BRASKEM (BAK) Company Report

Analyst Coverage

Research analysts who have asked questions during BRASKEM earnings calls.

Gabriel Coelho Barra

Citigroup

5 questions for BAK

Also covers: CSAN, PBR, UGP

Luiz Carvalho

UBS

5 questions for BAK

Also covers: CSAN, PBR, UGP

Rodrigo Reis de Almeida

Santander

5 questions for BAK

Also covers: PBR, TS, UGP

Anne Milne

Bank of America Merrill Lynch

3 questions for BAK

Also covers: CX, EC, GPRK +1 more

Enrique Duong

BTG Pactual

3 questions for BAK

Leonardo Marcondes

Bank of America

3 questions for BAK

Also covers: UGP, VIST, YPF

Regis Cardoso

XP Investimentos

3 questions for BAK

Also covers: CSAN, PBR, UGP

Vicente Falanga Neto

Bradesco BBI

3 questions for BAK

Also covers: GPRK, PBR, UGP +1 more

Henrique Perez

BTG Pactual

2 questions for BAK

Nicolas Barros

Itau BBA

2 questions for BAK

Pedro Gama

Citigroup Inc.

2 questions for BAK

Tasso Vasconcellos

UBS Group AG

2 questions for BAK

Also covers: VIST, YPF

Till Lois

Schroders

2 questions for BAK

Bruno Montanari

Morgan Stanley

1 question for BAK

Also covers: CSAN, EC, PBR +4 more

Gabriel Baja

Citigroup

1 question for BAK

Also covers: GGB, SID

Tasovas Gonzalez

UBS

1 question for BAK

Latest news

Recent press releases and 8-K filings for BAK.

Braskem Idesa Discusses Capital Structure Reorganization with Noteholders

BAK

Braskem S.A. reported that its subsidiary, Braskem Idesa S.A.P.I., is engaged in discussions with holders of its 7.450% Senior Secured Notes due 2029 and 6.990% Senior Secured Notes due 2032 regarding a possible reorganization of its capital structure.
Confidentiality agreements were entered into on December 18, 2025, to facilitate the sharing of non-public information with investors.
Braskem Idesa and the investors exchanged proposals for the restructuring, including an "Investor Proposal" dated January 6, 2026, but no agreement has been reached between the parties.
Braskem Idesa has indicated that it will not agree to the terms proposed in the Investor Proposal.

Jan 12, 2026, 2:22 PM

6-K

Braskem's Credit Rating Revised to CC by Fitch Ratings

BAK

Demand Weakening

Profit Warning

Fitch Ratings has revised BRASKEM S.A.'s global corporate credit rating to CC.
This revision occurred on December 30, 2025, and is attributed to a prolonged global downturn in the petrochemical industry.
BRASKEM S.A. is focused on implementing resilience and transformation initiatives to mitigate these significant effects and strengthen its competitiveness.

Dec 30, 2025, 9:44 PM

6-K

Braskem Secures Long-Term Supply Contracts with Petrobras

BAK

New Projects/Investments

Braskem S.A. has signed long-term purchase and sale agreements with Petr\u00f3leo Brasileiro S.A. \u2013 Petrobras for essential petrochemical raw materials, with contracts commencing from early 2026.
These agreements include a 5-year Petrochemical Naphtha contract, starting January 1, 2026, for quantities reaching up to 4.116 million tons in 2026 and 4.316 million tons in 2030.
An 11-year Ethane, Propane, and Hydrogen contract, also effective January 1, 2026, will increase contracted quantities to 725 thousand tons of ethylene equivalent per year from 2029 to 2036 to support production capacity expansion in Rio de Janeiro.
Additionally, 5-year Propylene Purchase and Sale Contracts will begin on May 18, 2026, securing up to 140 thousand tons per year at Recap and 100 thousand tons at Reduc.

Dec 19, 2025, 12:40 AM

6-K

BRASKEM S.A. Reports Exclusivity Agreement for Share Transaction

BAK

M&A

Takeover Bid

BRASKEM S.A. was informed on December 15, 2025, that Shine I Fundo de Investimento em Direitos Creditórios de Responsabilidade Limitada (FIDC) entered into a definitive binding agreement with creditor banks of NSP Investimentos S.A. to acquire credits guaranteed by Braskem shares.
FIDC and Novonor S.A. (parent company of NSP Investimentos S.A.) have also signed a sixty (60) day exclusivity agreement to negotiate a potential transaction involving Braskem shares held by NSP Investimentos S.A..
Upon completion of this potential transaction, an investment fund advised by IG4 Sol. Ltda. or its affiliate is expected to hold 50.111% of Braskem's voting capital and 34.323% of its total capital, while the Novonor group would retain four percent (4%) of Braskem's total capital in preferred shares.

Dec 15, 2025, 12:27 PM

6-K

BRASKEM S.A. addresses media reports on potential sale

BAK

M&A

Takeover Bid

BRASKEM S.A. (BAK) stated on December 3, 2025, that it is not aware of information contained in media reports regarding a sale process and is not conducting any negotiations for the sale of the company.
Shareholder Novonor S.A. informed that negotiations are underway with IG4 Solutions LLC to establish an exclusivity commitment regarding Braskem shares, though no binding document has been signed and there is no guarantee of an agreement.
Petrobras, another shareholder, clarified it is not a party to the agreement between Novonor and IG4 and has not made a decision regarding its stake in Braskem, continuing to study alternatives.

