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Borouge Plc Q2 2026 Results Presentation 31 July 2026
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Disclaimer This presentation has been prepared by Borouge PLC and its subsidiaries (the “Company”) based on publicly available information and non-public information to assist you in making a preliminary analysis of the content referenced herein solely for informational purposes. It should not be construed as an offer to sell or a solicitation of an indication of interest to purchase any equities, security, option, commodity, future, loan or currency including a private sale of shares in the Company (the “Financing Instruments”). It is not targeted to the specific investment objectives, financial situation or particular needs of any recipient. It is not intended to provide the basis for any third-party evaluation of any Financing Instrument or any offering of them and should not be considered as a recommendation that any recipients should subscribe for or purchase any Financing Instruments. The recipient agrees to keep confidential any information contained herein and any other written or oral information otherwise made available in connection with any potential transaction related to this presentation and shall not reproduce, publish, distribute or otherwise divulge such information to any other person(s) other than in accordance with any applicable non-disclosure agreements executed by the recipient with the Company. None of the Company or any of its affiliates or advisors make any representation or warranty as to the fairness, accuracy, adequacy or completeness of the information, the assumptions on which it is based, the reasonableness of any projections or forecasts contained herein or any further information supplied or the suitability of any investment for your purpose. None of the Company or any of its affiliates or advisors, or their respective directors, officers or employees, share any responsibility for any loss, damage or other result arising from your reliance on this information. Each of the Company, its affiliates and advisors therefore disclaim any and all liability relating to this presentation including without limitation any express or implied representations or warranties for statements contained in, and omissions from, the information herein. No recipient of this presentation should rely upon any information contained in this presentation, including but not limited to any historical financial data, forward looking statements, forecasts, projections or predictions. The Company, their affiliates and advisors are acting solely in the capacity of an arm’s length counterparty and not in the capacity of your financial advisor or fiduciary. Such information is represented as of the date and, if applicable, time indicated and the Company, its affiliates and advisors do not accept any responsibility for updating any such information. Nothing in this presentation should be construed as legal, tax, regulatory, accounting or investment advice. The recipients should seek and rely upon the advice of its own professionals and other advisors for such matters. This presentation may be recorded and the Company will assume that, by attending this presentation the recipient consents to such recording. Q2 2026 Results Presentation 2
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Agenda and Presenters Agenda Q2 2026 Results Highlights Operational Highlights Market Update and Commercial Highlights Financial Highlights Summary Q&A HAZEEM SULTAN AL SUWAIDI Chief Executive Officer ROLAND JANSSEN Chief Marketing Officer SALEM AL BUSAEEDI Chief Operating Officer SIEGFRIED WENGLER Chief Financial Officer Q2 2026 Results Presentation 3
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Q2 2026 RESULTS HIGHLIGHTS HAZEEM SULTAN AL SUWAIDI CHIEF EXECUTIVE OFFICER Q2 2026 Results Presentation 4
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“Borouge delivered a resilient second quarter performance despite the regional developments, reflecting the strength of our operations, the agility of our supply chain and the outstanding commitment of our people. Our swift and coordinated response enabled us to implement effective alternative logistics routes. Repair work was completed safely and successfully.” Hazeem Sultan Al Suwaidi CEO of Borouge Plc Q2 2026 Results Presentation 5 STRONG EXECUTION DESPITE REGIONAL CHALLENGES Production volumes Net Profit Record price premia Sales volumes via alternative routes Pricing offset by higher feedstock & logistics costs 721 kt $438/t PE $282/t PP 873 kt $191 million 29% EBITDA margin
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Q2 2026 Results Presentation LOGISTICS SUCCESSFULLY REROUTED OUTSIDE SoH 6 0% 100% Jan-26 Feb-26 Mar-26 Apr-26 May-26 Jun-26 Contingency plans activated in March enabled uninterrupted deliveries throughout Q2 100% of Q2 production and Q1 surplus successfully routed via alternative logistics channels Temporary increase in logistics and freight costs Monthly Sales Volumes vs Ruwais Production (%) Q1 surplus shipped in April 61% of March production shipped
