ALPEK, S.A.B. de C.V.

Q3 performance: strong profitability, volume resilient, guidance raised - Comparable EBITDA: $276m, -18% QoQ, but ~+100% YoY (vs. same quarter last year). - Reported EBITDA: $303m (+161% YoY) including a $27m inventory adjustment tied to higher raw material prices. - Volume: 1.17m tons, flat QoQ and +4% YoY (demand + execution). - Leverage: improved to 1.8x (from 2.2x), driven mainly by higher LTM EBITDA. - Positive sector dynamics cited: PET resin Asia shortages/reduced operating rates and higher ocean freight making regional supply more competitive.

Cash flow & balance sheet: working capital drag in the quarter, but leverage trending better - Operating free cash flow (OFCF): $5m in Q3 (weak vs EBITDA). - Main headwind: net working capital investment of $226m (unit prices/pricing environment—especially paraxylene at multi-year highs). - CapEx: $46m total, incl. $30m strategic CapEx. - Net debt: up 3% to $1.72bn in Q3, mainly from working capital build. - YTD: $222m OFCF and net debt -$123m year-to-date; company expects continued net debt reduction in Q4 via cash generation + disciplined capital allocation + debt prepayments.

Full-year 2026 guidance raised (key outlook assumptions + targets) - Company raised full-year comparable EBITDA guidance to $990m (based on updated market assumptions). - Assumptions for remaining 2026: - Chinese PET reference margins: $225/ton - PP reference margins: $0.17/lb - Ocean freight to South America: $100/ton (vs. much higher levels recently) - Cash/deleveraging guidance unchanged: - Operating free cash flow: $300m–$350m for 2026 - Net debt reduction by year-end: $200m–$250m - Important: guidance does not include upside from non-strategic asset sales.