Earnings release
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Investor Relations Contacts Bárbara Amaya bamaya@alpek.com Alejandra Bustamante abustamante@alpek.com ir@alpek.com www.alpek.com Webcast Details Wednesday, February 11 at 9:30 am MX | 10:30 am ET Zoom Webcast Registration FOURTH QUARTER 2025 RESULTS February 10, 2026
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4Q25 RESULTS 2 Monterrey, Mexico – February 10, 2026 – Alpek, S.A.B. de C.V. (BMV: ALPEKA) (“Alpek” or the “Company”), a leading petrochemical company, announces its Fourth Quarter and Full Year 2025 Results. QUARTERLY & FULL YEAR 2025 HIGHLIGHTS (U.S.$ million, unless otherwise noted) • Annual Comparable EBITDA totaled $489 million, slightly below Guidance. • Quarterly Comparable EBITDA was $100 million (-27% QoQ and -40% YoY), pressured by weak reference margins, a decrease in volume, historically low ocean freight costs and lower prices versus last year. • Volume was 1,020 ktons ( -9% YoY and -9% QoQ) mainly reflecting softer demand and the impact of longer-than-expected maintenance shutdowns at various sites. • Full year Operating Free Cash F low was $163 million, a 57% increase YoY, as the Company adjusted its capital allocation priorities through disciplined CAPEX and Net Working Capital optimizations. • Leverage was 4.4x, reflecting lower LTM reported EBITDA. Excluding footprint optimization and restructuring costs, proforma leverage would have been 3.9x. • The Company continues to prioritize its commitment to strengthening the balance sheet and debt profile through improving profitability, capitalizing non-strategic assets, continuing its refinancing strategy and, in addition to foregoing a dividend payment. • Alpek became a 100% free float company following the successful merger with Controladora Alpek, effective December 9. • As part of its cost -reduction and competitiveness initiatives, Alpek plans to suspend operations at its Reading, Pennsylvania recycling facility in 2Q26 , and will relocate a portion of the capacity to its integrated site in Richmond, Indiana. • Alpek is introducing its 2026 Guidance. KEY METRICS (U.S.$ million, unless otherwise noted) 4Q25 3Q25 4Q24 QoQ% YoY% 2025 2024 Ch.% Volume1 (ktons) 1,020 1,124 1,124 (9) (9) 4,380 4,745 (8) Polyester 836 929 926 (10) (10) 3,609 3,911 (8) Plastics & Chemicals 184 195 198 (6) (7) 771 834 (8) Revenues 1,526 1,666 1,739 (8) (12) 6,585 7,530 (13) Polyester 1,053 1,211 1,243 (13) (15) 4,697 5,483 (14) Plastics & Chemicals 297 328 374 (9) (20) 1,316 1,614 (18) Others 176 127 122 38 43 572 433 32 Reported EBITDA 70 116 109 (40) (36) 418 646 (35) Polyester 13 71 59 (82) (78) 216 426 (49) Plastics & Chemicals 53 43 46 24 15 190 207 (8) Others 4 3 5 51 (9) 13 13 - Comparable EBITDA2 100 137 168 (27) (40) 489 699 (30) Polyester 41 88 100 (53) (59) 267 464 (42) Plastics & Chemicals 55 47 65 17 (15) 209 223 (6) Others 4 3 3 20 3 13 12 4 Net Income (loss) (Controlling Interest) (86) (44) (79) (98) (9) (150) (33) (361) CAPEX 51 32 41 61 24 170 121 40 Net Debt 1,840 1,843 1,884 - (2) Net Debt / EBITDA3 4.4 4.0 2.9 (1) Excludes intracompany sales (2) Excludes inventory adjustments and non-operating, one-time (gains) losses (3) Times: LTM
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4Q25 RESULTS 3 MESSAGE FROM OUR CEO “The management team is keenly focused on taking actions in areas that it can control, seeking opportunities both internal and external, and working diligently to strengthen its financial position and operations as the industry remains challenged. We have clear priorities for the short term, while at the same time making targeted, low-risk investments that support the long-term growth of the Company. 