Unipar Carbocloro SA
BOVESPA:UNIP6
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Unipar Carbocloro SA
BOVESPA:UNIP6
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Unipar Carbocloro SA
Unipar Carbocloro SA engages in the the production of chlorine and derivatives. The company is headquartered in Sao Paulo, Sao Paulo and currently employs 1,400 full-time employees. Through its investment in the entity Carbocloro SA Industrias Quimicas, the Company is involved in the production of liquid chlorine, hydrochloric acid, ethylene dichloride, sodium hypochlorite, caustic soda liquid and in flakes. Additionally, the Company is engaged in the manufacture of wind turbine blades and turnkey ventilation systems, through its affiliated company Tecsis Tecnologia e Sistemas Avancados SA. The company operates through Solvay Indupa.
Unipar Carbocloro SA engages in the the production of chlorine and derivatives. The company is headquartered in Sao Paulo, Sao Paulo and currently employs 1,400 full-time employees. Through its investment in the entity Carbocloro SA Industrias Quimicas, the Company is involved in the production of liquid chlorine, hydrochloric acid, ethylene dichloride, sodium hypochlorite, caustic soda liquid and in flakes. Additionally, the Company is engaged in the manufacture of wind turbine blades and turnkey ventilation systems, through its affiliated company Tecsis Tecnologia e Sistemas Avancados SA. The company operates through Solvay Indupa.
EBITDA: Recurring adjusted EBITDA for 2025 was BRL 1.109 billion, up 16% YoY, with a 22% margin; adjusted EBITDA including nonrecurring items reached BRL 1.166 billion (23% margin).
Q4 weakness: Q4 recurring EBITDA was BRL 182 million (16% margin), down 32% vs Q3, driven by a 5% drop in caustic soda prices and 10% drop in PVC prices plus seasonality; Q4 adjusted EBITDA was BRL 143 million (12% margin) after BRL 39 million of nonrecurring expenses.
Cash & leverage: Operating cash flow for 2025 was BRL 1.248 billion; year-end cash was BRL 1.078 billion, leverage closed at 2.2x with 26 months of debt coverage and average debt maturity of 73 months (90% of debt maturing from 2029 onward).
CapEx cycle completed: Company completed its largest CapEx cycle (CapEx in 2025 BRL 1.1 billion / overall CapEx exceeding BRL 1 billion), modernized Cubatão (phase-out of mercury electrolysis) and ramped Santo André and Camaçari to full capacity.
Costs & efficiency: Fixed costs (COGS fixed portion + G&A) were reduced by BRL 67 million (5% YoY); COGS rose 4% YoY but fell 6% QoQ in Q4; Cubatão modernization is expected to cut energy consumption by ~18% for the plant.
Energy & sustainability: Self-produced renewable energy reached 60% on average in 2025 and 68% in Q4; the company says it already has technical conditions to reach 80% self-produced energy in Brazil without new investment.
Commercial mix: Record sales of sodium hypochlorite and liquid caustic soda; strategic focus on chlorinated products to offset volatility in petrochemical cycle and imported PVC headwinds.
Dividends policy: Minimum distribution is 20% of net income; amounts above 25% will be evaluated against leverage — management intends to reduce leverage but gave no concrete dividend guidance.
