Good morning, and thank you for holding. Welcome to Braskem's First Quarter of 2026 Results Conference Call. With us here today, we have Mr. Roberto Ramos, Braskem's CEO; Mr. Felipe Montoro Jens, Braskem's CFO; and Ms. Rosana Avolio, Director of Investor Relations, Strategic Planning and Corporate Market Intelligence. Please note that today's event is being recorded. The presentation will be delivered in Portuguese with simultaneous interpreting into English. In Zoom, participants may select their preferred audio language and view using the interpretation and view options buttons respectively. Options are also available using the show captions buttons. Following Braskem's remarks, we will open the call for questions. Questions should be submitted through the Q&A button. I will now repeat the same instruction. The presentation will be held in Portuguese and simultaneously interpreted into English. You may select your preferred audio language and presentation view using the interpretation and view options buttons. You may also switch between languages using a button in the same menu. Following the remarks, we will open the call for questions. Please submit them using the Q&A button. Please remember that you may send questions to Braskem to be answered after the call as well. Before we proceed, I'd like to note that any forward-looking statements made during this conference call regarding Braskem's business outlook, projections and operating or financial targets are based on the beliefs and assumptions of the company's management as well as on information currently available to Braskem. Forward-looking statements are not guarantees of performance. They involve risks, uncertainties and assumptions as they relate to future events and therefore, depend on circumstances that may or may not occur. Investors and analysts should understand that general economic conditions, industry conditions and other operating factors may affect Braskem's future results and could cause actual results to differ materially from those expressed or implied in these forward-looking statements. I will now turn the call over to Ms. Rosana Avolio, Director of Investor Relations, Strategic Planning and Corporate Market Intelligence. Ms. Avolio, please go ahead.
Good morning, ladies and gentlemen. Thank you for joining Braskem's earnings conference call for the first quarter of 2026. Following the agenda on Slide #3, we will start with the company's main highlights for the period, beginning on Slide #4. In the first quarter of 2026, operations at Braskem's petrochemical complexes in Brazil delivered a utilization rate 10 percentage points higher than in the last quarter of 2025. In relation to the United States and Europe segment, the utilization rate was higher by 8 percentage points. And in the Mexico segment, the utilization rate was lower by 30 percentage points, impacted by the feedstock supply and Braskem Idesa's liquidity needs. Regarding safety, a nonnegotiable value for the company, the average global frequency rate of accidents in the period was 0.18 events per 1 million hours worked, the best rate in the first quarter results in the last 10 years. In the quarter, the company reported consolidated recurring EBITDA of USD 192 million, up by 76% compared to the fourth quarter of 2025. Regarding operating cash flow, the company presented an operating cash consumption of approximately USD 603 million in the period. Regarding indebtedness, the average maturity was approximately 7 years with 61% of the corporate debt maturing as of 2030. Braskem's cash position ended the first quarter of 2026 at USD 1.1 billion, considering the standby facility maturing in December 2026. Finally, it's worth highlighting Braskem's return to ISE B3, the Corporate Sustainability Index, integrating the 2026 portfolio. The return to the ISE is a recognition of the company's efforts and initiatives on sustainability topics. Now moving on to the next slide. The performance of each segment of the company will be presented below, starting with Brazil on Slide #6. The petrochemical plants in the Brazil segment had a higher average utilization rate when compared to the fourth quarter of 2025 by 10 percentage points, mainly explained by the normalization of operations at the petrochemical plant in Bahia after the scheduled maintenance shutdown started in the fourth quarter of 2025 and concluded in January 2026. In addition, results were impacted by inventory buildup ahead of the scheduled maintenance shutdown at the Rio Grande do Sul petrochemical plant, which started in March and ended in April 2026. In addition, the higher feedstock supply to the São Paulo petrochemical complex during the period also contributed to the increase in the utilization rate in the quarter. Regarding sales, the volume of sales of resins in the Brazilian market was 5% higher compared to the previous quarter, impacted by higher sales of polyethylene and PVC, reflecting the beginning of the conflict in the Middle East. Chemical sales volume also increased by 5%, mainly due to higher product availability with highlights including higher sales of gasoline, toluene and benzene. Regarding results, the segment's recurring EBITDA was USD 241 million, an increase of 69% versus the previous quarter. This was mainly driven by the segment's higher contribution margin, explained by the PIS/COFINS credit on feedstock purchases totaling USD 32 million, which had a positive impact on the segment's COGS. On the other hand, the appreciation of the average real against the average dollar by 3% in the