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Investor Presentation August 2026 BRENNTAG
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1. Investment Highlights 2. Chemical Distribution Business Model and Industry Dynamics 3. Strategic Priorities and Divisional Framework 4. Sustainability 5. Financials Q2 2026 6. Outlook Investor Presentation 1 1 1
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Investment Highlights 1
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Global leader with superior offering in attractive markets Unparalleled product portfolio, application know - how and innovation capabilities Unique distribution network, combining global reach with last mile ownership Trusted partner to suppliers and customers Resilient and reliable growth with ~4% Op. EBITA CAGR since IPO Asset light business model with consistent ROCE ≥ 10% 2) ~ EUR 11.0b cumulative FCF since IPO ~ EUR 3.5bn 1) cash returned to shareholders, ~EUR 2.8b in dividends M&A track record with >EUR 4.2bn spent on >100 acquisitions since IPO 3) Operating EBITA Financial Crisis COVID 19 Brenntag is the undisputed leader in a structurally expanding market, delivering reliable earnings growth 1) ~EUR 2.8bn dividends and share buyback of EUR 750m as of FY 2025 2) ROCE after special items 3) as of FY 2025 4 Our unique platform Delivering on our strategy 1 2007 IPO 2025
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Highly specialized performance chemicals & ingredients Two global divisions: Brenntag Specialties and Brenntag Essentials 5 Brenntag Specialties ▪ Industry focus ▪ Attractive supplier portfolio ▪ Strong customer relationships ▪ Innovation capabilities ▪ Value - added services ▪ Application and formulation expertise ▪ Regulatory expertise ▪ Brand awareness EUR 1.1bn FY 2025 Op. Gross Profit EUR 387m FY 2025 Operating EBITA ~100k Customers 1,000’s Suppliers >80 I&ACs globally 1 Brenntag Essentials ▪ Cross - industry products ▪ Global product & market intelligence ▪ Local market know how & Cost - efficient last mile excellence ▪ High barriers to entry with a broad global asset base ▪ Broad and in - depth regional supply chain network with Inter - regional connectivity ▪ Strong service excellence mindset ▪ Regulatory expertise Process chemicals 1,000’s Suppliers ~150k Customers EUR 2.7bn FY 2025 Op. Gross Profit >60 Countries EUR 659m FY 2025 Operating EBITA
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15% 10% 9% 7% 6% 6% 5% 5% 18% Geographies End markets Suppliers Products Customers Multi - supplier approach < 30% Very diversified client portfolio < 5% ~ EUR 5,000 Ø order size ~ 20% Food Global coverage Serving multiple industries > 10,000 1) > 20,000 2) ~ 160,000 3) Share of Top 10 2) Largest geography ( Op. Gross Profit FY 2025 ) Largest end market ( Op. Gross Profit FY 2025) Brenntag operates a highly diversified global footprint with around 600 sites in over 70 countries 51% 40% 9% EMEA APAC Energy Services Lubricants Americas Chemical processing Cleaning (I&I) Pharma Other end markets <5% Various manufacturing 6 1 CASE Water Treatment 1) Suppliers share as % of purchase value 2) Products share as % of Op. Gross Profit; products defined as chemical substances, including the quality grade and concentrati on level (in the case of diluted products) or the product form (in the case of solid substances), are recorded as chemicals 3) Customers share as of % Op. Gross Profit; customers reflecting verified and auditor - confirmed active customer accounts
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325 399 398 519 572 611 597 627 699 695 717 754 758 805 1,082 1,512 1,265 1,102 929 18% 19% 18% 17% 17% 17% 16% 14% 16% 14% 14% 16% 22% 18% 14% 11% IPO Financial Crisis COVID - 19 2007 2015 2024 2023 ▪ Consistent growth profile ▪ Ability to protect profitability even in macro downturns ▪ ROCE significantly above WACC (~6 - 9%) ▪ Countercyclical cash flow profile ▪ Recurring bolt - on M&A compounds earnings growth CAGR ~4% Op. EBITA and ROCE 1) in EURm Track record of sustainable, resilient and accretive growth ROCE Op. EBITA 7 1 2025 1) Return on Capital Employed = EBITA divided by (the average carrying amount of equity + the average carrying amount of financi al liabilities – the average carrying amount of cash and cash equivalents)
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Full pipeline of M&A opportunities continuously being assessed to help create value across Brenntag’s portfolio Compounding value creation over time 1) M&A since 2020 >EUR ~6.4bn of acquired revenue >EUR ~4.2bn spent on >100 acquisitions ~8x average EBITDA pre - synergies multiple ~3% annual Op. EBITA growth contribution Essentials Life Science Material Science EMEA North America APAC M&A is a core pillar of Brenntag’s strategy and growth story Chemex Products Packaged Chemicals division 3) 8 Latin America Lactor Oy ICC 1) 2010 – FY 2025, including signed and closed deals
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Capital allocation framework Capital allocation framework Capex ▪ Reinvestment in the business through annual Capex ~ EUR 300m M&A ▪ Continued investment in value - gen erating bolt - on M&A where strategically attractive ▪ EUR 400 - 500m annual M&A spend, implies contribution of ~3% annual Op. EBITA growth ▪ 35 - 50% of consolidated profit after tax is paid to shareholders as dividend on an annual basis ▪ Additional capital returns will be considered if value - maximizing for our shareholders Shareholder returns Leverage Target leverage: ~2.0x Current leverage: ~2.0x 1) Investment grade credit rating 9 1 1) As of FY 2025, Net Debt / LTM Op. EBITDA
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Organic CAGR: 7 - 9% Total CAGR: 10 - 12% Our growth formula for 2027 Key components contributing to our Op. EBITA CAGR Chemicals market growth 2 - 4% Group cost and efficiency initiatives 2% Divisional growth initiatives 2% ≤ 1% Growth multiplier from outsourcing M&A Contribution 3% 10 1
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Overview Investment highlights Brenntag: the undisputed and resilient leader of the chemical distribution industry Significant growth potential in an attractive industry Sound financial profile with consistent growth and strong dividend track record Frontrunner in Digital & Data to connect supply partners and customers Superior business model with resilience through the downturn Two global market leaders with superior offering: Brenntag Specialties & Brenntag Essentials Unparalleled product portfolio , application know - how and innovation capability Leading consolidator in a highly fragmented market Trusted partner with access to global supply chains and ownership of last mile delivery Sustainability leader in chemical distribution with ambitious mid - and long - term targets 11 1
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Chemical Distribution Business Model and Industry Dynamics 1
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13 Distribution is an attractive and indispensable market, growing faster than chemical manufacturing Sales CAGR % …and are outpacing manufacturing growth Actuals 1) Forecast 2) Chemical suppliers Reinforce suppliers' strategy, e.g., brand proposition, value versus volume strategies, new product introduction and sustainability Complexity reduction Chemical distributors Connect 1,000s of suppliers and customers Extensive technical and application know - how Highest safety and compliance standards Capability to manage complexity OEMs and customers Value - added and cost - efficient service provider Reduced complexity for small volume purchases Distributors are an indispensable channel… Global Chemical Distribution Global Chemical Manufacturing 3 ) 1 4.0% 2.6% 2015-2019 2 - 4% 2 - 4% 2025-2030 Source: 2021, 2022, 2025 BCG market analysis 1) Year 2020 - 2022 is excluded to avoid one - off Covid - 19 impact 2) Forward looking growth rates are real growth rates 3) Global Chemical Manufacturing is defined as global sales minus global exports plus global imports, implying that Global Chemi cal Manufacturing equals global sales
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14 Distributors perform a value - added function with economies of scope and scale for tail - ends of many verticals Purchase Sourcing from various suppliers, leveraging global scale and regional network Storage Storing and inventory management Transport Provide logistics solutions Managing transportation complexity Filling, Packaging & Labelling Repackaging from large into smaller quantities Filling, labelling, bar - coding and palletizing Know - how, Innovation & Sustainability Innovation & application development Drive suppliers’ and customers’ sustainability agenda Mixing, Blending & Formulating Mixing & blending according to customer specific requirements Formulating & technical support from dedicated application laboratories Bundling Transport Leveraging high route density based on local scale Utilizing transportation for drum return services Vendor - managed Inventory Providing just - in - time delivery and vendor - managed inventory services Local com m unities Employees Indirect suppliers Supply partners Politics/ regulator Service& technologypartners Endconsumers (broaderpublic) Custom ers 1
