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

Kapitalmarktgeschäft

22.09.2026 / 09:55 CET/CEST

Dissemination of a Research, transmitted by EQS News - a service of EQS

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The issuer is solely responsible for the content of this research. The

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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: 22.09.2026

Target price: 110.00

Last rating change:

Analyst: Ralf Marinoni

New store openings ahead

HORNBACH will open several new locations in spring 2027 in Germany and

Europe, thereof six from former competitor Hellweg. This represents

significant additional revenue potential as well as growing market share. In

combination with the expansion already planned in existing countries and

Serbia, HORNBACH is thus approaching the 200-store mark for its DIY

megastores in the coming years. We therefore confirm our Buy recommendation

and the EUR 110 TP.

You can download the research here:

https://nwr.eqs-cockpit.com/fncls2.ssx?fn=redirect&u=a28a5f852b4dee6cbadd7ba25dcf7b09

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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2403106 22.09.2026 CET/CEST

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