Brenntag SE — Investor Presentation 2021

May 1, 2021

COMPANY PRESENTATION

M A Y 202 1

Company Presentation

INTRODUCTION TO BRENNTAG KEY INVESTMENT HIGHLIGHTS FINANCIALS Q1 2021 OUTLOOK PROJECT BRENNTAG APPENDIX

Introduction: Brenntag is the global market leader in chemicals and ingredients distribution

Global market leader in chemicals and ingredients distribution with 4.7% market share

Full-line product portfolio with more than 10,000 products

Network of 670 locations in 78 countries worldwide

More than 17,000 employees thereof 1/3 dedicated local sales and marketing employees

~185,000 customers

Usually less-than-truckload deliveries with average value of c. EUR 3,000

We connect our customers and suppliers in a winning partnership globally and locally

Introduction: Global market leader with successful track record since IPO

Notes: 2005: Brenntag predecessor; 2006: Brenntag and Brenntag predecessor combined and does not constitute pro forma financial information.

Business model: Chemical distributors fulfil a value-adding function in the supply chain

PURCHASE, TRANSPORT AND STORAGE OF LARGE-SCALE QUANTITIES OF DIVERSE CHEMICALS

• · Repackaging from large into smaller quantities
• · Filling, labelling, bar-coding and palletizing
• · Marketed by more than 6,000 dedicated local sales and marketing employees
• · Mixing and blending according to customer specific requirements

• · Formulating and technical support from dedicated application laboratories

• · Leveraging high route density based on local scale

• · Providing just-in-time delivery and vendor-managed inventory services
• · Utilizing transportation for drum return services
• · Offering one-stop-shop solution

Two global divisions – Brenntag Essentials and Brenntag Specialties

	Brenntag Essentials	Brenntag Specialties
	EUR 7.1 bn Sales (2019)		EUR 5.3 bn Sales (2019)
	EUR 1.7 bn Operating Gross Profit (2019)		EUR 1.1 bn Operating Gross Profit (2019)
	33-35% Conversion Ratio		41-43% Conversion Ratio
High volume delivery	Cross-industry products and local market know-how	Strong customer relationships	Application and formulation expertise
Consistent cash generation	Strong brand & high barriers to entry	Innovation capabilities	Regulatory expertise
Global asset base	Business-oriented infrastructure	Industry focus	Brand awareness
Brenntag SE – Company Presentation May 2021		6

Company Presentation

INTRODUCING TO BRENNTAG KEY INVESTMENT HIGHLIGHTS FINANCIALS Q1 2021 OUTLOOK

PROJECT BRENNTAG

APPENDIX

Global market leader:

Third party chemical distribution estimated market size and market shares

Still highly fragmented market with more than 10,000 chemical distributors globally

As per end 2019e: ICIS, BCG Innovative chemical distributors gain a digital edge (September 2020), own analysis Companies with stronger trading focus are excluded

Growth drivers: Multiple levers of organic growth and acquisition potential

Source: VCI, BCG Innovative chemical distributors gain a digital edge (September 2020) 1) Excluding non-distribution relevant products like ethylene

Market growth: Third party chemical distribution outgrew total chemical demand

	Growth driver	Brenntag global initiative
Chemical distribution industry growth	Growth in chemical demand Outsourcing Value-added services	Diverse business mix Turned-over business Mixing and blending
Scale distributor share gain	Share gain by scale distributors	Key accounts
Brenntag share gain	Brenntag business mix Acquisition growth	Focus industries M&A strategy

Significant organic and acquisition growth potential

Acquisition approach and track record: Significant potential for consolidation and external growth

2) Purchase price patd excluding debt assumed.

