S Press release
Press release
Paris, 2025, October 2sd

RESULTS OF THE FIRST NINE MONTHS OF 2025

• Housing: Good commercial activity over the first 9 months
• Very strong financial structure
• Confirmation of outlook for the full year

Kaufman & Broad SA today announces its results for the first nine months of 2025 (from 2024,
December 1st to August 31st, 2025). Nordine Hachemi, Chairman and Chief Executive
Officer of Kaufman & Broad, said:
" For the first nine months of 2025, Kaufman & Broad recorded a 6.3% increase in value and
a 9.5% increase in volume orders in a new home market that was down more than 6 %(d).

 Main elements of commercial While taking note of this good level of commercial activity, Kaufman & Broad remains
activity attentive to developments in the new housing market, which could be disrupted by the
current economic environment.
▪ Total orders: € 827.0 m incl. VAT Volume orders made by first- and second-time buyers increased by 39.3% from one period
O/w housing: 826.9M incl. VAT
to the next. They represent 24% of total orders for the first nine months of 2025, compared
for 3,760 units
with 18% at 2024, August 31. Investors accounted for 12% of the total, despite the repeal of
the Pinel system at the end of 2024.
▪ Housing take-up rate:
Commercial offer was up significantly from one period to the next. However, it remains
5.1 months(b)
constrained by a very slow pace of issuance of building permits.

 Key financial data The take-up rate of 5.1 months remains significantly lower than the market, estimated at
nearly 19.7 months(e). They reflect the cost control of our projects, which, combined with the
▪ Revenue: €744.7M current level of interest rates, makes it possible to offer selling prices adapted to the
Incl. housing: €599.2M purchasing power of our customers. This is evidenced by the commercial success of recent
openings.
▪ Gross margin: €149.2M
In addition, the growth of 13, 6% of the land portfolio to 34,474 units over the last twelve
▪ COI (EBIT): €56.8M months confirms its recovery momentum.
In the area of CSR, the 2025 S & P Global Corporate Sustainability Assessment (CSA) saw the
▪ EBIT margin(c) : 7.6%
group's ESG score rise to 53/100, positioning K & B in the top 10% of its industry.
▪ Attributable net income: € 33.3 m The rating agency Fitch Ratings confirmed at the end of August the “BBB-“ Investment
Grade rating with stable outlook of Kaufman & Broad SA. This rating has been constant
▪ Net cash(a): € 394.7 m
since 2022. Fitch Ratings' confirmation of this rating highlights the strength of the group's
financial structure.
 Key growth indicators At the end of August 2025, cash and cash equivalents amounted to 398.3 million euros after
repayment at maturity of the balance of the 100 million euros EuroPP bond and taking into
▪ Total backlog: account the 2024 dividend. Net cash and cash equivalents(a) amounted to 394.7 million
€2,379.0 excl. VAT euros. Approximately half will be used for the completion of the Austerlitz project, scheduled
Of which housing: for delivery in 2027. The balance will be used to finance growth in the coming years.
€1,994.0M excl. VAT
The outlook set in January for the whole of 2025 is maintained: Revenue are expected to
▪ Housing portfolio: 34,474 units increase by around 5%. The current operating income (COI margin) or EBIT rate is expected
to be between 7.5% and 8% and net cash should remain significant after taking into
account the payment of a dividend of nearly 43 million euros for fiscal year 2024. ‘




(a) Excluding IFRS 16 and Put Neoresid debt
(B) Calculated over nine months
(c) expressed as a percentage, it corresponds to current operating income cad to the gross margin less current operating expenses divided by sales
(d) Source: Adéquation (Dec. 2024 to May. 2025) - raw data excluding detached homes and existing building and unseasonally adjusted.
(E) Calculated by the company based on the Adéquation data at the end of August. 2025; (Commercial offer/(reservations period)/9).
 Business activity
✓ Housing division
At the end of August 2025, housing orders amounted to 826.9 million euros (including VAT), compared
to 777.9 million euros compared to the same period in 2024. In volume terms, they stood at 3,760 homes
in 2025 compared to 3,433 homes in 2024, an increase of 9.5%.

The take-up rate period for programmes was 5.1 months at 2025, August 31 (over 9 months), a slight
increase compared to the same period in 2024 (3.6 months).

The commercial offer, with 91 % of units located in tight areas (A, ABIS and B1), amounted to 2,145 units
at 2025, August 31 (1,355 units at the end of August 2024).

