Kaufman & Broad Sa · EURONEXT:KOF
Kaufman & Broad Sa — H1 2025 Earnings Presentation
42 slides from Kaufman & Broad Sa's earnings presentation, Jul 11, 2025
Slide 1: First Half year results and outlook 2025
2025 First Half year results and outlook 2025, July 11
Slide 2: Solid development momentum in the medium term
SOLID DEVELOPMENT MOMENTUM IN THE MEDIUM TERM > Land portfolio Logement > Housing orders (Number of lots) (Number) (€ m value incl.VAT) +8.7% = 35,001 2,780 2,609 569.7 561.2 561.8 33,003 2,400 32,668 End End End End End H1 H1 H1 H1 H1 H1 H1 H1 H1 H1 May May May May May 2021 2021 2023 2024 2025 2021
Slide 3: The housing market
The housing market
Slide 4: Changes in building permits and new housing starts
CHANGES IN BUILDING PERMITS AND NEW HOUSING STARTS 12 MONTHS ▪ Number permits and housing starts Market (in thousands) Municipal Municipal Municipal March 2008 March 2014 June 2020 395 370 345 320 295 270 -245 220 195 Q2 Q2 Q2 Q2 Q2 Q2 Q2 Q2 Q2 Q2 q2 2005 2007 2009 2011 2013 2015 2017 2019 2021 2023
Slide 5: 20 year fixed mortgage rate vs 10 year OAT in France
20 YEAR FIXED MORTGAGE RATE VS 10 YEAR OAT IN FRANCE -2007 TO 2025 20-year fixed mortgage rate French Govt Bond 10 Yr Presentation of results for the first 1half of 2025 5
Slide 6: Housing Activity
Housing Activity
Slide 7: Trend in building permits: Kaufman & Broad vs. market
TREND IN BUILDING PERMITS: KAUFMAN & BROAD VS. MARKET > Building permit held by K & B vs. Market Total number (excluding detached homes) (12 months yoy June N-1 to May N) - (Base 100 - 2022) H1 2023 H1 2024 H1 2025 Source: ECLN and Kaufman & Broad Presentation of results for the first 1half of 2025
Slide 8: Trend in housing starts: Kaufman & Broad vs. market
TREND IN HOUSING STARTS: KAUFMAN & BROAD VS. MARKET > K & B housing works starts vs Market Total number of (excluding detached homes) (12 months yoy June N-1 to May N) - (Base 100 - 2022) H1 2023 H1 2024 H1 2025 Source: ECLN and Kaufman & Broad Presentation of results for the first 1half of 2025 8
Slide 9: Sustained marketing: take-up rate
SUSTAINED MARKETING ▪ Take-up rate * - months Market average (Source ECLN) 22.3 Kaufman & Broad 19.4 19.5(1) 10.0 9.1 7.0 5.4 4.0 4.1 4.5 H1 2021 H1 2022 H1 2023 H1 2024 H1 2025 * For 6 months, commercial offer end of period/Average reservations of the period (1) Kaufman & Broad estimated data based
Slide 10: Housing orders: change in customer breakdown
HOUSING ORDERS: CHANGE IN CUSTOMER BREAKDOWN > H1 2024 > H1 2025 In volume 5% 6% 11% 18% 24% 2,400 2,609 lots Lots 71% 65% In Value 5% 6% 23% 12% 36% €561M €561.8M 52% 66% Investors Pinel device First and second Blocks Excluding the Pinel time buyers system Presentation of results for the first 1hal
Slide 11: Development of the housing land portfolio
DEVELOPMENT OF THE HOUSING LAND PORTFOLIO > Housing land portfolio - Number of lots 34,864 35,001 35,037 34,694 33,003 32,668 32,109 End May End May End May End May End May End May End May 2019 2020 2021 * 2022 2023 2024 2025 ▪ Land reserve at the end of May 2025: ▪ > 6 years of activity ▪ 85 % (in
Slide 12: Housing backlog: stabilization over the long average
HOUSING BACKLOG : STABILIZATION OVER THE LONG AVERAGE > Housing Backlog € M, Excl. VAT 2,383 2,385 2,363 1,961 2,069 2,053 1,988 1,983 1,992 1,670 1,360 Average 2016/2025: 2019 End End End End End End End End End End of End Nov. Nov. Nov. Nov. Nov. Nov. Nov. Nov. Nov. Feb. May 2016 2017 2018 2019 20
Slide 13: Commercial offering: 20% increase
COMMERCIAL OFFERING: 20% INCREASE Housing commercial offer – end of period (number) +20.0 % 1,951 1,626 H1 2024 H1 2025 Presentation of results for the first 1half of 2025 13
Slide 14: Urban planning and renewal policy
Urban planning and renewal policy
Slide 15: ~600,000 m2 of brownfield sites in development
~ 600,000 M2 DE friches EN DEVELOPMENT Examples of Before After projects Rehabilitation Rehabilitation ▪ Clean up of soils, creation of 12,663 Sq. m of ▪ Number of trees/shrubs: 5 open land and planting of 1700 trees and ▪ 8,755 m2 Grand-Est shrubs ▪ Dewatered area: 14,904 m2 ▪ Creation of a network
Slide 16: The Verlinde farm in Loos - an industrial heritage
THE VERLINDE FARM IN LOOS(59) - AN INDUSTRIAL HERITAGE ▪ VERLINDE' old workshops in Lille, specialized in the manufacture of electric lifting devices, hoists and cranes ▪ Washed site since 2018 and acquired by the EPF, which launched the deconstruction work in February 2025. Land area of 34,000 Sq.
