Brenntag SE: Off the Call

Research evidence excerpt

Brenntag SE: Off the Call

Update

MayMay 13,13, 20262026 02:3204:20 PMPM GMTGMT

Morgan Stanley & Co. International plc+MBrenntag SE | Europe Annelies Vermeulen

Equity Analyst

Off the Call Annelies.Vermeulen@morganstanley.comZachariah Al-Qaryooti +44 20 7425-4367

Research Associate

Zach.Al-Qaryooti@morganstanley.com +44 20 7425-2400

Key Takeaways Remi Grenu

Shares are broadly flat intraday, with an in-line to slightly better print balanced Remi.Grenu@morganstanley.com +44 20 7425-0552

by strong share performance in recent weeks and no change to guidance.

Brenntag SE (BNRGn.DE, BNR GY)

Unknown how pricing increases will impact end user demand through 2026; Business Services | Germany

consistent with messaging from peers IMCD/AZE. Stock Rating Underweight

Industry View Attractive

Focus of the Q&A was on supply chains, shortages, pricing, demand, Asia and Price target €46.00

Shr price, close (May 12, 2026) €62.02

outlook. Key highlights below. 52-Week Range €63.76-43.72

Mkt cap, curr (mn) €9,364

Net debt (12/26e) (mn)* €2,964

Product shortages. Initial shock is over; first 2-3 weeks were very dynamic with a

EV, curr (mn)* €11,926

lot of panic. Brenntag have built up suitable stock and feel confident on delivering

* = GAAP or approximated based on GAAP

both stock and solutions. Do not see problems with deliveries but there are some

shortages in APAC on some products like feedstock, but the worst of that has

passed. This is under control in both Essentials and Specialty. Management see

further price increases in some end markets and other end markets trickling down

from here. Situation evolves rapidly but prices are still elevated for now. No clear

picture on demand at this stage, varying by region with lower demand issues in the

Americas.