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BRENNTAG Q2 2026 Results Strong results driven by favorable market environment and disciplined execution Brenntag SE August 12 , 2026
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2 Q2 2026 Highlights Strong operating performance and margin expansion 2 * 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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Continued execution of our key priorities delivering first green shoots 3 ▪ 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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4 Q2 2026 Financials Strong earnings growth driven by all business units 4 ▪ 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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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 5
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6 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 7 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 8 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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Operating EBITDA guidance 2026 raised 9 ▪ 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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10 Mixed regional market conditions: Customers remain prudent 10 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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11 Cautious market outlook persists across divisions and segments 11 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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SAVE THE DATE NOVEMBER 12, 2026 BRENNTAG CAPITAL MARKETS DAY 2026
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Appendix
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14 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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15 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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16 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) 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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17 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
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18 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
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19 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) Based on average fx . rate excl. M&A
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20 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) 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 21 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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22 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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23 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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24 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) 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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25 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
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26 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
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27 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) Based on average fx . rate excl. M&A
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Financial calendar / contact 28 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 Follow us: Please note that these dates could be subject to change. November 12, 2026 Capital Markets Day 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 29