Brenntag on the Stock Market

In 2024, Brenntag SE once again operated in a persistently challenging market environment. Global conditions continued to be shaped by geopolitical uncertainties such as the war in Ukraine and the worsening conflicts in the Middle East. Declining inflation in many economies and falling interest rates had a positive impact on macroeconomic stability.
Against this backdrop, performance across the regional economic areas varied. While the USA recorded robust growth, economic momentum in Europe remained below expectations due to structural challenges and a slowdown in industrial production. Several Asian countries once again showed a positive performance, while China continued to suffer as a result of persistently weak domestic demand. In Latin America, economic growth was significantly impacted by falling investment, high interest rates and structural budget deficits. Overall, the global economy was resilient and grew by 3.2%1) in 2024.
Meanwhile, the global equity markets, including Germany’s leading index the DAX, delivered a clearly positive performance. In light of falling inflation rates and lower inflation expectations for 2025, the US Federal Reserve and the European Central Bank have recently cut key interest rates several times. The lower interest rates boosted the capital markets and led to a rally in the fourth quarter of the year. Thus, Germany’s leading index reached an all-time high of 20,522 points in mid-December and ended financial year 2024 up by just over 19%.

Share Price Performance

Brenntag share price performance
1.01 Brenntag share price performance in financial year 20242) (indexed)
1) Source: IMF (International Monetary Fund) World Economic Outlook Update January 2025.
2) Total return incl. reinvestment of dividends.
Brenntag shares fell by around 31% (around 28% including dividend payments) in financial year 2024. There was a similar performance from the sector index, the STOXX Europe 600 Chemicals, and the shares of our listed specialty competitors, which were also impacted by falling share prices. In contrast, Germany’s leading index, the DAX, showed a clearly positive performance and ended the year on a gain. Initially continuing the positive trend seen in the previous year, Brenntag shares reached their annual high of EUR 85.86 on March 1, 2024.
In the first quarter of 2024, however, the Brenntag Group’s operating performance was weaker than expected at the beginning of the year. Both divisions were affected by a challenging market environment, fierce competition, and strong price pressures. Even in the following months, higher volumes were not enough to offset lower operating gross profit per unit. In the middle of the year, this led to the outlook for financial year 2024 being lowered.
The described trends in the financial figures were also reflected in the price performance of Brenntag shares. Following the annual high in the first quarter of 2024, the Brenntag share price fell and on November 12, 2024, reached its annual low of EUR 56.50. The shares closed financial year 2024 at EUR 57.88.

Share buyback program

The share buyback program of around EUR 750 million in total that had been initiated in the previous year was completed successfully in the first quarter of 2024. In the course of this program between March 2023 and March 2024, a total of 10,114,628 Brenntag SE shares were acquired on the stock market and subsequently canceled.

Reference data on the Brenntag shares

Due to the share buyback program described above, the subscribed capital of Brenntag SE decreased to EUR 144.4 million overall (previously EUR 154.5 million). The share capital is divided into 144,385,372 no-par value registered shares, each with a notional value of EUR 1.00.
Since September 2021, Brenntag SE has been listed on the DAX; the stock market flotation was in 2010.
Brenntag shares are also included in major international indices such as selected MSCI indices and the STOXX Europe 600, which tracks the performance of the 600 largest companies from 17 European countries, as well as in various sector indices such as the STOXX Europe 600 Chemicals. In addition, Brenntag shares are included in various sustainability indices such as the DAX 50 ESG and the DAX ESG Target Index. In September 2024, they were also admitted to the DAX 30 ESG Index. The index tracks the performance of the 30 largest German companies listed on the Regulated Market of the Frankfurt Stock Exchange and with good ESG (environment, social, governance) ratings.
With a market capitalization of EUR 8,357 million at the end of 2024, Brenntag shares ranked 37th among all listed companies in Germany, according to the Deutsche Börse AG criteria.
 Dec. 31, 2024Dec. 31, 2023
Number of shares144,385,372147,453,837
WKNA1DAHHA1DAHH
ISINDE000A1DAHH0DE000A1DAHH0
Trading symbolBNRBNR
Market segmentRegulated Market / Prime StandardRegulated Market / Prime Standard
Trading venuesXetra and all German regional exchangesXetra and all German regional exchanges
Selected indicesDAX, MSCI, STOXX Europe 600, STOXX Europe 600 chemicals
DAX 30 ESG,DAX 50 ESG, DAX ESG Target Index, STOXX Europe 600 ESG, MSCI Europe ESG Leaders
1.02 Key data on the shares

