Kaufman & Broad (KOF) Q2 2025 earnings summary

Executive summary

• Revenue increased by 10.4% year-over-year to €499.4M in H1 2025, with housing as the main contributor and commercial property also growing.

• Attributable net income rose to €23.2M from €21.1M in H1 2024, with EPS reaching €1.17.

• Net cash position (excluding IFRS 16 and Put Néorésid/Neoresid lease debt) was €390.7M at end May 2025, reflecting strong liquidity after repaying a €100M EuroPP bond.

• The group maintained a robust backlog of €2.42B and a land reserve of 32,668 lots, supporting over six years of activity.

• Awarded the 'Best Managed Companies' label for the fourth consecutive year and SBTI validation for a 46.2% carbon reduction target by 2030.

Financial highlights

• Housing revenue reached €406.0M (up from €389.6M), and commercial property revenue was €85.7M (up from €54.4M) compared to H1 2024.

• Gross profit was €104.8M (21.0% of sales), with current operating income (EBIT) at €38.6M (7.7% of sales), and EPS at €1.17.

• Net income stood at €23.2M, representing 5.9% of sales.

• Working capital requirement improved to -€296.5M at end May 2025, or -26.4% of sales.

• Free cash flow for H1 2025 was €47.5M.

Outlook and guidance

• 2025 sales expected to grow by approximately 5%, with EBIT margin forecasted between 7.5% and 8%.

• Net cash is projected to remain significant after a €43.1M dividend payment for FY 2024.

• The group is preparing for a moderate market recovery, with stabilization in demand and persistent supply constraints.