SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13A-16
OR 15D-16 OF THE SECURITIES EXCHANGE ACT OF 1934

For the month of August, 2021

(Commission File No. 1-14862 )

BRASKEM S.A.

(Exact Name as Specified in its Charter)

N/A

(Translation of registrant's name into English)

Rua Eteno, 1561, Polo Petroquimico de Camacari
Camacari, Bahia - CEP 42810-000 Brazil

(Address of principal executive offices)

Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.

Form 20-F ___X___       Form 40-F ______

Indicate by check mark if the registrant is submitting the Form 6-K
in paper as permitted by Regulation S-T Rule 101(b)(1). _____

Indicate by check mark if the registrant is submitting the Form 6-K
in paper as permitted by Regulation S-T Rule 101(b)(7). _____

Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.

Yes ______       No ___X___

If "Yes" is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): 82- _____.

FORWARD-LOOKING STATEMENTS

This Earnings Release may contain forward-looking statements. These statements are not historical facts, but are based on the current view and estimates of the Company's management regarding future economic and other circumstances, industry conditions, financial performance and results, including any potential or projected impact from the geological event in Alagoas and related legal procedures and from COVID on the Company's business, financial condition and operating results. The words “foresee”, “believe”, “estimate”, “expect”, “plan” and other similar expressions, when referring to the Company, are used to identify forward-looking statements. Statements related to the possible outcome of legal and administrative proceedings, implementation of operational and financing strategies and investment plans, guidance on future operations, as well as factors or trends that affect the financial condition, liquidity or operating results of the Company are examples of forward-looking statements. Such statements reflect the current views of the Company's management and are subject to various risks and uncertainties, many of which are beyond the Company’s control. There is no guarantee that the events, trends or expected results will actually occur. The statements are based on various assumptions and factors, including general economic and market conditions, industry conditions and operating factors. Any change in these assumptions or factors, including the projected impact from the geological event in Alagoas and related legal procedures and the unprecedented impact from COVID on businesses, employees, service providers, shareholders, investors and other stakeholders of the Company could cause actual results to differ significantly from current expectations. For a comprehensive description of the risks and other factors that could impact any forward-looking statements in this document, especially the factors discussed in the sections, see the reports filed with the Brazilian Securities and Exchange Commission (CVM).

Braskem reports recurring Operating Result in 2Q21 of US$1,776 million, up 40% on 1Q21

Corporate leverage reaches 1.10x at the end of the second quarter of 2021

¹ Based on net income (loss) attributable to the shareholders of the Company.

² For the class “B” preferred shares, the amount is R$0.61 per share.

³ Excludes the Project Finance in Mexico and based on recurring Operating Result.

ESG

BRAZIL

UNITED STATES & EUROPE

⁴ Year-to-date through June 30, 2021.

⁵ The industry average is 3.25 per million hours worked, according to the American Chemistry Council. The most recent data refers to 2018.

MEXICO

⁶ (US PE Price – naphtha ARA price)*82%+(US PE Price – 50% U.S. ethane price – 50% US propane price)*18%.

a) Resin demand in the Brazilian market (PE, PP and PVC): weaker compared to 1Q21 (-7%), mainly due to the normalization of demand in some sectors, such as construction, packaging, consumer goods and others, but remained at healthy levels. In relation to the prior-year quarter, demand increased (+34%) due to the economic slowdown in 2Q20 influenced by COVID.

b) Average utilization rate of petrochemical crackers: reduction in relation to 1Q21 (-6 p.p.), mainly due to the scheduled general maintenance shutdown carried out over 63 days at the petrochemical complex in ABC, São Paulo. Compared to 2Q20, the utilization rate increased (+6 p.p.) given the normalization of operations after the need to temporarily reduce production at the petrochemical crackers in Brazil in 2Q20 due to weaker demand and the destocking trend in the petrochemical and plastics production chains caused by COVID.

⁷ PP Asia Price – Naphtha ARA price.

⁸ The PVC Par spread better reflects the profitability of the Vinyls business, which is more profitable compared to the temporary/non-integrated business model of 2019/20, under which the Company imported EDC and caustic soda to keep serving its clients. Its calculation is PVC Asia Price - (0.23*3*naphtha ARA price) - (EDC USA price*0.832).

⁹ Average price of main base chemicals (Ethylene (20%), Butadiene (10%), Propylene (10%), Cumene (5%), Benzene (20%), Paraxylene (5%), Gasoline (25%) and Toluene (5%), according to the capacity mix of Braskem’s industrial units in Brazil) - Naphtha ARA price.

c) Resin sales volume: in the Brazilian market, decreased compared to 1Q21 (-17%), explained by: (i) the normalization of demand in the region, but remaining at healthy levels; and (ii) the reduction in market share mainly due to the scheduled general maintenance shutdown of the petrochemical complex in ABC, São Paulo and the increase in imports volume. Compared to 2Q20, sales volume increased (+10%), mainly due to the normalization of demand in the Brazilian market, which in 2Q20 was affected by the economic slowdown caused by COVID.

