- Sales of EUR 4.3 billion (+11%**); Operating Gross Profit of EUR 1,146 million (+19%**); Operating EBITDA of EUR 463 million (+41%**); Gross margin increase to 26.9% (+1.7pp); EUR 41 million in cost-out savings in Q2 2026
- Sales focus and organisational simplification yield tangible results with increased customer figures and expanded key account scopes
- Operating EBITDA guidance raised to range of 1,350 million – 1,450 million EUR for the full year 2026
Brenntag SE (ISIN DE000A1DAHH0), the global market leader in chemicals and ingredients distribution, today published its financial results for the second quarter of 2026. The conflict in the Middle East drove global supply chain pressure and higher pricing across chemicals markets. In this environment, Brenntag leveraged its global network, supply chain capabilities and commercial discipline to maintain reliable customer supply, while continuing disciplined execution of its key priorities and delivering tangible results.
Jens Birgersson, Chief Executive Officer of Brenntag SE: “The second quarter demonstrated the strength of our business model and our more agile organization. As the conflict in the Middle East affects global chemical markets, our teams kept supply flowing and supported our customers without interruption.
While performance in the first quarter 2026 was primarily driven by market volatility, a proof point of our resilient business model, our Q2 results now reflect the growing impact of our own commercial execution, improved customer penetration, pricing discipline, cost reductions and commercial excellence rather than market volatility alone.
While visibility remains limited and macroeconomic uncertainty persists, we are increasingly confident in the direction of the business, which is also reflected in our guidance increase. We remain focused on operational discipline, commercial agility, and protecting profitability as visibility evolves.”
Financial performance
In the second quarter of 2026, Brenntag generated sales of EUR 4.3 billion, up 11% year-on-year. Operating gross profit reached EUR 1,146 million (+19%**), and the gross margin expanded 1.7 percentage points to 26.9%.
Operating EBITDA reached EUR 463 million (+41%**), benefiting from higher chemical pricing while volumes remained stable. The ongoing cost-out program contributed EUR 41 million in savings during the quarter versus the 2025 baseline. Free Cash Flow was EUR 4 million (Q2 2025: EUR 154 million). This decline was technical in nature, reflecting higher working capital requirements from strong sales growth and the revaluation of inventory at higher prices, rather than any increase in underlying inventory volumes. Net working capital turnover improved to 7.5x.
Thomas Reisten, Chief Financial Officer of Brenntag SE: “Our cost-out program contributed EUR 41 million in savings during the quarter and is tracking in line with our full-year targets. We remain on course to deliver EUR 200-250 million in savings by 2027 despite temporary headwinds from higher transport and energy costs as well as bonus provisions.
Free Cash Flow was temporarily impacted by higher working capital in the elevated pricing environment, which we continue to manage actively. At the same time, we improved net working capital turnover to 7.5x, confirming that working capital efficiency is moving in the right direction. Brenntag's financial position remains robust, providing the operational and financial flexibility to pursue disciplined, value-accretive bolt-on M&A and to execute on our key priorities.
Based on the strong performance year-to-date, we have increased our operating EBITDA outlook to a range of 1,350 million – 1,450 million EUR for the full year 2026.”
Divisional performance
Brenntag Essentials reported operating gross profit of EUR 836 million (+23.1%**), with gross margins expanding to 28.5% (+2.2 pp). As pricing rose across regions, North America and EMEA capitalized on unified pricing strategies and stocking decisions, while APAC passed on rising transportation costs as chemical prices adjusted across markets and industries. Latin America also delivered strong results.
Brenntag Specialties reported operating gross profit of EUR 310 million (+8.8%**), with gross margins improving to 23.4% (+0.6 pp). Although the Middle East conflict affected Specialties less, all business units converted market opportunities into organic EBITDA growth. Especially Beauty & Personal Care and Material Science delivered strong results globally, while expanding partnerships with key principals across product groups and regions in both Life Science and Material Science.
Progress on key priorities
Brenntag continues to make progress on its key priorities, with commercial initiatives and organisational simplification increasingly supporting operational performance across the Group. North America captured or reactivated hundreds of customer accounts and enabled industry-focused sales teams to offer Brenntag's full portfolio. Strategic sourcing delivered supply advantages in APAC, and the rollout of further commercial AI applications continued for pricing and customer insights.
M&A
The recently announced acquisition of Woojin Trading, a South Korean specialty distributor of beauty and personal care ingredients, continues Brenntag's growth strategy of bolt-on acquisitions in key markets and expands its presence in South Korea's growing beauty and personal care market. Closing is subject to customary conditions and regulatory approvals and is expected in Q4 2026.
Outlook 2026
Brenntag raises its full-year 2026 operating EBITDA outlook to the range of EUR 1,350 million to EUR 1,450 million, based on solid year-to-date performance and a good start to the third quarter supported by recent positive pricing dynamics. Brenntag continues to monitor macroeconomic developments, as risks of demand weakness remain.
The company will present a comprehensive update on its medium-term strategy, operating model evolution and long-term value creation framework at its Capital Markets Day on 12 November 2026.
Financial Results at a glance – Q2/2026
