Slides
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2026, January 29 Annual results 2025
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2Presentation of 2025 annual results SOLID DEVELOPMENT MOMENTUM IN THE MEDIUM TERM > Housing Take-up rate (Month) > Housing orders > Housing Land portfolio (Number of lots) > Total Backlog (€ M, excl. VAT) 3.7 3,519 2,497 1,961 409 2,370 1,988 509 Commercial Property And others Housing (Number) (€ m value incl.VAT) 5,7035,543 6,609 2021 2022 2023 2024 2025 1,1631,163 1,405 3.0 2,385 1,134 End Nov. 2021 End Nov. 2022 End Nov. 2023 End Nov. 2024 End Nov. 2025 End Nov. 2021 End Nov. 2022 End Nov. 2023 End Nov. 2024 End Nov. 2025 35,149 30,272 4.7 +2.9% 2021 2022 2023 2024 2025 = End Nov. 2021 End Nov. 2022 End Nov. 2023 End Nov. 2024 End Nov. 2025 32,392 +7.0%
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The housing market
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4Presentation of 2025 annual results STRENGTHENING permis obtained FROM CHANGES 2005 - 2025 Q4 2005 Q4. 2025March 2008 March 2014 March 2020 Source : Ministères de l’Aménagement du Territoire et de la transition écologique ▪ Number of registered dwellings vs. number of dwellings started Dec. 2005 - Nov. 2025 (excluding pure individual) 6 months ahead of March municipal elections
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5Presentation of 2025 annual results ORDERS: KAUFMAN & BROAD VS. MARKET 2025 vs. 2024 MarketKaufman & Broad ▪ YOY change in net orders (number) 2024 vs. 2023 +2.9%+4.0% -14.2% -5.7% -36,8% -5 to -10% * • Source: ECLN - Dido – Raw data excluding detached homes and existing building and unseasonally adjusted * Source: ECLN (January to September 2025) - raw data excluding detached homes and existing constructions and not seasonally adjusted + Q4 2025 estimate based on ADEQUATION data from October to December 2025 2023 vs. 2022
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6Presentation of 2025 annual results AN ANNUAL NEED FOR 496,000 NEW HOUSING UNITS IN THE PERIOD 2020 - 2040 70% 9% 4% 10% Response to changes in the number of households (demographic and societal changes) Unwinding the substandard housing problem Number of secondary residences Changes in the housing stock 496,000 housing units p.a. Source: ministries of Territorial Development and Ecological Transition - June 2025 (Housing needs by 2030, 2040 and 2050) ▪ Population scenario: Central 7% Short vacancy in homes
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7Presentation of 2025 annual results HOUSING STARTS VS NET HOUSEHOLD FORMATION Net household formation Housing starts(offer) ▪ Supply vs. Demand: A Early Structural Deficit Household Training(Needs) and New Construction (2000 - 2024) Source: Study 2025 Housing and Natality, Sdes and INSEE
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8Presentation of 2025 annual results 2026 BUDGET BILL: A FISCAL MECHANISM FOR INDIVIDUALS TO BOOST THE SUPPLY OF RENTAL HOUSING ▪ Objectives of the system ▪ Reach 400,000 homes built per year to reach 2 million by 2030 ▪ Private stock: Target 50,000 rental homes built as of 2026 ▪ Social stock: Reach 125,000 homes built as of 2026 ▪ Increase in resources dedicated to social housing: ▪ Another 500 million euros for 700 social landlords, so they build more and renovate more
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Housing Activity
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10Presentation of 2025 annual results MAINTAINING A HIGH HOUSING LAND PORTFOLIO ▪ Land reserve at end Nov. 2025: ▪ Close to 6 years of activity ▪ 83 % (in lots) in high demand areas ▪ Selectivity strengthened 35,086 35,149 34,009 34,069 32,39233,090 End Nov. 2025 End Nov. 2020 End Nov. 2021 End Nov. 2022 End Nov. 2023 End Nov. 2019 End Nov. 2017 End Nov. 2016 End Nov. 2018 24,314 30,116 30,272 End Nov. 2024 +7.0% > Housing land portfolio - Number of lots Average 27,775
