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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DJ Kaufman & Broad SA: 2025 ANNUAL RESULTS -2-
Revenue from the Apartments business was 814.5 million euros (excluding VAT) (vs. 830.1 million euros (excluding VAT) at the end of November 2024). Revenue for Commercial Property division was 248.9 million euros (excluding VAT), compared to 151.6 million euros (excluding VAT) over the same period in 2024. Other activities generated revenues of 16.2 million euros (excluding VAT) (including 9.3 million euros in revenues from the operation of student residences) compared to 17.2 million euros (excluding VAT) (including 8.3 million euros in revenues from the operation of student residences).
-- Profitability data
As of November 30, 2025, gross margin amounted to 221.9 million euros, compared with 208.0 million euros in the same period in 2024. The gross margin rate was 19.5% compared to 19.3% in the same period of 2024.
Current operating expenses amounted to 130.9 million euros (11.5% of revenue), compared to 127.3 million euros in the same period in 2024 (11.8% of revenue). Current operating income amounted to 91.0 million euros, compared to 80.8 million euros in 2024. Operating margin stood at 8.0%, compared with 7.5% in 2024.
At the end of November 2025, consolidated net income amounted to 64.5 million euros, compared with the same period in 2024 when it amounted to 57.8 million euros. Non-controlling interests amounted to 10.3 million euros in 2025 compared to 12.8 million euros in 2024.
Attributable net income was 54.2 million euros, compared with 45.0 million euros in 2024.
-- Financial structure and liquidity
The positive net cash position (excluding IFRS 16 debt and Néorésid put debt) on November 30 was 319.1 million euros, compared with a positive net cash position (excluding IFRS 16 debt and Néorésid put debt) of 397.6 million euros at the end of November 2024. Cash and cash equivalents amounted to 322.5 million euros on November 30, compared with 502.9 million euros at November 30, 2024.
Working capital requirements amounted to -214.7 million euros at 2025, November 30, i.e. -18.9% of revenue, compared with -289.2 million euros on November 30, 2024, i.e. -26.9% of revenue.
-- Fitch Investment Grade Rating Confirmation
Rating agency Fitch Ratings confirmed last August, for the fourth year in a row, Kaufman & Broad S.A. 's investment grade rating - 'BBB -' with stable prospects. This rating has been constant since 2022. For Fitch Ratings, the confirmation of the rating reflects Kaufman & Broad's solid business and financial profile, which proves resilient during periods of weak demand. Fitch also points out that Kaufman & Broad continues to maintain a positive net cash position, which comfortably covers all future debt maturities.
-- Governance
Following the work initiated by the Compensation and Nominating Committee in 2024 and on the recommendation of the latter, the Board of Directors of Kaufman & Broad will appoint Mr. David Laurent as Deputy Chief Executive Officer of the group, effective at the closing of the Annual general Shareholders' Meeting scheduled for May 5, 2026. It will propose to the Annual general Shareholders' Meeting that Mr. David Laurent be appointed as director.
Current Head of 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 a major player in Kaufman & Broad's profitable development over this period.
His achievements include the Austerlitz Project (A7/A8) in Paris, Kaufman & Broad's transition to the status of "multidisciplinary urban developer," and the development of low-carbon projects
-- Outlook 2026
For fiscal year 2026, the group's revenue is expected to be comparable to that of fiscal year 2025. The Current Operating Margin is expected to be close to 8%. Net cash position(a) is expected to remain positive after considering the payment of a dividend of EUR2.20 per share for fiscal year 2025, subject to approval by the Annual general Shareholders' Meeting on May 5.
