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olivLaw · US equity research

Braskem S.A. BAK

Industrial Organic Chemicals · SIC 2860 · Vertical: Industrial Organic Chemicals (SIC 2860)

1.12USD+0.90% · 1 dayClose 04 Nov 2026

Braskem is the largest plastics producer in the Americas, with integrated operations in Brazil and Mexico and a global leadership position in sugarcane-based bio-polyethylene. The company faces a change in its shareholder structure through a judicial sale of a major block of shares, amid pressure on the petrochemical cycle.

The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).

At the close of 04 Nov 2026, Braskem S.A. (BAK) stock was 1.12 USD (+0.90% on the day), with beta 1.23, 52-week range 1.10–5.02 USD.

Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.

Market cap
unavailable
shares as of 31 Dec 2025
P/E (TTM)
unavailable
Diluted EPS TTM 17.57 · TTM to 31 Dec 2021
E/P (TTM)
unavailable
TTM to 31 Dec 2021
Dividend yield
unavailable
Beta (2y)
1.23
Volatility (1y) 95%
52-week range
1.105.02

Price history

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Technical reading

RSI (14)
34.1
weak (30–45)
Bollinger (20, 2)
0.93 – 2.10
in the lower half of the band · %B 0.16 · band width 77.2%
SMA 50 / 200
1.64 / 3.01
downtrend (price < SMA50 < SMA200)
MACD (12, 26, 9)
-0.17 / -0.12
MACD below signal

Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).

Performance

CompanyS&P 500vs S&P 500Vertical median
1 month−30.4%−1.1%−29.3 pp—
3 months−50.4%−0.5%−50.0 pp—
6 months−71.0%+4.4%−75.4 pp—
Year to date−62.0%+12.3%−74.4 pp—
1 year−53.5%+13.5%−67.1 pp−1.7%
3 years−84.5%+76.4%−160.9 pp−26.4%
5 years−94.4%+63.7%−158.0 pp—
Max drawdown (1y)
−78.1%
18 May 2026 → 26 Oct 2026
Max drawdown (5y)
−95.4%
07 Dec 2021 → 26 Oct 2026
Compound annual growth (5y)
−43.7%
S&P 500 +10.4%

Price returns, dividends excluded.

Quarterly results

ESEF annual reports carry no quarters: the results are annual (below).

E/P over time

the price (USD) and the reports are in different currencies

E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.

Fiscal years

Fiscal year2017201820192020⚠ 2021202220232024
Revenue49.3 bn58.0 bn52.3 bn58.5 bn105.6 bn96.5 bn70.6 bn77.4 bn
Revenue YoY+3.3%+17.7%−9.8%+11.9%—−8.6%−26.9%+9.7%
Net income3.9 bn2.8 bn-2.5 bn-6.7 bn14.0 bn-336.0 m-4.6 bn-11.3 bn
Net income YoYunavailable−26.8%−189.9%unavailable—−102.4%unavailableunavailable
Diluted EPSunavailableunavailable-3.19-8.4117.57unavailableunavailableunavailable
Diluted EPS YoYunavailableunavailableunavailableunavailable—unavailableunavailableunavailable
net %7.8%4.9%-4.9%-11.4%13.2%-0.3%-6.5%-14.6%
Free cash flow188.4 m6.5 bn-417.2 m3.5 bn11.4 bn4.1 bn-6.8 bn-1.3 bn

The series breaks before 2021: earlier years come from the original reports of the issuer of that time, later years from a subsequent filing that restated the perimeter (a separation, discontinued operations). The year-on-year change across the break is not shown.

