Global Chemicals Weekly: News, views and valuation

Research evidence excerpt

Global Chemicals Weekly: News, views and valuation

Deutsche Bank

Research

Europe Industry Date

Global 15 May 2026

Global Chemicals

Chemicals Industry Update

Bulk Weekly

News, views and valuation

Virginie Boucher-Ferte

Brenntag (BNRGn.DE, BUY) Research Analyst

Brenntag reported a slight Q1 beat (like peers). The beat (surprisingly) came from +33-1-4495-5934

Specialties on strong Material Science (volumes) and Pharma. Organic EBITA

Tristan Lamotte

growth improved to -10.6% (Q4: -26.5%, Q3: -10.3%, IMCD: -9.1%, Azelis: -12.7%). Research Analyst

In Essentials, there was a meaningful increase in volumes in LATAM, while organic +44-20-7547-1862

growth was also strong in APAC.

David Begleiter

Research Analyst

Unsurprisingly, the company maintained its FY 26 guide of €1,150-1,350m with

+1-212-250-5473

consensus towards €1.3bn already. The company makes no clear comment on Q2

although indications are that it has started positively. Positive momentum started Rajiv Dalal

only in mid March (volumes) but the Q2 support is mainly coming from pricing. That Research Associate

said, the company is cognisant there might be demand destruction later in the year

so they are not getting over-excited at this point (not that they seem to be seeing Saurabh Mehndiratta

demand destruction yet). Research Associate

The company is arguing it will take 6 to 12 months for supply chains to normalise Dimitri Druart

if the Iran conflict ends today. We would argue Brenntag stands to gain more the Research Associate

longer the Middle East conflict persists. +33-1-4495-5937

Taking a step back, the stock has done well, being up 19% since the start of the Top Picks

Middle East conflict (the SX4P is down 1%). Consensus already reflects a step up Air Liquide (AIRP.PA),EUR178.96 Buy