- Sales of EUR 4.3 billion (+12.7%**); Operating Gross Profit of EUR 1,064 million (+10.4%**); Operating EBITDA of EUR 385 million (+14.5%**); Gross margin at 24.9% (-0.6pp); EUR 47 million in cost-out savings in Q3 2026
- Operating EBITDA grew in both divisions, across most Essentials regions and both Specialties segments, while gross profit per unit increasingly reflected higher sourcing costs
- Operating EBITDA guidance for the full year 2026 confirmed at a range of EUR 1,350 million – EUR 1,450 million and expected towards the upper end of this range
Brenntag SE (ISIN DE000A1DAHH0), the global market leader in chemicals and ingredients distribution, today published its financial results for the third quarter of 2026. The ongoing conflict in the Middle East and the persistent risks to key trade and shipping routes continued to drive volatility in crude oil, energy and freight rates, lengthening transport times and raising logistics costs. In this environment, Brenntag leveraged its global network, broad supplier base and active management of product flows to maintain reliable customer supply, while continuing disciplined execution of its key priorities.
Jens Birgersson, Chief Executive Officer of Brenntag SE “The third quarter came in line with our expectations, with earnings growing again in a volatile and uncertain market. Conditions remain fragile, with inflation and elevated energy, transportation and freight costs continuing to weigh on our business. The unusually supportive pricing environment we saw in the second quarter did not persist in Q3. That is why this result matters: the underlying improvements in our business are holding.
We grew operating gross profit and operating EBITDA organically in both divisions, across most Essentials regions and in both Specialties segments.
What we report today gives us confidence that the actions we have taken are beginning to translate into lasting operational and financial improvement. But much remains to be done, and at our Capital Markets Day tomorrow we will set out how we intend to build on this progress.”
Financial performance
In the third quarter of 2026, Brenntag generated sales of EUR 4.3 billion, up 12.7% year-on-year. Operating gross profit reached EUR 1,064 million (+10.4%**), while the gross margin narrowed 0.6 percentage points to 24.9%, as higher sourcing costs and elevated chemical prices increasingly fed through to gross profit per unit.
Operating EBITDA reached EUR 385 million (+14.5%**), with the operating EBITDA conversion ratio improving 1.3 percentage points to 36.2%. Volumes remained broadly stable. The ongoing cost-out program contributed EUR 47 million in savings during the quarter versus the 2025 baseline, more than offsetting general inflationary cost increases, although part of the benefit was absorbed by higher fuel, freight and energy costs. Free Cash Flow was EUR 183 million (Q3 2025: EUR 315 million), reflecting a working capital outflow of EUR 88 million against an inflow of EUR 97 million in the prior-year quarter. Free Cash Flow also reflected the higher working capital requirements in an elevated pricing environment, and the outflow eased compared with the second quarter.
Thomas Reisten, Chief Financial Officer of Brenntag SE: “Our cost-out program contributed EUR 47 million in savings during the quarter, bringing cumulative savings to around EUR 115 million in the first nine months, and we are on track to deliver approximately EUR 150 million of gross savings this year. Based on the continued positive development in the third quarter, we confirm our operating EBITDA outlook of EUR 1,350 million to EUR 1,450 million for the full year 2026 and expect a result towards the upper end of this range.”
Divisional performance
Brenntag Essentials reported operating gross profit of EUR 765 million (+12.4%**) and operating EBITDA of EUR 276 million (+12.4%**), with the gross margin at 25.8% (-0.9 pp). All regions contributed to gross profit growth. North America delivered the strongest performance, with operating gross profit up 15.6%** and operating EBITDA up 18.4%**, while EMEA grew operating gross profit by 9.8%** and operating EBITDA by 5.5%**. Latin America increased operating gross profit by 7.9%**, while its operating EBITDA declined 4.9%** due to the earthquake in Colombia and outlier input cost increases in Mexico that affected demand, as well as higher transportation costs. APAC grew operating gross profit by 5.6%** and operating EBITDA by 8.7%**, with gross profit per unit holding up while volumes were pressured. Margin levels in oil-based products normalised from the peaks seen earlier in the year.
Brenntag Specialties reported operating gross profit of EUR 299 million (+5.4%**) and operating EBITDA of EUR 110 million (+2.5%**), with the gross margin improving to 23.0% (+0.1 pp). Volumes were somewhat pressured, while margins proved resilient across the business units. Material Science delivered the stronger contribution, growing operating gross profit by 8.8%** and operating EBITDA by 13.3%**, supported by selected lubricants and performance materials. In Life Science, operating gross profit rose 3.5%** and operating EBITDA by 1.4%**, with Beauty & Personal Care showing strong volume growth and supportive sequential gross profit per unit trends, particularly in Pharma.
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. Commercial initiatives gained further traction, with organic operating gross profit per working day growing in the third quarter even when adjusted for the effects of the Middle East conflict. Brenntag expanded several supplier partnerships across Beauty & Personal Care and Pharma and opened a new Nutrition Innovation & Application Center in Jakarta in September. Organisational simplification continued in EMEA, where the company further streamlined its organisation, reduced overhead and clarified responsibilities to strengthen operational ownership.
M&A
At the end of October 2026, Brenntag completed the acquisition of Woojin Trading, a South Korean specialty distributor of beauty and personal care ingredients. The transaction 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. The acquisition of the Airedale Group in the United Kingdom, closed at the end of February 2026, contributed to earnings in the quarter, and the integrations of both Airedale and Chem Tech are progressing to plan.
Outlook 2026
Brenntag confirms its full-year 2026 operating EBITDA outlook of EUR 1,350 million to EUR 1,450 million, based on the continued positive development in the third quarter. Within this range, Brenntag expects the full-year result to be towards the upper end. The outlook assumes no broad-based decline in customer demand across Brenntag’s end markets and reflects the usual seasonal patterns, with the fourth quarter typically seeing lower activity due to fewer working days and the holiday period. For the fourth quarter of 2026, the company continues to expect subdued global demand dynamics, geopolitical uncertainty and overall moderate but volatile inflationary pressure. Developments in the Middle East and the resulting risks to energy supply, shipping routes and global trade flows create heightened uncertainty regarding supply chains, raw material prices and global economic growth.
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 November 12, 2026.
