Brenntag sets medium-term growth and returns targets at 2026 Capital Markets Day

Customer-led platform

Brenntag is replacing its separate product-based divisions with one customer-focused platform. Broadline distribution will form the foundation, complemented by verticals where application expertise and regulatory knowledge can support customers. These include Pharma, Nutrition, Water Treatment, Beauty & Care, Material Science and Oil & Gas. The company plans to grow its full portfolio of essentials, semi-specialties and specialties within these verticals.

Growth and capital targets

Medium-term targets include organic revenue growth of market growth plus around 1 percentage point, rising to plus 2–3 percentage points with M&A; an operating EBITDA margin of around 10%; and ROIC above 12%. Brenntag plans annual capital expenditure of EUR 300–400m and cumulative M&A spending of around EUR 1.5bn, focused on smaller acquisitions. Its target leverage is 2.0x–2.5x net debt to operating EBITDA. The dividend policy remains 35–50% of net income.

Commercial and operating priorities

Brenntag plans one account owner per customer, with coverage tailored to customer potential and access to its full portfolio. Commercial measures, including customer retention, portfolio sales and pricing, are expected to generate EUR 1.7bn in sales with a positive margin effect. A globally governed supply chain and cost initiatives target around EUR 450m of structural EBITDA improvement. The company is also investing in data, analytics, automation and AI, with its IT cost base of around 1–1.5% of revenue expected to support growth and efficiency gains without increasing proportionally.