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BASIC INDUSTRIES: Brenntag (BNRGR Baa2/BBB+/NR): 3Q24 Results

BASIC INDUSTRIES
Credit BulletsCEEMEAEurozoneGermanyBulletGlobalRegion

Negative at the margin.

  • Brenntag reported revenue 1% below consensus.
  • Adj. EBITA missed by 5%. Higher volumes and lower gross margins caused margin contraction
  • Reported FCF fell from €442mn to €247mn YoY, largely due to increased inventory.
  • Reported leverage is little changed at 1.8x (2x target).
  • FY24 guidance confirmed.
  • Webcast 13.00 GMT https://www.c-meeting.com/web3/meetingRegistration/i9JHq4h9Lz2Bj_H2RKmbaw/MQP7HTYL4CN7YT
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Negative at the margin.

  • Brenntag reported revenue 1% below consensus.
  • Adj. EBITA missed by 5%. Higher volumes and lower gross margins caused margin contraction
  • Reported FCF fell from €442mn to €247mn YoY, largely due to increased inventory.
  • Reported leverage is little changed at 1.8x (2x target).
  • FY24 guidance confirmed.
  • Webcast 13.00 GMT https://www.c-meeting.com/web3/meetingRegistration/i9JHq4h9Lz2Bj_H2RKmbaw/MQP7HTYL4CN7YT