Reported results vs expectations

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Balance sheet & financial health

Fiscal year 2024 · 31 Dec 2024

Cash
15.0 bn BRL
Financial debt
53.2 bn BRL
Net debt
38.2 bn BRL
Equity
-4.3 bn BRL
Total assets
101.6 bn BRL
Debt / equity
unavailable
Current ratio
1.31x
ROE
unavailable
ROA
-11.7%
FCF margin
-1.7%

Financial statements (source on every figure)

Revenue and net income (BRL)

Margins

Income statement · BRL

Revenue
2022
96.5 bn
2023
70.6 bn
2024
77.4 bn

SEC (XBRL)· 31 Mar 2025verified

Cost of revenue
2022
85.2 bn
2023
67.5 bn
2024
71.4 bn

SEC (XBRL)· 31 Mar 2025verified

Gross profit
2022
11.4 bn
2023
3.0 bn
2024
6.0 bn

SEC (XBRL)· 31 Mar 2025verified

Research & development
2022
374.0 m
2023
383.0 m
2024
463.0 m

SEC (XBRL)· 31 Mar 2025verified

Operating income
2022
4.3 bn
2023
-2.8 bn
2024
-1.1 bn

SEC (XBRL)· 31 Mar 2025verified

Interest expense
2022
5.1 bn
2023
5.6 bn
2024
6.9 bn

SEC (XBRL)· 31 Mar 2025verified

Pre-tax income
2022
47.0 m
2023
-6.2 bn
2024
-17.7 bn

SEC (XBRL)· 31 Mar 2025verified

Income tax
2022
868.0 m
2023
-1.3 bn
2024
-5.7 bn

SEC (XBRL)· 31 Mar 2025verified

Net income
2022
-336.0 m
2023
-4.6 bn
2024
-11.3 bn

SEC (XBRL)· 31 Mar 2025verified

Diluted EPS
2022
—
2023
—
2024
—

SEC (XBRL)· 28 Apr 2022verified

Dividend per share
2022
2.99
2023
0.02
2024
0.01

SEC (XBRL)· 31 Mar 2025derived

Balance sheet · BRL

Cash
2022
12.5 bn
2023
14.2 bn
2024
15.0 bn

SEC (XBRL)· 31 Mar 2025verified

Inventories
2022
14.0 bn
2023
12.5 bn
2024
13.7 bn

SEC (XBRL)· 31 Mar 2025verified

Current assets
2022
34.5 bn
2023
37.4 bn
2024
37.0 bn

SEC (XBRL)· 31 Mar 2025verified

Property, plant & equipment, net
2022
37.8 bn
2023
38.4 bn
2024
40.4 bn

SEC (XBRL)· 31 Mar 2025verified

Intangibles (excl. goodwill)
2022
—
2023
—
2024
—

SEC (XBRL)· 28 Apr 2022verified

Total assets
2022
88.0 bn
2023
91.7 bn
2024
101.6 bn

SEC (XBRL)· 31 Mar 2025verified

Accounts payable
2022
12.2 bn
2023
13.2 bn
2024
16.9 bn

SEC (XBRL)· 31 Mar 2025verified

Short-term debt
2022
1.4 bn
2023
2.0 bn
2024
2.3 bn

SEC (XBRL)· 31 Mar 2025verified

Long-term debt
2022
34.3 bn
2023
40.2 bn
2024
51.0 bn

SEC (XBRL)· 31 Mar 2025verified

Current liabilities
2022
24.2 bn
2023
24.5 bn
2024
28.3 bn

SEC (XBRL)· 31 Mar 2025verified

Total liabilities
2022
3.0 bn
2023
—
2024
—

SEC (XBRL)· 25 Apr 2023verified

Equity
2022
6.1 bn
2023
3.3 bn
2024
-4.3 bn

SEC (XBRL)· 31 Mar 2025verified

Shares outstanding at year end
2022
451.7 m
2023
451.7 m
2024
451.7 m

SEC (XBRL)· 31 Mar 2025verified

Cash flow · BRL

Operating cash flow
2022
9.0 bn
2023
-2.3 bn
2024
2.4 bn

SEC (XBRL)· 31 Mar 2025verified

Capex
2022
4.8 bn
2023
4.5 bn
2024
3.8 bn

SEC (XBRL)· 31 Mar 2025verified

Free cash flow
2022
4.1 bn ≈
2023
-6.8 bn ≈
2024
-1.3 bn ≈

SEC (XBRL)· 31 Mar 2025derived

