Kaufman & Broad (KOF) Q4 2025 earnings summary

Executive summary

• Revenue increased by 5.5% year-over-year to €1,136 million, with strong operational performance and growth in both housing and commercial property segments.

• Operating profit rose 12.7% to €91 million, and attributable net income grew 20.6% to €54.2 million, exceeding guidance.

• The company maintained a high housing land portfolio, with 35,149 lots at year-end, supporting nearly six years of activity.

• Fitch confirmed the BBB- investment grade rating, reflecting a solid financial structure and strong liquidity.

• Appointment of David Laurent as Deputy CEO effective May 2026, reflecting leadership continuity.

Financial highlights

• Revenue reached €1,136 million for 2025, up from €1,076.8 million in 2024.

• Gross margin at €222 million (19.5%), up €14 million from last year.

• EBIT/operating income was €91 million (8.0% margin), compared to €80.8 million (7.5%) in 2024.

• Net cash position at year-end was €319 million, with shareholders' equity at €238 million.

• Proposed dividend of €2.20 per share for 2025, maintaining a payout ratio near 90%.

Outlook and guidance

• 2026 revenue expected to be comparable to 2025, with operating margin maintained close to 8%.

• Net cash position projected to remain positive after dividend payment.

• Dividend of €2.20 per share for 2025 subject to shareholder approval.