period negatively impacted recurring EBITDA by about USD 10 million. Moving on to the next slide. In the first quarter of 2026, the green ethylene utilization rate was 3 percentage points lower when compared to the last quarter of 2025. During the period, sales of green polyethylene were impacted by the lower demand due to the Chinese New Year. I would like to highlight that in early April, Braskem announced that it will be the first chemical company to receive the Selo Verde Brasil certification. The Selo Verde is a program of the Ministry of Development, Industry, Trade and Services designed to recognize products and services aligned with rigorous sustainability criteria based on a specific standard for renewable polymers in line with the Brazilian Association of Technical Standards. With this advancement, products in Braskem's green bio-based portfolio are positioned to become the first to receive the Selo Verde Brazil Silver certification, which is expected to be concluded in the second half of this year. Now let's move on to the next slide. In the quarter, the utilization rate of the United States and Europe segment was 8 percentage points higher when compared to the fourth quarter of 2025, mainly due to the normalization of the plants after maintenance shutdowns in Europe and the increase in production in the United States. In this context, sales volume in the quarter was 3% higher, mainly explained by the higher sales volume in the United States due to the geopolitical environment. The segment reported recurring EBITDA of USD 21 million, driven by the increase in the polypropylene spread in the United States and Europe and by the allocation of part of the chemical expenses previously recorded in the U.S. and Europe segment to the Brazil segment to better reflect the commercial efforts in each region. Now let's move on to the next slide. In Mexico, the polyethylene plant utilization rate was 55%, 30 percentage points lower than in the previous quarter, explained by the lower average imported ethane through the terminal of 13,800 barrels per day compared to the 29,400 barrels per day in the fourth quarter of 2025, in line with Braskem Idesa's need for liquidity. Also contributing to the lower utilization rate was the lower supply of ethane by PEMEX in the quarter of 14,800 barrels per day compared to 16,900 barrels per day in the fourth quarter of 2025. Polyethylene sales were lower by 37%, impacted by the lower availability of product for sale due to the lower utilization rate. The segment reported negative recurring EBITDA of USD 15 million, mainly impacted by lower sales volume due to lower product availability for sale associated with the lower utilization rate in the period and by the decrease in other revenues, partially offset by a positive impact in SG&A due to the ethane resale operation recorded in the fourth quarter of 2025. Moving on to the next slide. In the next section, I will present the company's consolidated performance. The consolidated recurring EBITDA in the first quarter of 2026 was USD 192 million, 76% higher when compared to the previous quarter. This increase in relation to the last quarter is mainly explained by the increase of 16% in the average international spreads of resins in the Brazil segment, by the positive impact of USD 32 million related to PIS/COFINS credits on the acquisition of raw materials in the Brazil segment, by the 6% increase in the international spread of polypropylene in the United States and Europe segment and by the increase in polypropylene sales volume in the United States and Europe segment. Additionally, the reduction of approximately USD 30 million or BRL 180 million in other recurring expenses related to environmental provisions, fines, terminations, indemnities and plant maintenance expenses recorded in the Brazil and South America segment in the fourth quarter of 2025 had a positive impact on the consolidated recurring EBITDA in the period. These effects were partially offset by higher idle costs and the scheduled shutdown impacts across all reportable segments of approximately USD 41 million and by the 3% appreciation of the average Brazilian real against the average U.S. dollar during the period. Now let's move on to the next slide. By the end of March 2026, work streams in Maceió continued to progress as planned. The relocation and compensation front ended the quarter with 99.9% execution of the resident relocation program. The same percentage applies to the number of proposals submitted under the financial compensation and relocation support program with approximately 99.6% of the proposals being accepted and 99.6% being paid. In parallel, the execution of the closure and monitoring of the sold caverns remains under implementation. On this front, all actions are provisioned, if necessary, to ensure that the 35 caverns reach a maintenance-free state in the long term. At the end of the first quarter of 2026, 6 caverns were naturally filled, 6 were completed, 4 with their technical limit filled, 6 caverns were being sold and 2 were in the preparation phase. Thus, in relation to the financial provision, the total provision for the Alagoas event at the end of March 2026 was about BRL 18.1 billion, of which about BRL 14.4 billion have already been disbursed and approximately BRL 1.2 billion have been reclassified to other obligations to be paid. As a result, the total balance provisioned by the end of the first quarter of 2026 was BRL 3.4 billion. Now let's move on to the next slide. The company reported an operating cash consumption of BRL 