par KAUFMAN & BROAD (EPA:KOF)
Kaufman & Broad SA: 2025 ANNUAL RESULTS
Kaufman & Broad SA
S Press release Press release Paris, 2026, January 28
2025 ANNUAL RESULTS
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 €322.5 million after repayment at maturity of the balance of the €100 million EuroPP bond and considering the 2024 dividend. Net positive cash flow(a) amounted to €319.1 million. Of this amount, approximately €200 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 €2.20 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.
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.
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).
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 € 509.2 million excluding VAT for the same period in 2024.
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.
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).
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.
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.
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.
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
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 €2.20 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
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