Slides
Page 1
Borouge Plc Q3 2026 Results Presentation 29 October 2026
Page 2
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. Q3 2026 Results Presentation 2
Page 3
Agenda and Presenters Agenda Q3 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 Q3 2026 Results Presentation 3
Page 4
Q3 2026 RESULTS HIGHLIGHTS HAZEEM SULTAN AL SUWAIDI CHIEF EXECUTIVE OFFICER Q3 2026 Results Presentation 4
Page 5
“The third quarter was an exceptional period, shaped by ongoing external disruption across our operating environment. Despite these conditions, we increased production and sales volumes, maintained strong asset availability and continued serving our customers through alternative logistics routes. We closed the quarter with strong momentum and enter Q4 with significantly improved feedstock supply, higher production volumes and improving pricing” Hazeem Sultan Al Suwaidi CEO of Borouge Plc Q3 2026 Results Presentation 5 STRONG OPERATIONAL RECOVERY Higher utilisation on improved ethane supply Net Profit Price premia above guidance Robust sales volumes +22% Lower pricing and inventory effects reduced margins $301/t PE $156/t PP 1,069 kt $109 million 19% EBITDA margin 76% utilisation 949 kt
Page 6
Q3 2026 Results Presentation 6 Polyethylene Prices, $/t (1) Polypropylene Prices, $/t (2) 0 200 400 600 800 1,000 1,200 1,400 1,600 1,800 Jan-25 Feb-25 Mar-25 Apr-25 May-25 Jun-25 Jul-25 Aug-25 Sep-25 Oct-25 Nov-25 Dec-25 Jan-26 Feb-26 Mar-26 Apr-26 May-26 Jun-26 Jul-26 Aug-26 Sep-26 PE Benchmark PE Premia 0 200 400 600 800 1,000 1,200 1,400 1,600 1,800 Jan-25 Feb-25 Mar-25 Apr-25 May-25 Jun-25 Jul-25 Aug-25 Sep-25 Oct-25 Nov-25 Dec-25 Jan-26 Feb-26 Mar-26 Apr-26 May-26 Jun-26 Jul-26 Aug-26 Sep-26 PP Benchmark PP Premia $156/t PP premia $301/t PE premia Q3 26 LOWER BENCHMARK PRICING IN Q3 Benchmark prices reduced from Q2 26 peak. Premia remains above guidance and pricing is stronger into Q4 1) PE benchmark represents HDPE Blow Molding NEA CFR pricing. PE premia represents Borouge’s average realised PE selling price less the PE benchmark price. 2) PP benchmark represents PP Raffia NEA CFR pricing; PP premia represents Borouge’s average realised PP selling price less the PP benchmark price. Q2 26Q3 26Q2 26 Quarterly averageQuarterly average Q2 25 Q2 25
Page 7
Q3 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. Net Profit Sales Volumes Adj. EBITDA (1) Adj. Operating FCF (2) Q3 26 $109 million 8% margin Year-on-Year -63% Quarter-on-Quarter -43% Q3 26 $279 million 19% margin Year-on-Year -51% Quarter-on-Quarter -30% Q3 26 1,069 kt Year-on-Year -21% Quarter-on-Quarter +22% Q3 26 $244 million 88% cash conversion Year-on-Year -54% Quarter-on-Quarter -15% 9M 26 $455 million 12% margin Year-on-Year -41% 9M 26 3,028 kt Year-on-Year -19% 9M 26 $1,023 million 25% margin Year-on-Year -35% 9M 26 $825 million 81% cash conversion Year-on-Year -39% PRICING OFFSETS VOLUME RECOVERY Substantial improvement in profitability expected in Q4
Page 8
OPERATIONAL HIGHLIGHTS SALEM AL BUSAEEDI CHIEF OPERATING OFFICER Q3 2026 Results Presentation 8
Page 9
Q3 2026 Results Presentation 9 PRODUCTION INCREASED 32% QoQ 1,248 954 1,390 1,464 1,208 721 949 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 All units operated throughout Q3, following completion of repairs in June 2026, high technical asset availability maintained Improved ethane feedstock availability supported higher utilisation, increasing to 76% from 58% in Q2 Production increased 32% QoQ to 949 kt B4 700 ktpa PE7 plant mechanically complete and commenced commissioning Production Volumes, kt B3 Turnaround Record quarterly production 5 April asset damage Higher utilisation QoQ Full asset availability and improving feedstock supply
Page 10
