olivlawolivlaw

olivLaw · European equity research

KAUFMAN & BROAD SA KOF.PA

France · Euronext Paris · ISIN FR0004007813 · Vertical: Listed companies from France

20.35EUR+2.26% · 1 dayClose 05 Nov 2026

Kaufman & Broad is a French property developer that builds housing, mainly apartments, and increasingly office and logistics property. In the fiscal year ended 30 November 2025 revenue rose 5.5 % to 1,136.0 million euros, supported by tertiary activity, while the number of homes delivered declined.

At the close of 05 Nov 2026, KAUFMAN & BROAD SA (KOF.PA) stock was 20.35 EUR (+2.26% on the day), with market capitalisation 398.3 m EUR, P/E 7.6 on diluted EPS of 2.69 EUR over the last 12 months, dividend yield 10.81%, beta 0.61, 52-week range 18.50–32.75 EUR.

Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.

Market cap
398.3 m EUR
shares as of 30 Nov 2025
P/E (TTM)
7.6
Diluted EPS TTM 2.69 · TTM to 30 Nov 2025
E/P (TTM)
13.22%
TTM to 30 Nov 2025
Dividend yield
10.81%
DPS 12m 2.20
Beta (2y)
0.61
Volatility (1y) 25%
52-week range
18.5032.75

Price history

Loading chart…

Technical reading

RSI (14)
59.1
strong (55–70)
Bollinger (20, 2)
18.43 – 20.13
above the upper band · %B 1.13 · band width 8.8%
SMA 50 / 200
20.55 / 25.67
downtrend (price < SMA50 < SMA200)
MACD (12, 26, 9)
-0.14 / -0.38
MACD above signal

Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).

Performance

CompanyEURO STOXX 50vs EURO STOXX 50Vertical median
1 month+6.1%−0.6%+6.7 pp—
3 months−18.9%−4.2%−14.8 pp—
6 months−26.8%+4.3%−31.1 pp—
Year to date−31.9%+7.5%−39.5 pp—
1 year−28.0%+9.9%−37.9 pp−6.8%
3 years−21.9%+49.8%−71.7 pp−15.9%
5 years−42.7%+42.8%−85.5 pp—
Max drawdown (1y)
−43.5%
29 Jan 2026 → 12 Oct 2026
Max drawdown (5y)
−52.0%
05 Jan 2022 → 27 Sept 2022
Compound annual growth (5y)
−10.5%
EURO STOXX 50 +7.4%

Price returns, dividends excluded.

Quarterly results

ESEF annual reports carry no quarters: the results are annual (below).

E/P over time

E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.

Today's P/E sits at the 0 percentile of its own 3-quarter history (min 9.7, median 11.2, max 13.8; quarters with earnings only).

Fiscal years

Fiscal year202320242025
Revenue1.4 bn1.1 bn1.1 bn
Revenue YoYunavailable−23.6%+5.5%
Net income60.2 m45.0 m54.2 m
Net income YoYunavailable−25.2%+20.6%
Diluted EPS2.932.282.69
Diluted EPS YoYunavailable−22.2%+18.0%
net %4.3%4.2%4.8%
Free cash flowunavailableunavailableunavailable

Balance sheet & financial health

Fiscal year 2025 · 30 Nov 2025

Cash
322.5 m EUR
Financial debt
710.0 k EUR
Net debt
-321.8 m EUR
Equity
237.6 m EUR
Total assets
1.6 bn EUR
Debt / equity
0.00x
Current ratio
1.07x
ROE
22.9%
ROA
3.2%
FCF margin
unavailable

Financial statements (source on every figure)

Revenue and net income (EUR)

