Slides
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Unipar Earnings Presentation 2nd Quarter 2026 August 07 , 2026
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Disclaimer 2 2
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Presenters Rodrigo Cannaval Alexandre Jerussalmy Chief Executive Officer Chief Financial and Investor Relations Officer Cubatão, São Paulo 3 3
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OPERATIONAL EXCELLENCE AND A PROACTIVE COMMERCIAL STRATEGY 4 1. Safety as a core value 2. Operational Excellence 3. Customer focus and differentiated service 4. Cash generation and financial discipline BUSINESS PRIORITIES: ✓ 84% utilization rate in Brazil, supported by the successful ramp-up of the Cubatão/SP plant ✓ +19% and +7% increases in chlorine and caustic soda sales volumes, respectively, vs. 1Q26 – CAPTURE OF COMMERCIAL OPPORTUNITIES AND MONTHLY RECORDS ✓ 11% decline in PVC sales volume vs. 1Q26 – selective sales and pressure from imports HIGHLIGHTS 2Q26 NEW MARKET DYNAMICS DRIVEN BY GEOPOLITICAL TENSIONS ✓ +26% and +53% increase in international caustic soda and PVC prices, respectively, vs. 1Q26, offsettng a significant increase in ethylene and natural gas costs ✓ 4% appreciation of the BRL vs. USD – volatility throughout the quarter COMPLETION OF KEY STRATEGIC CAPEX PROJECTS ✓ The Cubatão technological modernization reached full capacity as early as April 2026 ✓ Completion of chlorine licquefaction and purification operation in Camaçari (BA), with operations set to begin in July 2026 ECONOMIC AND FINANCIAL PERFORMANCE Recurring Adjusted EBITDA 2Q26 R$ 402 million vs R$ 145 million 1Q26 Net Income 2Q26 R$ 123 million vs R$ 37 million 1Q26 R$ 347 million vs R$ 316 million 1Q26 Operating Cash Generation 2Q26 ∆ 1Q26 +177% 90% of the debt matures from 2029 onwards Average cost: CDI + 0.40% p.a. Cash Position R$ 1.4 billion 34-month coverage 2.50x vs 2.58x in March 2026 Net Debt/EBITDA 67-month average term Resilient operating cash generation and the normalization of strategic CAPEX enabled a reduction in leverage, despite higher working capital requirements resulting from increased finished product and raw material prices
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OPERATIONAL EXCELLENCE: CAPACITY UTILIZATION RETURNS TO THE 80% RANGE 5 OPERATIONAL PERFORMANCE 82% 72%* 84% 74% 73% 73% 2Q25 1Q26 2Q26 Brazil Argentina 80% 73% Brazil: 2Q26 with better performance than previous quarters – successful ramp-up of new technology in Cubatão (SP) *Utilization in Brazil in 1Q26, excluding the mercury electrolysis capacity in Cubatão, which had already been shut down: 83% Argentina: stable performance, supported by integrated industrial and comercial management across the plants in Brazil % OF SELF-PRODUCED ENERGY IN BRAZILELECTROLYSIS UTILIZATION RATE 2Q25 1Q26 81% 55% 63% Curtailment + other adverse effects 27% in 2Q25 – curtailment 27% no 1Q26 – curtailment + lack of resources 33% in 2Q26 – curtailment + lack of resources 2Q26 56% Self-generation with installed capacity sufficient to reach 80% of energy consumption in Brazil Successful ramp-up of the Cubatão plant 1. Safety as a core value 2. Operational Excellence 3. Customer focus and differentiated service 4. Cash generation and financial discipline BUSINESS PRIORITIES:
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6 2Q26 x 1Q26 ✓ Increase in caustic soda and chlorine sales volumes: +7% and + 19%, respectively, vs. 1Q26 ✓ PVC sales volume 11% lower: more selective strategy in Brazil amid pressure from imports ✓ 26% and 53% increase in international caustic soda and PVC benchmark prices ✓ Adverse effect from the 4% appreciation of the BRL vs USD Note (1): Unipar’s consolidated financial results are impacted by the effects of inflation in Argentina and foreign exchange variation of the Argentine peso, under the application of the IAS 29 (adjustment for hyperinflation) accounting standard and conversion process of Unipar Argentina’s financial statements. Comparisons are managerial (“adjusted”) and exclude these effects. 