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“What we are” “What we are not” Chemical Producer 15 Comparison of different ecosystem key constituents Business model Product portfolio Customer base Customer order size Delivery method Fixed assets Fixed asset flexibility Cost base Raw material prices Input / Output pricing B2B Services / solutions Broad, Essentials and Specialties Broad in diverse end - markets Small Less - than - truckload Low intensity Multi - purpose Comparably variable Often Market Connected Manufacturing Typically, more narrow Often larger, key - accounts Large Truckload and larger High intensity Narrow purpose Fixed Contract Disconnected Chemical distribution substantially differing from chemical production
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16 Brenntag is the undisputed global leader in a highly fragmented chemical and ingredients distribution market Chemical and ingredients distribution sales - based market share (%), 2024 1) Azelis Sinochem IMCD Kolmar Univar 89% ~5% 100% Rest of market Total market Top 6 have 11% market share 1 1) Excluding Helm, Tricon, and Nagase & Co (traders) Source: ICIS Top 100 Chemical Distributors (2024), Global third - party chemical distribution market size as of BCG study 2023 “Ch emical Distribution: The New Age of Winning”
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17 Brenntag growth & leadership drivers aligned with industry trends Brenntag growth & leadership drivers Attractive distribution market with mid - term underlying sales growth of 2 to 4% p.a. 1) Global reach providing highest security of supply & ability to optimize product flows Uniquely positioned across the ecosystem to connect suppliers & customers and deliver sustainable solutions Data and tech - driven initiatives Continuation of divisional strategies with cooperation and fully leveraging common backbone of supply chain and business functions Industry trends Stable outsourcing trend and share of value - added services Uneven economic development across regions and geopolitical uncertainty Increasing regulations and need for sustainability - driven portfolios & solutions Exponential growth in available data , processing power and AI Distinct needs of suppliers and customers within Industrials & Specialties 1 2 3 4 5 1 1) Source: BCG chemical distribution report (2025)
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18 Consolidation in chemical distribution has accelerated… Global chemical distribution market sales Number of major acquisitions globally Top 50 players have gained 10 % - points market share from 2017 - 2022 In 2023, five players out of the top 50 global chemical distributors executed over 70% of the acquisitions 1 2016 - 19 2021 - 24 +60% 2017 2022 ~70% ~60% ~30% ~40% Others Top 50 chemical distributors APAC as a key driver in M&A activities, with momentum even accelerating during the COVID period in 2020 1) Source: ICIS chemical distributors data, company information, BCG chemical distribution report 2025
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Strategic Priorities and Divisional Framework 1
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Continued execution of our key priorities delivering first green shoots 20 ▪ Sales productivity continuing to improve through intensified commercial focus ▪ Commercial initiatives are starting to provide results: • Increase in number of active customers of ~1,000 in North America • Global rollout of more flexible and granular pricing approach ▪ BSP customer project pipeline actively expanded Sales I. ▪ Positive customer feedback on simplified internal structures and leaner organization ▪ Further refining of organization in EMEA and North America ▪ Market rollout of further AI commercial applications (in particular in pricing, customer insights) Clarity & simplification II. ▪ Accelerated execution of cost - out measures materially contributed EUR 41m savings in Q2, up from EUR 27m in Q1 ▪ Chemtech, Airedale and Quimica Delta integrations on track. Additional bolt on acquisition of Woojin Trading (South Korea) in BSP Beauty & Care Execution III.
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15% 10% 9% 7% 6% 6% 5% 5% 18% 21 Middle East crisis: Brenntag is ensuring supply in a volatile and disrupted environment End markets in view of exposure to oil - prices Op. Gross Profit FY 2025 Food Energy Services Lubricants Chemical processing Cleaning (I&I) Pharma Other end markets <5% Various manufacturing CASE Water Treatment ▪ ~20 - 25% of end - market exposure directly linked to oil price dynamics ▪ Exposure varying by sector and contract (e.g. surcharges) ▪ No concentration risk due to broad portfolio diversification ▪ Energy - intensive production processes may be impacted ▪ Brenntag’s business model benefits from elevated volatility in constrained markets ▪ Customers prioritized security of supply over lowest price ▪ Value of the distributor reinforced in times of economic distress ▪ Differences vs. last cycle ▪ Primarily regional supply chain disruption ▪ Regional chemical production impaired, e.g. Asia and Middle East ▪ Crisis meets already subdued volumes and weak end markets ▪ Late - cycle economic environment ▪ Tariff uncertainty elevated ▪ Selective feedstock tightness ▪ Brenntag responses ▪ Securing supply, building additional inventory ▪ Intensifying commercial activities ▪ Allocating supply where necessary Price increases more than offset in disrupted markets Previous cycle in 2021/2022 Current crisis amplifies role of Brenntag Pricing offset underway Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022 % GP/t vs. PY % OPEX vs. PY Q2 2022 Q3 2022 Q4 2022
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Customized solutions and expertise Deep industry and product knowledge Innovation and application center capabilities Brenntag Specialties Business steered by Global End Markets Brenntag Essentials Business steered by Regions Distinct, high performing businesses aligned with business drivers and market requirements Cost efficiency Secure and safe handling of supply chains Global reach and last mile delivery LATAM EMEA APAC North America Life Science Material Science Regional Segments 1) Global Industry Segments 1) 1 22 Life Science Material Science Nutrition Pharma Beauty & Care CASE 2) & Construction Rubber & Polymers Lubes & Perf. Fluids Electronics 1) Based on FY 2025 Operating Gross Profit 2) CASE: Coatings, Adhesives, Sealants, and Elastomers
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LATAM EMEA APAC North America Brenntag Essentials is a market leading, global and diversified platform ▪ The global market leader in industrial chemicals distribution ▪ Generating an Operating Gross Profit of EUR 2.6 billion in FY 2025 ▪ Operating in more than 60 countries globally ▪ Broad and diversified portfolio of industrial chemicals ▪ Access to thousands of suppliers ensuring availability of supply at any time Market leader Global reach Diversified portfolio End markets 2) Regionally >40k SKUs 1) Product range Chlor Alkali Other Solvents Acids Performance Materials Other end markets Various manufacturing Lubricants CASE Cleaning (I&I) Energy Services Chemical Processing Food Water Treatment >150k Customers ~12k FTE 23 1) Stock Keeping Unit 2) FY 2025 Op. Gross Profit
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Brenntag Essentials: Unleashing the true potential of the platform Customer reach, proximity, cost efficient network and service excellence Supply chain optimization, regional product management, tollgate access and supplier relationships Last Mile Service Operations Regional Sourcing and Supply Chain Services Executing our ‘Triple’ strategy to unleash the potential of BES’s unrivalled platform Leverage global scale, global optimization and product trade flows Unleashing Brenntag Essentials’ true potential M&A as an accelerator Resilient and structurally growing Global Sourcing and Interregional Optimization 24 1
