Brenntag SE
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5-year stock timeline
2026-08-13 — Market reference price: 61.14
Latest authoritative market price for Brenntag (BNR.XETRA) as of this date. Used as the anchor for valuation and technical context in this timeline. [1]
2026 H1 (Q2 update, guidance raise) — June–August 2026
Q2 2026 results showed recovery with sales of €4.3bn (up 11% year-over-year), operating gross profit of €1,146m (up 19%), and operating EBITDA of €463m (up 41%). The company raised full-year 2026 operating EBITDA guidance to €1,250–1,400m and announced a cost-out target of €200–250m by 2027. The Woojin Trading acquisition is expected to close in Q4 2026. Free cash flow remained weak due to working capital build. [3][7]
After soft H1 demand, investors responded positively to margin recovery and the guidance raise. The narrative shifted from cautious cyclical exposure toward confidence in pricing discipline and cost measures, though concerns about working capital and cash conversion persisted. Price rebounded from earlier weakness as results and guidance beat expectations. [3]
2026 Q1 — May 2026
Q1 2026 results showed sales of €3.7bn (down 5.1% year-over-year), operating gross profit of €950m (down 1.3%), and operating EBITDA of €306m (down 8.3%). Management highlighted weak demand but noted improved pricing momentum. Higher working capital reduced free cash flow to €91m compared to €163m in the prior period. [1][9]
The market perceived the quarter as resilient amid macro softness. Investors remained cautious on the second half but were encouraged by margin resilience and cost actions. The stock was treated as cyclical with evidence that management could defend margins. Price formed a base for the subsequent Q2 rebound. [1]
Full-year 2025 results and impairment impact — March 2026 reporting season
FY2025 revenue was approximately €15.2bn (down 7% year-over-year), with operating EBITDA of approximately €1.29bn (down 12% year-over-year). Consolidated net profit attributable to shareholders nearly halved to €265m, primarily due to impairment charges. The Annual Report 2025 showed Operating Gross Profit of €3.8bn and Operating EBITA of €929m. A dividend of €1.90 per share was proposed. [15][14]
Investor sentiment shifted from the exceptional 2021–2022 growth period toward recognition of normalization and cyclical downturn, compounded by one-off impairments. The stock was seen as recovering from excesses but requiring structural margin actions to restore growth. The maintained dividend supported income investors. Price reflected re-valuation on lower earnings and impairment news. [14][15]
2024 — Strategic execution and integration
The company emphasized Strategy to Win execution through governance redesign, division focus (Brenntag Essentials and Brenntag Specialties), and ongoing cost-out measures. Management was reorganized to drive margin improvement, with continued M&A integration from prior years and selective bolt-on acquisitions. [8]
Investors began viewing Brenntag as focused on operational improvement and higher-margin mix, reframing the story from pure volume growth toward margin quality and integration value capture. Price showed occasional rallies on positive cost and outlook news with gradual uptrend in sentiment, though gains were muted until concrete earnings evidence appeared. [8]
2023 — Management reshuffle and governance changes — August 2023
The Management Board was redesigned with creation of a two-division governance structure and appointment of Ewout van Jarwaarde as CEO Brenntag Essentials. Steven Terwindt left the Board. Strategic realignment occurred under "Strategy to Win." [8]
Investors viewed this positively as sharper accountability and focus on Essentials versus Specialties, though short-term execution risk existed. The medium-term credibility boost for structural improvement was noted. Price stabilized following the announcement as markets awaited execution. [8]
2022 — Peak performance year and capital return program
FY2022 delivered record results: sales of €19.43bn (up 27.7% year-over-year), operating gross profit of €4.319bn (up 20.3%), and operating EBITDA of €1.809bn (up 26.7%). The company announced an attractive share buyback program and proposed dividend increase. Strong 2023 outlook was provided. [13][2]
The market portrayed Brenntag as a high-quality distributor benefiting from supply disruptions and pricing tailwinds. The bullish growth narrative peaked, with share buybacks and higher dividend reinforcing shareholder-friendly perception. Strong uptrend and multiple expansions culminated in 2022 highs with euphoric sentiment as the company delivered record numbers. [13]
