(BFM Stock Exchange) – The property developer confirms its annual objectives, after having unveiled results at nine months online with expectations. Kaufman & Broad displays a comfortable cash position.

In a still difficult real estate promotion market, Kaufman & Broad had reassured investors by revealing half -year -old accounts last July, deemed “very good” by TP ICAP Midcap.

Quarter after quarter, this promoter listed on the Paris Stock Exchange has robust financial performance. This is again the case this Thursday evening for Kaufman & Broad, who took stock of his accounts at nine months of the year, a period arrested at the end of August.

Nine -months turnover reached 744.7 million euros up 6.2% compared to last year, and stands out “well online” with ICAP Midcap TP expectations. For the design office, this level of growth is also “completely in time” of the objectives of annual growth of around 5%.

“The ‘accommodation’ remains stable compared to last year over nine months while the ‘tertiary’ derives growth (+48%) given a rate of programs under more favorable construction”, notes Florian Cariou, the analyst in charge of coverage of the file.

A little lower in the accounts, the current operating profit increased by 6.2%, online with the increase in income, reaching 56.8 million euros, compared to 53.5 million euros a year earlier.

Almost 400 million euros of cash available

The corresponding margin is stable compared to 2024, at 7.6%, “well in the annual guidance range (forecast), the slight decrease in the gross margin (-90 base points) being compensated by a better mastery of fixed loads”, continues the market specialist.

At the end of August 2025, the group’s net profit increased to 33.3 million euros to compare to 31.1 million euros over the same period in 2024.

On the financial structure side, TP ICAP Midcap stresses that it remains “obviously excellent”, with a cash position of 394.7 million euros, stable compared to the end of November 2024.

The promoter recalls that almost half of this cash flow will be used for the realization of the Austerlitz project. It is a major program carried by the promoter, aimed at building an important real estate complex between Austerlitz station, in Paris, and the Pitié-Salpêtrière hospital with accommodation, stores or a hotel and whose delivery is scheduled for 2027.

The balance of this cash flow will be intended to finance growth on future years.

Kaufman & Broad also recalls having proceeded, as part of its bond bond of type ‘Euro PP’, to the reimbursement of the last bran of 100 million euros to 8 years (due May 2025).

Raising reservations

In addition to this comfortable liquidity mattress, the other force of the group remains its ability to sell very quickly. KAUFMAN & BROAD is returning to a flow period of 5.1 months, up compared to last year (3.6 months) where the market currently takes 19.7 months to sell products in new.

Over the nine months of his exercise, the promoter reported an increase in his housing reservations, which can be assimilated to the group’s “orders” and therefore to his future sales, from 9.5% to 3,760 dwellings in volume. “Sign that the group’s commercial offer is perfectly suited to new market conditions”, notes TP ICAP Midcap.

The group therefore outperforms a market with 6% withdrawn over the period, and as the 2026 municipal elections approached. According to a famous adage, “a mayor who built is a beaten mayor”. Before these local electoral deadlines, the city councilors therefore tend to raise their foot on the issuance of building permit.

“Important point, despite a rhythm of delivery of a building permit that is still forced, the group’s offer continues to progress well, the land portfolio is progressing in particular by almost 14% compared to last year,” notes the design office.

2025 perspectives renewed

For the design office, the results at nine months do not contain “no surprise” and are still “well in phase” with the annual annual prospects. On the Paris Stock Exchange, Kaufman & Broad increased by 1.2% in reaction to a robust publication and in accordance with expectations.

The group renews its prospects encrypted over the year 2025. Turnover should increase by around 5 % on the basis of 2024 income of 1.076 billion euros. Kaufman & Broad also expects its current operating income rate between 7.5% and 8%.

He also confirms to aim for a “significant” net cash situation after taking into account the payment of a dividend of nearly 43 million euros for the financial year 2024.

For its part TP ICAP Midcap, still considers Kaufman & Broad as the strongest actor on the market, and therefore maintains its recommendation for purchase as well as its price of price of 39 euros.