Brenntag in dialog with the capital market

Brenntag SE’s Investor Relations activities aim to deliver a fair and transparent communication policy that provides equal treatment to all stakeholders. This is intended to increase awareness of the company as an attractive investment and further develop Brenntag’s standing on the capital market. The company’s business performance and strategy are communicated continuously, promptly and reliably. This is intended to further strengthen investors’ confidence in Brenntag and help to ensure that our shares are adequately valued on the capital market.
In 2024, Brenntag again attached significant importance to personal contact with capital market participants. The Board of Management and the Investor Relations team were in constant dialog with investors and analysts worldwide. In total, the Investor Relations team held over 1,000 meetings with investors. The company’s performance was discussed in detail in the course of one-on-one meetings, various international roadshows and 19 investor conferences, which took place both virtually and in person, as well as at the Annual General Meeting.
The two corporate governance roadshows in February and November 2024 are worthy of note. In the course of the multi-day roadshow in February, the Chairman of the Supervisory Board presented the role of the Supervisory Board in the context of the new corporate strategy, among other things, together with the Head of Corporate Investor Relations. During the corporate governance roadshow in November, the composition of the Board of Management and the Supervisory Board was primarily discussed, with the focus on the possible enlargement of the Supervisory Board to include two additional positions and the relevant candidate profiles in particular. Further topics related to the independence of the members of the Supervisory Board, the Board of Management remuneration system and the role of ESG within Brenntag SE.
The results of external ratings underscore the importance attached to corporate governance at Brenntag SE. In 2024, the company was ranked first among the DAX companies by the German Association for Financial Analysis and Asset Management (DVFA). In 2022 and 2023, Brenntag had already improved its position in the ranking to third place, which reflects its continuous further development in this important area.
In addition to the aforementioned activities, Brenntag SE’s Investor Relations team expanded its activities in relation to dialog with retail investors and on November 18, 2024, presented itself to interested private shareholders at the Essen forum organized by Deutsche Schutzvereinigung für Wertpapierbesitz e.V. (DSW).
In 2025, we will continue to present the company at numerous roadshows and capital market events.

Shareholder structure

As at February 28, 2025, notification had been received from the following shareholders under Section 33 of the German Securities Trading Act (WpHG) that their share of the voting rights exceeded the 3%, 5%, 10% or 15% threshold:
ShareholderInterest in %Date of notification
Kühne Holding AG 1)>15Nov. 12, 2024
Artisan Partners Limited Partnership>10Nov. 19, 2024
BlackRock, Inc.>5Jul. 17, 2024
Flossbach von Storch AG>5Jun. 01, 2023
Harris Associates L.P.>3Jul. 17, 2024
Group LLP>3Jun. 27, 2024
1.03 Shareholder structure
1)Details of person subject to the notification obligation: Klaus-Michael Kühne.
Shareholder structure
1.04 Shareholdings of institutional investors by region1)
1) Data collected as at December 31, 2024; Source: Nasdaq.

Shareholdings of institutional investors

All voting rights notifications are published on the company’s website.
As at December 31, 2024, 85% of Brenntag’s shares were in free float as defined by Deutsche Börse (STOXX). Around 80% of the identified shares are held by institutional investors and organizations.

Directors’ Dealings

In financial year 2024, fifteen transactions were reported in directors’ dealings notifications (managers’ transactions). These can be viewed at any time on the Brenntag website at https://corporate.brenntag.com/en/investor-relations/brenntag-share/managers-transactions/.
Analystenmeinungen
1.05 Analysts' opinions as of 28.02.2025

Analysts' opinions

Brenntag is continuously monitored and rated by a large number of international financial analysts. Currently, 21 banks regularly publish research reports on our company’s latest performance and issue recommendations.
Nine analysts have a buy recommendation, ten have a hold recommendation and two have a sell recommendation on the Brenntag shares. Many analysts value Brenntag highly as a growth stock with strong cash flow generation and a resilient earnings performance. Due to the Brenntag Group’s weaker operating performance in financial year 2024, the Group’s cost performance and the relative performance of the specialty chemicals business compared with competitors are in some cases viewed in a critical light. On the other hand, the strategic measures to improve performance and the cost position in the context of the company’s multi-year transformation are regarded as positive. On February 28, 2025, the average price target was EUR 72.63.

Analysts covering Brenntag SE

  • Baader Bank
  • Bank of America
  • Bankhaus Metzler
  • Barclays
  • Berenberg Bank
  • Citigroup
  • Deutsche Bank
  • DZ Bank
  • Exane BNP Paribas
  • Goldman Sachs
Up-to-date information on this can be found on our website.
  • HSBC
  • Jefferies
  • J. P. Morgan Cazenove
  • Kepler Cheuvreux
  • LBBW
  • Morgan Stanley
  • Mwb research
  • Oddo B HF
  • Stifel
  • UBS
  • Warburg Research