Margins

Income statement · EUR

Revenue
2023
1.4 bn
2024
1.1 bn
2025
1.1 bn

esef· 07 Apr 2026verified

Cost of revenue
2023
1.2 bn
2024
868.7 m
2025
914.1 m

esef· 07 Apr 2026verified

Gross profit
2023
257.2 m
2024
208.0 m
2025
221.9 m

esef· 07 Apr 2026verified

Operating income
2023
109.3 m
2024
84.2 m
2025
91.0 m

esef· 07 Apr 2026verified

Interest expense
2023
24.8 m
2024
27.2 m
2025
19.2 m

esef· 07 Apr 2026verified

Income tax
2023
19.9 m
2024
14.9 m
2025
17.1 m

esef· 07 Apr 2026verified

Net income
2023
60.2 m
2024
45.0 m
2025
54.2 m

esef· 07 Apr 2026verified

Diluted EPS
2023
2.93
2024
2.28
2025
2.69

esef· 07 Apr 2026verified

Dividend per share
2023
—
2024
2.40
2025
2.20

esef· 07 Apr 2026verified

Balance sheet · EUR

Cash
2023
350.0 m
2024
502.9 m
2025
322.5 m

esef· 07 Apr 2026verified

Current assets
2023
1.4 bn
2024
1.5 bn
2025
1.3 bn

esef· 07 Apr 2026verified

Property, plant & equipment, net
2023
10.2 m
2024
8.9 m
2025
7.8 m

esef· 07 Apr 2026verified

Goodwill
2023
68.7 m
2024
68.7 m
2025
68.7 m

esef· 07 Apr 2026verified

Intangibles (excl. goodwill)
2023
92.4 m
2024
92.1 m
2025
93.6 m

esef· 07 Apr 2026verified

Total assets
2023
1.7 bn
2024
1.8 bn
2025
1.6 bn

esef· 07 Apr 2026verified

Long-term debt
2023
113.2 m
2024
0
2025
710.0 k

esef· 07 Apr 2026verified

Current liabilities
2023
1.2 bn
2024
1.4 bn
2025
1.2 bn

esef· 07 Apr 2026verified

Equity
2023
234.5 m
2024
235.7 m
2025
237.6 m

esef· 07 Apr 2026verified

Shares outstanding at year end
2023
20.3 m
2024
19.5 m
2025
19.6 m

esef· 07 Apr 2026derived

Cash flow · EUR

Operating cash flow
2023
374.8 m
2024
287.4 m
2025
10.7 m

esef· 07 Apr 2026verified

Investing cash flow
2023
-11.1 m
2024
-12.3 m
2025
-13.4 m

esef· 07 Apr 2026verified

Financing cash flow
2023
-114.6 m
2024
-122.3 m
2025
-177.7 m

esef· 07 Apr 2026verified

Share repurchases
2023
47.7 m
2024
11.5 m
2025
17.8 m

esef· 07 Apr 2026verified

Computed indicators

Growth

Revenue growth (YoY)
5.5%
computed by olivLawFY 2025
Revenue CAGR 3Y
unavailable
input data missing
Revenue CAGR 5Y
unavailable
input data missing
EBIT growth (YoY)
8.1%
computed by olivLawFY 2025
Net income growth (YoY)
20.6%
computed by olivLawFY 2025
Net income CAGR 3Y
unavailable
input data missing
Net income CAGR 5Y
unavailable
input data missing
EPS growth (YoY)
18.0%
computed by olivLawFY 2025
EPS CAGR 3Y
unavailable
input data missing
EPS CAGR 5Y
unavailable
input data missing
FCF growth (YoY)
unavailable
input data missing

Profitability

Gross margin
19.5%
computed by olivLawFY 2025
EBITDA margin
unavailable
input data missing
EBIT margin
8.0%
computed by olivLawFY 2025
Net margin
4.8%
computed by olivLawFY 2025
FCF margin
unavailable
input data missing

Returns

ROE
24.1%
computed by olivLawFY 2025 · balance sheet at 30 Nov 2025
ROA
3.2%
computed by olivLawFY 2025 · balance sheet at 30 Nov 2025
ROIC
unavailable
insufficient data
ROCE
24.6%
computed by olivLawFY 2025 · balance sheet at 30 Nov 2025
Payout ratio (EPS)
81.8%
computed by olivLawFY 2025
Payout ratio (FCF)
unavailable
input data missing

Balance sheet

Net debt
-321.8 m EUR
computed by olivLawbalance sheet at 30 Nov 2025
Net debt / EBITDA
unavailable
input data missing
Debt / equity
0.0x
computed by olivLawbalance sheet at 30 Nov 2025
Interest coverage
4.7x
computed by olivLawFY 2025

Liquidity

Current ratio
1.1x
computed by olivLawbalance sheet at 30 Nov 2025
Quick ratio
unavailable
input data missing
Cash ratio
0.3x
computed by olivLawbalance sheet at 30 Nov 2025

