Brenntag Se · XETR:BNR
Brenntag — Investor Presentation (May 2025)
89 slides from Brenntag's investor presentation, May 2025
Slide 1: Investor Presentation May 2025
Investor Presentation May 2025
Slide 2: Investor Presentation agenda
Investor 1. Investment Highlights Presentation 2. Chemical Distribution Business Model 3. Industry Dynamics 4. Horizon 1-3: Transformation Journey 5. Brenntag Essentials 6. Brenntag Specialties 7. Sustainability 8. Financials Q1 2025 9. Outlook
Slide 3: Investment Highlights
Investment Highlights
Slide 4: Brenntag is the undisputed leader in a structurally expanding market
Brenntag is the undisputed leader in a structurally expanding market, delivering reliable earnings growth Our unique platform Delivering on our strategy Global leader with superior offering Resilient and reliable growth with in attractive markets Operating EBITA ~6% Op. EBITA CAGR since IPO Unparall
Slide 5: Two global divisions: Brenntag Specialties and Brenntag Essentials
Two global divisions: Brenntag Specialties and Brenntag Essentials Brenntag Specialties Brenntag Essentials EUR 1.2bn EUR 447m EUR 2.9bn EUR 781m FY 2024 Op. Gross Profit FY 2024 Operating EBITA FY 2024 Op. Gross Profit FY 2024 Operating EBITA 1,000’s ~100k 1,000’s ~150k Suppliers Customers Supplier
Slide 6: Highly diversified global footprint with around 600 sites in over 70 countries
Brenntag operates a highly diversified global footprint with around 600 sites in over 70 countries Global Serving multiple Several > 20,0001) ~ 180,000 coverage industries thousand Largest geography Largest end market (Op. Gross Profit FY24) APAC Various (Op. Gross Profit FY24) < 30% < 20% < 10% 9%
Slide 7: Track record of sustainable, resilient and accretive growth
Track record of sustainable, resilient and accretive growth Op. EBITA and ROCE1) Op. EBITA in EURm ROCE CAGR ~6% 22% Consistent growth profile 1,512 18% 17% 18% Ability to protect profitability 18% 19% 16% 16% 16% 1,265 even in macro downturns 17% 14% 14% 17% 14% 1,102 1,082 ROCE significantly
Slide 8: M&A is a core part of the growth story
M&A is a core part of the growth story Compounding value creation over time1) M&A since implementation of new operating model2) Essentials Life Science Material Science EUR ~6.2bn of acquired revenue 3) 3) Lactor Oy EMEA 3) EUR ~3.9bn spent on >100 acquisitions Packaged Chemex Products Chemicals div
Slide 9: Capital allocation framework
Capital allocation framework Reinvestment in the business through annual Capex of EUR 300-400m Capex Capex guidance also including DiDEX investments Capital allocation framework Continued investment in value-generating bolt-on M&A where strategically attractive M&A EUR 400-500m annual M&A sp
Slide 10: Our growth formula for 2027
Our growth formula for 2027 Key components contributing to our Op. EBITA CAGR Chemicals Growth multiplier Divisional Group cost and M&A market growth from outsourcing growth efficiency Contribution initiatives initiatives 2-4% ≤1% 2% 2% 3% Organic CAGR: 7-9% Total CAGR: 10-12% 10
Slide 11: Overview Investment highlights
Overview Investment highlights Brenntag: the undisputed and resilient leader of the chemical distribution industry Two global market leaders Superior business model with superior offering: Significant growth potential with resilience Brenntag Specialties & in an attractive industry through the downt
Slide 12: Chemical Distribution Business Model
Chemical Distribution Business Model
Slide 13: Distribution is an attractive and indispensable market
Distribution is an attractive and indispensable market, growing faster than chemical manufacturing Distributors are an indispensable channel… …and are outpacing manufacturing growth Chemical suppliers Sales CAGR Reinforce suppliers' strategy, e.g., brand proposition, value versus % volume strategies
Slide 14: Distributors perform a value-added function with economies of scale
