Brenntag (BNR) Investor presentation summary

Market leadership and business model

• Holds a leading position in the global chemical distribution market, operating in over 70 countries with around 600 sites and serving approximately 160,000 customers across diverse industries.

• Operates two main divisions: Essentials (industrial chemicals) and Specialties (performance chemicals and ingredients), each with distinct strategies and market approaches.

• Maintains an asset-light, resilient business model with consistent ROCE above 10% and a strong track record of reliable earnings growth since IPO.

• M&A is a core growth pillar, with over EUR 4.2bn spent on more than 100 acquisitions since IPO, contributing to significant revenue and earnings growth.

• Focuses on value-added services, innovation, and digitalization to connect suppliers and customers, reinforcing its role as a trusted partner.

Financial performance and outlook

• Q2 2026 sales reached EUR 4.3bn (+11.1% YoY), with operating EBITDA at EUR 463m (+40.9% YoY) and a conversion ratio of 40.4%.

• Both divisions delivered strong margin expansion, with Essentials gross profit up 23.1% and Specialties up 8.8% YoY.

• Cost-out program delivered EUR 41m in Q2 2026, targeting EUR 200-250m in savings by 2027.

• Free cash flow in Q2 2026 was EUR 4m, reflecting higher working capital requirements due to elevated pricing.

• Raised 2026 operating EBITDA guidance to EUR 1,350-1,450m, despite ongoing macroeconomic uncertainty and regional market volatility.

Strategic priorities and operational execution

• Key priorities include sales productivity, organizational simplification, and accelerated execution of cost and efficiency measures.

• Commercial initiatives and flexible pricing approaches are driving customer growth and improved profitability.

• Integration of recent acquisitions and continued M&A pipeline support growth and portfolio optimization.

• Essentials division leverages global scale and supply chain optimization, while Specialties focuses on innovation and value-added services.