Kaufman & Broad (KOF) Q4 2024 TU earnings summary

Executive summary

• 2024 results aligned with guidance, demonstrating resilience and strong cash generation.

• Net cash position of €397.6M, with gross cash at €502.9M at year-end.

• Proposed dividend of €2.20 per share for 2024, subject to shareholder approval.

• Fitch Ratings reaffirmed BBB- investment grade with stable outlook.

Financial highlights

• Revenue: €1,076.8M, down from €1,409.1M year-over-year.

• Gross margin: €208.0M (19.3%), up from 18.3% in 2023.

• EBIT: €80.8M (7.5% margin), down from €109.3M (7.8%) in 2023.

• Attributable net income: €45.0M, down from €60.2M in 2023.

• Net cash: €397.6M, up from €180.5M at end-2023.

Outlook and guidance

• 2025 revenue expected to grow by ~5%.

• Recurring operating income ratio forecasted between 7.5% and 8.0%.

• Positive net cash position expected to be maintained after dividend payment.