S Press release
Press release
Paris, 2025, July 10
1st half year results 2025
- Housing: Good business activity
- Very strong financial structure
- Full-year outlook confirmed
- Main elements of commercial activity
- Total orders: € 61.3 M incl. VAT
Of which housing: €561.8M incl. VAT for 2,609 units - Housing Take-up rate: 4.5 months(b)
- Revenue: €499.4M Including Housing: €406.0M
- Gross margin: €104.8M
- COI (EBIT): €38.6M
- EBIT margin(c) : 7.7%
- Attributable net income: € 23.2 m
- Net cash(a): € 390.7 m
- Total backlog: € 2,423.2 m excl. VAT
Of which housing: €1991.7M excl. VAT - Housing portfolio: 32,668 units
| Kaufman & Broad SA today announces its results for the 1st half of fiscal year 2025 (from 2024 December 1st to May 31, 2025). Nordine Hachemi, Chairman and Chief Executive Officer of Kaufman & Broad, said: During the first 1st half of the year, Kaufman & Broad posted a 8.7% increase in volume orders in a new home market down 2 %(d). Orders in value for the half year remained stable due to the product mix. Volume orders made by first- and second-time buyers increased by 46% from one half to the next. They accounted for 24% of total orders in the 1st half of 2025, compared with 18% in the 1st half of 2024. The share of retail investors rose by nearly 6% despite the repeal of the Pinel system at the end of 2024. This was mainly due to an offer of products with attractive profitability. Commercial offer was up 20% from one period to the next but was still constrained by a very slow pace of issuance of building permits. The Take-up rate of 4.5 months remains significantly lower than the market, estimated at nearly 19.5 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. Aménagement & Territoires, a subsidiary of Kaufman & Broad, has been selected by the Lille European Metropolis as the winner of a tender for a new development concession on a former industrial site of 34,000 Sq. m. This project has been added to the portfolio of development projects carried out by the Group, which currently represent 600,000 Sq. m under development, consisting mainly of industrial and commercial waste processing. In commercial Property, the Austerlitz project (A7/A8) continues according to the announced schedule. For the fourth consecutive year, the ‘Best Managed Companies’ label awarded by Deloitte rewarded Kaufman & Broad's business model, characterised by its financial strength and the implementation of a very clear CSR roadmap. The Science Based Targets Initiative (SBTI) thus validated the strengthening of the group's carbon trajectory and its target of a 46.2% reduction in carbon emissions between 2019 and 2030 on scopes 1 and 2 on the one hand and on scope 3 on the other. The financial structure is very strong. At the end of May 2025, cash and cash equivalents amounted to €393.8 million after repayment at maturity of the balance of the €100 million EuroPP bond issue. Net cash and cash equivalents amounted to €390.7 million. 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%. Operating margin rate or EBIT should 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 May 2025, housing orders amounted to €561.8 million (including VAT), compared to €561.2 million compared to the same period in 2024. In volume terms, they stood at 2,609 homes in 2025, up 8.7% from 2,400 in 2024.
The Take-up rate for programmes was 4.5 months at 2025, May 31(over 6 months), a slight increase compared to the same period in 2024 (4.1 months).
The commercial offer, with 89 %of units located in tight areas (A, ABIS and B1), amounted to 1,951 units at 2025, May 31(1,626 units at the end of May 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 11% of sales in the six months of 2025, compared with 6% in 2024.
Orders made to investors accounted for 12% of sales, compared with 11% at the end of May 2024. Block sales accounted for 52% of orders in value (including VAT), compared with 66% over the same period in 2024.
As of 2025, May 31, the Commercial Property division recorded net orders of -€0.5 million (including VAT) compared to €21.7 million (including VAT) in the same period in 2024.
Kaufman & Broad currently has on marketing or to sign 55,200 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 60,700 Sq. m of logistics space under study. In addition, 100,800 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 MOD (delegated project management).