2Q26 x 2Q25 NET REVENUE REFLECTS INCREASED SALES OF CAUSTIC SODA AND CHLORINE, DRIVEN BY INTERNATIONAL PRICES ADJUSTED NET REVENUE (R$ million) ✓ Sales volumes increased across all segments: +9% in caustic soda, +6% in PVC, and +4% in chlorine vs. 1Q26 ✓ International caustic soda prices remained virtually flat, while the international PVC benchmark increased 38% ✓ Adverse effect from the 11% appreciation of the BRL vs USD 1.043 1,200 1.200 270 261 294 2Q25 1Q26 2Q26 1,494 1,221 +22% 1,313 +14% Focus on chlorine production and commercialization: not exposed to the petrochemical cycle, higher value-added and differentiated scale 1. Safety as a core value 2. Operational Excellence 3. Customer focus and differentiated service 4. Cash generation and financial discipline BUSINESS PRIORITIES: Brazil Argentina Caustic Soda US Gulf Price 2Q26 x 1Q26: +26% PVC US Gulf Price 2Q26 x 1Q26: +53%
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7 Note (1): Unipar’s consolidated financial results are impacted by the effects of inflation in Argentina and foreign exchange variation of the Argentine peso, under the application of the IAS 29 (adjustment for hyperinflation) accounting standard and conversion process of Unipar Argentina’s financial statements. Comparisons are managerial (“adjusted”) and exclude these effects. A 4% increase in COGS reflects: ✓ Increase in caustic soda and chlorine sales volume ✓ 34% increase in the average European ethylene benchmark price ✓ ~30% increase in natural gas price Offset by: ✓ 5% appreciation of Brazilian real against Euro ✓ Lower PVC sales volume ✓ Improved technical performance in Cubatão following technological upgrades 2Q26 x 1T26 2Q26 x 2Q25 OPERATIONAL EXCELLENCE, FOCUS ON CHLORINE PRODUCTION AND CAPTURE OF LOGISTIC OPPORTUNITIES ADJUSTED COGS (R$ million) 74% 77% 72% 21% 19% 22% 5% 4% 6% 2Q25 1Q26 2Q26 974935 +4% 904 +8% Fixed CostsVariable Costs Depreciation A 8% increase in COGS reflects: ✓ Higher sales volume across all product segments (caustic soda, chlorine, and PVC) ✓ 29% increase in the average international prices of European ethylene and increase in natural gas cost Offset by: ✓ Appreciation of Brazilian real against Euro ✓ Improved technical performance in Cubatão following technological upgrades 1. Safety as a core value 2. Operational Excellence 3. Customer focus and differentiated service 4. Cash generation and financial discipline BUSINESS PRIORITIES:
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8 Note (1): Unipar’s consolidated financial results are impacted by the effects of inflation in Argentina and foreign exchange variation of the Argentine peso, under the application of the IAS 29 (adjustment for hyperinflation) accounting standard and conversion process of Unipar Argentina’s financial statements. Comparisons are managerial (“adjusted”) and exclude these effects. EVOLUTION OF RECURRING ADJUSTED EBITDA AND MARGIN (R$ million) 145 30 219 394 8 402 Recurring Adjusted EBITDA 1Q26 Volume Effect Contribution Margin, Foreign Exchange, Others Adjusted EBITDA 2Q26 Non Recurring Recurring Adjusted EBITDA 1Q26 1Q26 x 2Q26 +177% 12% 26% 27% ✓ Increase in international caustic soda and PVC benchmark prices (+26% and +53%, respectively) ✓ Increase in caustic soda and chlorine sales volume (+7% and +19%, respectively), with 11% decrease in PVC sales ✓ Adverse effect from 4% appreciation of the BRL vs USD ✓ Exclusion of non recurring negative effect of the provision for negative margin on PVC inventory in 2Q26. ✓ 38% increase in international PVC benchmark prices with stable caustic soda prices ✓ Higher caustic soda, PVC and chlorine sales volume (+9%, +6% and +4%, respectively) ✓ Adverse effect from 11% appreciation of the BRL vs USD ✓ Identification of recurring reductions in fixed costs (automation, team restructuring, and process reviews) ✓ Exclusion of non recurring negative effect of the provision for negative margin on PVC inventory in 2Q26 306 16 72 394 8 402 Recurring Adjusted EBITDA 2Q25 Volume Effect Contribution Margin, Foreign Exchange, Others Adjusted EBITDA 2Q26 Non Recurring Recurring Adjusted EBITDA 2Q26 2Q25 x 2Q26 +31% 23% 26% 27% 1. Safety as a core value 2. Operational Excellence 3. Customer focus and differentiated service 4. Cash generation and financial discipline BUSINESS PRIORITIES:
