HORNBACH HOLD.ST O.N.

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

Kapitalmarktgeschäft

08.12.2025 / 10:46 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: 08.12.2025

Target price: 110.00

Last rating change:

Analyst: Ralf Marinoni

Q3-25/26: adj. EBIT below last year

Based on preliminary figures for Q3 2025/26 (September 1, 2025 to November

30, 2025), HORNBACH Holding anticipates a decline in earnings compared with

the same quarter of the previous year due to weaker sales growth.

Net sales rose by 2.2% to EUR 1,538.7m in this period (Q3 2024/25: EUR

1,505.1m) and were weaker than expected. This means that the increase in

costs could not be fully offset by sales growth. Adjusted EBIT therefore

fell by 21.0% to EUR 27.3m (Q3 2024/25: EUR 34.6m).

The original forecast from May 21, 2025 has been confirmed: 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). However, from a current perspective, adjusted EBIT in the upper

half of the projected range is not excluded but is no longer the most likely

scenario.

Based on its prel. Q3 2025/26 results, we marginally reduce our estimate for

its adjusted EBIT. However, the company is in excellent financial health. As

a result, we confirm our Buy recommendation and the EUR 110 TP.

You can download the research here:

https://eqs-cockpit.com/c/fncls.ssp?u=24cbd64b2e5894fe16ced6a23f18f7f6

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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2241742 08.12.2025 CET/CEST

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