Brenntag: Decent Q1s... now all eyes on Q2

研报英文原文证据摘录

Brenntag: Decent Q1s... now all eyes on Q2

Deutsche Bank

Research

Rating Company Date

Buy Brenntag 13 May 2026

Results

Europe

Germany

Reuters Bloomberg Exchange Ticker Price at 12 May 2026 (EUR) 62.02

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

Decent Q1s... now all eyes on Q2

Valuation & Risks

Tristan Lamotte

Brenntag reported a slight Q1 beat (like peers). The beat (surprisingly) came from

Research Analyst

Specialties on strong Material Science (volumes) and Pharma. Organic EBITA growth +44-20-7547-1862

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

Essentials, there was a meaningful increase in volumes in LATAM, while organic Virginie Boucher-Ferte

growth was also strong in APAC.

+33-1-4495-5934

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

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

although indications are that it has started positively. Positive momentum started only

in mid March (volumes) but the Q2 support is mainly coming from pricing. That said, Saurabh Mehndiratta

the company is cognisant there might be demand destruction later in the year so they Research Associate

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

destruction yet).

Price/price relative

The company is arguing it will take 6 to 12 months for supply chains to normalise if 150

the Iran conflict ends today. We would argue Brenntag stands to gain more the longer 100

the Middle East conflict persists. 50

Taking a step back, the stock has done well, being up 19% since the start of the Middle 2024 2025 2026

East conflict (the SX4P is down 1%).