2021 — Exceptional market conditions and record FY2021 results
Brenntag reported record FY2021 results driven by supply chain tightness and pricing power. Operating gross profit increased 19.6% to €3.379bn, and operating EBITDA reached €1.345bn (up 29.5%). Management provided a strong 2022 outlook. [4]
Investor perception shifted from steady distributor to an outsized beneficiary of post-pandemic supply dynamics, viewed as a growth and margin capture story. This set the stage for 2022 record performance and subsequent re-rating. The beginning of the strong multi-year uptrend that would culminate in 2022 peaks marked the momentum phase. [4]
Key risks and downside factors
Brenntag operates as a global chemical distributor across industrial and specialty segments, competing against large, publicly listed full-line distributors, regionally entrenched specialty players, and an array of local and Asia-based competitors. Its direct rivals include global commodity distributors like BASF's distribution operations and Univar Solutions, alongside specialty-focused peers such as IMCD and Azelis. The company faces persistent margin compression from several directions: weakening end-markets, consolidation among suppliers, rising regulatory and ESG compliance expenses, and disruptions stemming from supply-chain fragility and geopolitical instability. In its 2025/2026 disclosures, Brenntag identifies market dynamics, ESG and health & safety obligations, IT infrastructure, and macroeconomic conditions as its most material risk exposures.
- Weak industrial end-markets combined with pricing pressure are reducing both volumes and gross margins, a dynamic flagged as high and critical market risk in the 2025 annual report [1].
- Regulatory, environmental, health, and safety compliance costs alongside potential liabilities from handling and storage of hazardous chemicals classified as critical or high risk.
- Supply-chain and geopolitical disruption—trade barriers, sanctions, input shortages—that interrupt sourcing and increase logistics costs.
- IT and cybersecurity risks, along with integration challenges tied to enterprise resource planning systems and acquisition consolidation, present material exposure to operational disruption and potential financial loss.
Competitive landscape
Brenntag holds the global market leadership position in chemical distribution, operating alongside a small cluster of large, vertically integrated competitors in commodity chemicals and a broader set of specialist distributors focused on specialty ingredients and formulations. The most significant public competitors are Univar Solutions, which operates a large global network with particular strength in North America, and IMCD, which concentrates on specialty chemicals and ingredients with notable formulation and technical service capabilities. Regional and public players including Helm and BASF compete selectively through their own distribution channels and integrated supply operations. The business faces several material risks. Margin compression emerges from commodity chemical cycles and ongoing supplier consolidation. Regulatory and compliance exposure around hazardous chemical handling represents a persistent operational concern. Acquisition-related integration and execution risk can weigh on performance and capital efficiency. Logistics and supply-chain disruptions pose threats to service reliability and cost structure, with downstream effects on both customer satisfaction and profitability.
| Company | Ticker |
|---|---|
| Univar Solutions Inc. | UNVR.NYSE |
| IMCD N.V. | IMCD.AS |
Private competitors
- Univar Solutions (post-2023 private ownership by Apollo)
- Regional and local distributors in Asia (e.g., Nanjing Cosmos Chemical and other domestic distributors)
- Barentz International BV (private specialty distributor)
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Start Free TrialPerformance Figures of Brenntag SE
Relative Performance vs Benchmarks
| Period | Brenntag SE | vs DAX | vs S&P 500 (SPY) |
|---|---|---|---|
| 1M | +3.09% | -3.39% | -1.36% |
| 3M | +4.12% | -4.65% | -1.25% |
| 6M | +10.39% | +4.62% | -3.91% |
| 1Y | +16.21% | +7.67% | -5.78% |
| 3Y | -5.30% | -73.96% | -90.00% |
| 5Y | -16.97% | -83.03% | -104.04% |
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Start Free TrialHistorical valuation trends
How the company’s key valuation ratios (P/E, P/S, P/B and P/CF) have evolved over time compared to today.
