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Kaufman & Broad (KOF) investor relations material
Kaufman & Broad Q3 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Nine-month revenue was €730.8M, down 1.9% YoY; current operating margin was 8.0% and attributable net income was €33.6M, stable YoY.
Housing orders rose 0.3% by volume, outperforming an 18.3% market decline, while order value fell 9.8% amid product-mix changes.
Positive net cash and a land portfolio of 32,091 units, with 87% in high-demand areas, supported resilience.
Fitch reaffirmed the BBB- investment-grade rating with a stable outlook.
Financial highlights
Revenue was €730.8M; housing revenue was €550.2M, down 8.2%, while commercial property revenue rose 25.5% to €167.9M.
Gross margin reached €151.8M, or 20.8% of revenue, up from 20.0% YoY.
Current operating income was €58.2M, with an 8.0% margin versus 7.6% YoY.
Attributable net income was €33.6M, or 4.6% of revenue; EPS was €1.69.
Outlook and guidance
FY2026 revenue is expected to be comparable to 2025, with operating margin near 8% and positive net cash.
Guidance was maintained despite market slowdown and political uncertainty.
Market activity is expected to remain broadly stable through 2028, with permits and construction starts gradually recovering thereafter.
- Stable revenue and strong cash position in H1 2026, outperforming a declining market.KOF
Q2 2026 - Revenue declined but margins and net cash improved; outlook and dividend guidance confirmed.KOF
Q1 2026 - Revenue up 5.5%, strong margins, stable 2026 outlook, and robust cash position.KOF
Q4 2025 - Revenue up 6.2%, strong cash, stable margins, and BBB- rating reaffirmed.KOF
Q3 2025 - Revenue up 10.4% to €499.4M, net income €23.2M, strong cash, and positive FY outlook.KOF
Q2 2025 - Housing outperformed, cash strengthened, and guidance confirmed amid market challenges.KOF
Q3 2024 - Revenue fell 46.7%, but gross margin and net cash improved; housing orders rose.KOF
H1 2024 - Q1 2025 revenue up 9.7%, housing orders up 6%, and strong cash supports 2025 outlook.KOF
Q1 2025 - Solid cash, resilient margins, and strong housing demand despite market headwinds.KOF
Q4 2024 TU
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