Export volume increased in relation to 1Q21 (+4%), mainly due to the higher volume of PE available for sale in the international market, given the weaker demand and lower sales volume in the domestic market. Compared to 2Q20, export volume decreased (-46%), explained by the lower volume of resins available for export due to the normalization of demand in the Brazilian market, which in 2Q20 was affected by the economic slowdown caused by COVID.

d) Main chemicals sales volume: in the Brazilian market, sales volume decreased in relation to 1Q21 (-10%), due to the lower product availability. Compared to 2Q20, sales volume in the Brazilian market increased (+51%), reflecting the higher product availability and stronger demand.

Export volumes increased in relation to 1Q21 (+18%), explained by higher export volumes of benzene due to opportunities in the external market. Compared to 2Q20, exports volume decreased (-37%), due to lower availability explained by the greater allocation of sales in the domestic market.

Average PVC utilization rate: considering the plants in Alagoas and Bahia, the capacity utilization rate stood at 71%, lower than in 1Q21 (-2 p.p.), mainly due to the scheduled maintenance shutdown at the PVC plant in Alagoas, which started on June 13 and lasted around four weeks.

PVC sales volume: PVC sales in the Brazilian market amounted to 106 ktons, lower than in 1Q21 (-19%), due to weaker demand for the product in the country. Compared to 2Q20, the increase (+8%) is explained by the economic slowdown in 2Q20 due to COVID. The Company imported 37 kt of caustic soda in 2Q21, 5 kt less than in 1Q21.

To restart its chlor-alkali operations, the Company completed the implementation of a project to outsource sea salt for use as feedstock in the chlor-alkali plants in Alagoas. The estimated cost of the project is approximately R$68 million, of which R$64.9 million already had been invested as of 2Q21. In February 2021, after concluding the commissioning process in accordance with the applicable safety standards, the Company announced the resumption of production of chlor-alkali and dichloroethane.

In 2Q21, the volume of caustic soda production was approximately 53 kt, accounting for 47% of the capacity utilization rate, considering the plant’s full capacity. The restarting of operations was planned in phases, initially with two production cell groups, with the start of the third cell group expected during the fourth quarter of 2021.

Based on its assessment and on that of its external legal advisors and considering the short- and long-term effects of the technical studies, the existing information and the best estimate of the expenses with implementing the various measures related to the geological event in Alagoas, on June 30, 2021, the Company recorded a provision of R$7,669 million, R$4,470 million of which under current liabilities and R$3,199 million under non-current liabilities. On December 31, 2020, the provision was R$9,176 million, with R$4,350 million under current liabilities and R$4,826 million under non-current liabilities.

The following table shows the changes in the provision in the period:

The amounts included in the provision can be divided into the following action fronts:

For this action front, a provision was accrued in the amount of R$4,178 million (R$4,154 million net of the adjustment to fair value), which comprises expenses related to the relocation actions, such as relocation allowance, rent allowance, household goods transportation and negotiation of individual agreements for compensation of the residents and third parties affected.

The Company’s actions are based on technical studies conducted by outsourced specialists, with the recommendations presented to the competent authorities. The Company is implementing the actions approved by the ANM.

The plans to close wells have a certain level of uncertainty, given that they may be updated until the cavities reach stabilization. Continuous monitoring is essential for confirming the results of the current recommendations. In addition, the conclusion of the studies to confirm the natural filling of certain cavities and the assessment of the future behavior of the cavities to be monitored using sonar could indicate the need for certain additional measures to stabilize them.

The total provision for implementing the measures planned for the 35 wells is R$1,393 million (R$1,383 million net of adjustment to fair value). The amount was calculated based on existing techniques and the solutions planned for the current conditions of the wells, including expenses with technical studies and monitoring the wells. The amount of the provision may be changed in the future, in accordance with the results of the monitoring of the wells, the progress on implementing the plans to close wells, the monitoring of the ongoing measures and other possible natural alterations.

Definition of the measures required for recovering areas potentially impacted by the geological phenomenon depends on a more concrete diagnosis of the area’s situation and further discussion between the Company and the competent authorities (including the ANM).

The Company’s provisions are based on current estimates and assumptions and may be updated in the future due to new facts and circumstances, including: timing changes; extension and form of execution; effectiveness of action plans, and the conclusion of current and future studies that indicate the recommendations of experts and other new developments on the topic.

Braskem continues to face and could still face various lawsuits filed by individuals or legal entities not included in the PCF or that disagree with the individual proposal of the agreement, as well as potential claims by public utility concessionaires.

The measures related to the mine closure plans are subject to the analysis and approval by the ANM, monitoring of the results of the measures under implementation as well as changes related to the dynamic nature of geological events.

The actions to repair, mitigate or offset potential environmental impacts and damages, as provided for in the Socio-environmental Reparation Agreement, to be financed by Braskem, will be defined after conclusion of the Environmental Diagnosis by a specialized and independent company. At this time, it is impossible to predict the outcome of these Environmental Diagnosis studies or their potential implications for additional disbursements to the costs already provisioned for by the Company.

Furthermore, the Socio-Environmental Reparation Agreement envisages the potential adherence by other parties, including the Municipal Government of Maceió. To this end, the Company has been conducting additional analyzes and is currently being negotiated with the Municipal Government of Maceió. To date, the Company is unable to predict the results and the deadline to the conclusion of any discussions or any of their associated costs.

