DJ Kaufman & Broad SA: 1ST HALF YEAR RESULTS 2025
Kaufman & Broad SA
Kaufman & Broad SA: 1ST HALF YEAR RESULTS 2025
10-Jul-2025 / 18:26 CET/CEST
Dissemination of a French Regulatory News, transmitted by EQS Group.
The issuer is solely responsible for the content of this announcement.
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S Press release
Press release
Paris, 2025, July 10
1st half year results 2025
-- Housing: Good business activity
-- Very strong financial structure
-- Full-year outlook confirmed
Kaufman & Broad SA today announces its results for the 1st half of fiscal year 2025 (from 2024
December 1st to May 31, 2025). Nordine Hachemi, Chairman and Chief Executive Officer of Kaufman &
Broad, said:
During the first 1st half of the year, Kaufman & Broad posted a 8.7% increase in volume orders in
a new home market down 2 %(d). Orders in value for the half year remained stable due to the
product mix.
-- Main elements of
commercial
activity
Volume orders made by first- and second-time buyers increased by 46% from one half to the next.
They accounted for 24% of total orders in the 1st half of 2025, compared with 18% in the 1st half
of 2024. The share of retail investors rose by nearly 6% despite the repeal of the Pinel system
- Total orders: EUR at the end of 2024. This was mainly due to an offer of products with attractive profitability.
61.3 M incl. VAT
Of which housing:
EUR561.8M incl. VAT for
2,609 units
Commercial offer was up 20% from one period to the next but was still constrained by a very slow
pace of issuance of building permits.
- Housing Take-up
rate: 4.5 months
(b)
The Take-up rate of 4.5 months remains significantly lower than the market, estimated at nearly
19.5 months(e). They reflect the cost control of our projects, which, combined with the current
level of interest rates, makes it possible to offer selling prices adapted to the purchasing
power of our customers. This is evidenced by the commercial success of recent openings.
-- Key financial
data
- Revenue: EUR499.4M Aménagement & Territoires, a subsidiary of Kaufman & Broad, has been selected by the Lille
Including Housing European Metropolis as the winner of a tender for a new development concession on a former
: EUR406.0M industrial site of 34,000 Sq. m. This project has been added to the portfolio of development
projects carried out by the Group, which currently represent 600,000 Sq. m under development,
consisting mainly of industrial and commercial waste processing.
- Gross margin:
EUR104.8M
- COI (EBIT):
EUR38.6M
- EBIT margin(c): In commercial Property, the Austerlitz project (A7/A8) continues according to the announced
7.7% schedule.
- Attributable net
income: EUR 23.2 m
- Net cash(a): EUR
390.7 m
For the fourth consecutive year, the 'Best Managed Companies' label awarded by Deloitte rewarded
Kaufman & Broad's business model, characterised by its financial strength and the implementation
-- Key growth of a very clear CSR roadmap.
indicators
- Total backlog: EUR
2,423.2 m excl. The Science Based Targets Initiative (SBTI) thus validated the strengthening of the group's
VAT carbon trajectory and its target of a 46.2% reduction in carbon emissions between 2019 and 2030
on scopes 1 and 2 on the one hand and on scope 3 on the other.
Of which housing:
EUR1991.7M excl. VAT
- Housing
portfolio: 32,668
units The financial structure is very strong. At the end of May 2025, cash and cash equivalents
amounted to EUR393.8 million after repayment at maturity of the balance of the EUR100 million EuroPP
bond issue. Net cash and cash equivalents amounted to EUR390.7 million. Approximately half will be
used for the completion of the Austerlitz project, scheduled for delivery in 2027. The balance
will be used to finance growth in the coming years.
The outlook set in January for the whole of 2025 is maintained: Revenue are expected to increase
by around 5%. Operating margin rate or EBIT should be between 7.5% and 8% and net cash should
remain significant after taking into account the payment of a dividend of nearly 43 million euros
for fiscal year 2024. '
-- Business activity
-- Housing Segment
At the end of May 2025, housing orders amounted to EUR561.8 million (including VAT), compared to EUR561.2 million compared to the same period in 2024. In volume terms, they stood at 2,609 homes in 2025, up 8.7% from 2,400 in 2024.
