Brenntag SE — Earnings Release 2021

May 11, 2021

Q1 2021 RESULTS

1 1 M A Y 202 1

Conference call

Corporate Investor Relations

Agenda: Q1 2021 Results

HIGHLIGHTS Q1 2021 FINANCIALS Q1 2021 OUTLOOK APPENDIX

Highlights Q1 2021

OPERATING GROSS PROFIT +7.4% (fx adj.) EUR 764.5m	OPERATING EBITDA +20.7% (fx adj.) EUR 300.3m	FREE CASHFLOW GENERATION EUR 75.6m EUR 161.5m in Q1 2020	EPS EUR 0.63 Following EUR 0.74 one
GO-LIVE OF TWO	VERY STRONG	FURTHER	year ago FY 2021
GLOBAL DIVISIONS Brenntag Essentials and	RESULTS Despite continued challenging macroeconomic and	PROGRESS ON PROJECT BRENNTAG Step-by-step	GUIDANCE CONFIRMED FY 2021 OP. EBITDA
Brenntag Specialties	operational conditions	implementation of various initiatives	expected to be between 1,080m and 1,180m EUR

M&A activities Q1 2021

Acquisitions

• Closing of 3 targets:
• − Comelt S.p.A., Italy
• − ICL Packed Ltd., UK
• − Alpha Chemical Ltd., Canada
• ➢ Total enterprise value of 59.2m EUR

M&A approach

• Allocation of 200-250m EUR for M&A
• Sharpened focus towards emerging markets, particularly China 1.
• 2.
• Concentration on specific industries
• Identification of targets delivering more sizeable operating EBITDA contribution 3.

Brenntag SE – Results Presentation | 11 May 2021

Agenda: Q1 2021 Results

HIGHLIGHTS Q1 2021 FINANCIALS Q1 2021 OUTLOOK

APPENDIX

Q1 2021: Continued challenging conditions globally

Continued impact of COVID-19 pandemic

Global supply chains under stress

Production outages of suppliers led to product shortages

Financials Q1 2021: Operating EBITDA bridge* from Q1 2020 to Q1 2021

Two global divisions with distinct market approach addressing changing needs of our business partners

for suppliers and customers

8

industries

Financials Q1 2021: Brenntag Essentials

EMEA	NORTH AMERICA	LATIN AMERICA	APAC
▪ Strong performance in Q1 despite supply shortages	▪ Strong performance in Q1 indicating some stabilization	▪ Very strong operational performance driven by Brazil, Argentina and Mexico in particular	▪ Very strong business development in Q1 driven mainly by favourable operating gross profit per
▪ Operating EBITDA increase mainly driven by rise in operating gross profit and cost management	▪ Operating gross profit per unit and price management supported North American results		unit ▪ Extremely positive performance in China and Vietnam
Organic EBITDA growth:	Organic EBITDA growth:	Organic EBITDA growth:	▪ Q1 2020 was particularly impacted by COVID-19 Organic EBITDA growth:
25%	20%	64%	124%

Financials Q1 2021: Brenntag Specialties

EMEA

• Strong performance across all customer industries.
• Performance driven by operating gross profit per unit

AMERICAS

• Weaker performance due to pressure on supply chains
• Lubricants customer industry reported earnings growth
• Better business development towards the end of Q1

Organic EBITDA growth: -14%

APAC

• Strong performance across all customer industries.
• Performance driven by operating gross profit per unit and higher volumes.
• Many countries contributed to the Q1 results

Financials Q1 2021: Segments (1/2)

in EUR m	Operating profit1) gross		Operating EBITDA2)					Operating EBITA
	Q1 2021	Q1 2020	∆	∆ FX adjusted	Q1 2021	Q1 2020	∆	∆ FX adjusted	Q1 2021	Q1 2020
Brenntag Essentials	472.5	465.8	1.4%	7.1%	194.1	158.3	22.6%	29.2%	142.0	103.2
Brenntag Specialties	284.3	279.6	1.7%	7.1%	119.8	115.7	3.5%	9.2%	112.2	107.7
All other segements	7.7	5.3	45.3%	45.3%	-13.6	-11.0	23.6%	23.6%	-15.2	-12.3
Brenntag Group	764.5	750.7	1.8%	7.4%	300.3	263.0	14.2%	20.7%	239.0	198.6

1) External sales less cost of materials. 2) Segment operating EBITDA is calculated as EBITDA adjusted for holding charges and special items.

