Brenntag Se · XETR:BNR
Brenntag — Investor Presentation (March 2026)
73 slides from Brenntag's investor presentation, March 2026
Slide 1: Brenntag Investor Presentation March
> BRENNTAG In ntation March
Slide 2: Investor Presentation agenda
Investor 1. Investment Highlights Presentation 2. Chemical Distribution Business Model and Industry Dynamics 3. Strategic Priorities and Divisional Framework 4. Sustainability 5. Financials FY 2025 6. Outlook
Slide 3: Investment Highlights
Investment Highlights
Slide 4: 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 ~4% Op. EBITA CAGR since IPO Operating EBITA Asset
Slide 5: Two global divisions: Brenntag Specialties and Brenntag Essentials
Two global divisions: Brenntag Specialties and Brenntag Essentials Brenntag Specialties Brenntag Essentials Highly specialized perform EUR 1.1bn EUR 387m FY 2025 Op. Gross Profit FY 2025 Operating EBITA 1,000’s ~100k Suppliers Customers >80 |&ACs globally ce chemicals & ingredients Industry focus At
Slide 6: Diversified global footprint with around 600 sites
Brenntag operates a highly diversified global footprint with around 600 sites in over 70 countries oot Phe, x Marke, ovpPlier, groducg, cvstome,, =, haa) jes x - — La Global Serving multiple > 10,000” > 20,0002) ~160,000%) coverage industries Largest geography Largest end market (Op. Gross Profit FY
Slide 7: Track record of sustainable, resilient and accretive growth
Track record of sustainable, 7 Op. EBITA and ROCEY Hl op. BIT in EURm — ROCE CAGR ec 22% m 18% L514 18% 17% | 18% 8 499% ~~ m—-—m_16% 16% 16% sass 17% 17% Sa 14% 14% 146 oy “So 6 102 gm 1,082 i 11% 14% 929 805 u 4 758 699 695 717 7S 611 597 s19 872 399 308 2007 Financial IPO 2015 COvID-19 2023 2024
Slide 8: M&A is a core pillar of strategy and growth story
M&A is a core pillar of Brenntag’s strategy and growth story M&A since 2020 Compounding value creation over time” 7 . H 2s >EUR ~6.4bn of acquired revenue idgron ctor ry at | és S| AZO see EMEA | |(9souvennis 7} ot ©) acres H % aa SSHRED ZI sence WY >EUR ~4.2bn spent on >100 acquisitions i ANICL ‘Ch
Slide 9: Capital allocation framework
Capital allocation framework Capex = Reinvestment in the business through annual Capex ~ EUR 300m Capital allocation framework RA = Continued investment in value-generating bolt-on M&A where strategically attractive = EUR 400-500m annual M&A spend, implies contribution of ~3% annual Op. EBITA growth
Slide 10: Our growth formula for 2027
Our growth formula for 2027 Key components contributing to our Op. EBITA CAGR Chemicals Growth multiplier market growth from outsourcing Group cost and M&A ici Contribution initiatives C in 2% 3% a Organic CAGR: 7-9% a Total CAGR: 10-12% 10
Slide 11: Overview Investment highlights
Overview Investment highlights renntag;: the undisputed an ent leader of the chemical distribution Au Two global market leaders with superior offering: Brenntag Specialties & Brenntag Essentials Trusted partner with access to global supply chains and ownership of last mile delivery Sound financial p
Slide 12: Chemical Distribution Business Model and Industry Dynamics
Chemical Distribution Business Model and Industry Dynamics
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... Chemical suppliers Reinforce suppliers’ strategy, e.g., brand proposition, value versus volume strategies, new product introduction and sustainability Compl
Slide 14: Distributors perform a value-added function
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 PT secs] Storing and inventory management Provide logistics solutions Managing transportation complex
Slide 15: Comparison of different ecosystem key constituents
Comparison of different ecosystem key constituents Business model Product portfolio Customer base Customer orde Delivery method Fixed assets d asset flexik Cost base Raw material prices Input / Output pricing Bb a “What we are” BRENNTAG “What we are not” Chemical Producer Manufacturing Typically, mo
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 (%), 2024 Top 6 have 11% market share 89% [| P| 100% P| - BD BRENNTAG Univar IMCD Azelis Kolmar Sinochem Restofmarket Total mark
