Green Brick Partners, Inc. · NYSE:GRBK
Green Brick Partners — Q3 2026 Earnings Presentation
25 slides from Green Brick Partners's earnings presentation, Oct 29, 2026
Slide 1: Investor Presentation 2026 Third Quarter
Southgate Homes | Prosper Ridge| Prosper, TX INVESTOR PRESENTATION 2026 Third Quarter
Slide 2: Forward Looking Statements
Forward Looking Statements This presentation and our earnings call contain “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 exp
Slide 3: Management Presenters
Management Presenters Jim Brickman Jed Dolson Jeff Cox C O - F O UN D E R & C O - C H I E F C O - C H I E F E X E C UT I V E CHIEF FINANCIAL OFFICER E X E C UT I V E O F F I C E R OFFICER 3
Slide 4: About Green Brick Partners
About Green Brick Partners Celebrating Over A Decade of Excellence in Land Development and Homebuilding As A Public Company Green Brick Partners, Inc. (NYSE: GRBK), the third largest homebuilder in Dallas-Fort Worth, is a diversified homebuilding and land development company that operates through it
Slide 5: Company History
Company History nou JBGL contributes its assets in a reverse recapitalization 2012 Asset purchase of SK CBIENI Seeieenaves Name change to Founding of | GREEN BRICK AC CENTRE LIVING Pasvaens 2009 HOMES. 2017 JBGL (Predecessor) closed frst NORMANDY GRBK started trading on ‘Acquisition of 49.9% interes
Slide 6: Green Brick Partners Investment Thesis
Green Brick Partners Investment Thesis We believe our strategic advantages will continue to drive exceptional performance and returns Track Record of Profitable Growth • Exceptional total shareholder return since going public in 2014. • Peer leading Return on Equity and Return on Assets. Strong Bala
Slide 7: Industry-Leading Returns
Industry-Leading Returns Our self-development land strategy, disciplined capital allocation, and operational execution has produced strong returns over the past 10 years. Return On Equity 23.1% 23.5% 22.5% 10-Year Total Shareholder Return Return On Assets Source: S&P Capital IQ. Peer group includes
Slide 8: Strong Land & Lot Position
Strong Land & Lot Position Lots Owned & Under Contract Total Total Total 44,254 48,828 51,435 • Total lots owned and under contract increased 5% over Q4 2025 and 25% year over year, with 79% owned and 21% under contract. • Year to date we have invested approximately $274 million in land and lot acqu
Slide 9: Industry-Leading Gross Margins
Industry-Leading Gross Margins Green Brick maintained the best homebuilding gross margins amongst our peers 18.7% Peer Margins Source: Public filings of each peer company as of 10/28/26. BZH, LGIH, DFH, and DHI were not available. 9
Slide 10: Business Priorities
Business Priorities • Balance price and pace, community by community, to maximize returns. • Incrementally improve operations and cost efficiencies. • Increase the scale of Trophy - 45% of Q3 2026 home closing revenues and 60% of closed units. o Continue to scale Trophy in DFW. Trophy has grown to b
Slide 11: Strong Balance Sheet & Liquidity
Strong Balance Sheet & Liquidity • Conservative leverage with flexibility to Senior note maturity schedule ($ in millions) expand. • Focused on generating strong operating cash flow. • Average cost of senior notes is 3.3%. • Capital allocation priorities • Invest in land to fuel growth. Homebuilding
Slide 12: Creating Shareholder Value