Cash

Operating cash flow
10.7 m EUR
computed by olivLawFY 2025
Capital expenditure
unavailable
input data missing
Free cash flow
unavailable
input data missing
FCF conversion
unavailable
input data missing
Cash conversion
unavailable
input data missing

Efficiency

Days sales outstanding
unavailable
input data missing
Days inventory outstanding
unavailable
input data missing
Days payables outstanding
unavailable
input data missing
Cash conversion cycle
unavailable
input data missing

Market and valuation

Market capitalisation
398.3 m EUR
computed by olivLawbalance sheet at 30 Nov 2025
Enterprise value
76.4 m EUR
computed by olivLawbalance sheet at 30 Nov 2025
Market cap / net income TTM
7.3x
computed by olivLawFY 2025
P/E (TTM)
7.6x
computed by olivLawFY 2025
Earnings yield
13.2%
computed by olivLawFY 2025
P/B
1.7x
computed by olivLawbalance sheet at 30 Nov 2025
P/S
0.4x
computed by olivLawFY 2025 · balance sheet at 30 Nov 2025
EV/EBITDA
unavailable
input data missing
EV/EBIT
0.8x
computed by olivLawFY 2025 · balance sheet at 30 Nov 2025
EV/Sales
0.1x
computed by olivLawFY 2025 · balance sheet at 30 Nov 2025
P/FCF
unavailable
input data missing
FCF yield
unavailable
input data missing
Dividend yield
10.8%
computed by olivLawFY 2025
Shareholder yield (distributions)
4.5%
computed by olivLawFY 2025 · balance sheet at 30 Nov 2025

1 indicators that do not apply to the sector.

Valuation

olivLaw classification

Insufficient data
What is missing
  • indicators available: 5 of at least 6
  • score weight coverage: 33.3% of at least 60%

A scoring methodology on indicators and valuation, not investment advice.

Closing price

20.35 EUR

05 Nov 2026Source: olivLaw, closing series

Market cap: 398.3 m EUR

Key indicators

Market capitalisation
398.3 m EUR
computed by olivLawbalance sheet at 30 Nov 2025
P/E (TTM)
7.6x
computed by olivLawFY 2025
P/B
1.7x
computed by olivLawbalance sheet at 30 Nov 2025
EV/EBITDA
unavailable
input data missing
ROE
24.1%
computed by olivLawFY 2025 · balance sheet at 30 Nov 2025
Net margin
4.8%
computed by olivLawFY 2025
Revenue growth (YoY)
5.5%
computed by olivLawFY 2025
Dividend yield
10.8%
computed by olivLawFY 2025

Coverage and freshness

23/37 reporting lines present
Latest full fiscal year: 2025
Latest reported period: 30 Nov 2025
Latest balance sheet date: 30 Nov 2025
Share count (cover of the latest filing), as of: 30 Nov 2025
Source: esefpublished 07 Apr 2026
verified 73derived 3

Score by group

33% · Insufficient data

Estimated value range

Low
29.88
EUR per share
Mid
40.30
EUR per share
High
60.48
EUR per share
Price: 20.35 EUR
The price is below the range
Potential to the central value: 98.0% (value / price − 1)
Margin of safety: 49.5% (1 − price / value)
Agreement between methods: high · 2 methods used · 2 independent bases

The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 29.84 – 80.16 EUR.

Valuation assumptions are editorial choices, not measured; beta is not measured.

Method ranges (EUR per share)

— — Mid · ▏ Price

Valuation methods

  • DCF (discounted cash flow)unavailable · input data missing
  • Peers: EV/EBITDAunavailable · input data missing
  • Peers: P/E29.84 – 80.16 (Mid 46.08)
    20 companies used · median multiple 17.1x · quartiles 11.1x – 29.8x
    74SW.PA, ABEO.PA, AC.PA, ADP.PA, AF.PA, AI.PA, ALBON.PA, ALCIS.PA, ALCLA.PA, ALFER.PA, ALHEX.PA, ALO.PA, ALPWG.PA, ALSOG.PA, ANTIN.PA, ARAMI.PA, ATE.PA, AUB.PA, AURE.PA, BB.PA
  • Dividend discount (DDM)29.92 – 40.80 (Mid 34.52)

Assumptions (illustrative, editorial)

Risk-free rate
3.0%
Equity risk premium
5.5%
Beta (default)
1.00
Cost of equity
8.5%
Terminal growth
2.0%

