DJ Kaufman & Broad SA: 2025 ANNUAL RESULTS
Kaufman & Broad SA
Kaufman & Broad SA: 2025 ANNUAL RESULTS
28-Jan-2026 / 18:20 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, 2026, January 28
2025 ANNUAL RESULTS
-- 2025 results in line with guidance
-- Very strong financial structure
-- Proposed dividend for 2025 of EUR2.20 per share
-- 2026: Stable activity expected, and operating margin maintained close to 8%
Kaufman & Broad SA today announces its full year 2025 results (from December 1st to 2025,
November 30). Nordine Hachemi, Chairman and Chief Executive Officer of Kaufman & Broad,
said:
" Kaufman & Broad's 2025 results are in line with the guidance announced in January 2025.
-- Main elements of
commercial activity The 9.5% increase in reservation volume recorded over the first nine months slowed
significantly in the fourth quarter due to political and regulatory uncertainty. As a
result, reservation volume grew by only 2.9% over the full year, in a new housing market
that is estimated to have declined by between 5% and 10%(d).
? Total orders: EUR 1,332.2 M
including VAT
O/w housing: EUR1,163.2M
including VAT for 5,703 units
Orders in volume by first-time and second-time buyers rose by 34.9% year-on-year. They
accounted for 20% of total orders in fiscal year 2025, compared with 15% in 2024. The
share of individual investors remains stable despite the repeal of the Pinel scheme at
the end of 2024.
? Take-up rate period
Housing: 4.7 months(b)
Against a backdrop of sustained sales rates (sales period of 4.7 months vs. 22 months(e)
for the market), the dynamism of development activity has resulted in a significant
increase in commercial offer (+62.5% compared to the end of November 2024) and a 7.0%
-- Key financial data increase in the land portfolio to 32,392 units.
? Revenue: EUR1,136.0M Incl
Housing: 870.9M
There is a growing awareness of the urgent need to revive housing construction, which is
reflected in particular by the support measures announced by the government.
? Gross margin: EUR221.9M The new private landlord status offers the advantage of focusing on the quality of
? COI (EBIT): EUR91.0M housing and its rental profitability, rather than simply on tax relief.
? EBIT margin(c): 8.0%
? Attributable net Income:
EUR 54.2 M
? Net cash(a): EUR 319.1M With regard to block sales, the additional resources allocated to social housing should
make it easier for institutional landlords to finance their investments.
Finally, the PTZ scheme, which will remain in place until 2027, should continue to fuel
-- Key growth indicators demand from first-time buyers.
? Total backlog: EUR 2,370.2M
excl. VAT
In Commercial Property, Kaufman & Broad signed an agreement with EDF last November for
O/w housing: EUR1,961.3M excl. the sale of an office building of over 30,000 sq. m in Marseille, to be completed in the
VAT future. In addition, the Austerlitz (A7/A8) construction project is proceeding according
to schedule.
? Housing portfolio: 32,392
units
In the area of CSR, CDP (Carbon Disclosure Project) has just awarded Kaufman & Broad an A
rating in its "Climate Change" ranking, the highest possible score. Kaufman & Broad thus
joins the group of companies on the "CDP A-list," which corresponds to the top 4% in
2025.
At the end of August, Fitch Ratings confirmed Kaufman & Broad SA's "BBB- Investment
Grade" rating with a stable outlook.
Thus, the group confirms its ability to combine financial strength with high CSR performance.
At the end of November 2025, cash and cash equivalents stood at EUR322.5 million after repayment at maturity of the balance of the EUR100 million EuroPP bond and considering the 2024 dividend. Net positive cash flow(a) amounted to EUR319.1 million. Of this amount, approximately EUR200 million will be used to complete the Austerlitz project, which is scheduled for delivery in 2027. The balance will be used to finance the Group's activities and growth in the coming financial years.
For fiscal year 2026, the group's revenue is expected to be comparable to that of fiscal year 2025. The current operating income margin is expected to be close to 8%. Net cash flow is expected to remain positive after considering the payment of a dividend of EUR2.20 per share, subject to approval by the Annual General Shareholders' Meeting on May 5.
Finally, as part of its duties and following the work of the Compensation and Nominating Committee initiated in 2024, the Board of Directors of Kaufman & Broad will appoint David Laurent as Deputy Chief Executive Officer, effective at the closing of the Annual General Shareholders' Meeting scheduled for May 5, 2026. It will also propose him as a new director at this Meeting
Current Head of the Commercial Property, Planning and Housing division for the Île-de-France region, David Laurent joined Kaufman & Broad 15 years ago and has been a member of the Executive Committee since 2016. In this capacity, he has been one of the key players in Kaufman & Broad's profitable development throughout this period.
-- Business activity
-- Housing Segment
At the end of November 2025, housing orders amounted to 1,163.2 million euros (including VAT), compared to 1,163.3 million euros compared to the same period in 2024. In volume terms, they stood at 5,703 homes in 2025 compared to 5,543 homes in 2024, an increase of 2.9%.
The take-up rate period for programs was 4.7 months at 2025, November 30 (over 12 months), a slight increase compared to the same period in 2024 (3.0 months).
The commercial offering, with 90 per cent of units located in tight areas (A, ABIS and B1), amounted to 2,249 units at 2025, November 30 (1,384 units at the end of November 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 10% of sales compared with 6% in 2024.
Orders made to investors accounted for 11% of sales, compared with 13% at the end of November 2024. Block sales accounted for 57% of orders in value (including VAT), compared with 65% over the same period in 2024.
-- Commercial Property
On November 30, 2025, the Commercial property division recorded net orders of 168.4 million euros (including VAT).
Kaufman & Broad currently has on the market or to sign 11,400 sq. m of office space and approximately 117,900 sq. m of logistics space. The group has 44,300 sq. m of office space and approximately 102,300 sq. m of logistics space under study. In addition, 131,100 sq. m of office space and nearly 12,700 Sq. m of logistics space are currently under construction. Finally, the company has nearly 13,500 sq. m of office space to be built in DPM (delegated project management).
-- Leading indicators of business activity and growth
As of November 30, 2025, Housing Backlog stood at 1,961.3 million euros (excluding VAT) compared to 1,987.8 million euros (excluding VAT) for the same period in 2024 and represented 27.0 months of activity compared to 26.3 months of activity at the end of November 2024. As of November 30, 2025, Kaufman & Broad had 119 housing programs under marketing.
The housing portfolio represented 32,392 units, up from 30,272 units at the end of 2024. At the end of November 2025, it represented over 6 years of commercial activity.
In addition, 83% of the housing portfolio is located in high-demand areas, representing 26,907 housing units as of November 30, 2025.
In the 1st quarter of 2026, the group plans to launch 20 new programs.
As of November 30, 2025, the Commercial Property Backlog amounted to 408.5 million euros excluding VAT compared to EUR 509.2 million excluding VAT for the same period in 2024.
-- Financial performance
-- Activity
Total revenue amounted to 1,136.0 million euros (excluding VAT), compared to 1,076.8 million euros in the same period in 2024.
Housing revenue amounted to 870.9 million euros (excluding VAT), compared to 908.0 million euros (excluding VAT) in 2024, down slightly by -4.1%. It represents 76.7% of the group's revenue.
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