Investing cash flow
2022
-4.9 bn
2023
-4.5 bn
2024
-3.5 bn

SEC (XBRL)· 31 Mar 2025verified

Financing cash flow
2022
225.0 m
2023
8.9 bn
2024
469.0 m

SEC (XBRL)· 31 Mar 2025verified

Dividends paid
2022
1.4 bn
2023
7.0 m
2024
6.0 m

SEC (XBRL)· 31 Mar 2025verified

Computed indicators

Growth

Revenue growth (YoY)
9.7%
computed by olivLawFY 2024
Revenue CAGR 3Y
-9.8%
computed by olivLawFY 2021 → FY 2024
Revenue CAGR 5Y
8.1%
computed by olivLawFY 2019 → FY 2024
EBIT growth (YoY)
unavailable
the base of the ratio is not positive
Net income growth (YoY)
unavailable
the base of the ratio is not positive
Net income CAGR 3Y
unavailable
the base of the ratio is not positive
Net income CAGR 5Y
unavailable
the base of the ratio is not positive
EPS growth (YoY)
unavailable
input data missing
EPS CAGR 3Y
unavailable
input data missing
EPS CAGR 5Y
unavailable
input data missing
FCF growth (YoY)
unavailable
the base of the ratio is not positive

Profitability

Gross margin
7.7%
computed by olivLawFY 2024
EBITDA margin
unavailable
input data missing
EBIT margin
-1.4%
computed by olivLawFY 2024
Net margin
-14.6%
computed by olivLawFY 2024
FCF margin
-1.7%
computed by olivLawFY 2024

Returns

ROE
unavailable
equity is negative: the ratio is not economically meaningful (not by itself insolvency; usually the result of buybacks)
ROA
-11.7%
computed by olivLawFY 2024 · balance sheet at 31 Dec 2024
ROIC
unavailable
equity is negative: buybacks shrink the invested capital and ROIC would come out large without meaning anything
ROCE
-1.5%
computed by olivLawFY 2024 · balance sheet at 31 Dec 2024
Payout ratio (EPS)
unavailable
input data missing
Payout ratio (FCF)
unavailable
the base of the ratio is not positive

Balance sheet

Net debt
38.2 bn BRL
computed by olivLawbalance sheet at 31 Dec 2024
Net debt / EBITDA
unavailable
input data missing
Debt / equity
unavailable
equity is negative: the ratio is not economically meaningful (not by itself insolvency; usually the result of buybacks)
Interest coverage
-0.2x
computed by olivLawFY 2024

Liquidity

Current ratio
1.3x
computed by olivLawbalance sheet at 31 Dec 2024
Quick ratio
0.8x
computed by olivLawbalance sheet at 31 Dec 2024
Cash ratio
0.5x
computed by olivLawbalance sheet at 31 Dec 2024

Cash

Operating cash flow
2.4 bn BRL
computed by olivLawFY 2024
Capital expenditure
3.8 bn BRL
computed by olivLawFY 2024
Free cash flow
-1.3 bn BRL
computed by olivLawFY 2024
FCF conversion
unavailable
insufficient data
Cash conversion
unavailable
input data missing

Efficiency

Days sales outstanding
unavailable
input data missing
Days inventory outstanding
67 days
computed by olivLawFY 2024 · balance sheet at 31 Dec 2024
Days payables outstanding
77 days
computed by olivLawFY 2024 · balance sheet at 31 Dec 2024
Cash conversion cycle
unavailable
input data missing