Customer Breakdown

Orders in value (including VAT) for first time buyers accounted for 24% of sales, compared to 18% over
the same period in 2024. First time buyers accounted for 11% of sales in the first nine months of 2025,
compared with 6% in 2024.
Orders made to investors accounted for 12% of sales, compared with 15% at the end of August 2024.
Block sales accounted for 53% of orders in value (including VAT), compared with 61% over the same
period in 2024.

✓ Commercial property division
As of 2025, August 31, the Commercial property division recorded net orders of -0.5 million euros
(including VAT) compared to 21.0 million euros (including VAT) in the same period in 2024.

Kaufman & Broad currently has on marketing or to sign 55,200 sq. m. The group has 49,300 sq. m of office
space and approximately 60,700 sq. m of logistics space under study. of office space and nearly
12,700 sq. m. Finally, the company has nearly 13,500 sq. m of office space to be built in DPM (delegated
project management).

✓ Leading indicators of business activity and growth
As of 2025, August 31, Backlog housing stood at 1,994.0 million euros (excluding VAT) compared to
2,050.0 million euros (excluding VAT) for the same period in 2024 and represented 26.3 months of activity
compared to 27.5 months of activity at the end of August 2024. As at 2025, August 31, Kaufman & Broad
had 119 housing programmes under marketing.

The housing portfolio represents 34,474 units and is on the rise compared to the end of August 2024
portfolio (30,347 units). At the end of August 2025, it represented over 6 years of Commercial activity.
In addition, 84% of the housing portfolio is located in tight areas, representing 28,929 housing units as of
2025, August 31.

In the fourth quarter of 2025, the Group plans to launch 40 new programs.

As of 2025, August 31, the Backlog of the Commercial property division was 384.4 million euros excluding
VAT compared to € 552.5 million excluding VAT for the same period in 2024.




2/9 RESULTS FOR THE FIRST NINE MONTHS OF 2025
2025 October 2
 Financial performance
✓ Activity
Total Revenue amounted to 744.7 million euros (excluding VAT), compared to 701.2 million euros in the
same period in 2024.

Housing revenue amounted to 599.2 million euros (excluding VAT), compared to 598.4 million euros
(excluding VAT) in 2024, stable at +0.1%. It represents 80.5% of the Group's revenue.

Revenue from the Apartments business was 566.7 million euros (excluding VAT) (vs. 549.0 million euros
(excluding VAT) at the end of August 2024). Revenue for the Commercial property division was
133.8 million euros (excluding VAT), compared to 90.3 million euros (excluding VAT) over the same period
in 2024. Other activities generated revenues of 11.6 million euros (excluding VAT) (including 6.7 million
euros in revenues from the operation of student residences) compared to 12.5 million euros (excluding
VAT) (including 6.1 million euros in revenues from the operation of student residences).

✓ Profitability data
At 2025, August 31, gross profit amounted to 149.2 million euros, compared with 146.2 million euros in the
same period in 2024. The gross margin was 20.0% compared to 20.9% in the same period of 2024.

Current operating expenses amounted to 92.4 million euros (12.4% of sales), compared to 92.7 million
euros in the same period in 2024 (13.2% of sales). Current operating income amounted to 56.8 million
euros, compared to 53.5 million euros in 2024. Operating margin stood at 7.6%, as in 2024.

At the end of August 2025, consolidated net income amounted to 41.7 million euros, compared with the
same period in 2024 when it amounted to 40.0 million euros. Non-controlling interests amounted to
8.5 million euros in the first nine months of 2025 compared to 8.9 million euros in 2024.
Attributable net income was 33.3 million euros, compared with 31.1 million euros in 2024.

✓ Financial structure and liquidity
The positive net cash position (excluding IFRS 16 debt and Neoresid put debt) at 2025, August 31 was
394.7 million euros, compared with a positive net cash position (excluding IFRS 16 debt and Neoresid put
debt) of 397.6 million euros at the end of November 2024. Cash and cash equivalents amounted to
398.3 million euros at 2025, August 31, compared with 502.9 million euros at 2024, November 30.

Working capital requirements amounted to -297.4 million euros at 2025, August 31, or -26.5% of sales,
compared with -289.2 million euros at 2024, November 30 or -26.9% of sales.