2025 was particularly challenging for our Polyester business, as global demand and reference margins remained under pressure. In addition, planned maintenance shutdowns, which lasted longer than anticipated, impacted operations at several of our sites . While our Plastics & Chemicals business delivered a stable performance, the weaker Polyester segment weighed on results, bringing Alpek’s full year Comparable EBITDA to $489 million, slightly below our expectations. Throughout the year, we focused on strengthening our financial position through continuous strategic efforts including adjusting capital allocation priorities and net working capital optimizations, resulting in a sequential increase in operat ing free cash flow, which totaled $163 million. Although our leverage remains at higher - than-expected levels, we successfully reduced and refinanced debt to maintain financial flexibility , and we will continue to look for opportunities to further improve the leverage ratio. On the business front, we are focused on solidifying our core business by advancing footprint optimization initiatives in the Polyester segment, aligned with our vision of integrated hubs, prioritizing our most competitive and scalable assets. Additionally , we are actively enhancing our portfolio by develop ing value-added specialized products such as PET Sheet , thermoform, EPS, and by expanding our energy commercialization, among others. These products will allow us to expand our emerging businesses with minimal CAPEX requirements and providing incremental EBITDA over the upcoming years. A major milestone in 2025 was the successful spin-off and merger with Controladora Alpek, establishing Alpek as an independent entity with a streamlined corporate structure . This transformation reinforces our commitment to long-term value creation for our Shareholders. 2026 is shaping up to mirror the complex market and industry dynamics that we experienced in 2025. Ocean freight rates remain at historically low levels, and industry-wide rationalization is progressing more slowly than anticipated. As such, our Guidance reflects a prudent base case, grounded in controllable factors, while also identifying upside drivers should market conditions improve. I am proud of the resilience and determination shown by our team throughout the year . Together, we will continue building a stronger, more competitive Alpek. On behalf of the entire leadership team, I extend my sincere gratitude to our employees, customers, suppliers, Board members, and Shareholders for their continued trust and support.” Jorge Young CEO
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4Q25 RESULTS 4 2026 OUTLOOK & GUIDANCE (U.S.$ million, unless otherwise noted) For 2026, Alpek expects a continuation of macro conditions similar to those in 2025, reinforcing a cautious outlook. Against this backdrop, our 2026 guidance reflects a base -case scenario grounded in current market conditions, while also identifying potential drivers contingent on favorable shifts in external dynamics as they evolve. 2026 Guidance 2026 Guidance 2025 Actual Comparable EBITDA $450 – 500 million $489 million Volume 4.5 million tons 4.4 million tons CAPEX $130 million $170 million Operating Free Cash Flow $100 – 150 million $163 million Key Assumptions Supporting 2026 Guidance 2026 outlook is based on the following core assumptions, which reflect current market conditions: Base Case Assumptions • PET Reference Margins: $145/ton. Reflecting a 2% improvement over the prior year’s average . Reference margins are expected to remain stable, an improvement over las t year’s volatility, though still under pressure due to slower-than-expected industry rationalization. • Ocean Freight Cost (Asia to South America): $75/ton. Considers a reduction of approximately 40% versus the 2025 average, consistent with the sharp reduction observed in the last quarter of the year. • PP Reference Margins: $0.13 per pound. Incorporates a 7% margin compression relative to 2025, as new regional capacity is gradually absorbed. • FX Rate: 18.00 MXN/USD. Represents a 6% appreciation of the peso versus 2025 levels. • Demand: Remains soft, impacted by global macroeconomic conditions. • Minimal benefits from U.S. PET reciprocal tariffs. These figures represent management’s current best estimate under prevailing conditions. They incorporate the ongoing execution of cost -optimization and footprint rationalization initiatives. We will continue refining our outlook as market visibility improves throughout the year.
