HORNBACH reported FY 2025/26 consolidated sales of EUR 6.4 billion and adjusted EBIT of about EUR 265 millionwith roughly half of sales generated outside Germany and international operations contributing about two‑thirds of EBIT.
The company pursues a project-focused DIY model with an everyday low price policy, large-format stores and deep online‑offline integration; e‑commerce represents roughly 13% of sales and is supported by 4.3 million customer accounts and over 350 million website visits.
HORNBACH expanded by about 70,000 sqm last year (sales per sqm ~EUR 2.9kup 1.9% YoY), owns ~62% of selling space, and plans to enter Serbia with a first store by the end of 2027 and potential for around six stores.
HORNBACH Holding AG & Co. KGaA (ETR:HBH) highlighted its project-focused DIY retail strategy, expansion plans, and recent trading performance during a presentation at a German Select Conference led by Antje Kelbert, Head of Investor Relations.
Kelbert described HORNBACH as “one of Europe’s leading brand when it comes to home improvement and the DIY sector,” operating as a listed SDAX company and “a very consistent” dividend payer. She said the company has “never suspended or reduced” its dividend since its IPO in 1987.
The company’s largest operating subsidiary is HORNBACH Baumarkt AG, which runs 176 stores across nine European countries, supported by online channels and web shops. A smaller unit, HORNBACH Baustoff Union, accounts for roughly 5% of group sales and serves the construction industry mainly through professional customers, which Kelbert characterized as a merchant or trader business.
Kelbert said the company’s fiscal year is offset and that the past fiscal year ended in February 2026. For FY 2025/26, she reported consolidated sales of EUR 6.4 billionwith “approximately half” generated outside Germany, positioning HORNBACH as a European player. Adjusted EBIT was reported at roughly EUR 265 millionwith international operations contributing about two-thirds of the result.
She added that the company has continuously increased market share in recent years across the countries where it operates.
Kelbert emphasized that HORNBACH differentiates itself by focusing on the “project,” aiming to be a partner for home, garden, and living-related project execution. She said the company aligns its offering around project needs for both retail and professional clients, noting that about 20% of customers come from the professional side.
Key elements of the model described in the presentation included:
Everyday low price policy: Kelbert said HORNBACH is “very strict” on price leadership and “deliberately refrain[s] from promotional discountings.”
Large-format stores and immediate availability: The company’s “real big boxes” are designed to carry deep and broad assortment with “really big volumes” available without pre-ordering.
Convenience features: Kelbert cited drive-in facilities that allow customers to load bulky goods directly into their cars.
Services: Professional services, tool rental, financing solutions, and repair services.
Interconnected Retail: A “deeply integration” of online and offline shopping, including click-and-collect and delivery options, with customers able to move between channels during a single purchase journey.
On digital engagement, Kelbert reported 4.3 million customer accounts and more than 350 million visits to its website and webshop. She also described a customer-account feature providing an automatic refund if a price is reduced within 30 days after purchase. In the Q&A, she said e-commerce represents roughly 13% of sales and that online sales increased by 7% versus the prior year.
Kelbert pointed to sales productivity as an indicator of efficiency, noting that HORNBACH operates the “largest store” compared to German competitors and achieved sales per square meter of EUR 2.9 thousandup 1.9% year over year.
She said the company opened new stores in Romania, Austria, and Germany in the last fiscal year, adding about 70,000 square meters of retail space and hiring about 400 new employees.
Looking ahead on geographic expansion, Kelbert said Serbia is the next targeted market, with the first store opening expected “earliest by the end of 2027.” She said the company sees potential for roughly six stores in Serbian urban centers, has already secured the first locations, and plans to establish an online shop and roll out its interconnected retail approach there as well.
In response to a question on EBIT margin development after COVID-era peaks, Kelbert said the pandemic years were “really outstanding” and that net sales increased sharply while the company could not onboard enough staff at the time. She described subsequent pressure from wage inflation, noting that personnel costs are the largest cost block. She said the company is pursuing efficiency initiatives, including using AI to improve inventory management and reduce logistical tasks for store employees so staff can focus more on customers, as well as efforts to improve efficiency in administration.
Asked about the everyday low price strategy during inflation, Kelbert said HORNBACH does not follow cost-plus pricing, but instead scans the market and positions itself at the low end of prevailing prices. She said that if overall price levels rise, HORNBACH’s prices will also rise, and while the strategy can create “some burden,” it is considered an asset that supports store traffic and gross profit through maintaining topline momentum.
On the company’s real estate holdings, Kelbert said about 62% of selling space is owned, providing flexibility for site changes and expansions and serving as a “finance reserve.” She said the strategic target is “roughly 50%,” and that sale-and-leaseback could be considered as part of the CFO’s toolbox if opportunities arise, though location suitability remains the primary decision driver.
Kelbert also said HORNBACH would provide a fuller set of numbers and guidance for the next fiscal year at its Annual Conference on May 19. She stated the company finished FY 2025/26 within its guided ranges, reporting net sales growth of 3.8% and like-for-like growth of 2.4%. Gross margin was described as strong, while adjusted EBIT was “a little bit below last year” as not all cost increases were fully offset.
HORNBACH Holding AG & Co KGaA, through its subsidiaries, develops and operates do-it-yourself (DIY) megastores with garden centers in Germany and other European countries. Its stationary stores offer hardware/electrical, paint/wallpaper/flooring, construction materials/timber/prefabricated components, sanitary/tiles, and garden hardware/plants. The company also provides a range of construction materials and tools stocked and supply services, as well as professional advice for various product ranges and lines of trade, including shell construction and roofing; interior fittings and facades; and civil engineering, and garden and landscape construction materials for construction, conversion, or refurbishment projects.
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