Brenntag on the Stock Market

In 2025, Brenntag SE once again operated in a global market environment that remained challenging. Geopolitical tensions, an increasingly fragmented trading landscape and U.S. trade policy actions led to elevated uncertainty in international trade and curbed investment. Higher U.S. tariffs, a stronger euro and increasing trade conflicts clouded the economic outlook, particularly in Europe and Asia. Progressively normalizing inflation had a positive impact, as did the gradual easing of central banks’ monetary policy, although interest rates remained restrictive overall. This supported consumer spending to some extent. Nevertheless, global economic growth remained subdued overall.
Economic performance varied from region to region again. In the U.S., the economy proved to be relatively robust despite protectionist measures, but lost momentum during the course of the year in the face of high financing terms and political uncertainty. The European Economic Area continued to be marked by structural challenges, weak external demand and trade tensions, which impacted negatively on international competitiveness. Several Asian economies posted a stable performance and remained the most important global growth drivers in 2025, while China continued to suffer as a result of systemic challenges and weak domestic demand. Latin America painted a mixed picture, with growth subdued overall. On the whole, global economic performance was once again shaped by a mix of growth drivers and headwinds. According to estimates by the International Monetary Fund, the global economy grew by around 3.2% in real terms in 2025, a slightly weaker rate of growth than in the previous year (3.3%).1)
In the same period, global equity markets continued their positive performance. The major central banks gradually loosened their previously restrictive monetary policy in 2025. Both the ECB and the Fed cut key interest rates several times due to falling inflation rates and declining inflation expectations. The ECB reduced the deposit rate to 2.0% and kept it on hold from the middle of the year onwards, while inflation in the euro zone rose slightly from 2.1% to 2.2%. The Fed lowered the target range for the federal funds rate from 4.5% to 4.0% but maintained a restrictive stance overall despite the adjustments. Global equity markets also received a significant boost from the strong earnings performance from U.S. technology firms in the reporting period. Thus, Germany’s leading index reached a new all-time high of 24,650 points in July 2025 and ended financial year 2025 up by 23%.

1) Source: IMF (International Monetary Fund) World Economic Outlook Update January 2026.

Share Price Performance

Brenntag share price performance
1.01 Brenntag share price performance in financial year 20251) (indexed)
1) Total return incl. reinvestment of dividends
Brenntag shares fell by around 14% (around 11% including dividend payments) in financial year 2025. 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 this challenging environment, Brenntag shares were able to hold their own against the listed specialty competitors. In contrast, Germany’s leading index, the DAX, showed a clearly positive performance and ended the year on a gain.
The Brenntag shares’ downward trajectory reflected the difficult market situation in the chemicals industry and Brenntag SE’s operating performance.
Following a moderate performance in the first half of the year, Brenntag lowered its annual forecast for operating
EBITA from an original guidance range of EUR 1.1 billion to EUR 1.3 billion to a range of EUR 950 million to EUR 1,050 million. When publishing the results for the third quarter of 2025, Brenntag guided toward the lower end of this range. These adjustments were due to falling quarterly earnings in the context of a persistently challenging market environment with fierce competition, ongoing price pressures, caution and uncertainty on the part of customers, and unfavorable exchange rate movements.
Brenntag shares reached their annual high at EUR 68.24 on March 6, 2025 and their annual low at EUR 46.26 on November 11, 2025. Brenntag shares closed the financial year at EUR 49.56.

Reference data on the Brenntag shares

The subscribed capital of Brenntag SE totals EUR 144.4 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.
With a total market capitalization of EUR 7,156 million at the end of 2025, Brenntag shares ranked 40th among all listed companies in Germany, according to the Deutsche Börse AG criteria.
  Dec. 31, 2025 Dec. 31, 2024
Number of shares 144,385,372 144,385,372
WKN A1DAHH A1DAHH
ISIN DE000A1DAHH0 DE000A1DAHH0
Trading symbol BNR BNR
Market segments Regulated Market /
Prime Standard		 Regulated Market /
Prime Standard
Trading venues Xetra and all German regional exchanges Xetra and all German regional exchanges
Selected indices DAX, MSCI, STOXX Europe 600,
STOXX Europe 600 chemicals,
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 2025, 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 twelve investor conferences, which took place both virtually and in person, as well as at the Annual General Meeting.
The Chairman of the Supervisory Board of Brenntag SE held regular meetings with investors. Topics included the personnel changes on the Board of Management of Brenntag SE and corporate governance matters.
The results of external ratings underscore the importance attached to corporate governance at Brenntag SE. In 2025, as in the year before, 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.
As in the previous year, in addition to the aforementioned activities, Brenntag SE’s Investor Relations team expanded its activities in relation to dialog with retail investors and on December 10, 2025 presented itself to interested private shareholders at the Essen forum organized by Deutsche Schutzvereinigung für Wertpapierbesitz e.V. (DSW).
In 2026, we will continue to present the company at numerous roadshows and capital market events.

Shareholder structure

As at February 28, 2026, 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%, 15% or 20% threshold:
Shareholder Interest Date of
Kühne Holding AG 1) > 20 Dec. 8, 2025
Artisan Partners Limited Partnership > 15 Sep. 26, 2025
BlackRock, Inc. > 5 July 17, 2024
Flossbach von Storch AG > 5 June 1, 2023
Wellington Management Group > 5 Febr. 2, 2026
Harris Associates L.P. > 3 Febr. 13, 2026
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, 2025; Source: Nasdaq.

