Quirin Privatbank Kapitalmarktgeschäft: HORNBACH HOLDING AG & Co KGaA | Rating: Buy

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.
 

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