Declared Dividend • May 20
Dividend of €1.90 announced Shareholders will receive a dividend of €1.90. Ex-date: 21st May 2026 Payment date: 25th May 2026 Dividend yield will be 3.4%, which is higher than the industry average of 2.3%. Sustainability & Growth Dividend is not covered by earnings (120% earnings payout ratio). However, it is well covered by cash flows (42% cash payout ratio). The dividend has increased by an average of 7.8% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. The company's earnings per share (EPS) would need to grow by 34% to bring the payout ratio under control. EPS is expected to grow by 107% over the next 3 years, which is sufficient to bring the dividend into a sustainable range. Announcement • Apr 09
Brenntag SE, Annual General Meeting, May 20, 2026 Brenntag SE, Annual General Meeting, May 20, 2026, at 10:00 W. Europe Standard Time. Announcement • Mar 05
Brenntag SE announces Annual dividend, payable on May 25, 2026 Brenntag SE announced Annual dividend of EUR 1.9000 per share payable on May 25, 2026, ex-date on May 21, 2026 and record date on May 22, 2026. Announcement • Apr 11
Brenntag SE, Annual General Meeting, May 22, 2025 Brenntag SE, Annual General Meeting, May 22, 2025, at 10:00 W. Europe Standard Time. Announcement • Mar 13
Brenntag SE announces Annual dividend, payable on May 27, 2025 Brenntag SE announced Annual dividend of EUR 2.1000 per share payable on May 27, 2025, ex-date on May 23, 2025 and record date on May 26, 2025. New Risk • Nov 14
New minor risk - Financial position The company has a high level of debt. Net debt to equity ratio: 47% This is considered a minor risk. Having a high level of debt increases the company's balance sheet risk. The company has a higher interest repayment burden, leading to the need to allocate a greater amount of its earnings towards servicing the debt, potentially limiting growth options or shareholder distributions. It can also increase the risk of bankruptcy if business conditions deteriorate enough that the company can no longer meet its debt obligations. This is currently the only risk that has been identified for the company. Reported Earnings • Nov 14
Third quarter 2024 earnings released: EPS: €0.82 (vs €1.18 in 3Q 2023) Third quarter 2024 results: EPS: €0.82 (down from €1.18 in 3Q 2023). Revenue: €4.07b (flat on 3Q 2023). Net income: €118.2m (down 33% from 3Q 2023). Profit margin: 2.9% (down from 4.3% in 3Q 2023). Revenue is forecast to grow 3.8% p.a. on average during the next 3 years, compared to a 4.0% growth forecast for the Trade Distributors industry in Europe. Over the last 3 years on average, earnings per share has increased by 4% per year whereas the company’s share price has remained flat. Reported Earnings • Aug 15
Second quarter 2024 earnings released: EPS: €1.03 (vs €1.23 in 2Q 2023) Second quarter 2024 results: EPS: €1.03 (down from €1.23 in 2Q 2023). Revenue: €4.18b (down 1.9% from 2Q 2023). Net income: €149.1m (down 20% from 2Q 2023). Profit margin: 3.6% (down from 4.4% in 2Q 2023). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 4.6% p.a. on average during the next 3 years, compared to a 4.0% growth forecast for the Trade Distributors industry in Europe. Over the last 3 years on average, earnings per share has increased by 11% per year but the company’s share price has increased by 24% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Aug 02
Brenntag SE (XTRA:BNR) acquired Monarch Chemicals Limited. Brenntag SE (XTRA:BNR) acquired Monarch Chemicals Limited on August 1, 2024. Monarch Chemicals has reported annual sales of £35.1 million in 2023.
