DJ Kaufman & Broad SA: RESULTS FOR THE FIRST NINE MONTHS OF 2026
Kaufman & Broad SA
Kaufman & Broad SA: RESULTS FOR THE FIRST NINE MONTHS OF 2026
30-Sep-2026 / 18:26 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, 2026 September 30
RESULTS FOR THE FIRST NINE MONTHS OF 20266
-- Housing backlog representing 2 years of activity
-- Solid financial structure: net cash position (a) of EUR 261.9 million
-- Outlook maintained for the full year
Kaufman & Broad SA today announces its results for the first nine months of the 2026
financial year (from 2025, December 1st to 2026, August 31). Nordine Hachemi, Chairman and
Chief Executive Officer of Kaufman & Broad, said:
-- Main
elements of the
business
"During the first 9 months of 2026, Kaufman & Broad reported a 0.3% increase in orders
compared to the same period in 2025. By comparison, the new housing market was down 18.3 %
(d) in the first six months of the calendar year. The group's orders were down 9.8 % in value
- Total due to the change in the product mix.
Orders: EUR 746.1.M
inc. VAT
O/w housing: EUR745.8M
inc. VAT for 3,771 units
The Sales momentum remained strong, with a take-up period of 4.6 months compared to nearly 23
months(e) for the market. The group also maintained its land portfolio at a high level of
32,091 units.
- Housing
take-up period: 4.6
months(b)
In the coming months, the new-home market could continue to slow down due to a wait-and-see
attitude related to the presidential election, leading elected officials to delay the
issuance of building permits and potential buyers to postpone their investment decisions.
-- Key
financial data
Nevertheless, housing is now a priority for the entire political establishment, which
suggests the possibility of a post-election market recovery by 2028
- Revenue: EUR
730.8.M O/w housing:
EUR 550.2.M
In this context, the Group will focus on rigorously preserving its margins and cash position,
so as to be as responsive as possible when the market recovers
- Gross
margin: EUR 151.8.M
- ROC (EBIT):
EUR 58.2.M
- EBIT margin Kaufman & Broad has many assets that will help it weather this period. Among these, a
(c): 8.0% property portfolio of more than 32,000 units, a Housing Backlog of more than 2 years of
- activity and a solid financial structure, the attractiveness of its brand and its recognized
Attributable Net know-how in design, marketing and construction.
income: EUR 33.6.M
- Net cash: EUR
261.9.M
At the end of August 2026, net cash(a) amounted to EUR 261.9 million. It should be noted that
of this amount, approximately EUR200 million will be used for the Austerlitz project, which is
-- Key growth scheduled for delivery in 2027.
indicators
- Total
backlog: EUR 2,242.0 m All these factors led Fitch Ratings to renew Kaufman & Broad SA's "Investment grade" - "BBB-"
rating with a stable outlook for the fifth year running in July.
O/w Housing: EUR1,994.0.M
excl.VAT
- Housing
land portfolio: On this basis, Kaufman & Broad maintains the guidance presented at the end of January for the
32,091 units full 2026 financial year. The group's revenue should be comparable to that of 2025. Operating
margin should be close to 8%, and net cash will remain positive".
-- Business activity
-- Housing Segment
At end-August 2026, housing units orders amounted to EUR745.8 million (inc. VAT), compared with EUR826.9.M in the same period in 2025. In volume terms, they stood at 3,771 units in 2026 compared with 3,760 units in 2025, an increase of 0.3%.
The take-up period was 4.6 months at 2026, August 31(over 9 months), compared to 5.1 months at the same period in 2025 and 4.7 months at the end of 2025 (over 12 months).
The commercial offer, with 92% of housing units located in high-demand areas (A, Abis and B1), amounted to 1,912 housing units as of 2026, August 31 (2,145 housing units at end-August 2025).
Customer Breakdown
First-time buyer orders in value (inc. VAT) accounted for 22% of sales, compared with 24% at end-August 2025. Second-time buyers accounted for 10% of sales, close to the level seen in 2025, when they stood at 11%. Orders received from investors accounted for 10% of sales, compared to 12% at the end of August 2025. Block sales accounted for 58% of orders by value (inc. VAT), compared with 53% in the same period in 2025.
