Discount 100 2026/09: Basiswert HORNBACH HOLD.ST O.N.

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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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