Kaufman & Broad SA: RESULTS FOR THE FIRST NINE MONTHS OF 2026
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Kaufman & Broad SA
Press release Press Release Paris, 2026 September 30
RESULTS FOR THE FIRST NINE MONTHS OF 20266
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.
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).
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
The Total Fina Elf 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).
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.
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.
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
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.
Cash flow: Cash flow from operations after cost of debt and tax is equal to consolidated net income adjusted for the share of income from associates, joint ventures and operations in the process of disposal and calculated income and expenses.
Financial resources: corresponds to cash and cash equivalents plus undrawn credit lines at date.
CDP: (formerly Carbon Disclosure Project): Measuring the environmental impact of companies.
Time to sell out: The time to sell out of inventories is the number of months required for available housing units to be sold if sales continued at the same rate as in previous months, i.e. the outstanding number of housing units (available supply) per quarter divided by the orders placed per quarter over the same period divided by the number of quarters in the reservation period considered.
Dividend: The dividend is the portion of the company's net annual profit distributed to shareholders. Its amount, proposed by the Board of Directors, is submitted to the shareholders for approval at the General Meeting. It is payable within a maximum of 9 months after the end of the financial year.
EBIT: The EBIT corresponds to the operating income for the period, calculated at the gross margin deducted by operating costs for the current period.
Gross financial debt or financial debt: The gross financial debt is composed of long-term and short-term financial liabilities, hedging financial instruments relating to liabilities composing the gross financial debt, and interest accrued on line items in the balance sheet which constitute the gross financial debt.
Net indebtedness or net financial debt: The net debt of a company is the balance of its gross financial debts on the one hand, and its cash and financial investments forming its “active cash” on the other hand. It represents the credit or debit position of the company vis-à-vis third parties and outside the operating cycle.
Investment grade: investment grade means that a financial instrument or a company has a relatively low risk of default.
EHU: the EHU (Equivalent Housing Units delivered) are a direct reflection of the activity. The number of EHU’ is equal to the product (i) the number of housing units in a given program for which the notarized sales agreement has been signed, and (ii) the relationship between the amount of land and construction expenditures incurred by the Group on the said program and the Total Fina Elf budget of expenditures for the said program.
Gross margin: corresponds to revenues and lower cost of sales. The cost of sales includes the price of land, related land costs and construction costs.
Commercial offer: it is represented by the sum of the stock of housing available for sale on the date in question, i.e. all the housing units not reserved on that date (minus the unopened commercial units).
Land portfolio: This includes land to be developed. This means land for which a deed or a promise of sale has been signed, as well as land under review, meaning land for which a deed or a promise of sale has not yet been signed.
Debt-to-equity ratio (or gearing): This is the ratio of net debt (or net financial debt) to the company's consolidated equity. It measures the risk of the company’s financial structure.
Orders: measured in volume (Units) and in value, they reflect the group’s commercial activity. Their inclusion in revenues is conditional on the time required to transform a reservation into a notarized deed of sale, which generates the income statement. In addition, in multi-family housing programs including mixed-use buildings (apartments, business premises, shops, offices), all surfaces are converted into housing equivalents.
Orders (in value): They represent the value of real estate from the signed reservation contracts including all taxes for a given period. They are mentioned net of the withdrawals noted during the period said.
Managed housing: Managed residences, or service residences, are real estate complexes made up of housing (Houses or apartments) for residential use offering a minimum of services such as reception, supply of linen, cleaning and maintenance of housing as well as the provision of breakfast. There are several types of residences: student residences are groups of apartments, mainly studios equipped with a kitchenette and furnished, located near schools and universities and close to public transport; tourist residences, located in high-potential tourist areas, offer in addition the usual services of facilities such as swimming pools, sports fields, sometimes saunas, hammams, hot tubs, children's clubs; business residences are an alternative to traditional hotels, consisting of studios (about 80%) and 2-room units, located in the city center or near major business centers and systematically well connected; finally, Senior residences (including also residences for dependent or non-dependent elderly people - nursing homes), which allow to anticipate the aging of the population, accommodate people from 55 years old and beyond; their clientele is mixed: tenants and owners.
CSR (Corporate Social Responsibility): Corporate Social Responsibility (CSR) is the contribution of companies to the challenges of sustainable development. The approach consists of companies considering the social and environmental impacts of their activity in order to adopt the best possible practices and thus contribute to the improvement of society and the protection of the environment. CSR makes it possible to combine economic logic, social responsibility and eco-responsibility (definition of the Ministry of Ecology, Sustainable Development and Energy).
SBTi : The Science Based Targets initiative is an international organization that contributes to corporate engagement in the fight against global warming, including by evaluating and validating their climate objectives.
Scopes 1, 2 and 3: Scope 1: Direct greenhouse gas emissions (including vehicle fuel) ▪ Scope 2: Indirect greenhouse gas emissions related to energy) ▪ Scope 3: Other indirect emissions (including the manufacturing and use of our production).
Sell-Through rate: The Sell-Through rate (Rst) represents the percentage of initial inventory that sells monthly on a real estate program (sales/month divided by initial inventory); i.e., monthly net reservations divided by the ratio of beginning-of-period inventory plus end-of-period inventory divided by two.
EBIT rate (or Operation margin rate): Expressed in percentages, corresponding to the operational income so far with operational costs to date deducted from gross margin, divided by the turnover.
Cash and cash equivalents: This corresponds to cash and cash equivalents on the assets side of the balance sheet, i.e. all cash on hand (available banks and cashiers), marketable securities (short-term investments and term deposits) and reserve balances.
Net cash: It corresponds to ‘negative’ net debt, or ‘negative’ net financial debt, as for the company the balance of cash and financial investments forming its ‘active cash’ is greater than the amount of its gross financial debts (or gross financial debt).
Units: Units define the number of dwellings or dwelling equivalent (for mixed programs) of a given program. The number of housing equivalent units is determined by relating the surface area by type (business premises, shops, offices) to the average surface area of the housing units previously obtained.
Sale before Completion (VEFA): The Sale before Completion is the contract by which the seller transfers his rights immediately to the purchaser on the ground as well as the property of the existing constructions. Future construction works become the property of the acquirer as they are performed; the acquirer is required to pay the price as the work progresses. The seller retains the powers of the project owner until the work is accepted.
APPENDICES
Primary consolidated data*
(1) Ebit is equivalent to current operating income (Cad) i.e. gross margin less current operating expenses (ROC). (2) Based on the number of shares making up the share capital of Kaufman & Broad SA, i.e. 19,862,022 shares at August 31, 2026 and August 31, 2025. (3) Including €7.4 million of revenue from student residences at August 31, 2026 and €6.7 million at August 31, 2025.
Consolidated income statement*
* Unaudited and not approved by the Board of Directors
Consolidated balance Sheet*
* Unaudited and not approved by the Board of Directors
Regulatory filing PDF file File: KBSA_PR 9M 2026_VDEF_UK |
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2408250 30-Sep-2026 CET/CEST
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