Brenntag Se · XETR:BNR
Brenntag — Investor Presentation (August 2024)
92 slides from Brenntag's investor presentation, August 2024
Slide 1: Brenntag
> BRENNTAG
Slide 2: Investor Presentation agenda
Investor Presentation Investment Highlights Chemical Distribution Business Model Industry Dynamics Horizon 1-3: Transformation Journey Brenntag Essentials Brenntag Specialties Sustainability Financials Q2 2024 Outlook Pp MNOaFon Pp
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 >I in attractive markets Operating EBITA ~7% Op. EBITA CAGR since IPO Unp
Slide 5: Two global divisions: Brenntag Specialties and Brenntag Essentials
Two global divisions: Brenntag Specialties and Brenntag Essentials Brenntag Specialties Brenntag Essentials EUR 1.5bn FY 2023 Op. Gross Profit 1,000’s Suppliers 78 |&ACs globally Highly specialized perform: EUR 551m FY 2023 Operating EBITA ~100k Customers >400 Sites and value-added facilities edient
Slide 6: Diversified global footprint with around 600 sites in 72 countries
A 6 Brenntag operates a highly diversified global footprint with around 600 sites in 72 countries 00 Phe . gs Makes. evpPlier, groducg, cpstome,, =, haa) {ios g - — ra Global Serving multiple Several > 20,000” ~ 180,000 coverage industries thousand Largest geography Largest end market AOR Gress Prof
Slide 7: Track record of sustainable, resilient and accretive growth
Track record of sustainable, resilient and accretive growth Op. EBITA and ROCEY Hl op. BIT in EURm — ROCE = Consistent growth profile = Ability to protect profitability even in macro downturns 14% eee = ROCE significantly above WACC (~6-9%) = Countercyclical cash flow 399 rofile 325 Pp = Recurring b
Slide 8: M&A is a core part of the growth story
M&A is acore part of the growth story Compounding value creation over time” EUR ~5.5bn of acquired revenue al a M&A since implementation of new operating model?) 2, He, 2 e EMEA | | (SOLVENTS uun® ANICL hemes Packaged Product Chemicalsdivision Product WY EUR ~3.5bn spent on >100 acquisitions * North
Slide 9: Capital allocation framework
Capital allocation framework A » Capital allocation framework Shareholder returns Leverage Reinvestment in the business through annual Capex of EUR 300-400m Capex ; . nny Capex guidance also including DiDEX investments Continued investment in value-generating bolt-on M&A where strategically attracti
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 i; 2% 3% a Organic CAGR: 7-9% a Total CAGR: 10-12% 10
Slide 11: Overview Investment highlights
Overview Investment highlights renntag;: the undisputed ani ent leader of the c cal 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 pro
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 Sales CAGR % Chemi lemical panufacturin, 4x larger than 4.0% 3-5% chemical distribution 5 24% Chemical distributors
Slide 14: Distributors perform a value-added function
Distributors perform a value-added function with economies of BD BRENNTAG Purchase ' Sourcing from various suppliers, leveraging global scale and regional network Storing and inventory management Provide logistics solutions Managing transportation complexity Filling, Packaging & L ing Repackaging fr
Slide 15: Comparison of different ecosystem key constituents
Comparison of different ecosystem key constituents “What we are” “What we are not” BRENNTAG Chemical Producer Manufacturing Product portfolio Narrow L Customer base Narrow Customer o ize Large Delivery method Truckload and larger Fixed assets High intensity ed asset flexibility Narrow purpose Raw ma
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 (%), 2022” Top 6 have 12% market share EUR 446 bn + 9 11% 1.0% GS 12% — P| 1.3% 2.7% as Le Aone = D Univar Kolmar IMCD Sinochem
Slide 17: Industry Dynamics
Industry Dynamics
Slide 18: Creating optionality aligned with industry trends
Creating optionality aligned with industry trends Industry trends Brenntag gro & leadership drivers Continued outsourcing and increase of value-added Attractive distribution market with mid-term underlying sales services growth of 3 to 5% p.a.l) Continued economic and geopolitical uncertainty Global
Slide 19: Bifurcation of supplier and customer needs
Bifurcation of supplier & customer needs requires distinct business models, making full-line value propositions obsolete Industrial Specialties A 1 Supplier needs = Broad global access to SME customers across industries = Capabilities & infrastructure to manage complexity ExonMobil LyondellBasel <a>
