Original-Research:
HORNBACH HOLDING AG & Co KGaA - from Quirin Privatbank
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30.09.2025 / 15:26 CET/CEST
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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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Quelle: dpa-AFX