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11Presentation of 2025 annual results HOUSING ORDERS: CHANGE IN CUSTOMER BREAKDOWN First and second time buyers 20% 70% Investors Pinel device Excluding the Pinel system Blocks 32% 57% 5,703 Lots 1,163.2 €Mm 10% 11% Of which 16% in managed residences In volume In Value > FY 2025 Of which 8% in managed residences 7% 15% 73% 7% 22% 65% 5,543 Lots 1,163.3 €M 5% 6% Of which 10% in managed residences > FY 2024 Of which 3% in managed residences
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12Presentation of 2025 annual results SIGNIFICANTLY LOWER THAN MARKET LEAD TIMES Market Kaufman & Broad > Take-up rate over 12 months * For 2025, year on year estimate Dec. 2024 - Nov. 2025 - Source Adéquation 4.7 months 23 months * X 5 2012 2014 2016 2018 2020 2022 2024 2025
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13Presentation of 2025 annual results End Nov. 2024 End Nov. 2020 End Nov. 2021 End Nov. 2022 2,383 End Nov. 2023 1,988 HOUSING BACKLOG : STABILIZATION OVER THE LONG AVERAGE > Housing Backlog € M, Excl VAT 2,363 2,385 2,053 End Nov. 2019 2,069 End Nov. 2017 1,670 1,961 End Nov. 2016 1,360 End Nov. 2018 Average 1,961 End Nov. 2025
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Development of a portfolio of residences managed as an investor investor operator developer
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15Presentation of 2025 annual results STUDENT MANAGED RESIDENCES: PROSPECTS FOR NÉORÉSID Horizon 2029/2032 28 residences ˜ 3,900 lots Revenue: , €28M Projects under review, Horizon 2029/2032 7 residences ˜ 1,300 lots Revenue: ˜ €10M Horizon 2029 15 residences in operation at date +5 projects signed ˜2,620 lots Revenue: , €18M EBIT rate ˜10%
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16Presentation of 2025 annual results PARTNERSHIP WITH THE BANK OF THE TERRITORIES: SENIOR RESIDENCES IN 2021, STUDENT RESIDENCES IN 2024 2 Senior residents to date: ▪ Besançon ▪ Franconville 3 Student residences to date: ▪ Gagny ▪ Amiens, ▪ Reims en VEFA 51% 49% Operations Operations October 2021 May 2024 ▪ Investments made at end of 2025 * ▪ Senior and students : €19,6 M ▪ Coming ▪ Senior and students : €10,7 M ▪ Term investment * ▪ Senior and students : €30,3 M * For Kaufman & Broad's share
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New provisions provided for in the 2026 Finance Act
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18Presentation of 2025 annual results REMINDER OF THE ARRANGEMENTS IN FORCE ▪ PTZ: Improved in 2026 ▪ Renewed and strengthened until 31 December 2027 ▪ New: Opening to successive purchasers of housing under a Solidarity Lease (BRS) ▪ PTZ Booster: Additional loan granted by banks ▪ Bail Réel Solidaire(BRS): reinforced in 2026 ▪ VAT cut to 5.5% in QPV zone Help home purchases ▪ Housing Action Loan, Social Accession Loan and conventionally Loan(PC): maintained Additional loans ▪ LMNP (Non Professional Furnished Rental): Maintained ▪ Loc'Avantages (Location'Benefits), Energy Savings Certificates(CEE), Reduced Notary Fees - New, Home Savings Loan(PEL): Maintained ▪ Exemption Tax Foncière: according to communes Specific arrangements
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19Presentation of 2025 annual results Source: BNP Paribas Equity Research estimates, FP First and second time buyers Private investors Blocks 0 20 40 60 80 100 120 140 in thousands EXPECTED IMPACTS OF THE NEW PROVISIONS OF THE FINANCE LAW ON THE DIFFERENT COMPONENTS OF THE MARKET