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4Q25 RESULTS 5 Sensitivity Considerations: Potential Upside Drivers Approximately $50M of incremental EBITDA • PET Reference Margins: Stable at $155/ton • Ocean Freight Cost (Asia to South America): At or above $85/ton • FX Rate: 19.00 MXN/USD • Successful monetization of U.S. non-strategic assets • Greater capitalization resulting from U.S. PET reciprocal tariffs These factors are not intended to be additive, nor should they be expected to occur simultaneously. Rather, they represent key variables to monitor, each of which could contribute incremental value should conditions evolve favorably. Strategic Priorities For 2026 Our 2026 priorities remain aligned with our four strategic pillars and long-term strategy: • Focus on integrated scale hubs to maximize profitability and prioritize our most competitive assets , including the recent suspension of the recycled PET Reading facility in 2Q26, with part of that capacity being integrated into our more cost-competitive Richmond site. • Preserve financial flexibility and reduce debt to enable future growth through disciplined capital allocation, working-capital optimization, and the monetization of non -strategic assets. We expect to finalize the fir st phase of these sales during the first half of the year. Our key priority remains on deleveraging and supporting the balance sheet. • Advance selective growth initiatives with minimal investment to maximize Shareholder returns, such as the expansion of high-value added products, such PET sheet, thermoform, Polypropylene and EPS specialties. These initiatives support portfolio differentiation and provide incremental EBITDA with low capital intensity, consistent with our strategy. • Remain agile amid evolving trade and regulatory developments, ensuring the Company is well positioned to capture potential benefits from tariff-related outcomes and market shifts. 2026 will be a year of focused execution, delivering near-term priorities while continuing to invest in long-term value creation.
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4Q25 RESULTS 6 STRATEGIC UPDATE & RELEVANT EVENTS (U.S.$ million, unless otherwise noted) Merger Completion On December 9, Alpek successfully completed the merger with Controladora Alpek, marking a historic milestone. This transaction positions Alpek as a fully independent, 100% free float company, strengthening corporate governance and providing greater strategic flexibility to create long-term value. Suspension of Reading, Pennsylvania site In line with its competitiveness and cost reduction strategy, and in response to softer market demand, Alpek has issued notice of its plan to suspend operations at the Reading, Pennsylvania recycling facility in 2Q26. To ensure continuity for customers, the Company will shift part of this capacity to its Richmond, Indiana site. Combined with previous actions, including organizational restructuring and site rationalizations, this measure further reinforces Alpek’s disciplined approach to resource allocation and its focus on long- term profitability.
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4Q25 RESULTS 7 FINANCIAL & OPERATING RESULTS OVERVIEW (U.S.$ unless otherwise noted) Total volume in 4Q25 was 1.02 million tons, a 9% decrease both YoY and QoQ. Annually, this reflects softer demand and the strategic decision to reduce unprofitable PTA and PET exports . On a q uarterly basis, the impact of longer -than-expected maintenance at various sites, and stronger year-end seasonal effects . For the full-year volume was 4.4 million, 8% lower compared to 2024, as demand levels remained pressured by the challenging global macroeconomic environment. Polyester Segment: Asian reference margins decreased to $271 per ton (-2% QoQ and -11% YoY). Chinese reference margins increased sequentially to $142 (+6% QoQ), remaining stable following last quarter’s trend, but were down 16% year on year . U.S. average reference Paraxylene prices decreased 7% sequentially t o $1,058 per ton, resulting in the price spread between North American and Asian prices narrowing to $184 per ton (-27% QoQ and -5% YoY). Plastics & Chemicals Segment: Polypropylene (PP) reference margins remained at $0.14 per pound throughout the year but decreased by 7% YoY. Expandable Polystyrene (EPS) reference margins averaged $0.40 per pound ( +4% QoQ and -8% YoY) . Average prices for Propylene and Styrene decreased from the previous quarter to $0.31 (-15% QoQ and -26% YoY) and $0.41 ( -7% QoQ and - 10% YoY) per pound respectively. EBITDA (U.S.$ million, unless otherwise noted) 4Q25 3Q25 4Q24 QoQ% YoY% 2025 2024 YoY% Reported EBITDA 70 116 109 (40) (36) 418 646 (35) Inventory Adjustment 29 3 52 787 (44) 34 38 (12) Others 1 18 7 (95) (86) 37 14 156 Comparable EBITDA 100 137 168 (27) (40) 489 699 (30) Comparable EBITDA was $100 million in 4Q25, decreasing 27% QoQ and 40% YoY. The sequential decline reflects a decrease in volume, a continuation of pressured reference margins and historically low ocean freight costs. The yearly decrease remains driven by the challenging global environment and lower prices. Reported EBITDA was $70 million, decreasing 40% QoQ and 36% YoY , and includes a $30 million total adjustment, of which $29 million is an inventory adjustment resulting from a decline in raw material prices, primarily from the Polyester segment.