High diversification: Diversity provides resilience and growth potential

Barriers to entry: High barriers to entry due to critical scale and scope

Market driven: Excellence in execution due to balance of global scale and local reach

Global Platform	Local reach
CORE MANAGEMENT FUNCTIONS • Strategic direction • Controlling and Treasury • Information Technology • Quality, Health, Safety, Environment STRATEGIC GROWTH INITIATIVES • Strategic supplier relationships • Turned-over business • Focus industries • Key accounts • Mergers & Acquisitions Best practice transfer	• Excellent local understanding of market trends • Adaptation to respective customer needs • Clear accountability • Strong incentivization with high proportion of variable compensation of management

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

global inclusion The Valuable 500 Compact MSCI Rating

Gold status

DAX 50 ESG

Annual Sustainability Report Level: Leader (AA)

15

Board of Management: Highly experienced management team

Christian Kohlpaintner Chief Executive Officer

Corp. Board Office Global HR Corp. Planning & Strategy M&A Brenntag Group Global Communications Global Marketing Compliance & Audit Brenntag Group QSHE Brenntag Group Sustainability Brenntag Group Corp. Relations & Government Affairs

Georg Müller Chief Financial Officer

Corp. Controlling Accounting Brenntag Group Legal Brenntag Group Tax Brenntag Group Treasury Brenntag Group Corp. Investor Relations Corp. Insurance Management Shared Services Brenntag Group Brenntag International Chemicals

Ewout van Jarwaarde Chief Transformation Officer

"Project Brenntag" Digitalization Brenntag Group IT Brenntag Group Indirect Procurement & Procurement Excellence Brenntag Group Functional Excellence Brenntag Group

Steven Terwindt Chief Operating Officer Brenntag Essentials

Brenntag Essentials Global Key Accounts

Henri Nejade Chief Operating Officer Brenntag Specialties

Brenntag Specialties

Brenntag SE – Company Presentation | May 2021

Sound financial profile:

Growth track record and resilience through the downturn

Notes: 2005: Brenntag predecessor; 2006: Brenntag and Brenntag predecessor combined and does not constitute pro forma financial information. EBITDA / Gross Profit adjusted for non-recurring effects: 2012 = 11m, 2013 = 17m

Investment highlights: Brenntag is a highly attractive investment case

Company Presentation

INTRODUCING TO BRENNTAG KEY INVESTMENT HIGHLIGHTS FINANCIALS Q1 2021 OUTLOOK PROJECT BRENNTAG APPENDIX

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

Brenntag SE – Company Presentation | May 2021

Financials Q1 2021: Brenntag Essentials

• Strong performance in Q1 despite supply shortages
• Operating EBITDA increase mainly driven by rise in operating gross profit and cost management

Organic EBITDA growth: 25%

EMEA NORTH AMERICA LATIN AMERICA APAC

• Strong performance in Q1 indicating some stabilization
• Operating gross profit per unit and price management supported North American results

Organic EBITDA growth: 20%

▪ 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 unit
• Extremely positive performance in China and Vietnam
• Q1 2020 was particularly impacted by COVID-19 Organic EBITDA growth: 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

Organic EBITDA growth: 40%

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	Operating gross profit1)				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 – Company Presentation | 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 – Company Presentation | 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.

Company Presentation

INTRODUCING TO BRENNTAG KEY INVESTMENT HIGHLIGHTS FINANCIALS Q1 2021 OUTLOOK PROJECT BRENNTAG

APPENDIX

Outlook 2021: Guidance confirmed

Macro environment	▪ COVID-19 pandemic continues to stay globally the coming months ▪ Continued uncertainty in macro economy driven by the pandemic ▪ Recovery to be expected in course of the year
Comments	▪ Outlook 2021 reflects current and expected macro environment ▪ Guidance includes uplift of Project Brenntag initiatives and M&A and assumes stable FX rates
Operating EBITDA Guidance	▪ Guidance range of 1,080m – 1,180m EUR operating EBITDA for FY2021 confirmed
Additional information	▪ EUR/USD: ~1.20 EUR/USD (2020: ~1.14 EUR/USD) ▪ EUR/USD sensitivity (FY basis): Delta of +/- 1 cent EUR/USD = -/+ ~EUR 5m op. EBITDA ▪ M&A spend 200m - 250m EUR p. a. ▪ Tax rate: ~26-27%

Company Presentation

INTRODUCING TO BRENNTAG KEY INVESTMENT HIGHLIGHTS FINANCIALS Q1 2021 OUTLOOK PROJECT BRENNTAG

APPENDIX

Project Brenntag: Adresses areas of improvement based on stakeholder feedback

Project Brenntag: Delivering sustainable organic earnings growth

Project Brenntag: Clear & measureable benefits for organic earnings growth

		Operating EBITDA uplift1) 2)
Operating Model	▪ Differentiated business steering ▪ Remove redundancies ▪ Leverage economies of scale	~40m EUR top line impact
Go-to-Market Approach	▪ Stringent customer segmentation ▪ Fit-for-purpose sales organisation
Site Network Optimization	▪ Reduce complexity ▪ Drive efficiency gains ▪ Improved customer proximity	~EUR 220 m
People & Change	▪ New leadership structure ▪ Foster global collaboration and performance culture	~180m EUR bottom line impact
1) By FY2023 2) Based on management estimates		One off net cash out: ~EUR 370 m2)