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20Presentation of 2025 annual results JEANBRUN SCHEME / PRIVATE LENDER ▪ New depreciation rate: ▪ 3.5%/year for intermediate-rent for new housing unit (cap rent) ▪ 4.5%/year for social housing ▪ 5.5%/year for very social housing ▪ Depreciation of the property: Up to 80% within the limit of €8,000/year ▪ Arrangements applicable throughout France ▪ Minimum rental period: 9 years (unfurnished rental as primary residence) ▪ Tenant income limits ▪ Objective: To allow the owner to deduct each year a fraction of the value of his property from his taxable income
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21Presentation of 2025 annual results ‘JEANBRUN’ SCHEME: BENEFITS AND LIMITS The Jeanbrun scheme allows for a real estate investment with rental amortization, unlike the Pinel tax exemption system. ▪ The higher the marginal tax rate, the more effective depreciation is ▪ Reduces taxable income ▪ Cumulative with the land deficit ▪ Geographical freedom ▪ Investor profile with tax margin 30 at 40% ▪ Permanent tax write-off ▪ Debt financing (maximum tax leverage) ▪ Below market rental ceilings ▪ Prohibition of renting to family ▪ Benefits ▪ Limits
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22Presentation of 2025 annual results ‘JEANBRUN’ DEVICE: PRACTICAL CASE A couple wants to make an investment to prepare for their retirement. They purchase 2 rooms in Meaux of 42 sq. m, for a budget of €199,000 including carpark. Balance sheet of their investment 10 years after: €47,263 land deficit generated over 10 years, attributable to overall income €66,864 depreciation generated Heritage strategy : Revenue supplements Retirement preparation Creation of a capital 199 000 € 4 200 € Furniture - CONTRIBUTION 4 200 € Average rents received Departure rent €724 revalued 1% per annum Average tax saving rental income (Marginal tax tranche 30%) Average miscellaneous rental expenses (Management fees, insurance, property tax) Monthly fixed borrowing (3.56% over 25 years +0.35% Disability Death Insurance) = Outstanding capital €142486 Apartment price: Notary fees 10th YEAR TERM FINANCIAL BALANCE SHEET Average monthly cash + 757 € + 118 € - 129 € - 1 082 € Properties revalued 1% per year Average monthly savings invested in the transaction = 336 € This leaves a capital in the event of resale of €75157 Net forward gain 34 837 €
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New website kaufmanbroad.fr
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Urban development and renewal business
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25Presentation of 2025 annual results ▪ 4.8 hectares of land ▪ Asbestos removal ,decontamination ▪ Remodelling ˜ 000 sq. m ▪ Creation of 15 000 sq. m of green spaces ▪ Planting of 1 700 trees and shrubs ▪ implementation of a systemfor heating and cooling by geothermal energy ▪ Programming : ˜ 8 , sq. m GF ▪ Commercial : ˜ 000 sq. m - Neoma BS 35 000 sq. m - 1 500 sq. m of retail space - 3 100 sq. m General stores - Esad 10 000 sq. m ▪ Residential : ˜ 000 sq. m - 400 family housing units - 300 student rooms REDEVELOPMENT OF INDUSTRIAL WASTE LANDREIMS (51) - GENERAL STORES: LARGEST OPERATION UNDERWAY IN REIMS First phase delivery before the end of 2026 Aerial view May 2025
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26Presentation of 2025 annual results REDEVELOPMENT OF INDUSTRIAL WASTE LANDSREIMS (51) - PERSPECTIVES LOGEMENTS, ESAD, AND NEOMA BS ▪ student residence and housing on the stock ▪ Housing on the canal and its promenade ▪ Campus ESAD ▪ Campus NEOMA
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27Presentation of 2025 annual results REDEVELOPMENT OF INDUSTRIAL WASTE LANDREIMS (51) – FIRST SMARTGRID COMBINING GEOTHERMAL ENERGY, STORAGE, AND SOLAR POWER 1er Smartgrid combining geothermal energy, energy storage and solar power generation. Providing: Heat and/or cold, As needed. Reduction of approx. 30% of invoice CO2 avoided in relation to gas
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28Presentation of 2025 annual results REDEVELOPMENT OF INDUSTRIAL WASTE LANDREIMS (51) – FIRST SMARTGRID COMBINING GEOTHERMAL ENERGY, STORAGE, AND SOLAR POWER PARTNERS
