Fitch Ratings Reaffirms Kaufman & Broad's Investment Grade Rating

On July 16, 2026, Fitch Ratings confirmed Kaufman & Broad's "investment grade" rating of "BBB-" with a stable outlook for the fifth consecutive year. This decision highlights the company's strong business and financial profile amid a sluggish French market. The rating reflects Kaufman & Broad's commitment to residential housing construction in major metropolitan areas, achieving a stable gross margin of 19.5% and an EBITDA margin of 8.0% in 2025.

Kaufman & Broad maintains a strong financial position with limited working capital requirements, benefiting its cash flow. High pre-sales rates, stringent cost control, and selective land acquisition strategies are expected to keep a healthy net cash position. Notably, the company repaid a €100 million bond in 2025, providing operational flexibility.

The company plans to finance a renovation project at Austerlitz train station while maintaining its positive net cash position through 2026. This reinforcement of Kaufman & Broad's rating underscores its robust financial structure and cash flow capabilities.