S Press release
Press release
Paris, 2025, October 2sd
RESULTS OF THE FIRST NINE MONTHS OF 2025
- Housing: Good commercial activity over the first 9 months
- Very strong financial structure
- Confirmation of outlook for the full year
- Main elements of commercial activity
- Total orders: € 827.0 m incl. VAT
O/w housing: 826.9M incl. VAT for 3,760 units - Housing take-up rate: 5.1 months(b)
- Revenue: €744.7M Incl. housing: €599.2M
- Gross margin: €149.2M
- COI (EBIT): €56.8M
- EBIT margin(c) : 7.6%
- Attributable net income: € 33.3 m
- Net cash(a): € 394.7 m
- Total backlog: €2,379.0 excl. VAT
Of which housing: €1,994.0M excl. VAT - Housing portfolio: 34,474 units
| Kaufman & Broad SA today announces its results for the first nine months of 2025 (from 2024, December 1st to August 31st, 2025). Nordine Hachemi, Chairman and Chief Executive Officer of Kaufman & Broad, said: " For the first nine months of 2025, Kaufman & Broad recorded a 6.3% increase in value and a 9.5% increase in volume orders in a new home market that was down more than 6 %(d). While taking note of this good level of commercial activity, Kaufman & Broad remains attentive to developments in the new housing market, which could be disrupted by the current economic environment. Volume orders made by first- and second-time buyers increased by 39.3% from one period to the next. They represent 24% of total orders for the first nine months of 2025, compared with 18% at 2024, August 31. Investors accounted for 12% of the total, despite the repeal of the Pinel system at the end of 2024. Commercial offer was up significantly from one period to the next. However, it remains constrained by a very slow pace of issuance of building permits. The take-up rate of 5.1 months remains significantly lower than the market, estimated at nearly 19.7 months(e). They reflect the cost control of our projects, which, combined with the current level of interest rates, makes it possible to offer selling prices adapted to the purchasing power of our customers. This is evidenced by the commercial success of recent openings. In addition, the growth of 13, 6% of the land portfolio to 34,474 units over the last twelve months confirms its recovery momentum. In the area of CSR, the 2025 S & P Global Corporate Sustainability Assessment (CSA) saw the group's ESG score rise to 53/100, positioning K & B in the top 10% of its industry. The rating agency Fitch Ratings confirmed at the end of August the “BBB-“ Investment Grade rating with stable outlook of Kaufman & Broad SA. This rating has been constant since 2022. Fitch Ratings' confirmation of this rating highlights the strength of the group's financial structure. At the end of August 2025, cash and cash equivalents amounted to 398.3 million euros after repayment at maturity of the balance of the 100 million euros EuroPP bond and taking into account the 2024 dividend. Net cash and cash equivalents(a) amounted to 394.7 million euros. Approximately half will be used for the completion of the Austerlitz project, scheduled for delivery in 2027. The balance will be used to finance growth in the coming years. The outlook set in January for the whole of 2025 is maintained: Revenue are expected to increase by around 5%. The current operating income (COI margin) or EBIT rate is expected to be between 7.5% and 8% and net cash should remain significant after taking into account the payment of a dividend of nearly 43 million euros for fiscal year 2024. ‘ |
At the end of August 2025, housing orders amounted to 826.9 million euros (including VAT), compared to 777.9 million euros compared to the same period in 2024. In volume terms, they stood at 3,760 homes in 2025 compared to 3,433 homes in 2024, an increase of 9.5%.
The take-up rate period for programmes was 5.1 months at 2025, August 31 (over 9 months), a slight increase compared to the same period in 2024 (3.6 months).
The commercial offer, with 91 % of units located in tight areas (A, ABIS and B1), amounted to 2,145 units at 2025, August 31 (1,355 units at the end of August 2024).
Customer Breakdown
Orders in value (including VAT) for first time buyers accounted for 24% of sales, compared to 18% over the same period in 2024. First time buyers accounted for 11% of sales in the first nine months of 2025, compared with 6% in 2024.
Orders made to investors accounted for 12% of sales, compared with 15% at the end of August 2024. Block sales accounted for 53% of orders in value (including VAT), compared with 61% over the same period in 2024.
- Commercial property division
As of 2025, August 31, the Commercial property division recorded net orders of -0.5 million euros (including VAT) compared to 21.0 million euros (including VAT) in the same period in 2024.
Kaufman & Broad currently has on marketing or to sign 55,200 sq. m. The group has 49,300 sq. m of office space and approximately 60,700 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 2025, August 31, Backlog housing stood at 1,994.0 million euros (excluding VAT) compared to 2,050.0 million euros (excluding VAT) for the same period in 2024 and represented 26.3 months of activity compared to 27.5 months of activity at the end of August 2024. As at 2025, August 31, Kaufman & Broad had 119 housing programmes under marketing.
The housing portfolio represents 34,474 units and is on the rise compared to the end of August 2024 portfolio (30,347 units). At the end of August 2025, it represented over 6 years of Commercial activity.
