Q2 pre-release but market may look through short term strength

Research evidence excerpt

Q2 pre-release but market may look through short term strength

Deutsche Bank

Research

Rating Company Date

Hold Brenntag 23 June 2026

Results

Europe

Germany

Reuters Bloomberg Exchange Ticker Price at 22 Jun 2026 (EUR) 53.74

BNRGn.DE BNR GR GER BNRGn

Price Target (EUR) 57.00

Chemicals

ADR ISIN 52-week range (EUR) 62.86 - 44.40

Chemical Distributors

BNTGY US1071801013

Q2 pre-release but market may look

Valuation & Risks through short term strength

Tristan Lamotte

Brenntag (Hold) pre-released its Q2s today on 22/06/26 after market close. We

Research Analyst

recently downgraded Brenntag to HOLD (16th June: Chemical distributors: +44-20-7547-1862

Brenntag d/g to HOLD, Q2 previews & data book) and had highlighted that a

"meaningful Q2 beat" was "feasible" while the company could raise guidance. The Virginie Boucher-Ferte

beat was still above our forecast (€450m of EBITDA vs €410m) and consensus

+33-1-4495-5934

(€367m) by 10% and 23% respectively. As was expected, the beat was driven more

by margins than volumes. Rajiv Dalal

Research Associate

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 Saurabh Mehndiratta

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

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

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

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

driven peak, and given there are increasing numbers of industry sources pointing to

weaker demand.