Hornbach Holding VZO O.N.

HORNBACH Holding KGaA reported higher sales and net income for both the second quarter and the first half, while management kept its 2026/27 revenue expectations steady. The reaffirmed guidance came alongside the fresh quarterly results, with the company continuing to target organic growth across Europe, particularly in markets outside Germany. HORNBACH is also investing in Click & Collect and Direct Delivery to link its online and offline channels, which it expects to improve the customer experience and net margins. On the most followed analyst narrative, the shares screen as 16% undervalued against an implied fair value of €99.69, compared with a last close of €83.7. Soft consumer sentiment in HORNBACH's core markets, along with higher wage and store opening costs, could still cap earnings progress.

HORNBACH Holding AG and Co KGaA reported the highest quarterly net sales in its history, reaching EUR2 billion, a 4.9% increase from last year. Gross profit rose by EUR27 million to EUR700 million, with a gross margin of 35.0%, while adjusted EBIT held steady at EUR161 million. International sales grew 7.5% and now account for 53% of group sales, with e-commerce sales up 9% to a 13.6% share of HORNBACH Baumarkt sales. The company opened a new store in Trnava, Slovakia, and plans additional openings in the Netherlands and Austria in autumn 2026. Free cash flow came in at EUR143 million after capital expenditures of EUR56 million and dividend payments, while net financial debt decreased by 9.2%.