Brenntag reported 1Q'26 EBITA of €217mn, beating consensus by 4% due to pricing tailwinds and volume recovery in Material Sciences. The company reiterated its FY26 EBITDA guidance of €1,150m–€1,350m.
Key Takeaways
- 1.Brenntag reported 1Q'26 EBITA of €217mn, beating Vara consensus by approximately 4%, driven by pricing tailwinds since mid-March.
- 2.The company reiterated its full-year 2026 outlook with operating EBITDA expected in the range of €1,150m–€1,350m.
- 3.Operational trends improved toward the end of the quarter, particularly in oil-linked products within the Essentials division.
Table of Contents
- Brenntag SE (BNRGn.DE): 1Q'26 First Take
- Actual (pre-release) vs. Vara Cons vs GSe
- Conversion margin trends
- IMCD GP, EBITA, and conversion margin trends
- Valuation & Key risks
- Disclosure Appendix
- Price target and rating history chart(s)
- Target price history table(s)
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Authors
Subasini VaranasiHarshita Bhatter, CFA
Securities
BNRGn.DEIMCD NVAZE.BR
Themes
Earnings OutperformancePricing DynamicsSupply Chain Safety Stocks
Regions
EuropeNorth AmericaAsia PacificGermany