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Brenntag Specialties is connecting the most comprehensive global network of Innovation & Application Centers Enhance global connectivity Scale innovation capabilities Deeper knowledge sharing # of I&ACs 20 4 28 10 2 6 1 I&AC by end market Life Science Material Science North America Europe Asia Pacific Australia Africa Middle East Latin America Leverage state - of - the art digital infrastructure Strategy to optimize network >70 I&ACs globally ~ 500 BSP sites and value - added facilities 25
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Brenntag Specialties: Power to perform Leverage value added services Focused M&A to shift portfolio towards Life Science Drive product portfolio management Expand margins by value - based pricing Prioritize cost base adjustment Initiatives Clear and comprehensive strategy to accelerate BSP’s financial performance and close the performance gap Closing BSP’s performance gap Delivering consistent growth Optimizing BSP’s platform 26 1
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Broad overview of Brenntag’s product portfolio 27 1 True Specialties Semi Specialties Industrial Chemicals Brenntag Group: Balanced portfolio of more than 20,000 products and ingredients combining scale (Industrial), growth & margin (Semi - specialties), and differentiation (True Specialties) Product Category ▪ High value per unit, low volume Value and volume profile ▪ Medium value per unit, medium volume ▪ Low value per unit, high volume Key characteristics ▪ Application and formulation expertise required ▪ Strong supplier partnerships and brand differentiation ▪ Often exclusive or semi - exclusive distribution agreements ▪ High level of value - added services (e.g., regulatory support, lab services) ▪ High - volume, bulk chemicals ▪ Limited differentiation; predominantly price - driven markets ▪ Broad application across industries ▪ Availability to readily supply key differentiator ▪ Requires asset - intensive infrastructure and logistics capabilities ▪ Attractive balance of margin and volume scalability ▪ Standardized products with defined quality and application requirements ▪ Moderate technical support required ▪ Sold across multiple end - markets with limited product customization Product examples ▪ BSP Beauty & Care • Fragrances and active ingredients ▪ BSP Nutrition • Flavors, cultures, functional ingredients ▪ BSP Pharma • High - value pharma intermediates and excipients ▪ BSP Material Science • Specialty resins, coatings, defoamers ▪ BES: • Water treatment solutions (e.g. biocides, formulated systems) ▪ Solvents • Acetone, methanol, ethanol, toluene, xylene, glycols ▪ Acids & Lyes • Sulfuric acid, hydrochloric acid, phosphoric acid, caustic soda ▪ Performance materials • Base oils, AdBlue, commodity additives ▪ BSP Nutrition • Food ingredients (e.g. starches – various grades) ▪ Performance chemicals • Surfactants, plastic additives, adhesive and sealant intermediates ▪ Formulated systems • Lubricant additives (e.g. detergents, anti - wear agents), coolants, heat transfer fluids, construction chemicals ▪ Base specialty ingredients (non - branded) • Special grade citric acid, glycerin, propylene glycol, sorbitol
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Sustainability 1
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Based on our strengths and high ambitions, we developed a “Future Sustainable Brenntag” picture Safety performance Ambition for zero accidents and releases Human rights Our supply chain is fulfilling human rights and paying living wages Governance Reliable governance structures Employees Diverse and engaged employees Climate protection Strive for zero CO 2 emissions Certified sites according to sustainability standards Brenntag’s operations & suppliers Brenntag’s products & services Responsible distribution ... Circular economy Significant value - added services with circularity All packaging recycled/reused Sustainable and safe products Majority of products are sustainable Less products with concern 1) Emerging technology shifts Reduced business for internal combustion engine New business with battery chemicals and alternative fuels Increased information need Product carbon footprints for all customers Product carbon footprints from all suppliers … of sustainable chemicals and ingredients 29 1) Carcinogenic, Mutagenic and Reprotoxic (CMR) with consumer contact and Persistent, Bio - accumulative, and Toxic (PBT), very Persi stent and very Bio - accumulative ( vPvB ) intended to be released in the environment
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Key mid - /long - term targets in six focus areas addressing the UN SDGs Climate protection & emissions reduction Fair & safe employer Management structures Resource efficiency & circular economy Responsible partner Portfolio & investment steering Scope 1&2: - 58.8% vs. 2023 (2034) Further increase number of managers with ESG relevant targets (2027) Female representation 2) of at least 30% across our entire mgmt. below the BoM 3) (2030) - 25% in process spill rate vs 2023 (2030) 1) Assess portfolio for sustainability (100% covered) by 2025 Ten circular businesses each generating > EUR 1 million by 2025 100% targeted expansion of unconscious bias training for leaders, managers and recruiters (2025) All suppliers share our vision on human rights and environmental protection 4) (2027) TRIR 4) < 2.0 (2030) 100% portfolio steering towards sustainability (2025) Develop strategies for technological advancement in important industry segments (2025) Net - zero vs. 2023: Scope 1&2 (2045) Scope 3 (2050) 100% electricity consumption from renewable sources (2025) Annual global employee engagement survey (2024 - 2026) including action planning and monitoring 2025 - 2027 2030 - 2050 Focus areas 30 Implementation of sustainability organization within new operational structure (2027) Scope 3: - 35% vs. 2023 (2034) Mid - to long - term targets Environment Social Governance 1) Uncontained spills, PSE1 and toxic gas releases will be disclosed; 2) Except in jurisdictions where targets are prohibited by la w; 3) BoM = Board of Management; 4) TRIR = Total Recordable Incident Rate Value - added services; 5) All refers to >95% of suppliers by spend are finalized with preventative measu res.
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▪ Salaries meet or exceed regional living wage standards , providing families with income often above statutory minimum wages ▪ An annual review process , using updated data from WageIndicator , sets the goal that all employees meet this standard ▪ Introduced in 2022, the Living Wage Policy made the company one of the first in the industry to adopt this standard Suppliers C ustomers footprint PCF 1) database C O 2 - footprint of distribution and VAS 2) Cradle - to - gate CO 2 - footprint + = Unique carbon management program Carbon footprint calculator "CO 2 Xplorer" Global living wage policy GHG emissions tracking Internal carbon price Financial support for new projects Carbon fund Budget of ~EUR 5.8m in 2025 Reduce footprint Improve handprint 11 projects in 2025 Calculator is a unique offering, with most comprehensive database and only TÜV methodology certification in the distribution universe We continue to lead the sustainability agenda with key initiatives in place ICIS Innovation Awards 2024: Best Digital Innovation from a SME and Large Company 31 1) Product carbon footprint 2) Value - added services
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2020 2021 2022 2023 2024 2025 2034 32 CO 2 Emissions in 2025 in thousand tonnes Main contributor to reduction CO 2 Emissions development in thousand tonnes 242 227 220 207 194 85 2023 2024 2025 2034 31,349 29,842 20,377 Target - 35% Target - 58.8% Brenntag commits to reach net - zero GHG emissions across the value chain by 2050 Scope 3 - 12,1% - 23.2% Scope 1 Scope 2 31,349 Scope 1 0.73% Scope 2 0.02% Scope 3 99.25% 6 Purchased chemicals and Services and external transportation and distribution To purchase electricity from renewable energy sources (solar panels, biodiesel) Company facilities, company trucks & vehicles 24,066 176 2025 Total: 24,248 kt Net - zero target Scope 1/2: 2045 Net - zero target Scope 3: 2050 11 Note: Emissions calculated with market - based method / SBTI targets reference to base year 2023 182 24,066
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Brenntag with leading ESG position Memberships and initiatives Responsible Care/Distribution program “Together for Sustainability” initiative DAX ESG Target UN Global Compact Global inclusion initiative The Valuable 500 Near - term and net - zero targets validated Sector average Risk Rating 1) : 12.0 (low risk) (Top 2%) Sector average Sector average Rating 5) : A Rating 3) : Gold Sector average Score 4) : A - Sector average Rating 2) : B - (Prime Status) 33 Reporting is prepared by fully applying ESRS Sector average Rating 6) : Score 56 German Sustainability Award 2026 1) Rating scale: negligible (0 - 10) to severe (40+), as of December 19, 2025; 2) Rating scale: A+ to D - , as of February 13, 2026; 3) Rating scale: Bronze (Top 35%) to Platinum (Top 1%), as of June 26, 2025; 4) Rating scale: A to D - , as of January 2026; 5) Rating scale: AAA to CCC, as of August 2025; 6) Rating scale: 1 to 100, as of September 2025 Updated | Anpassung MSCI in März
