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PRESS RELEASE

from KAUFMAN & BROAD (EPA:KOF)

Kaufman & Broad SA: 2026 FIRST QUARTER RESULTS

Kaufman & Broad SA
Kaufman & Broad SA: 2026 FIRST QUARTER RESULTS

15-Apr-2026 / 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.

               

 Press release

  Press release

Paris, April 15, 2026

 

 

2026 FIRST QUARTER RESULTS 2026 RESULTS
 

 

  • Very solid financial structure: positive net cash(a) of € 310.8 million
  • Proposed dividend for 2025 financial year of €2.20 per share

 

 

  • Main elements of the commercial activity

 

  • Total orders: €230.7 million incl. VAT

O/w housing: €230.7 million incl. VAT for 1,213 units

 

  • Take-up period: 4.9 months(b)

 

  • Key financial data

 

  • Revenue:  € 235.8 M

O/ w housing: €176.7 M

 

  • Gross margin: € 50.0 M
  • COI (EBIT): € 19.1 M
  • EBIT margin (c): 8.1%
  • Attributable net income: € 11,8 M
  • Net cash(a): €310.8 M

 

  • Key growth indicators

 

  • Global backlog:  € 2,335.8 M (excl. VAT)

O/w housing: €1,978.0 M excl. VAT

  • Housing portfolio:

32,421 units

  Kaufman & Broad SA today announces its results for the 1st quarter of the 2026 financial year (from December 1, 2025, to February 28, 2026). Nordine Hachemi, Chairman and Chief Executive Officer of Kaufman & Broad, stated:

 

"In the first quarter of 2026, covering the period from December 1, 2025, to February 28, 2026, the new housing market is estimated to have declined by nearly 22 %(d) compared to the same period in 2025, while Kaufman & Broad reported a 1.9% increase its orders in volume terms. The relative share of individual investors increased by 4 points quarter-on-quarter; that of first-time buyers fell by 3 points, while the block sales remained stable. Order values were down –8.5% compared to the same period in 2025 due to changes in the product mix.

 

The commercial offer increased by nearly 30% compared to the end of February 2025, with a sustained sales pace being maintained (take-up period of 4.9 months compared to nearly 17 months(e) for the market). In addition, the group continued to rebuild its land portfolio, which increased by 4% to 32,421 units.

 

The group's financial structure remains very solid. At the end of February 2026, net positive cash(a) stood at €310.8 million. It is recalled that of this amount, approximately €200 million will be used for the realization of the Austerlitz project, whose delivery is scheduled for 2027. The balance will be used to finance the group's activity and growth in future financial years. In addition, the group also relies on a RCF line of €200 million, which has not been used to date, bringing the total financial capacity to €514 million.

 

Although the current geopolitical crisis has not yet had a direct impact on its business, Kaufman & Broad will remain vigilant and will once again be able to rely on its financial strength to weather a period that could prove highly unstable.

 

On this basis, Kaufman & Broad confirms the guidance presented at the end of January for the full 2026 financial year. The group’s revenue is expected to be at a level comparable to that of fiscal year 2025. The current operating income margin is expected to be close to 8%. Net cash should remain positive after considering the payment of a dividend for the 2025 financial year of €2.20 per share, subject to approval by the Annual General Shareholders’ Meeting on May 5th.

 

 

 

  • Business activity

 

  • Housing Segment

 

At the end of February 2026, orders for housing units were worth €230.7 million (incl. VAT), compared with €252.1 million for the same period in 2025. In volume terms, they stood at 1,213 units in 2026 compared to 1,190 units in 2025, representing an increase of 1.9%.

 

The take-up rate period was 4.9 months as of February 28, 2026 (over 3 months), compared with 3.8 months during the same period in 2025 and compared to 4.7 months at the end of 2025 (over 12 months).

 

The commercial offer, with 93% of housing units located in areas under pressure (A, Abis and B1), stands at 1,971 housing units as of February 28, 2026 (1,518 housing units at the end of February 2025).

 

Customer Breakdown

 

First-time buyers' orders (incl. VAT) accounted for 23% of sales, identical to the same period in 2025. Second-time buyers accounted for 8% of sales, as in 2025.

Orders from investors accounted for 11% of sales, compared to 10% at the end of February 2025 block sales shares’ is 59% of orders in value (incl. VAT) equal to the same period in 2025.

 

  • Commercial Property

 

As of February 28, 2026, the commercial property division did not record any net order (incl. VAT).

 

Kaufman & Broad currently has 22,500 sq. m of office space and approximately 117,900 sq. m of logistics space on the market or to be signed. The group has 22,000 sq. m of office space and approximately 102,300 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 February 28, 2026, the Residential Property Backlog totaled €1,978.0 million (excluding VAT) compared to €1,983.4 million (excl. VAT) for the same period in 2025, representing 28.2 months of activity versus 26.0 months of activity at the end of February 2025. As of February 28, 2026, Kaufman   Broad had 115 housing programs in the process of being marketed.

 

The housing portfolio represents 32,421 units and is up compared to the end of November 2025 (32,392 units). At the end of February 2026, it corresponded to nearly 6 years of commercial activity.

In addition, 87% of the property holding is in high-demand areas, representing 28,259 housing units as of February 28, 2026.

 

In the second quarter of 2026, the group plans to launch 17 new programs.

