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

08.12.2025 / 10:46 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: 08.12.2025
Target price: 110.00
Last rating change:
Analyst: Ralf Marinoni

Q3-25/26: adj. EBIT below last year
Based on preliminary figures for Q3 2025/26 (September 1, 2025 to November
30, 2025), HORNBACH Holding anticipates a decline in earnings compared with
the same quarter of the previous year due to weaker sales growth.

Net sales rose by 2.2% to EUR 1,538.7m in this period (Q3 2024/25: EUR
1,505.1m) and were weaker than expected. This means that the increase in
costs could not be fully offset by sales growth. Adjusted EBIT therefore
fell by 21.0% to EUR 27.3m (Q3 2024/25: EUR 34.6m).

The original forecast from May 21, 2025 has been confirmed: 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). However, from a current perspective, adjusted EBIT in the upper
half of the projected range is not excluded but is no longer the most likely
scenario.

Based on its prel. Q3 2025/26 results, we marginally reduce our estimate for
its adjusted EBIT. However, the company is in excellent financial health. As
a result, we confirm our Buy recommendation and the EUR 110 TP.

You can download the research here:
https://eqs-cockpit.com/c/fncls.ssp?u=24cbd64b2e5894fe16ced6a23f18f7f6
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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2241742 08.12.2025 CET/CEST

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