Distributors perform a value-added function with economies of scale Know-how, Innovation & Purchase Sustainability Sourcing from various suppliers, Innovation & application development leveraging global scale and regional Drive suppliers’ and customers’ network sustainability agenda Storage Mixing,
Slide 15: Comparison of different ecosystem key constituents
Comparison of different ecosystem key constituents “What we are” “What we are not” Chemical Producer Business model B2B Services / solutions Manufacturing Product portfolio Full-line Narrow Customer base Broad in diverse end-markets Narrow Customer order size Small Large Delivery method Less-than-tr
Slide 16: Undisputed global leader in a highly fragmented market
Brenntag is the undisputed global leader in a highly fragmented chemical and ingredients distribution market Chemical and ingredients distribution sales-based market share (%), 20231) Top 6 have 11% market share 89% 100% ~5% Univar IMCD Azelis Kolmar Sinochem Rest of market Total market Source: ICIS
Slide 17: Industry Dynamics
Industry Dynamics
Slide 18: Brenntag growth & leadership drivers aligned with industry trends
Brenntag growth & leadership drivers aligned with industry trends Industry trends Brenntag growth & leadership drivers Continued outsourcing and increase of value-added Attractive distribution market with mid-term underlying sales 1 services growth of 3 to 5% p.a.1) Continued economic and geopolitic
Slide 19: Bifurcation of supplier & customer needs requires distinct business models
Bifurcation of supplier & customer needs requires distinct business models, making full-line value propositions obsolete Supplier needs Chemicals and ingredients distributors Customer needs Broad global access to SME Lowest cost-to-serve customers across industries Safe delivery & Capabiliti
Slide 20: Consolidation in chemical distribution has accelerated
Consolidation in chemical distribution has accelerated… Global chemical distribution market sales Number of deals executed by Top 50 chemical distributors >70% Top 50 players have gained 10%-points market share ~60% over last 5 years Others ~70% Trend supported by 70% Top 50 chemical ~40% more M&A a
Slide 21: Larger and more specialized platforms and new ownership models
… with larger and more specialized platforms and new ownership models Market share of Global Chemical Distribution Players 20231) Brenntag is proactively Industrial 2-4% Market CAGR ‘23 –‘27 Specialty2) 3-5% Market CAGR ‘23 –‘27 participating in shaping the industry 224 220 M&A is a key strategic pi
Slide 22: Horizon 1-3: Corporate Strategy & Advanced Operating Model
Horizon 1-3: Corporate Strategy & Advanced Operating Model
Slide 23: Brenntag is continuing its transformation journey initiated in 2020
Brenntag is continuing its transformation journey initiated in 2020 Before 2020 2020-2022 2022+ 2027+ CEO change to initiate Path to Horizon 3 transformation Horizon 2 Horizon 1 “Strategy to win” Pre-Horizon “Project Brenntag” Differentiated divisional One Brenntag with two strategies accelerati
Slide 24: Distinct, high performing businesses aligned with market requirements
Distinct, high performing businesses aligned with business drivers and market requirements Ewout van Jarwaarde Dr. Christian Kohlpaintner Thomas Reisten Michael Friede Chief Executive Officer Chief Executive Officer Chief Financial Officer Chief Executive Officer Brenntag Essentials Brenntag Special
Slide 25: Brenntag Essentials: Unleashing the true potential of the platform
Brenntag Essentials: Unleashing the true potential of the platform Executing our ‘Triple’ strategy to unleash the potential of BES’s unrivalled platform Resilient and Unleashing Brenntag M&A as an structurally growing Essentials’ true potential accelerator Last Mile Service Regional Sourcing and Glo
Slide 26: Brenntag Specialties: Power to perform
Brenntag Specialties: Power to perform Clear and comprehensive strategy to accelerate BSP’s financial performance and close the performance gap Optimizing Closing BSP’s Delivering BSP’s platform performance gap consistent growth Initiatives Focused M&A to Expand margins Prioritize cost base Drive pr