Operating Model: Sharpened operating model with increased centralization

• Drives strategic agenda
• Defines governance, policies and standards
• Steers global functions and business services

Excellence

Shared Services Business Partners Centers of

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

for suppliers and customers

Global specialties leader in selected focus industries

Brenntag SE – Company Presentation | May 2021

Brenntag Essentials: Agile, lean, and most efficient partner of choice in local geographies

Brenntag Essentials
One-stop-shop for suppliers	Lowest cost to serve	Highest safety + compliance standards
Operational excellence	Customer Service Excellence	Digital Services; online ordering and delivery tracking

#1 at local level

Brenntag Specialties: Clear focus on highly attractive industries

		Growth momentum	Cross-regional platform	Solutions potential	Critical mass
	Specialty market size (EUR bn) 1)	Positive underlying growth in end industries	Global reach but industry-focused delivery	Value-added solutions and technical expertise	Brenntag already with industry-critical mass
Nutrition2)	~50
Pharma	~105
Personal Care, Home Care, I&I	~60
Material Science3)	~190
Water Treatment	~10
Lubricants	~1204)
1) 2) Consisting of Food & Nutrition and Animal Nutrition 3) Consisting of Coatings & Construction and Polymers & Rubber 4) Excluding base oils		Refers to underlying end market size 2019 (as per IHS Specialty Chemical Update Program 2020)		GDP+ GDP++ GDP+++	Strong Medium
Brenntag SE –	Company Presentation May 2021		38

Go-to-Market Approach: Stringent customer segmentation and re-deployment of sales force

Key objectives

Best-in-class front-end with clear roles, lean setup and high agility

Focus on high-value customers by improved resource deployment & harmonized customer segmentation

Cross-selling, organic growth and monetization of value-added services via differentiated and focused approach

Leverage global expertise via cross-regional collaboration and

Site Network Optimization: Optimized footprint will increase efficiency

Reducing complexity brings us closer to our customers and has a positive impact on our carbon footprint

People & Change: Execution focused culture to drive performance and value creation

Global perspective Strategic steering & business development Stringent decision-making Execution focused mind set

Clearly defined roles, responsibilities and accountabilities

Strong focus on performance and its individual recognition

Leadership competencies focused on execution skills, growth and transformation capabilities

Continuous change management in place to ensure smooth integration of transformation processes

Reduction of 1,300 jobs until 2022 to reduce overlaps between functions and increase harmonization.

Medium term guidance

Brenntag SE – Company Presentation | May 2021

Project Brenntag – The path to success

Channel partner of choice for suppliers	Differentiated strategic steering	Customer-centric approach
Re-define and sharpen full-liner positioning	Functional excellence and fit for purpose organization that leverage scale	Clear accountabilities and targets

DELIVERING SUSTAINABLE ORGANIC EARNINGS GROWTH

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

Company Presentation

INTRODUCING TO BRENNTAG KEY INVESTMENT HIGHLIGHTS FINANCIALS Q1 2021 OUTLOOK PROJECT BRENNTAG APPENDIX

Appendix: Contents

	Page
Longstanding history of more than 140 years	48
Distributor vs. Producer	49
North America – Oil & Gas Value Chain	50
Committed to health, safety and the environment	51
Acquisitions have achieved three main objectives	52
Remuneration of Board Members	53

Appendix: Contents (continued)

	Page
Financials 2020	54
Historic Financials	62
Share data	66
Shareholder structure	68
Bond data	69
Financial calendar / Contact	70

Brenntag history: Longstanding history of more than 140 years

Year	Event
1874	Philipp Mühsam founds the business in Berlin
1966	Brenntag becomes international
2000 – 2008	Brenntag becomes global market leader
2004 – 2006	Private-Equity owned by Bain Capital
2006 – 2010	Private-Equity owned by BC Partners
2010	IPO
2016	Towards greater sustainability: Brenntag achieves Gold status in EcoVadis Sustainability Assessment and becomes full member of TfS initiative.
2020	Initiation of "Project Brenntag"