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4Q25 RESULTS 8 INCOME STATEMENT (U.S.$ million, unless otherwise noted) 4Q25 3Q25 4Q24 QoQ% YoY% 2025 2024 Ch.% Total Revenues 1,526 1,666 1,739 (8) (12) 6,585 7,530 (13) Gross Profit 58 123 108 (53) (47) 415 643 (35) Operating expenses and others (58) (114) (144) 50 60 (314) (348) 10 Operating Income (loss) - 9 (36) (98) 101 101 295 (66) Financial cost, net (43) (38) (70) (14) 38 (123) (321) 62 Share of losses of associates - - - - 906 - (3) 109 Income tax (36) (8) 31 (368) (215) (99) 27 (471) Consolidated Net Income (loss) (79) (36) (74) (117) (6) (121) (2) (6,182) Controlling interest (86) (44) (79) (98) (9) (150) (33) (361) Earnings per Share (U.S. $) (0.04) (0.02) (0.04) (98) (10) (0.07) (0.02) (362) Avg. Outstanding Shares (million)* 2,097 2,101 2,107 - - 2,101 2,107 - *The same number of equivalent shares is considered in the periods presented Total Revenues were $1.53 billion , decreasing 8% QoQ and 12 % YoY, reflecting the ongoing pressured pricing environment. Operating Income was breakeven in 4Q25, compared to $9 million in 3Q25 and a loss of $36 million in 4Q24. Net Loss Attributable to the Controlling Interest totaled $86 million, an increase versus the previous quarter and to the same period last year.
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4Q25 RESULTS 9 CASH FLOW (U.S.$ million, unless otherwise noted) 4Q25 3Q25 4Q24 QoQ% YoY% 2025 2024 Ch.% EBITDA 70 116 109 (40) (36) 418 646 (35) Net Working Capital & Others 61 38 (55) 61 209 50 (224) 122 Financial Expenses (34) (40) (40) 15 15 (138) (155) 11 Income Tax (15) (18) (13) 15 (16) (56) (78) 29 Maintenance CAPEX (41) (28) (32) (43) (29) (112) (84) (32) Operating Free Cash Flow 40 68 (31) (40) 230 163 104 57 Strategic CAPEX (10) (3) (9) (228) (8) (58) (37) (59) Dividends (25) (1) (10) (1,548) (151) (36) (170) 79 Other Sources / Uses (3) (4) (20) 28 86 (25) (53) 53 Decrease (Increase) in Net Debt 3 59 (70) (95) 104 44 (155) 129 Operating Free Cash Flow was $40 million, a 40% decrease QoQ, mainly reflecting lower EBITDA and higher maintenance CAPEX during the quarter. F ull-year Operating FCF increased $59 million to $163 million, demonstrating solid cash generation and highlighting the Company’s resilience amidst the challenging environment. Net Working Capital (NWC) contributed $61 million, up from $38 million in 3Q25, driven primarily by improved working capital measures and lower volatility in raw material pricing. CAPEX totaled $51 million in 4Q25, consisting of $41 million in planned maintenance CAPEX across multiple sites and $10 million in strategic CAPEX. Full-year CAPEX reached $170 million. Excluding one -time effects, such as minor low -risk strategic investments and extended maintenance activities, full -year CAPEX would have been approximately $138 million. Income Tax was $15 million, reflecting year-end recoveries and tax adjustments compared to 3Q25. NET DEBT & LEVERAGE (U.S.$ million, unless otherwise noted) 4Q25 3Q25 4Q24 QoQ% YoY% Net Debt 1,840 1,843 1,884 - (2) Reported EBITDA (LTM) 418 458 646 (9) (35) Net Debt / EBITDA (LTM) 4.4 4.0 2.9 As of December 31, 2025, Consolidated Net Debt was $1.84 billion, flat compared with 3Q25 and 2% lower YoY. The Net Debt to Reported EBITDA (LTM) ratio increased to 4.4 times, compared to 4.0x in 3Q25 and 2.9x in 4Q24, reflecting lower LTM Reported EBITDA. The Company remains focused on deleveraging and strengthening its balance sheet and debt profile, including through refinancing initiatives.
