Brenntag Se · XETR:BNR
Brenntag — Q2 2026 Earnings Presentation
29 slides from Brenntag's earnings presentation, Aug 12, 2026
Slide 1: Q2 2026 Results
Q2 2026 Results Strong results driven by favorable market environment and disciplined execution Brenntag SE August 12, 2026
Slide 2: Q2 2026 Highlights
Q2 2026 Highlights Strong operating performance and margin expansion Highlights Q2 2026 Sales EUR 4.3 bn ▪ Strong commercial execution and disciplined margin management * + 11.1% vs. PY ▪ Significant organic growth (GP +18%) mainly driven by Essentials Operating GP ▪ Positive pricing trends progress
Slide 3: Continued execution of our key priorities
Continued execution of our key priorities delivering first green shoots I. Sales ▪ 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 roll
Slide 4: Q2 2026 Financials
Q2 2026 Financials Strong earnings growth driven by all business units ▪ Demand remained resilient throughout Q2, Top -line Operating Operating broadly in line with mid - March levels performance GP GP Margin ▪ Disciplined pricing and margin EUR 1,146 m 26.9% management, supported by strong Gross Ma
Slide 5: Q2 2026 Divisions
Q2 2026 Divisions Strong margin expansion in both divisions Essentials Specialties Op. Gross Profit Q2 2026: EUR 836 m (23.1% vs. PY*) Op. Gross Profit Q2 2026: EUR 310 m (8.8% vs. PY*) Gross Margin development vs. PY ▪ Overall, demand levels sequentially holding + 2.2 pp up + 0.6 pp ▪ Volatility in
Slide 6: Q2 2026 Cost-out
Q2 2026 Cost -out C ost -out program well on track Key developments Effects from the cost -out program vs. 2025 cost base, in EUR m ▪ 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 i
Slide 7: Q2 2026 Opex
Q2 2026 Opex Accelerated cost -out delivery and continuing cost discipline Key developments Q2 2026 Opex development YoY * In EUR m Cost -out efforts counter - balancing inflationary trends ▪ Opex increase YoY reflects strong operational performance 5 - Higher bonus provisions vs. prior year 15 - In
Slide 8: Q2 2026 Op. EBITDA
Q2 2026 Op. EBITDA Strong organic growth supported by positive pricing trends Key developments Op. EBITDA development YoY In EUR m ▪ Demand remained resilient despite continued geopolitical uncertainty + 40.9% * ▪ Strong commercial execution and margin management in Q2 2026 Acquisitions: EUR - 4.7m
Slide 9: Operating EBITDA guidance 2026 raised
Operating EBITDA guidance 2026 raised Guidance ▪ 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 tim
Slide 10: Mixed regional market conditions: Customers remain prudent
Mixed regional market conditions: Customers remain prudent North America EMEA ▪ Resilient demand in key end markets ▪ Structural pressures persist, higher pricing ▪ Supplier - led price increases in both levels mitigate labor and energy costs industrial and specialty chemicals ▪ Demand environment r
Slide 11: Cautious market outlook persists across divisions and segments
Cautious market outlook persists across divisions and segments Brenntag EMEA North America Latin America APAC Essentials ▪ End - market ▪ Demand outlook ▪ Demand outlook ▪ Pricing to demand remains remains healthy remains stable normalize further subdued across ▪ Pricing expected ▪ Chinese product r
Slide 12: Save the Date: Brenntag Capital Markets Day 2026
SAVE THE DATE NOVEMBER 12, 2026 BRENNTAG CAPITAL MARKETS DAY 2026
Slide 13: Appendix
P, BRENNTAG
Slide 14: Q2 2026 Income statement
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
Slide 15: Q2 2026 Operating EBITDA bridge
Financials Q2 2026 Operating EBITDA bridge Operating EBITDA 1) growth by division, Q2 2026 Operating EBITDA 1) growth by division, H1 2026 in EUR m in EUR m + 18.3% + 47.2% + 40.9% + 10.2% + 18.1% + 16.1% 2 3 -4 -2 86 113 1 22 - 19 0 -5 20 -7 -1 463 770 334 689 Q2 2025 Brenntag Brenntag Group and Q2
Slide 16: Q2 2026 Segments
Financials Q2 2026 Segments 1) 2) Operating EBITDA Operating Gross Profit Operating EBITDA conversion ratio ∆ FX ∆ FX in EUR m Q2 2026 Q2 2025 ∆ adjusted Q2 2026 Q2 2025 ∆ 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
Slide 17: Q2 2026 Cash flow statement
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 f
Slide 18: Q2 2026 Cash flow statement (continued)
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,
Slide 19: Q2 2026 Free cash flow
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) - 73 - 280 >100 - 353 Principal and interest payments on lease liabilities - 42 - 41 -1
Slide 20: Q2 2026 Working capital
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,
Slide 21: Q2 2026 Balance sheet overview
Financials Q2 2026 Balance sheet overview Assets Equity and Liabilities in EURm in EURm 11,671 11,671 10,626 10,626 Trade payables Cash & equiv. 509 1,970 Trade receivables 798 2,729 1,498 Financial liabilities 2,040 Inventories 3,021 1,653 2,785 Lease liabilities 1,351 Other liabilities PPE 588 Pro
Slide 22: Q2 2026 Balance sheet and maturity profile
Financials Q2 2026 Balance sheet and maturity profile in EUR m 1) Eurobond & Eurobond in EUR m 30 Jun 2026 31 Dec 2025 Promissory Note Financial liabilities 3,021 2,785 Eurobond Eurobond Lease liabilities 588 541 ./. Cash and cash equivalents 509 798 Promissory Syndicated Note Loan Net Debt 3,100 2,
Slide 23: H1 2026 Income statement
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
Slide 24: H1 2026 Segments
Financials H1 2026 Segments 1) 2) Operating EBITDA Operating Gross Profit Operating EBITDA conversion ratio ∆ FX ∆ FX in EUR m H1 2026 H1 2025 ∆ adjusted H1 2026 H1 2025 ∆ 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 Sci
Slide 25: H1 2026 Cash flow statement
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 pa
Slide 26: H1 2026 Cash flow statement (continued)
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,
Slide 27: H1 2026 Free cash flow
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) - 157 - 303 >100.0 - 460 Principal and interest payments on lease liabilities - 90 - 9
Slide 28: Financial calendar / contact
Financial calendar / contact Financial calendar Contact Follow us: November 11, 2026 November 12, 2026 Brenntag SE 9M 2026 Capital Markets Day Corporate Investor Relations Interim Statement Phone: +49 (0) 201 6496 2100 Fax: +49 (0) 201 6496 2003 March 10, 2027 May 12, 2027 FY 2026 3M 2027 E - mail:
Slide 29: 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