Brenntag: Feedback from dbAccess European Champions Conference

研报英文原文证据摘录

Brenntag: Feedback from dbAccess European Champions Conference

Deutsche Bank

Research

Rating Company Date

Buy Brenntag 28 May 2026

Company Update

Europe

Germany

Reuters Bloomberg Exchange Ticker Price at 27 May 2026 (EUR) 56.48

BNRGn.DE BNR GR GER BNRGn

Price Target (EUR) 67.00

Chemicals

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

Chemical Distributors

BNTGY US1071801013

Feedback from dbAccess European

Valuation & Risks Champions Conference

Tristan Lamotte

Feedback from meetings with management Research Analyst

We recently hosted a series of investor meetings at the dbAccess European +44-20-7547-1862

Champions Conference with Brenntag CFO Thomas Reisten and Marius Schad in

Virginie Boucher-Ferte

the Investor Relations team. Research Analyst

+33-1-4495-5934

9 key points Rajiv Dalal

(1) Prices increased from mid March and prices still remain higher with volumes Research Associate

relatively stable with no clear change in trend. (2) Customers have stocked slightly,

but not significantly more as a result of the conflict in the Middle East. (3) Brenntag

Saurabh Mehndiratta

is benefitting from the Middle East conflict as a result of higher pricing and the value

Research Associate

it is providing to customers by being able to source product. (4) The CFO does not

see demand destruction at this point but the guidance was kept unchanged to

acknowledge the risk that demand might soften in the second half of the year. (5) Dimitri Druart

The CFO argues that even if the conflict in the Middle East was to end tomorrow it

+33-1-4495-5937

could take 200-300 days for things to normalise. (6) The CFO argued that China has

been able to remain relatively resilient and it may be able to take market share from

Price/price relative