HORNBACH Holding AG & Co. KGaA

Interim / Quarterly Report • Sep 30, 2025

HALF-YEAR FINANCIAL REPORT HORNBACH Holding AG & Co. KGaA Group

6M 2025/26 (MARCH 1 – AUGUST 31, 2025)

INTERIM GROUP MANAGEMENT REPORT

1 st Half and 2nd Quarter of 2025/26 (as of August 31, 2025)

Key figures of the HORNBACH HOLDING AG & Co. KGaA Group	Q2	Q2	Change	6M	6M	Change
(in € million, unless otherwise stated)	2025/26	2024/25	in %	2025/26	2024/25	in %
Net sales	1,689.9	1,640.1	3.0	3,599.1	3,445.8	4.4
of which: in Germany	836.9	833.2	0.4	1,803.4	1,756.7	2.7
of which: in Other European Countries	853.0	806.8	5.7	1,795.7	1,689.1	6.3
Like-for-like sales growth (HORNBACH Baumarkt)1)	2.4%	(1.2)%		3.6%	0.7%
Gross margin as % of net sales	34.6%	34.3%		34.9%	34.9%
EBITDA	165.4	174.8	(5.3)	383.2	376.3	1.8
EBIT	110.1	119.7	(8.1)	272.7	266.2	2.4
Adjusted EBIT2)	110.5	119.0	(7.2)	272.2	265.4	2.5
Consolidated earnings before taxes	94.8	111.1	(14.6)	243.6	242.3	0.5
Consolidated net income3)	68.4	80.8	(15.3)	178.9	180.8	(1.0)
Basic/diluted earnings per share (€)	4.12	4.82	(14.5)	10.74	10.78	(0.4)
Capital expenditure (CAPEX)	59.0	27.9	>100	106.7	51.2	>100

Misc. key figures of the HORNBACH HOLDING AG & Co. KGaA Group	August 31, 2025	February 28, 2025	Change
(in € million, unless otherwise stated)			in %
Total assets	4,625.6	4,614.2	0.2
Shareholders' equity	2,169.4	2,033.5	6.7
Shareholders' equity as % of total assets	46.9%	44.1%
Number of employees4)	25,475	25,329	0.6

Rounding up or down may lead to discrepancies between percentages and totals. Calculation of percentage figures based on € 000s.

1) Like-for like sales net of currency items; includes sales at all stores that have been open for at least one year and online sales

2) Adjusted to exclude non-operating income and expenses

3) Including minority interests pursuant to IFRS

4) Including passive employment relationships

HORNBACH Group increases sales and adjusted EBIT in 1st half of 2025/26 – sales growth in 2nd quarter

• ◼ Consolidated sales of € 3,599.1 million in first half of 2025/26 ahead of previous year's figure (+4.4%)
• ◼ Sales at HORNBACH Baumarkt Subgroup +4.7% with continued high customer footfall – online share rises to 13.1%
• ◼ Growth exceeds sector average: further expansion in market shares
• ◼ Adjusted EBIT increases by 2.5% to € 272.2 million in first half of 2025/26 – improvement in gross profit offsets higher personnel expenses
• ◼ Full-year guidance for 2025/26 confirmed in climate of ongoing macroeconomic uncertainties – three new DIY megastores with garden centers set to open in second half of year

The HORNBACH Group (HORNBACH Holding AG & Co. KGaA Group; ISIN: DE0006083405) further increased its sales in the second quarter (Q2) of 2025/26 (June 1 to August 31, 2025), building on the strong performance already reported for the first quarter. Despite a lower number of business days (-2 days) compared with the previous year's quarter, consolidated sales grew by 3.0% to € 1,689.9 million in Q2 2025/26 (2024/25: € 1,640.1 million).

Based on a very pleasing spring season (Q1), the HORNBACH Group increased its consolidated sales for the first half (6M) by 4.4% to € 3,599.1 million (2024/25: € 3,445.8 million). Driven above all by higher customer footfall, sales at HORNBACH Baumarkt AG, the largest operating Subgroup, grew by 4.7% to € 3,403.6 million in 6M 2025/26 (2024/25: € 3,251.2 million). On a like-for-like basis and net of currency items, sales at the HORNBACH Baumarkt AG Subgroup improved by 3.6%. Sales at the HORNBACH Baustoff Union Subgroup declined by 0.8% to € 195.8 million in 6M 2025/26 (2024/25: € 197.3 million).

The HORNBACH Group's operating earnings excluding non-operating earnings items (adjusted EBIT) decreased by 7.2% to € 110.5 million in Q2 2025/26 (2024/25: € 119.0 million). This resulted in particular from inflation-related pay adjustments and slight workforce growth due to new store openings. At € 272.2 million, adjusted EBIT for 6M 2025/26 was 2.5% higher than the figure for the previous year's period (2024/25: € 265.4 million). The adjusted EBIT margin therefore stood at 7.6% (2024/25: 7.7%). At € 10.74 (-0.4%), earnings per share almost matched the previous year's figure (2024/25: € 10.78).

The full-year sales and earnings guidance for 2025/26 has been confirmed. The HORNBACH Group expects its sales to match or slightly* exceed the previous year's figure (€ 6,200 million) and adjusted EBIT at** the level reported for the 2024/25 financial year (€ 269.5 million). Following one new store opening in 6M 2025/26, the Group will continue its expansion as planned with three DIY store openings in the second half of the year.

Macroeconomic and Sector-Specific Framework

The macroeconomic climate in the first half of the 2025/26 financial year (March 1 to August 31, 2025) was shaped by uncertainties surrounding US trade policy and ongoing geopolitical tensions. The high degree of uncertainty held back macroeconomic developments in the European countries in which HORNBACH operates, and especially in Germany. Given rising unemployment and falling income expectations, the propensity to spend among German consumers decreased further in August 2025.

According to Eurostat, gross domestic product in the European Union (EU) grew year-on-year by 1.6% in Q1 of the 2025 calendar year and by 1.5% in Q2 2025. In Germany, gross domestic product rose by 0.2% in both Q1 and Q2 2025. Private consumer spending in Q2 2025 increased year-on-year by 1.7% in the EU (Q1 2025: +1.6%) and by 1.3% in Germany (Q1 2025: +1.3%).

Annual inflation in the euro area (HICP) ranged between 1.9% and 2.2% in the period under report (2024/25: 2.2% to 2.6%). In Germany, the inflation rate (CPI) ranged between 2.0% and 2.2% in the same period and was thus at a level similar to the previous year (2024/25: 1.9% to 2.2%).

Output in the construction industry in the EU contracted by 0.1% in Q1 of the 2025 calendar year and grew by 3.0% in Q2, in each case compared with the figure for the previous year's quarter. In Germany, output in the construction industry fell year-onyear by 2.9% in Q1 2025 and by 2.0% in Q2 2025. The central building and construction trade in Germany reported an upturn in new orders by 7.3% in the first half of the year. The number of residential building permits issued in Germany also rose by 4.3% in the first half of 2025 compared with the previous year's period.

According to Eurostat, retail sales volumes in the EU (excluding motor vehicle retail; in real terms) grew year-on-year by 1.9% in Q1 2025 and by 2.9% in Q2 2025. As measured by the GfK, consumer confidence in the EU showed a slight downward trend in the first half of the calendar year, with consumers' willingness to spend persisting at a low level.

Source: Eurostat (calendar year figures)		GDP change (%) on previous year's quarter (seasonal and calendar adjustments)	Rate of inflation (%) based on HICP
	Q1 2025	Q2 2025	March - August 2024	March - August 2025
Germany	0.2	0.2	2.0 - 2.8	1.8 - 2.3
Austria	(0.3)	0.3	2.4 - 4.1	3.0 - 4.1
Czechia	2.4	2.6	2.2 - 3.1	1.7 - 2.8
Luxembourg	(1.9)	(0.2)	1.7 - 3.2	1.5 - 2.8
Netherlands	2.5	1.5	2.6 - 3.5	2.4 - 4.1
Romania	0.7	2.1	5.3 - 6.7	4.9 - 8.5
Slovakia	0.8	0.7	2.4 - 3.2	3.9 - 4.6
Sweden	0.7	1.6	1.3 - 2.5	2.1 - 3.4
Switzerland	1.8	1.3	1.0 - 1.5	(0.2) - 0.3
Euro area	1.6	1.5	2.2 - 2.6	1.9 - 2.2
EU	1.7	1.6	2.4 - 2.8	2.2 - 2.5

GDP growth rates and inflation in countries in which HORNBACH operates

Based on figures released by the GfK, German DIY stores and garden centers reported a nominal year-on-year reduction in aggregate gross sales of 1.0% to € 11.04 billion in the first half of the 2025 calendar year. On a like-for-like basis, i.e. excluding stores newly opened, closed, or subject to major conversion measures, sector sales fell by 0.7% in the period from January to June 2025.