3.2 billion, mainly due to the negative change in working capital explained by the reduction in the availability of certain payment arrangements with financial institutions and suppliers and by the replenishment of inventories following the optimization carried out during the fourth quarter of 2025. The recurring cash consumption was impacted by interest payments on debt securities issued in the international market, which occur in the first and third quarters of any year. Finally, including Alagoas disbursements, the company reported a cash consumption of approximately BRL 5.0 billion in the period. Now let's move on to the next slide. By the end of the first quarter of 2026, Braskem's adjusted net debt, excluding Braskem Idesa, was USD 8.5 billion. The weighted average cost of debt was foreign exchange variation plus 6.34% and the corporate leverage at the end of the first quarter was 16.81x. Finally, the available cash of USD 1.1 billion includes the withdrawal made in October of the standby line in the amount of USD 1 billion. Moving on to the next slide. In the next slide, I will comment on the petrochemical scenario. On Slide 16, we provide an update on the global petrochemical scenario, focusing on the risks associated with the geopolitical environment. Since our last call with investors, the geopolitical environment has remained uncertain. On February 28, the United States and Israel launched attacks against Iran. In retaliation, Iran closed the Strait of Hormuz, impacting global energy and petrochemical markets. The closure of the Strait represents one of the biggest disruptions to global energy supply. Brent has accumulated so far an increase of more than 50% since the beginning of the war at the end of February with an estimated daily production deficit of 15 million barrels, only offset by oil exports via alternative routes and increased production in other regions. Naphtha has followed the volatility of oil, putting pressure on the cost of the global petrochemical chain. The prices of chemical and petrochemical products in the international market have increased significantly due to the direct impact of the increase in the price of naphtha. The disruption in international logistics brought changes in global flows, partially reflecting on import parities and prices in the Brazilian market. I emphasize that although negotiations between the United States and Iran are ongoing, the outcome remains uncertain, and the company will continue to monitor these developments continuously. I also reinforce that the impacts presented on this slide represent hypotheses and may or may not materialize depending on the evolution of the geopolitical scenario and possible logistical constraints such as those in the Strait of Hormuz. Now let's move on to the next slide. Regarding petrochemical spreads, according to external consultancies, a material improvement trajectory is expected throughout the second quarter of 2026 in the company's three segments, driven by the global supply shock resulting from the conflict. From the third quarter of 2026, spreads tend to follow a normalization path in line with expectations of lower feedstock costs and greater supply availability. This dynamic is also in line with expectations for the year 2026 as a whole, although relevant uncertainties remain regarding the duration and potential resolution of the conflict. It's important to note that the projections above incorporate the hypothesis that the conflict will end during May. An eventual extension of the conflict beyond this horizon could further impact spreads in the short term as well as increase risks to global demand growth and feedstock costs. Now let's move on to the next slide. Finally, I will comment on the company's priorities for the year 2026. Next slide. I would like to highlight the company's main priorities for 2026, aligned with Braskem's strategic direction, considering the global petrochemical industry scenario and the preservation of business sustainability. As a first priority, we will continue the reorganization of the company's capital structure with the objective of creating necessary conditions to ensure the business continuity across petrochemical cycles. We will also continue with the implementation of the resilience plan with a focus on preserving the company's financial liquidity through strict control of costs and discipline in capital allocation. As a third priority, we have initiatives under the transformation plan to strengthen the company's competitiveness. In the context of sustainability, the company will also continue exploring opportunities to expand its portfolio of products with sustainable attributes. Additionally, we will maintain our commitment to full compliance with the agreements related to the geological event in Alagoas. Finally, safety, a perpetual and nonnegotiable value for the company, continues to guide operations so that they can be safe and reliable in line with the best practices of the global industry. Thus, we conclude the presentation of Braskem's results for the first quarter of 2026. Thank you very much for your attention. We will now start the Q&A session.
I will now turn the floor over to the company for their remarks.
Thank you very much. Good morning, everyone. As a guidance, I'm going to take the questions beginning from Vicente speaking from Bradesco. He asks us about the gross indebtedness. He asks, with this indebtedness above USD 9 billion, what would the company consider as sustainable? So Felipe will answer this. Thank you, Vicente, for the question.
