HORNBACH HOLD.ST O.N.

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

Kapitalmarktgeschäft

20.05.2026 / 16:14 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: 20.05.2026

Target price: 110.00

Last rating change:

Analyst: Ralf Marinoni

Still No.1 in sales productivity

HORNBACH Group delivered a solid set of figures for the past business year.

However, beyond mere financial metrics, two things stand out for the

company: 1) HORNBACH was again able to increase market share in Germany and

across Europe. And 2) the company achieved again the highest sales

productivity among its German competitors as in the past. The outlook for

the current fiscal year includes capital expenditures that significantly

exceed the level of the previous fiscal year (EUR 220m). This underscores:

HORNBACH will continue to grow profitably; a key focus is expansion in other

European countries, where higher margins can be achieved. 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=d16e3273fcf3b8330f17444ac40aa1ea

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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2330876 20.05.2026 CET/CEST

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