Improving Operating MarginsGross and operating margins expanded in 2025 (gross 12.8%, EBIT 7.1%), reflecting improved pricing and cost control. Sustained margin improvement raises per-project profitability, bolsters resilience against housing-cycle swings, and creates a clearer path to durable operating leverage.
Stronger Leverage ProfileLeverage has materially improved and equity (6.945B) exceeds debt (3.639B), lowering refinancing and liquidity risk. A healthier capital structure gives Bonava more flexibility to fund land acquisition and projects, absorb cyclical stress, and pursue selective growth with less financial strain.
Operating Cash Flow RecoveryRecent positive operating cash flows indicate the business is starting to convert sales into cash, easing dependence on external funding. If this trend persists, stronger OCF supports project funding, reduces liquidity risk, and underpins a more sustainable capital allocation framework.