Brenntag SE (XTRA:BNR) completed the acquisition of Monarch Chemicals Limited on August 1, 2024. Reported Earnings • May 17
First quarter 2024 earnings released: EPS: €0.97 (vs €1.40 in 1Q 2023) First quarter 2024 results: EPS: €0.97 (down from €1.40 in 1Q 2023). Revenue: €4.00b (down 12% from 1Q 2023). Net income: €141.4m (down 35% from 1Q 2023). Profit margin: 3.5% (down from 4.8% in 1Q 2023). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 4.1% p.a. on average during the next 3 years, compared to a 3.4% growth forecast for the Trade Distributors industry in Europe. Over the last 3 years on average, earnings per share has increased by 16% per year but the company’s share price has increased by 24% per year, which means it is tracking significantly ahead of earnings growth. Announcement • May 09
Brenntag SE (XTRA:BNR) agreed to acquire Quimica Delta, S.A. De C.V. Brenntag SE (XTRA:BNR) agreed to acquire Quimica Delta, S.A. De C.V. on May 7, 2024. In 2023, Quimica Delta reported annual sales of $368 million. Closing of the transaction is subject to customary conditions including regulatory approvals and is expected in Q3 of 2024. Announcement • Apr 04
Brenntag SE (XTRA:BNR) acquired Lawrence Industries Limited. Brenntag SE (XTRA:BNR) acquired Lawrence Industries Limited on April 3, 2024. Lawrence Industries to join the Brenntag family. Lawrence Industries generated sales of approximately £30 million in 2023.
Brenntag SE (XTRA:BNR) completed the acquisition of Lawrence Industries Limited on April 3, 2024. Reported Earnings • Mar 08
Full year 2023 earnings released: EPS: €4.73 (vs €5.74 in FY 2022) Full year 2023 results: EPS: €4.73 (down from €5.74 in FY 2022). Revenue: €16.8b (down 14% from FY 2022). Net income: €714.9m (down 19% from FY 2022). Profit margin: 4.3% (down from 4.6% in FY 2022). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 3.1% p.a. on average during the next 3 years, compared to a 3.2% growth forecast for the Trade Distributors industry in Europe. Over the last 3 years on average, earnings per share has increased by 21% per year whereas the company’s share price has increased by 24% per year. Announcement • Jan 30
Brenntag SE, Annual General Meeting, May 23, 2024 Brenntag SE, Annual General Meeting, May 23, 2024. Announcement • Dec 22
Brenntag SE (XTRA:BNR) agreed to acquire Solventis Ltd. Brenntag SE (XTRA:BNR) agreed to acquire Solventis Ltd. on December 21, 2023. Closing of the transaction is subject to customary conditions including regulatory approvals and is expected in Q2 of 2024. In 2022, the Solventis group reported annual sales of over €300 million. Announcement • Sep 08
Brenntag SE (XTRA:BNR) signed an agreement to acquire the operating business from Chemgrit SA (Pty) Ltd. Brenntag SE (XTRA:BNR) signed an agreement to acquire the operating business from Chemgrit SA (Pty) Ltd on September 7, 2023. Brenntag Specialties will integrate Chemgrit’s Personal Care operations into its business unit Personal Care & HI&I. The closing is subject to customary conditions and is expected in the 4th quarter of 2023. Announcement • Sep 06
Kuehne Holding AG acquired a 4.82% stake in Brenntag SE. Kuehne Holding AG acquired a 4.82% stake in Brenntag SE on September 4, 2023.
Kuehne Holding AG completed the acquisition of a 4.82% stake in Brenntag SE on September 4, 2023. Reported Earnings • Aug 13
Second quarter 2023 earnings released: EPS: €1.23 (vs €1.86 in 2Q 2022) Second quarter 2023 results: EPS: €1.23 (down from €1.86 in 2Q 2022). Revenue: €4.26b (down 16% from 2Q 2022). Net income: €186.9m (down 35% from 2Q 2022). Profit margin: 4.4% (down from 5.7% in 2Q 2022). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 1.7% p.a. on average during the next 3 years, compared to a 6.8% growth forecast for the Trade Distributors industry in Europe. Over the last 3 years on average, earnings per share has increased by 26% per year whereas the company’s share price has increased by 24% per year. Announcement • Jun 21
Brenntag SE agreed to acquire Shanghai Saifu Chemical Development Co., Ltd. Brenntag SE agreed to acquire Shanghai Saifu Chemical Development Co., Ltd. on June 20, 2023. As of December 2022, Shanghai Saifu Chemical Development Co., Ltd. reported annual revenue of €71 million. Closing of the transaction is expected in later this year, after the fulfilment of customary closing conditions. Upcoming Dividend • Jun 09