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DIVULGAÇÃO DE RESULTADOS 1T20 NON CASH EFFECT 9 OPERATING CASH GENERATION LED TO A REDUCTION IN NET DEBT EVOLUTION OF NET DEBT (R$ million) 1. Safety as a core value 2. Operational Excellence 3. Customer focus and differentiated service 4. Cash generation and financial discipline BUSINESS PRIORITIES: 2.394 (347) 151 2.316 81 15 22 Net Debt March 2026 Operational Generation Capex Interests and Fees IT/SC and Other Disbursements Interest and Exchange Rate Net Debt June 2026 CASH EFFECT R$78 million reduction Reduction in Net Debt resulting from: ✓ Strong operational performance ✓ Normalization of strategic capex ✓ Competitive average cost of debt ✓ Income tax with the tax benefit of accelerated depeciation (151) 2,394 2,316 22
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1,375 39 70 916 538 1,881 175 Cash Position June/2026 2H26 2027 2028 2029 2030 2031+ Interest Principal 214 72 Source: Unipar | Note (1): Export Credit Agency Composition Capital Market 69% ECA¹ 5% Development Bank 21% Commercial Bank 5% ✓ Fluid access to Market Capital ✓ Maintenence of available credit line with commercial banks 10 Cash balance sufficient to cover 34 months of debt amortization 67 months A V E R A G E T E R M R$2.3 bi N E T D E B T 2.50x N E T D E B T / E B I T D A DEBT PROFILE WITH TERMS AND COSTS REFLECTING FINANCIAL DISCIPLINE DEBT PROFILE – JUNE 2026 (R$ million) Average cost = CDI + 40 bps p.a. 1. Safety as a core value 2. Operational Excellence 3. Customer focus and differentiated service 4. Cash generation and financial discipline BUSINESS PRIORITIES:
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11 KEY STRATEGIC PROJECTS COMPLETED AND OTHERS ADVANCING AS PLANNED 2nd PHASE IN CAMAÇARI (BA) FOCUS: COMPETITIVENESS AND FLEXIBILITY ON CHLORINE ALOCATION ✓ Capacity for chlorine licquefaction – purification with high value added PHASE-OUT PROJECT IN CUBATÃO (SP) FOCUS: GREATER COMPETITIVENESS IN MAJOR UNIPAR’S LARGEST PLANT ✓ Full production capacity reached in April – succesful ramp-up ✓ Greater liability and lower raw material consumption (EBITDA gains) COMPLETED PROJECTS PROJECTS UNDERWAY WITH DELIVERIES SCHEDDLED FOR 2026 CAPACITY EXPANSION IN SANTO ANDRÉ (SP) FOCUS: FLEXIBILITY IN CHLORINE ALLOCATION (BETWEEN CHLORINATES AND VINYLS) ✓ Installation of aditional electrolyser - +28,000 t/year of chlorine ✓ Operations are expected in 2nd half of 2026 PVC EMULSION PROJECT IN SANTO ANDRÉ (SP) FOCUS: INCREASE ON PRODUCTION CAPACITY ✓ Increased capacity to produce Emulsion PVC (+ 6,000 t/year) ✓ Expected conclusion: 3rd quarter 2026 1. Safety as a core value 2. Operational Excellence 3. Customer focus and differentiated service 4. Cash generation and financial discipline BUSINESS PRIORITIES: + other strategic projects aimed at operational efficiency and higher added value of the products are in progress
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2Q26 RESULTS ALIGNED WITH THE 2026 PRIORITIES 12 ✓ Operational excellence through modernization investments, with improved technical coeficients ✓ Focus on operating cash generation, which remains resilient even in the face of external challenges ✓ Active liquidity and debt profile management, with 90% of the debt maturing from 2029 onward at competitive costs FINANCIAL SOUNDNESS AND RESILIENCE AMIDST DOWN CYCLES AND CURRENT CHALLENGES FOCUS ON INCREASING FUTURE COMPETITIVENESS ✓ Focus on technological modernization projects and greater flexibility in chlorine allocation, increasing the added value of products and the ability to capitalize on business opportunities ✓ Proactive and agile business strategy in response to new market dynamics ✓ Strategic CAPEX aligned with best ESG practices, combining environmental benefits with economic gains Operational excellence and safety remain among the Company’s pillars
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Earnings Presentation 2nd Quarter 2026 Q&A 13
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Av. Juscelino Kubitschek, 1,327 – 22nd floor Zip Code: 04543-011 São Paulo/SP- BRASIL Phone: +55 11 3704 4200 IR Website: ri.unipar.com E-mail: ri@unipar.com Earnings Presentation 2nd Quarter 2026 14