Slide 17: The Verlinde site in Loos - a new district
THE VERLINDE FRIDGE IN LOOS(59) - A NEW DISTRICT ▪ Allocation of development concession: May 2025 ▪ Planned Development Permit filing in 2026, ▪ Eco neighbourhood labelling with an approach to reuse brick, Eventually, the project will consist of: - 320 housing unit's o/w 30% social , 30% intermediat
Slide 18: Courbevoie - office conversion into housing
COURBEVOIE(92) - OFFICE CONVERSION INTO HOUSING ▪ Acquisition by Kaufman & Broad in 2025 of the company holding the land and the building permit obtained in 2023 Areas retained Demolished areas BAT B Student Residence ▪ Initial area: 10,070 Sq. m of ▪ Area after transformation: 18,823 Sq. m office P
Slide 19: Courbevoie - office conversion into housing: programme
COURBEVOIE(92) - OFFICE CONVERSION INTO HOUSING ▪ Student residence ▪ Family homes ▪ Social residence ▪ 147 one-room apartment ▪ 123 homes ▪ 191 homes BAT B BAT A BAT D BAT C ▪ Public landscaped park of about 4,000 Sq. m ▪ 40% additional full ground ▪ 42 trees to plant Presentation of results for th
Slide 20: Courbevoie - office conversion into housing: timeline
COURBEVOIE(92) - OFFICE CONVERSION INTO HOUSING ▪ Opening weekend: 35 bookings on 60 apartments on marketing ▪ Demolition and start of works: Q4 2025 ▪ Forecast delivery: Q2/Q3 2028 Presentation of results for the first 1half of 2025 20
Slide 21: Porte des Arts project in Chambray-lès-Tours
PORTE DES ARTS’ PROJECT IN CHAMBRAY-LÈS-TOURS (37): CREATION OF A NEW LOW-CARBON NEIGHBOURHOOD ▪ 5.7 hectares combining urban development and renaturation Land 1 • Hotel • Student residence • Housing for accession • Restaurant • Supermarket • Nursery • Personal services • Office space • Inclusive Re
Slide 22: Business Property
Business Property
Slide 23: Commercial property activity in the first half-year
COMMERCIAL PROPERTY ACTIVITY IN THE FIRST HALF-YEAR €85.7M -0.5 M € 431.5 M € excl. excl. VAT incl. VAT VAT Revenue Orders Backlog Vs €54.4 M (excl. Vs €21.7 M incl. VAT Vs €583.4M excl. VAT) in H1 2024 In H1 2024 VAT at end May 2024 110,000 m ² 199,800 m ² 113,500 m ² In progress under In progress
Slide 24: Austerlitz - a major construction site: progress of work
AUSTERLITZ - A MAJOR CONSTRUCTION SITE PROGRESS OF WORK Presentation of results for the first 1half of 2025 24
Slide 25: Austerlitz - recognition of revenues
AUSTERLITZ - A MAJOR CONSTRUCTION SITE PRE VISIONAIRE RECOGNITION OF REVENUES TO CEMENT 2024 2025 2026 2027 Deliveries Actual cumul. Projected completion recognition of Revenues for: At 30/11/2024: Date 50% 19% 17% 14% Cumul. 50% 69% 86% 100 % Presentation of results for the first 1half of 2025 25
Slide 26: Extra financial CSR results
Extra financial CSR results
Slide 27: SBTi validation of carbon trajectory
SBTI * VALIDATION OF THE STRENGTHENING OF THE CARBON TRAJECTORY OF KAUFMAN & BROAD ▪ Reduction in carbon emissions between 2019 and 2030 by: ▪ -46.2% on scopes 1 and 2 * *, ▪ -46.2% on scope 3 * * * aligned to a scenario 1.5° C ▪ Actions: Electrification of projects ▪ Actions: Electrification of (he
Slide 28: Kaufman & Broad receives 'Best Managed Companies' label
KAUFMAN & BROAD RECEIVES ‘BEST MANAGED COMPANIES’ LABEL FOR THE FOURTH YEAR IN A ROW ▪ Kaufman & Broad is one of the 28 French companies rewarded by the Best Managed Companies label for the 2025 edition. ▪ For the fourth consecutive year, the Best Managed Companies label rewards Kaufman & Broad's bu
Slide 29: Financial performance
Financial performance
Slide 30: Revenue
Revenue: +10.4% €499.4M €452.5M Housing (Apartments, Single-family homes in communities, Q3 managed residences) €283.5M Housing €406.0M vs. €389.6M 81% Housing 86% Commercial property H1 (Offices, retail and logistics) €605.8M Commercial Commercial €85.7M vs. €54.4M property property 12% 17% 2% * 2%