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Financials Q2 2026 1
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35 Q2 2026 Highlights Strong operating performance and margin expansion 35 * fx adj. growth ** Op. EBITDA conversion ratio ▪ Conversion ratio improved despite elevated energy and transportation costs ▪ Continued execution of strategic priorities further strengthened performance ▪ Strong delivery of cost - out program ▪ Customer demand remained resilient throughout Q2, broadly in line with levels observed following the mid - March recovery ▪ Secure product availability enabled uninterrupted customer supply ▪ Strong commercial execution and disciplined margin management ▪ Significant organic growth (GP +18%) mainly driven by Essentials ▪ Positive pricing trends progressively flowing through to Specialties leading to robust price - driven growth Highlights Q2 2026 Operating GP EUR 1,146 m + 18.9% vs. PY * Operating EBITDA EUR 463 m + 40.9% vs. PY * Conversion ratio ** 40.4% + 6.1pp vs. PY Sales EUR 4.3 bn + 11.1% vs. PY *
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36 Q2 2026 Financials Strong earnings growth driven by all business units 36 ▪ Demand remained resilient throughout Q2, broadly in line with mid - March levels ▪ Disciplined pricing and margin management, supported by strong commercial execution ▪ Margin improvement driven by both segments ▪ Consistent execution of cost - out program mitigates t emporary increases in transport & energy costs and level of bonus provisions driven by positive performance ▪ Strong Operating EBITDA growth reflects margin expansion and contribution from cost - out Top - line performance Gross Margin Resilience Operating Profitability Cash Profitability Balance Sheet Strength ▪ Free Cash Flow reflects higher working capital requirements, driven by elevated pricing levels Operating GP EUR 1,146 m + 18.9% vs. PY* Operating GP Margin 26.9% + 1.7pp vs. PY Operating EBITDA EUR 463 m + 40.9% vs. PY* Operating EBITDA conversion 40.4% + 6.1pp vs. PY Working Capital EUR - 353 m vs. EUR - 73 m PY Free Cash Flow EUR 4 m vs. EUR 154 m PY * fx adj. growth
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37 Q2 2026 Divisions Strong margin expansion in both divisions Essentials Op. Gross Profit Q2 2026: EUR 836 m (23.1% vs. PY*) Specialties Op. Gross Profit Q2 2026: EUR 310 m (8.8% vs. PY*) * fx adj. growth Q2 2026 Q2 2025 + 2.2 pp 26.3% 28.5% 22.8% 23.4% Q2 2026 Q2 2025 + 0.6 pp Gross Margin development vs. PY Op. Gross Profit vs. PY* NORTH AMERICA + 20.9% EMEA + 20.4% + 69.3% + 7.1% APAC + 24.6% + 2.2% LATIN AMERICA LIFE SCIENCE MATERIAL SCIENCE ▪ Overall, demand levels sequentially holding up ▪ Volatility in energy prices supported margins in oil - indexed products, e.g. solvents ▪ Customers favoring small order sizes ▪ Limited customer safety stock build - up ▪ Supported by disciplined pricing execution and reliable customer supply ▪ Strong gross margin levels in both Life Science and Material Science ▪ Positive GP per unit trends in Life Science ▪ Higher construction activity, oil - indexed products supporting Material Science Broad - based improved margins from BES and BSP demonstrate the strength of Brenntag’s business model
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38 Q2 2026 Cost - out C ost - out program well on track Effects from the cost - out program vs. 2025 cost base, in EUR m Effects being partially compensated by inflation, additional costs from acquired companies, and other effects; indicative cha rt Brenntag delivered EUR 165m in gross savings in FY 2025 vs 2023 baseline Q1 2026 Q2 2026 FY 2026e 27 41 ▪ Effects from cost - out program amounting to EUR 41m in Q2 2026 ▪ Focused on sustained reduction in central costs - Organic reduction of ~500 FTE in 2026 - Decrease in discretionary spent including consulting ▪ General inflationary trends counterbalancing cost - out effects - Selected salary and merit increase - Fuel and energy costs increased by impacts from Middle East crisis ▪ Reminder: Cost - out program new target EUR 200 - 250m in savings vs 2025 baseline until 2027 Key developments
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Q2 2026 Opex Accelerated cost - out delivery and continuing cost discipline 39 Opex Q2 2026 Opex Q2 2025 FX M&A Bonus provisions & other Adj. baseline Cost - out - 41 679 39 5 640 - 5 682 24 General inflation 5 Other provisions Energy & trans - portation costs 15 ▪ Opex increase YoY reflects strong operational performance - Higher bonus provisions vs. prior year - Incentivization of salesforce ▪ Cost - out efforts overcompensate opex inflation - EUR 41m cost - out program benefits - Partly offset by general inflationary trends and Middle East effects, esp. higher fuel and energy costs ▪ Overall, Q2 2026 opex development underlines focus on sustained cost reduction, also reflected in improved conversion margin * As reported Cost - out efforts counter - balancing inflationary trends Key developments Q2 2026 Opex development YoY * In EUR m
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Q2 2026 Op. EBITDA Strong organic growth supported by positive pricing trends 40 Q2 2025 FX translation M&A contribution Organic growth Q2 2026 334 463 131 3 - 5 Key developments + 40.9% * * fx adj. growth Acquisitions: Divestments: EUR - 4.7m EUR - 1.5m ▪ Demand remained resilient despite continued geopolitical uncertainty ▪ Strong commercial execution and margin management in Q2 2026 ▪ FX headwinds sequentially decreasing, recently closed acquisitions contributing ▪ Organic growth in both divisions as well as across all regions (BES) and segments (BSP) ▪ Brenntag Essentials benefiting from strong gross profit per unit trends, esp. in oil - based products ▪ Positive pricing trends increasingly visible in Brenntag Specialties ▪ Cost - out measures mitigating inflationary trends in personnel cost increases as well as energy and fuel costs Op. EBITDA development YoY In EUR m
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41 Mixed regional market conditions: Customers remain prudent 41 North America ▪ Resilient demand in key end markets ▪ Supplier - led price increases in both industrial and specialty chemicals ▪ Relative outperformance vs other geographies EMEA ▪ Structural pressures persist, higher pricing levels mitigate labor and energy costs ▪ Demand environment remains subdued, particularly in industrial chemicals, mixed performance in specialty chemicals Latin America ▪ Elevated pricing volatility driven by currency movements and feedstock fluctuations ▪ Flat volume development in industrial chemicals APAC ▪ Continued price volatility and competitive pricing environment ▪ Demand remains uneven across the region ▪ Increased transportation cost levels Global ▪ Tensions from the Middle East Crisis continuing to pose risks to global supply chains ▪ Customer purchasing behavior remains cautious, with limited visibility for the remainder of the year ▪ Market conditions remain mixed across regions
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42 Cautious market outlook persists across divisions and segments 42 EMEA ▪ End - market demand remains subdued across most sectors ▪ Prices expected to normalize further from peak levels Latin America ▪ Demand outlook remains stable ▪ Chinese product flows expected to influence pricing dynamics North America ▪ Demand outlook remains healthy ▪ Pricing expected to stabilize at elevated levels Brenntag Essentials Life Science ▪ Mixed volume trends in Nutrition, higher demand for value - added products such as supplements and protein - based nutrition ▪ Beauty & Care expected to benefit from stable underlying demand ▪ Mixed demand trends in Pharma, while pricing remains resilient Material Science ▪ Demand expected to remain stable throughout the second half of the year ▪ New partnerships with leading suppliers continue to create growth opportunities ▪ Energy - market volatility is expected to remain elevated, supporting opportunities in Performance Materials and Lubricants Brenntag Specialties APAC ▪ Pricing to normalize further remaining above pre - crisis levels ▪ High prices expected to weigh on consumption Overall, visibility for 2026 remains limited, with sales, market volumes and profitability expected to vary significantly across regions and end markets.
