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    Pedro Gama • Citigroup Inc.

    Pedro Gama is an Equity Research Associate at Citigroup Inc., specializing in financial analysis and investment strategies for equity markets. Leveraging substantial analytical expertise, he supports coverage across major sectors, though specific companies and performance metrics are not publicly listed. Gama's professional background includes a focus on detailed investment research at Citi, with prior experience details and notable performance rankings currently unavailable. His credentials reflect deep analytical skills and practical exposure to equity analysis within a major global investment bank.

    Pedro Gama's questions to Braskem SA (BAK) leadership

    Pedro Gama's questions to Braskem SA (BAK) leadership • Q4 2024

    Question

    Pedro Gama asked for details on the 2025 CapEx budget, particularly how it compares to historical maintenance levels, and questioned the company's strategic 'switch to gas' initiative, including the expected performance improvements for the Mexico segment in 2025 and 2026.

    Answer

    Executive Rosana Avolio detailed the $484 million 2025 CapEx budget (ex-Idesa), which includes $400 million for maintenance and $80 million for value-creation projects, noting the cash impact is mitigated by fiscal credits. For Mexico, she expects the new terminal to start up in H2 2025, but a major planned shutdown will impact the year's results, with the goal to run at full capacity in 2026 and expand in 2027. Executive Roberto Ramos explained the 'switch to gas' strategy aims to replace high-cost naphtha with more competitive ethane and propane to improve margins. Executive Felipe Montoro Jens positioned this as a key part of the transformation to fund growth in the green portfolio.

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    Pedro Gama's questions to Braskem SA (BAK) leadership • Q4 2024

    Question

    Pedro Gama of Citi asked for a breakdown of the 2025 CapEx budget, questioning if maintenance spending was being postponed given the figure is similar to 2024. He also asked about the progress of the 'switch to gas' strategy and the expected performance improvement in Mexico after its new terminal becomes operational.

    Answer

    Executive Rosana Avolio clarified the 2025 CapEx includes $400 million for maintenance and $80 million for value-creation projects funded by REIQ tax credits, which will not impact cash. She confirmed the Mexico terminal should start in H2 2025 and, despite a planned major shutdown that year, the operating rate is still expected to increase. Executives Roberto Ramos and Felipe Montoro Jens elaborated on the 'switch to gas' strategy as a core transformation to replace expensive naphtha with more competitive ethane and propane, ultimately making the company less volatile and paving the way for growth in green plastics.

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