Green Brick Partners, Inc. · NYSE:GRBK
Green Brick Partners — Q2 2025 Earnings Presentation
22 slides from Green Brick Partners's earnings presentation, Jul 31, 2025
Slide 1: Investor Presentation 2025 Second Quarter
Southgate Homes | Reserve at Watters| Allen, TX IN V E S TO R P R E S E N TA TIO N 2025 Second Quarter
Slide 2: Forward Looking Statements
Forward Looking Statements This presentation contains “forward-looking statements” within the meaning of the Private Securities Litigation Act of 1995. These statements concern expectations, beliefs, projections, plans and strategies, anticipated events or trends and similar expressions concerning m
Slide 3: Management Presenters
Management Presenters Jim Brickman Jed Dolson Jeff Cox C H I E F E X E C UT I V E O F F I C E R PRESIDENT AND CHIEF INTERIM CHIEF FINANCIAL A N D C O - F O UN D E R OPERATING OFFICER OFFICER 3
Slide 4: Q2 2025 Financial Highlights
Q2 2025 Financial Highlights Q2 Home Closings Revenues, 2022-2025 ($ in millions) • Home closings revenue of $547 $511 $547 $547 million, unchanged year over year. $454 o Closings increased 5.6% year 2Q22 2Q23 2Q24 2Q25 over year to 1,042 units,22.5%a 23.1% 23.5% company record. Q2 Closings, 2022-20
Slide 5: Q2 2025 Financial Highlights
Q2 2025 Financial Highlights Q2 Homebuilding Gross Margins, 2022-2025 • Homebuilding gross margins 34.5% 32.3% decreased 410 bps year over year 31.3% 30.4% to 30.4%, which remained the best margins among public peers (see 27.8% slide 10). 2Q22 26.4% 2Q23 26.8% 26.8% 2Q24 2Q25 23.5% 22.5% 23.1% Q2 SG
Slide 6: Q2 2025 Financial Highlights
Q2 2025 Financial Highlights Q2 Net New Home Orders, 2022-2025 • Net new home orders increased 6.2% year 908 over year to 908, a record for any second 822 855 quarter. 545 o Net new order revenue was $469 million, down 60 bps year over year. 2Q22 2Q23 2Q24 2Q25 o Incentives of 7.7% were up from 4.5%
Slide 7: Strong Land & Lot Position
Strong Land & Lot Position Lots Owned & Controlled, 2022-2025 Total Total • Total lots owned and controlled Total 37,831 5,115 40,200 4,732 Total increased 20.7% year over year to 25,527 28,681 4,880 4,046 40,200, with 88.2% owned on our 32,716 35,468 21,481 23,801 balance sheet. 2022 2023 2024 2Q25
Slide 8: Industry-Leading Returns With Low Financial Leverage
Industry-Leading Returns With Low Financial Leverage • Our land strategy has produced strong Return On Equity, 2021-2025 (1) returns on equity (ROE) and returns on assets (ROA) with industry-leading 31.4% homebuilding gross margins, as well as 25.9% 24.9% 26.8% 19.1% one of the lowest leverage ratio
Slide 9: Q2 2025 Financial Highlights
Q2 2025 Financial Highlights Quarterly Diluted EPS • Generated net income of $81.9 $2.50 million in 2Q, or diluted EPS of $1.85. $2.00 $1.50 $1.00 • Repurchased approximately 1 million shares of stock for $60 million YTD $0.50 through the end of June. $- 22.5% 23.1% 23.5% 2021 2022 2023 2024 2025 1Q
Slide 10: Industry-Leading Gross Margins
Industry-Leading Gross Margins Green Brick maintained the best homebuilding gross margins amongst our peers Gross Margin Percentage (Most Recently Reported Quarter) 30.4% 27.8% 26.8% 26.8% 27.0% 26.4% 26.4% 26.0% 23.5% 22.5% 23.1% 22.3% 22.1% 21.5% 21.2% 21.1% 20.9% 20.8% 19.3% 17.8% 17.6% 13.8% GRB
Slide 11: Selected Financial & Operational Data – Q2 2025