Slide 17: Growth and leadership drivers aligned with industry trends
Brenntag growth & leadership drivers aligned with industry trends Industry trends Brenntag growth & leadership drivers Stable outsourcing trend and share of value-added Attractive distribution market with mid-term underlying sales services growth of 2 to 4% p.a.) Uneven economic development across r
Slide 18: Consolidation in chemical distribution has accelerated
Consolidation in chemical distribution has accelerated... Global chemical distribution market sales Number of major acqui globally Top 50 players have gained 10%-points market share from 2017-2022 Others In 2023, five players out of the top 50 global chemical distributors executed over 70% of the ac
Slide 19: Strategic Priorities and Divisional Framework
Strategic Priorities and Divisional Framework
Slide 20: Delivering on our main actions despite market weakness
Delivering on our main actions: Clear structural progress despite continued market weakness Sales = Continued focus on margin discipline and client proximity in a contracting market, supported by operational sales initiatives and enhanced customer segmentation Clarity & Simplification Structurally s
Slide 21: Key priorities introduced in Q3 2025
Key priorities introduced in Q3 2025: Implementation well on track, first structural effects visible LD © Achievements Intensified sales work (e.g. re- gained ~100 clients in N. America) 80+ new high-quality supplier agreements formed in 2025 Proactive margin management initiatives in a contracting
Slide 22: Focus areas for 2026
Focus areas for 2026: Accelerating market adaptation to drive future growth Accelerated execution Immediate opportunities = Extension of cost-out program = Selective organic growth and value- with additional savings of accretive M&A EUR 200-250m until 2027 * Targeted market share gains in resilient
Slide 23: Brenntag Essentials and Brenntag Specialties structure
ra) @qdl Brenntag Essentials S Business steered by Regions Regional Segments Cost efficiency LATAM. ABAC Secure and safe handling of supply chains North America Global reach and last EMEA mile delivery Distinct, high performing businesses aligned with business drivers and market requirements Brennta
Slide 24: Brenntag Essentials is a market leading global platform
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 Market leader * Operating in more than 60 countries globally Global reach = Broad and diversif
Slide 25: Brenntag Essentials: Unleashing the true potential
Brenntag Essentials: Unleashing the true potential of the platform fa mr Resilient and structurally growing Last Mile Service Operations excellence nw! Unleashing Brenntag Essentials’ true potential Global Sourcing and Interregional Optimization Regional Sourcing and Supply Chain Services Supply cha
Slide 26: Specialties network of Innovation & Application Centers
Brenntag Specialties is connecting the most comprehensive global network of Innovation & Application Centers @ # of I8ACs I&AC by end market Material f Science Life Science North America fear gaitic Strategy to optimize network ay Enhance global connectivity A >70 I&ACs g Scale innovation capabiliti
Slide 27: Brenntag Specialties: Power to perform
Brenntag Specialties: Power to perform fi &5 “| mw Optimizing Closing BSP’s Delivering BSP’s platform performance gap consistent growth Focused M&A to Expand margins Prioritize cost base Drive product Leverage value shift portfolio adjustment portfolio added services towards Life management Science
Slide 28: Accelerating initiatives and resetting the cost base
Accelerating ongoing initiatives and resetting the cost base Some measures overlapping Q 2 G&A operating model & function redesign End-to-end in ct spend management Supply chain cost reduction Streamlining of overhead structure Cost synergies from portfolio shift: more efficient, go-to-market approa
Slide 29: Sustainability
Sustainability
Slide 30: 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 av Brenntag’s operations & suppliers =) dw Brenntag’s products & services Climate protection Strive for zero CO, emissions Certifi