Q3 2026 Results Presentation 10 SIGNIFICANLTY HIGHER PE UTILISATION 106% 114% 106% 113% 101% 78% 110% 119% 99% 48% 80%81% 103% 109% 98% 98% 74% 112% 114% 98% 71% 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 Q3 26 Polyethylene Polypropylene Ruwais Complex Utilisation Rates, % B3 Turnaround Record utilisation rates October 2026: 90% Asset damage and SoH closure Average utilisation of 76% in Q3 increased to 90% in October to date Ethane supply restoration
Page 11
ETHANE AVAILABILITY INCREASED ACROSS Q3 11 Q3 2026 Results Presentation Ruwais Complex Ethane Consumption, kt Jan-26 Feb-26 Mar-26 Apr-26 May-26 Jun-26 Jul-26 Aug-26 Sep-26 Ethane feedstock supply improved progressively through Q3 Q3 2026: +80% QoQ Average ethane consumption Regional disruption and asset damage impacted feedstock usage and availability Reflects SoH volumes and upstream asset availability
Page 12
MARKET UPDATE AND COMMERCIAL HIGHLIGHTS SIEGFRIED WENGLER CHIEF FINANCIAL OFFICER Q3 2026 Results Presentation 12
Page 13
Q3 2026 Results Presentation 13 RESILIENT DEMAND AMID CONTINUED MARKET VOLATILITY 1) Source: Company estimates. Average ethylene and propylene steam cracker operating rates across Asia. Geopolitical and logistics uncertainty leads to elevated feedstock and freight costs for the industry Higher freight costs favour local-to-local supply economics, while PP margins remain the most compressed Underlying demand remains resilient, although end- users are cautious and focused on near-term requirements Feedstock costs for all non-integrated producers expected to increase in Q4 - PE and PP prices remain supported near term Polyolefins Market Outlook Asia Operating Rates Recovered Through Q3 50% 60% 70% 80% 90% 100% Jan-25 Feb-25 Mar-25 Apr-25 May-25 Jun-25 Jul-25 Aug-25 Sep-25 Oct-25 Nov-25 Dec-25 Jan-26 Feb-26 Mar-26 Apr-26 May-26 Jun-26 Jul-26 Aug-26 Sep-26 Ethylene production Propylene production Asia steam cracker operating rates, % (1) Producing ethylene and propylene September operating rate: 87%
Page 14
Q3 2026 Results Presentation 14 Polyethylene Prices, $/t Polypropylene Prices, $/t 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 Q3 26 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 Q3 26 Polyethylene Premia, $/t Polypropylene Premia, $/t TTC guidance $200 /t TTC guidance $140 /t Q3 26 = $301 /t Q2 26 = $438 /t Q3 26 = $156 /t Q2 26 = $282 /t HIGH PRICE PREMIA DESPITE LOWER BENCHMARK PRICES 901 915 895 881 855 832 817 792 838 1,144 1,008 1,122 1,113 1,093 1,059 1,079 1,081 1,047 994 1,034 1,582 1,309 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 Q3 26 PE benchmark PE avg. selling price 889 924 893 885 896 884 855 794 862 1,202 1,029 1,051 1,062 1,053 1,025 1,050 1,025 987 912 969 1,484 1,185 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 Q3 26 PP benchmark PP avg. selling price PE premia $301 /t remains materially above through the cycle guidance of $200 /t
Page 15
Q3 2026 Results Presentation 15 Brent Crude Oil, $/bbl US Ethane, $/t Naphtha, $/t Propylene, $/t 0 20 40 60 80 100 120 140 Jan-25 Feb-25 Mar-25 Apr-25 May-25 Jun-25 Jul-25 Aug-25 Sep-25 Oct-25 Nov-25 Dec-25 Jan-26 Feb-26 Mar-26 Apr-26 May-26 Jun-26 Jul-26 Aug-26 Sep-26 0 200 400 600 800 1,000 1,200 Jan-25 Feb-25 Mar-25 Apr-25 May-25 Jun-25 Jul-25 Aug-25 Sep-25 Oct-25 Nov-25 Dec-25 Jan-26 Feb-26 Mar-26 Apr-26 May-26 Jun-26 Jul-26 Aug-26 Sep-26 China Naphtha West Europe Naphtha 0 50 100 150 200 250 Jan-25 Feb-25 Mar-25 Apr-25 May-25 Jun-25 Jul-25 Aug-25 Sep-25 Oct-25 Nov-25 Dec-25 Jan-26 Feb-26 Mar-26 Apr-26 May-26 Jun-26 Jul-26 Aug-26 Sep-26 0 500 1,000 1,500 2,000 Jan-25 Feb-25 Mar-25 Apr-25 May-25 Jun-25 Jul-25 Aug-25 Sep-25 Oct-25 Nov-25 Dec-25 Jan-26 Feb-26 Mar-26 Apr-26 May-26 Jun-26 Jul-26 Aug-26 Sep-26 US Propylene West Europe Propylene China Propylene INDUSTRY FEEDSTOCK COST PRESSURES REMAIN Non-integrated competitors face increasing feedstock costs into Q4 Q3 26 Q3 26 Q3 26 Q3 26Q2 26 Q2 26 Q2 26 Q2 26 1) Source: Company estimates.