Selected Financial & Operational Data – Q2 2025 2Q25 2Q24 Change 2Q24 New homes delivered 1,042 987 5.6% Average sales price of homes delivered $525 $554 -5.3% Residential units revenue $547,109 $547,138 0.0% Net new home orders 908 855 6.2% Net income attributable to GRBK $81,948 $105,358 -22.2% Di
Slide 12: Q2 2025 Selected Balance Sheet Data
Q2 2025 Selected Balance Sheet Data 6/30/2025 12/31/2024 2Q24 Cash and cash equivalents ($ in million) $112 $142 Inventory owned ($ in million) $1,807,854 $1,771,203 Senior unsecured notes, net ($ in million) $274,281 $299,090 Average costs of senior unsecured notes 3.4% 3.4% Total liqudity ($ in mi
Slide 13: Strategic Advantages
Seta: oe GREEN BRICK PARTNERS
Slide 14: Strategic Advantages
Strategic Advantages We believe our strategic advantages will continue to drive exceptional performance and returns • Operations concentrated in two of the highest single Debt-to-Total Capital (as of 6/30/25) family starts markets of DFW and Atlanta, where we generated approximately 90% of revenues
Slide 15: Business Priorities
Business Priorities Cancellation Rate (Most Recently Reported Quarter) • Balance price and pace community by community 17% to maximize returns. 16% 17% 15% 15% 15% 14% 14% 13% 13% • Incrementally improve operations and cost 10% 10% efficiencies. 6% • Increase the scale of Trophy; currently 37% of GR
Slide 16: Expected Lot Deliveries In 2025 – Dallas-Fort Worth
Expected Lot Deliveries In 2025 – Dallas-Fort Worth Majority of our DFW lots are being delivered in infill and adjacent “desirable areas” Lots Delivered in 2025 To Be Delivered in 2025 16
Slide 17: Expected Lot Deliveries In 2025 – Atlanta
Expected Lot Deliveries In 2025 – Atlanta Majority of our Atlanta lots are being delivered in infill and adjacent “desirable areas” Lots Delivered in 2025 To Be Delivered in 2025 17
Slide 18: Appendix
IN V E S TO R P R E S E N TA TIO N Appendix
Slide 19: Appendix: Net Debt To Total Capitalization – 6/30/25
Appendix: Net Debt To Total Capitalization – 6/30/25 Less: Cash and Gross cash Net equivalents Total debt, net of debt issuance costs $291,335 $112,459 $178,876 (1) Total Green Brick Partners, Inc. stockholders’ equity $1,725,373 $0 $1,725,373 Total capitalization $2,016,708 $112,459 $1,904,249 Debt
Slide 20: Appendix: Net Income Return on Avg. GAAP Common Equity
Appendix: Net Income Return on Avg. GAAP Common Equity YTD 25 (1) Dollars in Thousands 2021 2022 2023 2024 Annualized Net Income Applicable To Common Shareholders $190,139 $289,025 $281,751 $378,708 $311,138 GRBK Common Equity Beginning $640,242 $826,852 $1,014,211 $1,253,101 $1,577,812 GRBK Common
Slide 21: Appendix: Net Income Return on Avg. Total Assets
Appendix: Net Income Return on Avg. Total Assets YTD 25 (1) Dollars in Thousands 2021 2022 2023 2024 Annualized Net Income Applicable To Common Shareholders $190,139 $289,025 $281,751 $378,708 $311,138 Total Assets Beginning $988,847 $1,421,867 $1,655,675 $1,902,832 $2,249,994 Total Assets Ending $1
Slide 22: Appendix: Diluted EPS (Excluding The Impact From Challenger Homes in 2024)
Appendix: Diluted EPS (Excluding The Impact From Challenger Homes in 2024) (1) Six Months Ended June 30, 2025 Six Months Ended June 30, 2024 Change (Unaudited, in thousands, except per share amounts): Pretax Net of Tax Per Share Pretax Net of Tax Per Share Diluted EPS $ - $ - $ 3.52 $ - $ - $ 4.14 -