HORNBACH Baumarkt (HBM) Q4 24/25 earnings summary

Executive summary

• Net sales reached EUR 6.2 billion in FY 2024/2025, up 0.6% year-over-year, with the DIY division contributing 94% of consolidated sales.

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

• HORNBACH Baumarkt AG outperformed the industry, with sales up 1.2% to EUR 5.85 billion and market share gains in key countries.

• E-commerce sales were EUR 720 million, down 1.7%, but Click & Collect and online engagement remained strong.

• Employee count rose 2.2% to 25,329, driven by expansion.

Financial highlights

• Gross margin improved due to lower commodity prices and product mix, while cost increases were kept below gross margin growth.

• Cash flow from operating activities was EUR 318 million; free cash flow reached EUR 108 million.

• Net debt to EBITDA ratio stood at 2.6; financial debt (excluding leasing) reduced by EUR 26 million.

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

Outlook and guidance

• FY 2025/2026 net sales expected to be at or slightly above prior year; adjusted EBIT anticipated at prior year level due to higher personnel costs.

• Guidance remains cautious due to macroeconomic and political uncertainties, despite a strong start to the spring season.