BAK BRASKEM SA
Price Chart
Executive Summary
Braskem reported a severe financial downturn in 2025, with Recurring EBITDA plunging 49% year-over-year to $557 million due to weak petrochemical spreads and lower sales volumes. The company's leverage ratio soared to 14.74x, credit ratings were downgraded to default levels (S&P CCC-, Fitch CC), and its Mexican subsidiary Braskem Idesa defaulted on bond interest payments. Despite these challenges, Braskem secured $1 billion in liquidity and advanced strategic initiatives like the TQPM ethane terminal and renewable projects.
Actionable Insight
Traders should monitor Braskem's capital structure optimization efforts and potential debt restructuring, as the company faces severe financial stress with junk-rated debt and subsidiary defaults. The stock may remain under pressure until there's clear evidence of spread recovery or successful deleveraging.
Key Facts
- Recurring EBITDA dropped 49% YoY to $557 million in 2025
- Leverage ratio increased to 14.74x from 7.42x in 2024
- S&P and Fitch downgraded Braskem to CCC- and CC ratings respectively
- Braskem Idesa defaulted on interest payments for 2029 and 2032 bonds
- Company drew down $1 billion standby facility to strengthen liquidity
- Completed TQPM ethane import terminal in Mexico to reduce supply dependency
Financial Impact
Recurring EBITDA fell from $1.1 billion to $557 million, net loss narrowed from $2.1 billion to $1.6 billion due to tax asset write-offs, and cash consumption increased to R$7.3 billion
Risk Factors
- Braskem Idesa's default could trigger cross-defaults affecting the parent company
- Petrochemical spreads may remain depressed due to global oversupply
- Geological event in Alagoas could lead to additional unprovisioned liabilities
Market Snapshot
Documents Analyzed
This report is based on 4 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 6-K Filing (Primary) | 0001292814-26-001833 |
| Document: 0001292814-26-001833-index-headers.html | 0001292814-26-001833 |
| Document: 0001292814-26-001833-index.html | 0001292814-26-001833 |
| Document: 0001292814-26-001833.txt | 0001292814-26-001833 |
Filters
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Jun 11, 2026
1d ago
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Institutional Cluster
| $3.68 awaiting T+5 | awaiting T+5 | — | $3.67 (+0.27%) |
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Jun 9, 2026
3d ago
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6-K
| $3.73 awaiting T+5 | awaiting T+5 | — | $3.67 (−1.61%) |
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Jun 9, 2026
3d ago
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6-K
| $3.51 awaiting T+5 | awaiting T+5 | — | $3.67 (+4.56%) |
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Jun 9, 2026
3d ago
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6-K
| $3.51 awaiting T+5 | awaiting T+5 | — | $3.67 (+4.56%) |
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Jun 9, 2026
3d ago
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6-K
| $3.51 awaiting T+5 | awaiting T+5 | — | $3.67 (+4.56%) |
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Jun 9, 2026
3d ago
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6-K
| $3.51 awaiting T+5 | awaiting T+5 | — | $3.67 (+4.56%) |
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Jun 8, 2026
4d ago
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6-K
| $3.57 awaiting T+5 | awaiting T+5 | — | $3.67 (+2.95%) |
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Jun 8, 2026
5d ago
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6-K
| $3.49 awaiting T+5 | awaiting T+5 | — | $3.67 (+5.16%) |
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Jun 8, 2026
5d ago
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6-K
| $3.49 awaiting T+5 | awaiting T+5 | — | $3.67 (+5.16%) |
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Jun 6, 2026
7d ago
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6-K
| $3.71 awaiting T+5 | awaiting T+5 | — | $3.67 (−1.08%) |
US Market Status
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