Therefore, Braskem cannot eliminate the possibility of future developments related to the topic or related expenses, and the costs to be incurred by it may differ from its estimates.

The Company is negotiating with its insurers the coverage of its insurance policies. The payment of compensation will depend on a technical assessment of the insurance coverage under these policies, acknowledging the complexity of the matter. As such, no payment of compensation was recognized in the quarterly information of the Company.

For more information, see note 24 (“Geological event - Alagoas”) of the Consolidated Financial Statements of June 30, 2021.

As of July 2021, around 13,800 properties had been vacated in the areas specified in the Agreement to Compensate Residents, representing 96% of the families. Regarding the bank account specifically for funding the Financial Compensation and Support for Relocation Program (“PCF”), in the amount of R$1.7 billion, approximately R$1.3 billion already had been disbursed as of end-July. The expenses include mainly financial aid for relocation, rent allowance, compensation for pain and suffering, damages and attorney fees.

In addition, in connection with the Agreement for Compensation of Residents, the Company and the DPE, MPF, MPE and DPU agreed to the transfer of R$1 billion to Braskem’s bank account specifically for funding the PCF, in 10 monthly installments of R$100 million each, starting in January 2021, being held around the 15^th of each month.

A) NET REVENUE: increases in Brazilian real (+9%) and U.S. dollar (+13%) compared to 1Q21, explained by the higher prices for PE, PVC and main chemicals in the international market.

Compared to 2Q20, the increases in Brazilian real (+124%) and U.S. dollar (+127%) are explained by the higher price for resins and main chemicals in the international market and by the higher sales volume of main chemicals.

Sales by sector (%)

Sales by region (% in tons)

B) COST OF GOODS SOLD (COGS): increases in Brazilian real (+4%) and U.S. dollar (+7%) compared to 1Q21, explained mainly by the higher prices for the main feedstocks (naphtha and ethane) in the international market, influenced by the higher prices for oil and natural gas.

Compared to 2Q20, the increases in Brazilian real (+63%) and U.S. dollar (+66%) are mainly explained by the higher prices for the main petrochemical feedstocks (naphtha, ethane and propane) in the international market, influenced primarily by the higher prices for oil and natural gas and by the higher sales volume of main chemicals.

In the quarter, COGS was affected by the PIS/COFINS tax credit on feedstock purchases (REIQ) in the amount of approximately US$66 million (R$350 million) and by the Reintegra tax credit in the amount of approximately US$0.5 million (R$2.9 million).

On July 15, the President of the Republic sanctioned the proposed text by the National Congress in the Conversion Law Project n^o 12/2021, arising from the approved modifications of Provisional Measure 1,034/2021, that provides for a gradual reduction in Special Regime for the Chemical Industry (REIQ) over four years, with it extinguished as of January 1, 2025, being it converted into Federal Law 14,183/2021. The gradual reduction of REIQ will be as the table below:

C) SG&A Expenses: in U.S. dollar, increases compared to 1Q21 (+10%) and 2Q20 (+4%), mainly due to the higher expenses with third parties.

D) RECURRING OPERATING RESULT: accounted for 62% of the Company’s recurring consolidated Operating Result.

a) Demand for PP: in the United States, demand for PP increased in relation to 1Q21 (+16%), due to the recovery in industrial operations after the impacts from Winter Storm Uri on the region and the gradual relaxation of physical distancing measures related to COVID. Compared to 2Q20, the increase (+27%) is explained by the economic slowdown in that quarter due to COVID.

In Europe, the reduction in relation to 1Q21 (-9%) is explained by weaker demand from the automotive industry due to the shortage in electronic chips used to make vehicles and by the expectations of a normalization in international PP prices in the region as of the second semester. Compared to 2Q20, the increase (+4%) is explained by the economic slowdown in that quarter due to COVID.

¹⁰ U.S. PP – U.S. propylene price

¹¹ EU PP – EU propylene price

b) Average utilization rate of PP plants: in the United States, the utilization rate increased in relation to 1Q21 (+20 p.p.), reflecting the normalization of production after the impacts from Winter Storm Uri on the U.S. Gulf Coast in 1Q21. Compared to 2Q20, the rate increased (+8 p.p.) given the normalization of operations after the need to reduce temporarily production at the PP plants in the United States in 2Q20, due to weaker demand and the destocking trend in the petrochemical and plastics production chains caused by COVID.

In Europe, the utilization rate increased in relation to 1Q21 (+3 p.p.) explained by the inventory rebuilding effect and meeting demand in the region. Compared to 2Q20, the utilization rate increased (+14 p.p.), reflecting the normalization of operations after the weaker demand from the automotive industry in the region in 2Q20 caused by COVID.

c) PP sales volume: in the United States, the increase in relation to 1Q21 (+14%) is explained by the higher product availability in the period. Compared to 2Q20, the increase (+26%) is mainly due to the expansion in production capacity after the commercial startup of the new PP plant (Delta) in the region in September 2020.

In Europe, sales volume remained practically in line with 1Q21 (-1%). Compared to 2Q20, the increase (+14%) is due to the higher product availability in the period.