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29Presentation of 2025 annual results ▪ Constructability35 700 sq. m GF - 638 homes ▪ Collective accession QPV and BRS 94homes Collective blocks (social and LLI ) 353homes Residences young people 191 homes Retail and business premises ▪ Constructability33,620 m ² SDP: ▪ Residence senior services of 125 homes Collective accession 228homes ▪ Collective social 182 homes ▪ Land for construction of the school sold to the City in November 2025 ▪ Commercial and business premises ▪ Development of a metro station by the Société de transport en commun in Toulouse Work in progress Land Citroën 2.2 Ha Requalification OF fridge COMMERCIAL Toulouse - SITES " CITROËN " & " PEUGEOT " - PLANS MASSES Work in progress Land Peugeot 3.1 Ha
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30Presentation of 2025 annual results ▪ Redevelopment of a part of the CHUR de Rouen ▪ 3 hectares of land ▪ Programming : 30 000 sq. m GF ▪ 400 housing units divided by one third between social housing , intermediate rent housing units and free accession , of which 35% will be created in existing built totally unasbestos and rehabilitated ▪ 1 500 sq. m of retail space ▪ rehabilitated chapel280 sq. m : ▪ real estateconsumption containedof 9 sq. m per Housing ▪ 20 % of facades are dressed in wood ▪ Certification BEE ( Energy Building Environment )RE goal 2025, ▪ Car sharing RECYCLING URBAIN BOIS-GUILLAUME (76) - DOMAINERE Work in progress
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31Presentation of 2025 annual results REDEVELOPMENT OF INDUSTRIAL WASTE LAND IN LOOS (59) - CREATION OF THE NEW VERLINDE DISTRICT Take advantage of the industrial heritage, ▪ Aménagement & Territoireswas named winner in June 2025 of a Development concession following a consultationundertaken by the Métropole de Lille ▪ Reuse of bricks in public spaces ▪ Diversity with 340 housing units, with free access, intermediaries and social rental ▪ Development of a district heating solution ▪ Nearly 5000 sq. m of retail and services activities in rehabilitated buildings ▪ Ecoquartier label expected ▪ Site restoration with 65% permeable spaces and 39% full ground
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32Presentation of 2025 annual results URBAN RENEWALCOURBEVOIE – KOYA – CONVERSION OF OFFICES INTO 314 APARTMENTS AND A 148-ROOM STUDENT RESIDENCE Start of works Conversion of the former GEFCO headquarters (approx. 16,000 sq. m) in 18,000 sq. m : - Family housing, students and active young people, free, intermediate and social, - A brewery, gym and medical office - 2 existing basement levels. Free Student Residence : - Leasing/Operation by Néorésid, - Acquisition by Kaufman & Broad and the Banque des Territoires. Photo of the existing Plan mass project and fleet Outlook on Bât. C, D and A and on the fleet Public park of 4,000 sq. m +40% of full ground land
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Commercial Property
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34Presentation of 2025 annual results THE COMMERCIAL REAL ESTATE MARKET IN 2025 ❑ Offices in Ile de France : ➢ Take up : 1.63 M of sq. m (-9% vs. 2024) of which 524,000 m ² new (-9% vs. 2024) ➢ Available offer : 6.2 m ² of which 1,750,000 m ² new (same 2024) ➢ Vacancy rate: 11.2% (+1.2pt vs. 2024) ➢ Volume invested: € 5.6 bn (+60% vs. 2024) ➢ VEFA IDF volume: €466M (100% Paris and > 85% rehabilitation) ❑ Offices in region : ➢ Take up : 967,000 sq. m (-6% vs. 2024), of which 412,000 sq. m new (-8% vs. 2024) ➢ Available offer : 2.2 Millions of sq. m (+19% vs. 2024) of which 479,000 sq. m new (+9% vs. 2024) ➢ Holiday rate: 6.4% vs. 5.4% in 2024. ➢ Volumes Invested: € 1.2 bn (-15% vs. 2024) ➢ VEFA Region volume: €237M ❑ VEFA France Offices: €703M VS €200M in 2024 ❑ Logistics: ➢ Demand Placed: 2.9 Millions of sq. m (-9% vs. 2024) ➢ Investment: 3 billion € vs (-23% vs 2024) ❑ Investment across all asset classes: € 13.7 bn vs. € 12.4 bn in 2024. Sources: Necklaces, CBRE, BNP, JLL
