- Q1 2026 performance reflects continued weak demand environment. Supply chain volatility and improved pricing momentum followed global disruptions in mid-March 2026: Sales of EUR 3.7 billion (-5.1%**); Operating Gross Profit of EUR 950 million (-1.3%**); Operating EBITDA of EUR 306 million (-8.3%**)
- Gross margin increase to 25.9% (+0.9pp) reflects commercial agility and margin discipline in volatile environment
- Cost-out program continues disciplined execution, delivering EUR 27 million in savings during Q1 2026 vs. 2025 baseline
- Free Cash Flow of EUR 91 million (Q1 2025: EUR 163 million), impacted by higher working capital requirements
- Operating EBITDA guidance for the full year 2026 confirmed
Brenntag SE (ISIN DE000A1DAHH0), the global market leader in chemicals and ingredients distribution, today published its financial results for the first quarter of 2026. While initially characterized by continued subdued market demand in January and February, the conflict in the Middle East and the closing of the Strait of Hormuz led to increasing global supply chain pressure and higher pricing levels across chemicals markets. Brenntag demonstrated the structural strength of its integrated business model, leveraging its global asset base, supplier relationships and commercial execution capabilities to navigate disruption and ensure reliable supply. In a market where availability and reliability increasingly outweigh price alone, Brenntag translated volatility into commercial opportunity. Simultaneously, the company continued the diligent execution of its key priorities.
Jens Birgersson, Chief Executive Officer of Brenntag SE: “The first quarter of 2026 has been a clear testament to the resilience of our business model. While the year began with an anticipated slow start, I am pleased with our performance, particularly when measured against the strong first quarter of 2025.
Our new, flatter, and more agile organizational structure proved its worth as we navigated supply‑chain disruptions stemming from the crisis in the Middle East and ensured continuity for our customers. This agility allowed us to respond quickly across the entire organization, turning market volatility into commercial opportunities while continuing to execute on our core priorities sales, simplification, and our cost‑out program.
Our guidance is underpinned by the robust operating performance and pricing discipline delivered year-to-date, and reflects a prudent view on macroeconomic development and demand visibility for the remainder of the year. We remain focused on operational discipline, commercial rigor, and protecting profitability as visibility evolves.”
Financial performance
In the first quarter of 2026, Brenntag generated sales of EUR 3.7 billion, down 5.1% compared to a strong Q1 2025. Despite the muted demand environment that characterized the first months of the quarter, the company delivered an operating gross profit of EUR 950 million (-1.3%*). The gross margin expanded to 25.9%, up 0.9 percentage points year-on-year, showcasing Brenntag's commercial agility and ability to capture pricing opportunities in disrupted supply conditions.
Operating EBITDA stood at EUR 306 million (-8.3%*). The EBITDA decline compared to a strong Q1 2025 reflects the weak volume environment in early Q1 2026, which was only partially offset by the improving pricing dynamics seen from mid-March. The continued cost-out program contributed EUR 27 million in savings during the quarter compared to 2025. Free Cash Flow amounted to EUR 91 million (Q1 2025: EUR 163 million), impacted by higher working capital requirements in an elevated pricing environment.
Thomas Reisten, Chief Financial Officer of Brenntag SE: “We increased our gross margin through our active pricing management and ensuring supply reliability in volatile market conditions in Q1 2026. Simultaneously, we continue to focus on cost reduction, organizational simplification, and disciplined capital allocation. Our cost-out program contributed EUR 27 million in savings during the quarter, tracking in line with our full-year targets. We remain on course to deliver savings of EUR 200-250 million by 2027. Brenntag’s financial position remains robust, providing the operational and financial flexibility to continue executing on our key priorities.”
Divisional performance
Brenntag Essentials reported an operating gross profit of EUR 666 million (-1.1%**) in Q1 2026, with gross margins expanding to 27.1% (+1.2 pp). Demand weakness continued in North America, EMEA and APAC. The mid-March improvement in market dynamics was primarily visible in Brenntag Essentials, supported by oil-linked product price increases and customer safety stock rebuilding.
Brenntag Specialties reported an operating gross profit of EUR 284 million (-1.9%**), with gross margins improving to 23.7% (+0.4 pp). Positive gross profit and volume trends emerged in Material Science, while Life Science faced continued subdued demand. Customers in selected segments pulled forward orders amid heightened geopolitical uncertainty in the Middle East. Both Life Science and Material Science reported gross margin improvement versus the prior year.
Progress on key priorities
Brenntag has continued the execution of its key priorities set out for the 2026 financial year. The progress on streamlining corporate overhead functions produced results in Q1 2026. Brenntag has also reactivated inactive customer relationships, reflecting a growing customer preference for Brenntag’s supply reliability and high service levels. The closure of the Airedale acquisition at the end of Q1 2026 strengthens Brenntag Essentials' footprint in the UK and adds incremental scale to the EMEA division.
Brenntag will continue to leverage its business model strengths, its global network, commercial agility, and supply chain expertise, while progressing the structural simplification of its business.
The company will present a full strategy update at a planned Capital Markets Day on November 12, 2026.
Outlook 2026
Brenntag confirms its outlook for operating EBITDA in the financial year 2026 and continues to expect a result between EUR 1,150 million and EUR 1,350 million. For its full year outlook this is based on the solid performance YTD, supported by most recent positive pricing dynamics, while Brenntag continues to monitor macroeconomic and demand developments
Financial Results at a glance – Q1/2026
