Howden Joinery Group (LON:HWDN) Releases Earnings Results

Howden Joinery Group (LON:HWDN) posted its quarterly earnings data on Thursday. The company reported GBX 49.20 earnings per share (EPS) for the quarter, Digital Look Earnings reports. Howden Joinery Group had a net margin of 10.82% and a return on equity of 25.70%.

Here are the key takeaways from Howden Joinery Group’s conference call:

• The group delivered a strong set of results with group sales up ~4.1% to £2.4bn, PBT of £345m (c.5% ahead), EPS +8%, gross margin +110bps, ending the year with £345m cash and an increased dividend plus a new £100m share buyback.
• Network-led growth remains a focus — 970 depots trading (891 UK), 23 UK openings in 2025 and plans for ~25 openings and ~45 refurbishments in 2026, with a line of sight to ~1,000 UK depots and a Runcorn expansion to add ~1m cabinets over ~3 years.
• The company emphasised its competitive moat from in‑house manufacturing, the XDC distribution network and new digital tools (99.98% primary-to-depot service level, the PAM pricing tool), plus product pipeline (24 new kitchens for 2026 and ~29% of UK product sales from recent launches) supporting availability, margin and share gains.
• Management expects the UK kitchen market to be roughly flat in 2026 after several years of decline, and highlighted that Howdens gained share in a market they estimate fell ~3% in 2025, expressing confidence it can continue to outperform peers.
• Inflation and cost pressure remain a risk — management expects ~£30m of inflationary headwinds in 2026 (commodities, labour, property) despite planned productivity offsets, and will continue to invest ~£125m p.a. capex plus strategic initiative spend (c.£28m in 2025).

Howden Joinery Group Stock Performance

HWDN traded up GBX 88 during midday trading on Thursday, hitting GBX 944. 6,271,200 shares of the company were exchanged, compared to its average volume of 11,237,741. The company’s 50 day simple moving average is GBX 849.23 and its 200 day simple moving average is GBX 840.40. The firm has a market capitalization of £5.09 billion, a price-to-earnings ratio of 20.39, a price-to-earnings-growth ratio of 1.96 and a beta of 1.07. Howden Joinery Group has a 1-year low of GBX 647.10 and a 1-year high of GBX 957.50. The company has a current ratio of 1.99, a quick ratio of 0.94 and a debt-to-equity ratio of 60.20.

Wall Street Analyst Weigh In

HWDN has been the subject of a number of research analyst reports. Royal Bank Of Canada reaffirmed a “sector perform” rating and issued a GBX 900 price target on shares of Howden Joinery Group in a report on Friday, October 31st. Berenberg Bank reaffirmed a “buy” rating and set a GBX 975 price target on shares of Howden Joinery Group in a research report on Thursday, November 6th. Finally, JPMorgan Chase & Co. boosted their price target on Howden Joinery Group from GBX 884 to GBX 900 and gave the company a “neutral” rating in a research note on Wednesday, December 3rd. One equities research analyst has rated the stock with a Buy rating and three have issued a Hold rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of GBX 918.75.

About Howden Joinery Group

Howden Joinery Group Plc is the parent company of Howdens.

Howdens sells kitchens and joinery products to trade customers, primarily small local builders, through a network of over 850 UK depots. The business also operates over 70 depots across France, the Republic of Ireland, and Belgium.

Howdens only sells to the trade – they have the expertise to ensure that our products are fitted to the highest possible standards. Local Howdens depots build trusted partnerships with trade professionals, helping them to exceed their customers’ expectations and allowing their businesses and ours to profit from doing so.