Brenntag (BNR) Q3 2026 earnings summary

Executive summary

• Q3 sales were €4.263bn, up 12.7% FX-adjusted; Operating EBITDA rose 14.5% to €385m as commercial execution and savings offset volatile sourcing, freight and energy costs.

• 9M Operating EBITDA increased 15.6% FX-adjusted to €1,154m; FY 2026 guidance of €1,350m–€1,450m was reaffirmed, with results expected toward the upper end.

• Q3 EBITDA declined QoQ as the Q2 gross-profit-margin benefit normalized, while higher bonus provisions and energy and transport costs added pressure.

Financial highlights

• Q3 Operating Gross Profit was €1,064m, up 10.4% FX-adjusted; profit after tax was €131m versus €114m, and EPS was €0.89 versus €0.78.

• 9M sales were €12,188m, up 6.2% FX-adjusted; Operating Gross Profit reached €3,160m, up 9.3%, and profit after tax was €412m versus €293m.

• Cost-out savings reached €47m in Q3 and ~€115m in 9M; the FY 2026 gross-savings target is ~€150m, with €35m remaining to deliver in Q4.

• Q3 free cash flow was €183m versus €315m; working capital was an €88m outflow versus a €97m inflow a year earlier. 9M free cash flow fell 55.9% as working capital absorbed more cash.

Outlook and guidance

• FY 2026 Operating EBITDA guidance remains €1,350m–€1,450m, with expectations toward the upper end; assumptions include normal seasonality and no broad-based demand decline.

• Q4 expectations include subdued global demand, geopolitical uncertainty, volatile inflation and seasonally weaker activity; FY 2027 guidance was deferred amid market volatility.

• Management described the Q4 gross-profit trend as healthy; union consultations may shift some cost-saving actions into January.