Brenntag SE (BNRGn.DE): 2Q’26 pre-release highlights upside risks from supply chain volatility

Research evidence excerpt

Brenntag SE (BNRGn.DE): 2Q’26 pre-release highlights upside risks from supply chain volatility

Equity Research

16 July 2026 | 8:47PM BST

Brenntag SE (BNRGn.DE): 2Q’26 pre-release highlights upside risks from

supply chain volatility

We update our estimates to reflect the 2Q pre-release statement, where the Suhasini Varanasi

+44(20)7774-3722 |

company announced that they expect 2Q EBITDA to be around c.€450m, (c.50% suhasini.varanasi@gs.com

Goldman Sachs International

higher sequentially) and also raised their FY26 Adj. EBITDA guidance to €1.25-1.4bn

Harshita Bhatter, CFA

(vs. €1.15-1.35bn before), implying c.6% upgrade at the mid-point, but broadly +1(332)245-7830 |

inline with Vara consensus expectations at the time. We view the guidance raise as a harshita.bhatter@gs.comGoldman Sachs India SPL

positive but believe the market likely looks through the strong 2Q as an exceptional

event which could normalize over the coming quarters, similar to the post-COVID

period. We believe distributors such as Brenntag can be beneficiaries in a time of

supply chain volatility and in addition, we see the self-help cost savings program

offering additional upside to long term profitability for the company which we think

is not fully appreciated by the market at this stage.

We think the market is likely looking for additional information on how 2H may

evolve and the scale of normalization that can occur over 2H’26 - for now we raise

our estimates for 2026 towards the upper end of the company guidance range and

believe there are upside risks to our estimates (and guidance) the longer we see

geopolitical uncertainty in the M. East.

We leave our 2027/28 broadly unchanged at this stage and believe we need further

clarity on macro developments to have better visibility on growth potential.