A) NET REVENUE: increases in Brazilian real (21%) and in U.S. dollar (26%) compared to 1Q21 and increases in Brazilian real (179%) and in U.S. dollar (184%) compared to 2Q20, explained by the higher PP price in the United States and Europe and by the higher PP sales volume in the United States.

B) COST OF GOODS SOLD (COGS): increases in U.S. dollar (+16%) and Brazilian real (+11%) compared to 1Q21, due to: (i) the higher sales volume in the United States; and (ii) the higher propylene price in Europe.

In relation to 2Q20, the increases in U.S. dollar (+116%) and Brazilian real (+112%) are explained by: (i) the higher propylene price in the United States and Europe; and (ii) the higher sales volume in the United States and Europe.

C) SG&A Expenses: in U.S. dollar, in line with 1Q21 (+2%). Compared to 2Q20, expenses increased (+17%), mainly due to the higher expenses with logistics and storage and with selling.

D) RECURRING OPERATING RESULT: accounted for 27% of the Company’s recurring consolidated Operating Result.

a) PE demand in the Mexican market: increase in relation to 1Q21 (+5%) due to the recovery in economic activity in the region, which affected primarily demand from the packaging industry. In relation to the prior-year quarter, demand increased (+13%), reflecting the economic slowdown in 2Q20 influenced by COVID.

¹² U.S. PE – U.S. ethane price

b) Average utilization rate of PE plants: the utilization rate was in line compared to 1Q21, explained by the lower imported ethane supply for production as consequence of the non-scheduled shutdown in May at the petrochemical complex in Mexico due to a specific instability in power electricity supply at Braskem Idesa, despite the increase in ethane supply by Pemex in the period. Compared to 2Q20, the utilization rate decreased (-23 p.p.), explained by lower ethane supply by Pemex and imported ethane due to a specific instability in power electricity supply at Braskem Idesa and the impact of the process of returning to operations after winter storm Uri.

To complement the supply of ethane by Pemex, Braskem Idesa continued importing ethane from the United States. Currently, Fast Track’s expected capacity in Mexico is approximately 20,000 barrels of ethane per day, and in June 2021 the Company imported 16,500 barrels of ethane per day on average, which represents around 83% of Fast Track’s current capacity. In 2Q21, Braskem Idesa imported 8,800 barrels of ethane per day on average, impacted by the unscheduled shutdown in May due to a specific instability in power supply to Braskem Idesa. Moreover, the Company keeps working in the conclusion of capacity expansion of Fast Track 2.0 to 26,000 barrels of ethane per day in the United States which should be concluded during 3Q21.

c) PE sales volume: increased in relation to 1Q21 (+15%) due to the limited product availability for sale in the previous quarter after the interruption of natural gas supply at the end of 2020 and after the impacts from winter storm Uri on the U.S. Gulf Coast. Compared to 2Q20, sales volume decreased (-32%) due to the higher product availability in the prior-year quarter.

A) NET REVENUE: increases in Brazilian real (+45%) and U.S. dollar (+51%) compared to 1Q21 due to the higher PE price in the international market and the higher sales volume in the period.

Compared to 2Q20, the increases in Brazilian real (+76%) and U.S. dollar (+79%) are explained by the higher PE price in the international market.

Sales by sector (%)

Sales by region (% in tons)

B) COST OF GOODS SOLD (COGS): increases in Brazilian real (+13%) and U.S. dollar (+17%) compared to 1Q21 due to the higher sales volume and the higher ethane price in the international market.

Compared to 2Q20, the increases in Brazilian real (+3%) and U.S. dollar (+4%) are explained by the higher cost of production inputs due to an increase in ethane and natural gas prices in the international market, besides the higher volume of imported ethane in the period.

C) SG&A Expenses: in U.S. dollar, increase in relation to 1Q21 (+4%), mainly due to the effect of Mexican Pesos appreciation against U.S. dollar in expenses with salary. Compared to 2Q20, the increase (+18%) was due to higher expenses with salary, with third parties and with profit sharing.

D) RECURRING OPERATING RESULT: accounted for 11% of the Company’s consolidated recurring Operating Result.

In light of the allegations of undue payments related to the Ethylene XXI project, which were originally published in the media in Mexico and were included in the testimony by the former CEO of PEMEX to the Office of the Attorney General of Mexico (“Allegations”), Braskem S.A., together with Braskem Idesa, in compliance with the standards established by Braskem's Global Compliance System Policy and Braskem Idesa's governance guidelines, approved the hiring of a U.S. law firm with proven experience in similar cases to conduct an independent internal investigation of the Allegations (“Investigation”).

The Investigation is ongoing and the Company is, at the moment, unable to estimate the scheduled date of its conclusion or its outcome and/or possible impacts, if any, on its quarterly information, and it has not identified, to date, matters that could affect or require disclosure in the quarterly information. If the Investigation finds evidence to support any of the Allegations, such findings could affect the Company's business, reputation, financial condition, controls and operating results, as well as the liquidity and price of the securities issued by it.