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 @ Top 50 players have gained 10%-points market share over last 5 years ~85 Trend supported by 70% more M&A activity 2017 2022 2017-2019 2021-20
Slide 21: Larger, more specialized platforms and new ownership models
... with larger and more specialized platforms and new ownership models Market share of Global Chemical Distribution Players 2022” Brenntag is proactively Industrial Cack2s-27 Specialty?) | so% A participating in shaping the industry 227 218 M&A is a key strategic pillar to Brenntag \ _] _ a = = = i
Slide 22: Horizon 1-3: Corporate Strategy & Advanced Operating Model
Horizon 1-3: Corporate Strategy & Advanced Operating Model
Slide 23: Continuing the transformation journey initiated in 2020
Brenntag is continuing its transformation journey initiated in 2020 Before 2020 2020-2022 2022+ 2023+ 2026+ CEO change to i Horizon 3 transformat 2014-2019 | $C Heveona Horizon 1 “Leader across all dimensions” Pre-Horizon . / “Strategy to win” | “proj ° “ ” ] Project Brenntag = Disentanglement resul
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 — Dr. Kristin Neumann Michael Friede Chief Executive Officer Chief Executive Officer — Chief Financial Officer Chief Executive Officer Brenntag Essentials Brennta
Slide 25: Portfolio sharpening to increase business model coherence
Portfolio sharpening to increase business model coherence Brenntag Specialties Selected semi-specialty products Unleash true potential through superior Global leader for innovative specialty and last mile delivery supported by efficient ingredients distribution in Life Science regional operations an
Slide 26: 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 * regional
Slide 27: Brenntag Specialties: Power to perform
Brenntag Specialties: Power to perform fi Ss wl) ry 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 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 approach
Slide 29: Our path towards Horizon 3
Our path towards Horizon 3 Leader across Creating all dimensions ¥ Full business optionality 2026+ oy Reale gap BE sone = = Focus and sharpening = Operational performance for ’ disentanglement * Aligning Brenntag both divisions Essentials and Brenntag Specialties propositions with market trends « Fl
Slide 30: Brenntag Essentials
Brenntag Essentials = Resilient and structurally growing >| Unleashing Brenntag Essentials’ true potential >; M&Aasan accelerator =, BRENNTAG
Slide 31: Essentials operates in a highly attractive, growing market
ma~ © Brenntag Essentials operates in a highly attractive, globally growing market Increasing outsourcing Structurally growing market globally Fragmented market structure V1 and demand for Global industrial chemical distribution Global chemical distribution players market share?) . i .) CAGR reduced
Slide 32: Market leading, global and diversified platform
> a Brenntag Essentials is a market leading, global and diversified platform rn a Global Market Leader FY23 Op. Gross Profit Average Cash Conversion”) 70 >10 million >80% Global reach . . of global chemicals demand Countries Transactions per year covered with same day delivery End markets Regionally
Slide 33: Essentials is resilient and structurally growing
® > a Brenntag Essentials is resilient and structurally growing Growth through the cycle... ... With Low volatility Last 10 years growth evolution 45% 2013-21 avg. C 37% } C sa ) Typical chemical 5 og rn producers sales >15% Number of years , 35% of growth 4 U \ Commodity 25% ! chemicals market sale
Slide 34: The triple business model
ma~ © 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 . r Access to Market reach Global Sourcing ur c > products and and Interregional worldw
Slide 35: Unleashing the true potential of the platform
Unleashing the true potential of the platform Op. EBITA uplift 1 a | SY a Ye Ls 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 and
Slide 36: Driving last-mile operational excellence
@ ® 1 Unleashing the true potential of the platform: Driving last-mile operational excellence * Establish common last mile service operations globally with full responsibility for last mile P&L Operations optimization = Common performance framework for customer service, supply chain, operational & f
Slide 37: 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 Tollgates forecasting = Expand regional supply chain capabilities to captur