Page 16
Q3 2026 Results Presentation 16 BOROUGE SALES VOLUMES INCREASED 22% QoQ 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 Q3 26 PE PP Ethylene & Other Total production Sales Volumes, kt Ruwais sales exceeded production by 54 kt (1) B3 Turnaround Record quarterly production and sales 1) Total sales of 1,069 kt in Q3 2026 include 66 kt from Borealis, China Compounding Plant and other sources. Customer demand for differentiated products remains robust
Page 17
FINANCIAL HIGHLIGHTS SIEGFRIED WENGLER CHIEF FINANCIAL OFFICER Q3 2026 Results Presentation 17
Page 18
Revenue, $m +3%Flat 831 781 779 781 605 659 627 659 1,447 1,444 1,406 1,444 0 200 400 600 800 1,000 1,200 1,400 1,600 Q3 25 Q3 26 Q2 26 Q3 26 PE PP Ethylene HIGHER VOLUMES SUPPORT 3% QoQ REVENUE GROWTH Q3 2026 Results Presentation 18 Higher sales volumes offset the impact of lower average selling prices
Page 19
LOWER PRICING WEIGHS ON Q3 EARNINGS Q3 2026 Results Presentation 19 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. Net Profit, $m 295 109 191 109 0 100 200 300 400 500 600 Q3 25 Q3 26 Q2 26 Q3 26 565 279 401 279 0 100 200 300 400 500 600 Q3 25 Q3 26 Q2 26 Q3 26 -51% -30% -63% -43% 39% 19% 29% 19% 20% 8% 14% 8%Margin: Temporarily lower margins Net Profit decreased to $109m Weaker pricing and elevated feedstock, and logistics costs offset higher volumes Margin:
Page 20
UNIT COSTS REMAIN ELEVATED Propylene feedstock and logistics costs per tonne reduced QoQ but remain high 20 Q3 2026 Results Presentation Cost of Sales (excl. D&A), $/t Selling & Distribution Expenses (excl. D&A), $/t Propylene Benchmark Price, $/t Jan-24 Jan-25 Jan-26 Propylene benchmark prices increased during Q3 Jan-24 Jan-25 Jan-26 Shanghai Containerised Freight Index, Jan 24 - Jun 26 High freight rates persisted throughout Q3 206 0 50 100 150 200 250 300 Q1 24Q2 24Q3 24Q4 24Q1 25Q2 25Q3 25Q4 25Q1 26Q2 26Q3 26 513 341 0 200 400 600 800 1,000 Q1 24Q2 24Q3 24Q4 24Q1 25Q2 25Q3 25Q4 25Q1 26Q2 26Q3 26 Other Variable & fixed production costs Feedstock costs Logistics costs improved QoQ
Page 21
BALANCE SHEET STRENGTH PROVIDES FLEXIBILITY Strong liquidity and balance sheet flexibility support resilience through market volatility Net Debt Bridge Net Debt at 30 September 26, $m 21 Q3 2026 Results Presentation 2,696 3,346 1,023 129 56198 133 44 1,321 70 Net Debt FY 2025 EBITDA H1 2026 Net Change in WC CAPEX Cash Interest Cash Tax Other Dividend Paid Share buyback Net Debt 9M 2026
Page 22
Q3 2026 Results Presentation 22 Q4 is expected to be the strongest quarter of FY 2026: Higher PO pricing Increased production volumes Further improvement in logistics costs FY 2026 dividend intention of 16.2 fils per share remains in place Attractive dividend yield of ~7%, H2 26 dividend expected to be paid in May 27 Q4 OUTLOOK Significant earnings uplift expected in Q4, supported by increased volumes, stronger market pricing and lower costs ETHANE AVAILABILITY Feedstock availability recovered to ~90% in Sep, supporting stronger Q4 outlook PRICING IMPROVEMENT Prices eased from Q2 peaks in Q3 but remained significantly above prior-year levels and increased into Q4 Q1 A Q2 A Q3 A Q4 F Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 Q4 26 F PE avg. selling price PP avg. selling price
Page 23
BOROUGE INTERNATIONAL Q3 2026 Results Presentation 23 HAZEEM SULTAN AL SUWAIDI CHIEF EXECUTIVE OFFICER
Page 24
