Brenntag Se · XETR:BNR
Brenntag — Investor Presentation (May 2026)
71 slides from Brenntag's investor presentation, May 2026
Slide 1: Investor Presentation May 2026
> BRENNTAG In ntation May 20
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 Q1 2026 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 in over 70 countries
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: Continued execution of key priorities independent from market turmoil
Continued execution of our key priorities independent from market turmoil Sales = Adapting methodologies to improve global pricing consistency = Go-to-market approach, customer proximity and cross-selling in focus * Dormant customers returning to Brenntag Clarity & simplification = Executive Committ
Slide 21: Middle East crisis: ensuring supply in a volatile environment
Middle East crisis: Brenntag is ensuring supply in a volatile and disrupted environment End markets in view of exposure Price increases more than offset Current crisis amplifies role of to oil-prices in disrupted markets Brenntag Op. Gross Profit FY 2025 Previous cycle in 2021/2022 Pricing offset un
Slide 22: Brenntag Essentials and Brenntag Specialties business steering
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 23: Brenntag Essentials: market leading, global, diversified 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 24: 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 25: Brenntag Specialties: global 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 26: 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 27: 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 28: Sustainability
Sustainability
Slide 29: 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 30: 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 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 31: Leading the sustainability agenda with key initiatives
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 ©) 21 2) Value-added services A Customers . BRENNTA
Slide 32: Net-zero GHG emissions across the value chain 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 33: 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 ss i ABUT Valuable 500 Responsible “Together for Global inclusion Care/Distribution Sustainability” initiative program initiati
Slide 34: Financials Q1 2026
Financials Q1 2026 Ker B
Slide 35: Q1 2026 Financials: Gross margin expansion
Q1 2026 Financials: Gross margin expansion reflects strong commercial agility Gross Margin Resilience Operatii Profitability Cash Profitability Balance Sheet Strength *fxadj. growth Operating Operating GP GP Margin EUR 950 m 25.9% - 1.3% vs. PY* + 0.9pp vs. PY Operating Operating EBITDA EBITA EUR 30
Slide 36: Positive market trends since Mid-March 2026
Positive market trends since Mid-March 2026 currently mainly visible in Essentials Gross Margin development vs. PY = Improvement in gross margin vs. PY in both Life Science and +11pp . L t Material Science Positive volume and Gross Profit trends in Material Science ; si gee Customers pulling forward
Slide 37: Update on cost-out program
Update on cost-out program Key developments Effects from the cost-out program vs. 2025 cost base, in EUR m = Cost-out program redesigned to annual targets: new target EUR 200-250m in 200-250 savings vs 2025 baseline until 2027 = Reduction in central costs of EUR 10m achieved in Q1 2026: - Reduction
Slide 38: Opex development in Q1 2026
Opex development in Q1 2026 signaling positive business trends and cost discipline Q1 2026 Opex development YoY* in EURM Decrease in underlying Opex of EUR 6m 21 | Key developments = Reported Opex decreased by EUR 20m YoY - FX tailwinds of EUR 34m - Partially offset by EUR 5m M&A impact - Higher bon
Slide 39: Q1 2026 Op. EBITDA development
Q1 2026: Op. EBITDA reflects continuously muted trend in Jan and Feb, significantly improving trend towards quarter-end Op. EBITDA development YoY Key developments inEURm = Weak demand in early Q1 2026, partially offset by improving momentum and cost discipline - 8.3%* : . : = Strong prior-year comp
Slide 40: Outlook
Outlook
Slide 41: Operating EBITDA guidance 2026 confirmed
Operating EBITDA guidance 2026 confirmed Guidance Brenntag confirms its Operating EBITDA guidance for the 2026 financial year: VS EUR 1,150-1,350 million This reflects the currently positive operational performance and the existing uncertainties regarding future demand At this stage any negative end
Slide 42: Appendix
Appendix
Slide 43: 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 44: 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 45: 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 46: 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 47: 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 48: Financials Q1 2026: Income statement
