Kaufman & Broad Stabilizes Revenue at €500.9M and Gains Market Share
Kaufman & Broad has stabilized its first half 2026 revenue at €500.9M, nearly unchanged year-over-year, in a new housing market that declined by 23%. The group has maintained its operational margins (8.0% versus 7.7% a year earlier) and boasts a strong financial structure, with €242.6M in net cash. In value, net orders decreased by 6.9%, due to changes in product mix.
Sustained Order Volume, But Decline in Value
In terms of volume, housing orders reached 2,622 units as of May 31, 2026, a slight increase of 0.5% compared to the same period in 2025 (2,609 units). This movement is noteworthy: the French new market dropped by 23% over the same period, indicating that Kaufman & Broad has gained market share. However, in value, housing orders contracted to €522.8M including tax, down from €561.8M a year earlier, a decline of 6.9% linked to changes in the product mix. The sales cycle lengthened to 4.8 months (from 4.5 months a year earlier), although well below the estimated 24 months for the overall market. The commercial offering (units available for sale) increased by 9% to reach 2,119 units, reflecting a stock buildup in the face of less dynamic demand. The group's land portfolio was maintained at a high level of 32,600 units, representing about 6 years of commercial activity.
Operational Margins Preserved Despite Revenue Pressure
Total revenue for the semester was set at €500.9M, compared to €499.4M a year earlier, a deceptive stability hiding contrasting dynamics. Housing revenue fell by 9.2% to €368.5M, while commercial real estate revenue jumped by 44.5% to €123.8M (although the segment recorded no new net orders). Gross margin was established at €104.7M, virtually identical to the previous year's €104.8M, allowing the gross margin rate to remain nearly unchanged at 20.9% (versus 21.0%). Operational expenses decreased to €64.9M (12.9% of revenue) from €66.2M (13.3%), freeing up resources. Current operating income (EBIT) improved to €39.9M from €38.6M, bringing the operational margin to 8.0% versus 7.7%. The net income attributable to the group was set at €23.5M, slightly above the €23.2M recorded a year earlier.
Positive Cash Flow but Allocated for Austerlitz
Kaufman & Broad's net cash position stood at €242.6M as of May 31, 2026, down €76.5M from November 30, 2025 (€319.1M), mainly due to the payment of a dividend of €43.2M and ongoing investments. The group also has an unused revolving credit facility (RCF) of €200M, bringing its total financial capacity to €446.6M. The group specified that €200M of cash will be dedicated to the realization of the Austerlitz project, scheduled for delivery in 2027. For the full year 2026, Kaufman & Broad maintains its outlook: revenue at the level of 2025 and an operational margin close to 8%. Net cash is expected to remain positive after the payment of a dividend of €2.20 per share for the fiscal year 2025, approved at the general meeting on May 5, 2026.
