ABOUT MARKET RISK Market risk is the potential loss arising from adverse changes in market rates and prices. We have exposure to market risks arising from our day-to-day business activities. These risks are beyond our control and consist, principally, in the possibility that changes in interest rates, exchange rates, or commodity prices will adversely affect the value of our financial assets and liabilities or future cash flows and earnings. In order to mitigate the market risks to which we are exposed, we have used, and we may use, foreign currency, interest rate and commodity derivative instruments, as well as cash and receivables. As of December 31, 2025, the Company held a total notional amount of put options of R$2,526 million (US$482 million), with an average strike price of R$5.24/US$ and notional amount of call options of R$2,526 million (US$323 million), with an average strike price of R$7.82/US$. We assess the potential and consolidated impact of market risks and seek to mitigate those risks following our risk management policy. 209 Table of Contents Our current risk management policy, adopted on March 30, 2017, by our Board of Directors and updated in July, 2019 and in August, 2022 covers cash flow management and liquidity, investment of cash and cash equivalents, funding activities and guarantees, and management of foreign exchange and commodity risks. This policy reflects our conservative financial practices and risk management procedures. Its objective is to manage and anticipate risks by continuously evaluating several key factors, including the overall financial health of our Company, any financial operations we have with related parties, our ratings, counterparty risk and hedging strategy. Additionally, the policy aims to ensure the alignment of the objectives of the financial teams with the overall objectives of Braskem. We do not enter into derivative transactions with speculative purposes. As of December 31, 2025, we had R$6.4 billion (US$1.2 billion) in foreign currency-denominated cash and cash equivalents, including the aggregate amount of R$233 million (US$42.3 million) of Braskem Idesa’s cash and cash equivalents. Interest Rate Risk Our variable interest rate exposure is primarily subject to the variations of the term SOFR rate and, for real-denominated borrowings and short-term cash investments, variations of the CDI rate and IPCA rate. With respect to Brazilian interest rates: · the short-term domestic CDI rate increased to 14.90% per annum as of December 31, 2025, from 12.15% per annum as of December 31, 2024, and 11.65% per annum as of December 31, 2023; and · IPCA recorded in 2025 was 4.26%, decreasing from 4.83% in 2024 and 4.62% in 2023. The table below provides information about our significant interest-rate sensitive instruments: 210 Table of Contents Payment Schedule—Breakdown by Type of Interest Rate As of December 31, 2025 Expected Maturity Date 2026 2027 2028 2029 2030 Thereafter Total Fair Value(1) (in millions of reais, unless otherwise indicated) Liabilities: Loans and financings: Fixed rate, denominated in U.S. dollars 954.1 - 6,453.2 - 8,215.1 23,413.5 39,035.9 15,266.2 Average interest rate 6.7% - 4.5% - 4.5% 7.5% Fixed rate, denominated in Euro - - - - - - - 40.1 Average interest rate - - - - - - Variable rate, denominated in U.S. dollars (SOFR) 6,780.3 1,313.8 435.5 271.1 123.8 61.9 8,986.4 6,460.4 Average interest rate (over SOFR) 2,1% 1,6% 1,4% 1,5% 2,0% 2,0% Bond Idesa fixed rate, denominated in U.S. dollars 397.4 - - 4,954.5 - 6,606.0 11,957.9 6,733.8 Average interest rate 7.3% - - 7.5% - 7.0% Variable rate, denominated in U.S. dollars (Braskem Idesa) 320.9 89.5 1,746.8 523.0 - - 2,680.2 2,080.9 Average interest rate 8.3% 7.8% 7.8% 12.1% - - Fixed rate, denominated in reais 2.5 - - - - - 2.5 1.8 Average interest rate 6.5% - - - - - Variable rate, denominated in reais - - - - - - - - Average interest rate (over TR) - - - - - - Variable rate, denominated in reais 561.0 330.2 - 1,859.7 113.4 226.9 3,091.2 1,592.5 Average interest rate (over CDI) 1,6% 1,3% - 1,7% 2,0% 2,0% Variable rate, denominated in reais 50.7 47.6 751.4 103.7 103.7 60.1 1,117.2 737.2 Average interest rate (over IPCA) 6.0% 6.0% 5.6% 5.8% 5.8% 5.6% Total Loan and financings 9,066.9 1,781.2 9,386.9 7,711.9 8,556.0 30,368.4 66,871.4 32,912.9 Assets: Cash and cash equivalents and other instruments: Fixed rate, denominated in foreign currency 9,073.9 - - - - - 9,073.9 9,073.9 Variable rate, denominated in reais 2,792.7 - - - - - 2,792.7 2,792.7 Total cash and cash equivalents and other investments 11,866.5 - - - - - 11,866.5 11,866.5 (1) represents the net present value of the future cash flows from the obligations converted into reais at fair market value as of December 31, 2025. 