Slide 38: Interregional optimization to tap network optionalities
@ 38 2 () 3 Unleashing the true potential of the platform: Interregional optimization to tap into network optionalities Key initiatives Market intelligence team monitors producer actions, trade flows and pricing, using insight and digital for supply decisions Global interregional optimization uses p
Slide 39: Disciplined and targeted M&A strategy
4. Disciplined and targeted M&A strategy will drive further growth and margin upside Highlighted examples Disciplined M&A strategy = Targeted M&A strategy criteria: Uv Create leading market positions in attractive markets Ss Invest into access to infrastructure g Acquire digital and data services bu
Slide 40: Optimizing BSP's platform
sc3 Optimizing BSP’s platform Brenntag Specialties Jo Closing 85° performance gap “~ Delivering consistent growth a P, BRENNTAG
Slide 41: Strengthening BSP's operating model and divisional autonomy
Strengthening BSP’s operating model and increasing divisional autonomy Shift from geographical to global industry business unit steering EMEA Pollet) Americas steering APAC Group shared Shared Support t Supply Chain functions fonetio between BES unction & BSP » Coatings, Adhesives, Sealants and Elas
Slide 42: Accelerating BSP's performance
aad Accelerating BSP’s performance to deliver higher organic growth and profitability, with further upside from M&A Op. EBITA Conversion Margin (%) 3 43-45% — 38-40% — — — FY23E Portfolio shift FY23E Price and ? Cost-out /? Portfolio? Value-added FY27E (Prior to PS) (Post PS) margin efficiency manag
Slide 43: Actively managing pricing and margins
1 Actively managing pricing and margins to improve profitability Illustrative example: Pricing strategy optimization») Identifying individual pricing Average Selling Price (EUR) requirements . 4 Bronze / Low @ Bubble size is reflective Optimizing pricing © Bronze / Medium \ of GP value strategies =
Slide 44: Cost-out program to underpin margin improvement
Cost-out program to underpin structural margin improvement SY Joint cost-out projects and ability to structure SLAs at arm’s length Upgrading salesforce efficiency Digital support from new BSP with dedicated supply Optimize usage of Group Enhancing go-to-market Transportation Management chain capabi
Slide 45: 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 46: Scale value-added services
Further scale value-added services with customers and suppliers Application and innovation support Regulatory services Re-packing Mixing and blending Upgraded and specialized Scaled-up global network of Advanced capabilities Increase own-brand offering I&AC footprint by investing in industry-focused
Slide 47: Strengthening BSP's footprint 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 Add scalable capabilities in high growth areas Accelerate market entry in APAC across all segments a Increase presence BSP Presence HB Market leader in all subseg
Slide 48: Strong M&A track record with significant pipeline
5 Strong M&A track record with significant pipeline Selected acquisitions from 2018 - 2023 EUR 1.2bn¢+ in acquired sales 20 si (CD) CoLony Gums" = Tiirkiye c-} ALANS = Business 2023 Blending solutions ~EUR 40m 2023 Nutrition ~EUR15m i Big it RAVENSWROD @ || BHtz 2023 Blending solutions ~EUR 45m. 202
Slide 49: Unique end market strategies
& ~ BE Unique end market strategies to capture potential of structurally attractive growth markets and strengthen leadership positions > | | Operational Mix Evolution an ar ‘ After portfolio shift) Paste) Sefénce ¢-) Globally leading Strong technical Growth track record in Technical expertise, YY in
Slide 50: Global network of Innovation & Application Centers
& ~ BE Connecting the most comprehensive global network of Innovation & Application Centers to drive growth @ # of BACs I&AC by end market Material Science Life Science North America @ fear gaitic Strategy to optimize network ay Enhance global connectivity 78 |&ACs g Scale innovation capabilities =
Slide 51: Sustainability
Sustainability
Slide 52: 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 “4 Brenntag’s operations & suppliers ib) w Brenntag’s products & services Climate protection Strive for zero CO, emissions Certifie
Slide 53: Leading the sustainability agenda with key initiatives
a) We continue to lead the sustainability agenda with key initiatives in place Reduce footprint © GHG emissions tracking 21 projects in 2023 Gs $ Financial Carbon fund support for new doubled in projects 2023 YoY Product carbon footprint 53 Value-added services A Customers BRENNTAG fy PCF) database
