HORNBACH Baumarkt (HBM) Q4 25/26 earnings summary

Executive summary

• Net sales increased by 3.8% year-over-year to €6,434m in FY 2025/26, with adjusted EBIT nearly flat at €264.7m, aligning with guidance.

• Achieved strong sales growth despite a challenging environment, with increased footfall, average ticket size, and expanded market share across key European markets.

• Opened a new store in Trnava, Slovakia, and announced further expansion in Austria, the Netherlands, and Serbia.

• Reinforced leadership in sales floor efficiency and e-commerce, with significant growth in online sales and Click & Collect services.

• Stable dividend of €2.40 per share proposed, marking 39 consecutive years of dividend payments.

Financial highlights

• Net sales rose by 3.8% year-over-year to €6,434m, with Baumarkt AG sub-group up 4.0% and Baustoff Union sub-group down 1.3%.

• Gross profit increased by 4.1% to €2,249.1m, with gross margin at 35.0%, offsetting cost increases.

• Adjusted EBIT declined slightly by 1.8% to €264.7m, nearly matching prior-year levels; EBIT including non-operating effects increased by 1.4% to €256.2m.

• E-commerce sales grew 7.0%, raising the online share to 12.7% of Baumarkt AG net sales.

• Free cash flow after net CAPEX and dividend was €122.6m, up from €108.2m the previous year.

Outlook and guidance

• FY 2026/27 guidance projects net sales at or slightly above the prior-year level (-2% to +6%) and adjusted EBIT at the prior-year level (-5% to +5%).

• Three new stores planned, with continued investment in digitalization and operational excellence.

• Planned store openings in Austria, the Netherlands, and Serbia, with continued expansion into new countries.

• Guidance reflects growth from new and existing stores, but also anticipates ongoing geopolitical and cost pressures.