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Outlook 1
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Operating EBITDA guidance 2026 raised 44 ▪ Brenntag currently expects an Operating EBITDA for the 2026 financial year: At a range of EUR 1,350 – 1,450 million ▪ The outlook incorporates the solid start to the third quarter, reinforcing confidence for the remainder of the year ▪ At the same time, the macroeconomic environment remains uncertain, with continued volatility and the risk of softer demand in the second half of the year Guidance
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Appendix 1
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1881 Entry into the chemical trading business 1874 Philipp Mühsam founded agricultural trading business 1966 Brenntag becomes international (Belgium) 2008 Entry into APAC through Rhodia acquisition 2021 DAX40 entry 1920s Launch of the gasoline business 2022 Horizon 2 Strategy to Win 2020 Horizon 1 Project Brenntag 2023 Path to Horizon 3 Advanced OM From 1874 to 2024 150 years of being constantly agile 1 2006-2010 Private-Equity owned by BC Partners 46 2004-2006 Private-Equity owned by Bain Capital 2010 IPO
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47 Board of Management ▪ Accounting Brenntag Group and Corporate ICS & Risk Management ▪ Controlling ▪ Compliance, Privacy & Data Protection Brenntag Group ▪ Corporate Investor Relations ▪ Digital, Data and Technology ▪ Finance Brenntag Group ▪ Legal Brenntag Group ▪ Shared Services Brenntag Group ▪ Tax Brenntag Group ▪ Treasury and Insurance Management Brenntag Group Thomas Reisten Chief Financial Officer Jens Birgersson Chief Executive Officer ▪ Brenntag Essentials ▪ Brenntag Specialties ▪ Corporate Board Office ▪ Corporate Planning, Strategy & M&A Brenntag Group ▪ Global Communications ▪ Global Human Resources ▪ Global Marketing ▪ Internal Audit Brenntag Group ▪ QSHE Brenntag Group ▪ Sustainability Brenntag Group
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Brenntag Executive Committee led by the Board of Management ✓ Lean governance ✓ Efficient decision making ✓ Reduced hierarchy layers ✓ Established and experienced leaders ✓ Functional and business leaders ✓ Chemical industry expertise Key rationale CEO CFO COO CHRO CCO CIO President BES EMEA President BES North America President BES APAC Global President Beauty & Care / BSP APAC Global President Material Science / BSP NA Global President Nutrition / BSP EMEA Global President Pharma / SVP Corporate Strategy, Planning and M&A 48 New hire
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ESG: Safety and Diversity 4.2 4.0 3.2 3.1 2.7 2.5 2.6 2.1 2019 2021 2018 2020 2022 2023 Group Accident Rate TRIR 1) Diversity – Key figures Target < 2.2 2024 49 2025 Target: < 2.0 by 2030 11 1) TRIR (Total Recordable Injury Rate): Number of workplace accidents involving injuries that require medical treatment (beyond fir st aid), per one million work hours 2) Below the Group Board of Management 3) Except in jurisdictions where targets are prohibited by law Level 2) Target 2030 3) Target 2025 3) Achievement 2025 3) L1 >30% ≥23,0% 41,7% L2 >30% ≥27.6% 33.8% L3 >30% ≥30.0% 44,1% L4 >30% ≥30.0% 42,4% L5 >30% ≥27.8% 33,3% 2026
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2025 ESG target achievement Objective KPI 2025 target 2025 results Reference to mid - /long - term target Governance Incorporating expanded social and environmental criteria into strategic procurement processes Procurement process: Develop roadmap for sustainability integration done ⚫ done • All suppliers share our vision on human rights and environmental protection 4 (2027) Drive sustainable solutions growth to support customer needs 10 circular projects ≥ 1 million Euro in sales €10 mio ⚫ > €10 mio • Ten circular businesses, each generating > EUR 1 million (2025) Assess & steer portfolio for sustainability 100% ⚫ >99% • Assess portfolio for sustainability (60% covered) (2024) • 100% portfolio steering toward sustainability (2025) Further strengthen sustainability into the Brenntag culture Roadmap by division/focus area 2 ⚫ 2 • Develop strategies to support technological advancement in important industry segments (e.g. automotive) (2025) Social Ensure a dynamic and diverse organization by increasing diversity and inclusion in the leadership team Women in leadership positions according to management level in percent L - 1 ≥ 23% L - 2 ≥ 27.6% L - 3 ≥ 30.0% L - 4 ≥ 30.0% L - 5+ ≥ 27.8% ⚫ 41.7 33.8 44.1 42.4 33.3 • Female representation 2) of at least 30% across our entire mgmt. below the BoM 3) (2030) Unconscious bias training to HR & any remaining managers 100% ⚫ 96% • 100% targeted expansion of unconscious bias training for leadership, managers and recruiters (2025) Ensure engaged employees Quarterly sentiment checks & annual eNPS / eSAT & Engagement Survey 3+1 ⚫ done • Annual global employee engagement survey (2024 - 2026) including action planning and monitoring Set a high bar across working conditions and strive safe operations and zero accidents Total Recordable Incident Rate (TRIR) < 2.35 < 2.35 ⚫ 2.11 • TRIR < 2.0 (2030) Environmental Become carbon net zero 10.7% 1 reduction CO2e (Scope 1+2) vs. 2023 10.7% ⚫ 12% • 58.8% absolute carbon reduction vs. 2023 (2034) 1) • 100% energy consumption from renewable sources (2025) • Net zero carbon emissions (2045) Ensure zero spills and releases with emissions to the environment Number of spills <1.81 / mton <1.81 2.62 • 25% reduction in spill rate vs. 2023 (2030) 5 50 11 1) Emissions from direct operations calculated with marked - based method; 2) Except in jurisdictions where targets are prohibited by law; 3) BoM = Board of Management; 4) All refers to >95% of suppliers by spend are finalized with preventative measures; 5) Measured by events of spills (> 200 liters ) divided by Million Man - Hours
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51 Financials Q2 2026 Income statement in EUR m Q2 2026 Q2 2025 ∆ ∆ FX adjusted Sales 4,263 3,869 10.2% 11.1% Cost of materials - 3,117 - 2,895 - 7.7% - 8.4% Operating Gross Profit 1,146 974 17.7 % 18.9 % Operating expenses - 682 - 640 6.7% 7.4% Operating EBITDA 463 334 38.8 % 40.9 % Depreciation - 95 - 88 - 8.7% - 9.8% Operating EBITA 368 246 49.5% 52.1% Net income / expense from sp. items - 46 - 28 - - EBITA 322 218 - - Amortization and impairments - 17 - 108 - - EBIT 305 110 - - Financial result - 43 - 28 - - EBT 262 82 - - Profit after tax 182 43 - - EPS 1.23 0.30 - -
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52 Financials Q2 2026 Operating EBITDA bridge Operating EBITDA 1) growth by division, Q2 2026 in EUR m + 18.3% + 47.2% + 40.9% Q2 2026 Brenntag Specialties Q2 2025 Group and Regional Services Brenntag Essentials 113 20 3 0 463 - 5 - 1 334 - 2 M&A contribution FX translation Organic Growth FX - adj. growth rates 1) Calculations are partly based on assumptions made by management; effects based on rounded figures H1 2026 Brenntag Specialties H1 2025 Group and Regional Services Brenntag Essentials 86 22 2 1 770 - 19 - 7 689 - 4 Operating EBITDA 1) growth by division, H1 2026 in EUR m + 10.2% + 18.1% + 16.1%