Slide 27: Accelerating ongoing initiatives and resetting the cost base
Accelerating ongoing initiatives and resetting the cost base Streamlining of overhead structure Cost synergies from portfolio shift: more efficient, go-to-market approach Free up resources Leverage shared services and lean corporate center Consolidation of spend across organizational units L
Slide 28: Brenntag Essentials
Resilient and structurally growing Brenntag Essentials Unleashing Brenntag Essentials’ true potential M&A as an accelerator
Slide 29: Brenntag Essentials operates in a highly attractive, globally growing market
Brenntag Essentials operates in a highly attractive, globally growing market Structurally growing market globally Fragmented market structure Increasing outsourcing and demand for Global industrial chemical distribution CAGR Global chemical distribution players market share2) market (in EUR bn)1) re
Slide 30: Brenntag Essentials is a market leading, global and diversified platform
Brenntag Essentials is a market leading, global and diversified platform Market leader #1 EUR 2.9bn ~80% Global Market Leader FY24 Op. Gross Profit Average Cash Conversion1) >70 >10 million >80% Global reach of global chemicals demand Countries Transactions per year covered with same day delivery En
Slide 31: Brenntag Essentials is resilient and structurally growing
Brenntag Essentials is resilient and structurally growing Growth Growththrough throughthe thecycle… cycle… … with low volatility Last 10 years growth evolution 45% 2013-21 avg. Typical chemical 6.3% 6.8% 3.7% 5.1% producers sales >15% Number of years 35% of growth 10/10 10/10 6/10 6/10 Commodity 25%
Slide 32: The 'triple' business model caters to customer and supply partner needs
The ‘triple’ business model caters to the needs of our customers and supply partners and provides unique network optionalities Our business model Value chain Business partner needs Customers Supply partners Interregional Access to Market reach Global Sourcing business / trading Shipping products and
Slide 33: Unleashing the true potential of the platform
Unleashing the true potential of the platform Op. EBITA uplift 5-7% CAGR 4 3 1 2 FY23E Portfolio shift FY23E Volume growth Inflation Drive last mile Strengthen Leverage global FY27E Targeted (Prior to PS) (Post PS) and market operational regional sourcing and M&A normalization excellence sourcing an
Slide 34: Driving last-mile operational excellence
1 Unleashing the true potential of the platform: Driving last-mile operational excellence a b c Key initiatives Establish common last mile service operations globally with full responsibility for last mile P&L Operations optimization Site network optimization Digital.Data.Excellence Common perfo
Slide 35: Strengthening regional sourcing and supply chain services
2 Unleashing the true potential of the platform: Strengthening regional sourcing and supply chain services Key initiatives Increase regionally sourced product catalogue and steer portfolio towards sustainable products AI-Driven demand Tollgates Sustainability forecasting Expand regional supply c
Slide 36: Interregional optimization to tap into network optionalities
3 Unleashing the true potential of the platform: Interregional optimization to tap into network optionalities Key initiatives Opportunity: NA vs. EMEA (a large global product) EUR / t EMEA prices US prices Volume / pricing optimization 3000 Market intelligence team monitors producer actions, trade
Slide 37: Disciplined and targeted M&A strategy
4 Disciplined and targeted M&A strategy will drive further growth and margin upside Disciplined M&A strategy Highlighted examples Targeted M&A strategy criteria: Philippines o Create leading market positions in Malaysia attractive markets Singapore OWI Chlor Indonesia Alkali o Invest into access t
Slide 38: Brenntag Specialties
Optimizing BSP’s platform Brenntag Specialties Closing BSP’s performance gap Delivering consistent growth
