HORNBACH (HBH) Q1 2026 earnings summary

Executive summary

• Net sales increased by 5.7% year-over-year to €1,909.2 million in Q1 2025/26, driven by favorable weather, new store openings, and higher customer frequency.

• Like-for-like sales grew 4.7%, with strong contributions from Germany and other European countries.

• Adjusted EBIT rose 10.4% to €161.7 million, with margin up to 8.5%.

• E-commerce sales grew 11.1%, raising the online share to 13.1% of total sales.

• Earnings per share climbed 11.1% to €6.62, with consolidated net income up 10.5% to €110.5 million.

Financial highlights

• Gross profit increased 5.3% to €672.8 million; gross margin slightly decreased to 35.2%.

• Adjusted EBIT margin improved to 8.5%, up 0.4 percentage points year-over-year.

• Free cash flow surged to €147.7 million from €43.0 million year-over-year, mainly due to working capital changes.

• Total assets rose to €4,706.4 million; equity ratio improved to 45.5%.

• Net financial debt (including leases) decreased to €1,174.9 million.

Outlook and guidance

• Full-year guidance confirmed: net sales expected at or slightly above previous year (€6,200 million), adjusted EBIT likely in the upper half of the guidance range.

• Guidance maintained despite ongoing macroeconomic and inflation-related cost pressures.

• Macroeconomic uncertainties and subdued consumer sentiment remain key risks.