B) CONSOLIDATED COGS

C) OTHER NET REVENUE (EXPENSES)

In 2Q21, the Company registered revenue of R$656 million, mainly due to: (i) the effect from the recognition of PIS/COFINS tax credits in the amount of R$473 million; (ii) the effect of R$68 million from other tax credits; and (iii) the reversal of the provision for payment of damages in Alagoas in the amount of R$72 million. Compared to 2Q20, the increase is explained basically by the effect from the recognition of the PIS/COFINS tax credit in 2Q21.

In 2Q21, the Company registered an expense of R$298 million. The increase in expenses in relation to 1Q21 is mainly explained by the expenses with the scheduled general maintenance shutdown at the plants in ABC, São Paulo. Compared to 2Q20, the reduction is explained by the accounting provision for the expenses associated with the geological event in Alagoas in 2Q20.

D) RECURRING OPERATING RESULT¹³

In 2Q21, the Company’s recurring Operating Result was US$1,776 million, 40% higher than 1Q21, mainly due to: (i) better international spreads for PE, PVC and main chemicals in Brazil, for PP in the United States and Europe and for PE in Mexico; and (ii) higher sales volumes of PP in the United States and PE in Mexico. Compared to the same quarter last year, recurring Operating Result in U.S. dollar increased 530%, due to: (i) better international spreads for main chemicals in Brazil and resins in all regions; and (ii) higher sales volume of resins and main chemicals in Brazil and PP in the United States and Europe. In Brazilian real, recurring Operating Result was R$9,400 million, 35% and 522% higher than in 1Q21 and 2Q20, respectively, due to the appreciation of Brazilian real against U.S. dollar.

E) NET FINANCIAL RESULT

BRASKEM (ex-BRASKEM IDESA)

Financial expenses: decrease compared to 1Q21 (-22%) due to (i) the reduction in the balance of gross debt with the prepayments concluded in the period; (ii) the reduction in expenses with derivatives; and (iii) the impact of the appreciation of the Brazilian real against U.S. dollar on interest expenses. Compared to 2Q20, the increase (+12%) is explained by the amortization of transaction costs related to the prepayments concluded in the period.

¹³ Braskem’s consolidated result is equal to the sum of the results of Brazil, United States, Europe and Mexico minus the eliminations of revenues and costs related to product transfers between these regions.

Financial revenue: decrease compared to 1Q21 (-42%) due to (i) the lower recognition of interest on tax assets related to PIS and COFINS debts calculated in excess in previous years and (ii) the impact of lower income from derivatives related to feedstock operations. Compared to 2Q20, the increase (+130%) is explained by the higher recognition of interest on tax related to PIS and COFINS debts calculated in excess in previous years.

Net exchange variation: compared to 1Q21 and 2Q20, the increase is mainly explained by the appreciation in the Brazilian real against the U.S. dollar on the net exposure in the amount of US$3,170 million

Transactions in financial instruments designated as hedge accounting

In the quarter, the Company: registered US$186 million (R$646 million) in exports from a designated flow. The initial designation rate was US$1/R$2.0017, while the average realization rate was US$1/R$5.4739.

The balance of financial instruments designated for hedge accounting ended 2Q21 at US$5.3 billion.

Long-Term Currency Hedge Program:

Braskem’s feedstock and products have their prices denominated or strongly influenced by international commodity prices, which are usually denominated in U.S. dollars. Starting in 2016, Braskem contracted derivative instruments to mitigate part of the exposure of its cash flow denominated in Brazilian real. The main purpose of the program is to mitigate U.S. dollar call and put option agreements, protecting estimated flows for a 24-month period.

On June 30, 2021, Braskem had a notional value of outstanding put options of US$2.17 billion, at an average exercise price of R$/US$4.59. At the same time, the Company also had a notional value of outstanding call options of US$1.5 billion, at an average exercise price of R$/US$6.5. The contracted operations have a maximum term of 24 months. The mark-to-market (fair value) adjustment of these Zero Cost Collar (“ZCC”) operations was positive R$76 million at the end of the quarter.

As a result of the depreciation of the Brazilian real in relation to the U.S. dollar during the program, the Company exercised part the calls of the ZCC program. The effect on cash flow for 2Q21 was R$35 million.

BRASKEM IDESA

Financial expenses: down compared to 1Q21 (-3%) and 2Q20 (-7%) explained by the impact from the lower interest linked to the Project Finance structure and to the bond issued by Braskem Idesa in late 2019 due to the reduction in the debt balance and Brazilian real appreciation against the U.S. dollar. This reduction was partially offset by the higher expenses with derivative instruments associated with the interest rate swap operations under the Project Finance.

Financial income: reduction in relation to 1Q21 (-72%), due to the lower income from derivative related to the interest rate swap operation linked to the Project Finance, which was partially offset by the increase in the profitability of Braskem Idesa's financial investments. Compared to 2Q20, the increase is explained by the higher income from derivative related to the interest rate swap operation linked to the Project Finance.

Net exchange variation: increases compared to 1Q21 and 2Q20, due to the appreciation in the Mexican peso against the U.S. dollar on the outstanding balance of the loan of Braskem Idesa in the amount of US$2,387 million.