- Leading indicators of business activity and growth
As of 2025, May 31, Backlog Housing stood at €1991.7 million (excluding VAT) compared to €2090.0 million (excluding VAT) for the same period in 2024 and represented 25.9 months of activity compared to 28.3 months of activity at the end of May 2024. As of 2025, May 31, Kaufman & Broad had 116 housing programmes under marketing.
The Housing portfolio represents 32,668 units and is stable compared to the end of May 2024 (33,003 units). At the end of May 2025, it represented over 6 years of business activity.
In addition, 85 %of the housing portfolio is located in tight areas, representing 27,670 housing units as of 2025, May 31.
In the third quarter of 2025, the Group plans to launch 22 new programs.
As of 2025, May 31, the Commercial Property Backlog amounted to €431.5 million excluding VAT compared to €583.4 million excluding VAT for the same period in 2024.
Total Revenue amounted to €499.4 million (excluding Vat), compared to €452.5 million in the same period in 2024.
Housing Revenue amounted to €406.0 million (excluding VAT), up 4.2% from €389.6 million (excluding VAT) in 2024. It represents 81.3% of the Group's revenue.
Revenue from the Apartments business was €383.0 million (excluding VAT) (vs. €356.3 million euros (excluding VAT) at the end of May 2024). Revenue for the Commercial Property Division was €85.7 million (excluding VAT), compared to €54.4 million (excluding VAT) over the same period in 2024. Other activities generated revenues of €7.7 million (excluding VAT) (including €4.4 million in revenues from the operation of student residences) compared to €8.5 million (excluding VAT) (including €4.0 million in revenues from the operation of student residences).
At 2025, May 31, gross profit amounted to e104.8 million, compared with €97.5 million in the same period in 2024. The gross margin was 21.0% compared to 21.6% in the same period of 2024.
Current operating expenses amounted to €66.2 million (13.3% of sales), compared to €63.0 million in the same period in 2024 (13.9% of sales). Current operating income amounted to €38.6 million, compared to €34.5 million in 2024. Operating margin stood at 7.7%, compared with 7.6% in 2024.
At the end of May 2025, consolidated net income amounted to €29.4 million, compared with the same period in 2024 when it amounted to €27.9 million. Non-controlling interests amounted to €6.2 million in the first half of 2025 compared to €6.8 million in 2024.
Attributable net income was €23.2 million, compared with €21.1 million in 2024.
- Financial structure and liquidity
The positive net cash position (excluding IFRS 16 debt and Neoresid put debt) at 2025, May 31was €390.7 million, compared to 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 €393.8 million at 2025, May 31, compared with €502.9 million at 2024, November 30.
Working capital requirements amounted to €296.5 million at 2025, May 31, or -26.4% of sales, compared with €289.2 million at 2024, November 30 or -26.9% of sales.
- Repayment of the ‘Euro PP’ debt balance
As part of its Euro PP bond issue, Kaufman & Broad redeemed the final 8-year tranche of €100 million (maturing in May 2025). Repayment was made in accordance with the documentation on May 2025, using the company's surplus cash.
The guidance given in January for the full 2025 financial year remains unchanged: sales should grow by around 5%. Operating profit or EBIT ratio should be between 7.5% and 8%, and net cash(a) should remain significant after taking into account the payment of a dividend of nearly €43m in respect of the 2024 financial year.
(a) Excluding IFRS 16 and Put Neoresid debt
This press release is available at www.corporate.kaufmanbroad.fr
- Next periodic information date:
- Thursday 2 October 2025: Publication of results for the first nine months of 2025 (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: Friday, July 11, 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 Housing buildings, single family homes, managed residences (students and seniors), shops, logistics platforms and office buildings. The group's employees share the conviction that Building 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/en 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/en). 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. |
Glossary
Backlog or (order book ) : it covers, for Revenue in the Future Completion Status(VEFA), undelivered reserved units for which the notarially signed deed of sale has not yet been signed and undelivered reserved units for which the notarially 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