Upcoming dividend of €2.00 per share at 2.8% yield Eligible shareholders must have bought the stock before 16 June 2023. Payment date: 20 June 2023. Payout ratio is a comfortable 36% and this is well supported by cash flows. Trailing yield: 2.8%. Lower than top quartile of Swiss dividend payers (4.3%). Higher than average of industry peers (2.2%). Reported Earnings • May 11
First quarter 2023 earnings released: EPS: €1.40 (vs €1.61 in 1Q 2022) First quarter 2023 results: EPS: €1.40 (down from €1.61 in 1Q 2022). Revenue: €4.53b (flat on 1Q 2022). Net income: €215.9m (down 13% from 1Q 2022). Profit margin: 4.8% (down from 5.5% in 1Q 2022). Revenue is forecast to grow 3.1% p.a. on average during the next 3 years, compared to a 4.2% growth forecast for the Trade Distributors industry in Europe. Over the last 3 years on average, earnings per share has increased by 26% per year whereas the company’s share price has increased by 24% per year. Reported Earnings • Mar 11
Full year 2022 earnings released: EPS: €5.74 (vs €2.90 in FY 2021) Full year 2022 results: EPS: €5.74 (up from €2.90 in FY 2021). Revenue: €19.4b (up 35% from FY 2021). Net income: €886.8m (up 98% from FY 2021). Profit margin: 4.6% (up from 3.1% in FY 2021). The increase in margin was driven by higher revenue. Revenue is forecast to grow 2.0% p.a. on average during the next 3 years, compared to a 4.2% growth forecast for the Trade Distributors industry in Europe. Over the last 3 years on average, earnings per share has increased by 23% per year whereas the company’s share price has increased by 24% per year. Announcement • Feb 16
Engine Capital Management LP Sends Letter to Brenntag SE On February 14, 2023, Engine Capital Management LP announced that, it has taken a 1% stake in Brenntag SE and urged the chemicals distributor to spin off its specialties unit as they would be more valuable as separate entities. Further, Engine Capital stated that it made demands in a letter to Brenntag's management a month after the Company ended talks with smaller U.S. rival Univar Solutions on a possible takeover. In addition, Arnaud Ajdler and Brad Favreau stated that Brenntag's management acknowledged underperformance and took steps to fix it by separation of certain aspects of Brenntag Specialties from Brenntag Essential. As well as, it stated that if Brenntag Specialties takes recommendation of spin-off, it can maximize its potential trade at about 140 euros per share by the end of 2024 and close the gap with its competitors or else it will lose market share. Further, Engine Capital sought a share buyback program and to add a shareholder representative to Brenntag’s supervisory board. Announcement • Jan 14
Brenntag SE Announces Board Changes, Effective April 1, 2023 Brenntag SE announced the appointment of Michael Friede to the company's Management Board, effective April 1, 2023. He will succeed Henri Nejade as Chief Operating Officer Brenntag Specialties, who has chosen not to extend his contract by the end of June 30, 2023. Michael Friede joins from Akzo Nobel N.V., where he serves as Chief Commercial Officer - Performance Coatings and Member of the Executive Committee. Reported Earnings • Nov 19
Third quarter 2022 earnings released: EPS: €1.60 (vs €1.02 in 3Q 2021) Third quarter 2022 results: EPS: €1.60 (up from €1.02 in 3Q 2021). Revenue: €5.10b (up 36% from 3Q 2021). Net income: €246.9m (up 57% from 3Q 2021). Profit margin: 4.8% (up from 4.2% in 3Q 2021). The increase in margin was driven by higher revenue. Revenue is forecast to grow 1.1% p.a. on average during the next 3 years, compared to a 2.8% growth forecast for the Trade Distributors industry in Europe. Over the last 3 years on average, earnings per share has increased by 17% per year but the company’s share price has increased by 24% per year, which means it is tracking significantly ahead of earnings growth. Upcoming Dividend • Jun 03
Upcoming dividend of €1.45 per share Eligible shareholders must have bought the stock before 10 June 2022. Payment date: 14 June 2022. Payout ratio is a comfortable 37% but the company is paying out more than the cash it is generating. Trailing yield: 2.0%. Lower than top quartile of Swiss dividend payers (3.9%). In line with average of industry peers (2.0%). Reported Earnings • May 13
First quarter 2022 earnings released: EPS: €1.61 (vs €0.63 in 1Q 2021) First quarter 2022 results: EPS: €1.61 (up from €0.63 in 1Q 2021). Revenue: €4.53b (up 45% from 1Q 2021). Net income: €249.3m (up 156% from 1Q 2021). Profit margin: 5.5% (up from 3.1% in 1Q 2021). The increase in margin was driven by higher revenue. Over the next year, revenue is forecast to grow 5.1%, compared to a 9.6% growth forecast for the industry in Switzerland. Over the last 3 years on average, earnings per share has increased by 3% per year but the company’s share price has increased by 23% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Mar 11
