Kaufman & Broad (KOF) Q3 2026 earnings summary

Executive summary

• Nine-month revenue was €730.8M, down 1.9% YoY; current operating margin was 8.0% and attributable net income was €33.6M, stable YoY.

• Housing orders rose 0.3% by volume, outperforming an 18.3% market decline, while order value fell 9.8% amid product-mix changes.

• Positive net cash and a land portfolio of 32,091 units, with 87% in high-demand areas, supported resilience.

• Fitch reaffirmed the BBB- investment-grade rating with a stable outlook.

Financial highlights

• Revenue was €730.8M; housing revenue was €550.2M, down 8.2%, while commercial property revenue rose 25.5% to €167.9M.

• Gross margin reached €151.8M, or 20.8% of revenue, up from 20.0% YoY.

• Current operating income was €58.2M, with an 8.0% margin versus 7.6% YoY.

• Attributable net income was €33.6M, or 4.6% of revenue; EPS was €1.69.

Outlook and guidance

• FY2026 revenue is expected to be comparable to 2025, with operating margin near 8% and positive net cash.

• Guidance was maintained despite market slowdown and political uncertainty.

• Market activity is expected to remain broadly stable through 2028, with permits and construction starts gradually recovering thereafter.