Factor scorecard

Insufficient data

Minimum-evidence gate: indicators available: 5 of at least 6; score weight coverage: 33.3% of at least 60%

FactorValueScoreWeight used
ROIC · Qualityunavailableunavailable—
Net margin · Quality4.8%77 (vs peers)19%
FCF conversion · Qualityunavailableunavailable—
Revenue CAGR 3Y · Growthunavailableunavailable—
EPS CAGR 3Y · Growthunavailableunavailable—
Net debt / EBITDA · Balance sheetunavailableunavailable—
Interest coverage · Balance sheet4.7x50 (on a fixed band)19%
Current ratio · Balance sheet1.1x23 (on a fixed band)13%
P/E (TTM) · Valuation7.6x83 (vs peers)31%
EV/EBITDA · Valuationunavailableunavailable—
FCF yield · Valuationunavailableunavailable—
Shareholder yield (distributions) · Returns4.5%64 (on a fixed band)19%
Payout ratio (FCF) · Returnsunavailableunavailable—

Factors without a value were dropped; the remaining weights were renormalised.

Score groups

  • Balance sheet39/100 · 2/3 factors with a value
  • Growth· partialunavailable · 0/2 factors with a value
  • Quality· partial77/100 · 1/3 factors with a value
  • Returns· partial64/100 · 1/2 factors with a value
  • Valuation· partial83/100 · 1/3 factors with a value

A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.

Memo

KAUFMAN & BROAD SA (KOF.PA). Latest full fiscal year: 2025; data up to 2025-11-30.

Figures computed from the financial statements: revenue 1.1 bn EUR in 2025; YoY growth 5.5%; net margin 4.8%; ROE 24.1%.

The estimated value range is 29.88–60.48 EUR per share (median of 2 methods, agreement: high); assumptions are illustrative. Against the central value of 40.30 EUR, the price of 20.35 EUR leaves a potential of 98.0% (value / price − 1) and a margin of safety of 49.5% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.

Insufficient data for a verdict (indicators available: 5 of at least 6; score weight coverage: 33.3% of at least 60%).

Text generated deterministically from the figures shown; no language model. Not investment advice.

What supports the thesis

  • Net margin: 4.8%
  • P/E (TTM): 7.6x
  • The price is below the estimated value range

What contradicts it

  • Current ratio: 1.1x

Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, EV/EBITDA, FCF yield, Payout ratio (FCF).

Versus the vertical median

Listed companies from France · same country · compared with 39 companies

Multiples and returns vs the median

P/E
7.6x
vertical median 18.3x
below median (−58.6%)
EV/EBITDA
—
vertical median 6.3x
P/S
0.4x
vertical median 0.5x
below median (−31.5%)
P/B
1.7x
vertical median 1.1x
above median (+64.5%)
ROE
24.1%
vertical median 4.2%
above median (+480.6%)
Net margin
4.8%
vertical median 1.1%
above median (+323.4%)
EBIT margin
8.0%
vertical median 3.2%
above median (+152.2%)
Revenue YoY
5.5%
vertical median 0.6%
above median (+834.3%)
Net debt/EBITDA
—
vertical median -1.2x
Dividend yield
10.8%
vertical median 1.7%
above median (+535.2%)

Price rebased to 100 (monthly, 5 years)