F) FREE CASH FLOW

Free cash flow generation in 2Q21 was R$1,554 million, explained mainly by: (i) the strong recurring Operating Result in the quarter; and (ii) the monetization of PIS/COFINS credits in the approximate amount of R$656 million. These positive impacts were mainly offset by: (i) the negative variation in working capital, mainly due to the supplier management, the higher sales prices for resins and main chemicals in the international market, and the inventory rebuilding; and (ii) the increase in IR/CSLL due to the higher recurring Operating Result.

G) LIQUIDITY & CAPITAL RESOURCES

BRASKEM (ex-BRASKEM IDESA)

On June 30, 2021, the average debt term was around 14 years, with approximately 50% of maturities concentrated after 2030. The weighted average cost of the Company’s debt was exchange variation plus 5.2%.

The liquidity position of US$3,274 million is sufficient to cover the payment of all liabilities coming due in the next 78 months, considering the international rotating credit facility of US$1 billion available through 2023.

In the quarter, given its strong cash position and to reduce its gross debt, the Company concluded several operations totaling US$643 million, highlighting: (i) the offer to repurchase bonds coming due in 2023 and 2041, in the aggregate of US$243 million; (ii) prepayment of Commercial Notes of R$508 million (US$103 million); (iii) prepayment of Export Credit Note of R$400 million (US$81 million); and (iv) prepayment of Export Prepayments of US$100 million.

Additionally, in July, the Company fully redeemed the 2022 bonds in the amount of US$255 million and concluded the prepayment of the bank loan in the amount of US$110 million. After these payments, the average debt term turned to around 15 years, with 53% of maturities concentrated after 2030. The weighted average cost of the Company’s debt was exchange variation plus 5.2%.

BRASKEM IDESA

On June 30, 2021, the average debt term was around 5 years, with 40% of maturities in 2029 onwards. The weighted average cost of the Company’s debt was exchange variation plus 5.4%.

Braskem Idesa has guarantees typical to Project Finance structures: debt service reserve account and contingent equity commitment. At the close of June 2021, such guarantees corresponded to US$194 million and US$208 million, respectively.

H) INVESTMENTS & VALUE CREATION

The Company’s investment plans for 2021 are as follows: (i) US$667 million for operating investments; (ii) US$97 million for strategic investments; and (iii) US$34 million for operating investments at Braskem Idesa.

Operating Investments 2Q21: the main operating investments were in: (i) the scheduled general maintenance shutdown at the plants in ABC, São Paulo; (ii) the continued ramp-up in activities at the chlor-alkali plant in Maceió; (iii) the scheduled maintenance shutdown at the PVC plant in Maceió; and (iv) the preparations for the scheduled maintenance shutdown at the PVC plant in Bahia.

Strategic Investments 2Q21: expenditures were allocated to the following projects: (i) modernization of the electrical system of the petrochemical complex in ABC; (ii) construction of a recycling line for high-quality post-consumer resin in Brazil; and (iii) expansion of biopolymer capacity at the Triunfo Petrochemical Complex.

VALUE CREATION

Transform For Value Program

During the first half of 2021, the Transform for Value (TFV) Program continued to make progress in mapping new opportunities and in its implementation of the initiatives already mapped, ending the half-year with initiatives with the potential to capture US$147 million/year¹⁴.

As already mentioned, the program focuses on improvement initiatives with gains expected by end-2023, and which are organized by in stages to facilitate the management and communication of each initiative’s progress, according to the following concepts:

The program’s global scope encompasses not only the actions of the Transformation Office, but also those of the Digital Center, Energy projects, Continuous Industrial Improvement initiatives and CAPEX projects involving Competitiveness & Productivity (C&P).

Today, in addition to the US$147 million/year in stages 4 and 5 mentioned above, Braskem envisages a set of improvement initiatives in stages 1, 2 and 3 that could generate over US$293 million/year, bringing the total to approximately US$440 million/year¹⁵ by 2023. The company’s previous estimate called for recurring gains of around US$340 million/year by 2023, but a new set of initiatives effectively increased the potential of our pipeline.

Some of the initiatives coordinated by the program already have resulted in significant improvements that have streamlined both corporate processes and industrial operations.

One highlight is the Redesign of Forecast-to-Stock and Order-to-Cash, which involve two of the company’s most important macro-processes. Forecast-to-Stock (FTS) covers aspects ranging from forecasting demand and production and sales planning to the supply of products in inventory. Meanwhile, Order-to-Cash (OTC) starts with the receipt of orders from clients and goes on to include order management, order delivery and ultimately payment collections.

The project simplifies processes by reviewing and implementing a fluid and integrated routine from end to end. The effort makes processes smarter, more flexible and responsive and provides total visibility and efficient communication among the various areas. Efforts also are made to ensure engagement by the various planning levels and to increase the visibility of order status in order to consequently increase client satisfaction and maximize Braskem's profitability.

The project’s main positive impacts to date include:

¹⁴ Considering only initiatives in stage 4 (Run-Rate), when measurements of gains could vary as actions advance, and in stage 5 (Concluded), after stabilization and/or the internal audit.

¹⁵ Considering initiatives in all 5 stages, in accordance with the maturity monitoring methodology for initiatives established under the Transform for Value Program.