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Q2 2026 Results Presentation 7 1) Adj. EBITDA calculated as EBITDA plus adjustments on foreign exchange gain or loss and impairment loss on property, plant and equipment. 2) Adj. Operating Free Cash Flow defined as Adj. EBITDA less Capex. Capex of $114 million included repair costs related to assets damaged on 5 April 2026. RESILIENT Q2 PERFORMANCE Net Profit Sales Volumes Adj. EBITDA (1) Adj. Operating FCF (2) Q2 26 $191 million 14% margin Year-on-Year -1% Quarter-on-Quarter +23% Q2 26 $401 million 29% margin Year-on-Year -9% Quarter-on-Quarter +17% Q2 26 873 kt Year-on-Year -23% Quarter-on-Quarter -20% Q2 26 $287 million 71% cash conversion Year-on-Year -8% Quarter-on-Quarter -3% H1 26 $347 million 13% margin Year-on-Year -27% H1 26 1,958 kt Year-on-Year -18% H1 26 $744 million 29% margin Year-on-Year -26% H1 26 $581 million 78% cash conversion Year-on-Year -30%
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OPERATIONAL HIGHLIGHTS SALEM AL BUSAEEDI CHIEF OPERATING OFFICER Q2 2026 Results Presentation 8
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Q2 2026 Results Presentation 9 FULL PRODUCTION AVAILABILITY RESTORED AT RUWAIS Security incident on 5 April resulted in damage to assets at Ruwais complex Production was temporarily suspended in affected areas while assessments and repairs were undertaken Accelerated repair work throughout the quarter enabled full asset availability to be restored by the end of June Repair costs are expected to result in only a limited increase in 2026 maintenance capex Production Volumes, kt 1,248 954 1,390 1,464 1,208 721 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 B3 Turnaround Record quarterly production 5 April asset damage
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Q2 2026 Results Presentation 10 Ruwais Complex Utilisation Rates, % 106% 114% 106% 113% 101% 78% 110% 119% 99% 48% 81% 103% 109% 98% 98% 74% 112% 114% 98% 71% 0% 20% 40% 60% 80% 100% 120% Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Polyethylene Polypropylene B3 Turnaround Record utilisation rates Utilisation reduced due to asset damage and SoH closure Q2 UTILISATION IMPACTED BY REGIONAL DISRUPTION
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Q2 2026 Results Presentation 11 BOROUGE 4 XLPE REACHES COMMERCIAL MILESTONE Commercial operations at XLPE 2 commenced following successful performance testing First XLPE shipments to regional customers completed during Q2 Additional B4 units scheduled for commissioning through 2026
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MARKET UPDATE AND COMMERCIAL HIGHLIGHTS ROLAND JANSSEN CHIEF MARKETING OFFICER Q2 2026 Results Presentation 12
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Q2 2026 Results Presentation 13 POLYOLEFINS MARKET OUTLOOK 1) Estimated PE and PP capacity by region based on 2025 year-end data. Source: Company estimates. 2) Percentages represent estimated regional PE and PP capacity impacted in Q2 by outages associated with Middle East conflict-related feedstock shortages. Based on publicly reported data and company analysis. Middle East-related feedstock shortages led to significant curtailments across Asia-Pacific in Q2 Market balance shifted from an acute shortage in April-May to a modest surplus in June, with high pricing Benchmark prices expected to moderate in Q3 versus Q2 Demand remains structurally stable, with long-term growth in Borouge's core markets expected to outpace GDP Polyolefins Market Outlook Estimated outages in Asia-Pacific region India SE Asia China Asia North 11% 14% PE PP 38% 34% PE PP 26% 19% PE PP 33% 27% PE PP% Capacity outage (2) Capacity Mtpa 2025 (1) PE PP China 39 55 India 7 7 Asia North 12 9 SE Asia 13 10 Total 71 81
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Q2 2026 Results Presentation 14 Polyethylene Prices, $/t Polypropylene Prices, $/t 0 100 200 300 400 500 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 0 50 100 150 200 250 300 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Polyethylene Premia, $/t Polypropylene Premia, $/t TTC guidance $200 /t TTC guidance $140 /t Q2 26 = $438 /t Q1 26 = $196 /t Q2 26 = $282 /t Q1 26 = $107 /t 901 915 895 881 855 832 817 792 838 1,144 1,122 1,113 1,093 1,059 1,079 1,081 1,047 994 1,034 1,582 400 600 800 1,000 1,200 1,400 1,600 1,800 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 PE benchmark PE avg. selling price 889 924 893 885 896 884 855 794 862 1,202 1,051 1,062 1,053 1,025 1,050 1,025 987 912 969 1,484 0 200 400 600 800 1,000 1,200 1,400 1,600 1,800 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 PP benchmark PP avg. selling price RECORD PREMIA SUPPORT HIGH REALISED PRICES Sales directed to regions and customers with highest netbacks
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Q2 2026 Results Presentation 15 ALTERNATIVE LOGISTICS ROUTES SUPPORT SALES 0 200 400 600 800 1,000 1,200 1,400 1,600 1,800 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 PE PP Ethylene & Other Total production Sales Volumes, kt Ruwais sales exceeded production by 98 kt (1) B3 Turnaround Record quarterly production and sales 1) Total sales of 873 kt in Q2 2026 include 54 kt from Borealis, China Compounding Plant and other sources.
