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HORNBACH: HORNBACH Holding's Q3 Results: Steady Performance Amidst Challenging Environment

HORNBACH Holding reported a net sales figure of EUR 5.1 billion for the nine-month period, representing a 3.8% increase from the previous year. The company's like-for-like sales rose by 2.6%, with Germany recording 0.7% growth and other European countries growing 4.3% on a like-for-like basis. The gross margin was slightly higher than last year, amounting to 34.7%. Earnings per share (EPS) came in at EUR 1.75, marginally below analyst estimates of EUR 1.76. Adjusted EBIT after 9 months was at the previous year's level, and the company maintained its guidance for the full year adjusted EBIT to be at the previous year's level.

HBH.DE

EUR 84.2

-1.75%

A-Score: 5.6/10

Publication date: December 19, 2025

Full Report

Author: Analystock.ai

šŸ“‹ Highlights
  • Net Sales Growth: Achieved EUR 5.1 billion in net sales, a 3.8% year-over-year increase with Baumarkt subgroup sales up 4%.
  • Like-for-Like Sales Momentum: Like-for-like sales rose 2.6% (9-months), driven by 4.3% growth in Europe excluding Germany and 10% in the Netherlands.
  • E-commerce Expansion: Online sales accounted for 12.9% of total sales, growing 8.1% year-over-year with strong Q3 performance.
  • Margin Stability: Gross margin held at 34.7%, while adjusted EBIT matched prior-year levels despite EUR 6 million higher preopening costs.
  • Capital Investment Strategy: CapEx reached EUR 167 million (9-months), with full-year guidance up to EUR 230 million for expansion, including 6ā€“8 new stores in Serbia.

Segment Performance

The Baumarkt subgroup grew sales by 4%, gaining market share in Germany and across Europe. The Netherlands and Sweden were strong with nearly 10% and 4% growth, respectively. E-commerce sales rose by 8.1%, driven by strong growth in the first 6 months and a solid performance in Q3. As Antje Kelbert mentioned, "E-commerce accounted for 12.9% of total sales in the last 9 months and is growing."

Expansion Strategy

HORNBACH is continuing its expansion strategy, with capital expenditure reaching EUR 167 million, up from EUR 107 million last year. The company has secured 3-4 store locations in Serbia and plans to open 6-8 stores in the country. Capital expenditure is expected to remain elevated in the coming years, with a forecasted EUR 230 million for this year.

Valuation

With a P/E Ratio of 9.6 and an EV/EBITDA of 4.92, HORNBACH's valuation appears reasonable. The company's ROE stands at 6.91%, and ROIC is at 5.19%. The dividend yield is 2.85%, providing a relatively stable return for investors. Analysts estimate next year's revenue growth at 2.7%, which is slightly above the current year's performance.

Outlook

The full-year outlook remains unchanged, with adjusted EBIT expected to be at the level of the previous year. HORNBACH is confident in its long-term opportunities and is committed to price leadership and being a trusted partner for its customers. As Joanna Kowalska stated, "We're committed to price leadership and being a trusted partner for our customers."

HORNBACH's A-Score