The Take-up rate for programmes was 4.5 months at 2025, May 31(over 6 months), a slight increase compared to the same period in 2024 (4.1 months).
The commercial offer, with 89 %of units located in tight areas (A, ABIS and B1), amounted to 1,951 units at 2025, May 31(1,626 units at the end of May 2024).
Customer Breakdown
Orders in value (including VAT) for first time buyers accounted for 25% of sales, compared to 17% over the same period in 2024. First time buyers accounted for 11% of sales in the six months of 2025, compared with 6% in 2024.
Orders made to investors accounted for 12% of sales, compared with 11% at the end of May 2024. Block sales accounted for 52% of orders in value (including VAT), compared with 66% over the same period in 2024.
-- Commercial Property
As of 2025, May 31, the Commercial Property division recorded net orders of -EUR0.5 million (including VAT) compared to EUR21.7 million (including VAT) in the same period in 2024.
Kaufman & Broad currently has on marketing or to sign 55,200 Sq. m of office space and approximately 144,600 Sq. m of logistics space. The group has 49,300 Sq. m of office space and approximately 60,700 Sq. m of logistics space under study. In addition, 100,800 Sq. m. of office space and nearly 12,700 Sq. m. of logistics are currently under construction. Finally, the company has nearly 13,500 Sq. m of office space to be built in MOD (delegated project management).
-- Leading indicators of business activity and growth
As of 2025, May 31, Backlog Housing stood at EUR1991.7 million (excluding VAT) compared to EUR2090.0 million (excluding VAT) for the same period in 2024 and represented 25.9 months of activity compared to 28.3 months of activity at the end of May 2024. As of 2025, May 31, Kaufman & Broad had 116 housing programmes under marketing.
The Housing portfolio represents 32,668 units and is stable compared to the end of May 2024 (33,003 units). At the end of May 2025, it represented over 6 years of business activity.
In addition, 85 %of the housing portfolio is located in tight areas, representing 27,670 housing units as of 2025, May 31.
In the third quarter of 2025, the Group plans to launch 22 new programs.
As of 2025, May 31, the Commercial Property Backlog amounted to EUR431.5 million excluding VAT compared to EUR583.4 million excluding VAT for the same period in 2024.
-- Financial performance
-- Activity
Total Revenue amounted to EUR499.4 million (excluding Vat), compared to EUR452.5 million in the same period in 2024.
Housing Revenue amounted to EUR406.0 million (excluding VAT), up 4.2% from EUR389.6 million (excluding VAT) in 2024. It represents 81.3% of the Group's revenue.
Revenue from the Apartments business was EUR383.0 million (excluding VAT) (vs. EUR356.3 million euros (excluding VAT) at the end of May 2024). Revenue for the Commercial Property Division was EUR85.7 million (excluding VAT), compared to EUR54.4 million (excluding VAT) over the same period in 2024. Other activities generated revenues of EUR7.7 million (excluding VAT) (including EUR4.4 million in revenues from the operation of student residences) compared to EUR8.5 million (excluding VAT) (including EUR4.0 million in revenues from the operation of student residences).
-- Profitability data
At 2025, May 31, gross profit amounted to e104.8 million, compared with EUR97.5 million in the same period in 2024. The gross margin was 21.0% compared to 21.6% in the same period of 2024.
Current operating expenses amounted to EUR66.2 million (13.3% of sales), compared to EUR63.0 million in the same period in 2024 (13.9% of sales). Current operating income amounted to EUR38.6 million, compared to EUR34.5 million in 2024. Operating margin stood at 7.7%, compared with 7.6% in 2024.
At the end of May 2025, consolidated net income amounted to EUR29.4 million, compared with the same period in 2024 when it amounted to EUR27.9 million. Non-controlling interests amounted to EUR6.2 million in the first half of 2025 compared to EUR6.8 million in 2024.
Attributable net income was EUR23.2 million, compared with EUR21.1 million in 2024.
-- Financial structure and liquidity
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