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53 Financials Q2 2026 Segments Operating Gross Profit 1) Operating EBITDA 2) Operating EBITDA conversion ratio in EUR m Q2 2026 Q2 2025 ∆ ∆ FX adjusted Q2 2026 Q2 2025 ∆ ∆ FX adjusted Q2 2026 Q2 2025 Specialties Life Science 203 199 1.8% 2.2% 80 80 0.9% 1.6% 39.5% 39.8% Specialties Material Science 105 85 24.1% 24.6% 51 30 69.6% 70.9% 48.2% 35.3% Specialties Other 2 2 10.0% 3.5% 3 1 > 100% > 100% >100% 51.4% Brenntag Specialties 310 286 8.4% 8.8% 130 111 17.6% 18.3% 41.9% 38.6% Essentials EMEA 286 238 20.4% 20.4% 122 90 36.1% 36.4% 42.6% 37.7% Essentials North America 431 366 17.9% 20.9% 188 144 30.6% 34.4% 43.7% 39.4% Essentials Latin America 77 46 65.6% 69.3% 34 10 > 100% > 100% 44.7% 21.2% Essentials APAC 39 35 11.4% 7.1% 17 5 > 100% > 100% 41.9% 15.4% Essentials Transregional 3 3 - 6.4% - 6.4% 2 2 - 11.1% - 11.1% 81.1% 85.3% Brenntag Essentials 836 688 21.5% 23.1% 362 250 44.6% 47.2% 43.3% 36.4% Group and Regional Services - - - - - 29 - 27 - 6.3% - 6.1% - - Brenntag Group 1,146 974 17.7% 18.9% 463 334 38.8% 40.9% 40.4% 34.3% 1 1) External sales less cost of materials 2) Segment operating EBITA is calculated as EBITA adjusted for holding charges and special items Note: The difference between the total of the reportable segments (EMEA, Americas and APAC) and the Brenntag divisions is the re sult of central activities which are part of Brenntag divisions but not directly attributable to any specific segment
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54 Financials Q2 2026 Cash flow statement in EUR m Q2 2026 Q2 2025 Profit after tax 182 43 Effect from IAS 29 on profit/loss after tax 1 - Depreciation & amortization 113 197 Income tax expense 80 39 Income taxes paid - 65 - 66 Net interest expense 39 35 Interest paid - 55 - 57 (thereof interest paid for leases) ( - 6) ( - 6) Interest received 3 4 Changes in working capital - 353 - 73 Changes in other operating assets and liabilities 10 - 57 Changes in provisions 11 12 Non - cash change in liabilities relating to acquisition of non - controlling interests 1 - 1 Other - 11 25 Net cash provided by operating activities - 44 101 Legend: Components to calculate FCF derived from operating EBITDA 1
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55 Financials Q2 2026 Cash flow statement (continued) in EUR m Q2 2026 Q2 2025 Proceeds from the disposal of consolidated subsidiaries and other business units less costs to sell - 19 Proceeds from the disposal of other financial assets - - Proceeds from the disposal of intangible assets and property, plant and equipment 4 5 Payments to acquire consolidated subsidiaries and other business units - - 21 Payments to acquire intangible assets and property, plant and equipment - 64 - 66 Net cash used in investing activities - 60 - 63 Dividends paid to Brenntag shareholders - 274 - 303 Dividends paid to non - controlling interests - 2 - 2 Proceeds from borrowings 248 113 Repayments of lease liabilities - 36 - 35 Repayments of borrowings - 24 - 8 Net cash provided by / used in financing activities - 88 - 235 Change in cash & cash equivalents - 192 - 197 Legend: Components to calculate FCF derived from operating EBITDA 1
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56 Financials Q2 2026 Free cash flow in EUR m Q2 2026 Q2 2025 ∆ abs ∆ % Operating EBITDA 463 334 129 38.6 Payments to acquire intangible assets and property, plant and equipment - 64 - 66 2 - 3.0 ∆ Working capital 1) - 353 - 73 - 280 >100 Principal and interest payments on lease liabilities - 42 - 41 - 1 2.4 Free cash flow 4 154 - 150 - 97.4 1 1) Based on average fx . rate excl. M&A
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57 Financials Q2 2026 Working capital in EUR m 30 Jun 2026 31 Mar 2026 31 Dec 2025 30 Sep 2025 30 Jun 2025 Inventories 1,653 1,387 1,351 1,412 1,479 + Trade receivables 2,729 2,388 2,040 2,211 2,300 ./. Trade payables 1,970 1,741 1,498 1,571 1,634 Working capital (end of period) 1) 2,412 2,034 1,893 2,052 2,145 Working capital turnover (annualized) 2) 7.5x 7.5x 7.3x 7.3x 7.4x 1 1) Based on fx . effects as of end of respective reporting period and incl. M&A 2) Sales YTD extrapolated to the full year; average working capital is defined as the average of working capital at the beginnin g o f the year and at the end of each quarter
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1,130 1,233 3,666 3,870 1,641 1,677 1,351 1,653 2,040 2,729 798 509 FY 2025 Q2 2026 4,349 4,472 359 375 124 125 334 355 636 765 541 588 2,785 3,021 1,498 1,970 FY 2025 Q2 2026 58 Financials Q2 2026 Balance sheet overview Assets in EURm Equity and Liabilities in EURm Other assets Intangible assets PPE Inventories Trade receivables Cash & equiv. 11,671 10,626 Equity Deferred tax liabilities Pensions Provisions Other liabilities Lease liabilities 10,626 11,671 Financial liabilities Trade payables
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59 Financials Q2 2026 Balance sheet and maturity profile in EUR m 30 Jun 2026 31 Dec 2025 Financial liabilities 3,021 2,785 Lease liabilities 588 541 ./. Cash and cash equivalents 509 798 Net Debt 3,100 2,528 Net Debt / Operating EBITDA 1) 2.3x 2.0x Equity 4,472 4,349 1) All instruments excluding accrued interest and transaction costs. 408 500 580 166 600 500 2026 2027 2028 2029 2030 2031 2032 Eurobond & Promissory Note in EUR m 1) Promissory Note Eurobond Eurobond Eurobond Syndicated Loan
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60 Financials H1 2026 Income statement in EUR m H1 2026 H1 2025 ∆ ∆ FX adjusted Sales 7,925 7,941 - 0.2% 3.0% Cost of materials - 5,829 - 5,947 2.0% - 1.0% Operating Gross Profit 2,096 1,994 5.2% 8.8% Operating expenses - 1,326 - 1,305 1.7 % 4.9% Operating EBITDA 770 689 11.7 % 16.1% Depreciation - 185 - 178 - 3.4% - 7.1% Operating EBITA 585 511 14.6% 19.3% Net income / expense from sp. items - 67 - 39 - - EBITA 518 472 - - Amortization and impairments - 33 - 127 - - EBIT 485 345 - - Financial result - 76 - 70 - - EBT 409 275 - - Profit after tax 281 179 - - EPS 1.92 1.23 - -
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61 Financials H1 2026 Segments Operating Gross Profit 1) Operating EBITDA 2) Operating EBITDA conversion ratio in EUR m H1 2026 H1 2025 ∆ ∆ FX adjusted H1 2026 H1 2025 ∆ ∆ FX adjusted H1 2026 H1 2025 Specialties Life Science 397 411 - 3.4% - 0.7% 163 166 - 1.9% 1.5% 40.4% 39.8% Specialties Material Science 188 168 11.9% 14.3% 82 60 36.0% 39.2% 35.7% 35.1% Specialties Other 9 11 - 13.5% - 11.9% 11 8 48.6% 57.2% 71.1% 52.0% Brenntag Specialties 594 590 0.7% 3.4% 250 234 6.8% 10.2% 39.6% 38.5% Essentials EMEA 540 489 10.5% 10.8% 213 185 15.1% 15.8% 39.5% 37.9% Essentials North America 762 739 3.1% 9.9% 290 279 3.9% 10.7% 37.8% 39.3% Essentials Latin America 128 98 31.1% 34.6% 48 24 94.8% > 100% 25.1% 20.5% Essentials APAC 67 72 - 7.2% - 4.8% 22 14 60.2% 63.2% 19.4% 15.9% Essentials Transregional 5 6 - 17.6% - 17.6% 4 5 - 21.4% - 21.4% 81.7% 85.3% Brenntag Essentials 1,502 1,404 7.0% 11.1% 574 505 13.6% 18.1% 36.0% 36.2% Group and Regional Services - - - - - 54 - 50 - 7.9% - 7.8% - - Brenntag Group 2,096 1,994 5.2% 8.8% 770 689 11.7% 16.1% 34.6% 34.1% 1 1) External sales less cost of materials 2) Segment operating EBITA is calculated as EBITA adjusted for holding charges and special items Note: The difference between the total of the reportable segments (EMEA, Americas and APAC) and the Brenntag divisions is the re sult of central activities which are part of Brenntag divisions but not directly attributable to any specific segment
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62 Financials H1 2026 Cash flow statement in EUR m H1 2026 H1 2025 Profit after tax 281 179 Effect from IAS 29 on profit/loss after tax 3 4 Depreciation & amortization 218 307 Income tax expense 128 96 Income taxes paid - 118 - 117 Net interest expense 75 70 Interest paid - 77 - 82 (thereof interest paid for leases) ( - 12) ( - 14) Interest received 6 8 Changes in working capital - 460 - 157 Changes in other operating assets and liabilities 48 - 65 Changes in provisions 12 - 16 Non - cash change in liabilities relating to acquisition of non - controlling interests 3 - 3 Other - 30 29 Net cash provided by operating activities 89 253 Legend: Components to calculate FCF derived from operating EBITDA 1