Financials Q1 2021: Segments (2/2)

in EUR m	profit1) Operating gross			Operating EBITDA2)
	Q1 2021	Q1 2020	∆	∆ FX adjusted	Q1 2021	Q1 2020	∆	∆ FX adjusted
Essentials EMEA	197.3	192.3	2.6%	3.6%	82.1	66.1	24.2%	25.5%
Essentials North America	210.9	217.2	-2.9%	5.5%	84.0	76.2	10.2%	19.8%
Essentials Latin America	37.1	34.9	6.3%	22.4%	15.4	10.5	46.7%	63.8%
Essentials APAC	27.2	21.4	27.1%	32.7%	12.3	5.7	115.8%	123.6%
Brenntag Essentials	472.5	465.8	1.4%	7.1%	194.1	158.3	22.6%	29.2%
Specialties EMEA	139.3	132.9	4.8%	7.4%	61.3	58.0	5.7%	8.9%
Specialties Americas	90.7	101.1	-10.3%	-2.2%	29.3	37.2	-21.2%	-14.1%
Specialties APAC	54.3	45.6	19.1%	26.3%	28.3	20.6	37.4%	45.9%
Brenntag Specialties	284.3	279.6	1.7%	7.1%	119.8	115.7	3.5%	9.2%

1) External sales less cost of materials. 2) Segment operating EBITDA is calculated as EBITDA adjusted for holding charges and special items.

The difference between the sum total of the reportable segments (EMEA, Americas and APAC) and the Brenntag divisions is the result of central activities which are part of Brenntag divisions but not directly attributable to any one segment.

Brenntag SE – Results Presentation | 11 May 2021

Financials Q1 2021: Income statement below operating EBITDA

in EUR m	Q1 2021	Q1 2020	∆	2020
Operating EBITDA	300.3	263.0	14.2%	1,057.7
Special items	-70.8	-6.9	926.1%	-47.2
Depreciation	-61.3	-64.4	-4.8%	-252.4
EBITA	168.2	191.7	-12.3%	758.1
Amortization	-11.3	-11.5	-1.7%	-45.1
EBIT	156.9	180.2	-12.9%	713.0
Financial result	-17.6	-24.0	-26.7%	-79.7
EBT	139.3	156.2	-10.8%	633.3
Profit after tax	100.2	115.0	-12.9%	473.8
EPS	0.63	0.74	-14.9%	3.02

Financials Q1 2021: Free cash flow

in EUR m	Q1 2021	Q1 2020	∆	∆	2020
Operating EBITDA	300.3	263.0	37.3	14.2%	1,057.7
Capex	-33.0	-44.5	11.5	-25.8%	-201.9
∆ Working capital	-160.5	-24.4	-136.1	557.8%	325.0
Principal and interest payments on lease liabilities	-31.2	-32.6	1.4	-4.3%	-126.2
Free cash flow	75.6	161.5	-85.9	-53.2%	1,054.6

Financials Q1 2021: Balance Sheet and maturity profile

in EUR m	31 Mar 2021	31 Dec 2020
Financial liabilities	1,687.2	1,639.4
Lease liabilities	454.7	426.8
./. Cash and cash equivalents	690.6	726.3
Net Debt	1,451.3	1,339.9
Net Debt/Operating EBITDA 1)	1.3x	1.3x
Equity	3,809.3	3,611.6

1) Operating EBITDA for the quarters on LTM basis calculated including IFRS 16 effect.

Brenntag SE – Results Presentation | 11 May 2021

Financials Q1 2021: Working capital

in EUR m	31 Mar 2021	31 Dec 2020	30 Sep 2020	30 Jun 2020	31 Mar 2020
Inventories	1,092.8	978.9	1,005.9	1,190.5	1,169.9
+ Trade receivables	1,938.7	1,597.5	1,648.0	1,658.9	1,979.0
./. Trade payables	1,485.7	1,229.8	1,194.2	1,120.4	1,396.1
Working capital (end of period)	1,545.8	1,346.6	1,459.7	1,729.0	1,752.8
Working capital turnover (annualized) 1)	8.7x	7.3x	7.1x	6.9x	7.3x

1) Sales YTD extrapolated to the full year; average working capital is defined as the average of working capital at the beginning of the year and at the end of each quarter.