For Forecast-to-Stock:

For Order-to-Cash:

The project started in the South America operations where, when fully implemented, the gains should reach US$20-50 million/year¹⁷. The regional teams already have been in the solutions implementation phase since April and, by the end of June 2021, the project was producing gains of around US$18 million/year, which leaves us confident in reaching the upper limit of the projected gains. In July 2021, we expanded the project to our North America, Europe and Asia operations, where initial estimates indicate gains on par with those of the South America operations.

Another highlight is the initiative related to the opportunities identified in the industrial maintenance. The purpose is to address the gaps identified based on international benchmarks in both maintenance costs and the mechanical availability of some of our key industrial assets. The actions were consolidated under a project called Reliability Journey, which currently includes six industrial assets in Brazil and already is planning expansions to other assets in North America.

Reliability Journeys are medium/long-term projects, since they consider the routine maintenance, investment cycles and general maintenance shutdown of such assets.

By their nature, they are action plans that should last up to five years, with multidisciplinary initiatives that involve the production, maintenance and process engineering teams, as well as the senior leadership of each of the industrial complexes involved in the program.

Progress on the actions must generate gains through the following levers:

Planning for the Reliability Journeys began in late 2020, and initial estimates point to gains of approximately US$38 million/year⁴ by 2023, considering the six assets currently covered by the program. Currently, the teams already are implementing actions at all assets, and the focus is advancing in the work plans. During 2022, we should be able to see the results of the initial actions in increasing mechanical availability and consequently be able to measure gains.

¹⁶ Off-spec refers to products that do not comply with the specifications required for sale as a 100% defect-free product.

¹⁷ Expectation of capture when the initiatives reach stage 5 (Concluded), after stabilization and/or internal audit, in accordance with the maturity monitoring methodology for the initiatives established by the Transform for Value Program.

Capacity Expansion & Energy Efficiency Projects

Project to expand biopolymers production capacity in the Triunfo Petrochemical Complex in Rio Grande do Sul

Expansion of current green ethylene production capacity from 200 kta to 260 kta using feedstock made from sugarcane ethanol that is used to make “I’m Green^TM” resins, with startup expected for the end of 2022 and investments estimated at US$61 million. The project is aligned with the Company’ goals of reducing its greenhouse gas emissions by 15% by 2030 and of reaching carbon neutrality by 2050, while also reinforcing its position as the global leader in biopolymers production. As of 2Q21, the Company had disbursed US$2.1 million, representing 7.2% completion of the investment.

Project to produce high-quality recycled resin

In partnership with Valoren, a company specializing in developing and operating technologies for transforming solid waste, Braskem will invest R$67 million in the construction of a recycling line with capacity to transform some 250 million pieces of packaging into 14 tons of high-quality, post-consumer resin per year. The project will be installed in Indaiatuba, in the interior of São Paulo state, and is expected to start operations in the fourth quarter of 2021. As of 2Q21, the Company had disbursed R$19.1 million, representing 38% completion of the investment.

Energy efficiency project for ABC Petrochemical Complex

In partnership with the German-based company Siemens, the Company is modernizing its ABC petrochemical complex in São Paulo. With total estimated investment of R$600 million, considering the disbursements from Braskem and Siemens, the project includes replacing the steam turbines that currently meet the needs of the complex with high-speed electrical engines developed with state-of-the-art and high-performance technology.

As of 2Q21, the project had reached completion of approximately 97%. The startup of the new systems is expected for the second quarter of 2021 with the resumption of operations in ABC after the general maintenance shutdown. With the resumption of operations, the commissioning of energy cogeneration will start, which falls under the scope of Siemens, Braskem’s partner in this project, with startup slated for the second half of 2021. The project will provide operational efficiency in terms of energy, water and other materials consumption, reducing costs as a consequence.

¹⁸ Incident with loss of containment of products above the limits established in the American Petroleum Institute (API) 754 for TIER 1, based on the product released, or any release that causes: fatality or lost-time injury of an employee or third party, hospital damages or fatality of the external public, financial losses greater than US$100,000, or evacuation of the community.

¹⁹ Incident with loss of containment of products above the limits established in the American Petroleum Institute (API) 754 for TIER 2, based on the product released, or any release that causes: reportable injury of own employee or third party and financial loss greater than US$2,500.

Recycled Sales (I’m green Recycled)

²⁰ The recycled chemicals are not considered under the brand I’m green^TM.

Green PE Sales (I’m green Biobased)

Note that in June, green ethylene production set another monthly record and, for the first time, a quarterly production record.

ECO-INDICATORS²¹

In the year to date, the ecoefficiency indicators of Braskem’s plants were mainly affected by the higher production volume resulting from the restarting of the chlor-alkali plant in Alagoas state and the startup of the new PP plant in the United States, as well as higher production of the crackers in Bahia and Rio Grande do Sul. The solid waste generation indicator increased (11%), mainly due to the scheduled shutdown at the petrochemical complex in ABC, which involves cleaning and maintaining equipment operations that increase solid waste generation. The water and energy consumption indicators decreased 5% and 7%, respectively, mainly due to the better operating performance of the units in Bahia and Rio Grande do Sul.

²¹ The data can be revised depending on internal updates.

