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

23.06.2026 / 16:58 CET/CEST
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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: 23.06.2026
Target price: 110.00
Last rating change:
Analyst: Ralf Marinoni

Successful start to FY 2026/27

HORNBACH was able to increase sales in Q1-26/27 and market share, too. Its
Baustoff Union sub-group (building materials distribution) was the
faster-growing segment, posting net sales growth of 6.8% to EUR 105m (from
EUR 98m in Q1 2025/26). This segment has suffered from declining sales in
recent years and is now showing signs of recovery due to increased building
permits. Hence, we confirm our Buy recommendation and the EUR 110 TP.

You can download the research here:
https://eqs-cockpit.com/c/fncls.ssp?u=cb898eb83ce79015b07af21d68f0fb8f
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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2352304 23.06.2026 CET/CEST

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