Companies in the vertical

Market capP/EROENet marginRevenue YoY1A / 3A
AI.PAL'air Liquide Societe Anonyme Pour L'etude Et L'exploitation Des Procedes Georges Claude109.3 bn33.212.9%12.2%−2.0%+26% / +32%
AC.PAAccor13.8 bn30.79.6%8.0%+0.6%+6% / +56%
ADP.PAAeroports De Paris11.7 bn34.17.8%5.6%+12.1%−7% / +4%
AKE.PAArkema7.1 bn115.40.9%0.7%−5.0%+12% / −37%
ALO.PAAlstom5.8 bn18.33.1%1.7%+3.7%−51% / −4%
AF.PAAir France - Klm4.3 bn13.6—1.0%+4.8%+20% / +9%
ATE.PAAlten3.1 bn29.54.8%2.6%−1.1%+33% / −29%
BB.PASociete Bic2.7 bn31.35.0%4.1%−4.8%+32% / +5%
ANTIN.PAAntin Infrastructure Partners1.4 bn13.021.9%36.6%−8.1%−24% / −35%
74SW.PA74software792.7 m20.98.9%8.5%+44.8%−13% / +41%
AUB.PAAubay667.4 m17.813.6%6.3%+11.3%+3% / +45%
ASY.PAAssystem507.1 m69.92.5%1.1%+7.4%−19% / −18%
ATO.PAAtos Se483.0 m—-23,400.0%-17.5%−16.5%−45% / −94%
KOF.PAKaufman & Broad SA398.3 m7.624.1%4.8%+5.5%−32% / −28%
ARAMI.PAAramis Group298.8 m15.010.0%0.8%+6.3%−33% / −16%
ARVEN.PAArverne Group246.1 m—-14.0%-115.3%+27.0%+20% / −35%
BGO.PACompagnie Chargeurs Invest189.4 m—-8.6%-5.7%−2.9%unavailable / unavailable
ALCIS.PACatering International & Services145.0 m28.49.3%1.9%+5.8%+39% / +107%
ALCGM.PACegedim144.6 m—-2.6%-1.2%+10.9%−26% / −49%
ATEME.PAAteme144.0 m151.32.8%1.0%+2.2%+82% / +77%
ALHEX.PAHexaom144.0 m6.79.9%2.2%+13.1%−32% / +7%
ALBON.PACompagnie Lebon111.7 m16.54.2%8.8%−17.9%+6% / +8%
ALHYF.PALhyfe75.8 m—-33.4%-570.5%+287.2%unavailable / unavailable
ALFER.PASergeferrari Group61.5 m11.55.1%1.5%+7.4%−33% / −27%
ABEO.PAAbeo60.8 m7.36.9%3.0%+12.6%−13% / −54%

1- and 3-year price returns: for KOF.PA from daily closes (the same as the performance table), for the other companies from month-end closes.

olivLaw engine forecast

The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.

The engine has no published run for this company yet.

Valuation scenarios (editable assumptions)

Illustrative scenarios

Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.

Bear
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Base
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Bull
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Nothing is saved.

Estimated price (EUR)

Estimated priceBearBaseBull
1 years
12.51
Total return -30% · Per year -30%
22.11
Total return 20% · Per year 20%
33.29
Total return 78% · Per year 78%
3 years
12.39
Total return -13% · Per year -4%
24.61
Total return 58% · Per year 17%
40.64
Total return 147% · Per year 35%
5 years
12.26
Total return 4% · Per year 1%
27.39
Total return 100% · Per year 15%
49.63
Total return 231% · Per year 27%
What moves the 3-year price the most
  • Exit P/E± 6.15
  • Net margin± 4.31
  • Annual revenue growth± 3.50
  • Annual dilution± 0.36

AI analysis

AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

In brief

Kaufman & Broad is a French property developer that builds housing, mainly apartments, and increasingly office and logistics property. In the fiscal year ended 30 November 2025 revenue rose 5.5 % to 1,136.0 million euros, supported by tertiary activity, while the number of homes delivered declined 1.

SWOT

Strengths

  • Solid regional presence across several parts of France, with a land reserve that supports future projects 1.
  • Rising operating margin and net result point to disciplined cost management.
  • Diversification into tertiary property brought large contracts and reduced reliance on housing.

Weaknesses

  • Housing revenue fell in 2025, especially in the Paris region 1.
  • Total backlog declined from the prior year, limiting short-term visibility.
  • Housing gross margin is relatively thin, leaving little room for cost errors.

Opportunities

  • If tertiary projects under construction are delivered on time, they could generate new revenue for the group.
  • The land reserve for lots developable up to 2027 could support future activity volume.
  • Logistics and student residence activities could become larger contributors to revenue.

Threats

  • A weak housing market or expensive credit could further reduce bookings and deliveries.
  • Reliance on large tertiary contracts makes results sensitive to delays or cancellations.
  • Construction costs and planning regulations could weigh on margins in the coming years.

Risks

  • Falling housing saleshigh

    If demand for housing in key regions stays weak, revenue and backlog could decline further.

  • Concentration of tertiary contractsmedium

    A single large contract supported much of the tertiary growth; a delay could change results.

  • Margin pressuremedium

    Housing gross margin is thin, and higher construction costs could reduce it further.

  • Delivery delaysmedium

    If projects are delivered late, revenue shifts over time and quarterly results become more volatile.

  • Regulation and financinglow

    Changes in planning rules or buyer financing conditions could affect demand.