 Fitch Investment Grade Rating Confirmation
Rating agency Fitch Ratings confirmed last August, for the fourth year in a row, Kaufman & Broad S.A. 's
investment grade rating – “BBB –“ with stable prospects. This rating has been constant since 2022.
For Fitch Ratings, the confirmation of the rating reflects Kaufman & Broad's solid business and financial
profile, which proves resilient during periods of weak demand. Fitch also points out that Kaufman & Broad
continues to maintain a positive net cash position, which comfortably covers all future debt maturities.




3/9 RESULTS FOR THE FIRST NINE MONTHS OF 2025
2025 October 2
 Outlook 2025
To date, the outlook set in January for the whole of 2025 has been maintained: Revenue are expected
to increase by around 5%. The current operating income or EBIT rate is expected to be between 7.5%
and 8% and net cash(a) is expected to remain significant after taking into account the payment of a
dividend of nearly €43M for fiscal year 2024.
(a) Excluding IFRS 16 and Put Neoresid debt



This press release is available at www.corporate.kaufmanbroad.fr
 Next periodic information date:
✓ Wednesday, 2026 January 28: Publication of 2025 annual results (after the stock market)
Presentation of results for the period
Mr. Nordine HACHEMI, Chairman and Chief Executive Officer and Mr. Bruno Coche, Chief Financial Officer, will comment on
the results of the period and answer questions at a conference call in French with simultaneous translation into English.
The presentation of the results will take place in French with simultaneous translation into English on:
3 October 2025 at 8.30 CET
Registration for the presentation of the results for the period must be made by request at:
Infos-invest@ketb.com
- To follow the live presentation at the web conference you will receive a link (in French or English) *
- To follow the live presentation at the conference by phone you will receive the number for the desired language (French
or English)
* Activation of accesses from 8: 00, the connection requiring registration via a form

The Webcast media will be available ½ hour before the presentation starts at www.kaufmanbroad.fr/finance/publications-
financieres/




Contacts

Chief Financial Officer
Bruno Coche -01 41 43 44 73/infos-invest@ketb.com
Press Relations
Primatice: Thomas de Climens -06 78 12 97 95/thomasdeclimens@primatice.fr
Kaufman & Broad: Emmeline Cacitti -06 72 42 66 24/ecacitti@ketb.com



About KAUFMAN & BROAD
As an urban developer and assembler, the Kaufman & Broad Group works alongside and at the service of local authorities
and its customers. Through its various subsidiaries, the Group offers comprehensive expertise and 55 years of experience in the
construction of residential buildings, single family homes, managed residences (students and seniors), shops, logistics platforms
and office buildings.
The group's employees share the conviction that Bâtir is acting! Acting for people by promoting health and living together,
acting for the city by contributing to its attractiveness and development, and acting for the planet by reducing the carbon
footprint of building construction and use every day.
All the operations developed by the group thus contribute positively to the ecological transition and innovate to create a
more virtuous city.
For more information: www.corporate.kaufmanbroad.fr
The Kaufman & Broad Universal Registration Document was filed on 28 March 2025 with the AMF under number D.25-0194. It is available on
the websites of the AMF (www.amf-france.org) and Kaufman & Broad (www.kaufmanbroad.fr). It contains a detailed description of
Kaufman & Broad's business, results and outlook as well as the associated risk factors. Kaufman & Broad draws attention in particular to the
risks described in Chapter 4 of the Universal Registration Document. The occurrence of one or more of these risks may have a material
adverse effect on the Kaufman & Broad Group's businesses, assets, financial position, results or outlook, as well as on the market price of
Kaufman & Broad shares.
This press release does not constitute and cannot be considered to constitute a public offer, an offer to sell or an offer to subscribe as
intended to request a purchase or subscription order in any country.




4/9 RESULTS FOR THE FIRST NINE MONTHS OF 2025
2025 October 2
Glossary
Backlog or (order book ) : it covers, for Sales in the Future Completion Status(VEFA), undelivered reserved units for which the notarial
signed deed of sale has not yet been signed and undelivered reserved units for which the notarial signed deed of sale has been
signed up to the portion not yet taken into revenue (on a 30% advanced program, 30% of the revenue of a housing for which the
notarially signed deed of sale has been recorded as revenue, 70% are included in the backlog). The backlog is a summary at a
given point in time that makes it possible to estimate the revenue still to be recognised in the coming months and thus support the
Group's forecasts - it being specified that there is an uncertain portion of the transformation of the backlog into revenue, particularly
for orders not yet recorded.