Project Brenntag: Status update Q1 2021

• Go-Live of two global divisions
• New external reporting structure
• Go-to-market approach measures lead to closer alignment with customers' and suppliers' needs
• Site network optimization: reduced complexity + increased customer proximity

• Almost 1000 measures rolled-out
• Global monitoring established
• Broadened and intensified leadership involvement

• Working Capital turn significantly improved
• Reduction of ~350 jobs

• 50 site closures globally

Project Brenntag: Timeline

Digital Sales Channel Development @ Brenntag

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ESG: Brenntag is developing a comprehensive strategic framework for sustainability in line with our corporate strategy

HIGHLIGHTS

Q1 2021

• Publication of Sustainability Report on April 28, 2021
• Defined new sustainability goals for 2021 that mark the path for long-term sustainability roadmap

Targets 2021

• Re-evaluate sustainability approach of Brenntag
• Develop a comprehensive strategic framework for sustainability in line with corporate strategy
• Develop new ambitious and long-term goals

Memberships / Ratings

"Together for Sustainability" initiative

global inclusion The Valuable 500 Compact MSCI Rating

EcoVadis Gold status

DAX 50 ESG

Medium ESG risk rating

Annual Sustainability Report Level: Leader (AA)

20

Agenda: Q1 2021 Results

HIGHLIGHTS Q1 2021 FINANCIALS Q1 2021 OUTLOOK APPENDIX

Outlook 2021: Guidance confirmed

Thank you for your attention

We are happy to answer your questions!

Agenda: Q1 2021 Results

HIGHLIGHTS Q1 2021 FINANCIALS Q1 2021 OUTLOOK APPENDIX

Financials FY 2020: Operating EBITDA bridge* from FY 2019 to FY 2020

* Calculations are partly based on assumptions made by management; effects based on rounded figures

Financials FY 2020: Income statement below operating EBITDA

in EUR m	FY 2020	FY 2019	∆
Operating EBITDA	1,057.7	1,001.5	5.6%
Special items	-47.2	8.6	-648,8%
Depreciation	-252.4	-243.6	3.6%
EBITA	758.1	766.5	-1.1%
Amortization 1)	-45.1	-49.6	-9.1%
EBIT	713.0	716.9	-0.5%
Financial result	-79.7	-83.5	-4.6%
EBT	633.3	633.4	0.0%
Profit after tax	473.8	469.2	1.0%
EPS	3.02	3.02	0.0%

1) Includes scheduled amortization of customer relationships amounting to EUR 28.7m in 2020 (EUR 34.9m in 2019).

Brenntag SE – Results Presentation | 11 May 2021

Financials FY 2020: Cash flow items

in EUR m			2020	2019	∆	∆
Operating EBITDA			1,057.7	1,001.5	56.2	5.6%
CAPEX			-201.9	-205.2	3.3	-1.6%
∆ Working capital			325.0	161.7	163.3	-101.0%
Principal and interest payments on lease liabilities			-126.2	-120.7	-5,5	4.6%
Free cash flow			1,054.6	837.3	217.3	26.0%
FREE CASH FLOW EUR 1,055m	INTEREST AND TAX PAYMENTS EUR -213m		CASH OUT FOR M&A EUR -46m		DIVIDEND PAID EUR -193m

Financials FY 2020: Continuous dividend increase

				Payout ratio in %
in EUR m	2020	2019	∆	50.2 37.1 36.8 39.5 41.0 42.3 45.0 47.1 40.2 41.4 44.7 Dividend in EUR
Profit after tax	473.8	469.2	1.0%	1.4 1.35
Less minority interests	7.3	2.5		1.25 CAGR: 1.20 +11% 1.2 1.10 1.05
Profit after tax (consolidated) attributable to shareholders of Brenntag SE	466.5	466.7	0.0%	1.00 1.0 0.90 0.87 0.80 0.8 0.67
Proposed dividend payment	208.6	193.1		0.6 0.47
Proposed dividend per share in EUR	1.35	1.25	8.0%	0.4
Payout ratio	44.7%	41.4%		0.2
				0.0 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 (Proposal)

Dividend policy: pay an annual dividend of 35% to 50% of consolidated profit after tax attributable to shareholders of Brenntag SE

Financial calendar / Contact

Date	Event
June 10, 2021	General Shareholders´ Meeting
August 10, 2021	Interim Report Q2 2021
November 4, 2021	Interim Report Q3 2021

The financial calendar is updated regularly. You can find the latest dates on www.brenntag.com/financial\_calendar Please note that these dates could be subject to change.

Brenntag SE Corporate Investor Relations

Phone: +49 (0) 201 6496 2100 Fax: +49 (0) 201 6496 2003 E-mail: ir@brenntag.de Web: www.brenntag.com/investor\_relations/

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 actual future results, financial situation, development or performance of the company and the estimates given here.

Brenntag SE does not intend, and does not assume any liability whatsoever, to update these forward-looking statements or to conform them to future events or developments. Some information contained in this document is based on estimates or assumptions of Brenntag and there can be no assurance that these estimates or assumptions are or will prove to be accurate.