Slide 31: From revenues to underlying operating profit
FROM REVENUES TO UNDERLYING OPERATING PROFIT In millions of euros 499.4 (394.6) 104.8 21.0% of (66.2) 38.6 sales 7.7% of sales Revenue Cost of Gross Current Current revenues profit operating operating expenses income Presentation of results for the first 1half of 2025 31
Slide 32: Operating margin
OPERATING MARGIN > Current Operating Margin (In% of revenues) 8.0% 7.6% 7.7% 2023 2024 2025 Presentation of results for the first 1half of 2025 32
Slide 33: From underlying operating profit to net profit
FROM UNDERLYING OPERATING PROFIT TO NET PROFIT In millions of euros 38.6 (3.6) (5.0) (0.6) 29.4 (6.2) 23.2 7.7% of sales 5.9% Sales Current Net Cost of Taxes QP Earnings from Income Non-controlling Attributable Operating Financial Debt associates and Consolidated interests Net income income joint ve
Slide 34: Change in working capital
CHANGE IN WORKING CAPITAL > In millions of euros (over 12 months yoy) (As of % of revenues) 177.0 116.9 14.2% At end At end At end 8.4% 24.7 May 2025 May 2024 November 1.6% 2024 At end At end At end May 2021 May 2022 May 2023 -13.7% -138.4 -26.4% -26.9% -289.2 -296.5 Presentation of results for the
Slide 35: Consolidated balance sheet at May 31, 2025
CONSOLIDATED BALANCE SHEET AT 2025, MAY 31 In millions of euros Assets Liabilities Non-current assets 276.8 217.1 Shareholders' equity 153.9 Non-current liability Net cash position (Excluding IFRS 16 and Put 390.7 Néorésid lease debt) Working Capital 296.5 Requirement 667.5 667.5 99.9 Presentation o
Slide 36: Financial structure
FINANCIAL STRUCTURE In millions of euros 31 May 2025 30 30 Nov 2024 Nov 2022 Shareholders" equity 217.1 235.7 257.8 Borrowings * 57.4 159.7 214.3 O/w financial debt < 1 year (excluding IFRS 16) 3.1 105.3 5.9 O/w financial debt > 1 year (excluding IFRS 16) - - 166.6 O/w IFRS 16 and Put Néoresid lease
Slide 37: Gross financial debt
GROSS FINANCIAL DEBT Repayment due Change in Maturity May 2025 other items balance €105.3M At end May 2025 €100 M €-2.2M 3.1 * Gross financial debt at €m 30 Nov 2024 " investment grade " - ‘BBB-’ rating with stable outlook confirmed by Fitch Rating in (Excluding IFRS16 and August 2024 (constant rati
Slide 38: Net cash flows in first half 2025
NET CASH FLOWS IN 1ER YEAR 2025 In millions of euros End Nov. 2024 End May 2025 Virtually stable net cash after payment of €49.2M in dividends to KBSA shareholders' and minorities shareholders' Excluding IFRS 16 debt and Put Neoresid 5.0 4.3 (336.5) (343.2) 49.8 (6.0) (47.8) (390.7) Other (397.6) 1.
Slide 39: Changes in equity and net financial debt
CHANGES IN EQUITY AND NET FINANCIAL DEBT In millions of euros 247.1 253.5 254.3 240.0 248.1 212.9 217.1 78.6 67.1 (54.6) (46.4) (101.7) (224.9) (390.7) End End End End End End End May 2019 May 2020 May 2021 May 2022 May 2023 May 2024 May 2025 Consolidated Net financial debt/(Net cash and cash equity
Slide 40: Outlook
Outlook
Slide 41: Outlook
Outlook ▪ The outlook set last January for the whole of 2025 is maintained: ▪ Sales are expected to grow by c. 5%, ▪ The current operating profit (COI margin) or EBIT rate should be between 7.5% and 8%, ▪ Net cash(1) should remain significant after factoring in the payment of a dividend of nearly 43
Slide 42: Warning
WARNING Certain information contained in this document does not constitute historical data, but is forward looking. These forward looking statements are based on estimates, forecasts and assumptions in this included, in particular, assumptions regarding the present and future strategy of Kaufman & B