In addition, 84% of the housing portfolio is located in tight areas, representing 28,929 housing units as of 2025, August 31.
In the fourth quarter of 2025, the Group plans to launch 40 new programs.
As of 2025, August 31, the Backlog of the Commercial property division was 384.4 million euros excluding VAT compared to € 552.5 million excluding VAT for the same period in 2024.
Total Revenue amounted to 744.7 million euros (excluding VAT), compared to 701.2 million euros in the same period in 2024.
Housing revenue amounted to 599.2 million euros (excluding VAT), compared to 598.4 million euros (excluding VAT) in 2024, stable at +0.1%. It represents 80.5% of the Group's revenue.
Revenue from the Apartments business was 566.7 million euros (excluding VAT) (vs. 549.0 million euros (excluding VAT) at the end of August 2024). Revenue for the Commercial property division was 133.8 million euros (excluding VAT), compared to 90.3 million euros (excluding VAT) over the same period in 2024. Other activities generated revenues of 11.6 million euros (excluding VAT) (including 6.7 million euros in revenues from the operation of student residences) compared to 12.5 million euros (excluding VAT) (including 6.1 million euros in revenues from the operation of student residences).
At 2025, August 31, gross profit amounted to 149.2 million euros, compared with 146.2 million euros in the same period in 2024. The gross margin was 20.0% compared to 20.9% in the same period of 2024.
Current operating expenses amounted to 92.4 million euros (12.4% of sales), compared to 92.7 million euros in the same period in 2024 (13.2% of sales). Current operating income amounted to 56.8 million euros, compared to 53.5 million euros in 2024. Operating margin stood at 7.6%, as in 2024.
At the end of August 2025, consolidated net income amounted to 41.7 million euros, compared with the same period in 2024 when it amounted to 40.0 million euros. Non-controlling interests amounted to 8.5 million euros in the first nine months of 2025 compared to 8.9 million euros in 2024.
Attributable net income was 33.3 million euros, compared with 31.1 million euros in 2024.
- Financial structure and liquidity
The positive net cash position (excluding IFRS 16 debt and Neoresid put debt) at 2025, August 31 was 394.7 million euros, compared with a positive net cash position (excluding IFRS 16 debt and Neoresid put debt) of 397.6 million euros at the end of November 2024. Cash and cash equivalents amounted to 398.3 million euros at 2025, August 31, compared with 502.9 million euros at 2024, November 30.
Working capital requirements amounted to -297.4 million euros at 2025, August 31, or -26.5% of sales, compared with -289.2 million euros at 2024, November 30 or -26.9% of sales.
- Fitch Investment Grade Rating Confirmation
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.
To date, the outlook set in January for the whole of 2025 has been maintained: Revenue are expected to increase by around 5%. The current operating income or EBIT rate is expected to be between 7.5% and 8% and net cash(a) is expected to remain significant after taking into account the payment of a dividend of nearly €43M for fiscal year 2024.
(a) Excluding IFRS 16 and Put Neoresid debt
This press release is available at www.corporate.kaufmanbroad.fr
- Next periodic information date:
- Wednesday, 2026 January 28: Publication of 2025 annual results (after the stock market)
Presentation of results for the period Mr. Nordine HACHEMI, Chairman and Chief Executive Officer and Mr. Bruno Coche, Chief Financial Officer, will comment on the results of the period and answer questions at a conference call in French with simultaneous translation into English. The presentation of the results will take place in French with simultaneous translation into English on: 3 October 2025 at 8.30 CET Registration for the presentation of the results for the period must be made by request at: Infos-invest@ketb.com - To follow the live presentation at the web conference you will receive a link (in French or English) *
- To follow the live presentation at the conference by phone you will receive the number for the desired language (French or English)
* Activation of accesses from 8: 00, the connection requiring registration via a form The Webcast media will be available ½ hour before the presentation starts at www.kaufmanbroad.fr/finance/publications-financieres/ |
Contacts Chief Financial Officer 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 an urban developer and assembler, the Kaufman & Broad Group works alongside and at the service of local authorities and its customers. Through its various subsidiaries, the Group offers comprehensive expertise and 55 years of experience in the construction of residential buildings, single family homes, managed residences (students and seniors), shops, logistics platforms and office buildings. The group's employees share the conviction that Bâtir is acting! Acting for people by promoting health and living together, acting for the city by contributing to its attractiveness and development, and acting for the planet by reducing the carbon footprint of building construction and use every day. 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 Kaufman & Broad Universal Registration Document was filed on 28 March 2025 with the AMF under number D.25-0194. 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 attention in particular to the risks described in Chapter 4 of the Universal Registration Document. The occurrence of one or more of these risks may have a material adverse effect on the Kaufman & Broad Group's businesses, assets, financial position, results or outlook, as well as on the market price of Kaufman & Broad shares. This press release does not constitute and cannot be considered to constitute a public offer, an offer to sell or an offer to subscribe as intended to request a purchase or subscription order in any country. |
