DJ Kaufman & Broad SA: 2026 FIRST QUARTER RESULTS
Kaufman & Broad SA
Kaufman & Broad SA: 2026 FIRST QUARTER RESULTS
15-Apr-2026 / 18:10 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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Press release
Press release
Paris, April 15, 2026
2026 FIRST QUARTER RESULTS 2026 RESULTS
-- Very solid financial structure: positive net cash(a) of EUR 310.8 million
-- Proposed dividend for 2025 financial year of EUR2.20 per share
-- Main elements of the commercial Kaufman & Broad SA today announces its results for the 1st quarter of the 2026
activity financial year (from December 1, 2025, to February 28, 2026). Nordine Hachemi,
Chairman and Chief Executive Officer of Kaufman & Broad, stated:
- Total orders: EUR230.7 million
incl. VAT
O/w housing: EUR230.7 million incl. "In the first quarter of 2026, covering the period from December 1, 2025, to
VAT for 1,213 units February 28, 2026, the new housing market is estimated to have declined by nearly
22 %(d) compared to the same period in 2025, while Kaufman & Broad reported a 1.9%
increase its orders in volume terms. The relative share of individual investors
increased by 4 points quarter-on-quarter; that of first-time buyers fell by 3
points, while the block sales remained stable. Order values were down -8.5%
compared to the same period in 2025 due to changes in the product mix.
- Take-up period: 4.9 months(b)
The commercial offer increased by nearly 30% compared to the end of February 2025,
-- Key financial data with a sustained sales pace being maintained (take-up period of 4.9 months compared
to nearly 17 months(e) for the market). In addition, the group continued to rebuild
its land portfolio, which increased by 4% to 32,421 units.
- Revenue: EUR 235.8 M
O/ w housing: EUR176.7 M
The group's financial structure remains very solid. At the end of February 2026,
net positive cash(a) stood at EUR310.8 million. It is recalled that of this amount,
approximately EUR200 million will be used for the realization of the Austerlitz
project, whose delivery is scheduled for 2027. The balance will be used to finance
the group's activity and growth in future financial years. In addition, the group
also relies on a RCF line of EUR200 million, which has not been used to date,
- Gross margin: EUR 50.0 M bringing the total financial capacity to EUR514 million.
- COI (EBIT): EUR 19.1 M
- EBIT margin (c): 8.1%
- Attributable net income: EUR 11,8
M
- Net cash(a): EUR310.8 M
Although the current geopolitical crisis has not yet had a direct impact on its
business, Kaufman & Broad will remain vigilant and will once again be able to rely
on its financial strength to weather a period that could prove highly unstable.
-- Key growth indicators
- Global backlog: EUR 2,335.8 M
(excl. VAT) On this basis, Kaufman & Broad confirms the guidance presented at the end of
January for the full 2026 financial year. The group's revenue is expected to be at
O/w housing: EUR1,978.0 M excl. VAT a level comparable to that of fiscal year 2025. The current operating income margin
is expected to be close to 8%. Net cash should remain positive after considering
the payment of a dividend for the 2025 financial year of EUR2.20 per share, subject
to approval by the Annual General Shareholders' Meeting on May 5th.
- Housing portfolio:
32,421 units
-- Business activity
-- Housing Segment
At the end of February 2026, orders for housing units were worth EUR230.7 million (incl. VAT), compared with EUR252.1 million for the same period in 2025. In volume terms, they stood at 1,213 units in 2026 compared to 1,190 units in 2025, representing an increase of 1.9%.
The take-up rate period was 4.9 months as of February 28, 2026 (over 3 months), compared with 3.8 months during the same period in 2025 and compared to 4.7 months at the end of 2025 (over 12 months).
The commercial offer, with 93% of housing units located in areas under pressure (A, Abis and B1), stands at 1,971 housing units as of February 28, 2026 (1,518 housing units at the end of February 2025).