Market and valuation

Market capitalisation
unavailable
input data missing
Enterprise value
unavailable
input data missing
Market cap / net income TTM
unavailable
input data missing
P/E (TTM)
unavailable
input data missing
Earnings yield
unavailable
input data missing
P/B
unavailable
input data missing
P/S
unavailable
input data missing
EV/EBITDA
unavailable
input data missing
EV/EBIT
unavailable
input data missing
EV/Sales
unavailable
input data missing
P/FCF
unavailable
input data missing
FCF yield
unavailable
input data missing
Dividend yield
unavailable
input data missing
Shareholder yield (distributions)
unavailable
input data missing

Risk

Altman Z
unavailable
input data missing

Valuation

olivLaw classification

Insufficient data
What is missing
  • indicators available: 4 of at least 6
  • score weight coverage: 25.0% of at least 60%

A scoring methodology on indicators and valuation, not investment advice.

Closing price

1.12 USD

04 Nov 2026Source: olivLaw, closing series

Market cap: unavailable

Price and reporting are in different currencies; market indicators are unavailable.

Key indicators

Market capitalisation
unavailable
input data missing
P/E (TTM)
unavailable
input data missing
P/B
unavailable
input data missing
EV/EBITDA
unavailable
input data missing
ROE
unavailable
equity is negative: the ratio is not economically meaningful (not by itself insolvency; usually the result of buybacks)
Net margin
-14.6%
computed by olivLawFY 2024
Revenue growth (YoY)
9.7%
computed by olivLawFY 2024
Dividend yield
unavailable
input data missing

Coverage and freshness

30/37 reporting lines present
Latest full fiscal year: 2024
Latest reported period: 31 Dec 2024
Latest balance sheet date: 31 Dec 2024
Share count (cover of the latest filing), as of: 31 Dec 2025
Source: SEC (XBRL)published 20 Apr 2026
verified 272derived 7

The data is older than the freshness threshold.

Score by group

25% · Insufficient data

Estimated value range

unavailable — no valuation assumptions for the reporting currency

Valuation assumptions are editorial choices, not measured; beta is not measured.

Valuation methods

    Multiple comparisons use the SIC vertical: Industrial Organic Chemicals (SIC 2860)

    Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.

    Assumptions (illustrative, editorial)

    Risk-free rate
    6.5%
    Equity risk premium
    6.0%
    Beta (default)
    1.00
    Cost of equity
    12.5%
    Terminal growth
    3.0%

    Factor scorecard

    Insufficient data

    Minimum-evidence gate: indicators available: 4 of at least 6; score weight coverage: 25.0% of at least 60%

    FactorValueScoreWeight used
    ROIC · Qualityunavailableunavailable—
    Net margin · Quality-14.6%42 (vs peers)25%
    FCF conversion · Qualityunavailableunavailable—
    Revenue CAGR 3Y · Growth-9.8%0 (on a fixed band)33%
    EPS CAGR 3Y · Growthunavailableunavailable—
    Net debt / EBITDA · Balance sheetunavailableunavailable—
    Interest coverage · Balance sheet-0.2x0 (on a fixed band)25%
    Current ratio · Balance sheet1.3x43 (on a fixed band)17%
    P/E (TTM) · Valuationunavailableunavailable—
    EV/EBITDA · Valuationunavailableunavailable—
    FCF yield · Valuationunavailableunavailable—
    Shareholder yield (distributions) · Returnsunavailableunavailable—
    Payout ratio (FCF) · Returnsunavailableunavailable—

    Factors without a value were dropped; the remaining weights were renormalised.

    Score groups

    • Balance sheet17/100 · 2/3 factors with a value
    • Growth· partial0/100 · 1/2 factors with a value
    • Quality· partial42/100 · 1/3 factors with a value
    • Returns· partialunavailable · 0/2 factors with a value
    • Valuation· partialunavailable · 0/3 factors with a value

    A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.

    Memo

    BRASKEM SA (BAK). Latest full fiscal year: 2024; data up to 2024-12-31.

    Figures computed from the financial statements: revenue 77.4 bn BRL in 2024; YoY growth 9.7%; net margin -14.6%.