According to the GfK, gross sales at DIY stores and garden centers in the first half of the 2025 calendar year grew by 4.1% in the Netherlands, 2.9% in Austria, and 1.6% in Switzerland. Czechia witnessed a 0.3% reduction in sales. No data is available for Luxembourg, Romania, Sweden, or Slovakia.

Sales at DIY stores in Germany (calendar year)

Source: GfK Total Store Report Germany	Q1 2024	Q2 2024	6M 2024	Q1 2025	Q2 2025	6M 2025
Gross sales (€ billion)	4.76	6.39	11.15	4.57	6.47	11.04
Nominal year-on-year change (%)	+4.4	(4.5)	(0.9)	(4.0)	+1.2	(1.0)
Like-for-like year-on-year change (%)	+4.5	(4.0)	(0.6)	(3.5)	+1.4	(0.7)

Earnings, Financial, and Asset Position

Seasonal and Calendar-Related Factors

Impact of weather conditions

Overall, weather conditions in the countries in which HORNBACH operates were better in Q1 2025/26 than in the previous year's quarter. The spring months of March to May were similarly mild, but also consistently drier and sunnier, a factor which impacted positively on demand, particularly for garden product ranges and construction materials. The summer quarter of Q2 2025/26 was characterized by unsettled weather conditions varying from region to region, with above-average volumes of precipitation in Central Europe in July and heatwaves in some regions in June and August.

Number of business days

The first half of the 2025/26 financial year (March 1 to August 31, 2025) had an average of 0.8 business days fewer than the equivalent period in the previous year. The arithmetic calendar-related impact at the Group came to +1.2 business days in Q1 and -2.0 business days in Q2. The calendar-related factor was more pronounced in Germany than at the overall Group, with +1.6 business days in Q1 and -2.7 business days in Q2.

Sales Performance of the HORNBACH Group

The HORNBACH Holding AG & Co. KGaA Group (HORNBACH Group) comprises the HORNBACH Baumarkt AG, HORNBACH Baustoff Union GmbH, and HORNBACH Immobilien AG Subgroups.

In the second quarter of the 2025/26 financial year (June 1 to August 31, 2025), net sales at the HORNBACH Group grew by 3.0% to € 1,689.9 million (2024/25: € 1,640.1 million). At € 3,599.1 million, consolidated sales for the first six months were 4.4% higher than the previous year's figure (2024/25: € 3,445.8 million).

HORNBACH Baumarkt AG Subgroup

Development in HORNBACH's store network

In the first half of 2025/26 (March 26, 2025), the HORNBACH Baumarkt AG Subgroup opened one new DIY store with a garden center in Duisburg (Germany). One HORNBACH DIY store with a garden center was closed in Mainz-Kastel (Germany) on July 30, 2025 and is due to be reopened as a specialist flooring store within the BODENHAUS brand in November 2025. As of August 31, 2025, the Subgroup therefore operated 172 retail outlets (February 28, 2025: 172) with total sales areas of 2.1 million m². Of these, 99 stores are in Germany and 73 in Other European Countries.

Sales performance in 2nd quarter of 2025/26

Net sales at the HORNBACH Baumarkt AG Subgroup in the period from June 1 to August 31, 2025 grew by 3.4% to € 1,592.8 million (2024/25: € 1,539.8 million). The Subgroup generated significantly higher growth in Other European Countries, with sales growth of 5.8% to € 851.3 million (2024/25: € 804.6 million), than in Germany, where net sales increased by 0.9% to € 741.5 million (2024/25: € 735.2 million).

On a like-for-like basis and net of currency items [ Brief Glossary on Page 11], sales at the HORNBACH Baumarkt AG Subgroup rose by 2.4% in Q2 2025/26 (2024/25: -1.2%). Including currency items for non-euro countries, namely Czechia, Romania, Sweden, and Switzerland, Subgroup-wide like-for-like sales were 2.8% higher in Q2 2025/26 than in the previous year's quarter. Like-forlike sales in Germany showed a slight decrease of 0.8% in Q2 2025/26 (2024/25: -2.2%). In Other European Countries, like-forlike sales grew by 5.2% net of currency items (2024/25: -0.3%) and by 6.0% including currency items (2024/25: +1.0%).

Currency-adjusted like-for-like sales performance of HORNBACH DIY stores

(in percent)

Financial year	st Quarter 1	nd Quarter 2	st Half 1
HORNBACH Baumarkt AG Subgroup: 2025/26	+4.7	+2.4	+3.6
HORNBACH Baumarkt AG Subgroup: 2024/25	+2.5	(1.2)	+0.7
Germany: 2025/26	+3.4	(0.8)	+1.5
Germany: 2024/25	+2.9	(2.2)	+0.4
Other European Countries: 2025/26	+5.9	+5.2	+5.6
Other European Countries: 2024/25	+2.1	(0.3)	+1.0

Sales performance in 1st half of 2025/26

Net sales at the HORNBACH Baumarkt AG Subgroup in the period from March 1 to August 31, 2025 totaled € 3,403.6 million and were thus 4.7% ahead of the figure for the previous year's period (2024/25: € 3,251.2 million). On a like-for-like basis and net of currency items, first-half sales increased by 3.6% (2024/25: +0.7%). Including currency items, like-for-like sales grew by 4.1% (2024/25: +0.3%). Online sales (including click & collect and marketplace revenues) rose by 10.2% compared with the first half of the previous year to reach € 447.3 million (2024/25: € 406.0 million). Online sales therefore accounted for 13.1% of the Subgroup's total sales in the first half of 2025/26 (2024/25: 12.5%).

In Germany, net sales rose by 2.9% to € 1,611.5 million in the first half of the financial year (2024/25: € 1,566.5 million). On a like-for-like basis, sales grew by 1.5% (2024/25: +0.4%). Based on the first half of the 2025 calendar year, like-for-like sales also rose by 1.5% and thus outperformed aggregate sales in the German DIY sector in the same period (-0.7%). The market share calculated by the GfK for the period from January to July 2025 stood at 15.5% (2024/25: 14.9%).

In Kundenmonitor Deutschland, the most prestigious consumer survey in the German retail sector, HORNBACH achieved first place for "Overall satisfaction" in 2025. Customers awarded us the best marks in major individual criteria, such as "Product range selection and variety", "Merchandise and product quality", "Services on offer", and "Topicality and modernity of product range", as well as in most criteria relating to the website and online shop.

◼ In the Other European Countries region, where retail activities in the eight countries outside Germany are pooled, the HORN-BACH Baumarkt AG Subgroup achieved net sales growth of 6.4% to € 1,792.2 million in the first half of the financial year (2024/25: € 1,684.8 million). The international share of sales therefore rose from 51.8% to 52.7%. Like-for-like sales grew by 5.6% excluding currency items (2024/25: +1.0%) and by 6.4% including currency items (2024/25: +0.3%). Based on GfK calculations, HORNBACH was able to expand its market shares in the period from January to July 2025: to 28.8% in the Netherlands (2024: 27.5%), 17.7% in Austria (2024: 17.3%), 14.8% in Switzerland (2024: 14.3%), and 38.5% in Czechia (2024: 37.4%).

HORNBACH also achieved strong rankings in external customer satisfaction studies in other European countries. In Kundenmonitor Österreich, HORNBACH came first both in the overall assessment and in the online shop category. In Kundenmonitor Schweiz, HORNBACH was awarded second place in the overall assessment. In the Netherlands, HORNBACH was ranked second in the "Retailer of the Year" customer survey and singled out as the best online DIY shop.

