COMMUNIQUÉ DE PRESSE
par HORNBACH Holding AG & Co. KGaA (NASDAQ:HBBHF)
Original-Research: HORNBACH Holding AG & Co. KGaA (von Quirin Privatbank Kapitalmarktgeschäft): Buy
Original-Research: HORNBACH Holding AG & Co. KGaA - from Quirin Privatbank Kapitalmarktgeschäft
08.12.2025 / 10:46 CET/CEST
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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: HORNBACH20251208
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