    The estimated value range is 0.13–0.16 BRL per share (median of 1 methods, agreement: single method); assumptions are illustrative. The range is the median of the methods' low, central and high values, not a probability interval.

    Insufficient data for a verdict (indicators available: 4 of at least 6; score weight coverage: 25.0% of at least 60%).

    Text generated deterministically from the figures shown; no language model. Not investment advice.

    What supports the thesis

    No signal among the computed factors. That is not an absence of risk: factors without data were not assessed, and business risks (margins, inventory, demand) are in the source-based analysis.

    What contradicts it

    • Revenue CAGR 3Y: -9.8%
    • Interest coverage: -0.2x

    Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA, FCF yield, Shareholder yield (distributions), Payout ratio (FCF).

    Versus the vertical median

    Industrial Organic Chemicals (SIC 2860) · same industry (4-digit SIC) · compared with 20 companies

    Multiples and returns vs the median

    P/E
    —
    vertical median 13.8x
    EV/EBITDA
    —
    vertical median 9.6x
    P/S
    —
    vertical median 1.5x
    P/B
    —
    vertical median 1.4x
    ROE
    —
    vertical median -1.8%
    Net margin
    -14.6%
    vertical median 1.6%
    below median (−1,029.0%)
    EBIT margin
    -1.4%
    vertical median -4.5%
    above median
    Revenue YoY
    9.7%
    vertical median -5.2%
    above median
    Net debt/EBITDA
    —
    vertical median 1.7x
    Dividend yield
    —
    vertical median 2.5%

    Price rebased to 100 (monthly, 5 years)

    Companies in the vertical

    Market capP/EROENet marginRevenue YoY1A / 3A
    IFFInternational Flavors & Fragrances Inc22.0 bn122.11.3%1.6%−5.2%+26% / +16%
    LYBLyondellbasell Industries N.V.20.4 bn15.611.9%4.1%−9.7%+29% / −34%
    WLKWestlake Corporation8.7 bn—-4.9%-3.9%−8.0%+2% / −47%
    NEUNewmarket Corporation6.7 bn14.725.3%16.5%−2.2%−5% / +37%
    SXTSensient Technologies Corp5.4 bn31.713.7%9.7%+3.5%+29% / +117%
    MEOHMethanex Corporation5.0 bn70.16.4%4.0%−3.5%+83% / +53%
    REXRex American Resources Corporation1.3 bn10.522.5%20.9%+1.2%+20% / +62%
    GPREGreen Plains Inc.957.5 m8.615.4%6.8%−14.9%+32% / −45%
    WLKPWestlake Chemical Partners LP761.8 m12.9—4.8%+2.7%+14% / −5%
    GEVOGevo, Inc.316.5 m—-57.0%-119.9%+849.3%−40% / +13%
    ALTOAlto Ingredients, Inc.271.5 m5.322.2%5.5%−4.9%+37% / +43%
    FFFuturefuel Corp.246.5 m—-18.3%-19.9%−60.7%+70% / −5%
    CDXSCodexis, Inc.118.3 m—-69.4%-39.6%+18.6%−38% / −54%
    LODEComstock Inc.113.3 m—-38.2%-3,680.5%−48.5%−58% / −68%
    AMTXAemetis, Inc90.2 m——-27.4%−26.2%−28% / −72%
    TANHTantech Holdings Ltd90.1 m—-25.7%-80.9%−10.7%−76% / −100%
    LNZALanzaTech Global, Inc.69.2 m0.4146.4%295.7%+12.6%−63% / −99%
    SAFXXcf Global, Inc.41.0 m—-246.1%—unavailable−87% / unavailable
    TOMZTomi Environmental Solutions, Inc.18.2 m—-168.8%-49.8%−27.2%−6% / −26%
    CNEYCn Energy Group. Inc.2.5 m—-11.2%-31.3%−30.2%−65% / −99%
    BAKBraskem SA———-14.6%+9.7%−54% / −84%

    1- and 3-year price returns: for BAK from daily closes (the same as the performance table), for the other companies from month-end closes.

    olivLaw engine forecast

    The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.