Slide 54: 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 2024 - 2026 2030 - 2045 Climate protection & emissions reduction 5% reducti il ting of remaining Resource efficiency & circular economy 2.0 by 2030 Environment Social Responsible partner ‘ine t
Slide 55: Selected highlights on sustainability journey
Selected highlights on our journey to achieve our sustainability targets North America + New DE&!/structure + TRIR2 world class safety performance in 2023 of 0.86 + First 2 Electric Vehicle trucks * Black History Month * Collaboration with Water for People Canada Partnerships with Indigenous-owned c
Slide 56: Ahead of sector average in ESG ratings
Brenntag ahead of sector average and further strengthening its leading ESG position Memberships initiati >) ai a 33 m0 and initiatives 7 Ort Valuable © FOUNDATION SSloaros UN Responsible “Together ft Globalinclusion DAX50 DAX30 DAXESG Reporting Reporting Joined TCFD reporting Global Care/Distributio
Slide 57: Financials Q2 2024
Financials Q2 2024 Bum B
Slide 58: Highlights Q2 2024
Highlights Q2 2024 SALES EUR 4.2 bn - 2.0% vs. PY (fx adj.) EPS EUR 1.03 Q2 2023: EUR 1.23 OPERATING GROSS PROFIT EUR 1,028 m + 0.6% vs. PY (Fx adj.) BUSINESS ENVIRONMENT Intense competition Initiatives to stabilize margins well underway OPERATING EBITA EUR 297 m - 10.4% vs. PY (fx adj.) STRATEGY EX
Slide 59: Update on our strategic initiatives
Update on our strategic initiatives M&A Sustainability Strategy update Feitiong!) . a b 5 acquisitions” (YTD Aug 13, 2024): PLATINUM ESD ere ecovadis Performance = Fully committed to execute our Strategy lance Q DELTA i autonomy and independence O U industries * Brenntag receives = Focus on areas wi
Slide 60: Operating EBITA bridges
Financials Q2 2024: Operating EBITA bridges” Operating EBITA growth inEURm - 10% -42 Q2 2023 FX translation M&A Organic Q2 2024 contribution growth FX translation Hi M&A contribution Operating EBITA growth by division inEURm -10% | -13% -13% E 2, Q2 2023 Brenntag Brenntag Group and Specialties Essen
Slide 61: Income statement
Financials Q2 2024: Income statement in EURMm Q22023 A AFX adjusted Sales 4,176.3 4,256.6 -1.9% -2.0% Cost of materials -3,147.2 -3,235.8 -2.7% - 1,027.9 1,020.8 0.7% 0.6% Operating expenses -641.9 -611.1 5.0% 5.3% 386.0 409.7 5.8% 5.7% Depreciation -88.9 -77.5 14.7% 14.4% 297.1 332.2 -10.6% -10.4%
Slide 62: OPEX bridge
Financials Q2 2024: OPEX bridge” Operating expense development inEURm 5.3% i: i: Q2 2023 FX M&A, underl. OPEX Other Q2 2024 translation DiDEX & IT effects FX translation Hl M&A, DiDEX & IT Ml underl. OPEX Other effects A) 62 2 Calculations are partly based on assumptions made by management; effects
Slide 63: Brenntag Specialties
Financials Q2 2024: Brenntag Specialties Operating EBITA growth vs. PY Results impacted by negative Gross Profit per unit development while volumes were above prior-year period Life Science Material Science Operating Gross Profit of EUR 298 million, stable 0.1% vs. PY -13.8% -7.5% 9) Operating EBITA
Slide 64: Brenntag Essentials
Financials Q2 2024: Brenntag Essentials Operating EBITA growth vs. PY Positive volume developments were able to offset lower gross profit per unit in most regions NORTH AMERICA EMEA Operating Gross Profit of EUR 730 million, an increase of 0.8 % vs. PY q 9, cq 0, 4.7 Yo 17.9 %o Operating EBITA of EU
Slide 65: Segments
Financials Q2 2024: Segments inEURm Specialties Life Science 205.5 Specialties Material Science 87.1 Specialties Other 49 Essentials EMEA 261.4 Essentials North America 397.0 Essentials Latin America 40.1 Essentials APAC 38.2 Essentials Transregional 3.7 @ 65 Operating Gross Profit) Q2 2023 206.4 88
Slide 66: Free cash flow
Financials Q2 2024: Free cash flow in EURm 022028 Aabs. Payments to acquire intangible assets and property, plant and equipment -76.1 -61.1 -24.0 A Working capita -108.1 110.8 -218.9 Principal and interest payments on lease liabilities -45.3 -37.7 -7.6 Free cash flow 157.5 431.7 -274.2 Working capit
Slide 67: Cash flow statement
Financials Q2 2024: Cash flow statement Profit after tax 161.3 189.1 Effect from IAS 29 on profit/loss after tax -0.6 5.0 Depreciation & amortization 105.9 94.4 Income tax expense 64.7 69.7 Income taxes paid -111.8 Net interest expense 24.9 Interest paid -20.2 (thereof interest paid for leases) (-4.
