Declared Dividend • May 20
Dividend reduced to €1.90 Dividend of €1.90 is 9.5% lower than last year. Ex-date: 21st May 2026 Payment date: 25th May 2026 Dividend yield will be 3.1%, which is higher than the industry average of 2.7%. 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. Reported Earnings • Aug 18
Second quarter 2025 earnings: EPS and revenues miss analyst expectations Second quarter 2025 results: EPS: €0.30 (down from €1.03 in 2Q 2024). Revenue: €3.87b (down 7.3% from 2Q 2024). Net income: €42.9m (down 71% from 2Q 2024). Profit margin: 1.1% (down from 3.6% in 2Q 2024). The decrease in margin was driven by lower revenue. Revenue missed analyst estimates by 4.1%. Earnings per share (EPS) also missed analyst estimates by 64%. Revenue is forecast to grow 2.8% p.a. on average during the next 3 years, compared to a 4.6% growth forecast for the Trade Distributors industry in Europe. Over the last 3 years on average, earnings per share has fallen by 18% per year but the company’s share price has only fallen by 8% per year, which means it has not declined as severely as earnings. 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: EPS misses analyst expectations 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 was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 25%. 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 but the company’s share price has fallen by 10% per year, which means it is significantly lagging earnings. New Risk • Aug 14
New minor risk - Financial position The company has a high level of debt. Net debt to equity ratio: 52% 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. 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. Upcoming Dividend • May 17
Upcoming dividend of €2.10 per share Eligible shareholders must have bought the stock before 24 May 2024. Payment date: 28 May 2024. Payout ratio is a comfortable 49% and this is well supported by cash flows. Trailing yield: 3.0%. Lower than top quartile of German dividend payers (4.6%). Higher than average of industry peers (2.1%). 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: EPS and revenues miss analyst expectations 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 missed analyst estimates by 2.6%. Earnings per share (EPS) also missed analyst estimates by 6.0%. Revenue is forecast to grow 3.6% 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 but the company’s share price has only increased by 5% per year, which means it is significantly lagging earnings growth. 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: EPS in line with expectations, revenues disappoint 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 missed analyst estimates by 1.7%. Earnings per share (EPS) were mostly in line with analyst estimates. 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 but the company’s share price has only increased by 9% per year, which means it is significantly lagging earnings growth. 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 German dividend payers (4.7%). In line with average of industry peers (2.7%). Reported Earnings • May 10
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 but the company’s share price has only increased by 19% per year, which means it is significantly lagging earnings growth. Reported Earnings • Mar 10
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 26% 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: EPS and revenues exceed analyst expectations 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 exceeded analyst estimates by 6.6%. Earnings per share (EPS) also surpassed analyst estimates by 6.5%. 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 only increased by 11% per year, which means it is significantly lagging 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 German dividend payers (4.2%). Lower than average of industry peers (2.5%). Reported Earnings • May 13
First quarter 2022 earnings: Revenues exceed analysts expectations while EPS lags behind 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. Revenue exceeded analyst estimates by 4.7%. Earnings per share (EPS) missed analyst estimates by 18%. Over the next year, revenue is forecast to grow 5.1%, compared to a 9.6% growth forecast for the industry in Germany. 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 15% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Mar 11
Full year 2021 earnings: Revenues exceed analysts expectations while EPS lags behind 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%. Earnings per share (EPS) missed analyst estimates by 18%. Over the next year, revenue is forecast to grow 5.9%, compared to a 9.5% growth forecast for the industry in Germany. Over the last 3 years on average, earnings per share has remained flat but the company’s share price has increased by 12% 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 23% per year, which means it is tracking significantly ahead of earnings growth. 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 increased by 19% per year, which means it is tracking significantly ahead of earnings growth. 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 German dividend payers (3.2%). 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 increased by 14% per year, which means it is tracking significantly ahead of earnings growth. 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 whereas the company’s share price has increased by 12% per year. Analyst Estimate Surprise Post Earnings • Mar 12
Earnings beat expectations, revenue disappoints Revenue missed analyst estimates by 0.1%. Earnings per share (EPS) exceeded analyst estimates by 1.5%. Over the next year, revenue is forecast to grow 3.4%, compared to a 4.8% growth forecast for the Trade Distributors industry in Germany. Is New 90 Day High Low • Mar 11
New 90-day high: €70.02 The company is up 12% from its price of €62.56 on 10 December 2020. The German market is up 9.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Trade Distributors industry, which is up 7.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €67.96 per share. Is New 90 Day High Low • Jan 07
New 90-day high: €68.18 The company is up 23% from its price of €55.56 on 09 October 2020. The German market is up 8.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Trade Distributors industry, which is up 20% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €68.22 per share. Is New 90 Day High Low • Dec 22
New 90-day high: €65.50 The company is up 20% from its price of €54.50 on 23 September 2020. The German market is up 6.0% over the last 90 days, indicating the company outperformed over that time. However, its price trend is similar to the Trade Distributors industry, which is also up 20% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €75.45 per share. Analyst Estimate Surprise Post Earnings • Nov 07
Revenue and earnings miss expectations Revenue missed analyst estimates by 0.8%. Earnings per share (EPS) also missed analyst estimates by 4.0%. Over the next year, revenue is forecast to grow 2.5% while the growth in Trade Distributors industry in Germany 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 whereas the company’s share price has increased by 4% per year. Is New 90 Day High Low • Nov 05
New 90-day high: €58.16 The company is up 12% from its price of €52.00 on 06 August 2020. The German market is down 3.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Trade Distributors industry, which is up 5.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €61.72 per share. 