Leases in future completion (BEFA): Leases in future state of completion consists for a user to rent a building even before its
construction or its restructuring.
excluding Vat
Working Capital Requirement (WCR): This arises from cash flow mismatches: disbursements and receipts corresponding to operating
expenses and revenues required for the design, production and marketing of real estate programs. The resulting simplified expression
of WCR is as follows: Current assets (inventory + trade receivables + other operating receivables + advances and down payments
received + recognised income from advances) less Current liabilities (trade payables + tax and social security payables + other
operating payables + prepaid expenses).). The size of the WCR will depend in particular on the length of the operating cycle, the
size and duration of storage of work-in-progress, the number of projects launched, and the payment terms granted by suppliers or
the profile of payment schedules granted to customers.

Free cash flow: free cash flow is equal to cash flow from operations after changes in working capital and tax paid less net capital
expenditure for the year.

Operating cash flow or cash flow from operating activities is equal to cash flow from operating activities after working capital and
tax paid.

Cash flow: Cash flow from operations after cost of debt and tax is equal to consolidated net income adjusted for the share of income
from associates, joint ventures and operations in the process of disposal and calculated income and expenses.

Financial resources: corresponds to cash and cash equivalents plus undrawn credit lines at date.

CDP: (formerly Carbon Disclosure Project): Measuring the environmental impact of companies.

Take-up rate: the take-up rate for inventories is the number of months required for available homes to be sold if sales continued at
the same pace as in previous months, being the outstanding housing (available offer) per quarter divided by the orders per quarter
elapsed themselves divided by the number of quarters of the period of orders considered.

Dividend The dividend is the portion of the Company's net annual profit distributed to shareholders. Its amount, proposed by the
Board of Directors, is submitted to the shareholders for approval at the General Meeting. It is payable within a maximum of 9 months
after the end of the financial year.

EBIT: The EBIT corresponds to the operating income for the period, calculated at the gross margin deducted by operating costs for
the current period.

Gross financial debt or financial debt: The gross financial debt is composed of long-term and short-term financial liabilities, hedging
financial instruments relating to liabilities composing the gross financial debt, and interest accrued online items in the balance sheet
which constitute the gross financial debt.

Net indebtedness or net financial debt: The net debt of a company is the balance of its gross financial debts on the one hand, and
its cash and financial investments forming its “active cash” on the other hand. It represents the credit or debit position of the
company vis-à-vis third parties and outside the operating cycle.

Investment grade: investment grade means that a financial instrument or a company has a relatively low risk of default.

EHU: the EHU (Equivalent Housing Units delivered) are a direct reflection of the activity. The number of ‘EHU’ is equal to the product
(I) the number of housing units in a given programme for which the notarial signed deed of sale has been signed and (II) the ratio of
the amount of land expenditure and construction expenditure incurred by the group on the said programme to the total
expenditure budget of the said programme.

Gross margin: corresponds to revenues less cost of sales. The cost of sales includes the price of land, related land costs and
construction costs.

Commercial offer: it is represented by the sum of the stock of housing available for sale on the date in question, i.e. all the housing
units not reserved on that date (minus the unopened commercial units).).

Land portfolio: This includes land to be developed. I.e. land for which a deed or a promise to sell has been signed, as well as land
under study, i.e. land for which a deed or promise to sell has not yet been signed.

Debt-to-equity ratio (or gearing): This is the ratio of net debt (or net financial debt) to the company's consolidated equity. It measures
the risk of the company’s financial structure.

Orders: measured in volume (Units) and in value, they reflect the group’s commercial activity. Their inclusion in revenues is conditional
on the time required to transform an order into a notarized deed of sale, which generates the income statement. In addition, in multi-
family housing programs including mixed-use buildings (apartments, business premises, shops, offices), all surfaces are converted into
housing equivalents.

5/9 RESULTS FOR THE FIRST NINE MONTHS OF 2025
2025 October 2
Orders (in value): They represent the value of the real estate from the signed reservation contracts including all taxes for a given
period. They are mentioned net of the withdrawals noted during the period.

