Kaufman & Broad (KOF) Q2 2026 earnings summary

Executive summary

• Revenue for H1 2026 reached €500.9M, up 0.3% year-over-year, with housing contributing 74% and commercial property 25%.

• Net attributable income was €23.5M, or 4.7% of sales, slightly up from €23.2M in H1 2025.

• The housing land portfolio remained robust at 35,037 units, with 87% in high-demand areas, supporting nearly 6 years of commercial activity.

• Sustained sales momentum with orders up 0.5% in volume despite a 23% market decline.

• The group maintained a strong financial position with net cash of €242.6M and an undrawn €200M credit line.

Financial highlights

• Gross margin for H1 2026 was €104.7M (20.9% of sales), stable year-over-year.

• Housing revenue was €368.5M (down from €406.0M), while commercial property revenue increased to €123.8M (from €85.7M).

• EBIT: €39.9M (8.0% margin), up from €38.6M (7.7%) in H1 2025.

• Attributable net income: €23.5M, marginally higher than €23.2M in H1 2025.

• Net cash position: €242.6M as of May 31, 2026, after €43.2M dividend payment.

Outlook and guidance

• Full-year 2026 revenue expected to be comparable to 2025.

• Operating income margin forecasted close to 8%.

• Net cash to remain positive after dividend payment of €2.20 per share.

• Guidance contingent on stabilization of economic and political environment.

• Backlog provides strong visibility for the remainder of the year.