Slide 39: Strengthening BSP's operating model and increasing divisional autonomy
Strengthening BSP’s operating model and increasing divisional autonomy Shift from geographical to global industry business unit steering Life Science Material Science Leveraging global insights EMEA & scalability Nutrition CASE1) Electronics Primary Americas steering Pharma Construction Polymers Cle
Slide 40: Accelerating BSP's performance to deliver higher organic growth
Accelerating BSP’s performance to deliver higher organic growth and profitability, with further upside from M&A Op. EBITA Conversion Margin (%) 4 43-45% 5 3 1 2 38-40% 37-39% FY23E Portfolio shift FY23E Price and 1) Cost-out / 1) Portfolio 2) Value-added FY27E M&A (Prior to PS) (Post PS) margin effi
Slide 41: Actively managing pricing and margins
1 Actively managing pricing and margins to improve profitability Illustrative example: Pricing strategy optimization1), 2) Identifying individual pricing Average Selling Price (EUR) requirements Bronze / Low Bubble size is reflective Optimizing pricing Bronze / Medium of GP value strategies Typical
Slide 42: Cost-out program to underpin structural margin improvement
2 Cost-out program to underpin structural margin improvement Transport management Warehousing Corporate overheads Commercial Joint cost-out projects and ability to structure SLAs1) at arm’s length Upgrading salesforce efficiency Digital support from new BSP with dedicated supply Optimize usage of Gr
Slide 43: Driving growth through enhanced product mix
3 Driving further growth and profitability through enhanced product mix Fill white spots through Focus on Develop own strategic supplier partnerships specialty products branded products and leverage global sourcing Improve product portfolio Fewer non-branded Leverage ‘accelerators’ in line with mark
Slide 44: Further scale value-added services
4 Further scale value-added services with customers and suppliers Application and Regulatory services Re-packing Mixing and blending innovation support Upgraded and specialized Scaled-up global network of Advanced capabilities Increase own-brand offering I&AC footprint by investing in industry-focus
Slide 45: Strengthening BSP's footprint and capabilities through M&A
5 Strengthening BSP’s footprint and capabilities through M&A 2023 2027 M&A objectives EMEA NA LATAM APAC China EMEA NA LATAM APAC China Nutrition Add scalable capabilities in high growth areas Life Beauty& Care Science Accelerate market entry Pharma Increase presence in APAC across Material Science
Slide 46: Strong M&A track record with significant pipeline
5 Strong M&A track record with significant pipeline Selected acquisitions from 2018 – 2023 Medium-term opportunity 20 signed deals EUR 1.2bn+ in acquired sales Türkiye Business #1 <5% 2023 Blending solutions ~EUR 40m 2023 Nutrition ~EUR 15m global market global market leader share 2023 Blending solu
Slide 47: Unique end market strategies
Unique end market strategies to capture potential of structurally attractive growth markets and strengthen leadership positions Life Science Operational Mix Evolution Material After portfolio shift1) Nutrition Beauty & Care Pharma Science Market FY23 attractiveness GDP +++ GDP ++ Globally leading St
Slide 48: Global network of Innovation & Application Centers
Connecting the most comprehensive global network of Innovation & Application Centers to drive growth # of I&ACs I&AC by end market Material Europe Science Life Science North 10 America 23 32 Asia Pacific Strategy to optimize network 3 Middle East Enhance global connectivity 2 78 I&ACs Scale innovati
Slide 49: Sustainability
Sustainability
Slide 50: "Future Sustainable Brenntag" picture
Based on our strengths and high ambitions, we developed a “Future Sustainable Brenntag” picture Responsible distribution ... … of sustainable chemicals and ingredients Brenntag’s operations & suppliers Brenntag’s products & services Climate protection Circular economy Strive for zero CO2 emissions S
Slide 51: We continue to lead the sustainability agenda
