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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DJ Kaufman & Broad SA: 2026 FIRST HALF RESULTS -2-
For fiscal year 2026, the group's revenue is expected to be at a comparable level to that of fiscal year 2025. The current operating income margin is expected to be close to 8 %. Net cash(a) should remain positive after the payment of a dividend for the 2025 financial year of EUR2.20 per share, approved by the Annual General Shareholders' Meeting on May 5th.
(a) Excluding IFRS 16 and Put Neoresid debt
This press release is available at www.corporate.kaufmanbroad.fr
-- Next periodic information date:
-- Thursday, October 1, 2026: Publication of 9 M 2026 results (after market)
Presentation of the results for the period Mr. Nordine HACHEMI, Chairman and Chief Executive Officer, Mr. David LAURENT, Deputy Chief Executive Officer and Mr. Bruno COCHE, Chief Financial Officer, will comment on the results for the period and answer questions during a conference call. The results presentation will take place in French with simultaneous translation into English on: Thursday, 9 July 2026 at 8:30 CET Registration for the presentation of the period's results must be done by request to: info-invest@ketb.com - To follow the live presentation at the web conference, you will receive a link * (in French or in English) - To follow the live presentation during the conference by phone, you will receive the link for your preferred language (French or English) * Activation of access from 8: 00 am, as the connection requires registration via a form The webcast materials (in French and English) will be available ½ hour before the presentation begins on the website: www.kaufmanbroad.fr/finance/publications-financieres/ Contacts Financial Executive 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 a developer and urban planner, the Kaufman & Broad group works alongside and for regional authorities and its customers. Through its various subsidiaries, the group offers comprehensive expertise and 55 years of experience in the construction of apartment buildings, detached houses, managed housing (for students and seniors), shops, logistics platforms and office buildings. The Group's employees share and believe in the conviction that Building is action! Acting for people by promoting health and community living, acting for the city by contributing to its attractiveness and development, and acting for the planet by reducing the daily carbon footprint of building construction and use. 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 Universal Registration Document of Kaufman & Broad was filed on March 27, 2026 with the Autorité des marchés financiers ( the " AMF " ) under number D.26-0156. 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 particular attention to the risk factors described in section 4 of the Universal Registration Document. The occurrence of one or more of these risks could have a material adverse effect on the activities, assets, financial position, results or outlook of the Kaufman & Broad group, as well as on the market price of Kaufman & Broad shares. This press release does not constitute and should not be considered as constituting a public offer, a sales offer or a subscription offer as intended to solicit 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 notarial 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 recognized 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 (BEFA): Leases in future state of completion consists for a user to rent a building even before its construction or its restructuring.
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 for WCR is as follows: these are current assets (inventory + trade receivables + other operating receivables + advances received + prepaid income) less current liabilities (trade payables + tax and social security payables + other operating liabilities + 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 the self-financing capacity after variation in working capital requirements and taxes paid less net operating investments for the year.
Operating cash flow or cash flow from operating activities: is equal to the capacity for self-financing after the working capital requirement and taxes paid.
Cash flow: Cash flow from operations after cost of debt and tax is equal to consolidated net income adjusted for the share of income from associates, joint ventures and operations in the process of disposal and calculated income and expenses.
Financial resources: corresponds to cash and cash equivalents plus undrawn credit lines at date.
CDP: (formerly Carbon Disclosure Project): Measuring the environmental impact of companies.
Time to sell out: The time to sell out of inventories is the number of months required for available housing units to be sold if sales continued at the same rate as in previous months, i.e. the outstanding number of housing units (available supply) per quarter divided by the orders placed per quarter over the same period divided by the number of quarters in the reservation period considered.
Dividend: The dividend is the portion of the company's net annual profit distributed to shareholders. Its amount, proposed by the Board of Directors, is submitted to the shareholders for approval at the General Meeting. It is payable within a maximum of 9 months after the end of the financial year.
EBIT: The EBIT corresponds to the operating income for the period, calculated at the gross margin deducted by operating costs for the current period.
Gross financial debt or financial debt: The gross financial debt is composed of long-term and short-term financial liabilities, hedging financial instruments relating to liabilities composing the gross financial debt, and interest accrued on line items in the balance sheet which constitute the gross financial debt.
Net indebtedness or net financial debt: The net debt of a company is the balance of its gross financial debts on the one hand, and its cash and financial investments forming its "active cash" on the other hand. It represents the credit or debit position of the company vis-à-vis third parties and outside the operating cycle.
Investment grade: investment grade means that a financial instrument or a company has a relatively low risk of default.
EHU: the EHU (Equivalent Housing Units delivered) are a direct reflection of the activity. The number of EHU' is equal to the product (i) the number of housing units in a given program for which the notarized sales agreement has been signed, and (ii) the relationship between the amount of land and construction expenditures incurred by the Group on the said program and the total budget of expenditures for the said program.
Gross margin: corresponds to revenues and lower cost of sales. The cost of sales includes the price of land, related land costs and construction costs.
Commercial offer: it is represented by the sum of the stock of housing available for sale on the date in question, i.e. all the housing units not reserved on that date (minus the unopened commercial units).
Land portfolio: This includes land to be developed. This means land for which a deed or a promise of sale has been signed, as well as land under review, meaning land for which a deed or a promise of sale has not yet been signed.
Debt-to-equity ratio (or gearing): This is the ratio of net debt (or net financial debt) to the company's consolidated equity. It measures the risk of the company's financial structure.
Orders: measured in volume (Units) and in value, they reflect the group's commercial activity. Their inclusion in revenues is conditional on the time required to transform a reservation into a notarized deed of sale, which generates the income statement. In addition, in multi-family housing programs including mixed-use buildings (apartments, business premises, shops, offices), all surfaces are converted into housing equivalents.
Orders (in value): They represent the value of real estate from the signed reservation contracts including all taxes for a given period. They are mentioned net of the withdrawals noted during the period said.
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