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63 Financials H1 2026 Cash flow statement (continued) in EUR m H1 2026 H1 2025 Proceeds from the disposal of consolidated subsidiaries and other business units less costs to sell 1 19 Proceeds from the disposal of other financial assets 1 - Proceeds from the disposal of intangible assets and property, plant and equipment 5 7 Payments to acquire consolidated subsidiaries and other business units - 91 - 79 Payments to acquire intangible assets and property, plant and equipment - 123 - 126 Net cash used in investing activities - 207 - 179 Dividends paid to Brenntag shareholders - 274 - 303 Dividends paid to non - controlling interests - 2 - 2 Proceeds from borrowings 284 133 Repayments of lease liabilities - 78 - 76 Repayments of borrowings - 109 - 38 Net cash provided by / used in financing activities - 179 - 286 Change in cash & cash equivalents - 297 - 212 Legend: Components to calculate FCF derived from operating EBITDA 1
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64 Financials H1 2026 Free cash flow in EUR m H1 2026 H1 2025 ∆ abs ∆ % Operating EBITDA 770 689 81 11.8 Payments to acquire intangible assets and property, plant and equipment - 123 - 126 3 - 2.4 ∆ Working capital 1) - 460 - 157 - 303 >100.0 Principal and interest payments on lease liabilities - 90 - 90 - - Free cash flow 97 316 - 219 - 69.3 1 1) Based on average fx . rate excl. M&A
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65 Financials FY 2025 Income statement in EUR m FY 2025 FY 2024 ∆ ∆ FX adjusted Sales 15,171.5 16,237.4 - 6.6% - 3.7% Cost of materials - 11,339.8 - 12,212.0 - 7.1% - 4.3% Operating Gross Profit 3,831.7 4,025.4 - 4.8% - 1.9% Operating expenses - 2,544.2 - 2,568.6 - 0.9% 1.9% Operating EBITDA 1,287.5 1,456.8 - 11.6% - 8.6% Depreciation - 358.2 - 354.9 0.9% 3.7% Operating EBITA 929.3 1,101.9 - 15.7% - 12.6% Net income / expense from sp. items - 106.5 - 111.4 - - EBITA 822.8 990.5 - - Amortization and impairments - 205.2 - 75.1 - - EBIT 617.6 915.4 - - Financial result - 132.2 - 172.8 - - EBT 485.4 742.6 - - Profit after tax 269.7 543.7 - - EPS 1.83 3.71 - -
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66 Financials FY 2025 Segments Operating Gross Profit 1) Operating EBITDA 2) Operating EBITDA conversion ratio in EUR m FY 2025 FY 2024 ∆ ∆ FX adjusted FY 2025 FY 2024 ∆ ∆ FX adjusted FY 2025 FY 2024 Specialties Life Science 775.8 829.9 - 6.5% - 3.5% 293.8 338.3 - 13.2% - 9.8% 37.9% 40.8% Specialties Material Science 307.5 325.4 - 5.5% - 3.1% 99.2 114.4 - 13.3% - 10.9% 32.3% 35.2% Specialties Other 15.0 17.9 - 16.2% - 15.7% - 4.7 - 1.7 - - - - Brenntag Specialties 1,098.3 1,173.2 - 6.4% - 3.6% 387.0 446.9 - 13.4% - 10.4% 35.2% 38.1% Essentials EMEA 957.7 994.7 - 3.7% - 3.5% 225.1 276.5 - 18.6% - 19.3% 23.5% 27.8% Essentials North America 1,443.6 1,536.8 - 6.1% - 1.7% 393.8 469.3 - 16.1% - 12.2% 27.3% 30.5% Essentials Latin America 191.9 166.6 15.2% 21.4% 26.7 14.1 89.4% 100.8% 13.9% 8.5% Essentials APAC 129.1 141.6 - 8.8% - 4.3% 12.2 17.3 - 29.5% - 26.1% 9.5% 12.2% Essentials Transregional 11.1 12.5 - 11.2% - 11.2% 5.3 6.4 - 17.2% - 17.2% - - Brenntag Essentials 2,733.4 2,852.2 - 4.2% - 1.2% 658.7 780.7 - 15.6% - 13.4% 24.1% 27.4% Group and Regional Services - - - - - 116.4 - 125.7 - 7.4% - 9.7% - - Brenntag Group 3,831.7 4,025.4 - 4.8% - 1.9% 929.3 1,101.9 - 15.7% - 12.6% 24.3% 27.4% 1 Note: The difference between the total of the reportable segments (EMEA, Americas and APAC) and the Brenntag divisions is the re sult of central activities which are part of Brenntag divisions but not directly attributable to any specific segment 1) External sales less cost of materials 2) Segment operating EBITA is calculated as EBITA adjusted for holding charges and special items
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67 Financials FY 2025 Cash flow statement in EUR m FY 2025 FY 2024 Profit after tax 269.7 543.7 Effect from IAS 29 on profit/loss after tax 8.1 4.2 Depreciation & amortization 589.3 444.1 Income tax expense 215.7 198.9 Income taxes paid - 174.7 - 229.6 Net interest expense 138.0 133.7 Interest paid - 143.4 - 118.0 (thereof interest paid for leases) ( - 26.2) ( - 23.4) Interest received 14.6 18.8 Dividends received 0.7 1.0 Changes in working capital 121.6 - 45.8 Changes in other operating assets and liabilities - 77.7 - 33.4 Changes in provisions - 4.9 - 29.5 Non - cash change in liabilities relating to acquisition of non - controlling interests - 13.3 14.0 Other 23.0 4.5 Net cash provided by operating activities 966.7 906.6 Legend: Components to calculate FCF derived from operating EBITDA 1
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68 Financials FY 2025 Cash flow statement (continued) in EUR m FY 2025 FY 2024 Proceeds from the disposal of consolidated subsidiaries and other business units less costs to sell 19.5 - Proceeds from the disposal of other financial assets 1.4 0.4 Proceeds from the disposal of intangible assets and property, plant and equipment 17.6 29.2 Payments to acquire consolidated subsidiaries and other business units - 155.2 - 436.1 Payments to acquire other financial assets - 0.5 - 0.3 Payments to acquire intangible assets and property, plant and equipment - 293.0 - 342.2 Net cash used in investing activities - 410.2 - 749.0 Payments to acquire treasury shares - - 250.1 Payments to settle liabilities relating to the acquisition of non - controlling interest - - 76.1 Dividends paid to Brenntag shareholders - 303.2 - 303.2 Dividends paid to non - controlling interests - 3.6 - 4.1 Proceeds from borrowings 1,175.3 1,262.5 Repayments of lease liabilities - 149.1 - 152.8 Repayments of borrowings - 1,208.5 - 453.2 Net cash provided by / used in financing activities - 489.1 23.0 Change in cash & cash equivalents 67.4 180.6 Legend: Components to calculate FCF derived from operating EBITDA 1
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69 Financials FY 2025 Free cash flow in EUR m FY 2025 FY 2024 ∆ abs ∆ % Operating EBITDA 1,287.5 1,456.8 - 169.3 - 11.6 Payments to acquire intangible assets and property, plant and equipment - 293.0 - 342.2 49.2 - 14.4 ∆ Working capital 1) 121.6 - 45.8 167.4 - 365.5 Principal and interest payments on lease liabilities - 175.3 - 176.2 0.9 - 0.5 Free cash flow 940.8 892.6 48.2 5.4 1 1) Based on average fx . rate excl. M&A
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Covid - 19 Covid - 19 Financial crisis 70 Sound financial profile Compounding growth track record and resilience Sales (EUR bn) 2008 2013 2007 2009 2010 2012 2011 2014 2015 2016 2017 2018 2019 2020 2021 Operating Gross Profit (EUR m) Op. EBITA/ Op. Gross Profit (in %) +5.7% 2009 2007 2013 2008 2012 2010 2011 2014 2015 2016 2017 2018 2019 2020 2021 CAGR Operating EBITA (EUR m) 2009 2007 2008 2010 2011 2013 2012 2014 2019 2015 2016 2017 2018 2020 2021 +4.0% CAGR 23.7 26.2 26.7 31.0 31.6 31.0 30.0 30.2 30.1 28.6 28.1 28.3 26.9 28.1 32.0 35.0 31.3 27.4 24.3 +4.7% CAGR 2022 2022 2022 1 2023 2023 2023 2024 2024 Financial crisis 2024 Notes: 2005: Brenntag predecessor; 2006: Brenntag and Brenntag predecessor combined and does not constitute pro forma financi al information; CAGRs since IPO in 2010 EBITA / Gross Profit adjusted for non - recurring effects, i.e. 2012: EUR 11m, 2013: EUR 17m 2025 2008 2013 2007 2009 2010 2012 2011 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2025 2025 325 398 394 519 572 611 596 628 699 695 663 754 758 805 1,082 1,512 1,265 1,102 929 6.7 7.4 6.4 7.6 8.7 9.7 9.8 10.0 10.3 10.5 11.7 12.6 12.8 11.8 14.4 19.4 16.8 16.2 15.2 1,374 1,520 1,493 1,674 1,808 1,968 1,992 2,078 2,322 2,429 2,554 2,661 2,822 2,869 3,379 4,319 4,042 4,025 3,832