HORNBACH Baustoff Union GmbH Subgroup

The HORNBACH Baustoff Union GmbH (HBU) Subgroup, which focuses on the needs of customers in the main construction and subconstruction trades, as well as on private construction clients, operated a total of 39 builders' merchant outlets as of August 31, 2025, of which 37 in south-western Germany and two at locations close to the border in France. There were no changes in the Subgroup's network of outlets in the first half of the year.

Given the ongoing weakness of the construction sector in Germany, the HBU Subgroup's sales fell by 4.4% to € 97.1 million in the second quarter of 2025/26 (2024/25: € 101.6 million). On a cumulative basis for the six-month period, sales decreased by 0.8% to € 195.8 million (2024/25: € 197.3 million).

Earnings Performance

The following information relates to the earnings performance of the overall HORNBACH Holding AG & Co. KGaA Group.

2 nd quarter of 2025/26

• ◼ Gross profit increased by 3.9% to € 584.5 million (2024/25: € 562.8 million). The gross margin, i.e. gross profit as a percentage of net sales [ Brief Glossary on Page 11], thus improved to 34.6% (2024/25: 34.3%).
• ◼ Selling and store expenses rose year-on-year by 5.0% to € 395.5 million in the second quarter of 2025/26 (2024/25: € 376.8 million). Personnel expenses (including bonuses) grew by 6.7% in Q2 2025/26, with this increase largely being due to pay rises in the second half of the previous financial year and expansion-related growth in the Group's workforce. Operating expenses rose year-on-year by 3.2%; due not least to shifts in spending between individual quarters, advertising expenses were 6.5% higher than in the previous year's quarter. By contrast, depreciation of right-of-use assets, which is included in selling and store expenses, showed a slight decrease of -0.5%. The store expense ratio [ Brief Glossary on Page 11] stood at 23.4% (2024/25: 23.0%). Given preparations for store openings in Q3 2025/26, pre-opening expenses rose from € 1.1 million to € 3.7 million. The pre-opening expense ratio [ Brief Glossary on Page 11] therefore came to 0.2% (2024/25: 0.1%). Due in particular to salary adjustments and the implementation of technology projects, general and administration expenses increased by 5.1% to € 78.4 million (2024/25: € 74.6 million). As in the previous year, the administration expense ratio [ Brief Glossary on Page 11] amounted to 4.6%.
• ◼ Earnings before interest, taxes, depreciation, and amortization (EBITDA) [ Brief Glossary on Page 12] decreased by 5.3% to € 165.4 million in the second quarter of 2025/26 (2024/25: € 174.8 million).
• ◼ The HORNBACH Group's operating earnings (EBIT) amounted to € 110.1 million (2024/25: € 119.7 million). Negative non-operating earnings items of € 0.4 million arose in Q2 2025/26 due to the discontinuation of a location project (2024/25: positive non-operating earnings items of € 0.7 million). Adjusted EBIT [ Brief Glossary on Page 12] thus declined by 7.2% to € 110.5 million (2024/25: € 119.0 million). The adjusted EBIT margin came to 6.5% (2024/25: 7.3%).
• ◼ At € -15.2 million, net financial expenses were significantly lower than the figure for the previous year's quarter (2024/25: € 8.7 million). Net interest expenses fell to € -12.6 million (2024/25: € -11.0 million). Furthermore, negative currency items (other financial result) of € 2.6 million arose in Q2 2025/26 (2024/25: positive currency items of € 2.3 million). Consolidated earnings before taxes (EBT) [ Brief Glossary on Page 12] fell year-on-year by 14.6% to € 94.8 million (2024/25: € 111.1 million).
• ◼ Based on a tax rate of 27.9% (202425: 27.3%), the consolidated net income of € 68.4 million including minority interests fell 15.3% short of the previous year's figure (2024/25: € 80.8 million). Earnings per share stood at € 4.12 in the second quarter of 2025/26 (2024/25: € 4.82).

1 st half of 2025/26

• ◼ Gross profit grew by 4.6% to € 1,257.3 million in the six-month period (2024/25: € 1,201.9 million). As in the previous year's period, the gross margin [ Brief Glossary on Page 11] amounted to 34.9%. Overall, a slight reduction in retail prices for comparable articles was offset by a more profitable product mix, changes to the product range, and positive procurement effects.
• ◼ Selling and store expenses grew less rapidly than sales in the half-year period, rising by 4.0% to € 826.4 million (2024/25: € 794.3 million). Around 57% of selling and store expenses involved personnel expenses which, including bonuses, increased year-on-year by 5.8% in the half-year period. Operating expenses rose by 2.5% and advertising expenses by 1.9%, while depreciation and amortization eased by 0.2%. Overall, the store expense ratio therefore fell from 23.1% to 23.0%. The Group's expansion led pre-opening expenses to increase from € 2.0 million in the previous year's period to € 6.2 million, as a result of which the pre-opening expense ratio rose from 0.1% to 0.2%. Chiefly driven by higher personnel expenses, general and administration expenses rose by 4.7% to € 159.4 million (2024/25: € 152.2 million). The administration expense ratio remained unchanged at 4.4%.
• ◼ EBITDA grew by 1.8% to € 383.2 million (2024/25: € 376.3 million).
• ◼ Thanks to the pleasing first quarter, the HORNBACH Group's EBIT of € 272.7 million for the first six months of 2025/26 was 2.4% higher than the previous year's figure (2024/25: € 266.2 million). Positive non-operating earnings items totaling € 0.5 million arose in this period (2024/25: positive non-operating earnings items of € 0.7 million). EBIT adjusted to exclude non-operating earnings items, i.e. adjusted EBIT, grew by 2.5% to € 272.2 million (2024/25: € 265.4 million). The adjusted EBIT margin stood at 7.6% in the first half of the year (2024/25: 7.7%).
• ◼ Net financial expenses fell to € -29.1 million (2024/25: € -23.8 million). The net interest expenses included in this figure amounted to € -25.1 million (2024/25: € -22.8 million). Currency items (other financial result) led to a charge of € 4.0 million in the half-year period (2024/25: € -1.1 million). Consolidated earnings before taxes (EBT) increased by 0.5% to € 243.6 million (2024/25: € 242.3 million). The tax rate rose from 25.4% to 26.5%. This was due, among other factors, to non-period items resulting from the gradual reduction in the corporate income tax rate from 2028 as part of the German Federal Government's Immediate Investment Program.
• ◼ Consolidated net income including minority interests therefore fell by 1.0% to € 178.9 million (2024/25: € 180.8 million). Earnings per share amounted to € 10.74 in the first half of 2025/26 (2024/25: € 10.78).

Earnings performance in the 1st half of 2025/26 by segment

Operating earnings (EBIT) at the HORNBACH Baumarkt AG Subgroup rose to € 251.2 million in the first half of 2025/26 (2024/25: € 242.2 million). The discontinuation of a location project resulted in negative non-operating earnings items of € 0.4 million in this period (2024/25: none). Adjusted EBIT grew year-on-year by 3.9% to € 251.6 million (2024/25: € 242.2 million). The adjusted EBIT margin came to 7.4% (2024/25: 7.5%).

At the HORNBACH Baustoff Union GmbH Subgroup, EBIT fell to € 3.6 million in the first half of 2025/26 (2024/25: € 5.5 million). This way mainly due to a slight decline in sales and gross profit, as well as to negative items in other comprehensive income. As in the previous year, no non-operating earnings items arose in the first half of the year. The Subgroup's adjusted EBIT therefore corresponds to its EBIT.

EBIT at the HORNBACH Immobilien AG Subgroup stood at € 33.4 million in the first half of 2025/26 (2024/25: € 32.9 million). Positive non-operating earnings items of € 0.9 million were generated in the period under report by disposal gains resulting from the sale of a piece of land (2024/25: positive non-operating earnings items of € 0.7 million). Adjusted EBIT therefore amounted to € 32.5 million and was 1.0% higher than the previous year's figure (2024/25: € 32.2 million).

Financial and Asset Position

Financial position

The cash flow from operating activities rose from € 193.8 million in the first half of the previous year to € 271.6 million in the first half of 2025/26. The change in working capital led to an outflow of € 23.9 million (2024/25: outflow of € 103.5 million). The difference to the figure for the first half of the previous year is chiefly due to lower utilization of the reverse factoring program which, as usual, was fully repaid in the first quarter of 2025/26, as well as to a more substantial reduction in inventories than in the previous year's period. At € 295.5 million, the inflow of cash from operating activities (funds from operations) almost matched the previous year's figure (2024/25: € 297.3 million).