We continue to lead the sustainability agenda with key initiatives in place Unique carbon management program Carbon footprint calculator "CO2Xplorer" Global living wage policy Reduce footprint Improve handprint Salaries meet or exceed regional living GHG Internal Suppliers + = Customers footprint
Slide 52: Key mid-/long-term targets in six focus areas
Key mid-/long-term targets in six focus areas addressing the UN SDGs Focus areas Mid- to long-term targets 2025 - 2027 2030 - 2050 -25% in Climate protection & Scope 1&2: Scope 3: Net-zero vs. 2023: 100% electricity consumption process spill Environment emissions reduction -58.8% vs. -35% vs. Scope
Slide 53: Net-zero GHG emissions across the value chain by 2050
Brenntag commits to reach net-zero GHG emissions across the value chain by 2050 CO2 Emissions in 2024 Main contributor to CO2 Emissions development1) in thousand tonnes reduction in thousand tonnes Scope 1 Scope 3 Scope 2 Target -58.8% Target -35% Scope 1 Company facilities, 186 0.62% company trucks
Slide 54: Brenntag with leading ESG position
Brenntag with leading ESG position Memberships and initiatives UN Responsible “Together for Global inclusion DAX 50 DAX 30 DAX ESG Reporting is Near-term and Global Care/Distribution Sustainability” initiative ESG ESG Target prepared by fully net-zero targets Compact program initiative The Valuable
Slide 55: Financials Q1 2025
Financials Q1 2025
Slide 56: Highlights Q1 2025
Highlights Q1 2025 SALES OPERATING GROSS OPERATING EBITA FREE CASH FLOW PROFIT EUR 4.1 bn EUR 1.0 bn EUR 264 m EUR 163 m +0.4% vs. PY (fx adj.) +2.1% vs. PY (fx adj.) +0.3% vs. PY (fx adj.) -6.8% vs. Q1 2024 EPS BUSINESS COST-OUT PROGRAM OUTLOOK FY 2025 ENVIRONMENT EUR 0.93 High economic & geo- EUR
Slide 57: Q1 2025 Strategy update and economic environment
Q1 2025 Strategy update and economic environment Economic environment Strategy update Increased uncertainty in the first Continued execution of divisional strategies including targeted disentanglement quarter 2025 Clear focus on cost-out delivery with potential acceleration of delivery against
Slide 58: Financials Q1 2025: Income statement
Financials Q1 2025: Income statement in EUR m Q1 2025 Q1 2024 ∆ ∆ FX adjusted Sales 4,071.9 4,002.6 1.7% 0.4% Cost of materials -3,052.4 -3,018.2 1.1% -0.1% Operating Gross Profit 1,019.5 984.4 3.6% 2.1% Operating expenses -664.2 -642.8 3.3% 2.0% Operating EBITDA 355.3 341.6 4.0% 2.5% Depreciation -
Slide 59: Financials Q1 2025: Brenntag Specialties
Financials Q1 2025: Brenntag Specialties Operating EBITA growth vs. PY Lower volumes in combination with meaningfully higher Gross Profit per unit Life Science Material Science Operating Gross Profit of EUR 295 m, an increase of 0.1% vs. PY -2.9% +0.7% Life Science business unit Nutrition stable, Ph
Slide 60: Financials Q1 2025: Brenntag Essentials
Financials Q1 2025: Brenntag Essentials Operating EBITA growth vs. PY Positive volume developments offset lower Gross Profit per unit NORTH AMERICA EMEA Operating Gross Profit of EUR 725 m, an increase of 3.0% vs. PY -14.0% -1.9% Positive operating Gross Profit development in all regions except Nort
Slide 61: Financials Q1 2025: Operating EBITA bridges
Financials Q1 2025: Operating EBITA bridges1) Operating EBITA growth Operating EBITA growth by division in EUR m in EUR m 0.3% -1.2% -3.7% 0.3% 3 14 -13 1 12 4 -3 2 9 -18 264 260 264 260 Q1 2024 FX translation M&A Organic Q1 2025 Q1 2024 Brenntag Brenntag Group and Q1 2025 contribution growth Specia
Slide 62: Financials Q1 2025: Segments
Financials Q1 2025: Segments Operating EBITA in EUR m Operating Gross Profit1) Operating EBITA2) conversion ratio ∆ FX ∆ FX Q1 2025 Q1 2024 ∆ adjusted Q1 2025 Q1 2024 ∆ adjusted Q1 2025 Q1 2024 Specialties Life Science 209.1 207.5 0.8% -0.1% 84.4 86.5 -2.4% -2.9% 40.4% 41.7% Specialties Material Sci
Slide 63: Financials Q1 2025: Free cash flow
Financials Q1 2025: Free cash flow in EUR m Q1 2025 Q1 2024 ∆ abs. ∆% Operating EBITDA 355.3 341.6 13.7 4.0% Payments to acquire intangible assets and property, plant and equipment -60.3 -71.7 11.4 -15.9% ∆ Working capital1) -84.0 -52.7 -31.3 59.4% Principal and interest payments on lease liabilitie
