HORNBACH (HBH) Q2 2026 earnings summary

Executive summary

• Net sales grew 4.4% year-over-year to €3,599.1 million in the first half of 2025/26, driven by strong spring and summer seasons, increased customer footfall, and robust e-commerce growth, with online sales reaching 13.1% of total sales.

• Like-for-like sales rose 3.6%, with Germany up 1.5–2.9% and other European countries up 5.6–6.4%; the Netherlands exceeded 10% growth.

• Adjusted EBIT increased by 2.5% to €272.2 million, with the margin stable at 7.6%.

• Market share expanded in all available countries, with notable gains in Germany, the Netherlands, and Czechia.

• International expansion continued with new store openings in Germany, Romania, and Austria.

Financial highlights

• Gross margin remained stable at 34.9%, with gross profit rising to €1,257.3 million.

• Free cash flow after net CapEx and dividend improved to €129.6 million, mainly due to reduced working capital outflow.

• Capital expenditure more than doubled to €107 million, with 56% invested in land and real estate for new stores.

• Equity ratio increased to 46.9%, and net debt-to-EBITDA improved to 2.4.

• Consolidated net income for 6M was €178.9 million, with EPS at €10.74.

Outlook and guidance

• Full-year guidance confirmed: net sales expected at or slightly above prior year (€6,200 million), with adjusted EBIT to remain at or above €269.5 million.

• Adjusted EBIT growth now expected within the upper half of the guidance range due to strong H1 performance.

• Three new stores to open in H2; continued focus on strategic priorities, cost management, and sustainable growth.