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4Q25 RESULTS 10 POLYESTER RESULTS (PTA, PET Resin, PET Sheet, & rPET: 71% of Alpek’s Annual Net Sales and 52% of Annual EBITDA) U.S.$ million, unless otherwise noted 4Q25 3Q25 4Q24 QoQ% YoY% 2025 2024 Ch.% Volume (ktons) 836 929 926 (10) (10) 3,609 3,911 (8) Revenues 1,053 1,211 1,243 (13) (15) 4,697 5,483 (14) Reported EBITDA 13 71 59 (82) (78) 216 426 (49) Inventory Adjustment 26 2 41 1,172 (37) 26 35 (26) Others 3 15 - (82) 3,642 26 3 649 Comparable EBITDA 41 88 100 (53) (59) 267 464 (42) Volume was 836 thousand tons, a 10% decrease both QoQ and YoY, reflecting softer demand, together with the anticipation of planned maintenance stoppages in several of our sites, which lasted longer than initially expected. On an annual basis, there was worse seasonality compared to 4Q24 and reduced PTA and PET exports. Comparable EBITDA totaled $41 million, decreasing 53% QoQ and 59% YoY, driven by continued pressure on reference margins, lower volumes, and the impact of historically low ocean freight rates. Average U.S. reference Paraxylene prices decreased 7% QoQ to $1,058 per ton. As a result, the price spread between North American and Asian Px narrowed to $184 per ton, representing a 27% decrease QoQ and a 5% decrease YoY. Reported EBITDA was $13 million, down 82% QoQ and 78% YoY. This includes a $ 26 million inventory adjustment and $ 3 million recorded in “Others”, primarily associated with non-recurring items recognized during the quarter.
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4Q25 RESULTS 11 PLASTICS & CHEMICALS (P&C) RESULTS (PP, EPS, & Specialty Chemicals: 20% of Alpek’s Annual Net Sales and 45% of Annual EBITDA) U.S.$ million, unless otherwise noted 4Q25 3Q25 4Q24 QoQ% YoY% 2025 2024 Ch.% Volume (ktons) 184 195 198 (6) (7) 771 834 (8) Revenues 297 328 374 (9) (20) 1,316 1,614 (18) Reported EBITDA 53 43 46 24 15 190 207 (8) Inventory Adjustment 4 1 12 263 (68) 8 4 87 Others (2) 3 7 (151) (125) 11 11 2 Comparable EBITDA 55 47 65 17 (15) 209 223 (6) Volume totaled 184 thousand tons, decreasing 6% QoQ and 7% YoY, reflecting softer demand compared to both periods. Comparable EBITDA was $55 million, a 17% increase QoQ, though 15% lower YoY, as resilient reference margins, particularly in EPS, offset weaker volumes. EPS reference margins increased throughout the quarter at an average rate of 4% QoQ, while PP reference margins remained flat. Reported EBITDA was $ 53 million, a 24% increase QoQ and 15% above YoY, an improvement over the last quarter and above YoY from lower raw material prices , including a $4 million inventory adjustment. Average propylene and styrene prices decreased 15% QoQ and -7% QoQ, respectively.
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4Q25 RESULTS 12 ABOUT ALPEK Alpek is a leading petrochemical company operating two business segments: “Polyester” (Purified Terephthalic Acid (PTA), Polyethylene Terephthalate (PET) Resin & Sheet, & recycled PET (rPET)), and “Plastics & Chemicals” (P olypropylene (PP), Expandable Polystyrene (EPS), and other specialty and industrial chemicals). Alpek is a leading producer of PTA, PET Resin & PET Sheet worldwide, a leading rPET and EPS producer in the Americas, and the only producer of PP in Mexico. NOTE ON FORWARD LOOKING STATEMENTS This release contains forward ‐looking information based on numerous variables and assumptions that are inherently uncertain. They involve judgments with respect to, among other things, future economic, competitive, and financial market conditions and future business decisions, all of w hich are difficult or impossible to predict accurately. Accordingly, results could vary from those set forth in this release. The report presents unaudited financial information based on International Financial Reporting Standards (IFRS). Figures are stated in nominal Mexican pesos ($) and in current U.S. dollars (U.S. $), as indicated. Where applicable, peso amounts were translated into U.S. dollars using the average exchange rate of the months during which operations were rec orded. Financial ratios are calculated in U.S. dollars. Due to the rounding up of figures, small differences may occur when calculating percent changes from one period to the other. Finally, QoQ refers to Quarter-over-Quarter comparisons, and YoY refers to Year-over-Year comparisons.
