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Brenntag (BNR) investor relations material
Brenntag Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary12 Nov, 2025
Executive summary
Q3 2025 sales declined 4.7% year-over-year to €3.7bn amid challenging macroeconomic and geopolitical conditions, with operating EBITDA at €330m, down 6.7% year-over-year.
The planned split into two divisions was halted to leverage synergies and M&A advantages, with both divisions continuing under a unified structure.
Strategic focus shifted to sales growth, organizational simplification, and execution of cost-out programs, with a new governance model effective December 2025.
Cost containment and operational improvements were prioritized, delivering €45m in Q3 savings and targeting €300m annual savings by 2027.
Strategic review underway to align the business model with evolving market dynamics; new strategy to be presented in H2 2026.
Financial highlights
Operating gross profit for Q3 2025 was €947m, down 3.1% year-over-year, with a margin of 25.5%.
Operating EBITDA was €330m, down 6.7% year-over-year; operating EBITA was €243m, down 9.2%, with a margin of 6.5%.
Free cash flow for Q3 2025 rose 27.9% to €315.6m, driven by strong working capital management.
Earnings per share for Q3 2025 were €0.78, slightly lower than the previous year.
Net financial liabilities stood at €2,639.7m, with a leverage ratio of 1.9x.
Outlook and guidance
Full-year 2025 operating EBITA guidance set at the lower end of €950m–€1,050m.
Continued unfavorable EUR/USD FX trends expected, with an assumed average rate of 1.16.
Market environment remains uncertain due to subdued global demand, geopolitical tensions, and moderate inflation.
Industrial production growth for 2025 is forecast at +0.6%, below the previous year's forecast.
Tax rate guidance for 2025 is 35-37% due to one-time effects, with an underlying rate of 28-30%.
Specific synergy benefits preventing full separation?
Expected impact of headcount reductions?
How will new governance model enhance agility?
Quantify avoided costs from halting the split?
What is the impact of cost program acceleration on 2027 target?
How does Brenntag leverage its model vs. structural market issues?
Cost savings from halting the split
Cost program: HQ vs supply chain savings
Key indicators for market demand recovery
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Q4 202510 Mar, 2026
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Frequently asked questions
Chemical Distribution Experts
Brenntag is a German company headquartered in Essen and an important cornerstone in the global chemicals industry. Founded in 1874 in Berlin, the company initially embarked on a journey centered on egg trade, only to transition and redefine its core, emerging as a key player in chemical distribution. With its operations spanning across the world and a product catalog that caters to diverse industries, from pharmaceuticals to water treatment, Brenntag's impact is both broad and deep and acts as a bridge between chemical manufacturers and various industries.
Historical Origins
The origin of Brenntag, surprisingly, isn’t rooted in chemicals but in the trade of eggs. Established in 1874 in Berlin, it functioned as an egg wholesale venture, aptly named "Egg Commission." At the start of the 20th century, Brenntag began a perceptible shift towards chemicals, marking the beginning of an era of growth and transformation. This transformation wasn't restricted to the nature of its business but also its geographical reach. Initial operations, primarily centered in Germany, soon started expanding beyond its borders. A deliberate strategy of acquisitions played a pivotal role in this expansion, and Brenntag still acquires companies in the industry relatively frequently.
Operations
Brenntag’s operations position them between chemical manufacturers and industries and act as a bridge, ensuring the seamless flow of products. The company offers solutions for a broad catalog of materials, from basic chemicals like solvents and acids to complex, specially formulated chemical agents designed for specific industrial applications.
Diving deeper into the range of industries Brenntag caters to reveals the scale of its operations. The pharmaceutical sector, with its stringent standards, is a significant recipient of Brenntag's products, as are the personal care and food & beverage sectors. Other industries, such as water treatment, also heavily rely on Brenntag's offerings. However, distribution is just the tip of the iceberg when it comes to Brenntags operations and the company also offers a suite of value-add services. Custom blending and formulation services stand out, underpinned by Brenntag's expertise in chemicals and their applications.
Global Reach
Brenntag is a massive company, and its presence is genuinely global. Its footprint, covering 74 countries with more than 640 locations, speaks volumes about its expansive operations. Be it the mature markets of Europe and North America or the rapidly developing sectors in the Asia-Pacific region, Brenntag has the ability to offer a tailored solution. Some other public companies operating in the same sector are businesses such as Univar Solutions, IMCD, and BASF.
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