of -2.27 kgCO₂e per kg.

On the flip side of the environmental ledger, Braskem's I'm green™ portfolio demonstrates a clear opportunity to capture value from the global push toward decarbonization. The bio-based low-density polyethylene (LDPE), derived from sustainably sourced sugarcane ethanol, is a market leader because it has a negative carbon footprint. This means its production actually removes more carbon dioxide from the atmosphere than it emits.

Specifically, the updated 2023 Life Cycle Assessment (LCA) study confirms the I'm green™ bio-based LDPE (Medcol for healthcare) has a carbon footprint of -2.27 kgCO₂e per kg. That's a powerful selling point for major consumer brands seeking to hit their own net-zero targets. Other products in the portfolio also show a net benefit, like the I'm green™ bio-based High-Density Polyethylene (HDPE) for non-wovens, which has a carbon footprint of -2.01 kgCO₂e per kg. The company is scaling up these solutions, showcasing new applications at the K 2025 trade fair in October 2025.

The demand for these renewable carbon solutions is growing fast. The I'm green™ brand is already trusted by over 200 brands globally.

Corporate strategy is 'Keeping Carbon in the Loop' through renewable and circular solutions.

Braskem's overarching corporate strategy, dubbed 'Keeping Carbon in the Loop,' is the right move for a petrochemical major navigating the energy transition. This strategy is about retaining carbon within products and the economy through renewable, circular, and carbon-optimized solutions, which is a significant shift from the traditional linear model.

The strategy is backed by concrete 2030 targets that investors should watch closely. These targets show a commitment to scaling up both bio-based and mechanically/chemically recycled materials. They are planning for a 15% reduction in greenhouse gas emissions by 2030 and a long-term goal of net zero by 2050.

The company is showing progress on the circularity front. The Wenew portfolio, which uses recycled content, has already sold over 85,000+ tons globally. Plus, the November 2025 partnership with Norsk e-Fuel to explore e-Naphtha integration-a feedstock derived from captured CO₂-shows they are looking beyond bio-based materials to truly close the carbon loop.

Sustainability Target	Goal by 2030	Long-Term Goal
Bioproducts Production	1 million tons	N/A
Recycled-Content Products Production	1 million tons	N/A
Greenhouse Gas (GHG) Emissions Reduction	15% reduction	Net Zero by 2050

Continued closure and management of the chlor-alkali operations in Alagoas following the geological event.

The environmental disaster forced a permanent operational change, which has both costs and strategic implications. The rock salt mining, which was the upstream feedstock for the chlor-alkali plant, was permanently shut down. This, in turn, led to the hibernation of the chlor-alkali facility in Alagoas in September 2025. This plant had a significant capacity: 400,000 metric tons/year of chlorine and 460,000 metric tons/year of caustic soda.

The company is starting a new PVC operating model. The former chlor-alkali plant is being transformed into a unit dedicated to handling imported Ethylene Dichloride (EDC), the key feedstock for PVC. This means Braskem has shifted from being a vertically integrated producer to a major importer of EDC, securing a long-term supply contract with Olin. While this de-risks the supply chain from the Alagoas geological issue, it exposes the PVC segment to volatility in international EDC pricing and logistics. The shift is a clear example of environmental risk dictating a core strategic pivot.

The company is still managing the costs associated with the closure and remediation. The BRL 1.2 billion compensation agreement with the state of Alagoas, announced in November 2025, is the latest and most concrete financial commitment to manage the fallout from the geological event.