Investment thesis

What would need to be true (bull case)

  • Rising revenue and net result in 2025, together with diversification into tertiary property, point to a more balanced group than before.
  • The land reserve and tertiary projects under construction could support revenue in the coming years.
  • If the housing market recovers, delivery volumes could rise again and margins could benefit.

What would break the thesis

  • Housing revenue and delivery numbers fell in 2025, which could signal a structural slowdown.
  • Total backlog declined, and tertiary growth depends on a few large contracts that cannot be assumed to repeat automatically.
  • Gross margin is thin, and pressure on costs or prices could weigh on the net result.

What to watch

  • Trend in total backlog and housing booking volumesQ1 2027
  • Delivery schedule of the Marseille office project and other tertiary contracts2027
  • Housing gross margin and evolution of construction costsnext 10-K
  • Pace of new programme launches and use of the land reserve2027

Products, market & competition

AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

The business

The group develops and sells housing in France, mainly apartment buildings and individual houses in villages, and operates in four zones: Île-de-France, West, East and national agencies. Besides housing, Kaufman & Broad has a tertiary line covering offices, retail, logistics, and ancillary activities such as student residences in operation 1. Revenue is recognised on delivery, and the order backlog shows what is still to be delivered.

In fiscal 2025 the group's gross margin was 19.5 %, slightly above 2024, and current operating income rose to 91.0 million euros 1. Operating expenses rose 2.9 % but fell as a share of revenue. The company holds a land reserve that allows lots to be developed up to 2027.

Structurally, housing remains the largest part of the business, but the share of tertiary activity rose considerably in fiscal 2025. Total backlog, at 2,370.2 million euros at 30 November 2025, was down 5.1 % year on year, showing that new sales have not yet fully offset deliveries 1.

Segments

Tertiaire (office and logistics property)

The tertiary segment reached 248.9 million euros, a strong increase driven mainly by the off-plan sale of an office building in Marseille to a major energy group. Tertiary bookings also rose, though their value depends on a few large contracts 1.

Autres activités (land, student residences)

Other activities, including land sales and student residences in operation, make up a small share of revenue and earned a lower margin in 2025 than in the prior year 1.

Market context

The French housing market is sensitive to the cost of credit and buyer confidence, and Kaufman & Broad sells mainly to private buyers. The housing backlog grew in units but fell slightly in value, which points to a lower average price 1.

In tertiary property, demand for offices and logistics is more concentrated, with large contracts and long construction periods. The company has over 131,000 square metres of offices and nearly 12,700 square metres of logistics under construction, a sign of an ongoing project pipeline 1.

Trends

  • Decline in housing sales in Île-de-Franceheadwind

    Housing sales in the Paris region fell in 2025, the main reason for the drop in housing revenue. If the market stays weak, deliveries and margin could remain under pressure 1.

  • Growth in tertiary activitytailwind

    Office and logistics property grew strongly in 2025 thanks to a few large contracts. If such transactions continue, diversification could support group revenue 1.

  • Slight recovery in housing gross marginmixed

    Housing gross margin rose in absolute terms in 2025, although the margin rate remains below earlier years. Developments depend on the product mix and construction costs 1.

  • Adjustment of delivery volumesheadwind

    The number of homes delivered fell in 2025, both for apartments and individual houses. If the delivery pace does not recover, housing revenue could stay below the previous level 1.

Competitive position

Kaufman & Broad competes with other French property developers that sell homes and tertiary property in the same regional markets. It differentiates through its regional network, product mix and ability to deliver on time 1.

In the tertiary segment competition comes from developers specialised in offices and logistics, mainly in Île-de-France. Large contract sizes mean results can vary considerably from one year to the next 1.

  • Nexity

    French property developer active in housing and tertiary property; a direct competitor on the French market, not US-listed.

  • Bouygues Immobilier

    Property arm of a French construction group, active in housing and offices; competes in the same regions.

  • Icade

    French property group with office and logistics activity, competing in the tertiary segment.

  • Vinci Immobilier

    French property developer within the Vinci group, active in housing and office property.

News & filings

In the press

No news in our archive over the last 180 days.

Annual reports (ESEF)

Sources

  1. [1] Annual report, fiscal year ended 2025-11-30 (ESEF) · SEC / KAUFMAN & BROAD SA · 30 Nov 2025

Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.