Slide 68: Cash flow statement (continued)
Financials Q2 2024: Cash flow statement (continued) in EURm Q2 2024 Q2 2023 Proceeds from the disposal of other financial assets - 0.1 Proceeds from the disposal of intangible assets and property, plant and equipment 44 Payments to acquire consolidated subsidiaries and other business units -23.4 Pay
Slide 69: Working capital
Financials Q2 2024: Working capital in EURm Inventories 1,539.9 + Trade receivables 2,549.8 ./. Trade payables 1,844.0 Working capital (end of pe: 2,245.7 Working capital turnover (annualized)?) 7.8x a 2 Based on fx. effects as of end of respective reporting period and incl. M&A 69 31 Mar 2024 1,422
Slide 70: Outlook
Outlook
Slide 71: Outlook 2024
Outlook 2024: Markets will remain highly competitive Operating (@) EBITA Guidance Macro environment @ 1 Additional information (ele oreecetichedin cccccunttrscentn strenata earnings from acquisitions already closed and assumes stable fx-rates at the time of the guidance announcement Brenntag expects
Slide 72: 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 implementation (i
Slide 73: Appendix
Appendix
Slide 74: Company history since 1874
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 75: ▪ ▪ ▪ ▪ ▪ ▪ ▪ ▪ ▪ ▪ ▪ ▪ ▪ ▪
▪ ▪ ▪ ▪ ▪ ▪ ▪ ▪ ▪ ▪ ▪ ▪ ▪ ▪ ▪ ▪ ▪ ▪ ▪ ▪ ▪ ▪ ▪ ▪ ▪ ▪ ▪ ▪ ▪ ▪ ▪ ▪
Slide 76: 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 Al-driven real-time API first, and security-embedded and o
Slide 77: Current remuneration system of the Board of Management
Current remuneration system of the Board of Management ILLUSTRATIVE inary Payout Amount (0-200 t amount) 60% 20% 20% _ ble Individual performance 5 Remuneration - . . . r (0.8x - 1.2x) - 3 (= 25-30% Organic op. + Working Capital + Earnings annually by the 5 Annual Cash Bonus amount EBITA?) Turnover?
Slide 78: ESG: CO2 emissions
ESG: Operating sustainably to minimize energy consumption and CO, Emissions CO, Emissions in 2023 Main contributor to CO, Emissions” in thousand tonnes reduction intonnes Scope1 Company facilities, 0.70% 194 company trucks & vehicles Scope 2 To purchase electricity from 227,380 219,900 °, 10 renewab
Slide 79: ESG: Safety and Diversity
ESG: Safety and Diversity Group Accident Rate TRIR®2) ® 7 Diversity - Key figures”) Targets 2022 44 42 F F 4.0 Proportion of womeninthe At least 33.3% 2 9, Supervisory Board by 2026 v) Se 3.2 ‘ 3.1 Proportion of womeninthe At least 20% by S 0, 27 26 Target Board of Management 2026 (v) ee (20.0% 4 Pr
Slide 80: 2024 ESG Scorecard
2024 ESG Scorecard Objective Significantly decrease risks on human rights in Define preventive measures for all (95%) suppliers with Reference to mid-/long-term target i high risk profile (high & critical risk) and engage >95% + All suppliers are covered by risk management the whole supply chain res
Slide 81: Sound financial profile
Sound financial profile: Compounding growth track record and resilience Sales Operating Gross Profit (EUR bn) CAGR (EUR m) 46.2%) 19.4 144 CAGR 4,042 3,379 126 128 2,822 2,869 07 98 100 103 105 117 118 192,429 2,554 2,661 2,32 7 1,808 1.968 1,992 2,078 1,874,520 1,493 1.674 Bb 2 2@o°4 NO YD © RD O2O
Slide 82: Cash flow: Strong cash generation
Cash flow: Strong cash generation over the past years inEURm | 2023] 2022 2021 2020 2019 2018 2017 2016 2015 2014 2013 2012 2011 2010 Op. EBITDA 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 -321.1 -267.2 -199.3 -201.9 -205.2 -172.2 -148.1 -141.1
Slide 83: ROCE: Increasing value added and returns
Slide 84: Strong dividend track record
Slide 85: Brenntag's Historic Leverage & Credit Rating
Slide 86: Balance sheet Q2 2024
Slide 87: Leverage and maturity profile
Slide 88: Bond data
Slide 89: Performance Indexed (Jan. 1st 2021 = 100)
Performance Indexed (Jan. 1st 2021 = 100)
Slide 90: Brenntag Share & Shareholder Structure
Slide 91: Investor Relations
Slide 92: Disclaimer