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FINANCIAL HIGHLIGHTS SIEGFRIED WENGLER CHIEF FINANCIAL OFFICER Q2 2026 Results Presentation 16
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REVENUE INCREASED 20% QoQ DUE TO HIGHER PRICING Q2 2026 Results Presentation 17 53% increase in average selling prices on 20% lower sales volumes Revenue, $m +20%+8% 754 779 678 779 538 627 490 627 1,305 1,406 1,175 1,406 0 200 400 600 800 1,000 1,200 1,400 1,600 Q2 25 Q2 26 Q1 26 Q2 26PE PP Ethylene
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23% INCREASE IN NET PROFIT QoQ Q2 2026 Results Presentation 18 Adjusted EBITDA, $m 1) Adj. EBITDA calculated as EBITDA plus adjustments on foreign exchange gain or loss and impairment loss on property, plant and equipment. 442 401 343 401 0 100 200 300 400 500 Q2 25 Q2 26 Q1 26 Q2 26 Net Profit, $m 193 191 156 191 0 100 200 300 400 500 Q2 25 Q2 26 Q1 26 Q2 26 -9% +17% -1% +23% 34% 29% 29% 29% 15% 14% 13% 14%Margin: Stable margins QoQ Net Profit increased QoQ Price increase offsets lower volumes and higher feedstock, freight and logistics costs Margin:
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COSTS TEMPORARILY ELEVATED Driven by propylene feedstock and logistics impacts 19 Q2 2026 Results Presentation Cost of Sales (excl. D&A), $/t Selling & Distribution Expenses (excl. D&A), $/t 430 448 0 200 400 600 800 1,000 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Other Variable & fixed production costs Feedstock costs 254 0 50 100 150 200 250 300 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Propylene Benchmark Price, $/t Jan-24 Jan-25 Jan-26 Propylene benchmark prices peaked in April 26 Jan-24 Jan-25 Jan-26 Shanghai Containerised Freight Index, Jan 24 - Jun 26 Freight rates reached two-year high in June 26
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BALANCE SHEET STRENGTH PROVIDES FLEXIBILITY Strong liquidity and balance sheet flexibility support resilience through market volatility 2,696 3,275 746 256 162 49 117 17 665 59 Net Debt FY 25 EBITDA H1 26 Net Change in WC CAPEX Cash Interest Payment Cash Tax Payment Other Items Dividend Paid Share Buyback Net Debt H1 26 Net Debt Bridge Net Debt at 30 June 26, $m 20 Q2 2026 Results Presentation Temporary WC increase caused by higher cost inventory and increased receivables due to higher pricing
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Polyolefin prices normalise Higher utilisation rates in H2 2026 Improved cost base supported by lower propylene prices, reduced logistics costs and better fixed cost absorption Polyolefin prices remain elevated Utilisation rates remain around current levels Continued margin impact from elevated input and logistics costs OUTLOOK SCENARIOS Q2 2026 Results Presentation 21 H2 2026 financial performance is dependent on level of free movement through the Strait of Hormuz SoH Open SoH Restricted
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POLYOLEFINS POWERHOUSE Q2 2026 Results Presentation 22 HAZEEM SULTAN AL SUWAIDI CHIEF EXECUTIVE OFFICER
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BOROUGE INTERNATIONAL DELIVERS STRONG Q2 Revenue $5,508 million Adj. EBITDA $1,820 million 33% Margin Net Profit $763 million 14% Margin North America and Europe assets operated with unrestricted feedstock and logistics in high price environment Strong performance underscores the strength and benefits of the Borouge International platform Tender offer and equity raise to take place in 2027, subject to market conditions New global platform delivers value and resilience
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GLOBAL POLYOLEFINS POWERHOUSE Q2 2026 Results Presentation 24 World’s leading pure-play polyolefins company Minimum dividend intentionContinued operational resilience in challenging environment 16.2 fils per share Representing a dividend yield of 6.7%(1) Asset availability fully restored Alternative logistics in place Maximising deliveries for our customers Leading global player, with scale, feedstock advantage, innovation capabilities and customer reach More than $500 million annual EBITDA synergies 1) Based on closing share price of AED 2.41 on 27 July 2026
