Kaufman et Broad SA

KOF

Equity

ISIN FR0004007813 / Valor 1041568

Euronext - Euronext Paris (2026-09-10)

EUR 21.55-1.82%

Kaufman et Broad SA
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About company

Kaufman & Broad SA is a prominent French real estate development company known for its extensive experience in residential, commercial, and urban development projects. Established in 1968, the company has built a strong reputation in the real estate sector, focusing on the design, construction, and sale of a wide range of properties, including apartments, houses, and office spaces. Kaufman & Broad is recognized for its expertise in creating sustainable and innovative living spaces that cater to the evolving needs of modern urban environments. The company operates primarily in France, where it has established itself as a key player in the real estate market, consistently delivering high-quality projects that emphasize architectural excellence and customer satisfaction.

Summarized from source with an LLMView SourceSector: Industrials

Orders and sales momentum

H1 2026 net orders were €522.8m (incl. VAT) for 2,622 housing units (+0.5% in volume vs H1 2025; orders value down ~6.9% due to product mix). Take‑up period for housing was 4.8 months and the commercial offer increased ~9% vs May 2025, supporting continued sales velocity.

Revenue and profitability

Total revenue was €500.9m (H1 2025: €499.4m). Housing revenue fell to €368.5m (-9.2% y/y) while Commercial Property revenue rose to €123.8m. Gross margin remained at €104.7m (gross margin rate 20.9%). Current operating income (EBIT) was €39.9m (EBIT margin ~8.0%, up from 7.7% in H1 2025).

Net income

Consolidated net income was €28.0m and attributable net income was €23.5m (H1 2025: €23.2m), with basic EPS ≈ €1.18 for the half.

Balance sheet and liquidity

Net cash (excl. IFRS16 and Neoresid put) stood at €242.6m after a €43.2m dividend payment; cash & equivalents €246.6m. The group has an unused €200m RCF (total available liquidity cited as €446.6m). Working capital requirement was negative €146.5m (‑12.9% of revenue).

Backlog and land bank

Global backlog was reported at ~€2,294.9m excl. VAT (housing backlog €2,004.1m, commercial €290.3m), representing ~28.9 months of activity for housing. Housing land portfolio stood at 32,600 units (≈6 years of activity).

Commercial property

The commercial property division recorded no net new orders in H1 but revenue increased to €123.8m; the commercial backlog declined to €290.3m excl. VAT vs €431.5m a year earlier.

Outlook and shareholder return

Kaufman et Broad SA confirms its 2026 guidance: full‑year revenue expected comparable to 2025 and current operating income margin close to 8%. Net cash is expected to remain positive after distribution of the €2.20 per‑share dividend approved for FY2025.

Summarized from source with an LLMView Source

Key figures

-24.8%1Y

-20.8%3Y

-43.3%5Y

Performance

23.8%1Y

27.1%3Y

29.6%5Y

Volatility