Brenntag Se · XETR:BNR
Brenntag — Q4 2025 Earnings Presentation
29 slides from Brenntag's earnings presentation, Mar 12, 2026
Slide 1: Brenntag
P BRENNTAG
Slide 2: Introduction: FY 2025 release
Introduction FY 2025 RELEASE Solid margin resilience and strong cash generation in the longest downturn in more than two decades Gross profit margin improvement vs. PY, despite significant volume pressure Non-cash impairments and special items of EUR 248m impacting EPS Strong dividend proposalina ch
Slide 3: FY 2025: Margin resilience and strong cash discipline in a weak market environment
FY 2025: Margin resilience and strong cash discipline in a weak market environment Sales Operating Gross Profit EUR 15.2 bn EUR 3.8 bn - 3.7% vs. PY* - 1.9% vs. PY* Operating EBITDA EUR 1,288 m - 8.6% vs. PY* Operating EBITA EUR 929m - 12.6% vs. PY* Free Cash Flow EUR 941 m + 5.4% vs PY Dividend pro
Slide 4: Delivering on our main actions: Clear structural progress despite continued 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 5: Key priorities introduced in Q3: Implementation well on track
Key priorities introduced in Q3: 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 marke
Slide 6: Brenntag Executive Committee led by the Board of Management
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 7: Focus areas for 2026: Accelerating market adaptation to drive future growth
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 8: FY 2025: Delivering resilience, cash & structural progress in a weak market
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 9: Sequential EBITA development impacted by demand-driven shortfall in GP and one-off OPEX
Sequential EBITA development impacted by demand-driven shortfall in GP and one-off OPEX Q4 earnings bridge” Mainly lower volumes: in EURM * Weak markets = Less working days in Q4 Q325 -66 —_— Of Op. Gross Profit sequential GP effects Op. Gross Profit Q3 2026 Q4 2025 243 = = 176 -16 (| Op. EBITA OPEX
Slide 10: Proactive margin management: Stability reflects resilience of business model
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 11: Delivering 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 12: FY 2025: Op. EBITA decline impacted by weak market and FX effects
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 13: Dividend proposal FY 2025: Strong cash generation allows for a solid payout
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 14: Guidance 2026: Operating EBITDA expected in the range of 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 15: Brenntag
P, BRENNTAG
Slide 16: 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 17: 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 18: FY 2025: Cash flow statement
Financials FY 2025: Cash flow statement in EURm 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 19: 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 20: 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 ) 20 1) Based on ave
Slide 21: 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 22: 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 22 Q4 2024 3,989.7 - 2,995.8 993.9 - 635.5 358.4 -
Slide 23: 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 24: 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 (the
Slide 25: 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 26: 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 ) 26 1) Based on average fx rate excl. M&A Q4 2024 358.4 - 120.0 119.4 -44.8 313.0 Aabs -90.4 265.1 6
Slide 27: 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 28: Financial calendar / contact
Financial calendar / contact Financial calendar Contact Follow us: in May 13, 2026 May 20, 2026 Brenntag SE Q1 2026 Annual General Meeting Corporate Investor Relations Interim Statement Phone: +49 (0) 201 6496 2100 Fax: +49 (0) 201 6496 2003 August 12, 2026 November 11, 2026 Half-Year 2026 9M 2026 E
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 the