The outflow of funds for investing activities totaled € 102.3 million (2024/25: € 42.1 million). Among other items, this figure includes cash-effective capital expenditure of € 106.7 million (2024/25: € 51.4 million) on land and buildings, plant and office equipment at new and existing stores, and intangible assets (mainly software). The previous year's figure also included investment grants of € 6.6 million. An amount of € 59.6 million was invested in land and buildings (2024/25: € 16.8 million). Among other items, this figure includes construction expenses for new locations in the current financial year and purchases of land for further expansion projects. An amount of € 35.7 million was attributable to plant and office equipment at new and existing stores(2024/25: € 27.8 million), while € 11.4 million (2024/25: € 6.8 million) related to intangible assets (mainly software). In the previous year, delays in projects meant that first-half capital expenditure was significantly lower.

The outflow of funds for financing activities amounted to € 109.7 million in the first half (2024/25: outflow of € 116.4 million). This figure particularly comprises dividend payments of € 39.7 million (2024/25: € 39.9 million), outflows of € 13.9 million for repayments of financial loans (2024/25: € 14.8 million), and outflows of € 56.1 million for repayments of current and non-current lease liabilities (2024/25: € 55.4 million). The previous year's figure also included outgoing payments of € 14.2 million for interests in subsidiaries. After the dividend, the free cash flow [ Brief Glossary on Page 12] came to € 129.6 million (2024/25: € 111.7 million). Information about the financing and investing activities of the HORNBACH Group can be found in the cash flow statement on Page 17.

Asset position

At € 4,625.6 million, total assets at August 31, 2025 approximated to the figure at the balance sheet date on February 28, 2025 (€ 4,614.2 million). While property, plant and equipment, right-of-use assets, and investment property showed a slight overall increase (€ +34.5 million), inventories were significantly lower (€ -106.7 million). Cash and cash equivalents also rose (€ +63.6 million). Largely due to higher revenue reserves, shareholders' equity as posted in the balance sheet rose to € 2,169.4 million, up 6.7% on the previous balance sheet date (February 28, 2025: € 2,033.5 million). The equity ratio [ Brief Glossary on Page 12] thus rose to 46.9% as of August 31, 2025 (February 28, 2025: 44.1%). Net financial debt [ Brief Glossary on Page 12] including current and non-current lease liabilities pursuant to IFRS 16 fell to € 1,196.7 million, down from € 1,277.0 million at the previous balance sheet date. The debt ratio [ Brief Glossary on Page 12] thus improved to 2.4 (February 28, 2025: 2.6). Excluding current and non-current lease liabilities pursuant to IFRS 16, the Group posted net financial debt of € 272.4 million as of August 31, 2025 (February 28, 2025: € 342.1 million).

Other Disclosures

Employees

A total of 25,475 individuals were in fixed employment at the HORNBACH Holding AG & Co. KGaA Group as of the reporting date on August 31, 2025 (February 28, 2025: 25,329).

Personnel change in the Board of Management at the General Partner

Karin Dohm prematurely stood down from her position on the Board of Management of the General Partner, HORNBACH Management AG, as of the end of March 31, 2025. The Supervisory Board of HORNBACH Management AG appointed Dr. Joanna Kowalska as a new member of the Board of Management and as Chief Financial Officer (CFO) as of August 15, 2025.

Rating

The long-term issuer rating of HORNBACH Baumarkt AG and the rating of its senior unsecured liabilities were most recently confirmed by S&P Global Ratings in November 2024 at "BB+" with a stable outlook. Following initial assessment, HORNBACH Holding AG & Co. KGaA was rated by Scope Ratings at BBB- with a stable outlook in January 2025 and thus obtained an investment grade issuer rating.

Statement of figures

Figures have been rounded up or down to the nearest million euro amount. Such rounding up or down may result in minor discrepancies between the various presentations. Percentages have been calculated on the basis of thousand euro figures.

Risk and Opportunity Report

We reported in detail on the risks and opportunities involved in the future business activities of the HORNBACH Holding AG & Co. KGaA Group in the Risk Report and the Opportunity Report in the 2024/25 Group Management Report (Page 63 onwards of the 2024/25 Annual Report). This basic assessment of the risk situation and of the Group's medium and long-term opportunities had not changed materially upon the publication of this Half-Year Financial Report.

Outlook

Macroeconomic and Sector-Specific Framework

The forecast for the macroeconomic and sector-specific framework is presented in the 2024/25 Group Management Report of the HORNBACH Holding AG & Co. KGaA Group (see Pages 73 and 74 of the 2024/25 Annual Report). While the European Union (EU 27) is expected to achieve slight growth despite global uncertainties (EU Commission forecast: +1.1%), no turnaround is yet apparent in Germany. The latest forecasts issued by German economic research institutes predict growth of 0.1% to 0.2% in the country's gross domestic product in 2025.

Inflation rates in Germany and the EU are stabilizing further and approaching the target value of 2%. The European Central Bank is not expected to make any further changes to rates following its latest interest rate cut in June 2025.

Forecast Business Performance of the HORNBACH Group in 2025/26

Expansion

Three new HORNBACH DIY stores and garden centers in total are scheduled to be opened in the second half of the 2025/26 financial year. Locations in Bucharest-Colentina (Romania) and Eisenstadt (Austria) opened at the beginning of September. The opening of the Timisoara 2 location (Romania) is planned to take place in October. Closed in July 2025, the DIY store and garden center in Mainz-Kastel (Germany) is currently undergoing conversion and due to reopen under the BODENHAUS brand in November. The HORNBACH Baumarkt AG Subgroup is thus expected to operate 176 locations at the end of the financial year on February 28, 2026 (February 28, 2025: 172), of which 76 outside Germany (Other European Countries).

Sales and earnings guidance

HORNBACH can confirm the guidance published on May 21, 2025. For the 2025/26 financial year, the Group continues to expect its net sales to match or slightly* exceed the previous year's figure (€ 6,200 million) and adjusted EBIT at** the level reported for the 2024/25 financial year (€ 269.5 million). Given the good earnings performance in the first half of 2025/26, an adjusted EBIT in the upper half of the projected range currently appears likely.

As already communicated upon publication of the annual results for 2024/25 on May 21, 2025, significant macroeconomic uncertainties which could impact on consumer sentiment in the second half of the year continue to apply.

* Nomenclature for sales guidance: "at previous year's level" = -2% to +2% | "slight"" = +/- 2% to +/- 6% | "significant" = changes of more than 6%.

** Nomenclature for adjusted EBIT guidance: "at previous year's level" = -5% to +5% | "slight" = +/- 5% to +/- 12% | "significant" = > +/- 12%.

Brief Glossary of Key Performance Figures

In this Half-Year Financial Report we also refer to the following key performance figures that are not defined in IFRS to comment on our asset, financial, and earnings situation. These figures should also be viewed in the overall context of the information published in the Annual Report concerning the Group's management system.

