Brenntag Q2 2026 results — sales €4.3bn; guidance raised
- Sales EUR 4.3 billion, up 11% year-on-year.
- Operating gross profit EUR 1,146m (+19%); operating EBITDA EUR 463m (+41%); gross margin 26.9% (+1.7 pp).
- Q2 cost-out savings EUR 41m versus 2025 baseline; full-year cost-out target EUR 200–250m by 2027.
- Operating EBITDA guidance raised to EUR 1,350–1,450m for 2026; acquisition of Woojin Trading expected to close in Q4 2026.
Q2 performance
Brenntag reported sales of EUR 4.3 billion in Q2 2026, an 11% increase year-on-year. Operating gross profit was EUR 1,146 million (+19%) and operating EBITDA EUR 463 million (+41%), while gross margin expanded 1.7 percentage points to 26.9%.
Free Cash Flow was EUR 4 million, down from EUR 154 million in Q2 2025, driven by higher working capital needs and inventory revaluation at elevated prices; net working capital turnover improved to 7.5x.
Cost programme and efficiency
The cost-out programme delivered EUR 41 million in Q2 versus the 2025 baseline and remains on track for EUR 200–250 million in cumulative savings by 2027 despite temporary headwinds from higher transport, energy costs and bonus provisions.
Divisional and commercial execution
Brenntag Essentials posted operating gross profit of EUR 836 million (+23.1%) with a 28.5% margin, while Brenntag Specialties delivered EUR 310 million (+8.8%) with a 23.4% margin. Improved customer penetration, unified pricing, strategic sourcing in APAC and expanded commercial AI for pricing and insights supported results.
M&A and outlook
The acquisition of Woojin Trading, a South Korean specialty distributor in beauty and personal care, is expected to close in Q4 2026. Based on year-to-date performance and early Q3 pricing, Brenntag raised full-year 2026 operating EBITDA guidance to EUR 1,350–1,450 million and will update its medium-term strategy at Capital Markets Day on 12 November 2026.
Source: Brenntag
