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Original-Research: HORNBACH HOLDING AG & Co KGaA - from Quirin Privatbank
Kapitalmarktgeschäft

30.09.2025 / 15:26 CET/CEST
Dissemination of a Research, transmitted by EQS News - a service of EQS
Group.
The issuer is solely responsible for the content of this research. The
result of this research does not constitute investment advice or an
invitation to conclude certain stock exchange transactions.

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Classification of Quirin Privatbank Kapitalmarktgeschäft to HORNBACH HOLDING
AG & Co KGaA

Company Name: HORNBACH HOLDING AG & Co KGaA
ISIN: DE0006083405

Reason for the research: Update
Recommendation: Buy
from: 30.09.2025
Target price: 110.00
Last rating change:
Analyst: Ralf Marinoni

Q2-25/26 very solid development; full year guidance confirmed

HORNBACH continued its profitable growth path: Q2-25/26 sales rose by 3.0%
yoy to EUR 1,689.9m, mainly on the back of continued higher customer
frequency, and despite 2 fewer business days compared to Q2 last year. Its
half-year 2025/26 net sales were up by 4.4% yoy at EUR 3,599.1m based on a
successful spring season in its first quarter. The adjusted EBIT in Q2 came
in at EUR 110.5m (-7.2% yoy). This was primarily driven by inflation-related
salary adjustments and a slightly higher headcount due to upcoming store
openings; therefore, development was as expected. The group's half-year
adjusted EBIT increased by 2.5% to EUR 272.2m, in line with guidance, which
remains unchanged: HORNBACH confirms the guidance given on May 21, 2025. The
group continues to expect net sales in the financial year 2025/26 at or
slightly above (i.e. -2% to +6%) the previous year's level (EUR 6,200m) and
adjusted EBIT at the level (i.e. -5% to +5%) of the 2024/25 financial year
(EUR 269.5m). Given the good earnings performance in the first half 2025/26,
an adjusted EBIT in the upper half of the projected range currently appears
likely.
Its development in Q2/H1 was in line with expectations, we therefore confirm
our Buy recommendation and the EUR 110 TP.

You can download the research here:
https://eqs-cockpit.com/c/fncls.ssp?u=146583649e646bd150c05de12efd692d
For additional information visit our website:
https://research.quirinprivatbank.de/

Contact for questions:
Quirin Privatbank AG
Institutionelles Research
Schillerstraße 20
60313 Frankfurt am Main
research@quirinprivatbank.de
https://research.quirinprivatbank.de/

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2206172 30.09.2025 CET/CEST

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