Distributor vs. producer: Chemical distribution differs substantially from chemical production

	"What we are"	"What we are not"
		Chemical Producer
Business model	B2B Services / Solutions	Manufacturing
Product portfolio	Full-line	Narrow
Customer base	Broad in diverse end-markets	Narrow
Customer order size	Small	Large
Delivery method	Less-than-truckload	Truckload and larger
Fixed assets	Low intensity	High intensity
Fixed asset flexibility	Multi-purpose	Narrow purpose
Cost base	Variable	Fixed
Raw material prices	Market	Contract
Input / Output pricing	Connected	Disconnected

North America: Oil and Gas Value Chain

HSE: Committed to health, safety and the environment

1) Program of the International Chemical Trade Association

Acquisitions since 2018:

Acquisitions have achieved three main objectives

Building up scale & efficiencies	Expanding geographic coverage	Improving full-line portfolio
• Canada Colors & Chemicals, Can., 2018	• Whanee Corporation, Quimitécnica, Portugal, 2018	• Alphamin S. A., Belgium, 2018
• Reeder Distributors Inc., USA, 2019	• Desbro, Kenya, 2018	• PachemDistribution Inc., 2018
• B&M Oil Company, USA, 2019	• Crest Chemicals Ltd., South Africa, 2019	• NERP Inc., USA, 2019
• Suffolk Solutions Inc., USA, 2020	• Neuto Chemicals Corp., Taiwan, 2019	• Tee Hai Chem Pte.Ltd., Singapore, 2019
• Alpha Chemical Ltd., Canada, 2020	• Quimisa S.A., Brazil, 2019	• Marlin Company Inc., USA, 2019
• ICL Packed, UK, 2021	• Oils 'R Us, Thailand, 2020	• Tan International, UK, 2019
		• ComeltSpa; AquadepurSrl, Italy, 2020
		• Zhongbai, China, 2021

85 acquisitions in total since 20101)

Remuneration System 2020: Remuneration of Board Members

Fixed Remuneration
Variable pay Short-term					Long-term
Annual Bonus		Performance Share Plan
60% organic EBITDA (growth)	20% Working Capital Turnover (improvement)	20% Earnings per Share (growth)		50% Total Share Return vs. National index	50% Total Share Return vs. Peer group
x					=
Individual Multiplier (0.7 –	1.3)		Number of virtual shares

The payout amount of the variable pay depends on the overall target achievement. The maximum payout amount of both the Annual bonus and the Performance Share Plan is 200% for an overall target achievement of 150% or more. The payout amount cannot be raised above this Cap of 200%.

Financials FY 2020: Income statement

in EUR m	FY 2020	FY 2019	∆	∆ FX adjusted
Sales	11,775.8	12,821.8	-8.2%	-6.0%
Cost of materials	-8,925.4	-10,000.1	-10.7%
Operating gross profit	2,850.4	2,821.7	1.0%	3.3%
Operating expenses	-1,792.7	-1,820.2	-1.5%
Operating EBITDA	1,057.7	1,001.5	5.6%	8.3%
Op. EBITDA/Op. gross profit	37.1%	35.5%

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 34.9 in 2019 (EUR 40.7m in 2018).

Financials FY 2020: Cash flow statement

in EUR m	FY 2020	FY 2019
Profit after tax	473.8	469.2
Depreciation & amortization	297.5	293.2
Income taxes	159.5	164.2
Income tax payments	-155.5	-175.3
Interest result	66.4	90.0
Interest payments (net)	-57.9	-75.7
Changes in current assets and liabilities	426,0	136.5
Changes in provisions	-33.9	0.9
Other	43.1	-23.7
Cash provided by operating activities	1,219.0	879.3