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35Presentation of 2025 annual results CONTINUED INCREASE IN STRUCTURAL VACANCY IN PERIPHERIA IN 2025 1,650,000 m ² 1,945,000 m ² - Region - IDF(periphery)
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36Presentation of 2025 annual results = > Available construction site areas within 3 years: 290,000 sq; m (< 100,000 m ²/year) = > New surfaces placed in regions in 2025: 412,000 sq. m OFFER OF NEW OFFICES IN REGIONS
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37Presentation of 2025 annual results Sources: colliers /cbre/bnp OFFICE CONSTRUCTION PROJECTS IN PARIS AND THE SUBURBS IN 2025
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38Presentation of 2025 annual results NEW OFFICE SPACE IN PARIS AND SUBURBS IN 2025 = > Available construction site areas within 3 years: 800,000 sq. m (approx. 265,000 sq. m/year) Declining sector = > New surfaces placed in 2025: 549,000 sq. m
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39Presentation of 2025 annual results COMMERCIAL PROPERTY MARKET IN 2025 ▪ Production on behalf of third parties only ▪ Transactions are only launched when once an acquirer or an acquirer/user has been found ▪ Development of a delegated project management activity(DPM), remunerated in the form of management fees
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40Presentation of 2025 annual results COMMERCIAL PROPERTY IN 2025 IN FIGURES Vs €151.6M excl. VAT in 2024 Vs € 41.8 m incl. VAT in 2024 Offices 44,300 sq. m Logistics 102,300 sq. m Logistics 117,900 sq. m 146,600 sq. m In Development 129,300 sq. m under marketing Offices 11,400 sq. m €248.9M excl. VAT Of revenue €168.4M incl. VAT Orders Vs €509.2M excl. VAT at the end of Nov. 24 € 408.5 M excl. VAT Backlog 13,500 sq. m of DPM contracts (delegated project management) 143,800 sq. m construction In progress Offices 131,100 sq. m Logistics 12,700 sq. m
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41Presentation of 2025 annual results AUSTERLITZ - FORECAST RECOGNITION OF REVENUE AS COMPLETION 2024 and < 50% 71% 90% 2025 2026 2027 100% Deliveries A date Cumulative 50% 21% 19% 10% Cumulative actual At 30/11/2025: Projected completion recognition of Revenues for: Cumulative Previous
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42Presentation of 2025 annual results AUSTERLITZ - Q3 2025 CONTRUCTION SITE PHOTO
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43Presentation of 2025 annual results AUSTERLITZ - Q4 2025 CONTRUCTION SITE PHOTO
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44Presentation of 2025 annual results AUSTERLITZ – CONTRUCTION SITE PHOTO END OF 2025
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45Presentation of 2025 annual results MARSEILLE: VEFA SIGNED IN NOVEMBER 2025 FOR THE 30,000 SQ. M COMMERCIAL PROPERTY C AMPUS ▪ Requalification of a 1.5-hectare industrial brownfield site into a state-of- the-art tertiary campus, future regional headquarters of EDF (DIPDE) ▪ Decontamination, dewaterproofing of over 3,700 sq. m and renaturation of a former business park ▪ Program: Around 30,000 sq. m of office space ▪ Building Permit purged in January 2025 ▪ VEFA signed with Edf: November 2025 ▪ Certifications: ▪ Project RE 2020 ▪ BREAM Very Good ▪ Structure: Concrete Low Carbon ▪ 3,000 sq. m of photovoltaic panels ▪ Forecast delivery in 2028
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46Presentation of 2025 annual results 46 COMPIÈGNE: DELIVERY OF THE HEADQUARTERS OF CLÉSENCE ▪ VEFA signed with CLESENCE: November 2023 ▪ Program completed: 4,400 sq. m of office space ▪ Delivery: April 2025 ▪ Certifications &. Labels obtained: ▪ HQE Very Good ▪ OSMOZ READY
