Global Chemicals Weekly: News, views and valuation

Research evidence excerpt

Global Chemicals Weekly: News, views and valuation

Deutsche Bank

Research

Europe Industry Date

Global 26 June 2026

Global Chemicals

Chemicals Industry Update

Bulk Weekly

News, views and valuation

Virginie Boucher-Ferte

Brenntag (BNRGn.DE, HOLD) Research Analyst

Brenntag (Hold) pre-released its Q2s on 22/06/26 after market close. We recently +33-1-4495-5934

downgraded Brenntag to HOLD (16th June: Chemical distributors: Brenntag d/g to

Tristan Lamotte

HOLD, Q2 previews & data book) and had highlighted that a "meaningful Q2 beat" Research Analyst

was "feasible" while the company could raise guidance. The beat was still above our +44-20-7547-1862

forecast (€450m of EBITDA vs €410m) and consensus (€367m) by 10% and 23%

David Begleiter

respectively. As was expected, the beat was driven more by margins than volumes.

Research Analyst

+1-212-250-5473

The company has raised its guidance to €1,250m to €1,400m (previous: €1,150-

€1,350m). Our current forecasts (from 16/06/26) already sit at the top of the new Rajiv Dalal

guidance at €1,400m, 6% above consensus. Research Associate

Taking a step back, the beat is somewhat larger than we expected which might Saurabh Mehndiratta

provide some support to the shares… and we would already say the top end of the Research Associate

new range is more likely than the lower end… However, as we flagged in our

downgrade note investors may be tempted to look through short term over-earning

given chemical price series have now fallen sharply from their Middle East conflict Top Picks

driven peak, and given there are increasing numbers of industry sources pointing Air Liquide (AIRP.PA),EUR169.76 Buy

to weaker demand. Givaudan (GIVN.S),CHF3,423.00 Buy

Novonesis (NSISb.CO),DKK414.00 Buy