Sales	Sales are the central management figure for the operating business and a key indicator of our success with custom ers. The sales performance is reported in euros as net sales (excluding sales tax). Sales generated in countries out side the euro area in the period under report are translated using the relevant average exchange rate. Sales are a major key figure referred to when calculating the one-year variable remuneration for members of the Board of Man agement.
Adjusted EBIT	Earnings before interest and taxes adjusted to exclude non-operating earnings items, or adjusted EBIT, is the Group's most important earnings figure. The elimination of non-operating earnings items involves adding non-oper ating expenses (e.g. impairment losses on right-of-use assets, properties, or advertising-related assets) and deduct ing non-operating income (e.g. income from disposals of properties, income from write-ups of assets impaired in previous years). Adjusted EBIT is therefore particularly useful for management purposes and for comparing the oper ating earnings performance over time or in forecasts.
Like-for-like sales net of currency items (change in %)	The rate of change in like-for-like sales net of currency items serves to indicate the organic growth in HORN BACH's retail activities (stationary stores and online shops). The calculation of like-for-like sales is based on all DIY stores with garden centers that have been in operation for at least twelve months and on sales in the online busi ness. By contrast, no account is taken of stores newly opened, closed, or subject to substantial conversion work in the past twelve months. Like-for-like sales are calculated without sales tax (net) and based on the local currency for the reporting period under comparison (currency-adjusted). In addition, we also calculate like-for-like sales on a euro basis and including currency items in the non-euro countries within our European store network.
Gross profit and gross margin	The development in gross profit and the gross margin act as indicators of our gross trading performance. The gross margin is defined as gross profit (net balance of sales and cost of goods sold) as a percentage of net sales. This margin is chiefly influenced by developments in procurement and retail prices, changes in the product mix, and cur rency items resulting from international procurement.
Cost ratios	The store expense ratio corresponds to selling and store expenses divided by net sales. Selling and store expenses involve those costs incurred in connection with operating stationary DIY stores with garden centers and online shops. These mainly involve personnel expenses, costs of premises and advertising expenses, as well as depreciation and amortization. Moreover, this item also includes general operating expenses, such as transport costs and expenses for maintenance and upkeep.
	The pre-opening expense ratio is obtained by dividing pre-opening expenses by net sales. Pre-opening expenses relate to those expenses arising at or close to the time of the construction up to the opening of new stationary DIY stores with garden centers. Pre-opening expenses mainly consist of personnel expenses, costs of premises, and ad ministration expenses.
	The administration expense ratio corresponds to the quotient of administration expenses and net sales. General and administration expenses include all costs incurred by administration departments in connection with the operation or construction of stationary DIY stores with garden centers and with the development and operation of online retail (e business) which cannot be directly allocated to such. They mainly consist of personnel expenses, legal and advisory expenses, depreciation and amortization, costs of premises, and travel and vehicle expenses. As well as purely ad ministrative expenses, these expenses also include project-related expenses, and in particular expenses for digitali zation and interconnected retail.

EBITDA	EBITDA stands for earnings before interest, taxes, depreciation, amortization and write-ups. EBITDA is calculated on the basis of EBIT and by adding depreciation and amortization recognized through profit and loss on property, plant and equipment, right-of-use assets, and intangible assets and subtracting any write-ups recognized through profit on loss on these items. This neutralizes any distortive effects resulting from different methods of depreciation and amortization and from discretionary valuation scope.
EBIT	EBIT, which stands for earnings before interest and taxes, is calculated on the basis of gross profit in euros and by subtracting expenses (store, pre-opening, and administration expenses) and adding other income/expenses. Due to its independence from different forms of financing and tax systems, EBIT is referred to when comparing earnings with those at other companies.
EBT	EBT refers to earnings before taxes in the period under report. This key figure is independent of different manage ment systems but also includes interest items. EBT is a major key figure referred to when calculating the one-year variable remuneration for members of the Board of Management.
Equity ratio	The equity ratio is calculated by dividing shareholders' equity as posted in the balance sheet by total capital (total assets). To safeguard its financial stability and independence, HORNBACH basically aims to maintain an equity ratio that is permanently stable and high by sector standards. HORNBACH has entered into covenants towards certain debt providers that require the company to maintain an equity ratio of at least 25%.
Net financial debt and debt ratio	Net financial debt is calculated as total current and non-current financial debt (including lease liabilities) less cash and cash equivalents and – where applicable – less current financial assets (e.g. short-term time deposits). The debt ratio is determined by stating net financial debt as a proportion of EBITDA.
Capital expenditure and free cash flow (FCF)	In managing its financial and asset position, the HORNBACH Holding AG & Co. KGaA Group pursues the objective of safeguarding the Group's liquidity at all times and covering the financing requirements for the Group's sustainable growth at the least possible expense. Other key management figures relevant in this respect include cash-effective capital expenditure on land, buildings, plant and office equipment for new and existing DIY stores with garden cen ters, and intangible assets (CAPEX). Here, we aim to finance capital expenditure wherever possible from the cash flow from operations to enable a free cash flow (FCF) to be generated. The FCF is calculated as the cash flow from operations plus proceeds from disposals of non-current assets and less capital expenditure and dividends paid.

INTERIM CONSOLIDATED FINANCIAL STATEMENTS

Income Statement

€ million	Q2 2025/26	Q2 2024/25	Change in %	6M 2025/26	6M 2024/25	Change in %
Sales	1,689.9	1,640.1	3.0	3,599.1	3,445.8	4.4
Cost of goods sold	1,105.4	1,077.2	2.6	2,341.8	2,243.9	4.4
Gross profit	584.5	562.8	3.9	1,257.3	1,201.9	4.6
Selling and store expenses	395.5	376.8	5.0	826.4	794.3	4.0
Pre-opening expenses	3.7	1.1	>100	6.2	2.0	>100
General and administration expenses	78.4	74.6	5.1	159.4	152.2	4.7
Other income and expenses	3.1	9.4	(66.7)	7.4	12.8	(42.1)
Earnings before interest and taxes (EBIT)	110.1	119.7	(8.1)	272.7	266.2	2.4
Interest and similar income	1.8	2.9	(38.2)	3.1	4.8	(34.7)
Interest and similar expenses	14.4	13.8	3.9	28.2	27.6	2.4
Other financial result	(2.6)	2.3	>-100	(4.0)	(1.1)	>-100
Net financial expenses	(15.2)	(8.7)	75.9	(29.1)	(23.8)	21.9
Consolidated earnings before taxes	94.8	111.1	(14.6)	243.6	242.3	0.5
Taxes on income	26.4	30.3	(12.8)	64.7	61.6	5.0
Consolidated net income	68.4	80.8	(15.3)	178.9	180.8	(1.0)
of which: income attributable to shareholders	65.7	77.0	(14.6)	171.6	172.2	(0.3)
of which: non-controlling interests	2.6	3.8	(30.6)	7.3	8.6	(14.4)
Basic/diluted earnings per share (€)	4.12	4.82	(14.5)	10.74	10.78	(0.4)

Statement of Comprehensive Income

€ million	Q2	Q2	6M	6M
	2025/26	2024/25	2025/26	2024/25
Consolidated net income	68.4	80.8	178.9	180.8
Actuarial gains and losses on defined benefit plans	1.2	(5.5)	(1.6)	(4.0)
Deferred taxes on actuarial gains and losses on defined benefit plans	(0.1)	0.8	0.3	0.6
Other comprehensive income that will not be recycled at a later date		(4.7)	(1.2)	(3.4)
Exchange differences arising on the translation of foreign subsidiaries		4.8	3.4	4.5
Other comprehensive income that will possibly be recycled at a later date		4.8	3.4	4.5
Total comprehensive income		80.8	181.1	181.9
of which: attributable to shareholders	69.3	77.0	173.7	173.3
of which: attributable to non-controlling interest	2.8	3.8	7.4	8.6

Balance Sheet

Assets	August 31, 2025		February 28, 2025
	€ million	%	€ million	%
Non-current assets
Intangible assets	73.4	1.6	65.6	1.4
Property, plant, and equipment	1,935.2	41.8	1,889.2	40.9
Investment property	20.2	0.4	22.2	0.5
Right-of-use assets	785.2	17.0	794.7	17.2
Financial assets	0.2	0.0	0.2	0.0
Other non-current receivables and assets	8.0	0.2	9.0	0.2
Deferred tax assets	40.6	0.9	53.4	1.2
	2,862.8	61.9	2,834.3	61.4
Current assets
Inventories	1,159.4	25.1	1,266.1	27.4
Current financial assets	0.1	0.0	0.1	0.0
Trade receivables	59.6	1.3	52.5	1.1
Contract assets	1.6	0.0	1.5	0.0
Other current assets	131.7	2.8	112.0	2.4
Income tax receivables	29.4	0.6	29.9	0.6
Cash and cash equivalents	380.9	8.2	317.2	6.9
Non-current assets held for sale and disposal groups	0.0	0.0	0.6	0.0
	1,762.8	38.1	1,779.9	38.6
	4,625.6	100.0	4,614.2	100.0