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Cash flow Strong cash generation over the past years 71 1 in EUR m 2025 2024 2023 2022 2021 2020 2019 2018 2017 2016 2015 2014 2013 2012 2011 2010 Op. EBITDA 1,287.5 1,456.8 1,584.6 1,808.6 1,344.6 1,057.7 1,001.5 875.5 836.0 810.0 807.4 726.7 696.8 707.0 658.8 597.6 CAPEX - 293.0 - 342.2 - 321.1 - 267.2 - 199.3 - 201.9 - 205.2 - 172.2 - 148.1 - 141.1 - 130.1 - 104.8 - 97.2 - 94.7 - 86.0 - 85.1 ∆ Working capital 121.6 - 45.8 608.7 - 385.7 - 575.3 325.0 161.7 - 178.1 - 247.6 - 27.5 87.0 - 100.5 - 56.2 - 33.0 - 61.0 - 136.4 Principal and interest payments on lease liabilities - 175.3 - 176.2 - 160.2 - 150.6 - 130.5 - 126.2 - 120.7 Free cash flow 1) 940.8 892.6 1,712.0 1,005.1 439.5 1,054.6 837.3 525.2 440.3 641.4 764.3 521.4 543.4 579.3 511.8 376.1 Average working capital 2) 2,080.0 2,124.2 2,318.7 2,599.9 1,734.4 1,611.2 1,842.3 1,719.6 1,487.3 1,308.8 1,295.1 1,161.8 1,090.0 1,048.8 928.3 752.4 Working capital turnover 3) 7.3x 7.6x 7.3x 7.5x 8.3x 7.3x 7.0x 7.3x 7.9x 8.0x 8.0x 8.6x 9.0x 9.2x 9.3x 10.2x 1) Free Cash Flow is calculated as Operating EBITDA – Capex +/ - Δ Working Capital – principal and interest payments on lease liabil ities 2) Average Working Capital is defined for a particular year as the mean average of the values for working capital at each of the fo llowing five times: the beginning of the year, the end of each of the first, second and third quarters, and the end of the year 3) Working Capital Turnover is defined as Sales divided by Average Working Capital
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ROCE Increasing value added and returns in EUR m 2025 2024 2023 2022 2021 2020 2019 2018 2017 2016 2015 2014 2013 2012 2011 2010 Op. EBITA 929.3 1,101.9 1,265.0 1,511.7 1,081.9 805.3 757.9 753.5 717.1 694.5 698.7 627.3 597.1 610.8 572.0 518.6 EBITA 822.8 990.5 1,186,7 1,491.9 853.2 758.1 766.5 770.9 663.3 694.5 698.7 627.5 595.6 610.8 569.9 513.6 Average carrying amount of equity 4,491.9 4,499.1 4,499.5 4,543.1 3,802.8 3,582.9 3,427.3 3,111.6 2,969.2 2,753.8 2,534.6 2,190.1 2,008.4 1,860.3 1,660.0 1,265.5 Average carrying amount of financial liabilities 3,403.2 3,211.1 2,921.8 3,120.2 2,363.4 2,453.0 2,581.3 2,173.1 2,255.0 2,238.3 1,961.8 1,823.1 1,817.5 1,868.7 1,809.6 2,114.7 Average carrying amount of cash and cash equivalents - 681.9 - 648.4 - 726.4 - 882.2 - 645.7 - 654.1 - 430.8 - 416.2 - 612.0 - 566.3 - 460.9 - 413.1 - 343.4 - 356.2 - 382.5 - 468.3 ROCE 1) 12.9% 15.6% 18.9% 22.3% 19.6% 15.0% 13.6% 15.5% 15.5% 15.7% 17.3% 17.4% 17.1% 18.1% 18.5% 17.8% ROCE after special items 2) 11.4% 14.0% 17.7% 22.0% 15.5% 14.1% 13.7% 15.8% 14.4% 15.7% 17.3% 17.4% 17.1% 18.1% 18.5% 17.6% 72 1 1) ROCE is defined as operating EBITA divided by (the average carrying amount of equity + the average carrying amount of financi al liabilities – the average carrying amount of cash and cash equivalents) 2) EBITA not adjusted for special items (e.g. FY 2024 special items EUR - 112.7 million)
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Strong dividend track record 0.47 0.67 0.80 0.87 0.90 1.00 1.05 1.10 1.20 1.25 1.35 1.45 2.00 2.10 2.10 1.90 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 73 1 2024 2025 Dividend Policy Pay an annual dividend of 35% to 50% of consolidated profit after tax attributable to shareholders of Brenntag SE Dividend in FY 2025 Profit after tax in FY 2025 impacted by one - off items +10% CAGR
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Brenntag’s Historic Leverage & Credit Rating S&P B B+ BB+ BBB - BBB BBB+ Moody’s B2 Ba1 Baa3 Baa2 Leverage: Net Debt / Operating EBITDA 74 5.6 4.8 3.6 2.4 2.3 2.1 1.9 1.9 2.1 2.1 1.9 2.0 1.9 1.3 1.5 1.1 1.4 1.9 2.0 2.3 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 IFRS 16 IPO Q2 2026
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Bond data Bond 2028 Bond 2029 Bond 2031 Bond 2032 Issuer Brenntag Finance B.V. Brenntag Finance B.V. Brenntag Finance B.V. Brenntag Finance B.V. Listing Luxembourg Stock Exchange Luxembourg Stock Exchange Luxembourg Stock Exchange Luxembourg Stock Exchange ISIN XS2802928775 XS2394063437 XS3193854281 XS2802928692 Aggregate principal amount EUR 500,000,000 EUR 500,000,000 EUR 600,000,000 EUR 500,000,000 Denomination EUR 100,000 EUR 100,000 EUR 100,000 EUR 100,000 Minimum transferable amount EUR 100,000 EUR 100,000 EUR 100,000 EUR 100,000 Coupon 3.750% 0.500% 3.375% 3.875% Interest payment Annual: Apr. 24 Annual: Oct. 06 Annual: Oct. 2 Annual: Apr. 24 Maturity Apr. 24, 2028 Oct. 06, 2029 Oct. 02, 2031 Apr. 24, 2032 75 1
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Share price performance versus DAX, STOXX Europe 600 Chemicals and peers since 2021 76 - 16% + 11% + 82% Performance Indexed (Jan. 1st 2021 = 100) - 24% - 53% + 90% Source: Nasdaq data as of June 30, 2026; performance since Azelis IPO in September 2021; Univar share price development in U SD until delisting in July 2023 40 60 80 100 120 140 160 180 200 Jan-21 Jul-21 Jan-22 Jul-22 Jan-23 Jul-23 Jan-24 Jul-24 Jan-25 Jul-25 Jan-26 Brenntag DAX STOXX Europe 600 Chemicals IMCD Azelis Univar
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NA 47% UK 4) 9% DE 10% EU 5) 30% ROW 4% Analysts’ Opinions 2) Brenntag Share & Shareholder Structure Buy 3 Hold 12 Sell 3 Click to view current consensus Click to view current consensus Share data ISIN; Stock Symbol; Listed since DE000A1DAHH0; BNR; 29 March 2010 Subscribed capital; Outstanding Shares EUR 144,385,372; 144,385,372 Class of shares; Free float Registered shares; 80% Official market Prime Standard XETRA and Frankfurt Regulated unofficial markets Berlin, Düsseldorf, Hamburg, Hannover, München, Stuttgart, Tradegate Exchange Indices DAX, MSCI, Stoxx Europe 600, DAX ESG Target, S&P Global 1200 ESG, Dow Jones Best In Class Indices (DJ BIC) Shareholdings of identified Institutional Investors by Region 3) 77 1) According to voting rights notifications; Notification date as of the latest trigger of the respective thresholds; All voting ri ghts notifications are published on the Company’s Website ; 2) As of July 2 8 , 2026; 3) As of December 31, 2025; 4) UK and Ireland; 5) EU: Continental Europe incl. Scandinavia Shareholder 1) Proportion in % Date of notification Kühne Holding AG >20% December 8, 2025 Artisan Partners Limited Partnership >15% September 26, 2025 Wellington Management Group LLP >5% February 5, 2026 BlackRock, Inc. >5% July 17, 2024 Flossbach von Storch AG >5% June 1, 2023
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Investor Relations 78 Financial calendar Contact Brenntag SE Corporate Investor Relations Phone: +49 (0) 201 6496 2100 Fax: +49 (0) 201 6496 2003 E - mail: ir@brenntag.de Web: www.brenntag.com/investor_relations/ November 11, 2026 9M 2026 Interim Statement November 12, 2026 Capital Markets Day Click to visit website Financial Publications Sustainability Publications Creditor Relations Capital Market Day 2023 Corporate Governance Financial News Current Consensus Brenntag Shares Follow us: Please note that these dates could be subject to change. March 10, 2027 FY 2026 Annual Report May 12, 2027 3M 2027 Interim Statement
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This presentation may contain forward - looking statements based on current assumptions and forecasts made by Brenntag SE and other information currently available to the company . Various known and unknown risks, uncertainties and other factors could lead to material differences between the actual future results, financial situation, development or performance of the company and the estimates given here . Brenntag SE does not intend, and does not assume any liability whatsoever, to update these forward - looking statements or to conform them to future events or developments . Some information contained in this document is based on estimates or assumptions of Brenntag SE and there can be no assurance that these estimates or assumptions are or will prove to be accurate . Disclaimer 79 1