Kaufman & Broad (KOF) Q2 2025 earnings summary

Executive summary

• Revenue increased to €499.4M in H1 2025, up 10.4% year-over-year, with housing as the main contributor.

• Attributable net income rose to €23.2M, and the company maintained a strong net cash position of €390.7M after repaying a €100M EuroPP bond.

• The company received an investment grade 'BBB-' rating from Fitch and was awarded the 'Best Managed Companies' label for the fourth consecutive year.

• SBTI validated strengthened carbon reduction targets, aiming for a 46.2% reduction in emissions by 2030.

• Full-year 2025 outlook confirmed, expecting 5% revenue growth and EBIT margin between 7.5% and 8%.

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).

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

• EPS for H1 2025 was €1.17, compared to €1.06 in H1 2024.

• Working capital requirement improved to -€296.5M at end May 2025, from -€289.2M at end November 2024.

Outlook and guidance

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

• Net cash is projected to remain significant after a €43M dividend payment for FY 2024.