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Kaufman & Broad SA: 2025, 1ST QUARTER RESULTS

Kaufman & Broad SA
Kaufman & Broad SA: 2025, 1ST QUARTER RESULTS

11-Apr-2025 / 18:10 CET/CEST
Dissemination of a French Regulatory News, transmitted by EQS Group.
The issuer is solely responsible for the content of this announcement.

               

S Press release

  Press release

 Paris, 2025 April 11

 

 

2025, 1st quarter results
 

 

  • Housing: Volume orders up 6.0%
  • Very solid financial structure: Positive net cash(a) of €376.1M
  • Proposed dividend for 2024 of €2.20 per share

 

 

  • Main elements of commercial activity

 

  • Total orders: € 252.6 M incl. VAT

 Of which housing: €252.1M incl. VAT for 1,190 units

 

  • Housing Take-up rate: 3.8 months(b)

 

  • Key financial data

 

  • Revenue: €250.1M Including Housing: €205.6M

 

  • Gross margin : €49.2M
  • COI (EBIT ) : €19.3M
  • EBIT margin(c )  : 7.7%
  • Attributable net income : €11, 6M
  • Net cash(a ) : € 376.1 m 

 

  • Key growth indicators

 

  • Total backlog: €2,456.6 m excl. VAT

 Of which housing: €1983.4M excl. VAT

  • Housing portfolio Housing: 31,180 units 

Kaufman & Broad SA today announces its results for the 1st quarter of fiscal 2025 (from 2024, December 1st to 2025, February 28). Nordine Hachemi, Chairman and Chief Executive Officer of Kaufman & Broad, said:

 

‘In the 1st quarter, Kaufman & Broad posted a 6.0% increase in orders by volume. Orders in value for the quarter remained stable due to the product mix. At the same time, the housing market declined by an estimated 6 % (d).

 

The continued increase in the number of individual buyers, which accounted for 21% of total orders, compared to 14% in the 1st quarter of 2024, offset the withdrawal of blocks. The share of investors rose slightly despite the repeal of the Pinel system at the end of 2024.

 

The Take-up rate of 3.8 months is still significantly lower than that of the market, estimated at over 23 months(e).

 

In addition, a 12,000 sq. m. office conversion project in Courbevoie was acquired in March, and Kaufman & Broad was awarded an operation to regenerate brownfield sites in Nanterre, representing a total of 21,050 sq. m. to be developed over the next three years.

 

Housing demand still buoyant and a return to reason on the part of the major real estate operators should support Kaufman & Broad's business over the next few years.

 

In commercial real estate, the Austerlitz project (A7/A8) continues in line with the announced timetable

 

The Managed Residences business continued to expand by combining quality housing with realism on rents, allowing occupancy rates to be reconciled with profitability. Néoresid, a subsidiary dedicated to the management of student residences, is positioned on three new residences representing more than 500 rooms, bringing the total number in operation to around 3,000 by 2028. Regarding the portfolio of five senior residences representing approximately 500 units managed by Cosy Diem, the increase in occupancy rates is in line with our forecasts.

 

In terms of reducing carbon emissions, the SBTI has validated the reinforcement of Kaufman & Broad's target of a 46.2% reduction in greenhouse gas emissions from scopes 1, 2 and 3 by 2030 compared to the reference year 2019.

 

The financial structure is very solid. At the end of February 2025, cash and cash equivalents amounted to 482.7 million euros, which will make it possible to repay the 100 million euros EuroPP bond maturing in mid-May. The positive net cash position (a) was 376.1 million euros, of which around 200 million will be used for the Austerlitz project, scheduled for delivery in 2027.

Lastly, Kaufman & Broad has 200 million euros in unused RCF lines to date, bringing its financial capacity to more than 576 million euros while benefiting from an Investment grade rating of ‘BBB -’ from Fitch Rating.

 

The current severe disruptions in the political and macroeconomic environments are fuelling uncertainties. Although in mid-April Kaufman & Broad did not see any particular pressure on its key sales indicators, such as orders, acquisition of prospects, withdrawal rates or time-to-market, the group remains attentive to a possible deterioration in economic conditions over the coming months.

 

The outlook set in January for the whole of 2025 is maintained: Revenue are expected to increase by around 5%. The Operating Margin rate or EBIT rate is expected to be between 7.5% and 8% and net cash should remain significant after taking into account the repayment of the May 2025 maturity of 100 million euros of EuroPP debt and the payment of a dividend of nearly 43 million euros for the 2024 financial year, or €2.20 per share, submitted for approval to the Annual Shareholders’ Meeting of May 6.  ‘

 

 

  • Sales Activity

 

  • Housing Segment

 

At the end of February 2025, housing orders amounted to €252.1 million (including VAT), compared to €252.7 million compared to the same period in 2024. In volume terms, they stood at 1,190 homes in 2025, up 6.0% from 1,023 in 2024.

 

The Take-up rate for programmes was 3.8 months at February 28, 2025 (over 3 months), a slight decrease compared to the same period in 2024 (4.1 months).

 

The commercial offering, with 96 % of units located in tight areas (A, ABIS and B1), amounted to 1,518 units at 2025 February 28 (1,517 units at the end of February 2024).

