Kaufman & Broad (KOF) Q3 2025 earnings summary

Executive summary

• Revenue for the first nine months of 2025 reached €744.7 million, up 6.2% year-over-year, with growth in both housing and commercial property segments and a 13.6% increase in the housing land portfolio.

• Housing orders increased by 9.5% in value and 6.3% in volume, outperforming a declining market.

• Commercial property revenue rose to €134 million, mainly due to progress on the Ostia Lease project.

• The housing land portfolio supports over six years of activity, with 84% of lots in high-demand areas.

• Maintained a strong financial structure with significant net cash and confirmed investment grade rating.

Financial highlights

• Revenue for the nine months reached €744.7 million, up from €701.2 million year-over-year, exceeding guidance.

• Gross margin was €149.2 million (20%), slightly down from 20.9% in 2024 due to a higher commercial mix.

• Current operating income (EBIT) was €56.8 million, with an EBIT margin of 7.6%, stable year-over-year.

• Net income attributable rose to €33.3 million from €31.1 million a year earlier, representing 4.5% of sales.

• Net cash position stood at €394.7–398.3 million at August 31, 2025, with no long-term financial debt except for IFRS 16 lease liabilities.

Outlook and guidance

• Full-year 2025 revenue is expected to grow by about 5%, with EBIT margin between 7.5% and 8%.

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

• Management remains cautious about Q4 housing order trends due to political and market uncertainties.