Slide 64: Financials Q1 2025: Cash flow statement
Financials Q1 2025: Cash flow statement in EUR m Q1 2025 Q1 2024 Profit after tax 135.7 143.7 Effect from IAS 29 on profit/loss after tax 4.1 1.0 Depreciation & amortization 109.4 94.5 Income tax expense 57.0 61.3 Income taxes paid -51.0 -52.6 Net interest expense 34.7 24.9 Interest paid -24.4 -24.8
Slide 65: Financials Q1 2025: Cash flow statement (continued)
Financials Q1 2025: Cash flow statement (continued) in EUR m Q1 2025 Q1 2024 Proceeds from the disposal of consolidated subsidiaries and other business units less costs to sell - - Proceeds from the disposal of other financial assets - - Proceeds from the disposal of intangible assets and property,
Slide 66: Financials Q1 2025: Working capital
Financials Q1 2025: Working capital in EUR m 31 Mar 2024 31 Dec 2024 30 Sep 2024 30 Jun 2024 31 Mar 2024 Inventories 1,544.1 1,518.4 1,514.1 1,539.9 1,422.6 + Trade receivables 2,414.4 2,282.5 2,338.0 2,549.8 2,480.2 ./. Trade payables 1,787.7 1,661.6 1,704.5 1,844.0 1,819.8 Working capital (end of
Slide 67: Outlook
Outlook
Slide 68: Outlook 2025
Outlook 2025 FY 2025 Outlook Brenntag currently expects operating EBITA for 2025 to be in the lower range of the guidance Brenntag Group provided in March 2025 (op. EBITA of EUR 1,100 m to 1,300 m1)) EUR/USD: ~1.05 (2024: ~1.08) FX impact Sensitivity (FY basis): Delta of EUR/USD +/- 1 cent = EUR
Slide 69: Brenntag Group 2027 organic growth and profitability targets
Brenntag Group 2027 organic growth and profitability targets Brenntag Brenntag Brenntag Group Essentials Specialties Operating Gross Profit CAGR 4 - 7% 4 - 6% 5 - 7% Operating EBITA CAGR 7 - 9% 5 - 7% 7 - 9% Operating EBITA Conversion Ratio 35 - 37% 32 - 34% 43 - 45% One-off costs: DiDEX and SAP imp
Slide 70: Appendix
Appendix
Slide 71: From 1874 to 2024: 150 years of being constantly agile
From 1874 to 2024 150 years of being constantly agile 1874 1966 Philipp Mühsam Brenntag becomes founded agricultural international (Belgium) 2020 trading business Horizon 1 2006-2010 Project Brenntag Private-Equity 1920s owned by BC 2022 Launch of Partners Horizon 2 the gasoline 2010 Strategy to Win
Slide 72: Board of Management
Board of Management Highly experienced management team Christian Thomas Michael Ewout Kohlpaintner Reisten Friede van Jarwaarde Chief Executive Officer Chief Financial Officer Chief Executive Officer Chief Executive Officer Brenntag Specialties Brenntag Essentials Corporate Board Office Accounti
Slide 73: Board of Management remuneration system
Current remuneration system of the Board of Management ILLUSTRATIVE Base Salary (≈ 27-32%) Preliminary Payout Amount (0-200% of target amount) Short-Term 60% 20% 20% Variable Individual performance Maximum Remuneration1) Remuneration multiplier (0.8x – 1.2x) – (≈ 25-30%) Target Organic op. Working C
Slide 74: ESG: Safety and Diversity
ESG: Safety and Diversity Group Accident Rate Diversity – Key figures2) TRIR1), 2) Targets 2024 2023 4.2 4 Target: Proportion of women in the At least 33.3% < 2.0 by 2030 33.3% 33.3% Supervisory Board by 2026 3.2 3.1 Proportion of women in the At least 20% by 25.0% 25.0% 2.7 2.6 Target Board of Mana
Slide 75: 2024 ESG target achievement
2024 ESG target achievement 2024 2024 Objective KPI Reference to mid-/long-term target target results Define preventive measures for all (>95%) Significantly decrease risks on human rights in the whole supply chain suppliers with high risk profile / engage >95% >95% • All suppliers are covered by
Slide 76: 2025 ESG Scorecard
2025 ESG Scorecard Objective KPI Linkage mid- to long-term target Incorporating expanded social and environmental Procurement process: Develop roadmap for All suppliers share our vision on human rights and environmental protection criteria into strategic procurement processes sustainability integr
Slide 77: DiDEX: Digital.Data.Excellence.