 

As of February 28, 2026, the Commercial property backlog stood at €357.3 million excl. VAT compared to €473.1 million excl. VAT for the same period in 2025.

 

 

Financial performance

 

  • Activity 

 

Total revenue was €235.8 million (excl. VAT), compared to €250.1 million over the same period in 2025.

 

Housing revenue was €176.7 million (excl. VAT), compared with €205.6 million (excl. VAT) in 2025, a decrease of -14.1%. It represents 74.9% of the group’s revenue.

 

The revenue from Apartments business was € 168.9 million (excl. VAT) vs. €195.1 million (excl. VAT) at end-February 2025). The Commercial property division's revenue was €55.3 million (excl. VAT), compared to €40.3 million (excl. VAT) over the same period in 2025. Other activities generated revenue of €3.9 million (excl. VAT) (incl. €2.6 million in revenue from student residence operations) compared to €4.1 million (excl. VAT) (incl. €2.4 million in revenue from student residence operations).

 

  • Profitability data

 

As of February 28, 2026, the gross margin was €50.0 million, compared to €49.2 million over the same period in 2025. The gross margin was 21.2%, compared to 19.7% over the same period in 2025.

 

Current operating expenses amounted to €30.9 million (13.1% of revenue), compared with €29.8 million over the same period in 2025 (11.9% of revenue). Current operating income was €19.1 million, compared to €19.3 million in 2025. Operating margin rate stands at 8.1% compared to 7.7% for 2025.

 

At the end of February 2026, the consolidated net income amounted to €13.8 million, compared to €14.5 million for the same period in 2025. Non-controlling interests amounted to €2.0 million for the first quarter of 2026, compared with €2.9 million in 2025.

Attributable net income amounted to €11.8 million compared to €11.6 million over the same period in 2025.

 

  • Financial structure and liquidity

 

The positive net cash position (excluding IFRS 16 debt and Neoresid put debt) at February 28, 2026  stood at €310.8 million, compared to a positive net cash position (excluding IFRS 16 debt and Neoresid put debt) of €319.1 million at the end of November 2025. Cash and cash equivalents (cash and marketable securities) stood at €314.0 million as of February 28, 2026, compared to €322.5 million as of November 30, 2025.

 

Working capital requirements stood at €-191.5 million as of February 28, 2026, representing -17.8% of revenue, compared to €-214.7 million as of November 30, 2025, representing -18.9% of revenue.

 

 

  • Outlook for 2026

 

For the 2026 financial year, the group's revenue is expected to be at a level comparable to that of the 2025 financial year. The current operating income margin is expected to be close to 8 %.  Net cash(a) is expected to remain positive after the payment of a dividend for the 2025 financial year of €2.20 per share, subject to approval by the Annual general Shareholders' Meeting on May 5th.

 

(a) Excluding IFRS 16 and Put Neoresid debt

 

 

 

 

 

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

 

  • Next periodic information date:
  • Wednesday, July 8, 2026: Publication of the first-half year 2026 results (after market)

Presentation of the results for the period

 

Mr. Nordine HACHEMI, Chairman and Chief Executive Officer, and Mr. Bruno COCHE, Chief Financial Officer, will comment on the results for the period and answer questions during a conference call.

 

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

Thursday, 16 April 2026 at 08:30 CET

 

Registration for the presentation of the period’s results must be done by request to:

info-invest@ketb.com

 

  • To follow the live presentation at the conference on the web, you will receive a link * (in French or in English)
  • To follow the live presentation during the conference call you will receive the number for the language you want (French Or English)

* Activation of access from 8: 00 am, as the connection requires registration via a form

 

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

 

Contacts

 

Chief Financial Officer

Bruno Coche - 01 41 43 44 73 / infos-invest@ketb.com

Press Relations

Primatece: 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 developer and urban planner, the Kaufman & Broad group works alongside and serves local authorities and its customers. Through its various subsidiaries, the group offers comprehensive expertise and 55 years of experience in the construction of apartment buildings, detached houses, managed housing (for students and seniors), commercial premises, logistics platforms, and office buildings.

The group’s employees hold and share the belief that Building is action! Acting for people by promoting health and community living, acting for the city by contributing to its attractiveness and development, and acting for the planet by reducing the daily carbon footprint of building construction and use.

All the operations developed by the group thus make a positive contribution to the ecological transition and innovate to create a more virtuous city.

For more information: www.corporate.kaufmanbroad.fr   

The Universal Registration Document of Kaufman & Broad was filed on March 27, 2026 with the Autorité des marchés financiers ( the “ AMF”) under number D.26-0156. 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 particular attention to the risk factors described in section 4 of the Universal Registration Document.  The occurrence of one or more of these risks could have a material adverse effect on the activities, assets, financial position, results or outlook of the Kaufman & Broad group, as well as on the market price of Kaufman & Broad shares.

This press release does not constitute and should not be considered as constituting a public offer, a sales offer or a subscription offer as intended to solicit a purchase or subscription order 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 notarially 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 recognised 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 completion (BEFA): Leases in future state of completion consists for a user to rent a building even before its construction or its restructuring.

excluding Vat

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 of WCR is as follows: Current assets (inventory + trade receivables + other operating receivables + advances and down payments received + recognised income from advances) less Current liabilities (trade payables + tax and social security payables + oth

Financial Results Dividend Kaufman & Broad SA Orders Q1 2026
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