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47Presentation of 2025 annual results LOGISTICS PLATFORM – BEAUCAIRE (30) ▪ Logistics platform of 12,700 sq. m (2 cells) in the municipality of Beaucaire (Gard) ▪ Sale in State Future Completion signed in November 2024 ▪ BREEAM EXCELLENT certification planned ▪ Site designed to receive a rooftop photovoltaic plant ▪ Start of construction in January 2025 ▪ Delivery: Spring 2026
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Non Financial Results CSR
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49Presentation of 2025 annual results Kaufman & Broad rated A . ESG RATINGS THAT POSITION KAUFMAN & BROAD FAVOURABLY IN ITS SECTOR Maintenance of A Methodology and K&B target for reducing carbon intensity 2030 validated by the SBTi. -46.2% reduction in emissions vs. 2019. KBSA in the top 4% world Climate Deloitte Award ‘Best Managed Companies’ France Kaufman & Broad again received the ‘Best Managed Companies’ label in 2025 New winner Best banners - Capital Kaufman & Broad ranked 1st among French real estate developers. A KBSA in the top 20% national KBSA in the top 10% sector KBSA in the top 10% sector Generalists: Environment, Societal, Governance
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50Presentation of 2025 annual results ENVIRONMENTAL PERFORMANCE Climate change mitigation ▪ Scope 1: Direct greenhouse gas emissions (including vehicle fuel) ▪ Scope 2: Indirect greenhouse gas emissions (related to energy) ▪ Scope 3: Other indirect emissions (including manufacturing and use of our production) * Reminder definitions: • Target -1.5° C: public target approved by the NGO Science based Targets initiative(SBTi), compatible with limiting climate change to 1.5° C • Re: Environmental Regulation RE2020 • RT: Thermal regulation 2012 • RT Existant: Thermal regulations for renovations The scope of the SBTi commitment covers emissions related to residential and office operations delivered during the year, cor responding in 2025 to 97% of the group's scope 3 emissions. K&B carbon footprint Scopes 1 and 2 (0.1%) Scope 3 (99.9%) 0,000 0,200 0,400 0,600 0,800 1,000 1,200 1,400 1,600 1,800 2,000 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 CO2eq/m ² SDP K&B scope 3 trajectory (TCO2eq/sq. m GF delivered) Kaufman & Broad réalisé SBTi 1.5° Land purchases 2025 2% RT Existing; 9% RT; 89% RE Commitment Committees 2025 90% RE Deliveries 2025 17% RE Energy Transition : > 85% of surfaces launched with low carbon energy vectors Eco design: > 1000 wooden housing units under authorisation or under construction
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51Presentation of 2025 annual results ENVIRONMENTAL PERFORMANCE Several operations underway targeting the 2028 and 2031 thresholds of the regulationFontaine le Comte (K & B La Rochelle) regulations -52 housing units La Courneuve – IdF agency -84 family housing units Threshold 2031: - Bressuire - K & B Nantes -47(homes) - Delivered - Fontaine le Comte - K & B La Rochelle (52 homes) - Sainte Geneviève - Kalilog (37 seniors homes) - Richwiller - K & B Strasbourg (30 homes) - Gravigny - K & B Normandy (59 homes) - Gournay en Bray - K & B Normandy (43 homes) - DOLE - K & B Dijon (30 homes) Threshold 2028: - La Courneuve (84 homes) - Dunkerque - K & B Flanders (42 homes) - Etc. Dunkerque - Lille agency -42 family housing units
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52Presentation of 2025 annual results ENVIRONMENTAL PERFORMANCE Soil 89% Toulouse Nouvel'Ere - dewaterproofing Surfaces launched on artificial land Bois Guillaume (Caen), 399 homes 4,403 T hazardous materials and contaminated soil removed from the housing portfolio Reduction of pollution
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Financial performance