Dec 4, 2025, 1:38 AM

6-K

Braskem S.A. holds Extraordinary General Meeting and approves Board member replacement

BAK

Board Change

Proxy Vote Outcomes

Braskem S.A. held an Extraordinary General Meeting on November 13, 2025, to vote on key corporate matters.
Shareholders approved the replacement of one effective member of the Company’s Board of Directors appointed by Novonor S.A. and NSP Investimentos S.A..
The resolution for the Board member replacement received substantial approval, including 212,426,952 common shares and 75,761,739 preferred shares from one major shareholder, and 226,334,622 common shares and 79,182,486 preferred shares from another.
The meeting also resulted in the approval of the consolidation of the Company's Bylaws.

Nov 14, 2025, 2:16 AM

6-K

BRASKEM S.A. Approves Board Changes and Bylaws Amendments at Extraordinary General Meeting

BAK

Board Change

Proxy Vote Outcomes

BRASKEM S.A. held an Extraordinary General Meeting (EGM) on November 13, 2025, with high shareholder participation, including 97.91% of common shares and 75.77% of preferred shares.
Shareholders approved the replacement of one effective member of the Company's Board of Directors and the new composition of the Board.
Key amendments to the Company's Bylaws were approved, including an update to the corporate purpose (Article 2) to align with current activities and the inclusion of detailed rules for the election of the Board of Directors (new Article 20) to enhance transparency.
The Bylaws were also amended to update the Board of Directors' approval thresholds and grant the Board authority to annually adjust these thresholds, while removing its responsibility for selecting independent auditors of subsidiaries (Article 26).

Nov 14, 2025, 2:11 AM

6-K

BRASKEM S.A. Announces Q3 2025 Financial and Operational Highlights

BAK

Earnings

New Projects/Investments

Demand Weakening

BRASKEM S.A. reported Recurring EBITDA of US$150 million for Q3 2025, representing a 104% increase compared to Q2 2025, though a 65% decrease from Q3 2024.
The company's cash position was approximately US$1.3 billion, with total liquidity around US$2.3 billion (including a stand-by facility), providing coverage for debt maturities for approximately 27 months.
The petrochemical industry is projected to experience a prolonged downcycle extending until the end of the decade, with only a modest recovery expected after 2029.
BRASKEM is advancing its Resilience and Transformation Program, which aims to capture approximately US$400 million in EBITDA and US$500 million in cash.
The Rio de Janeiro Complex expansion was approved in October 2025, set to increase ethylene capacity by 220 kton/year with an estimated investment of ~R$4.2 billion and completion by the end of 2028.

Nov 12, 2025, 11:18 AM

6-K

Braskem S.A. Announces Q3 2025 Results

BAK

Earnings

Legal Proceedings

New Projects/Investments

BRASKEM S.A. reported consolidated recurring EBITDA of US$150 million (R$818 million) in Q3 2025, representing a 104% increase compared to Q2 2025, but recorded a net loss attributable to shareholders of US$1 million (R$26 million) for the quarter.
Segment performance was mixed, with Brazil/South America's recurring EBITDA increasing 35% to US$205 million, while the United States and Europe, and Mexico segments reported negative recurring EBITDAs of US$15 million and US$37 million, respectively.
The company's corporate gross debt stood at approximately US$8.4 billion at the end of Q3 2025, with a cash position of US$1.3 billion (excluding Braskem Idesa).
An agreement was reached with the State of Alagoas on November 10, 2025, for a total payment of R$1.2 billion related to the geological event, with the provision balance for this event at R$3.8 billion at the end of Q3 2025.
Total expected investments for 2025 are US$404 million (R$2.4 billion), with US$133 million (R$725 million) invested in Q3 2025.

Nov 12, 2025, 11:12 AM

6-K

Braskem S.A. Reports Q3 2025 Net Loss and Strategic Operational Changes

BAK

Earnings

New Projects/Investments

Legal Proceedings

Braskem S.A. reported a net loss of R$174 million for Q3 2025 on net revenue of R$17,299 million. For the nine-month period ended September 30, 2025, the company recorded a net profit of R$68 million and basic common earnings per share of R$0.4336.
The company experienced a decrease in cash and cash equivalents of R$8,323 million for the nine-month period ended September 30, 2025, with net cash used in operating activities totaling R$3,300 million. Total assets decreased to R$87,383 million as of September 30, 2025, from R$101,575 million at year-end 2024.
Braskem is pursuing capacity expansion projects and inaugurated the Terminal Química Puerto México in May 2025. An industrial transformation in Alagoas, involving the mothballing of chlorine and caustic soda production, resulted in R$784 million in impairment losses and provisions in September 2025.
The provision for the geological event in Alagoas decreased to R$3,784 million as of September 30, 2025, from R$5,570 million at year-end 2024, following an agreement with the State of Alagoas for R$1.2 billion on November 10, 2025. Additionally, provisional anti-dumping duties on PE imports from the US and Canada were approved in August 2025, and a 20% import tax for PE, PP, and PVC resins was maintained until October 2026.