Braskem's second quarter arrived with a Middle East–driven spread shock flowing straight through to petrochemicals pricing, and the operating response was sharp: consolidated Recurring EBITDA of US$1.0 billion (R$5.25 billion), up roughly US$852 million from a first quarter that was nearly flat - and a 24.5% consolidated gross margin, compared with 2.0% a year ago. On the back of that swing, Braskem reported net income of R$3.32 billion (US$664 million) for Q2 2026 and R$4.57 billion (US$910 million) for the first half, against a R$242 million net result in the year-ago half. The quarter is a clean demonstration that Braskem's assets can print real money when the international spread window opens.
The operating print, however, is now arriving inside the company's own emergency injunctive relief in Brazil, a parallel Chapter 15 in the United States, a Fitch downgrade to C and an S&P downgrade to D, a US$10.3 billion corporate gross debt, a US$9.5 billion adjusted net debt, a 6.74x leverage ratio, and a consolidated balance sheet that is in negative equity by R$13.1 billion. A R$10.5 billion year-end cash position had fallen to R$3.9 billion by June 30, and 1H 2026 operating cash flow was a R$4.22 billion use - even after the EBITDA swing - as working capital, Alagoas disbursements, interest paid, and a series of trade-finance reclassifications absorbed the cash. Braskem Idesa is in its own restructuring, with missed coupon payments on its 2029 and 2032 senior secured notes. Braskem bonds trade between roughly 14% and 41% of par.
The question this quarter is whether the spread tailwind is a window the company can use to reset the capital structure, or whether the second-half normalization that management already flagged will leave the restructuring stranded at a worse point than it started. The data signal the next four months will show: how much cash is on the balance sheet when the emergency injunctive relief expires in late August, and whether the indicative, non-binding creditor proposals converge on a consensual Restructuring plan before the Chapter 15 proceedings harden.