^ Original-Research: HORNBACH Holding AG & Co. KGaA - from Quirin Privatbank Kapitalmarktgeschäft

08.12.2025 / 10:46 CET/CEST Dissemination of a Research, transmitted by EQS News - a service of EQS Group. The issuer is solely responsible for the content of this research. The result of this research does not constitute investment advice or an invitation to conclude certain stock exchange transactions.

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Classification of Quirin Privatbank Kapitalmarktgeschäft to HORNBACH Holding AG & Co. KGaA

Company Name: HORNBACH Holding AG & Co. KGaA ISIN: DE0006083405

Reason for the research: update Recommendation: Buy from: 08.12.2025 Target price: 110.00 Last rating change: Analyst: Ralf Marinoni

Q3-25/26: adj. EBIT below last year Based on preliminary figures for Q3 2025/26 (September 1, 2025 to November 30, 2025), HORNBACH Holding anticipates a decline in earnings compared with the same quarter of the previous year due to weaker sales growth.

Net sales rose by 2.2% to EUR 1,538.7m in this period (Q3 2024/25: EUR 1,505.1m) and were weaker than expected. This means that the increase in costs could not be fully offset by sales growth. Adjusted EBIT therefore fell by 21.0% to EUR 27.3m (Q3 2024/25: EUR 34.6m).

The original forecast from May 21, 2025 has been confirmed: The group continues to expect net sales in the financial year 2025/26 at or slightly above (i.e. -2% to +6%) the previous year's level (EUR 6,200m) and adjusted EBIT at the level (i.e. -5% to +5%) of the 2024/25 financial year (EUR 269.5m). However, from a current perspective, adjusted EBIT in the upper half of the projected range is not excluded but is no longer the most likely scenario.

Based on its prel. Q3 2025/26 results, we marginally reduce our estimate for its adjusted EBIT. However, the company is in excellent financial health. As a result, we confirm our Buy recommendation and the EUR 110 TP.

You can download the research here: https://eqs-cockpit.com/c/fncls.ssp?u=24cbd64b2e5894fe16ced6a23f18f7f6 For additional information visit our website: https://research.quirinprivatbank.de/

Contact for questions: Quirin Privatbank AG Institutionelles Research Schillerstraße 20 60313 Frankfurt am Main research@quirinprivatbank.de https://research.quirinprivatbank.de/

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2241742 08.12.2025 CET/CEST

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Quelle: dpa-Afx