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4Q25 RESULTS 13 APPENDIX A – ADDITIONAL FINANCIAL INFORMATION TABLE 1 | PRICE CHANGES (%) QoQ YoY Ch. Polyester Avg. Ps. prices (5) (14) (2) Avg. U.S. $ prices (3) (6) (7) Plastics & Chemicals Avg. Ps. prices (5) (22) (7) Avg. U.S. $ prices (4) (14) (12) Total Avg. Ps. prices (1) (12) - Avg. U.S. $ prices 1 (3) (5) TABLE 3 | OP. INCOME (Loss) 4Q25 3Q25 4Q24 QoQ% YoY% 2025 2024 Ch.% Operating Income (Loss) Ps. million 7 176 (735) (96) 101 2,022 5,170 (61) U.S. $ million - 9 (36) (98) 101 101 295 (66) TABLE 2 | REVENUES 4Q25 3Q25 4Q24 QoQ% YoY% 2025 2024 Ch.% Total Revenues Ps. Million 27,957 31,073 34,862 (10) (20) 126,840 137,409 (8) U.S. $ million 1,526 1,666 1,739 (8) (12) 6,585 7,530 (13) Domestic Revenues Ps. Million 10,693 11,013 12,181 (3) (12) 46,103 45,031 2 U.S. $ million 584 591 607 (1) (4) 2,394 2,457 (3) Foreign Revenues Ps. Million 17,263 20,060 22,682 (14) (24) 80,737 92,379 (13) U.S. $ million 942 1,076 1,131 (12) (17) 4,190 5,073 (17) Foreign / Total (%) 62 65 65 - - 64 67 -
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4Q25 RESULTS 14 TABLE 4 | COMPARABLE EBITDA 4Q25 3Q25 4Q24 QoQ% YoY% 2025 2024 Ch.% Reported EBITDA Ps. million 1,280 2,166 2,190 (41) (42) 8,104 11,728 (31) U.S. $ million 70 116 109 (40) (36) 418 646 (35) Adjustments* Ps. million 548 398 1,181 38 (54) 1,334 1,128 18 U.S. $ million 30 21 59 43 (49) 71 53 34 Comparable EBITDA Ps. million 1,828 2,564 3,371 (29) (46) 9,437 12,855 (27) U.S. $ million 100 137 168 (27) (41) 489 699 (30) *Inventory adjustments and non-operating, one-time (gains) losses TABLE 5 | FINANCIAL COST, NET (U.S.$ million) 4Q25 3Q25 4Q24 QoQ% YoY% 2025 2024 Ch.% Financial expenses (51) (54) (63) 6 19 (197) (240) 18 Financial income 9 9 7 (5) 33 35 49 (28) Net Financial Expenses (42) (45) (56) 6 25 (162) (191) 16 Fx gains (Losses) (1) 7 (14) (117) 91 38 (130) 129 Financial Cost, Net (43) (38) (70) (14) 38 (123) (321) 62
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4Q25 RESULTS 15 TABLE 6 | STATEMENT OF FINANCIAL POSITION & FINANCIAL RATIOS (U.S.$ million) 4Q25 3Q25 4Q24 QoQ% YoY% Assets Cash and cash equivalents 448 391 326 15 38 Trade accounts receivable 566 632 670 (10) (16) Inventories 1,304 1,368 1,394 (5) (6) Other current assets 300 343 283 (13) 6 Total current assets 2,619 2,734 2,673 (4) (2) Investment in associates and others 6 6 5 5 16 Property, plant and equipment, net 2,275 2,258 2,285 1 - Goodwill and intangible assets, net 161 167 181 (3) (11) Other non-current assets 435 543 614 (20) (29) Total assets 5,496 5,708 5,759 (4) (5) Liabilities and stockholders’ equity Debt 119 61 81 96 47 Suppliers 1,256 1,339 1,363 (6) (8) Other current liabilities 252 262 301 (4) (16) Total current liabilities 1,627 1,663 1,744 (2) (7) Debt (include debt issuance costs) 1,979 1,973 1,921 - 3 Employees’ benefits 46 48 42 (4) 10 Other long-term benefits 309 332 398 (7) (22) Total liabilities 3,961 4,015 4,106 (1) (4) Total stockholders’ equity 1,535 1,693 1,653 (9) (7) Total liabilities and stockholders’ equity 5,496 5,708 5,759 (4) (5) Net Debt 1,840 1,843 1,884 Net Debt / EBITDA* 4.4 4 2.9 Interest Coverage* 2.6 2.6 3.4 * Times: last 12 months