 

Customer Breakdown

 

Orders in value (including VAT) for first time buyers accounted for 23% of sales, compared to 12% over the same period in 2024. First quarter 2025 sales accounted for 8% of sales, which was also 8% in 2024.

Orders made to investors accounted for 10% of sales, compared with 9% at the end of February 2024. Block sales accounted for 59% of orders in value (including VAT), compared with 72% over the same period in 2024.

 

  • Commercial Property 

 

As of February 28, 2025, the commercial property recorded net orders of €0.5 million (including VAT) compared to €1.6 million (including VAT) for the same period in 2024.

 

Kaufman & Broad currently has on marketing or to sign 55,500 Sq. m of office space and approximately 144,600 Sq. m of logistics space. The group has 49,300 Sq. m of office space and approximately 26,600 Sq. m of logistics space under study. In addition, 116,600 Sq. m of office space and nearly 12,700 Sq. m of logistics are currently under construction. 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 February 28, 2025, Backlog housing stood at €1,983.4 million (excluding VAT) compared to €1,993.3 million euros (excluding VAT) for the same period in 2024 and represented 26.0 months of business compared to 25.8 months of business at the end of February 2024. As of February 28, 2025, Kaufman & Broad had 109 housing programmes under marketing, representing 1,518 housing units (126 programmes and 1,517 housing units as at the end of February 2023).

 

The housing land portfolio represents 31,180 units and is down 4.6% compared to the end of February 2024 (32,684 units). At the end of February 2024, it represented over 5 years of business.

In addition, 85% of the housing portfolio is located in tight areas, representing 26,465 housing units as of February 28, 2025.

 

In the 1st quarter of 2025, the group plans to launch 31 new programmes for 1,958 units, of which 7 in the Paris area representing 627 units and 24 in the Regions representing 1,331 units.

 

As of February 28, 2025, the Commercial Property Backlog amounted to €473.1 million excluding VAT compared to € 592.8 million excluding VAT for the same period in 2024.

 

 

  • Financial performance

 

  • Activity 

 

Total sales amounted to €250.1 million (excluding VAT), compared to €228.0 million in the same period in 2024.

 

Housing revenue amounted to €205.6 million (excluding VAT), up 4.3% from €197.2 million (excluding VAT) in 2024. It represents 82.2% of the total group's revenue.

 

Revenue from the Apartments business was €195.1 million (excluding VAT) (vs. €181.7 million euros (excluding VAT) at end February 2024). Revenue for the Commercial Property division was €40.3 million (excluding VAT), compared to €27.2 million (excluding VAT) over the same period in 2024. Other activities generated revenues of €4.1 million (excluding VAT) (including €2.4 million in revenues from the operation of student residences) compared to €3.7 million (excluding VAT) (including €2.0 million in revenues from the operation of student residences).

 

  • Profitability data 

 

At February 28, 2025, gross profit amounted to €49.2 million, compared with €45.9 million in the same period in 2024. The gross margin was 19.7% compared to 20.1% in the same period of 2024.

 

Current operating expenses amounted to €29.8 million (11.9% of sales), compared to €29.1 million in the same period in 2024 (12.8% of sales). Current operating income amounted to €19.3 million compared to €16.8 million in 2023. Operating Margin stood at 7.7%, compared with 7.4% in 2024.

 

At the end of February 2025, consolidated net income amounted to €14.5 million, compared with the same period in 2024 when it amounted to €14.3 million. Non-controlling interests amounted to €2.9 million in the first quarter of 2025, compared with €3.2 million in 2024.

Attributable Net income was €11.6 million compared with €11.0 million in 2024.

 

  • Financial structure and liquidity

 

The positive net cash position (excluding IFRS 16 debt and Neoresid put debt) at February 28, 2025 was €376.1 million compared with a positive net cash position (excluding IFRS 16 debt and Neoresid put debt) of €397.6 million at the end of November 2024. Cash and cash equivalents amounted to €482.7 million at February 28, 2025, compared with €502.9 million at November 30, 2024.

 

Working capital requirements amounted to €-250.0 million at February 28, 2025, or -22.8% of sales, compared with €-289.2 million at 30 November 2024 or -26.9% of sales.

 

 

  • Dividend

 

The Board of Directors of Kaufman & Broad SA, which met on 26 February 2025, decided to propose to the Shareholders' Meeting of 6 May 2025 the payment of a dividend of €2.20 per share.

 

  • Outlook 2025

 

To date, the outlook set in January for the whole of 2025 has been maintained: Sales are expected to increase by around 5%. The Operating Margin rate 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 repayment of the debt due May 2025 of €100M and the payment of a dividend of nearly €43M for fiscal year 2024, i.e. €2.20 per share, submitted for approval by the Annual shareholders' Meeting on May 6. 

 

(a) Excluding IFRS 16 and Put Neoresid debt

 

 

This press release is available at www.corporate.kaufmanbroad.fr

  • Next periodic information date:
  • Thursday, 10 July 2025: Publication of the 1st Semester 2025 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 your questions at a conference call to be held in French with simultaneous translation into English.

 

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

14 April 2025 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 Build 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.

 

 

Financial Performance Dividend Kaufman & Broad SA 1st Quarter Results Net Cash
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