Kaufman & Broad (KOF) Q1 2026 earnings summary

Executive summary

• Q1 2026 revenue was €235.8 million, down 5.7% year-over-year, mainly due to lower housing sector revenue, while commercial property revenue increased to €55.3 million.

• Gross margin improved to 21.2% from 19.7%, driven by a focus on profitability and selective project launches.

• Net attributable income rose slightly to €11.8 million, representing 8.1% of sales.

• Current operating income/EBIT was €19.1 million, with an operating margin of 8.1%.

• Net cash position remained strong at €310.8 million as of February 28, 2026.

Financial highlights

• Housing revenue was €176.7 million, a decrease of 14.1% year-over-year, while commercial property revenue increased to €55.3 million.

• Gross profit was €50.0 million, or 21.2% of sales.

• Net cash position at end-February 2026 was €310.8 million, with total financial capacity exceeding €500 million.

• Equity stood at €251.2 million, and there was no gross debt.

• Working capital requirement was strongly negative at -€191.5 million, mainly due to the Austerlitz project.

Outlook and guidance

• Guidance for FY 2026 confirmed: revenue expected to remain stable versus 2025, EBIT margin near 8%, and net cash to stay positive after a €2.20/share dividend.

• Management remains confident in profitability and financial resilience despite macroeconomic uncertainties.