Equity and liabilities	August 31, 2025		February 28, 2025
	€ million	%	€ million	%
Shareholders' equity
Share capital	48.0	1.0	48.0	1.0
Capital reserve	130.6	2.8	130.6	2.8
Revenue reserves	1,906.7	41.2	1,776.8	38.5
Equity of shareholders of HORNBACH HOLDING AG & Co. KGaA	2,085.2	45.1	1,955.3	42.4
Non-controlling interests	84.2	1.8	78.1	1.7
	2,169.4	46.9	2,033.5	44.1
Non-current liabilities
Non-current financial debt	459.1	9.9	468.2	10.1
Non-current lease liabilities	821.6	17.8	833.2	18.1
Pensions and similar obligations	11.9	0.3	7.9	0.2
Deferred tax liabilities	23.0	0.5	35.4	0.8
Other non-current liabilities	50.6	1.1	52.0	1.1
	1,366.1	29.5	1,396.8	30.3
Current liabilities
Current financial debt	194.1	4.2	191.1	4.1
Current lease liabilities	102.8	2.2	101.7	2.2
Trade payables	371.9	8.0	449.2	9.7
Liabilities for reverse factoring program	0.0	0.0	99.5	2.2
Contract liabilities	53.5	1.2	46.9	1.0
Other current liabilities	150.4	3.3	111.7	2.4
Income tax liabilities	58.6	1.3	37.3	0.8
Other provisions and accrued liabilities	158.6	3.4	146.6	3.2
	1,090.0	23.6	1,183.9	25.7
	4,625.6	100.0	4,614.2	100.0

Statement of Changes in Equity

6M 2024/25 € million	Share capital	Capital reserve	Cumulative currency translation	Other revenue reserves	Equity attributable to share holders	Non controlling interests	Total Group equity
Balance at March 1, 2024	48.0	130.5	44.3	1,625.3	1,848.0	100.1	1,948.1
Consolidated net income				172.2	172.2	8.6	180.8
Actuarial gains and losses on defined benefit plans, net after taxes				(3.2)	(3.2)	(0.2)	(3.4)
Exchange differences arising on the translation of foreign subsidiaries			4.3		4.3	0.2	4.5
Total comprehensive income	0.0	0.0	4.3	169.0	173.3	8.6	181.9
Dividend distribution				(38.4)	(38.4)	(1.5)	(39.9)
Treasury stock transactions				(3.9)	(3.9)	0.0	(3.9)
Acquisition of shares of a subsidiary without change of control			0.6	0.1	0.6	(14.8)	(14.2)
Balance at August 31, 2024	48.0	130.5	49.1	1,752.1	1,979.7	92.4	2,072.0

6M 2025/26 € million	Share capital	Capital reserve	Cumulative currency translation	Other revenue reserves	Equity attributable to share holders	Non controlling interests	Total group equity
Balance at March 1, 2025	48.0	130.6	50.5	1,726.3	1,955.3	78.1	2,033.5
Consolidated net income				171.6	171.6	7.3	178.9
Actuarial gains and losses on defined benefit plans, net after taxes Exchange differences arising on				(1.2)	(1.2)	(0.1)	(1.2)
the translation of foreign subsidiaries			3.3		3.3	0.1	3.4
Total comprehensive income	0.0	0.0	3.3	170.4	173.7	7.4	181.1
Dividend distribution				(38.4)	(38.4)	(1.3)	(39.7)
Treasury stock transactions				(5.4)	(5.4)	0.0	(5.4)
Balance at August 31, 2025	48.0	130.6	53.8	1,852.9	2,085.2	84.2	2,169.4

Cash Flow Statement

€ million	6M	6M
	2025/26	2024/25
Consolidated net income	178.9	180.8
Depreciation and amortization of property, plant, and equipment and intangible assets	55.5	56.4
Depreciation of right-of-use assets	55.0	54.5
Change in provisions	2.7	(1.9)
Gains/losses on disposals of non-current assets and of non-current assets held for sale	(2.2)	(0.9)
Change in inventories, trade receivables, and other assets	77.5	29.4
Change in trade payables and other liabilities	(101.4)	(132.9)
Other non-cash income/expenses	5.6	8.5
Cash flow from operating activities	271.6	193.8
Proceeds from disposal of non-current assets and of non-current assets held for sale	4.4	2.5
Payments for investments in property, plant, and equipment	(95.3)	(44.6)
Payments for investments in intangible assets	(11.4)	(6.8)
Government grants received	0.0	6.6
Proceeds in connection with acquisitions of shareholdings and other business units	0.0	0.1
Cash flow from investing activities	(102.3)	(42.1)
Dividends paid	(39.7)	(39.9)
Proceeds from taking up long-term debt	0.0	8.0
Repayment of long-term debt	(13.9)	(14.8)
Repayment of current and non-current lease liabilities	(56.1)	(55.4)
Change in level of shareholding in subsidiary with no change in control	0.0	(14.2)
Cash flow from financing activities	(109.7)	(116.4)
Cash-effective change in cash and cash equivalents	59.6	35.3
Change in cash and cash equivalents due to changes in exchange rates	(0.1)	0.4
Cash and cash equivalents at March 1	314.7	365.3
Cash and cash equivalents at August 31	374.2	400.9

The other non-cash income/expenses item mainly relates to interest deferrals, the period-based updating of financing expenses deferred using the effective interest method, unrecognized exchange rate gains/losses, and deferred taxes.

As well as cash on hand, credit balances at banks, and other short-term deposits amounting in total to € 380.9 million (2024/25: € 408.1 million), cash and cash equivalents also include overdraft liabilities of € 6.7 million (2024/25: € 7.2 million).

The cash flow from operating activities was reduced by income tax payments of € 42.2 million (2024/25: € 40.6 million) and interest payments of € 25.1 million (2024/25: € 23.8 million) and increased by interest received of € 3.1 million (2024/25: € 4.8 million). Of interest payments, an amount of € 18.5 million (2024/25: € 15.9 million) involves interest paid in connection with leases. Furthermore, the cash flow from operating activities also includes the effects of the reverse factoring program. Repayment of the liabilities relating to the reverse factoring program, which amounted to € 99.5 million as of February 28, 2025 (2024/25: € 149.1 million), led to an equivalent reduction in the cash flow from operating activities.

GROUP NOTES

Notes to the Interim Consolidated Financial Statements as of August 31, 2025

(1) Accounting principles

This Group interim report of HORNBACH Holding AG & Co. KGaA and its subsidiaries for the first half of the financial year as of August 31, 2025 has been prepared in accordance with § 315e (1) of the German Commercial Code (HGB) based on International Financial Reporting Standards (IFRS Accounting Standards) in the form requiring mandatory application in the European Union. The abridged interim report has been prepared in accordance with IAS 34 "Interim Financial Reporting".

Pursuant to IAS 34 "Interim Financial Reporting", income tax expenses for the first half have been calculated using the average annual tax rate expected for the financial year as a whole.

This interim report is to be read in conjunction with the consolidated financial statements of HORNBACH Holding AG & Co. KGaA for the 2024/25 financial year. Reference is made to these financial statements on account of the additional information they contain as to the specific accounting policies applied. The notes included therein also apply to this interim report, unless any amendments are expressly indicated. Moreover, this interim report is also consistent with German Accounting Standard No. 16 (DRS 16) – Half-Year Financial Reporting – of the German Accounting Standards Committee (DRSC).

Figures have been rounded up or down to the nearest million euros. This may result in discrepancies between figures in the various numeric presentations. Percentages have been calculated on the basis of € 000s.

Changes in accounting principles

The new standards, amendments to standards, and interpretations requiring first-time application in the 2025/26 financial year were described in the 2024/25 consolidated financial statements. These changes did not have any material implications for the interim consolidated financial statements.

(2) Scope of consolidation

In addition to HORNBACH Holding AG & Co. KGaA, 67 subsidiaries were included in the consolidated financial statements by way of full consolidation as of August 31, 2025 (February 28, 2025: 67 subsidiaries).

HORNBACH Baumarkt AG Subgroup

HORNBACH Baumarkt d.o.o. Belgrade, Serbia was founded in the 1st quarter of 2025/26 and included in the scope of consolidation for the first time. This company has its legal domicile in Belgrade, Serbia. This change in the scope of consolidation does not have any material implications for the Group's asset, financial, or earnings position.

HORNBACH Immobilien AG Subgroup

The real estate company KOTONA a.s., Zamecka, Czechia, was merged with HORNBACH Immobilien H.K. s.r.o., Prague, Czechia, as of March 1, 2025. The merger was executed at the respective carrying amounts.