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Q&A Q2 2026 Results Presentation 25
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APPENDIX Q2 2026 Results Presentation 26
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FY 2026 GUIDANCE Q2 2026 Results Presentation 27 Production (1) • Higher utilisation rates in H2 2026 dependent on feedstock availability and freedom of navigation through the Strait of Hormuz. Borouge 4 • Production expected to ramp up through 2026, subject to feedstock availability, as units are commissioned and brought online. Through-the-cycle product premia guidance (2) • Polyethylene: c. $200/t premia. • Polypropylene: c. $140/t premia. Costs • Purchased propylene feedstock linked to market prices. • High distribution costs persist whilst navigation through Strait of Hormuz remains disrupted. Dividend (FY 2026) • For FY 2026, management intends to pay a dividend of 16.2 fils per share, in line with the Company’s commitment to maintain a minimum annual dividend of 16.2 fils per share through at least 2030, subject to shareholder approval. 1) Ruwais plant nameplate capacity: 5 mtpa. 2) Premia is equal to the difference between average sales prices and the benchmark prices.
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UNAUDITED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME Q2 2026 Results Presentation 28 USD Millions 2026 For the six months ended 30 June 2025 For the six months ended 30 June % change 2026 For the three months ended 30 June 2025 For the three months ended 30 June % change Revenue 2,581 2,725 -5% 1,406 1,305 +8% Cost of sales (1,632) (1,711) -5% (865) (866) -0% Gross profit 950 1,013 -6% 541 439 +23% Other income 37 12 +209% 31 6 +417% General and administrative expenses (96) (103) -6% (50) (42) +19% Selling and distribution expenses (347) (191) +81% (222) (101) +119% Impairment loss on property, plant and equipment (6) - - (6) - - Operating Profit 538 732 -27% 293 302 -3% Finance income 11 17 -35% 5 9 -47% Finance cost (87) (86) +1% (46) (43) +5% Foreign exchange (loss) gain 1 (2) +144% 1 (1) +190% Net finance loss (75) (72) +5% (40) (36) +11% Profit for the period before tax 463 660 -30% 253 266 -5% Income tax expense (116) (186) -38% (62) (73) -14% Profit for the period 347 474 -27% 191 193 -1%
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USD Thousands As at 30 June 2026 As at 31 December 2025 ASSETS Current assets 2,210,968 2,119,378 Non-current assets 6,384,787 6,369,726 Total Assets 8,595,755 8,489,104 EQUITY AND LIABILITIES Total Equity 3,748,031 4,115,682 Current liabilities 1,595,511 3,994,754 Non-current liabilities 3,252,213 378,688 Total Liabilities 4,847,724 4,373,422 Total Equity and Liabilities 8,595,755 8,489,104 BOROUGE CONSOLIDATED BALANCE SHEET Q2 2026 Results Presentation 29
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Glossary Adj. EBITDA Calculated as EBITDA plus adjustments on foreign exchange gain or loss and impairment loss on property, plant and equipment Adj. Operating Free Cash Flow Defined as adjusted EBITDA less Capital Expenditure Bn Billions CAPEX Capital expenditure D&A Depreciation and amortisation Free Cash Flow Defined as adjusted Operating Free Cash Flow plus changes in working capital, less cash tax payments, less cash interest payments, plus cash interest income. G&A General and administrative LTM Last twelve months M Millions PE Polyethylene PP Polypropylene Premia Defined as equal to the difference between Borouge’s average sales prices and benchmark prices QoQ Quarter-on-quarter RCF Revolving Credit Facility S&D Sales and distribution XLPE Cross-linked polyethylene YoY Year-on-year $/t US Dollar price per tonne