Brenntag (BNR) Q4 2024 earnings summary

Executive summary

• 2024 was marked by geopolitical challenges, subdued economic growth, and intense competition, resulting in a 3% year-over-year sales decline to EUR 16.2 billion.

• Operating gross profit remained stable at EUR 4.03 billion, while operating EBITDA declined 13% year-over-year to EUR 1.1 billion, at the lower end of guidance.

• Free cash flow was strong at EUR 893 million, though down from EUR 1.7 billion in 2023.

• Earnings per share dropped to EUR 3.71, down from EUR 4.73 last year.

• A stable dividend of EUR 2.10 per share is proposed, maintaining or increasing payout for the 14th consecutive year.

Financial highlights

• Sales: EUR 16.2 billion, down 3% year-over-year.

• Operating gross profit: EUR 4.03 billion, stable year-over-year.

• Operating EBITDA: EUR 1.1 billion, down 13% year-over-year.

• Free cash flow: EUR 893 million, down from EUR 1.7 billion in 2023.

• Earnings per share: EUR 3.71, down from EUR 4.73 last year.

Outlook and guidance

• 2025 is expected to see moderate volume improvements and a slightly better pricing environment, with operating EBITDA/EBITA guidance of EUR 1.1–1.3 billion.

• Sequential improvement in volumes and pricing anticipated quarter-by-quarter.

• Economic and political uncertainty remains high, with global growth expected to stay subdued.

• Tax rate expected at 28–30%; CAPEX planned at EUR 300 million.