211 Table of Contents In the event that the average interest rate applicable to our financial assets and debt in 2026 is one percentage point higher than the average interest rate in 2025, our financial income would increase by R$119 million and our financial expenses would increase by R$669 million. Foreign Currency Exchange Rate Risk Our liabilities with exposure to foreign currency exchange rate risk are mainly U.S. dollar-denominated. To partially offset the risk of a devaluation of the real against the U.S. dollar, we currently maintain liquid assets denominated in U.S. dollars available. Additionally, in order to provide a better representation of the actual exchange rate risk related to future exports, we designated part of our U.S. dollar-denominated liabilities as a hedging instrument, implementing the hedge accounting treatment since May 1, 2013. We borrow in the international markets to support our operations and investments; we have exposure to market risks from changes in foreign exchange rates and interest rates. The table below provides information about our significant foreign currency exposures: Payment Schedule—Breakdown by Currency As of December 31, 2025, Expected Maturity Date 2026 2027 2028 2029 2030 Thereafter Total Fair Value(1) (in millions of reais) Liabilities: Loans, financings and trade payables: Loans and financings denominated in U.S. dollars 8,452.8 1,403.4 8,635.5 5,748.5 8,338.9 30,081.4 62,660.5 47,239.5 Accounts payable denominated in U.S. dollars 1,358.3 - - - - - 1,358.3 1,358.3 Total loans, financings and trade payables 9,811.1 1,403.4 8,635.5 5,748.5 8,338.9 30,081.4 64,018.8 48,562.6 Assets: Cash and cash equivalents and other investments Denominated in foreign currency 9,073.9 - - - - - 9,073.9 9,073.9 Total cash and cash equivalents and other investments 9,073.9 - - - - - 9,073.9 9,073.9 Hedge Accounting: Hedge Accounting designated Exports/Sales - - - - - - - - (1) Represents the net present value of the future cash flows from the obligations converted into reais at fair market value as of December 31, 2025. 212 Table of Contents Our foreign currency exposures give rise to market risks associated with exchange rate movements of the real against the U.S. dollar. Foreign currency-denominated liabilities as of December 31, 2025, consisted primarily of U.S. dollar-denominated debt. Our U.S. dollar-denominated debt, including short-term debt and current portion of long-term debt, was R$61.9 billion (US$11.3 billion) as of December 31, 2025, and $64.2 billion (US$10.4 billion) as of December 31, 2024. This foreign currency exposure is represented by debt in the form of notes, bonds, pre-export finance facilities and working capital loans. Our cash and funds available in U.S. dollars partially protect us against exposure arising from the U.S. dollar-denominated debt. Similarly, revenue from future sales and exports partially offsets this foreign currency exposure for U.S. dollar-denominated debt, and we therefore adopted hedge accounting treatment to provide a better representation of our actual exposure. Since 2016, Braskem has recognized the exchange rate variation, held on “Other Comprehensive Income,” to the income statement, following the future sales and exports designation schedule. In November 2025, Braskem Idesa defaulted on interest due on the bond due in 2029. As a result of the breach of contractual terms under the financing arrangements that supported the hedging relationships, Braskem Idesa discontinued the application of hedge accounting In December 2025, Braskem, reassessed, for accounting purposes, the fulfillment of the “highly probable transactions” criterion required under IFRS 9 for the continuation of its hedge accounting program, which resulted in the prospective discontinuation, as of December 31, 2025, of the hedge accounting related to certain future revenues of Braskem S.A. For more information, see note 18.9 to our audited consolidated financial statements elsewhere in this annual report. In the event that the real depreciated by 10% against the U.S. dollar during 2025 as compared to the real/U.S. dollar exchange rate as of December 31, 2024, our financial expenses indexed to the dollar in 2025 would have increased by R$6.3 billion, and our financial income would have increased by R$934 million. Commodity Prices We do not hedge the exposure to the price of naphtha, our principal raw material. This is, in part, because a portion of our sales are exports payable in foreign currencies and linked to the international market prices of these commodities denominated in U.S. dollars and, in part, because the prices of our polyethylene, polypropylene and PVC products sold in domestic markets generally reflect changes in the international market prices of these products denominated in U.S. dollars, converted into reais. In periods of high volatility in the U.S. dollar price of naphtha or the real/U.S. dollar exchange rate, there is usually a lag between the time that the U.S. dollar price of naphtha increases or the U.S. dollar appreciates and the time that we can effectively pass on the resulting increased cost in reais to our customers in Brazil. Accordingly, if the U.S. dollar price of naphtha increases precipitously or the real devalues precipitously against the U.S. dollar in the future, we may not immediately be able to pass on all of the corresponding increases in our naphtha costs to our customers in Brazil, which could materially adversely affect our results of operations and financial condition. See “Item 3. D Risk Factors—Risks Relating to Us and the Petrochemical Industry.”