-- Commercial Property
As of August 31, 2026, the commercial property division did not record any net orders (inc. VAT).
Kaufman & Broad currently has 37,600 sq. m of office space and approximately 112,400 sq. m of logistics space under offer or under contract. The group has approximately 102,300 sq. m. of logistics space under consideration. In addition, 131,100 sq. m of office space are currently under construction. Finally, the company has nearly 13,500 sq. m of office space under construction (as delegated project management).
-- Leading indicators of business activity and growth
As of August 31, 2026, the Housing Backlog stood at EUR1,994.0 million (Excl. VAT), unchanged from the comparable period in 2025 with EUR1,994.0 million (Excl. VAT), representing 23.6 months of activity compared to 26.3 months of activity at the end of August 2025. As of August 31, 2026, Kaufman & Broad had 109 housing programs under development.
The housing land portfolio represents 32,091 units and is close to the figure at the end of November 2025 (32,392 units). At the end of August 2026, representing more than 6 years of commercial activity.
In addition, 87% of the housing units in the portfolio is in high-demand areas, representing 27,793 housing units as of August 31, 2026.
In the 4th quarter of 2026, the group plans to launch 38 new programs.
As of 31 August 2026, the Commercial property division's backlog stood at EUR 247.5 million (excl. VAT) compared with EUR 384.4 million (excl. VAT) for the same period in 2025.
Financial performance
-- Activity
The total revenue amounted to EUR 730.8 million (excl. VAT), compared to EUR 744.7 million in 2025.
Housing revenue was EUR550.2 million (excl. VAT), compared with EUR599.2 million (excl. VAT) in 2025, down 8.2%. It represents 75.3% of the group's revenue.
Apartments revenue amounted to EUR 521.5 million (excl. VAT) (vs. EUR566.7 million (excl. VAT) at end-August 2025). Commercial property revenue amounted to EUR 167.9 million (excl. VAT), compared with EUR 133.8 million (Excl. VAT) in the same period in 2025. Other business activities generated revenue of EUR 12.7 million (Excl. VAT) (including EUR 7.4 million of revenue from student residence operations) compared with EUR 11.6 million (Excl. VAT) (including EUR 6.7 million of revenue from student residence operations).
-- Profitability data
As of August 31, 2026, the gross margin amounted to EUR 151.8 million, compared to EUR 149.2 million (excl. VAT) for the same period in 2025. The gross margin was 20.8% compared to 20.0% in 2025.
Current operating expenses amounted to EUR93.6 million (12.8% of revenue), compared with EUR92.4 million in 2025 (12.4% of revenue). Current operating income was EUR58.2 million, compared with EUR56.8 million in 2025. Operating margin rate was 8.0%, compared with 7.6% in 2025.
At the end of August 2026, the consolidated income amounted to EUR40.3 million, compared to EUR41.7 million in the same period in 2025. Non-controlling interests amounted to EUR 6.8 million for the first nine months of 2026, compared with EUR 8.5 million in 2025.
Attributable net income amounted to EUR33.6 million, compared with EUR33.3 million in 2025.
-- Financial structure and liquidity
Net cash (excluding IFRS 16 and Neoresid put) at 2026, August 31 amounted to EUR 261.9 million, compared with net cash (excluding IFRS 16 and Neoresid put) of EUR 319.1 million at the end of November 2025. Cash and cash equivalents (cash and marketable securities) amounted to EUR266.4 million at 2026, August 31 compared with EUR322.5 million at 2025, November 30.
Working capital requirements stood at -EUR162.7 million at 2026, August 31 or -14.5% of revenue, compared to -EUR214.7 million at 2025, November 30 or -18.9% of revenue.
-- Outlook for 2026
For 2026, the group's revenue is expected to be at a level comparable to that of 2025. The Operating margin rate should be close to 8 % and net cash will remain positive.
(a) Excluding IFRS 16 and Put Neoresid debt
This press release is available on the website www.corporate.kaufmanbroad.fr
-- Next periodic information date:
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