Kaufman & Broad SA announced on Thursday its financial results for the fiscal year 2025 (December 1, 2024, to November 30, 2025), which are in line with the guidance previously communicated in January 2025.
The total revenue amounted to 1,136.0 million euros (excluding tax), showing an increase from 1,076.8 million euros in 2024. The Housing segment reported revenues of 870.9 million euros (excluding tax), down by 4.1% from 908.0 million euros the previous year. The Commercial segment recorded revenues of 248.9 million euros (excluding tax) compared to 151.6 million euros in 2024. The current operating income stood at 91.0 million euros with a rate of 8.0%, compared to 80.8 million euros and 7.5% in 2024. The net income attributable to the group was 54.2 million euros compared to 45.0 million euros in 2024. In terms of housing reservations by volume, the group recorded 5,703 units in 2025 compared to 5,543 in 2024, marking a 2.9% increase. The value of reservations (including tax) amounted to 1,163.2 million euros, virtually unchanged from 1,163.3 million euros in 2024. The sell-through period for programs was established at 4.7 months. The commercial offer reached 2,249 housing units as of November 30, 2025, compared to 1,384 units in 2024.
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The net cash position was positive at 319.1 million euros as of November 30, 2025. Fitch Ratings confirmed in August 2025 the 'BBB- Investment Grade' rating with a stable outlook. A dividend of 2.20 euros per share is proposed for the fiscal year 2025, subject to approval at the General Meeting on May 5, 2026. The Board of Directors will appoint David Laurent as Deputy Chief Executive Officer following the General Meeting on May 5, 2026. Laurent, who joined Kaufman & Broad 15 years ago and has been a member of the Executive Committee since 2016, currently heads the Commercial, Development, and Housing Ile-de-France segments. For the fiscal year 2026, the group anticipates revenue at a level comparable to 2025 and a current operating income rate close to 8%. The net cash position is expected to remain positive after the payment of the 2025 dividend.
le groupe s'attachera à préserver avec une grande rigueur ses marges et sa trésorerie, afin d'être le plus réactif possible lorsque le marché se redressera.
Risks mentioned
Ralentissement du marché du logement neuf dû à l'attentisme électoral conduisant au report des permis de construire et des décisions d'investissement des acquéreurs
Environnement de marché affaibli avec baisse de 18,3 % en volume sur le premier semestre civil du marché du logement neuf
Baisse de 9,8 % des réservations du groupe en valeur du fait de l'évolution du mix produit
Opportunities identified
Mise en avant du logement par l'ensemble de la classe politique pouvant permettre une reprise post-élections à horizon 2028
Backlog logement représentant plus de 2 ans d'activité offrant une visibilité et une base solide
Portefeuille foncier important de 32 091 lots (6 ans d'activité commerciale) dont 87 % situés en zones tendues
Outlook / guidance
Management commentary: Pour l'exercice 2026, le chiffre d'affaires du groupe devrait se situer a un niveau comparable a celui de l'exercice 2025.
The information presented in this article is provided for informational purposes only and does not constitute an investment recommendation, an incentive to buy or sell a financial asset, or investment advice. Readers are invited to conduct their own research before making any decision.
Investments in the stock market involve risks, including the risk of capital loss. Past performance of an asset or market is no guarantee of future results. Any investment decision should be made taking into account your personal financial situation, objectives and risk tolerance.