    The engine has no published run for this company yet.

    Valuation scenarios (editable assumptions)

    Illustrative scenarios

    Scenarios are not available. input data missing

    AI analysis

    AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

    Possibly outdated: the newest document it read is from 20 Apr 2026; since then the company filed 6-K (04 Nov 2026), 6-K (02 Nov 2026), 6-K (30 Oct 2026), 6-K (28 Oct 2026), 6-K (26 Oct 2026).

    In brief

    Braskem is the largest plastics producer in the Americas, with integrated operations in Brazil and Mexico and a global leadership position in sugarcane-based bio-polyethylene. The company faces a change in its shareholder structure through a judicial sale of a major block of shares, amid pressure on the petrochemical cycle.1

    SWOT

    Strengths

    • The company is the largest plastics producer in the Americas and the only integrated producer of basic chemicals and polymers in Brazil.
    • Global leadership in sugarcane-based bio-polyethylene gives it a differentiation advantage over fossil alternatives.
    • Utilization rates at its U.S. and Mexican plants have consistently exceeded regional averages, indicating sound operations.

    Weaknesses

    • The company relies heavily on naphtha, whose price was volatile in 2025, which can affect production costs.
    • Currency exposure is significant, since much of its debt and raw material costs are linked to the U.S. dollar while revenue is largely in reais.
    • The level of indebtedness and capital needs for large projects may limit financial flexibility.

    Opportunities

    • Demand for plastics could grow over the long term with economic growth and infrastructure investment.
    • Green ethylene projects and the bioMEG and bioMPG joint ventures could open new revenue lines.
    • Brazilian programs supporting the chemical industry, such as PRESIQ and REIQ, could reduce costs and support investment.

    Threats

    • Global oversupply, especially from China, could keep prices and margins under pressure over the medium term.
    • Judicial and tax proceedings, including a public civil action and new tax assessments, could have financial impact if losses become probable.
    • The judicial sale of a major share block introduces uncertainty over governance and shared control with Petrobras.

    Risks

    • Judicial sale of shareshigh

      The judicial sale to an investment fund of a major block of the company's shares is subject to conditions precedent, including judicial and antitrust approvals. If the transaction does not close, the control structure could remain uncertain.

    • Public civil action in Alagoashigh

      The lawsuit filed by the Public Defender's Office and an association of affected entrepreneurs could lead to significant compensation, although the company classifies the likelihood of loss as possible.

    • New tax assessmentsmedium

      Notices received in the first quarter of 2026 concerning federal taxes offset against PIS and COFINS credits could generate additional costs if authorities prevail.

    • Raw material price volatilitymedium

      Naphtha and propylene prices fluctuated significantly in 2025, and these swings could affect margins if they cannot be fully passed on to customers.

    • Exchange rate exposuremedium

      Appreciation or depreciation of the real against the dollar affects revenue, costs and debt, and the company acknowledges these effects can be significant.

    Investment thesis

    What would need to be true (bull case)

    • If polymer demand grows in line with medium-term expectations, the position as the largest producer in the Americas could support volumes and margins.
    • Brazilian trade protection and fiscal support programs could reduce import competition pressure and improve competitiveness.
    • Leadership in bio-based polyethylene and green ethylene projects could generate niche revenue with better margins than standard products.

    What would break the thesis

    • If Chinese oversupply persists, polymer prices could stay under pressure and limit margin recovery.
    • Judicial actions, tax assessments and uncertainty over control could generate costs and slow strategic decisions.
    • Currency exposure and debt levels could amplify the impact of exchange rate and interest rate shocks on results.