Customer Breakdown
First-time buyers' orders (incl. VAT) accounted for 23% of sales, identical to the same period in 2025. Second-time buyers accounted for 8% of sales, as in 2025.
Orders from investors accounted for 11% of sales, compared to 10% at the end of February 2025 block sales shares' is 59% of orders in value (incl. VAT) equal to the same period in 2025.
-- Commercial Property
As of February 28, 2026, the commercial property division did not record any net order (incl. VAT).
Kaufman & Broad currently has 22,500 sq. m of office space and approximately 117,900 sq. m of logistics space on the market or to be signed. The group has 22,000 sq. m of office space and approximately 102,300 sq. m of logistics space under study. of office space and nearly 12,700 Sq. m. 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 February 28, 2026, the Residential Property Backlog totaled EUR1,978.0 million (excluding VAT) compared to EUR1,983.4 million (excl. VAT) for the same period in 2025, representing 28.2 months of activity versus 26.0 months of activity at the end of February 2025. As of February 28, 2026, Kaufman Broad had 115 housing programs in the process of being marketed.
The housing portfolio represents 32,421 units and is up compared to the end of November 2025 (32,392 units). At the end of February 2026, it corresponded to nearly 6 years of commercial activity.
In addition, 87% of the property holding is in high-demand areas, representing 28,259 housing units as of February 28, 2026.
In the second quarter of 2026, the group plans to launch 17 new programs.
As of February 28, 2026, the Commercial property backlog stood at EUR357.3 million excl. VAT compared to EUR473.1 million excl. VAT for the same period in 2025.
Financial performance
-- Activity
Total revenue was EUR235.8 million (excl. VAT), compared to EUR250.1 million over the same period in 2025.
Housing revenue was EUR176.7 million (excl. VAT), compared with EUR205.6 million (excl. VAT) in 2025, a decrease of -14.1%. It represents 74.9% of the group's revenue.
The revenue from Apartments business was EUR 168.9 million (excl. VAT) vs. EUR195.1 million (excl. VAT) at end-February 2025). The Commercial property division's revenue was EUR55.3 million (excl. VAT), compared to EUR40.3 million (excl. VAT) over the same period in 2025. Other activities generated revenue of EUR3.9 million (excl. VAT) (incl. EUR2.6 million in revenue from student residence operations) compared to EUR4.1 million (excl. VAT) (incl. EUR2.4 million in revenue from student residence operations).
-- Profitability data
As of February 28, 2026, the gross margin was EUR50.0 million, compared to EUR49.2 million over the same period in 2025. The gross margin was 21.2%, compared to 19.7% over the same period in 2025.
Current operating expenses amounted to EUR30.9 million (13.1% of revenue), compared with EUR29.8 million over the same period in 2025 (11.9% of revenue). Current operating income was EUR19.1 million, compared to EUR19.3 million in 2025. Operating margin rate stands at 8.1% compared to 7.7% for 2025.
At the end of February 2026, the consolidated net income amounted to EUR13.8 million, compared to EUR14.5 million for the same period in 2025. Non-controlling interests amounted to EUR2.0 million for the first quarter of 2026, compared with EUR2.9 million in 2025.
Attributable net income amounted to EUR11.8 million compared to EUR11.6 million over the same period in 2025.
-- Financial structure and liquidity
The positive net cash position (excluding IFRS 16 debt and Neoresid put debt) at February 28, 2026 stood at EUR310.8 million, compared to a positive net cash position (excluding IFRS 16 debt and Neoresid put debt) of EUR319.1 million at the end of November 2025. Cash and cash equivalents (cash and marketable securities) stood at EUR314.0 million as of February 28, 2026, compared to EUR322.5 million as of November 30, 2025.
Working capital requirements stood at EUR-191.5 million as of February 28, 2026, representing -17.8% of revenue, compared to EUR-214.7 million as of November 30, 2025, representing -18.9% of revenue.
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