Slide 31: 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 Climate protection & emissions reduction Resource efficiency & circular economy Environment Annual glob ement survey (2024-2( anning and ntation? of at. our enti TRIR® v
Slide 32: Key sustainability initiatives in place
We continue to lead the sustainability agenda with key initiatives in place Reduce footprint & Ww GHG emissions tracking 11 projects in 2025 ss $ Financial Carbon fund support for new Budget of projects ~EUR 5.8m in 2025 1) Product carbon footprint ) 22 2) Value-added services A Customers . BRENNTAG
Slide 33: Net-zero GHG emissions commitment by 2050
Brenntag commits to reach net-zero GHG emissions across the value chain by 2050 A ) SCIENCE CO, Emissions in 2025 Main contributor to CO, Emissions development BASED in thousand tonnes reduction in thousand tonnes A TARGETS. ™ Scope 1 @ Scope 3 m Scope 2 Scope 1 176 Company facilities, 0.73% company
Slide 34: Brenntag with leading ESG position
Brenntag with leading ESG position Memberships we ae UN and initiatives Global Compact B BRENNTAG Sector average ) SUSTAINALYTICS Risk Rating: 12.0 (Low risk) (Top 2%) 1) A 3 i ABUT Valuable 500 Responsible “Together for Global inclusion Care/Distribution Sustainability” initiative program initiativ
Slide 35: Financials FY 2025
Financials FY 2025
Slide 36: FY 2025: Resilience, cash and structural progress
FY 2025: Delivering resilience, cash & structural progress ina non-cash items and one-offs (EUR 248 m) weak market Operating Operating Muted demand weighing on volumes across GP GP Margin both divisions ~ EUR 3.8 bn 25.3% ce ; : Commercial discipline reflected in gross Operating - 1.9% vs. PY* + 0.5
Slide 37: Sequential EBITA development in Q4
Sequential EBITA development impacted by demand-driven shortfall in GP and one-off OPEX Q4 earnings bridge” Key developments . Mainly lower volumes: in EURm " Weak markets * Less working days in Q4 = Q4 is typically the weakest quarter due to Q325 fewer working days and seasonal effects 56 = Further
Slide 38: Proactive margin management
Proactive margin management: Stability reflects resilience of business model Gross Margin development vs. PY = Subdued demand in all business i pe ° units Life Science and Material Science showing margin stability | | ist pi —— Improvement in gross margin vs. PY in both Life Science and Material Sci
Slide 39: Structural cost-out: net savings materializing
Delivering structural cost-out / net savings materializing new accelerated target set on 2025 basis Gross effects from the cost-out program vs. 2023 cost base, in EUR m Savings in Q42025 vs.Q42024 Jin * ~EUR20m i . Qi 2025 Q2 2025 Q3 2025 Q4 2025 FY 2025 First structural cost-savings visible Acceler
Slide 40: FY 2025 Op. EBITA decline drivers
FY 2025: Op. EBITA decline impacted by weak market and FX effects, cost-out measures partly offset Op. EBITA development YoY Key developments inEURm - 12.6%* = Signed 4 acquisitions in FY 2025 (3 in BES, 1 in BSP) of which 3 have been closed in FY 2025 = FX Headwinds, esp. in H2 2025 = Organic growt
Slide 41: Dividend proposal FY 2025
Dividend proposal FY 2025: Strong cash generation allows fora solid payout, also reflecting one-off house-keeping effects Dividendper Share Total Payout " Dividend proposal for FY 2025... EUR 1.90 EUR 274m Despite weak markets, proposal is backed by strong Free Cash Flow increase (+5.4%) and several
Slide 42: Outlook
Outlook
Slide 43: Guidance 2026: Operating EBITDA EUR 1,150-1,350m
Guidance 2026: Persisting challenging and volatile environment - Operating EBITDA expected in the range of EUR 1,150-1,350m Market environment @ Guidance ? No short-term improvement of macroeconomic environment expected Elevated level of economic volatility and dampened business sentiment Increased
Slide 44: Appendix
Appendix
Slide 45: Company history timeline
1874 1966 Philipp Mühsam Brenntag becomes founded agricultural international (Belgium) 2020 trading business Horizon 1 Project Brenntag 2006-2010 Private-Equity 1920s owned by BC 2022 Launch of Partners Horizon 2 the gasoline 2010 Strategy to Win business IPO 2008 1881 Entry into APAC 2023 Entry int
