HORNBACH Baumarkt (HBM) Q2 26/27 earnings summary

Executive summary

• Net sales grew by 7.3% in Q2 and 6.0% in H1 2026/27, reaching €3,816.2 million, driven by robust demand, new store openings in Slovakia and Austria, and positive calendar effects.

• Adjusted EBIT increased by 12.8% in Q2 and 4.9% in H1, reaching €285.6 million, with earnings per share up 1.8% to €10.93.

• Market share expanded in Germany and across Europe, outperforming sector averages in key regions.

• Expansion strategy advanced with new store openings in Austria, Slovakia, and the Netherlands, and acquisition of six Hellweg locations in Germany, all leased properties, with planned reopening in spring 2027.

• Customer satisfaction ranked number one in Germany and Austria, with strong results in assortment, price, quality, service, and digital channels.

Financial highlights

• Q2 net sales: €1,813.7 million (+7.3% YoY); H1 net sales: €3,816.2 million (+6.0% YoY).

• Q2 adjusted EBIT: €124.6 million (+12.8% YoY); H1 adjusted EBIT: €285.6 million (+4.9% YoY).

• Gross margin slightly decreased to 34.6% in H1 (vs. 34.9% prior year) due to higher procurement and logistics costs.

• Consolidated net income for H1: €182.2 million (+1.8% YoY); EPS: €10.93.

• E-commerce sales up 8.6% in H1, now 13.5% of Baumarkt sales; Click & Collect grew 19%.

Outlook and guidance

• Full-year guidance for 2026/27 confirmed: net sales expected at or slightly above previous year, adjusted EBIT at the same level as 2025/26.

• CAPEX guidance: €220 million, reflecting ongoing expansion, especially Hellweg integration and Serbia entry.

• Free cash flow to be lower due to higher investments, but operating cash flow remains solid.

• Guidance reflects ongoing geopolitical uncertainties, high energy prices, and moderate cost increases.

• Store openings in Slovakia, Austria, and Netherlands scheduled for 2026.