Kaufman & Broad: stable reservation volumes, annual targets maintained
Over the first nine months of fiscal year 2026, Kaufman & Broad has stabilized its residential reservation volumes in a national market experiencing sharp contraction.
The real estate developer has maintained its objectives for the full fiscal year, relying on an order book representing more than two years of activity and positive net cash of €261.9 million.
Stable housing volumes, reservation value down 9.8%
Over the first nine months of fiscal year 2026 (from December 1, 2025 to August 31, 2026), Kaufman & Broad recorded total reservations of €746.1 million including VAT, of which €745.8 million for Housing. In volume, residential reservations stood at 3,771 units, compared to 3,760 a year earlier, representing growth of 0.3%.
In value, these reservations declined by 9.8%, to €745.8 million including VAT compared to €826.9 million in the same period in 2025, a change the group attributes to product mix evolution. According to management, the new housing market volume was down 18.3% in the first half of the calendar year. The program turnover period stands at 4.6 months, compared to 5.1 months a year earlier.
Overall revenue came in at €730.8 million, compared to €744.7 million in 2025. Housing activity represents €550.2 million, down 8.2%, or 75.3% of the total, while the Office segment grew to €167.9 million from €133.8 million.
Gross margin rate and EBIT rate improved
Gross margin stands at €151.8 million, compared to €149.2 million for the same period in 2025. The gross margin rate reaches 20.8%, compared to 20.0% a year earlier.
Operating profit (EBIT) amounts to €58.2 million, compared to €56.8 million in 2025. The EBIT rate comes in at 8.0%, compared to 7.6% in the same period of the previous fiscal year. Net income attributable to the group stands at €33.6 million, compared to €33.3 million a year earlier.
Positive net cash (excluding IFRS 16 debt and Put Neoresid) reaches €261.9 million as of August 31, 2026, compared to €319.1 million at end of November 2025. The group specifies that approximately €200 million of this amount will be used by the Austerlitz project until its planned delivery in the course of 2027.
2026 guidance confirmed, order book representing more than two years of activity
Kaufman & Broad maintains the objectives presented at the end of January for the full 2026 fiscal year: revenue at a level comparable to that of 2025, an operating profit rate close to 8% and positive net cash that will remain positive.
The Housing order book stands at €1,994.0 million excluding VAT, identical to that of the comparable period in 2025, and represents 23.6 months of activity, compared to 26.3 months at end of August 2025. The Housing land portfolio comprises 32,091 units, close to the 32,392 units at end of November 2025, representing more than six years of commercial activity.
According to the group, the new housing market could continue to slow due to wait-and-see attitudes linked to the presidential election. Management indicates that Fitch Ratings renewed in July, for the fifth consecutive year, the Investment grade BBB- rating with stable outlook.