Slide 46: Board of Management
Board of Management Jens Birgersson Chief Executive Officer * Brenntag Essentials * Accounting Brenntag Group and Corporate ICS & Risk * Brenntag Specialties Management * Corporate Board Office * Controlling * Corporate Planning, Strategy & M&A Brenntag Group + Compliance, Privacy & Data Protection
Slide 47: Brenntag Executive Committee
Brenntag Executive Committee led by the Board of Management Key rationale cco Lean governance Efficient decision making ® Reduced hier hy layers Global Global Global Global President P President P President President 4 Pharma / mlesicent BES North mesident Beauty & Material Ree teens svP BES EMEA Ap
Slide 48: ESG: Safety and Diversity
ESG: Safety and Diversity Group Accident Rate TRIRY Level?) L1 L2 Target <2.2 — L3 4 5 r rc Diversity - Key figures Target 20309) >30% >30% >30% >30% >30% Target 20259) 223,0% 227.6% 230.0% 230.0% 227.8% Achieveme 20259) 41,7% 33.8% 44,1% 42,4% 33,3% 2018 2019 2020 2021 2022 2023 2024 2025 2026 1) T
Slide 49: 2025 ESG target achievement
2025 ESG target achievement Objective target r 2025 esults Reference to mid-/long-term target Inoolboraine expanciedecual and Procurement process: Develop roadmap for * All suppliers share our vision on human rights and environmental criteria into strategic ere Process: Develop Pp done @ done suppli
Slide 50: Financials Q4 2025: Income statement
Financials Q4 2025: Income statement Sales 3,512.0 Cost of materials - 2,621.3 Operating expenses - 622.7 Depreciation -92.4 Net income / expense from sp. items - 40.2 Amortization and impairments - 76.4 Financial result - 31.3 EBT 28.7 EPS -0.18 a 50 Q4 2024 3,989.7 - 2,995.8 993.9 - 635.5 358.4 -
Slide 51: Financials Q4 2025: Segments
Financials Q4 2025: Segments in EURm Specialties Life Science 182.0 Specialties Material Science 69.5 Specialties Other 3.9 Essentials EMEA 224.9 Essentials North America 337.2 Essentials Latin America 43.6 Essentials APAC 26.9 Essentials Transregional 27 : 1) External sales less cost of materials 2
Slide 52: Financials Q4 2025: Cash flow statement
Financials Q4 2025: Cash flow statement inEURm Q4 2025 Q4 2024 Profit after tax -23.5 128.7 Effect from IAS 29 on profit/loss after tax 3.3 44 Depreciation & amortization 182.0 114.4 Income tax expense 52.2 43.4 Income taxes paid - 26.2 -43.7 Net interest expense 35.5 40.1 Interest paid - 31.0 (ther
Slide 53: Q4 2025 Cash flow statement (continued)
Financials Q4 2025: Cash flow statement (continued) in EURm Q4 2025 Q4 2024 Proceeds from the disposal of consolidated subsidiaries and other business units less costs to sell 0.2 - Proceeds from the disposal of other financial assets 1.2 0.4 Proceeds from the disposal of intangible assets and prope
Slide 54: Financials Q4 2025: Free cash flow
Financials Q4 2025: Free cash flow Payments to acquire intangible assets and property, plant and equipment -94,9 A Working capital) 181,2 Principal and interest payments on lease liabilities -45,3 G) 54 1) Based on average fx rate excl. M&A Q4 2024 358,4 -120,0 119,4 44,8 313,0 Aabs -90,4 25,1 61,8
Slide 55: Operating EBITA bridges
Financials Operating EBITA bridges” Operating EBITA growth by division, Q4 2025 Operating EBITA growth by division, FY 2025 -13.4% -12.6% 21 ee -123 ai -3= _ in EURm in EURm -15.7% - 28.7% - 28.6% -10.4% -15 3 El Q4 2024 Brenntag Brenntag Group and Q4 2025 FY 2024 Brenntag Specialties Specialties |
Slide 56: Sound financial profile: compounding growth track record
Sound financial profile: Compounding growth track record and resilience @ 56 Sales (EUR bn) 97 98 100 103 10: hb 2 2OoOn aN + GO Ssesegegugusgsse8 SSSSESSESESRES RRR RRKRRAKREAB Operating EBITA (EUR m) 519 572 SL1 506 S28 325 398 394 be eaoxudaneyt © © sSegs 3s 8 S85 8 sss 5S5S5 5 FSS Sana an nanaaa
Slide 57: Financials FY 2025: Income statement
Financials FY 2025: Income statement in EURMm FY 2024 A AFX 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% 3,831.7 4,025.4 -4.8% -1.9% Operating expenses - 2,544.2 - 2,568.6 - 0.9% 1.9% 1,287.5 1,456.8 -11.6% -8.6% Depreciation - 358.2 - 354.9 0.9% 3