Good morning, everyone. Thanks again for joining us for this earnings conference. This question is, of course, strongly linked to the two metrics that compose leverage: net debt and EBITDA. As you know, this company's EBITDA has been updated constantly due to the events occurring in the Middle East, which has raised spreads. This is not marginal when it comes to the positive economic impacts on improving the company's EBITDA. That being said, what the company always holds is that in low cycles—that means when the EBITDA is lower than the company's generation ability—the company aims or accepts a leverage that is roughly around 4.5x. And in high cycles, this leverage can be reduced to 3x or 2.5x. So we are looking not just at the gross indebtedness level, but also at cash generation ability and EBITDA, which makes that indebtedness sustainable in the medium and long term, resulting in the leverage levels that I've just mentioned.
Thank you, Felipe. Now moving on. There are a number of questions we received also about the indebtedness and potential alternatives that are being considered by the company. Technical support are included in the question. So I'll turn over to Felipe for him to provide updates on how this process goes in relation to the reorganization of the capital structure. Over to you.
Excellent. Thanks once again for the question. I'll answer in two parts. First is liquidity. As you've been seeing in our presentations and relevant facts, the company has been employing significant efforts to improve and maintain its working capital over the past two quarters, which has been kept at a level that allows the company to keep its operating abilities and functions while also keeping our cash and working capital at good levels. As I said, this scenario starts really inflecting starting in March, so Q1, as we've confirmed now in April and May. All of this has, of course, economic impacts on the company. Now in a broader sense, when we talk about restructuring Braskem's capital structure, I need to make it very clear that at the present moment, there is nothing that is off the table nor is there anything that has been defined with governance bodies and entities. Everything pertains to discussions that occur. These are ongoing discussions, and we have kept all of you apprised since the second half of last year. The company has been updating all of our stakeholders. It's important to note that, yes, some very important marks have occurred with regard to shifts in the company's controlling stakeholders as it pertains to Petrobras and an MOU and other documents signed with Novonor and IG4. This has also been announced to the market vis-à-vis a potential new shareholder agreement. Now, no shares have been transferred yet, but this is under discussion. This has also already produced important changes to the company's Board. There are members appointed by Petrobras that now occupy positions on Braskem's Board, starting with the President, Magda, who is now the President of Braskem's Administrative Board, and also discussions with members of IG4 who participate and interact with the company already in the sense of better understanding the company's dynamics and also respecting the fact that they have not, at the present time, assumed any responsibilities because they are not, at the moment, shareholders of the company. So they are firmly aware that this capital restructuring is an ongoing project as we've been discussing. Of course, they also contribute to discussions, of course. And that pertains both to creditors in the capital market and our financial creditors who are the object of these discussions and the potential restructuring of the company's finance while keeping its financial creditors and operating vendors and suppliers and strategic vendors also intact.
Thank you, Felipe. I'm going to ask a question from Alejandra. Considering the cash position at the end of the first quarter of about USD 1 billion, how is the company managing its operations for the second quarter of 2026? Inventory reductions suggest this or is the company working with operation rates lower than those that were posted for this first quarter? I'm going to start answering the question, and then Felipe and Roberto can add. Thank you, Alejandra, for the question. First, speaking of the cash position of USD 1 billion, I'm going to explain why we posted that drop. If you observe any first quarter of the company, there is a natural movement of inventory formation so that the company can start serving especially the Brazilian market, which is our main priority when I talk about Brazil operations and supply. We usually increase stock levels at the beginning of the year because we see a beginning of demand recovery along the first quarter. So this is why we usually increase stock levels. You saw the consumption of about BRL 1 billion. Another main impact was the reduction of exposures that we have with suppliers and the financial institutions of about BRL 1 billion. And the third impact was on the receivables account because of lower sales of the previous quarter. We have 35 days to receive the accounts. So this was the impact that we felt in the first quarter. In relation to the second quarter, there was a material change in the external scenario that had been supporting the spread in the international market for the industry and for Braskem. Braskem has local suppliers in Brazil and also suppliers outside Brazil by means of agreements. So we have important collateral arrangements and availability of stock, which allows us to capture the spreads that we have been observing. From the cash viewpoint, the biggest short-term challenge is cash management when we see the turnover of receivables and payables. We have been making weekly decisions. Whenever there is a material change in the scenario, the company meets weekly to make decisions especially in relation to production and sales, which is the heart of the company. So far, we made a decision to keep the operation similar to what we've been doing so far so that we can capture the advantages. In relation to cash flow, the challenge I just mentioned has been managed by the commercial team to reduce accounts receivable, and we have been successful so far. Of course, the difficulty is to