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54Presentation of 2025 annual results Revenue Housing (Apartments, Single-family homes in communities, managed residences) €870.9M vs. €908.0M Commercial property (Offices, retail and logistics) €248.9M vs. €151.6M Q3 €283.5M H1 €605.8M 2024 €1076.8M Housing 84.3% Commercial Property 14.1% 1.6% * Others (Showroom, Service residences, DPM, etc.): €16.2M vs. €17.2M Q3 €283.5M H1 €605.8M 2025 €1136.0M Housing 76.7% Commercial Property 21.9% 1.4% * +5.5%
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55Presentation of 2025 annual results FROM SALES TO OPERATING PROFIT Revenue Cost of sales Gross profit Current operating expenses Current operating income 1,136.0 (+5.5%) (914.1) 221.9 (+6.7%) (130.9) 91.0 (+12.7%)19.5% of sales (+0.2 pt) 8.0% of sales > in millions of euros
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56Presentation of 2025 annual results OPERATING MARGIN > Current Operating Margin (In% of revenues) 7.8% 2023 2024 2025 8.0% 7.5%
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57Presentation of 2025 annual results 64.5 (+11.6%) FROM OPERATING PROFIT TO NET PROFIT Current operating income Net Cost of Financial Debt Taxes QP Earnings from associates and joint ventures Income Consolidated net Non- controlling interests Attributable net income > in millions of euros 8.0% of sales 91.0 (+12.7%) (8.3) (17.1) (1.1) (10.3) 54.2 (+20.6%)
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58Presentation of 2025 annual results CHANGE IN WORKING CAPITAL Nov 2022 Nov 2020 Nov 2021 Nov 2023 Feb. 2025 May 2025 122.1 113.7 190.0 -80.8 -296.5-250.0 10.5% * 8.9% * 14.5% -5.7% * Restatement taking into account the change in interpretation of IAS23 on the capitalisation of financial costs and a reclassification of the charge of CVAE in income tax expense. > in millions of euros ( In% of revenues) Aug. 2025 -297.4 Nov. 2025 -214.7 Nov 2024 150.1 10.2% * -289.2 Nov 2025 -26.9% Nov 2019 -214.7 -18.9% -18.9% -26.4%-22.8% -26.5%
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59Presentation of 2025 annual results 1 2 Net cash position (Excl. Debt IFRS 16 and Put Néorésid lease debt) SIMPLIFIED CONSOLIDATED BALANCE SHEET AT 30 NOVEMBER 2025 Non-current assets Working Capital Requirement Non-current liability 237.6 ASSET LIABILITIES 601.5 601.5 > in millions of euros Shareholders' equity 99.9 149.2 214.7 282.4 319.1
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60Presentation of 2025 annual results FINANCIAL STRUCTURE in millions of euros 30 Nov 2025 30 Nov 2024 Shareholders’ equity 237.6 235.7 Borrowings * 57.6 159.7 O/w financial debt < 1 year (excluding IFRS 16) 2.7 105.3 O/w financial debt > 1 year (excluding IFRS 16) 0.7 - O/w IFRS 16 and Put Néorésid lease debt 54.1 54.4 Financial debt maturity (a) 0.0 year 0.5 year * Of which (excluding IFRS 16 debt and Put Néorésid): Loan issuance costs (0.9) (1.2) Bilateral lines/hedging instruments/other 4.3 6.4 Bond Loan - 100.0 Other borrowings 0.1 0.1 Cash and cash equivalents 322.5 502.9 (a) Maturity of financial debt calculated on the authorizations', including the RCF not drawn at date 4.7 years 3.9 years
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61Presentation of 2025 annual results FITCH: BBB RATING CONFIRMED - INVESTMENT GRADE ▪ At the end of August, Fitch Ratings confirmed the BBB- Investment Grade rating with a stable outlook for Kaufman & Broad SA. This rating has been constant since 2022. Fitch Ratings's confirmation of this rating highlightsthe group'ssound financialstructure. ▪ For Fitch Ratings, the rating confirmation reflects Kaufman & Broad's solid commercial and financial profile in a still sluggish French market. ▪ Kaufman & Broad is currently the only pure continental European developerto benefit from an InvestmentGrade rating.