(a) Excluding IFRS 16 and Put Néorésid debt
This press release is available at www.corporate.kaufmanbroad.fr
-- Next periodic information date:
-- Wednesday, 15 April 2026: Publication of the results for the 1st quarter of 2026 (after the stock market)
Presentation of results for the period Mr. Nordine HACHEMI, Chairman and Chief Executive Officer and Mr. Bruno Coche, Chief Financial Officer, will comment on the results of the period and answer questions at a meeting to be held at the registered office of the Company also broadcast by means of a conference call, in French with simultaneous translation into English. The presentation of the results will take place in French with simultaneous translation into English on: Thursday, 29 January 2026 at 8.30 CET Registration for the presentation of the results for the period must be made by request at: Infos-invest@ketb.com ? To follow the live presentation at the web conference you will receive a link (in French or English) * ? To follow the live presentation at the conference by phone you will receive the number for the desired language (French or English) * Activation of accesses from 8: 00, the connection requiring registration via a form The Webcast media will be available ½ hour before the presentation starts at www.kaufmanbroad.fr/finance/ publications-financieres/ Contacts Chief Financial Officer Bruno Coche -01 41 43 44 73/infos-invest@ketb.com Press Relations Primatice: Thomas de Climens -06 78 12 97 95/thomasdeclimens@primatice.fr Kaufman & Broad: Emmeline Cacitti -06 72 42 66 24/ecacitti@ketb.com About KAUFMAN & BROAD As an urban developer and assembler, the Kaufman & Broad group works alongside and at the service of local authorities and its customers. Through its various subsidiaries, the group offers comprehensive expertise and 55 years of experience in the construction of residential buildings, single family homes, managed residences (students and seniors), shops, logistics platforms and office buildings. The group's employees share the conviction that Building is acting! Acting for people by promoting health and living together, acting for the city by contributing to its attractiveness and development, and acting for the planet by reducing the carbon footprint of building construction and use every day. All the operations developed by the group thus contribute positively to the ecological transition and innovate to create a more virtuous city. For more information: www.corporate.kaufmanbroad.fr The Kaufman & Broad Universal Registration Document was filed on 28 March 2025 with the AMF under number D.25-0194. It is available on the websites of the AMF (www.amf-france.org) and Kaufman & Broad (www.kaufmanbroad.fr). It contains a detailed description of Kaufman & Broad's business, results and outlook as well as the associated risk factors. Kaufman & Broad draws attention in particular to the risks described in Chapter 4 of the Universal Registration Document. The occurrence of one or more of these risks may have a material adverse effect on the Kaufman & Broad Group's businesses, assets, financial position, results or outlook, as well as on the market price of Kaufman & Broad shares. This press release does not constitute and cannot be considered to constitute a public offer, an offer to sell or an offer to subscribe as intended to request a purchase or subscription order in any country.
Glossary
Backlog or (order book ): it covers, for Sales in the Future Completion Status(VEFA), undelivered reserved units for which the notarial signed deed of sale has not yet been signed and undelivered reserved units for which the notarial signed deed of sale has been signed up to the portion not yet taken into revenue (on a 30% advanced program, 30% of the revenue of a housing for which the notarially signed deed of sale has been recorded as revenue, 70% are included in the backlog). The backlog is a summary at a given point in time that makes it possible to estimate the revenue still to be recognised in the coming months and thus support the Group's forecasts - it being specified that there is an uncertain portion of the transformation of the backlog into revenue, particularly for orders not yet recorded.
Leases in future completion (BEFA): Leases in future state of completion consists for a user to rent a building even before its construction or its restructuring.
excluding Vat
Working Capital Requirement (WCR): This arises from cash flow mismatches: disbursements and receipts corresponding to operating expenses and revenues required for the design, production and marketing of real estate programs. The resulting simplified expression of WCR is as follows: Current assets (inventory + trade receivables + other operating receivables + advances and down payments received + recognised income from advances) less Current liabilities (trade payables + tax and social security payables + other operating payables + prepaid expenses).). The size of the WCR will depend in particular on the length of the operating cycle, the size and duration of storage of work-in-progress, the number of projects launched, and the payment terms granted by suppliers or the profile of payment schedules granted to customers.
Free cash flow: free cash flow is equal to cash flow from operations after changes in working capital and tax paid less net capital expenditure for the year.
Operating cash flow or cash flow from operating activities is equal to cash flow from operating activities after working capital and tax paid.
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