Financials FY 2020: Cash flow statement (continued)

in EUR m	FY 2020	FY 2019
Purchases of intangible assets and property, plant & equipment (PPE)	-199.1	-204.0
Purchases of consolidated subsidiaries and other business units	-46.4	-194.9
Proceeds from the disposal of consolidated subsidiaries and business units	1.2	14.7
Other	20.2	12.0
Cash used for investing activities	-224.1	-372.2
Purchases of companies already consolidated	-	-
Profits distributed to non-controlling interests	-1.5	-1.5
Dividends paid to Brenntag shareholders	-193.1	-185.4
Repayment of (-)/proceeds from (+) borrowings (net)	-541.0	-196.5
Cash used for financing activities	-735.6	-383.4
Change in cash & cash equivalents	259.3	123.7

Financials Q4 2020: Income statement Q4 2020

in EUR m	Q4 2020	Q4 2019	∆	∆ FX adjusted
Sales	2,876.2	3,130.9	-8.1%	-2.8%
Cost of materials	-2,177.5	-2,442.5	-10.8%
Operating gross profit	698.7	688.4	1.5%	7.3%
Operating expenses	-444.6	-454.8	-2.2%
Operating EBITDA	254.1	233.6	8.8%	15.9%
Op. EBITDA/Op. gross profit	36.4%	33.9%
Special items	13.9	0.0
Depreciation	-62.8	-63.8	-1.6%
EBITA	177.5	169.8	4.5%
Amortization 1)	-11.6	-11.6	-0.0%
EBIT	165.9	158.2	4.9%
Financial result	-17.8	-10.5	69.5%
EBT	148.1	147.7	0.3%
Profit after tax	115.2	110.2	4.5%
EPS	0.72	0.71	1.4%

1) Includes scheduled amortization of customer relationships amounting to EUR 6.5m in Q4 2020 (EUR 6.8m in Q4 2019).

Brenntag SE – Company Presentation | May 2021

Financials Q4 2020: Cash flow statement Q4 2020

in EUR m	Q4 2020	Q4 2019
Profit after tax	115.2	110.2
Depreciation & amortization	74.4	75.4
Income taxes	32.9	37.5
Income tax payments	-37.3	-48.1
Interest result	13.3	22.7
Interest payments (net)	-11.6	-20.4
Changes in current assets and liabilities	181.3	125.7
Changes in provisions	-38.9	2.7
Other	0.2	-21.7
Cash provided by operating activities	329.5	284.0

Financials Q4 2020: Cash flow statement Q4 2020 (continued)

in EUR m	Q4 2020	Q4 2019
Purchases of intangible assets and property, plant & equipment (PPE)	-68.1	-77.9
Purchases of consolidated subsidiaries and other business units	-18.6	-77.5
Proceeds from the disposal of consolidated subsidiaries and business units	0.0	14.7
Other	12.3	3.6
Cash used for investing activities	-74.3	-137.1
Purchases of companies already consolidated	-	-
Profits distributed to non-controlling interests	-0.5	-0.5
Dividends paid to Brenntag shareholders	-	-
Repayment of (-)/proceeds from (+) borrowings (net)	-386.1	-67.3
Cash used for financing activities	-386.6	-67.8
Change in cash & cash equivalents	-131.4	79.1

Financials Q4 2020: Free cash flow Q4 2020

in EUR m	Q4 2020	Q4 2019	∆	∆
Operating EBITDA	254.1	233.6	20.5	8.8%
CAPEX	-74.8	-84.2	9.4	-11.2%
∆ Working capital	110.8	128.5	-17.7	-13.8%
Principal and interest payments on lease liabilities 1)	-31.4	-31.9	0.5	-1.6%
Free cash flow	258.7	246.0	12.7	5.2%

ROCE: Increasing value added and returns

in EUR m	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010	2009
EBITA	758.1	766.5	770.9	663.3	694.5	698.7	627.5	595.6	610.8	569.9	513.6	394.3
Average carrying amount of equity	3,582.9	3,427.3	3,111.6	2,969.2	2,753.8	2,534.6	2,190.1	2,008.4	1,860.3	1,660.0	1,265.5	157.7
Average carrying amount of financial liabilities	2,453.0	2,581.3	2,173.1	2,255.0	2,238.3	1,961.8	1,823.1	1,817.5	1,868.7	1,809.6	2,114.7	3,190.0
Average carrying amount of cash and cash equivalents	-654.1	-430.8	-416.2	-612.0	-566.3	-460.9	-413.1	-343.4	-356.2	-382.5	-468.3	-500.9
ROCE 1,2)	14.1%	13.7%	15.8%	14.4%	15.7%	17.3%	17.4%	17.1%	18.1%	18.5%	17.6%	13.9%

1) ROCE is defined as EBITA divided by (the average carrying amount of equity + the average carrying amount of financial liabilities – the average carrying amount of cash and cash equivalents)

2) EBITA 2020 includes special items EUR 47.2 million. Adjusted for this effect, ROCE was 15.0%.

