HORNBACH (HBH) Q3 2026 earnings summary

Executive summary

• Net sales for the first nine months reached €5,137.8 million, up 3.8% year-over-year, with Q3 sales at €1,538.7 million (+2.2%), and the Baumarkt subgroup growing 4% and gaining market share in Germany and Europe.

• Adjusted EBIT for 9M was €299.5 million, nearly flat compared to the prior year; Q3 adjusted EBIT declined by €7.3 million to €27.3 million due to higher costs.

• Four new stores opened, including expansion into Romania, Austria, and a new concept store in Germany; entry into the Serbian market planned with up to eight stores, first opening expected end of 2027.

• E-commerce sales rose 8.1% to €625.2 million, now accounting for 12.9% of total sales, with balanced growth in Click & Collect and direct delivery.

• Customer footfall increased by 2.8% over nine months, with a slight rise in average ticket size.

Financial highlights

• Gross profit increased by 4.1% to €1,784 million, maintaining a stable gross margin of 34.7%.

• EBITDA for 9M was €465.3 million, nearly unchanged year-over-year; Q3 EBITDA fell 8.8% to €82.1 million.

• Consolidated net income for 9M was €189.1 million, down 4.7% year-over-year; Q3 net income dropped 42.2% to €10.2 million.

• Free cash flow after CapEx and dividend was €104.5 million, down from €149.8 million last year, reflecting higher investment.

• Personnel costs rose 4.9% to €871 million, mainly due to wage increases and new store staff.

Outlook and guidance

• Full-year outlook unchanged: net sales expected at or slightly above €6,200 million, with adjusted EBIT at the prior year’s level (€269.5 million).

• CapEx for FY 2025/26 guided up to €230 million, with elevated levels anticipated in coming years due to ongoing expansion.

• No further store openings planned for Q4; 176 locations expected by year-end.

• Positive outlook for 2026, supported by a 15% year-over-year increase in German building permits.

• Guidance reflects continued external challenges and macroeconomic uncertainty.