Full year 2021 earnings: EPS in line with analyst expectations despite revenue beat Full year 2021 results: EPS: €2.90 (down from €3.02 in FY 2020). Revenue: €14.4b (up 22% from FY 2020). Net income: €448.3m (down 3.9% from FY 2020). Profit margin: 3.1% (down from 4.0% in FY 2020). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 4.7%. Over the next year, revenue is forecast to grow 5.9%, compared to a 9.3% growth forecast for the industry in Switzerland. Over the last 3 years on average, earnings per share has remained flat but the company’s share price has increased by 23% per year, which means it is well ahead of earnings. Reported Earnings • Nov 08
Third quarter 2021 earnings released: EPS €1.02 (vs €0.76 in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: €3.74b (up 30% from 3Q 2020). Net income: €157.4m (up 34% from 3Q 2020). Profit margin: 4.2% (up from 4.1% in 3Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 3% per year but the company’s share price has increased by 19% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Sep 16
Investor sentiment improved over the past week After last week's 91% share price gain to CHF91.50, the stock trades at a forward P/E ratio of 23x. Average forward P/E is 20x in the Trade Distributors industry in Europe. Total returns to shareholders of 64% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at CHF108 per share. Reported Earnings • Aug 11
Second quarter 2021 earnings released: EPS €0.87 (vs €0.80 in 2Q 2020) The company reported a solid second quarter result with improved earnings and revenues, although profit margins were weaker. Second quarter 2021 results: Revenue: €3.47b (up 23% from 2Q 2020). Net income: €134.1m (up 8.7% from 2Q 2020). Profit margin: 3.9% (down from 4.4% in 2Q 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 4% per year but the company’s share price has fallen by 7% per year, which means it is significantly lagging earnings. Upcoming Dividend • Jun 04
Upcoming dividend of €1.35 per share Eligible shareholders must have bought the stock before 11 June 2021. Payment date: 15 June 2021. Trailing yield: 1.7%. Lower than top quartile of Swiss dividend payers (3.4%). Higher than average of industry peers (1.3%). Reported Earnings • May 14
First quarter 2021 earnings released: EPS €0.63 (vs €0.74 in 1Q 2020) The company reported a poor first quarter result with weaker earnings, revenues and profit margins. First quarter 2021 results: Revenue: €3.13b (down 2.3% from 1Q 2020). Net income: €97.5m (down 14% from 1Q 2020). Profit margin: 3.1% (down from 3.5% in 1Q 2020). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 6% per year but the company’s share price has fallen by 7% per year, which means it is significantly lagging earnings. Analyst Estimate Surprise Post Earnings • Mar 12
Revenue misses expectations Revenue missed analyst estimates by 0.1%. Over the next year, revenue is forecast to grow 3.4%, compared to a 4.8% growth forecast for the Trade Distributors industry in Switzerland. Reported Earnings • Mar 12
Full year 2020 earnings released: EPS €3.02 (vs €3.02 in FY 2019) The company reported a mediocre full year result with weaker revenues, although earnings were flat and profit margins improved. Full year 2020 results: Revenue: €11.8b (down 8.2% from FY 2019). Net income: €466.5m (flat on FY 2019). Profit margin: 4.0% (up from 3.6% in FY 2019). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 9% per year but the company’s share price has fallen by 6% per year, which means it is significantly lagging earnings. Analyst Estimate Surprise Post Earnings • Nov 07
Revenue misses expectations Revenue missed analyst estimates by 0.8%. Over the next year, revenue is forecast to grow 2.5% while the growth in Trade Distributors industry in Switzerland is expected to stay flat. Reported Earnings • Nov 07
Third quarter 2020 earnings released: EPS €0.76 The company reported a soft third quarter result with weaker earnings and revenues, although profit margins were improved. Third quarter 2020 results: Revenue: €2.88b (down 12% from 3Q 2019). Net income: €120.6m (down 5.6% from 3Q 2019). Profit margin: 4.2% (up from 3.9% in 3Q 2019). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 9% per year but the company’s share price has fallen by 7% per year, which means it is significantly lagging earnings. 
