HORNBACH (HBH) Q4 24/25 earnings summary

Executive summary

• Net sales reached €6.2 billion in FY 2024-2025, up 0.6% year-over-year, with the DIY division contributing 94% of consolidated sales and Baumarkt subgroup up 1.2%.

• Adjusted EBIT increased 6% to €270 million, driven by improved gross margin and controlled cost growth.

• Gross margin improved to 34.8% due to lower raw material prices, new products, and favorable mix.

• Market share expanded in Germany (15.2%), Netherlands (28.1%), and Czech Republic (37.7%).

• E-commerce share stabilized at 12.3% of Baumarkt sales (€720 million), with click-and-collect and online engagement strong.

Financial highlights

• HORNBACH Baumarkt AG sales grew 1.2% to €5.85 billion; like-for-like sales up 1.1% across Europe.

• Baustoff Union sales declined 6.2% to €357 million, reflecting construction sector weakness.

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

• Free cash flow was €108 million, down from €231.9 million, due to higher working capital needs.

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

Outlook and guidance

• FY 2025-2026 net sales and adjusted EBIT expected to be at or slightly above prior year levels, with cautious guidance due to macroeconomic uncertainty.

• CAPEX planned above €183.7 million for 2025/26, with several new store openings in Europe.