DJ Kaufman & Broad SA: 2026 FIRST HALF RESULTS
Kaufman & Broad SA
Kaufman & Broad SA: 2026 FIRST HALF RESULTS
08-Jul-2026 / 18:16 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, July 8, 2026
2026 FIRST HALF RESULTSRESULTS
-- Sustained sales momentum
-- Solid financial structure: net cash(a) of EUR242.6 million
-- Full-year outlook remains unchanged
-- Main elements of
the commercial activity
Kaufman & Broad SA today announces its results for the first half of the 2026 financial
year (from December 1, 2025, to May 31, 2026). Nordine Hachemi, Chairman and Chief
Executive Officer of Kaufman & Broad, stated:
- Total orders:
EUR523. M Inc. VAT
O/w Housing: EUR522.8 M incl.
VAT For 2,622 units In the first half of 2026, covering the period from December 1st, 2025, to May 31,
2026, Kaufman & Broad recorded a 0.5 % increase in orders in volume compared to the
first half of the 2025 financial year. Over the same period, the new housing market
declined by an estimated 23 %(d). Group Net orders were down 6.9% in value due to
changes in the product mix.
- Housing take-up
period: 4.8 months(b)
The commercial offering increased by nearly 9% compared to the end of May 2025. The
sales momentum remained strong, with a take-up period of 4.8 months compared to nearly
24 months(e) for the market. Furthermore, the group maintained its land portfolio at a
high level of 32,600 units despite the consideration of new economic and tax
-- Key financial constraints.
data
- Revenue: EUR500.9 M
For the fifth consecutive year, Kaufman & Broad has been awarded the "Best Managed
Companies" designation by Deloitte for its business model, financial strength, and
O/w Housingl: EUR368.5 M implementation of a clear CSR roadmap.
- Gross margin: The group's financial structure is solid. At the end of May 2026, net cash(a) stood at
EUR104.7 M EUR242.6 million, after the payment of a dividend of EUR43.2 million. It is recalled that
- COI (EBIT): EUR39.9 of this amount, approximately EUR200 million will be used for the realization of the
M Austerlitz project, which is scheduled for delivery in 2027. The balance will be used
- EBIT margin(c): to finance the group's activity and growth in future financial years. The group also
8.0% relies on a RCF line of EUR200 million, which has not been used to date, bringing the
- Attributable net total financial capacity to EUR446.6 million.
income: EUR23.5 M
- Net cash(a):
EUR242.6 M
In an uncertain economic environment, Kaufman & Broad remains vigilant. The group will
-- Key growth once again rely on its high sales momentum, the solidity of its backlog and its
indicators financial structure, as well as on the quality of its brand to weather this period.
- Global backlog:
EUR2,294.9 M (excl. VAT)
On this basis, Kaufman & Broad maintain the guidance presented at the end of January
for the full 2026 financial year. The group's revenue is expected to be at a comparable
O/w Housing: EUR2,004.1 M excl. level to that of fiscal year 2025. The current operating income margin is expected to
VAT 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, approved by the General
Meeting of May 5, 2026.
- Housing land
portfolio: 32,600 units
-- Business activity
-- Housing Segment
At the end of May 2026, orders for housing units were worth EUR522.8 million (incl. VAT), compared with EUR561.8 million for the same period in 2025. In volume terms, they stood at 2,622 units in 2026 compared to 2,609 units in 2025, an increase of 0.5%.
The take-up rate was 4.8 months as of May 31, 2026 (over 6 months) compared to 4.5 at the same period in 2025 and to be compared to 4.7 months at the end of 2025 (over 12 months).
The commercial offer, with 95% of the housing units located in high-demand areas (A, Abis and B1), stands at 2,119 housing units as of May 31, 2026 (1,951 housing units at the end of May 2025).
Customer Breakdown
First-time buyers' orders in value (incl. VAT) accounted for 23% of sales, compared with 25% at the end of May 2025. Second-time buyers accounted for 10% of sales close to 2025, compared with 11% previously. Orders from investors accounted for 11% of sales, compared to 12% at the end of May 2025. Block sales accounted for 57% of orders in value (inc. VAT) compared to 52% in the same period in 2025.
-- Commercial Property
As of May 31, 2026, the commercial property division did not record any net orders (inc. VAT).
Kaufman & Broad currently has 47,800 sq. m of office space and approximately 145,300 sq. m of logistics space under marketing or for signature. The group has 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 on a DPM (delegated project management) basis.
-- Leading indicators of business activity and growth
As of May 31, 2026, the housing Backlog totaled EUR2,004.1 million (excl. VAT) compared to EUR1,991.7 million (excl. VAT) for the same period in 2025, representing 28.9 months of activity versus 25.9 months of activity at the end of May 2025. As of May 31, 2026, Kaufman & Broad had 114 housing programs in the process of being marketed.
Housing land portfolio represents 32,600 units and is up compared to the end of November 2025 (32,392 units). At the end of May 2026, it corresponded to nearly 6 years of commercial activity.
In addition, 87% of the property holding in portfolio is in high-demand areas, representing 28,511 housing units as of May 31, 2026.
In the third quarter of 2026, the group plans to launch 19 new programs.
As of May 31, 2026, the Commercial property backlog stood at EUR290.3 million excl. VAT compared to EUR431.5 million excl. VAT for the same period in 2025.
Financial performance
-- Activity
Total revenue was EUR500.9 million (excl. VAT), compared to EUR499.4 million over the same period in 2025.
Housing revenue was EUR368.5 million (excl. VAT), compared with EUR406.0 million (excl. VAT) in 2025, a decrease of 9.2%. It represents 73.6% of the group's revenue.
Revenue from the Apartments segment totaled EUR353.3 million (excl. VAT) (vs. EUR383.0 million (excl. VAT) at end-May 2025). The Commercial property division's revenue was EUR123.8 million (excl. VAT), compared to EUR85.7 million (excl. VAT) over the same period in 2025. Other activities generated revenue of EUR8.6 million (excl. VAT) (incl. EUR5.0 million in revenue from the operation of student residences) compared to EUR7.7 million (excl. VAT) (incl. EUR4.4 million in revenue from the operation of student residences).
-- Profitability data
As of May 31, 2026, gross margin was EUR104.7 million, unchanged from the same period in 2025. The gross margin rate was 20.9%, compared to 21.0% over the same period in 2025.
Current operating expenses amounted to EUR64.9 million (12.9% of revenue), compared with EUR66.2 million over the same period in 2025 (13.3% of revenue). Current operating income was EUR39.9 million, compared to EUR38.6 million in 2025. Operating margin rate was 8.0%, compared to 7.7% in 2025.
At the end of May 2026, the consolidated income was EUR28.0 million, compared to EUR29.4 million for the same period in 2025. Non-controlling interests amounted to EUR4.5 million in the first half of 2026 compared to EUR6.2 million in 2025.
Attributable net income amounted to EUR23.5 million compared to EUR23.2 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 2026, May 31 amounted to EUR242.6 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 EUR246.6 million as of May 31, 2026, compared to EUR322.5 million as of 2025, November 30.
Working capital requirements stood at EUR-146.5 million as of May 31, 2026, representing -12.9% of revenue, compared to EUR-214.7 million as of November 30, 2025, representing -18.9% of revenue.
-- Outlook for 2026
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