Creditor Relations

Brenntag has an extremely strong, long-term financial profile. We have a capital structure that enables the Group to cover its potential financing requirements, even in a difficult capital market environment. This gives us a high degree of security, independence and financial flexibility. The most important component in the financing structure of Brenntag SE is the Group-wide syndicated loan agreement. In addition, four bonds and a promissory note transaction are currently outstanding.
Brenntag’s strong credit profile is reflected in investment grade ratings from the two international rating agencies Standard & Poor’s and Moody’s.
Since August 2023, Standard & Poor’s has assigned Brenntag SE a “BBB+” rating (outlook: stable). Since March 2021, Moody’s has assigned Brenntag SE a “Baa2” rating (outlook: stable).
In April 2024, Brenntag issued a new, EUR 500.0 million bond (Bond 2028) maturing in 2028 and carrying an annual coupon of 3.750%. Also in April 2024, Brenntag issued a further EUR 500.0 million bond (Bond 2032). This matures in 2032 and carries an annual coupon of 3.875%. The following table provides an overview of the key data on the four outstanding bonds.
  Bond 2025Bond 2028Bond 2029Bond 2032
Issuer Brenntag Finance B.V.Brenntag Finance B.V.Brenntag Finance B.V.Brenntag Finance B.V.
Listing Luxembourg stock exchangeLuxembourg stock exchangeLuxembourg stock exchangeLuxembourg stock exchange
ISIN XS1689523840XS2802928775XS2394063437XS2802928692
Aggregate principal amountEUR m600500500500
DenominationEUR1,000100,000100,000100,000
Minimum transferrable amountEUR100,000100,000100,000100,000
Coupon%1.1253.7500.5003.875
Interest paymentannualSep. 27Apr. 24Oct. 6Apr. 24
Maturity Sep. 27, 2025Apr. 24, 2028Oct. 6, 2029Apr. 24, 2032
1.06 Key data on the bonds of the Brenntag Group

Annual General Meeting

The virtual Annual General Meeting of Brenntag SE was held in Essen on May 23, 2024. With attendance at around 82%, the shareholders were extensively represented. The Annual General Meeting confirmed all resolutions proposed by the Board of Management and the Supervisory Board.
The proposal to pay a dividend of EUR 2.10 per share was approved. The dividend increased by 5% compared with the previous year.

Dividend proposal for 2024

Since going public in 2010, Brenntag has continuously paid a dividend to its shareholders and increased it by an average of around 12% annually up to and including 2023.
Despite the challenging market environment, the company also intends to pay an attractive dividend for financial year 2024 and to maintain it at the previous year's level. The Board of Management and the Supervisory Board will therefore recommend to shareholders at the Annual General Meeting on May 22, 2025, a dividend payment of EUR 2.10 per share.
Subject to its approval at the Annual General Meeting, this would correspond to an average annual growth of around 11% since the IPO. This is intended to ensure the stability of the dividend and Brenntag's reliability towards its shareholders.

Dividend performance

Dividend performance
1.07 Dividend performance in EUR

Historical performance

Historical performance
1.08 Historical performance1) of Brenntag shares compared with the DAX (Mar. 29, 2010, to Dec. 31, 2024)
1)Share price performance including dividends
in %1 year3 years5 years10 years
Brenntag shares1)– 28.2– 7.66.24.6
DAX18.87.88.57.3
STOXX Europe 600 Chemicals– 8.3– 2.65.26.8
1.09 Annual growth rate of Brenntag shares and relevant benchmark indices in percent
1) Received dividends reinvested. Due to rounding, the absolute totals may differ.

Service for Shareholders

 Dec. 31, 2024Dec. 31, 2023
No. of shares144,385,372147,453,837
Dividend (in EUR)2.107)2.10
Dividend yield (in %)1)3.632.52
Payout ratio (in %, rounded)2)57.0043.00
Earnings per share (in EUR)3)3.714.73
Book value per share (in EUR)4)32.7029.20
XETRA closing price (in EUR)57.8883.22
XETRA high (in EUR)85.8683.22
XETRA low (in EUR)56.5060.70
XETRA average price (in EUR)69.3572.17
Average daily trading volumes XETRA and Frankfurt  
  • Shares
314,645410,652
  • EUR
21,853,99029,519,493
Market capitalization (in EUR m)5)8,35712,271
Price-earnings ratio6)15.6017.67
1.10 Key data on the Brenntag shares
1) Dividend / closing price x 100
2) Dividend taking into account the number of shares as at December 31, 2024/ profit attributable to shareholders of Brenntag SE
3) Profit attributable to shareholders of Brenntag SE / average weighted number of outstanding shares (144.7 million)
4) Equity attributable to shareholders of Brenntag SE / number of shares as at December 31, 2024
5) Market capitalization at year-end
6) Closing price / earnings per share
7) As per the proposal for the appropriation of profit presented by the Board of Management and the Supervisory Board, subject to approval at the Annual General Meeting on May 22, 2025
You can find comprehensive information on Brenntag SE and the Brenntag shares on the Investor Relations website. In addition to financial reports, presentations and detailed information on the Annual General Meeting, it also contains all the key dates on the financial calendar. The conference calls on the quarterly and annual financial statements are recorded and offered in audio format. Shareholders and interested parties can register by e-mail to be placed on the investor mailing list. The Investor Relations team would also be happy to help you in person.
Telephone: +49 (0) 201 6496 2100
Fax: +49 (0) 201 6496 2003
E-mail: IR@brenntag.de
Web: https://corporate.brenntag.com/en/investor-relations/