(3) Seasonal influences

Due to weather conditions, the HORNBACH Holding AG & Co. KGaA Group generally reports a weaker business performance in the fall and winter than in the spring and summer months. These seasonal fluctuations are reflected in the figures for the first half. The business performance in the first six months as of August 31, 2025 does not necessarily provide an indication for the year as a whole.

(4) Other income and expenses

Other income and expenses are structured as follows:

€ million	Q2	Q2	Change
	2025/26	2024/25	in %
Other income	7.6	13.2	(42.9)
Other expenses	4.4	3.8	15.4
Other income and expenses	3.1	9.4	(66.7)

€ million	6M	6M	Change
	2025/26	2024/25	in %
Other income	16.5	19.9	(17.4)
Other expenses	9.0	7.1	27.1
Other income and expenses	7.4	12.8	(42.1)

Other income for the first half of 2025/26 mainly results from operating income and chiefly relates to ancillary revenues at DIY stores with garden centers, income from damages payments and disposal services, and income from disposals of non-current assets. It also includes non-operating income of € 0.9 million from the disposal of a piece of land. In the previous year, this line item included non-operating income of € 0.7 million from the write-up of a piece of land held for sale.

Other expenses mainly relate to operating expenses. These predominantly involve impairments of receivables, losses incurred for damages, and losses incurred upon the disposal of assets. Furthermore, non-operating expenses of € 0.4 million resulting from the discontinuation of a project are included in pre-opening expenses. There were no non-operating expenses in the previous year.

(5) Earnings per share

Basic earnings per share are calculated pursuant to IAS 33 "Earnings per Share" as the quotient of the income allocable to the shareholders of HORNBACH Holding AG & Co. KGaA for the period under report and the weighted average number of shares issued. As in the previous year, no dilutive effects had to be accounted for when calculating earnings per share.

	Q2	Q2
	2025/26	2024/25
Number of ordinary shares issued	15,964,902	15,962,200
Consolidated net income attributable to shareholders in HORNBACH Holding AG & Co. KGaA in € million	65.7	77.0
Earnings per share in €	4.12	4.82

	6M	6M
	2025/26	2024/25
Number of ordinary shares issued	15,980,826	15,976,581
Consolidated net income attributable to shareholders in HORNBACH Holding AG & Co. KGaA in € million	171.6	172.2
Earnings per share in €	10.74	10.78

(6) Other disclosures

The personnel expenses of the HORNBACH Holding AG & Co. KGaA Group amounted to € 580.3 million in the first half of the 2025/26 financial year (2024/25: € 549.1 million).

Depreciation and amortization totaling € 55.5 million was recognized on intangible assets and property, plant and equipment at the HORNBACH Holding AG & Co. KGaA Group in the first six months of the 2025/26 financial year (2024/25: € 56.4 million). An amount of € 55.0 million involved depreciation of right-of-use assets in connection with leases (2024/25: € 54.5 million).

(7) Shareholders' equity

On July 7, 2025, the Board of Management of HORNBACH Baumarkt AG resolved pursuant to § 71 (1) No. 2 of the German Stock Corporation Act (AktG) to acquire up to 65,000 treasury stock shares. These shares are to be acquired for the annual issue of employee shares scheduled to take place at the end of 2025. The buyback of shares began on July 18, 2025 and is limited to February 28, 2026. As of August 31, 2025, HORNBACH Baumarkt AG had acquired 50,721 treasury stock shares. In the statement of changes in equity, the acquisition costs for these shares (€ 5.4 million) have been recognized under "Treasury stock transactions".

The buyback of shares on the basis of this management board resolution is being executed in accordance with the safe harbor regulations set out in Article 5 of Regulation (EU) No. 596/2014 of the European Parliament and Council dated April 14, 2014 and with the delegated Regulation (EU) 2016/1052 of the Commission dated March 8, 2016.

(8) Dividend

As proposed by the Board of Management of the General Partner HORNBACH Management AG and the Supervisory Board of HORN-BACH Holding AG & Co. KGaA, following approval by the Annual General Meeting on July 11, 2025 a dividend of € 2.40 per share was distributed to shareholders for the 2024/25 financial year.

(9) Contingent liabilities, guarantees, and other financial obligations

These mainly involve financial obligations in connection with capital expenditure projects, as well as rental, hiring, leasehold, and lease contracts in which the leased items had not yet been handed over for use as of the balance sheet date or which are outside the scope of IFRS 16. These items amounted to € 235.7 million at the end of the period under report (February 28, 2025: € 220.1 million).

The company had contingent liabilities of € 46.1 million as of the balance sheet date (February 28, 2025: € 119.1 million). These mainly relate to conditionally deferred rental relationships. The timing of any potential outflow of funds for contingent liabilities is uncertain, as they depend on various external factors that are outside HORNBACH's control.

(10) Related party disclosures

In addition to the subsidiaries included in the consolidated financial statements, HORNBACH Holding AG & Co. KGaA also has direct or indirect relationships with associated companies when performing its customary business activities. Apart from the transactions reported in the consolidated financial statements, no major transactions were undertaken with closely related companies and persons during the first half of the 2025/26 financial year.

(11) Fair value disclosures

The methods and principles applied to determine fair value are basically unchanged compared with the consolidated financial statements as of February 28, 2025. The following table presents the carrying amounts and fair values of individual financial assets and liabilities pursuant to IFRS 9 as of August 31, 2025:

€ million	Category	Carrying amount	Fair value	Carrying amount	Fair value
		8.31.2025	8.31.2025	2.28.2025	2.28.2025
Assets
Financial assets	FVtOCI	0.2	0.2	0.2	0.2
Current financial assets	AC	0.1	0.1	0.1	0.1
Trade receivables	AC	59.6	59.6	52.5	52.5
Contract assets	AC	1.6	1.6	1.5	1.5
Other current and non-current assets
Derivatives without hedge relationship	FVtPL	1.0	1.0	0.3	0.3
Other assets	AC	99.0	99.0	82.5	82.5
Cash and cash equivalents	AC	380.9	380.9	317.2	317.2
Equity and liabilities
Financial debt
Bonds	AC	249.5	250.5	249.2	247.4
Liabilities to banks	AC	403.2	390.1	409.3	396.4
Lease liabilities	n/a	924.4	n/a	934.9	n/a
Derivatives without hedge relationship	FVtPL	0.6	0.6	0.8	0.8
Trade payables	AC	371.9	371.9	449.2	449.2
Liabilities for reverse factoring program	AC	0.0	0.0	99.5	99.5
Other current and non-current liabilities	AC	17.8	17.8	51.4	51.4
Accrued liabilities	AC	43.9	43.9	31.2	31.2

Other current and non-current assets of € 39.6 million (February 28, 2025: € 38.1 million), other current and non-current liabilities of € 183.2 million (February 28, 2025: € 142.6 million), and accrued liabilities of € 112.2 million (February 28, 2025: € 113.9 million) are outside the scope of IFRS 7.

The following financial instruments measured by reference to input data in the fair value hierarchy have been recognized at fair value in the balance sheet or in the note disclosures:

€ million	Category	8.31.2025	2.28.2025
Assets
Valuation based on Level 2 input data
Derivatives without hedge relationship	FVtPL	1.0	0.3
Valuation based on Level 3 input data
Financial assets	FVtOCI	0.2	0.2
Equity and liabilities
Valuation based on Level 1 input data
Bonds	AC	250.5	247.4
Valuation based on Level 2 input data
Liabilities to banks	AC	390.1	396.4
Derivatives without hedge relationship	FVtPL	0.6	0.8

Derivative financial instruments without hedge relationships involve foreign currency items for outstanding orders.