²² Women's Empowerment Principles

On June 30, 2021, Braskem’s stock was quoted at R$59.55 (BRKM5) and US$23.84 (BAK). The Company’s shares are listed on the Level 1 corporate governance segment of the B3 – Brasil, Bolsa e Balcão and on the New York Stock Exchange (NYSE) through Level 2 American Depositary Receipts (ADRs). Each Braskem ADR (BAK) corresponds to two class “A” preferred shares issued by the Company.

In May, the risk rating agency Fitch Ratings upgraded Braskem’s outlook to positive and reaffirmed its risk rating on the global scale of BB+. Furthermore, in July, the risk rating agency Moody’s upgraded Braskem’s outlook to stable and reaffirmed its risk rating on the global scale of Ba1. The upgrades in outlook reflect the Company’s permanent commitment to maintaining its liquidity position and cost discipline to reduce its corporate leverage and regain its investment grade rating.

Since its last earnings release, the risk-rating agency Standard & Poor’s (S&P) has kept its rating for Braskem on the global scale at BB+, with a stable outlook.

Braskem reiterates that it maintains a solid cash position and debt maturity profile concentrated in the long term. Furthermore, in line with its continuous commitment to its financial health and to regaining its investment grade rating, Braskem continued to reduce its corporate leverage, measured as the ratio of net debt to recurring Operating Result in U.S. dollar, which ended 2Q21 at 1.10x, down 39% in relation to 1Q21 (1.80x).

BRAZIL

Growth in total resin sales volume (internal and external markets), given the expectation on the normalization of the operation at the petrochemical center in ABC, São Paulo after the scheduled general maintenance shutdown in 2Q21. The Company also will continue to implement the strategy of prioritizing sales to the Brazilian and South American markets.

In relation to petrochemical spreads, based on the forecasts of international external consultants, the expectation is for PE-Naphtha spreads to remain at levels above the industry’s upcycles, due to the delay in the normalization of inventories in the US after supply interruptions, reducing the availability of supply in the region, and given the expectation of continued solid demand, with local distributors and resellers rebuilding inventories to prepare for hurricane season in the US region. Furthermore, the expectation is for a narrowing of PP and PVC spreads in relation to 2Q21, due to the lower demand caused by the advancement of COVID variants in India and Southeast Asia.

UNITED STATES & EUROPE

In the United States, the expectation is for PP sales volume to remain at current levels, given the stability in product supply after the normalization of PP production in the country in 2Q21.

In addition, based on forecasts by international external consultants, PP-Propylene spreads in the United States should remain healthier in 3Q21, supported by continued solid demand and the expected impact on the supply caused by the hurricane season in the region.

Regarding the Company’s business in Europe, sales volume should remain in line with 2Q21, due to the stability in product supply, but with lower Europe PP-Propylene spreads, due to the end of period of scheduled shutdowns at producers in the region and higher imports from Asia.

MEXICO

In the Mexico business, the expectation is for higher PE sales volume due to the expected increase in product supply with the higher supply of ethane from the United States (Fast Track).

In relation to spreads, based on the forecasts of external consultants, the expectation is for U.S. PE-Ethane spreads to remain stable in 3Q21, mainly due to the continued solid demand, with local distributors and resellers rebuilding inventories to prepare for hurricane season in the US region.

LIST OF ANNEXES:

ANNEX I

Consolidated Income Statement

ANNEX II

Consolidated Recurring Operating Result Calculation

ANNEX III

Consolidated Balance Sheet

ANNEX IV

Consolidated Cash Flow

ANNEX V

Braskem Idesa Income Statement

ANNEX VI

Braskem Idesa Balance Sheet

ANNEX VII

Braskem Idesa Cash Flow

SIGNATURES

        Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Date: August 4, 2021

DISCLAIMER ON FORWARD-LOOKING STATEMENTS

This report on Form 6-K may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are statements that are not historical facts, and are based on our management’s current view and estimates of future economic and other circumstances, industry conditions, company performance and financial results, including any potential or projected impact of the geological event in Alagoas and related legal proceedings and of COVID-19 on our business, financial condition and operating results. The words “anticipates,” “believes,” “estimates,” “expects,” “plans” and similar expressions, as they relate to the company, are intended to identify forward-looking statements. Statements regarding the potential outcome of legal and administrative proceedings, the implementation of principal operating and financing strategies and capital expenditure plans, the direction of future operations and the factors or trends affecting our financial condition, liquidity or results of operations are examples of forward-looking statements. Such statements reflect the current views of our management and are subject to a number of risks and uncertainties, many of which are outside of the our control. There is no guarantee that the expected events, trends or results will actually occur. The statements are based on many assumptions and factors, including general economic and market conditions, industry conditions, and operating factors. Any changes in such assumptions or factors, including the projected impact of the geological event in Alagoas and related legal proceedings and the unprecedented impact of COVID-19 pandemic on our business, employees, service providers, stockholders, investors and other stakeholders, could cause actual results to differ materially from current expectations. Please refer to our annual report on Form 20-F for the year ended December 31, 2019 filed with the SEC, as well as any subsequent filings made by us pursuant to the Exchange Act, each of which is available on the SEC’s website (www.sec.gov), for a full discussion of the risks and other factors that may impact any forward-looking statements in this presentation.