Cash flow: Strong cash generation over the past years

in EUR m	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010	2009
Op. EBITDA	1,057.7	1,001.5	875.5	836.0	810.0	807.4	726.7	698.3	707.0	660.9	602.6	480.3
CAPEX	-201.9	-205.2	-172.2	-148.1	-141.1	-130.1	-104.8	-97.2	-94.7	-86.0	-85.1	-71.8
∆ Working capital	325.0	161.7	-178.1	-247.6	-27.5	87.0	-100.5	-56.2	-33.0	-61.0	-136.4	242.0
Pricipal and interest payments on lease liabilities	-126.2	-120.7
Free cash flow1)	1,054.6	837.3	525.2	440.3	641.4	764.3	521.4	544.9	579.3	513.9	381.1	650.5
Average working capital2)	1,611.2	1,842.3	1,719.6	1,487.3	1,308.8	1,295.1	1,161.8	1,090.0	1,048.8	928.3	752.4	691.9
Working capital turnover3)	7.3x	7.0x	7.3x	7.9x	8.0x	8.0x	8.6x	9.0x	9.2x	9.3x	10.2x	9.2x

1) Free Cash Flow is calculated as operating EBITDA – Capex +/- Δ Working Capital.

2) Average Working Capital is defined for a particular year as the mean average of the values for working capital at each of the following five times: the beginning of the year, the end of each of the first, second and third quarters, and the end of the year.

3) Working Capital Turnover is defined as Sales divided by Average Working Capital.

Dividend History: Continuous dividend increase

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

Historic Leverage and Credit Rating: We want to maintain a solid investment grade rating

Share price performance LTM

[Performance in %]

Brenntag Shares

Share Data 1)		Analysts' Opinions	Click to view current consensus
ISIN	DE000A1DAHH0
Stock symbol	BNR	Sell
Listed since	29 March 2010	1
Subscribed capital	EUR 154,500,000.00
Outstanding shares	154,500,000		Buy
Class of shares	Registered shares		11
Free float	100%	Hold
Official market	Prime Standard XETRA and Frankfurt	9
Regulated unofficial markets	Berlin, Düsseldorf, Hamburg, Hannover, München, Stuttgart, Tradegate Exchange
Designated sponsors	ICF Kursmakler AG
Indices	MDAX®, MSCI, Stoxx Europe 600, DAX 50 ESG
1) As of March 31, 2021

Shareholder Structure

Shareholder	Proportion in % 1)	Date of notification	Shareholdings of Institutional Investors by Region (as of March, 2021)
BlackRock	>5%	April 26, 2021	Rest of World
Wellington Management Group	>5%	July 10, 2020	6% Germany 10%
			North America 35% Continental
Burgundy Asset Management	>3%	October 16, 2018	Europe 13%
Columbia Threadneedle	>3%	November 7, 2020
Flossbach von Storch AG	>3%	September 18, 2020	UK & Ireland
Yacktman Asset Management	>3%	April 27, 2020	27%

1) According to voting rights notifications. All voting rights notifications are published on the Company's Website (www.brenntag.com/voting-rights-notifications)

Bond data

	Bond (with Warrants) 2022	Bond 2025
Issuer	Brenntag Finance B.V.	Brenntag Finance B.V.
Listing	Frankfurter Freiverkehr	Luxembourg Stock Exchange
ISIN	DE000A1Z3XQ6	XS1689523840
Aggregate principal amount	USD 500,000,000	EUR 600,000,000
Denomination	USD 250,000	EUR 1,000
Minimum transferable amount	USD 250,000	EUR 100,000
Coupon	1.875%	1.125%
Interest payment	Semi annual: Jun. 2 / Dec. 2	Annual: Sep. 27
Maturity	Dec. 2, 2022	Sep. 27, 2025

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

https://www.brenntag.com/corporate/en/investor-relations/publications-events/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.