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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.

 

               

 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 € 261.9 million
  • Outlook maintained for the full year

 

  • Main elements of the business

 

  • Total Orders: € 746.1.M inc. VAT

 O/w housing: €745.8M inc. VAT for 3,771 units

 

  • Housing take-up period: 4.6 months(b)

 

  • Key financial data

 

  • Revenue: € 730.8.M O/w housing: € 550.2.M

 

  • Gross margin: € 151.8.M
  • ROC (EBIT): € 58.2.M
  • EBIT margin(c): 8.0%
  • Attributable Net income: € 33.6.M
  • Net cash: € 261.9.M

 

  • Key growth indicators

 

  • Total backlog:  € 2,242.0 m

O/w Housing: €1,994.0.M excl.VAT

  • Housing land portfolio: 32,091 units

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:

 

“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 due to the change in the product mix.

 

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.

 

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.

Nevertheless, housing is now a priority for the entire political establishment, which suggests the possibility of a post-election market recovery by 2028

 

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

 

Kaufman & Broad has many assets that will help it weather this period. Among these, a 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 know-how in design, marketing and construction.

 

At the end of August 2026, net cash(a) amounted to € 261.9 million. It should be noted that of this amount, approximately €200 million will be used for the Austerlitz project, which is scheduled for delivery in 2027.

 

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.

 

On this basis, Kaufman & Broad maintains the guidance presented at the end of January for the 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 €745.8 million (inc. VAT), compared with €826.9.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 €1,994.0 million (Excl. VAT), unchanged from the comparable period in 2025 with €1,994.0 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 € 247.5 million (excl. VAT) compared with € 384.4 million (excl. VAT) for the same period in 2025.

 

 

 

 

Financial performance

 

  • Activity 

 

The total revenue amounted to € 730.8 million (excl. VAT), compared to € 744.7 million in 2025.

 

 

Housing revenue was €550.2 million (excl. VAT), compared with €599.2 million (excl. VAT) in 2025, down 8.2%. It represents 75.3% of the group’s revenue.

 

Apartments revenue amounted to € 521.5 million (excl. VAT) (vs. €566.7 million (excl. VAT) at end-August 2025). Commercial property revenue amounted to € 167.9 million (excl. VAT), compared with € 133.8 million (Excl. VAT) in the same period in 2025. Other business activities generated revenue of € 12.7 million (Excl. VAT) (including € 7.4 million of revenue from student residence operations) compared with € 11.6 million (Excl. VAT) (including € 6.7 million of revenue from student residence operations).

 

  • Profitability data 

 

As of August 31, 2026, the gross margin amounted to € 151.8 million, compared to € 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 €93.6 million (12.8% of revenue), compared with €92.4 million in 2025 (12.4% of revenue). Current operating income was €58.2 million, compared with €56.8 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 €40.3 million, compared to €41.7 million in the same period in 2025. Non-controlling interests amounted to € 6.8 million for the first nine months of 2026, compared with € 8.5 million in 2025.

Attributable net income amounted to €33.6 million, compared with €33.3 million in 2025.

 

  • Financial structure and liquidity

 

Net cash (excluding IFRS 16 and Neoresid put) at 2026, August 31 amounted to € 261.9 million, compared with net cash (excluding IFRS 16 and Neoresid put) of € 319.1 million at the end of November 2025. Cash and cash equivalents (cash and marketable securities) amounted to €266.4 million at 2026, August 31 compared with €322.5 million at 2025, November 30.

 

Working capital requirements stood at -€162.7 million at 2026, August 31 or -14.5% of revenue, compared to -€214.7 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:
  • Monday, 2027, February 1st: Publication of 2026 annual 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 of the period and answer questions during a conference call.

 

The presentation of the results will be in French with simultaneous translation into English on:

  Thursday, 2026, October 1st at 8:30 a.m. (CET)

 

Registration for the presentation of the results of the period must be made by request to the following address:

infos invest@ketb.com

 

  • To follow the live presentation on the conference via the web, you will receive a link (in French or English) *
  • To follow the live presentation by telephone, you will receive a link for the language you preferred (French or English)

* Access activation from 8: 00 a.m., requiring registration via a form

 

The webcast materials (in French and English) will be available ½ hour before the presentation starts on the website: www.kaufmanbroad.fr/finance/publications-financieres/

 

Contacts

 

Financial Executive

Bruno Coche - + 33 (0) 1 41 43 44 73 / infos invest@ketb.com

Press Relations

Chairman: 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 property developer and urban planner, Kaufman & Broad works alongside and for local authorities and its customers. Through its various subsidiaries, the group offers comprehensive expertise and 55 years of experience in the construction of housing units, individual houses, managed housing (students and seniors), retail outlets, logistics platforms and office buildings.

The group’s employees share the conviction that Building is acting! Acting for people by promoting health and social cohesion, acting for cities by contributing to their attractiveness and development, and acting for the planet by reducing the carbon footprint of building construction and use every day.

All the operations carried out by the group thus contribute positively to the ecological transition and innovate to create a greener city.

For more information: www.corporate.kaufmanbroad.fr  

Kaufman & Broad's Universal Registration Document was filed with the AMF on 27 March 2026 under number d.26-0156. It is available on the AMF website (www.amf france.org) and the Kaufman & Broad website (www.kaufmanbroad.fr). It contains a detailed description of Kaufman & Broad’s business, results and outlook, as well as risk factors. Kaufman & Broad draws particular attention to the risk factors described in chapter 4 of the Universal Registration Document.  The occurrence of one or more of these risks could have a material adverse effect on the business, financial condition, results of operations or prospects of Kaufman & Broad group, and on the market price of Kaufman & Broad shares.

This press release does not constitute and may not be considered as constituting a public offer, an offer to sell or an offer to subscribe as intended to solicit an order to buy or subscribe 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.

 

Financial Structure Outlook Kaufman & Broad Results Net Cash Position
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