Managed housing: Managed residences, or serviced residences, are real estate complexes consisting of residential
accommodation (houses or apartments) offering a minimum of services such as reception, linen supply, cleaning and maintenance
of the accommodation, and breakfast. There are several types of residences: student residences are apartment complexes, mainly
furnished studios equipped with a kitchenette, located near schools and universities and close to public transportation; tourist
residences, located in high-potential tourist areas, offer, in addition to the usual services, facilities such as swimming pools, sports fields,
and sometimes saunas, steam rooms, hot tubs, and kids' clubs; business residences are an alternative to traditional hotels, consisting
of studios (around 80%) and one-bedroom apartments, located in city centers or close to major business centers and always well
connected; Finally, senior residences (including residences for dependent and independent seniors – nursing homes), which
anticipate the aging of the population, accommodate people aged 55 and over. Their clientele is mixed: tenants and owners

CSR (Corporate Social Responsibility): Corporate Social Responsibility (CSR) is the contribution of companies to the challenges of
sustainable development. The approach consists of companies taking into account the social and environmental impacts of their
activity in order to adopt the best possible practices and thus contribute to the improvement of society and the protection of the
environment. CSR makes it possible to combine economic logic, social responsibility and eco-responsibility (definition of the Ministry
of Ecology, Sustainable Development and Energy).).

SBTi : the Science Based Targets initiative is an international organisation that contributes to companies' commitment to combating
global warming, in particular by assessing and validating their climate targets.

Scope 1, 2 and 3: scope 1: Direct greenhouse gas emissions (including vehicle fuel) ▪ Scope 2: Indirect energy related greenhouse
gas emissions ▪ Scope 3: Other indirect emissions (including production and use of our production).

Sell-Through rate: The Sell-Through rate (Rst) represents the percentage of initial inventory that sells monthly on a real estate program
(sales/month divided by initial inventory); i.e., monthly net orders divided by the ratio of beginning-of-period inventory plus end-of-
period inventory divided by two..

EBIT rate (or OCR) rate: Expressed in percentages, corresponding to the operational income so far with operational costs to-date
deducted from gross margin, divided by the turnover.

Cash and cash equivalents: This corresponds to cash and cash equivalents on the assets side of the balance sheet, i.e. all cash on
hand (available banks and cashiers), marketable securities (short-term investments and term deposits) and reserve balances.

Net cash: It corresponds to ‘negative’ net debt, or ‘negative’ net financial debt, as for the company the balance of cash and
financial investments forming its ‘active cash’ is greater than the amount of its gross financial debts (or gross financial debt).).

Units: Units define the number of dwellings or dwelling equivalent (for mixed programs) of a given program. The number of housing
equivalent units is determined by relating the surface area by type (business premises, shops, offices) to the average surface area
of the housing units previously obtained.

Sale before Completion (VEFA): The Sale before Completion is the contract by which the seller transfers immediately to the purchaser
his rights on the ground as well as the property of the existing constructions. Future works become the property of the acquirer as
they are performed; the acquirer is required to pay the price as the work progresses. The seller retains the powers of the project
owner until the work is accepted.




6/9 RESULTS FOR THE FIRST NINE MONTHS OF 2025
2025 October 2
APPENDICES
 Financial Data
Primary consolidated data*

in thousands of euros Q3 9M Q3 9M
2025 2025 2024 2024
Revenue 245,265 744,672 248,727 701,223
 of which Housing 193,227 599,229 208,862 598,430
 of which Commercial Property 48,119 133,792 35,867 90,311
 Other*** 3,918 11,650 3,999 12,482


Gross margin 44,392 149,190 48,688 146,214
Gross margin rate (%)) 18.1% 20.0% 19.6% 20.9%
Current operating income (or EBIT)* 18,209 56,809 18,986 53,495
Operating Margin – EBIT (%)) 7.4% 7.6% 7.6% 7.6%
Attributable net income 10,056 33,271 10,014 31,093
Earning per share (€/share) ** 0.51 1.68 0.50 1.57
* The EBIT corresponds to the operating income for the period, calculated at the gross margin deducted by operating expenses (OPEX) for the current period).).
* *Based on the number of shares comprising the share capital of Kaufman & Broad S.A, i.e. 19,862,022 shares at 2025, August 31 and 31 August 2024.
* * * including 6.7 million euros in revenues from the operation of student residences at 2025, August 31 and 6.1 million euros at 31 August 2024.




