Kaufman & Broad (KOF) Q1 2025 earnings summary

Executive summary

• Q1 2025 revenue rose 9.7% year-over-year to €250.1M, with housing representing 82% and commercial property 16% of total revenue.

• Housing orders increased 6% in volume, with stable values due to product mix; backlog remains stable at €1,975M.

• The company maintains a strong market position, outperforming peers in order intake and take-up rates.

• Land portfolio remains robust with 31,182 lots, covering over five years of activity, and 85% located in high-demand areas.

• Attributable net income reached €11.6M, up from €11M a year ago; EPS at €0.58.

Financial highlights

• Gross margin was €49.2M (19.7% of sales), up €3.3M year-over-year.

• EBIT (COI) was €19.3M, up from €16.8M; EBIT margin improved to 8.4% from 7.4%.

• Net cash position at end-February 2025 was €376.1M, with cash and cash equivalents at €482.7M.

• Working capital requirement improved to -€250M, reflecting efficient cash conversion.

• Shareholders' equity at €248.3M.

Outlook and guidance

• Full-year guidance reaffirmed: revenue growth of ~5%, EBIT margin between 7.5%-8%, and significant net cash after €100M debt repayment and €43M dividend payment.

• Dividend of €2.20 per share proposed, totaling nearly €43M, subject to shareholder approval.

• No change to January guidance despite macroeconomic and political uncertainties.