HORNBACH Baumarkt (HBM) Q4 24/25 earnings summary

Executive summary

• Net sales reached €6.2 billion in FY 2024/2025, up 0.6% year-over-year, with Baumarkt AG contributing €5.85 billion (+1.2%).

• Adjusted EBIT rose 6% to €270 million, reflecting improved gross margin and controlled cost increases.

• Sales per sq m increased 1% to €2,849, nearly 20% above pre-pandemic levels.

• Market share gains in the Netherlands, Czech Republic, Germany, and Switzerland; Austria stable at a high level.

• E-commerce sales were €720 million, down 1.7%, but Click & Collect and online engagement remained strong.

Financial highlights

• Gross margin improved due to lower commodity prices and product mix; cost increases were below gross margin growth.

• Net debt to EBITDA ratio at 2.6; financial debt (excl. leasing) reduced by €26 million.

• Cash flow from operating activities was €318 million; free cash flow reached €108 million.

• Proposed dividend of €2.40 per share, payout ratio at 27%.

Outlook and guidance

• FY 2025/2026 net sales expected at or slightly above prior year; adjusted EBIT anticipated at prior year level due to higher personnel costs.

• Guidance remains cautious due to macroeconomic and geopolitical uncertainties, despite a strong start to the spring season.