Kaufman & Broad (KOF) Q2 2026 earnings summary

Executive summary

• Housing land portfolio remains robust, supporting future growth with 87–95% in high-demand areas and a capacity for nearly 6 years of commercial activity.

• Take-up period for housing units is under five months, significantly faster than the market average, reflecting strong demand alignment.

• Backlog for housing is approximately €2 billion, providing strong visibility for future quarters.

• Company adapts quickly to market and regulatory changes, maintaining agility and resilience, and is recognized for ESG and CSR excellence.

• Net cash position remains strong, supporting ongoing and future projects.

Financial highlights

• H1 2026 revenue was €500.9M, a slight year-over-year increase, with housing contributing €368.5M and commercial property €123.8M.

• Gross margin stable at €104.7M (20.9% of sales).

• Current operating income (EBIT) at €39.9M, with an 8.0% margin.

• Attributable net income stable at €23.5M, or 4.7% of sales.

• Net cash position at €242.6M as of May 31, 2026, after €43M dividend payout.

Outlook and guidance

• Guidance for full-year EBIT margin close to 8% is confirmed.

• Revenues for 2026 expected to remain comparable to 2025.

• Net cash expected to stay positive after €2.20 per share dividend payment.

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