| Period | P/E Ratio | P/S Ratio | P/B Ratio | P/CF Ratio |
|---|---|---|---|---|
| Current | 24.3 | 0.6 | 2.0 | 11.0 |
| 1Y ago | 18.5 | 0.5 | 1.9 | 8.6 |
| 3Y ago | 14.4 | 0.6 | 2.5 | 7.0 |
| 5Y ago | 28.9 | 1.1 | 3.6 | 15.4 |
Frequently Asked Questions
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What are the key metrics for BNR.XETRA?
How has Brenntag SE's stock price performed?
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Does BNR.XETRA pay dividends?
What are the key risks when investing in BNR.XETRA?
- Weak industrial end-markets combined with pricing pressure are reducing both volumes and gross margins, a dynamic flagged as high and critical market risk in the 2025 annual report [1].
- Regulatory, environmental, health, and safety compliance costs alongside potential liabilities from handling and storage of hazardous chemicals classified as critical or high risk.
- Supply-chain and geopolitical disruption—trade barriers, sanctions, input shortages—that interrupt sourcing and increase logistics costs.
- IT and cybersecurity risks, along with integration challenges tied to enterprise resource planning systems and acquisition consolidation, present material exposure to operational disruption and potential financial loss.
Who are the main competitors of Brenntag SE?
- Univar Solutions Inc. (UNVR.NYSE)
- IMCD N.V. (IMCD.AS)
Key Metrics
Valuation Metrics
Profitability Metrics
Growth Metrics
Dividend history
Long-term record of paid dividends (amount per share and dividend yield at the time of payment).
| Year | Dividend | Yield at payment | Avg. yield |
|---|---|---|---|
| 2026 | 1.90 EUR | 3.23% | 2.41% |
| 2025 | 2.10 EUR | 3.54% | |
| 2024 | 2.10 EUR | 3.12% | |
| 2023 | 2.00 EUR | 2.75% | |
| 2022 | 1.45 EUR | 2.05% | |
| 2021 | 1.35 EUR | 1.76% | |
| 2020 | 1.25 EUR | 2.51% | |
| 2019 | 1.20 EUR | 2.75% | |
| 2018 | 1.10 EUR | 2.21% | |
| 2017 | 1.05 EUR | 2.02% | |
| 2016 | 1.00 EUR | 2.28% | |
| 2015 | 0.90 EUR | 1.75% | |
| 2014 | 0.87 EUR | 1.90% | |
| 2013 | 0.80 EUR | 2.01% | |
| 2012 | 0.67 EUR | 2.21% |
Earnings history & estimates
Historical earnings performance shows how consistently the company meets or exceeds analyst expectations. Forward estimates provide insight into expected profitability and growth trajectory.
Historical earnings performance
Analyst estimates for upcoming periods
Key financial figures
Selected income statement, balance sheet and cash flow figures. Annual and quarterly, based on reported IFRS/GAAP financials.
| 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|
| Revenue | 15.17B | 16.24B | 16.82B | 19.43B | 14.38B |
| Operating income (EBIT) | 733.20M | 915.40M | 1.12B | 1.38B | 742.40M |
| Net income | 264.60M | 536.20M | 714.90M | 886.80M | 448.30M |
| Free cash flow | 673.70M | 564.40M | 1.34B | 689.50M | 189.30M |
| Total assets | 10.84B | 11.67B | 10.34B | 11.37B | 10.20B |
| Equity | 4.31B | 4.73B | 4.30B | 4.75B | 3.91B |
| Net debt | 2.46B | 2.61B | 1.82B | 1.88B | 1.96B |
PWP Leeway UG (haftungsbeschränkt)