    What to watch

    • Completion of the judicial share sale and its conditions precedent2026
    • Final investment decision for the green ethylene plant in Thailandend of 2026
    • Naphtha price trend and Brazil segment resultsQ1 2027

    Products, market & competition

    AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

    Possibly outdated: the newest document it read is from 20 Apr 2026; since then the company filed 6-K (04 Nov 2026), 6-K (02 Nov 2026), 6-K (30 Oct 2026), 6-K (28 Oct 2026), 6-K (26 Oct 2026).

    The business

    The main revenue contributors are the Brazil segment, which generated most of consolidated net revenue in fiscal 2025, followed by the United States and Europe segment producing polypropylene and the Mexico segment producing ethylene and polyethylene. The company describes its global installed capacity as 20,325 kton per year. Currency exposure is significant, since product prices are substantially linked to international prices quoted in U.S. dollars.1

    The global strategy focuses on financial resilience, optimization of the asset portfolio and transformative investments in bio-based projects, such as the green ethylene expansion at Triunfo and the joint ventures for bioMEG, bioMPG and a plant in Thailand. The company also points to Brazilian programs defending the chemical industry, including antidumping duties on imported resins.1

    Segments

    Brazil

    The Brazil segment covers production and sale of chemicals and polymers at the Camaçari, Triunfo, Capuava and Duque de Caxias complexes, plus electricity and other inputs supplied to second-generation producers. It generated net revenue of R$51,774 million in fiscal 2025, or 72% of consolidated net revenue.1

    United States and Europe

    The United States and Europe segment produces and sells polypropylene in the United States and Germany. It generated net revenue of R$16,400 million in fiscal 2025, or 23% of the consolidated total, and its Delta project, a greenfield PP plant in La Porte, Texas, started in 2020.1

    Mexico

    The Mexico segment includes production of ethylene, HDPE and LDPE through the Braskem Idesa joint venture. It generated net revenue of R$4,103 million in fiscal 2025, or 6% of the total, and the company stresses access to competitively priced gas-based feedstock.1

    Trends

    • Substitution of traditional materialstailwind

      The company states that polymers increasingly replace materials such as aluminum, steel, wood and glass where they offer cost and performance advantages, which could support long-term demand.

    • Global petrochemical oversupplyheadwind

      Capacity additions in China and the competitiveness of natural gas and ethane in the United States and the Middle East have created oversupply and reduced naphtha's share, which could pressure prices and margins.

    • Trade protection in Braziltailwind

      Inclusion of PE, PP and PVC resins on the list of conjunctural trade imbalances and antidumping duties on imports from China, Canada and the United States could support domestic production.

    • Shift to bio-based feedstockmixed

      Demand for renewable-sourced products and green ethylene projects could open new revenue streams, but investment costs and execution risk remain high.

    Competitive position

    The company compares itself with other petrochemical producers in the Americas and globally, emphasizing that it is the only integrated producer of basic chemicals and polymers in Brazil. Import competition, mainly from the Middle East and Asia, is limited by freight costs and import tariffs, but global overcapacity remains a pressure.1

    In bio-based polyethylene, Braskem states it holds global leadership, and in polypropylene a leading position in the United States. The source does not name direct competitors, so quantitative comparisons remain limited.1

    • Middle East polymer producers

      Exporters of polymers into Brazil that face import tariffs, according to the company.

    • Chinese chemical producers

      Newly added capacity has created industry oversupply, and their resin imports are subject to Brazilian antidumping duties.

    • U.S. polyethylene and polypropylene producers

      Access to competitively priced natural gas and ethane has let them reduce dependence on naphtha.

    • Southeast Asian polyethylene producers

      Regional competitors in export markets that benefit from new petrochemical capacity.

    News & filings

    In the press

    The latest news item in our archive is from 21 Oct 2026; the newest SEC filing is from 04 Nov 2026. The press archive comes from the RSS feeds we follow and does not necessarily cover the latest event — the filings alongside do.

    Sources

    1. [1] Form 20-F, fiscal year ended 2025-12-31 · SEC / Braskem S.A. · 20 Apr 2026

    Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.