(12) Segment report

€ million	HORNBACH Baumarkt AG Subgroup		HORNBACH Baustoff Union GmbH Subgroup		HORNBACH Immobilien AG Subgroup		Central Functions		Consolidation adjustments		HORNBACH HOLDING AG & Co. KGaA Group
	6M 2025/26	6M 2024/25	6M 2025/26	6M 2024/25	6M 2025/26	6M 2024/25	6M 2025/26	6M 2024/25	6M 2025/26	6M 2024/25	6M 2025/26	6M 2024/25
Segment sales	3,403.6	3,251.2	195.8	197.3	45.4	44.6	0.0	0.0	(45.8)	(47.3)	3,599.1	3,445.8
Sales to third parties	3,402.5	3,250.4	194.4	193.5	0.0	0.0	0.0	0.0	0.0	0.0	3,596.9	3,443.9
Sales to affiliated companies	0.0	0.0	1.4	3.7	0.0	0.0	0.0	0.0	(1.4)	(3.7)	0.0	0.0
Rental income from third parties	1.1	0.8	0.1	0.1	1.0	1.0	0.0	0.0	0.0	0.0	2.2	1.9
Rental income from affiliated companies	0.0	0.0	0.0	0.0	44.4	43.6	0.0	0.0	(44.4)	(43.6)	0.0	0.0
Cost of goods sold	2,195.8	2,099.4	147.4	148.2	0.0	0.0	0.0	0.0	(1.4)	(3.7)	2,341.8	2,243.9
Gross profit	1,207.9	1,151.8	48.4	49.1	45.4	44.6	0.0	0.0	(44.4)	(43.6)	1,257.3	1,201.9
Selling and store expenses	806.6	773.4	40.4	40.6	11.3	11.5	0.0	0.0	(31.9)	(31.2)	826.4	794.3
EBIT	251.2	242.2	3.6	5.5	33.4	32.9	(3.3)	(2.1)	(12.3)	(12.3)	272.7	266.2
of which: write-ups and depreciation/ amortization	127.6	127.5	5.0	5.2	8.2	7.3	0.0	0.0	(30.2)	(29.8)	110.5	110.1
Segment earnings (adjusted EBIT)	251.6	242.2	3.6	5.5	32.5	32.2	(3.3)	(2.1)	(12.3)	(12.3)	272.2	265.4
Segment assets	4,360.7	4,165.3	230.3	237.6	539.6	456.4	3.0	2.9	(578.1)	(484.4)	4,555.5	4,377.7
of which: credit balances at banks	320.0	349.5	1.4	1.5	10.7	11.2	1.2	0.9	0.0	0.0	333.2	363.1

Reconciliation in € million	6M	6M
	2025/26	2024/25
Segment earnings (adjusted EBIT)	272.2	265.4
Non-operating items	0.5	0.7
Net financial expenses	(29.1)	(23.8)
Consolidated earnings before taxes	243.6	242.3

The table below presents a breakdown of external sales by region and activity:

External sales by region	HORNBACH Baumarkt AG Subgroup		HORNBACH Baustoff Union GmbH Subgroup		HORNBACH Immobilien AG Subgroup		HORNBACH HOLDING AG & Co. KGaA Group
	6M 2025/26	6M 2024/25	6M 2025/26	6M 2024/25	6M 2025/26	6M 2024/25	6M 2025/26	6M 2024/25
Germany	1,611.5	1,566.9	191.0	189.3	0.9	0.9	1,803.4	1,757.1
Other European Countries	1,792.2	1,684.3	3.5	4.3	0.1	0.1	1,795.7	1,688.7
Revenue from contracts with customers	3,403.6	3,251.2	194.5	193.6	1.0	1.0	3,599.1	3,445.8

(13) Events after balance sheet date

In the period since the balance sheet date on August 31, 2025 and prior to the preparation of these financial statements, HORN-BACH Holding AG & Co. KGaA took up four borrowers' note loans with nominal volumes totaling € 150 million, of which € 75 million with a 5-year term and € 75 million with a 7-year term respectively.

Neustadt an der Weinstrasse, September 25, 2025

HORNBACH Holding AG & Co. KGaA represented by HORNBACH Management AG

Albrecht Hornbach Dr. Joanna Kowalska Erich Harsch

RESPONSIBILITY STATEMENT (BALANCE SHEET OATH)

We hereby affirm that, to the best of our knowledge and in accordance with the applicable reporting principles for interim financial reporting, the interim consolidated financial statements give a true and fair view of the assets, liabilities, financial position and profit or loss of the Group, and the interim management report of the Group includes a fair review of the development and performance of the business and the position of the Group, together with a description of the principal opportunities and risks associated with the expected development of the Group for the remaining months of the financial year.

Neustadt an der Weinstrasse, September 25, 2025

HORNBACH Holding AG & Co. KGaA represented by HORNBACH Management AG

Albrecht Hornbach Dr. Joanna Kowalska Erich Harsch

REVIEW REPORT

To HORNBACH Holding AG & Co. KGaA, Neustadt an der Weinstraße/Germany

We have reviewed the condensed interim consolidated financial statements, which comprise the statement of profit and loss and the statement of comprehensive income, the balance sheet, the statement of changes in consolidated equity, the statement of cash flows as well as selected explanatory notes, and the interim group management report of HORNBACH Holding AG & Co. KGaA, Neustadt an der Weinstraße/Germany, for the period from 1 March to 31 August 2025, that are part of the half-year financial information under Section 115 German Securities Trading Act (WpHG). The preparation of the condensed interim consolidated financial statements in accordance with the IFRS® Accounting Standards issued by the International Accounting Standards Board (IFRS Accounting Standards) applicable to interim financial reporting, as adopted by the EU, and of the interim group management report in accordance with the requirements of the WpHG applicable to interim group management reports is the responsibility of the executive directors of the Company. Our responsibility is to issue a review report on the condensed interim consolidated financial statements and on the interim group management report based on our review.

We conducted our review of the condensed interim consolidated financial statements and of the interim group management report in compliance with the German Generally Accepted Standards for Reviews of Financial Statements promulgated by the Institut der Wirtschaftsprüfer (IDW) and in supplementary compliance with the International Standard on Review Engagements 2410 "Review of Interim Financial Information Performed by the Independent Auditor of the Entity". Those standards require that we plan and perform the review to obtain a certain level of assurance to preclude through critical evaluation that the interim consolidated financial statements have not been prepared, in material respects, in accordance with the IFRS Accounting Standards applicable to interim financial reporting, as adopted by the EU, or that the interim group management report has not been prepared, in material respects, in accordance with the requirements of the WpHG applicable to interim group management reports. A review is limited primarily to inquiries of company personnel and to analytical procedures applied to financial data and thus provides less assurance than an audit. Since, in accordance with our engagement, we have not performed an audit, we do not express an audit opinion.

Based on our review, nothing has come to our attention that causes us to believe that the accompanying condensed interim consolidated financial statements of HORNBACH Holding AG & Co. KGaA, Neustadt an der Weinstraße/Germany, have not been prepared, in material respects, in accordance with the IFRS Accounting Standards applicable to interim financial reporting, as adopted by the EU, or that the interim group management report has not been prepared, in material respects, in accordance with the requirements of the WpHG applicable to interim group management reports.

Without qualifying our conclusion, we draw attention to the fact that the quarterly disclosures presented separately in the condensed interim consolidated financial statements and in the interim group management report and the explanations referring thereto were not subject to our review.

Mannheim, den 25. September 2025

Deloitte GmbH Wirtschaftsprüfungsgesellschaft

(Marco Koch) (Christina Marquardt) Wirtschaftsprüfer Wirtschaftsprüferin

FINANCIAL CALENDAR

December 19, 2025	Financial Update Q3/9M 2025/26 as of November 30, 2025
March 25, 2026	Trading Statement as of February 28, 2026
May 19, 2026	Annual Report 2025/26 as of February 28, 2026 Annual Results Press Conference for 2025/26 Financial Year Analysts' Conference of HORNBACH Holding AG & Co. KGaA

Updates: www.hornbach-holding.de/investor-relations/finanzkalender/

Investor Relations investor.relations@hornbach.com www.hornbach-group.com

DISCLAIMER

This Half-Year Financial Report contains forward-looking statements based on assumptions and estimates made by the management of HORNBACH. Although we assume that the expectations expressed or implied in these forward-looking statements are realistic, the company can provide no guarantee that these expectations will also turn out to be accurate. By their nature, forwardlooking statements involve known and unknown risks, uncertainties, assumptions, and other factors which could lead actual results, developments, and outcomes to differ significantly from the forecast statements. The factors which could produce such variances include changes in the economic and business environment, particularly in respect of consumer behavior and the competitive environment in those retail markets of relevance for HORNBACH. Furthermore, they include exceptional weather conditions, a lack of acceptance of new sales formats or new product ranges, as well as changes to the corporate strategy. Forward-looking statements are always only valid at the time at which they are made. HORNBACH has no plans to update forward-looking statements, neither does it accept any obligation to do so.