Consolidated income statement*
in thousands of euros Q3 9M Q3 9M
2025 2025 2024 2024
Revenue 245,265 744,672 248,727 701,223
Cost of revenues -200,872 -595,481 -200,039 -555,009
Gross profit 44,392 149,190 48,688 146,214
Marketing expenses -3,722 -12,830 -3,893 -14,250
Administrative expenses -13,130 -44,390 -13,730 -41,455
Technical and after-Revenue services expenses -3,960 -12,735 -3,767 -13,797
Development and program expenses -5,372 -22,426 -8,312 -23,218
Current Operational Income COI (EBIT) 18,209 56,809 18,986 53,495
Other non-recurring income and expenses 0 0 0 3,412
Operating profit 18,209 56,809 18,986 56,906
Net Cost of Financial Debt -2,226 -5,863 -2,489 -9,051
Other Financial Expenses and Income 0 0 0 0
Income tax expense -4,212 -9,174 -3,890 -9,727
Share of income (loss) of
541 -38 -580 1,826
equity affiliates and joint ventures
Consolidated net income 12,312 41,734 12,028 39,953
Non-controlling interests 2,256 8,463 2,014 8,860
Attributable net income 10,056 33,271 10,014 31,093

* Information not audited and not approved by the Board of Directors




7/9 RESULTS FOR THE FIRST NINE MONTHS OF 2025
2025 October 2
Consolidated balance Sheet*

in thousands of euros 31 August, November 30,
2025 2024

ASSET

Goodwill 68,661 68,661
Intangible assets 92,438 92,107
Property, plant and equipment 8,149 8,886
Right of use assets 42,384 45,210
Investment property 0 0
Equity affiliates and joint ventures 41,787 42,811
Other non-current financial assets 5,213 5,115
Deferred tax asset 17,074 17,074
Non-current assets 275,706 279,864
Inventories 400,758 367,269
Accounts receivable 346,565 431,779
Other receivables 171,906 182,742
Cash flow and cash flow equivalents 398,340 502,866
Current tax 4,950 8,668
Current assets 1,322,520 1,493,324
TOTAL Asset 1,598,226 1,773,188



31 August, November 30,
2025 2024
LIABILITIES

Share capital 5,164 5,164
Bonuses, Reserves, and Other 173,112 169,916
Net income group share 33,271 44,970
Attributable shareholders’ equiy 211,546 220,049
Non-controlling interests 8,673 15,644
Shareholders" equity 220,219 235,693
Non-current provisions 29,541 29,280
Non-current financial liabilities 1,627 2,481
Long-term rental debt 38,563 41,677
Deferred tax liability 65,391 63,011
Non-current liability 135,122 136,449
Current provisions 7,349 5,898
Borrowings and other current financial liabilities 3,221 105,263
Short-term rental debt 9,463 8,935
Current minority put liabilities 1,288 1,296
Accounts payable 945,558 943,424
Other debts 275,578 336,121
Current tax 427 108
Current liability 1,242,884 1,401,046
Total Liabilities 1,598,226 1,773,188

* Information not audited and not approved by the Board of Directors




8/9 RESULTS FOR THE FIRST NINE MONTHS OF 2025
2025 October 2
 Operating data
Q3 9M Q3 9M
Housing 2025 2025 2024 2024


Revenue (M€, excl. VAT)) 193.2 599.2 208.9 598.4
 of which Apartments 183.7 566.7 192.7 549.0
 of which single-family homes in 9.5 32.5 16.2 49.4
communities


Deliveries (EHU's)) 947 2,992 1,055 3,011
 of which Apartments 907 2,853 1,001 2,840
 of which single-family homes in 40 139 54 171
communities


Net orders (in number)) 1,151 3,760 1,033 3,433
 of which Apartments 1,014 3,512 903 3,193
 of which single-family homes in 137 248 130 240
communities


Net orders (M€, incl. VAT)) 265.1 826.9 216.7 777.9
 of which Apartments 234.6 762.3 191.2 707.5
 of which single-family homes in 30.5 64.6 25.5 70.4
communities


Housing commercial offer – end of period
2,145 1,355
(number))


Backlog at end of period
 In value (M€, HT)) 1,994.0 2,050.0
- of which Apartments 1,764.3 1,818.3
- of which single-family homes in
229.7 231.7
communities
 In months of activity 26.3 27.5


End-of-period land Portfolio (number)) 34,474 30,347




Q3 9M Q3 9M
Commercial property 2025 2025 2024 2024


Revenue (M€, excl. VAT)) 48.1 133.8 35.9 90.3
Net orders (M€, incl. VAT)) - -0.5 -0.7 21.0
Backlog at the end of the period (M€, excl. VAT)) 384.4 552.5




9/9 RESULTS FOR THE FIRST NINE MONTHS OF 2025
2025 October 2