Report published September 23, 2026

Brenntag SE: 15th German Corporate Conference Key Takeaways – Goldman Sachs Equity Research

Goldman Sachs · September 23, 2026

Following meetings with CFO Thomas Reisten and SVP IR André Simon at the 15th German Corporate Conference, Goldman Sachs reiterated its Buy rating on Brenntag with a 12-month price target of €76. Management confirmed full-year guidance of €1,350m–€1,450m and noted that cost-cutting programs and new operating initiatives remain firmly on track.

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Finvaulta summarizes Goldman Sachs's analysis. Attribute opinions, forecasts, time-sensitive values, and chronology to the issuer and report date; do not treat this page as an independent verification or a current market-data source.

Key Takeaways

1.Management reiterated full-year EBITDA guidance of €1,350m–€1,450m (€1,400m mid-point), noting potential upside risks if elevated oil prices persist without volume demand destruction.
2.Brenntag is seeing initial volume green shoots from its new operating strategy focusing on sales, clarity/simplification, and execution ahead of its November 12, 2026 Capital Markets Day.
3.The company's cost-out program remains on track to deliver €150m in gross savings in 2026 and €200m–€250m by year-end 2027.

Valuation & Key Risks

Report data

Brenntag SE (BNRGn.DE) Valuation, Price Target, and Financial Estimates Table — as of September 22, 2026.

Metric	Estimate	Context
12-month Price Target	76.00 EUR	Goldman Sachs 12-month price target for Brenntag SE
Share Price	60.22 EUR	Closing share price as of 22 Sep 2026
Target Price Upside	26.2%	Implied upside to 12m price target of €76.00
Full Year Guidance Midpoint	1400 EUR million	Company full-year guidance range of €1,350 to €1,450m
Gross Cost Savings	150 EUR million	Gross cost savings from cost out program expected this year