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4Q25 RESULTS 16 POLYESTER TABLE 7 | REVENUES 4Q25 3Q25 4Q24 QoQ% YoY% 2025 2024 Ch.% Total Revenues Ps. Million 19,300 22,577 24,918 (15) (23) 90,486 99,937 (9) U.S. $ million 1,053 1,211 1,243 (13) (15) 4,697 5,483 (14) Domestic Revenues Ps. Million 4,413 5,190 5,583 (15) (21) 20,673 21,272 (3) U.S. $ million 241 278 278 (13) (13) 1,073 1,162 (8) Foreign Revenues Ps. Million 14,887 17,387 19,335 (14) (23) 69,813 78,664 (11) U.S. $ million 812 932 964 (13) (16) 3,624 4,320 (16) Foreign / Total (%) 77 77 78 77 79 TABLE 8 | OP. INCOME (LOSS) 4Q25 3Q25 4Q24 QoQ% YoY% 2025 2024 Ch.% Operating Income (Loss) Ps. Million (770) (435) (280) (77) (175) (896) 3,312 (127) U.S. $ million (42) (24) (14) (79) (209) (50) 187 (127) TABLE 9 | COMPARABLE EBITDA 4Q25 3Q25 4Q24 QoQ% YoY% 2025 2024 Ch.% Reported EBITDA Ps. Million 237 1,321 1,180 (82) (80) 4,202 7,707 (45) U.S. $ million 13 71 59 (82) (78) 216 426 (49) Adjustments* Ps. Million 519 314 818 65 (37) 959 818 17 U.S. $ million 28 17 41 68 (31) 51 38 35 Comparable EBITDA Ps. Million 757 1,635 1,998 (54) (62) 5,160 8,526 (39) U.S. $ million 41 88 100 (53) (59) 267 464 (42) *Inventory adjustments and non-operating, one-time (gains) losses
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4Q25 RESULTS 17 PLASTICS & CHEMICALS TABLE 10 | REVENUES 4Q25 3Q25 4Q24 QoQ% YoY% 2025 2024 Ch.% Total Revenues Ps. Million 5,447 6,120 7,488 (11) (27) 25,379 29,501 (14) U.S. $ million 297 328 374 (9) (20) 1,316 1,614 (18) Domestic Revenues Ps. Million 3,130 3,473 4,174 (10) (25) 14,642 15,913 (8) U.S. $ million 171 186 208 (8) (18) 759 868 (13) Foreign Revenues Ps. Million 2,318 2,647 3,313 (12) (30) 10,737 13,588 (21) U.S. $ million 127 142 165 (11) (23) 557 746 (25) Foreign / Total (%) 43 43 44 42 46 TABLE 11 | OP. INCOME (LOSS) 4Q25 3Q25 4Q24 QoQ% YoY% 2025 2024 Ch.% Operating Income (Loss) Ps. million 715 567 (546) 26 231 2,705 1,636 65 U.S. $ million 39 30 (27) 28 247 140 96 46 TABLE 12 | COMPARABLE EBITDA 4Q25 3Q25 4Q24 QoQ% YoY% 2025 2024 Ch.% Reported EBITDA Ps. Million 966 793 915 22 5 3,658 3,784 (3) U.S. $ million 53 43 46 24 15 190 207 (8) Adjustments* Ps. Million 41 81 387 (49) (89) 377 325 16 U.S. $ million 2 4 19 (50) (88) 20 15 26 Comparable EBITDA Ps. Million 1,007 874 1,303 15 (23) 4,035 4,109 (2) U.S. $ million 55 47 65 17 (15) 209 223 (6) *Inventory adjustments and non-operating, one-time (gains) losses