Slide 58: Financials FY 2025: Segments
Financials FY 2025: Segments inEURm Specialties Life Science 776.8 Specialties Material Science 307.5 Specialties Other 15.0 Essentials EMEA 957.7 Essentials North America 1,443.6 Essentials Latin America 191.9 Essentials APAC 129.1 Essentials Transregional 11.1 Operating Gross Profit) FY 2024 829.9
Slide 59: Financials FY 2025: Cash flow statement
Financials FY 2025: Cash flow statement inEURm 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 - 229.6 Net interest expense 133.7 Interest paid - 118.0 (thereof i
Slide 60: FY 2025 Cash flow statement (continued)
Financials FY 2025: Cash flow statement (continued) in EURm 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 14 0.4 Proceeds from the disposal of intangible assets and prope
Slide 61: Financials FY 2025: Free cash flow
Financials FY 2025: Free cash flow inEURm FY 2024 Aabs A% Payments to acquire intangible assets and property, plant and equipment - 293.0 - 342.2 49.2 -14.4 A Working capital) 121.6 - 465.8 167.4 - 365.5 Principal and interest payments on lease liabilities -175.3 -176.2 0.9 -0.5 G) 61 1) Based on av
Slide 62: Financials FY 2025: Working capital
Financials FY 2025: Working capital in EURMm 30Sep2025 30Jun2025 31Mar2025 31 Dec 2024 Inventories 1,351.0 1,412.0 1479.4 1,644.1 1,518.4 + Trade receivables 2,039.9 2,210.6 2,300.4 2414.4 2,282.5 ./. Trade payables 1,498.3 1571.2 1,684.2 1,787.7 1,661.6 1,892.6 2,051.4 2,145.6 2,170.8 2,139.3 Worki
Slide 63: Cash flow: Strong cash generation over the years
Cash flow: Strong cash generation over the past years inEURm Ea 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 6588 6597.6 CAPEX - 293.0 -342.2 -321.1 -267.2 -199
Slide 64: ROCE: Increasing value added and returns
Q o 2 ROCE: Increasing value added and returns inEURm Op. EBITA EBITA Average carrying amount of equity Average carrying amount of financial liabilities Average carrying amount of cash and cash equivalents Ea 2024 2023 929.3 1,101.9 1,265.0 822.8 990.5 1,186,7 4,491.9 4,499.1 4,499.5 3,403.2 3,211.1
Slide 65: Strong dividend track record
Strong dividend track record Dividend Policy G4 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 8 0.87 fi ; 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 20
Slide 66: Historic Leverage & Credit Rating
Brenntag’s Historic Leverage & Credit Rating Leverage: Net Debt / Operating EBITDA IFRS 16 36 | '24 923 . li ; : T : Th ; 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Moody’s #EY Bat Baa3 Baa2 jsap | B B+ BB+ BBB- BBB BBB+
Slide 67: Balance sheet overview
Balance sheet overview Assets iném 11,668 10,626 763.3 Cash & equiv. 797.9 2,282.5 Trade receivables 2,039.9 1,518.4 Inventories 1,351.0 1,695.1 PPE 1,641.2 Intangible 3,666.4 4044.8 assets Other assets 1.129,6 1,363.9 FY 2025 FY 2024 A 67 Equity and Liabilities iném 11,668 10,626 1,661.6 1,498.3 2,
Slide 68: Balance sheet and maturity profile
Balance sheet and maturity profile neve emt Protrigsory Note Eurobond inEURM EYP 31 Dec 2024 y Financial liabilities 2,784.4 2,939.0 Eurobond Eurobond we Promissory Lease liabilities 641.4 617.3 Note ./.Cash and cash equivalents 797.9 763.3 580 600 500 Net Debt 2,527.9 2,793.0 403 Net Debt / Operati
Slide 69: Bond data
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. Listin Luxembourg Stock Luxembourg Stock Luxembourg Stock Luxembourg Stock 3 Exchange Exchange Exchange Exchange ISIN XS2802928775 XS2394063437 XS319385428
Slide 70: Performance Indexed
Performance Indexed (Jan. 1st 2021 = 100)
Slide 71: Click to view current consensus
Click to view current consensus
Slide 72: Investor Relations
Investor Relations Financial calendar May 13, 2026 May 20, 2026 Q1 2026 Annual General Meeting Interim Statement August 12, 2026 November 11, 2026 Half-Year 2026 9M 2026 Financial Report Interim Statement IS Contact Brenntag SE Corporate Investor Relations Phone: +49 (0) 201 6496 2100 ‘in| Fax: +49
Slide 73: 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