China HDPE West Europe HDPE US HDPE (Export) BOROUGE INTERNATIONAL Q3 Unaudited, $ million unless otherwise stated Q3 26 Q2 26 6M to 30 Sep 2026 Revenue 4,875 5,508 10,383 Adj. EBITDA 899 1,820 2,719 Adj. EBITDA margin 18.4 % 33.0 % 26.1 % Net income 130 763 893 Free cash flow 1,089 82 1,172 PO sales volumes 2,611 kt 2,347 kt 4,958 kt Polyethylene, $/tonne Polypropylene, $/tonne Strong sales volume growth +11% with improving dynamic during the quarter Exceptional cash generation supported by $561 million working capital release Volume growth partially offset industry-wide price contraction early in the quarter Run rate EBITDA synergies already reached $200 million versus target of over $500 million Q4 earnings expected to increase materially on higher production volumes and pricing Jan Feb Mar Apr May Jun July Aug Sep China Homo PP Raffia West Europe Homo PP US Gulf Coast Homo PP (Export) Jan Feb Mar Apr May Jun July Aug Sep Q3 Q3 Higher volumes and accelerated synergies strengthen Q4 outlook
Page 25
GLOBAL POLYOLEFINS POWERHOUSE Q3 2026 Results Presentation 25 Transactions on track for 2027 execution, subject to market conditions 30 March 2026 2026 - 2027 2027 Flexibility on timing, c. 2029 M&A Closing Debt Refinancing Listing of BGI Tender Offer Capital Raise B4 Re-contribution Transaction Next Steps World’s leading pure-play polyolefins company Exceptional resilience in challenging environment Asset availability fully restored ~90% utilisation in October to date Zero dependency on SoH FY26 dividend intention remains in place Leading player with scale, feedstock advantage, innovation capabilities and global reach Value focused with more than $500 million annual EBITDA synergies targeted
Page 26
Q&A Q3 2026 Results Presentation 26
Page 27
APPENDIX Q3 2026 Results Presentation 27
Page 28
FY 2026 GUIDANCE Q3 2026 Results Presentation 28 Production (1) • Targeting continued high utilisation rates through Q4 2026, subject to feedstock availability Pricing • Q4 2026 global polyolefin benchmark prices expected to be higher than Q3 2026 levels, supporting higher realised selling prices Adjusted EBITDA • Q4 2026 adjusted EBITDA expected to be significantly higher than Q3 2026, supported by higher production volumes and improved pricing Borouge 4 • Production expected to ramp up through Q4 2026 and 2027, 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 • Further incremental improvements in logistics costs per tonne expected through Q4 2026, while remaining above historical levels Dividend (FY 2026) • 16.2 fils per share 1) Ruwais plant nameplate capacity: 5 mtpa. 2) Premia is equal to the difference between average sales prices and the benchmark prices.
Page 29
UNAUDITED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME Q3 2026 Results Presentation 29 USD Millions 2026 For the nine months ended 30 September 2025 For the nine months ended 30 September % change 2026 For the three months ended 30 September 2025 For the three months ended 30 September % change Revenue 4,025 4,172 -4% 1,444 1,447 -0% Cost of sales (2,649) (2,552) +4% (1,017) (840) +21% Gross profit 1,377 1,620 -15% 427 607 -30% Other income 48 16 +201% 10 5 +114% General and administrative expenses (142) (151 -6% (46) (49) -6% Selling and distribution expenses (567) (301) 88% (220) (110) +100% Impairment loss on property, plant and equipment (6) (1) +511% - (1) - Operating Profit 710 1,183 -40% 172 452 -62% Finance income 14 24 -42% 3 8 -58% Finance cost (127) (130) -2% (40) (44) -9% Foreign exchange (loss) gain 1 (2) +159% 0.1 0.3 -59% Net finance loss 143 308 -54% (37) (36) +2% Profit for the period before tax 598 1,077 -44% 136 416 -689% Income tax expense (143) (308) -54% (27) (122) -78% Profit for the period 455 768 -41% 109 295 -63%
Page 30
USD Thousands As at 30 September 2026 As at 31 December 2025 ASSETS Current assets 2,156,491 2,119,378 Non-current assets 6,353,146 6,369,726 Total Assets 8,509,637 8,489,104 EQUITY AND LIABILITIES Total Equity 3,189,997 4,115,682 Current liabilities 2,057,226 3,994,754 Non-current liabilities 3,262,414 378,668 Total Liabilities 5,319,640 4,373,422 Total Equity and Liabilities 8,509,637 8,489,104 BOROUGE CONSOLIDATED BALANCE SHEET Q3 2026 Results Presentation 30
Page 31
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