maintain this for the months to come. The company has been talking to the main suppliers of feedstock so that we can increase credit limits and also expand payment terms. Alejandra, this is how we have been managing: in a very cautious way because the scenario is very uncertain, and it brings opportunities to the industry and to Braskem. But we have to be cautious and keep preserving the liquidity of the company. Moving on to the next question: In relation to the spread increase that was observed in March, was it already captured in the first quarter versus what you expect for the second quarter? What's the current expectation for the average spreads for the next quarter, considering the continuation of the conflict? How do you see the short-term scenario and the structure of the sector after the war? In relation to the first quarter of 2026, and we wanted to have everything very transparent in the earnings release, we did not see a material impact when we observe the average spread of January, February and March. In March we saw a significant increase in feedstock and petrochemical product prices. We did not see a lot of impact yet because our commercial pricing policy is done on a monthly basis. So months had a lot of planning. March was a month when we were preparing and defining our strategy in order to capture the highest possible value without hurting the liquidity of the company. So the impact of those spreads will be seen progressively, and we included the view from external consulting firms in our analysis, not only our view. Consulting firms have the expectation that chemical spreads will increase. In the presentation, we mentioned historical levels of spreads and used a mid-cycle reference. Based on consulting firms, we considered an increase of about 30% in chemical spreads in Brazil in the coming quarter and an increase in resin spreads of about 20% according to those consultants. We see the same movement in other regions where the company operates. We are confident for the second quarter, but very cautious, as I said, with preservation of liquidity. Regarding the short and long term, we have been working with scenarios. The conflict in the Middle East may have impacts that are difficult to benchmark historically. Consulting firms' base case considers the conflict might end in around three months; normalization would then take several months. If the conflict lasts longer than six months, we could see an impact on global demand growth which could hurt spreads in the long term. Roberto?
Good morning, everyone. I'd just like to add that it's hard to make a firm assessment, but we are working to see what exactly is the extent of the damage caused to crackers and polyethylene and polypropylene plants in the conflict region, and also to the gas production fields. The major change that has been occurring in the industry is the progressive move from naphtha to ethane as a feedstock, made possible because there were major ethane producers in the region, notably Qatar. Qatar and Iran share the largest gas field in the planet. In Qatar, this is called the North Field. Qatar produces large volumes of LNG and ethane and has been a major supplier of ethane, including for China. This field has been affected by the conflict. As you know, Iran and Qatar share this geological structure and the conflict has impacted it. We now need to reassess these fields because the situation may have changed. For context, when U.S. gas export tariffs were in place, China reduced purchases from the U.S. and increased purchases from Qatar and Russia. Recent diplomatic developments may lead China to resume more purchases from the U.S., which suggests that part of Qatar's export capacity may currently be constrained. If facilities are damaged, repairs can take a long time—for example, replacing a compressor can take about two years to source and install. So we may see greater stress when it comes to obtaining feedstocks and many companies could end up short on feedstock. This in turn would translate into higher prices because if feedstock availability is reduced, nominal spreads will need to remain at a high level, whether the feedstock is naphtha or ethane. I believe this could be a multi-year effect until full replenishment of production capacity in the region.
Thank you, Roberto. Moving on, Rodrigo with BTG asks the following: I would like to discuss the working capital of the company, especially in light of the higher prices of feedstock in Brazil and the financing restrictions. It would be important to understand if the increase in feedstock prices has been fully reported in the balance of the first quarter of 2026 or, because of delays in pricing, will we have higher expenses with feedstock in 2026. If I'm not mistaken, the third quarter is the best demand period. How can we think about the replenishment of inventory in the next months, especially in a moment when imported resins may be losing competitiveness in the local market? I'm going to start answering the question and then Roberto can complement.
Rodrigo, I'd just like to add that if you want to imagine a proxy between reduced oil demand and reduced naphtha and consequently resin demand, the International Energy Agency yesterday revised their oil demand forecast down by 400,000 barrels and reduced the same forecast by 200,000 barrels. That's something between 0.2% and 0.4% of daily oil use. I believe it's still a moderate impact. For me, this is based on assuming that a conflict will begin resolving starting at the end of May. The question everyone is asking—and no one has the exact answer to—is how much longer this region will remain in a state of conflict. The fact that there is no ongoing bombing currently, but the Strait of Hormuz is still closed, makes the risk level remain very high. As a result, you don't have guaranteed feedstock provisions coming from there. It's not just naphtha and gas; Iran is also a major producer of sulfur, benzene, and butadiene. These are products produced at those refineries, which today face export constraints. So yes, there will be lower supply and potentially lower demand; it's difficult to estimate exactly. If you want a proxy with oil, something between 0.2% and 0.4% is a reference, but we will see how the situation evolves.