DiDEX: Digital.Data.Excellence. Becoming easiest Unlocking value Creating a scalable to do business with from our data technology platform Excellence through harmonized, Modular architecture, cloud first, industry-leading processes Data- and AI-driven real-time API first, and security-embedded and o
Slide 78: Sound financial profile: Compounding growth track record and resilience
Sound financial profile: Compounding growth track record and resilience Sales Operating Gross Profit CAGR CAGR (EUR bn) (EUR m) +5.5% +6.5% 4,319 19.4 4,042 4,025 16.8 16.2 3,379 14.4 2,822 2,869 11.7 12.6 12.8 11.8 2,322 2,429 2,554 2,661 9.7 9.8 10.0 10.3 10.5 2,078 7.4 7.6 8.7 1,808 1,968 1,992 6
Slide 79: Cash flow: Strong cash generation over the past years
Cash flow: Strong cash generation over the past years in EUR m 2024 2023 2022 2021 2020 2019 2018 2017 2016 2015 2014 2013 2012 2011 2010 Op. EBITDA 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 -342.2 -321.1 -267.2 -199.3 -201.9 -205.2 -
Slide 80: ROCE: Increasing value added and returns
ROCE: Increasing value added and returns in EUR m 2024 2023 2022 2021 2020 2019 2018 2017 2016 2015 2014 2013 2012 2011 2010 Op. EBITA 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 990.5 1,186,7 1,491.9 853.2 758.1 766.5 770.9 663.3 694.5 698
Slide 81: Strong dividend track record
Strong dividend track record Dividend policy: +11% CAGR pay an annual dividend of 35% to 50% of consolidated profit after tax 2.10 2.10 2.00 attributable to shareholders of Brenntag SE 1.45 1.35 1.20 1.25 1.05 1.10 1.00 0.87 0.90 0.80 0.67 0.47 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Slide 82: Historic Leverage & Credit Rating
Brenntag’s Historic Leverage & Credit Rating Leverage: Net Debt / Operating EBITDA 5.6 IPO 4.8 IFRS 16 3.6 2.4 2.3 2.1 1.9 1.9 2.1 2.1 1.9 2.0 1.9 1.9 1.9 1.3 1.5 1.4 1.1 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Q1 S&P B B+ BB+ BBB- BBB BBB+ Mood
Slide 83: Balance sheet Q1 2025
Balance sheet Q1 2025 Assets Equity and Liabilities in €m in €m 11,668 11,641 11,668 11,641 763.3 738.8 1,661.6 1,787.7 Trade payables Cash & equiv. 2,282.5 2,414.4 Trade receivables 2,939.0 2,858.7 Financial liabilities 1,518.4 1,544.1 Inventories 617.3 599.0 Lease liabilities 1,695.1 1,660.2 Other
Slide 84: Balance sheet and maturity profile
Financials Q1 2025: Balance sheet and maturity profile Eurobond & in EUR m 31 Mar 2025 31 Dec 2024 in EUR m2) Promissory Note Financial liabilities 2,858.7 2,939.0 Eurobond Eurobond Eurobond Lease liabilities 599.0 617.3 Promissory ./. Cash and cash equivalents 738.8 763.3 Note 600 580 500 500 Net D
Slide 85: Bond data
Bond data Bond 2025 Bond 2028 Bond 2029 Bond 2032 Issuer Brenntag Finance B.V. Brenntag Finance B.V. Brenntag Finance B.V. Brenntag Finance B.V. Luxembourg Stock Luxembourg Stock Luxembourg Stock Luxembourg Stock Listing Exchange Exchange Exchange Exchange ISIN XS1689523840 XS2802928775 XS2394063437
Slide 86: Share price performance versus DAX, STOXX Europe 600 Chemicals and Peers
Share price performance versus DAX, STOXX Europe 600 Chemicals and Peers since 2021 Performance Indexed (Jan. 1st 2021 = 100) 210 +90% 190 170 150 +62% 130 +18% 110 +10% 90 -6% 70 -28% 50 Jan-21 Jul-21 Jan-22 Jul-22 Jan-23 Jul-23 Jan-24 Jul-24 Jan-25 Brenntag DAX STOXX Europe 600 Chemicals IMCD Azel
Slide 87: Brenntag Share & Shareholder Structure
Brenntag Share & Shareholder Structure Share data Analysts’ Opinions2) ISIN; Stock Symbol; Listed since DE000A1DAHH0; BNR; 29 March 2010 Subscribed capital; Outstanding Shares EUR 144,385,372; 144,385,372 Click to view Sell current consensus 1 Class of shares; Free float Registered shares; 85% Offic
Slide 88: Investor Relations
Investor Relations Financial calendar Financial Publications Sustainability Publications May 22, 2025 August 13, 2025 Annual General Meeting Half-Year Financial Report 6M 2025 November 12, 2025 Financial News Corporate Governance Quarterly Statement 9M 2025 Contact Capital Market Day 2023 Creditor R
Slide 89: Disclaimer
Disclaimer 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