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62Presentation of 2025 annual results CHANGES IN EQUITY AND NET FINANCIAL DEBT Consolidated equity Net financial debt/(Net cash and cash equivalents) excluding IFRS 16 and Put Néorésid lease debt > in millions of euros 293.1 (56.0) 275.4 267.7 256.4 67.8 234.5 (187.4) (62.5) (35.9) End Nov 2020 End Nov 2019 End Nov 2022 End Nov 2021 End Nov 2023 235.7 (397.6) End Nov 2024 End Nov 2025 237.6 (319.1)
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63Presentation of 2025 annual results KAUFMAN & BROAD PAYOUT RATIO (2016 - 2025) * Proposed dividend of €2.20 per share submitted to the Shareholders' Meeting of 5 May 2026 100% 80% 60% 40% 70 50 30 € m Payout ratio 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Attributable net income (€M) Dividends (€M) Payout ratio SBF 120: 153.7% Kaufman & Broad: 159.8% ▪ TSR 2015 - 2025 trends: Average: 90%
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64Presentation of 2025 annual results FINANCIAL SOLIDITY THAT ALLOWS A CONTINUOUS SHAREHOLDER POLICY TO BE PURSUED 43,6 48,7 38,0 39,3 40.5 49,5 46,8 43,1 4,4 2,5 18,4 14,8 23.3 33,0 0,2 2,4 2018 2019 2020 2021 2022 2023 2024 2025 Dividends distributed related to Year n-1 results Share buyback 48.0 51.2 56.4 54.1 > in millions of euros 63.8 82.5 47.0 45.5
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Outlook
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66Presentation of 2025 annual results GUIDANCE 2026 ▪ For the 2026 financial year, in a political and economic environment that may evolve very rapidly and excluding the effects of government housing announcements: ▪ The group's revenue is expected to be comparable to that of fiscal year 2025, ▪ The current operating profit margin is expected to be close to 8%, ▪ Net cash(1) should remain positive after factoring in the payment of a dividend for 2025, i.e. €2.20 per share, subject to approval by the AGM on 5 May. (1) Excluding IFRS 16 debt and Put Néorésid
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67Presentation of 2025 annual results DECISIONS OF THE BOARD OF DIRECTORS OF FEBRUARY 2026 ▪ Appointment of David Laurent Deputy Chief Executive Officer, with effect from the General Annual Shareholders' Meeting of 5 May 2026
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APPENDICES
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69Presentation of 2025 annual results APPOINTMENT OF DAVID LAURENT AS DEPUTY CEO ▪ Gain and management of major office/hotel operations since 2012 and acquisition of Concerto(logistics), ▪ Gain and management of A7A8, one of the largest mixed projects in Paris, a symbol of KB's know how in constrained environment, ▪ Group diversification: Major player in K & B's move from ‘housing developer’ to ‘urban builder’ ▪ Sustainable innovation: Leadership in changing uses, energy efficiency and low carbon, ▪ Operational Resilience: Resilience of the business and technical dynamic 30 years of experience of which > 14 years at KB Extended responsibilities in both land and housing A major value creation player at Kaufman & Broad ▪ Joined 2011 at Kaufman & Broad ▪ Member of the Executive Committee since 2016 ▪ Head ofCommercial Property: Offices, Hotel, Retail, Logistics and Major Urban Projects ▪ Chairman of Aménagement et Territoires(development and planning activity subsidiary) ▪ Head of Île de France Housing division, having managed the Nord et Est Regions from 2020 to 2023. APPOINTMENT OF DAVID LAURENT DEPUTY CEO An internal continuity solution
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70Presentation of 2025 annual results SHAREHOLDER STRUCTURE AT 30 NOVEMBER 2025 3.2%9,1% 1,7% 8,9% 23,1% 57,2% Kaufman & Broad employees Kaufman & Broad Predica et Spirica Rolloy ' family Free float Number of shares (Vs 7.1% at 2026, June 30, post Re IPO)
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71Presentation of 2025 annual results UPCOMING PUBLICATIONS DEU 2025 Q1 2026 2026, April 15 : publication of 2026, 1st quarter results (after market) 2026, March 31: 2025, Universal Registration Document H1 2026 2026, July 8: publication of 2026, First half results (after market) 9 m 2026 2026, September 30: publication for the 2026, first nine months (after market)
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72Presentation of 2025 annual results 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 & Broad and the economic environment in which Kaufman & Broad operates, which is significantly impacted by the current health crisis. These forward-looking statements are only valid at the date of this document. Actual results could be significantly different from those presented explicitly or implicitly in these forward-looking statements. Forward looking statements and information are not guarantees of future performance and are subject to risks and uncertainties that are difficult to predict and generally outside the control of Kaufman & Broad. These risks and uncertainties include those detailed and identified in Chapter 4 ‘Risk factors’ of Kaufman & Broad's 2024 Universal Registration Document filed with the “Autorité des marchés financiers”(AMF) on 28 March 2025 under number D.25-0194, available on the Company's website (www.kaufmanbroad.fr) and that of the AMF (www.amffrance.org). This document includes only summarised information and does not purport to be exhaustive.