Thank you, Roberto. There are some questions related to working capital. I have already addressed that topic, but I'm going to turn over to Felipe for him to talk about the initiatives to mitigate potential working capital consumption based on what has been explained before. In other words, what are the main measures being implemented to mitigate the effect of the conflict on the cash flow of the company?
Thank you, Rosana. The broader explanation has been given. Rosana mentioned the economic and inventories and sales aspects, but looking at the more micro and operational aspects, we have been engaging in operations focusing on receivables financing to anticipate future receivables through programs with financial institutions. We are also in negotiation and have completed some negotiations already with important suppliers that will allow working capital to improve via extended payment terms. As we mentioned recently, this will allow us to capitalize on the company's economic condition. We've also been pursuing a program, in practice since last year, to monetize what we call nonliquid assets—contingent and future assets of the company that do have economic value but are difficult to immediately realize. We keep an economic arrangement that can provide an earn-out for Braskem while allowing us to use these assets to obtain immediate liquidity. Some of these transactions have been completed and others are in the final implementation phase.
Thank you, Felipe. Moving on, I have a question by Raul. This is his question: If the company had higher liquidity, would the utilization rate of the petrochemical assets in general be higher as well?
Undoubtedly, the answer is yes. The challenge we have today is how to raise funds that will allow us to increase utilization percentage. Currently utilization is around 70%, but we could work at 90% plus because the market demands resins and part of the resin production capacity is currently reduced, whether that's because of the conflict zone or because of lack of feedstocks. Our process of trying to handle this is convincing all stakeholders—that includes shareholders and resource providers—that if we have greater access to working capital, we will have more EBITDA and, in turn, more cash. It's an immediate payback during the calendar year itself. I understand that the market perceives risk. But having access to feedstocks—essentially, we consume naphtha from the U.S. or African markets, i.e., from outside the epicenter of the conflict—we do have access to feedstocks, but it could be higher. The demand level for resins both in the Brazilian market and internationally is significant. This is also true for our operations in Mexico where we are working at a very low load. We could materially increase utilization there. Our challenge is access to resources that will allow us to purchase feedstocks and sustain the working capital delta for the required number of days. We are doing the math on how much Braskem gets in sales per month and what a 15-day investment in our working capital would yield. That's our challenge: increasing operational capacity through better access to working capital.
Thank you, Roberto. I'm going to ask a question that came up a couple of times from some analysts and investors. You related to the standby facility. Remember that we used it at the end of last year in the amount of USD 1 billion. So the question is related to the renegotiation of the standby which will mature at the end of the year. Felipe?
Yes, this is a relevant liability for the company in 2026 as we have published in our statements and our conference call. Without any doubt, the renegotiation of the standby is part of the entire context of the capital restructure. It is not being discussed in isolation because since last year we've been evaluating a proposal to restructure the company's capital in a broad way in order to stabilize the company and its finances. We do not want to reorganize any one specific financial covenant or agreement in isolation. What we're talking about is a comprehensive restructuring that will aim to satisfy all stakeholders, including financial creditors and shareholders. This is a central discussion and is at the core of every conversation we have with our financial stakeholders and shareholders. We intend to execute this without breakage to the company.
In relation to EBITDA level, this question is from Regis with XP. Could you comment on the possible level of EBITDA considering the current spread level? In the past 10 years, the high-cycle equivalent would come to about USD 2.4 billion. Does it make sense to think that in the second quarter we could have a recurring level considering inventory levels are lower? Thank you, Regis, for your question. Speaking of expectations from consultancy firms for the second quarter of 2026 and comparing with the historical average of spreads from 2017 to 2025 (almost 10 years, excluding outliers such as 2021), consultancies indicate a potential average spread for the second quarter that could be close to roughly USD 800 per ton, while the historical average in that period is about USD 470 per ton. If spreads remain at those elevated levels—and considering the conflict continuation assumptions used by consultancies—we could see EBITDA potential comparable to a high-cycle moment like 2017. For reference, in the first quarter of 2017 when spreads were at similar high levels, reported EBITDA was nearly USD 1 billion. Of course, contexts and volumes differ, so this is a reference using spread as the indicator. There is potential for significant operational value creation, but that must be balanced with the challenges we mentioned on this call regarding liquidity and the need to secure working capital to capture that potential across the second quarter of 2026.
Ladies and gentlemen, we now conclude the question-and-answer session as well as Braskem's earnings conference call. We thank you all for joining us. Have a great day.