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4Q25 RESULTS 18 APPENDIX B – FINANCIAL STATEMENTS ALPEK, S.A.B. DE C.V. and Subsidiaries CONSOLIDATED STATEMENT OF FINANCIAL POSITION (Millions of Mexican pesos) Dec-25 Sep-25 Dec-24 QoQ% YoY% ASSETS CURRENT ASSETS: Cash and cash equivalents 8,043 7,160 6,216 12 29 Restricted cash 7 25 386 (71) (98) Trade accounts receivable 10,174 11,616 13,589 (12) (25) Other accounts and notes receivable 4,106 4,480 4,495 (8) (9) Inventories 23,434 25,152 28,244 (7) (17) Other current assets 1,285 1,823 1,242 (30) 3 Total current assets 47,049 50,256 54,172 (6) (13) NON-CURRENT ASSETS: Investment in associates and others 114 111 111 3 3 Property, plant and equipment, net 40,876 41,502 46,317 (2) (12) Goodwill and intangible assets 2,894 3,068 3,675 (6) (21) Other non-current assets 7,811 9,988 12,442 (22) (37) Total assets 98,744 104,925 116,717 (6) (15) LIABILITIES AND STOCKHOLDERS´ EQUITY CURRENT LIABILITIES: Debt 2,131 1,115 1,636 91 30 Suppliers 22,553 24,622 27,618 (8) (18) Other current liabilities 4,543 4,825 6,096 (6) (25) Total current liabilities 29,227 30,562 35,350 (4) (17) NON-CURRENT LIABILITIES: Debt (includes debt issuance cost) 35,549 36,264 38,934 (2) (9) Deferred income taxes 1,933 1,972 3,075 (2) (37) Other non-current liabilities 3,618 4,129 4,999 (12) (28) Employee benefits 832 884 854 (6) (3) Total liabilities 71,159 73,811 83,212 (4) (14) STOCKHOLDERS’ EQUITY: Controlling interest: Capital stock 5,956 6,002 6,019 (1) (1) Share premium 8,145 8,849 8,908 (8) (9) Contributed capital 14,101 14,851 14,927 (5) (6) Earned surplus 8,751 11,295 13,326 (23) (34) Total controlling interest 22,852 26,146 28,253 (13) (19) Non-controlling interest 4,733 4,968 5,252 (5) (10) Total stockholders’ equity 27,585 31,114 33,505 (11) (18) Total liabilities and stockholders’ equity 98,744 104,925 116,717 (6) (15)
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4Q25 RESULTS 19 ALPEK, S.A.B. DE C.V. and Subsidiaries CONSOLIDATED STATEMENT OF INCOME 4Q25 3Q25 4Q24 QoQ% YoY% 2025 2024 Ch.% (millions of Mexican pesos) Revenues 27,957 31,073 34,863 (10) (20) 126,840 137,409 (8) Domestic 10,694 11,013 12,181 (3) (12) 46,103 45,031 2 Export 17,263 20,060 22,682 (14) (24) 80,737 92,378 (13) Cost of sales (26,897) (28,771) (32,690) 7 18 (118,783) (125,721) 6 Gross profit 1,060 2,302 2,173 (54) (51) 8,057 11,688 (31) Operating expenses and others (1,053) (2,126) (2,907) 50 64 (6,035) (6,518) 7 Operating income (loss) 7 176 (734) (96) 101 2,022 5,170 (61) Financial result, net (792) (704) (1,402) (13) 44 (2,362) (5,920) 60 Equity in income of associates and joint ventures 4 - - - - 4 (44) 109 Income (Loss) before taxes (781) (528) (2,136) (48) 63 (336) (794) 58 Income taxes (647) (145) 627 (349) (203) (1,880) 582 (423) Consolidated net income (loss) (1,428) (673) (1,509) (112) 5 (2,216) (212) (945) Income (loss) attributable to Controlling interest (1,565) (807) (1,601) (94) 2 (2,774) (765) (262) Income (loss) attributable to Non-controlling interest 137 134 92 2 49 558 553 1