Financials Q1 2026: Income statement inEURm Q1 2026 Q1 2025 A AFX adjusted Sales 3,662 4,072 - 10.1% -5.1% Cost of materials - 2,712 - 3,052 -11.2% - 6.3% 950 1,020 -6.8% -1.3% Operating expenses - 644 - 665 -3.1% 2.4% 306 355 -13,8% -8.3% Depreciation -89 -91 -1.7% 44% 217 264 -17.9% - 12.6% Net in
Slide 49: Financials Q1 2026: Operating EBITDA bridge
Financials Q1 2026: Operating EBITDA bridge” Operating EBITDA growth by division, Q1 2026 inEURm 2.6% -11.8% -8.3% 0 A Q1 2025 Brenntag Brenntag Group and Q1 2026 Specialties | Essentials Regional Services FX translation I M&A contribution i Organic Growth FX-adj. growth rates G) 49. 1) Calculations
Slide 50: Financials Q1 2026: Segments
Financials Q1 2026: Segments Operating Gross Profit) in EURm Q1 2026 Specialties Life Science 194 Specialties Material Science 83 Specialties Other 7 Essentials EMEA 253 Essentials North America 332 Essentials Latin America 61 Essentials APAC 28 Essentials Transregional 2 Brenntag Essentials 666 Gro
Slide 51: Financials Q1 2026: Cash flow statement
Financials Q1 2026: Cash flow statement inEURm Q1 2026 Q1 2025 Profit after tax 99 136 Effect from IAS 29 on profit/loss after tax q 4 Depreciation & amortization 105 109 Income tax expense 48 57 Income taxes paid -61 Net interest expense 35 Interest paid - 24 (thereof interest paid for leases) -7 I
Slide 52: Financials Q1 2026: Cash flow statement (continued)
Financials Q1 2026: Cash flow statement (continued) in EURm Q1 2026 Q1 2025 Proceeds from the disposal of consolidated subsidiaries and other business units less costs to sell 1 - Proceeds from the disposal of other financial assets 1 - Proceeds from the disposal of intangible assets and property, p
Slide 53: Financials Q1 2026: Free cash flow
Financials Q1 2026: Free cash flow inEURm Q1 2026 Q1 2026 Aabs A% Operating EBITDA 306 355 -49 -13.8 Payments to acquire intangible assets and property, plant and equipment - 59 -61 2 -3.3 A Working capital) - 107 - 84 - 23 27.4 Principal and interest payments on lease liabilities -49 -47 -2 4.3 G)
Slide 54: Financials Q1 2026: Working capital
Financials Q1 2026: Working capital inEURm 31 Mar 2026 31 Dec 2025 30 Sep 2025 30 Jun 2025 31 Mar 2025 Inventories 1,387.4 1,351.0 1,412.0 1,479.4 1,544.1 + Trade receivables 2,387.9 2,039.9 2,210.6 2,300.4 2,414.4 ./. Trade payables 1,741.1 1,498.3 1,571.2 1,634.2 1,787.7 2,034.2 1,892.6 2,051.4 2,
Slide 55: 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 56: 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 57: 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 58: Financials 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 59: 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@) 59. 1) Based on
Slide 60: Sound financial profile: compounding growth track record
Sound financial profile: Compounding growth track record and resilience @ 60 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 61: Cash flow: Strong cash generation over the past 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 62: ROCE: Increasing value added and returns
A © 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.
Slide 63: 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 64: Historic Leverage & Credit Rating
Brenntag’s Historic Leverage & Credit Rating Leverage: Net Debt / Operating EBITDA IFRS 16 21 49 19 21 212 49 20: 49 19 2. liiisiiiiiiges anil 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Q1 2026 sap | B B+ BB+ BBB- BBB BBB+ Moody’s fy Bat Baa3 Baa2
Slide 65: Financials Q1 2026: Balance sheet overview
Financials Q1 2026: Balance sheet overview Assets Equity and Liabilities inEURm in EURm 11,202 11,202 10,626 10,626 696 798 L741 Trad ol Cash & equiv. 1,498 rade payables 2,388 Trade receivables 2,040 2,785 2,810 Financial liabilities 1,387 Inventories 1,361 5a1 571 _Lease liabilities 1,667 Other li
Slide 66: Balance sheet and maturity profile
Financials Q1 2026: Balance sheet and maturity profile in EUR mY Eurobond & in EURM Meee 31 Dec 2025 Bramnttszony Naw [currelatein| Financial liabilities 2,810 2,785 Eurobond Eurobond Lease liabilities 671 541 ./. Cash and cash equivalents 696 798 Promissory Note Net Debt 2,685 2,528 , 580 600 Net D
Slide 67: 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 68: Performance Indexed (Jan. 1st 2021 = 100)
Performance Indexed (Jan. 1st 2021 = 100)
Slide 69: Click to view current consensus
Click to view current consensus
Slide 70: Investor Relations
Investor Relations Financial calendar May 20, 2026 August 12, 2026 Annual General Meeting Half-Year 2026 Financial Report November 11, 2026 November 12, 2026 9M 2026 Capital Markets Day Interim Statement IS Contact Brenntag SE Corporate Investor Relations Phone: _—_ +49 (0) 201 6496 2100 ‘in| Fax: +
Slide 71: 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