Shareholdings of institutional investors

All voting rights notifications are published on the company’s website.
As at December 31, 2025, 80% of Brenntag’s shares were in free float as defined by Deutsche Börse (STOXX). Of those, over 97% are held by institutional investors and organizations.

Directors’ Dealings

In financial year 2025, seven transactions were reported in directors’ dealings notifications (managers’ transactions). These can be viewed at any time on the Brenntag website at Managers Transactions.
Analystenmeinungen
1.05 Analysts' opinions as of 28.02.2006

Analysts' opinions

Brenntag is continuously monitored and rated by a large number of international financial analysts. Currently, 20 banks regularly publish research reports on our company’s latest performance and issue recommendations.
Five analysts have a buy recommendation, eight have a hold recommendation and seven have a sell recommendation on the Brenntag shares. The weaker operating performance, particularly in the specialty chemicals business, and the negative impacts of a difficult market environment and unfavorable exchange rates caused several banks to revise down their estimates. Over the short term, the experts see the shares under pressure, as the trend in demand remains weak across the chemical market and margins are under competitive pressure. Over the medium term, the success of the ongoing cost-reduction measures and the future strategic direction of the new Board of Management are regarded as key levers for achieving a potential improvement in competitiveness. Over the long term, analysts consider Brenntag to be a company with solid cash flow generation and stable foundations for growth, despite the current caution. On February 28, 2026, the average price target was EUR 51.90.

Analysts covering Brenntag SE

  • Alphavalue
  • Bank of America
  • Bankhaus Metzler
  • Barclays
  • Berenberg
  • Citigroup
  • Deutsche Bank
  • DZ Bank
  • Exane BNP Paribas
  • Goldman Sachs
Up-to-date information on this can be found on our website.
  • Jefferies
  • J. P. Morgan
  • Kempen
  • Kepler Cheuvreux
  • LBBW
  • Morgan Stanley
  • Mwb research
  • ODDO
  • UBS
  • Warburg

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: negative). Since March 2021, Moody’s has assigned Brenntag SE a “Baa2” rating (outlook: stable).
In October 2025, Brenntag issued a new, EUR 600.0 million bond (Bond 2031) maturing in 2031 and carrying an annual coupon of 3.375%. The bond was issued under the existing debt issuance program, met with strong investor interest and was heavily oversubscribed. The following table provides an overview of the key data on the four outstanding bonds.
  Bond 2028Bond 2029Bond 2031Bond 2032
Issuer Brenntag Finance B.V.Brenntag Finance B.V.Brenntag Finance B.V.Brenntag Finance B.V.
Listing Luxembourg
stock exchange		Luxembourg
stock exchange		Luxembourg
stock exchange		Luxembourg
stock exchange
ISIN XS2802928775XS2394063437XS3193854281XS2802928692
Aggregate principal amountEUR m500500600500
DenominationEUR100,000100,000100,000100,000
Minimum transferrable amountEUR100,000100,000100,000100,000
Coupon%3.7500.5003.3753.875
Interest paymentannualApr. 24Oct. 6Oct. 2Apr. 24
Maturity Apr. 24, 2028Oct. 6, 2029Oct. 2, 2031Apr. 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 22, 2025. With attendance at around 88%, the shareholders were extensively represented. The Annual General Meeting approved all items on the agenda, including the enlargement of the Supervisory Board.
The proposal to pay a dividend of EUR 2.10 per share was also approved, enabling the dividend to be kept at the prior-year level.

Dividend proposal for 2025

Since going public in 2010, Brenntag has continuously paid its shareholders a dividend, increasing them annually through 2023 and then maintaining them at EUR 2.10 per share.
For the 2025 financial year the Board of Management and Supervisory Board will recommend shareholders to the Annual General Meeting on May 20, 2026 a dividend payment of EUR 1.90 per share. The proposal exceeds the dividend policy range and takes into account extraordinary write-off effects in the fiscal year.
This proposal reflects a balanced approach of safeguarding financial stability while maintaining a clear commitment to delivering attractive and sustainable returns to 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, 2025)
1) Share price performance including dividends
in % 1 year3 years5 years10 years
Brenntag shares 1) – 11.2– 3.0– 2.22.8
DAX 23.020.712.38.6
STOXX Europe 600 Chemicals – 4.32.02.75.8
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, 2025 Dec. 31, 2024
No. of shares 144,385,372 144,385,372
Dividend (in EUR) 1.90 7) 2.10
Dividend yield (in %)1) 3.83 3.63
Payout ratio (in %, rounded)2) > 100.00 57.00
Earnings per share (in EUR)3) 1.83 3.71
Book value per share (in EUR)4) 29.80 32.70
XETRA closing price (in EUR) 49.56 57.88
XETRA high (in EUR) 68.24 85.86
XETRA low (in EUR) 46.26 56.50
XETRA average price (in EUR) 55.77 69.35
Average daily trading volumes
XETRA and Frankfurt		    
  • Shares
 308,291 314,645
  • EUR
 17,197,656 21,853,990
Market capitalization (in EUR m)5) 7,156 8,357
Price-earnings ratio6) 27.08 15.60
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, 2025/ profit attributable to shareholders of Brenntag SE
3) Profit attributable to shareholders of Brenntag SE / average weighted number of outstanding shares (144.4 million)
4) Equity attributable to shareholders of Brenntag SE / number of shares as at December 31, 2025
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 20, 2026
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/