Creating Shareholder Value Quarterly Diluted EPS Share Repurchases ($ in millions)(1) $35 Book Value per Share(1)(2) 4,845 1,178 861 1,387 521 Share Repurchases (in thousands) (1) Reduced outstanding share count by 16% since 1/1/2022. (1) Compounded annual growth rate of 24.1% through Q3 2026. (2) B
Slide 13: Third Quarter 2026
Third Quarter 2026
Slide 14: Q3 2026 Financial Highlights
Q3 2026 Financial Highlights Q3 Residential Unit Revenues ($ in millions) • Residential unit revenue of $437 million, down 10% year over year. • Closings were up 3% year over year. • ASP for Q3 closings decreased 22.5% 23.1% 12% 23.5% year over year to $447K, primarily Q3 Closings due to a higher mi
Slide 15: Q3 2026 Financial Highlights
Q3 2026 Financial Highlights Q3 Net New Home Orders • Net new home orders were up 3% year over year to 926. o Net new order revenue was $429 million. o Monthly absorption rate was 2.8 homes per community, down 3% year over year. 23.5% 23.1% • Cancellation rate as a % of gross orders 22.5% was 8.2%,
Slide 16: Q3 2026 Financial Highlights
Q3 2026 Financial Highlights Q3 Homebuilding Gross Margins • Homebuilding gross margins of 28.0% remained the best margins among public peers (see slide 9). • Incentives on Q3 closings were 9.9%, up 180 basis points year over year and up 110 basis points from Q2 2026. 23.5% 22.5% 23.1% • SG&A expens
Slide 17: Selected Financial & Operational Data – Q3 2026
Selected Financial & Operational Data – Q3 2026 Dollars in Thousands, except EPS. Q3 2026 Q3 2025 Change Starts 954 951 0.3% Net new home orders 926 898 3.1% New homes delivered 978 953 2.6% Backlog $379,345 $456,783 -17.0% Units under construction 2,181 2,202 -1.0% Residential unit revenue $437,043
Slide 18: Selected Balance Sheet Data – Q3 2026
Selected Balance Sheet Data – Q3 2026 Dollars in Thousands 9/30/2026 12/31/2025 Cash and cash equivalents $99,970 $154,590 Inventory owned $2,149,081 $1,941,524 Total Debt $338,016 $320,276 Total liquidity $324,970 $519,590 Total Green Brick Partners, Inc. stockholders’ equity $2,018,244 $1,858,962
Slide 19: Selling Communities – Dallas-Fort Worth
Selling Communities – Dallas-Fort Worth Majority of our DFW lots are in infill and adjacent “desirable areas” 19
Slide 20: Selling Communities – Atlanta
Selling Communities – Atlanta Majority of our Atlanta lots are in infill and adjacent “desirable areas” 20
Slide 21: Appendix
IN V E S TO R P R E S E N TA TIO N Appendix
Slide 22: Appendix: Total Shareholder Returns
Appendix: Total Shareholder Returns Total Shareholder Return 10.1.2016 - 9.30.2026 Stock Price as of Change in Common Stock Total Returns Ticker Share Price Dividends 10/1/2016 9/30/2026 $ % GRBK $ 8.26 $ 66.11 $ 57.85 $ — $ 57.85 700 % MHO $ 23.57 $ 135.13 $ 111.56 $ — $ 111.56 473 % PHM $ 20.04 $
Slide 23: Appendix: Net Income Return on Avg. GAAP Common Equity
Appendix: Net Income Return on Avg. GAAP Common Equity Dollars in Thousands 2021 2022 2023 2024 2025 2026 YTD (TTM) Net Income Applicable To Common Shareholders $190,139 $289,025 $281,751 $378,708 $310,350 $269,764 (1) GRBK Common Equity Beginning $640,242 $826,852 $1,014,211 $1,253,101 $1,577,812 $
Slide 24: Appendix: Net Income Return on Avg. Total Assets
Appendix: Net Income Return on Avg. Total Assets Dollars in Thousands 2021 2022 2023 2024 2025 2026 YTD (TTM) Net Income Applicable To Green Brick Partners $190,210 $291,900 $284,626 $381,583 $313,225 $272,640 (1) Total Assets Beginning $988,847 $1,421,867 $1,655,675 $1,902,832 $2,249,994 $2,481,375
Slide 25: Appendix: Net Debt To Total Capitalization – 09.30.2026
Appendix: Net Debt To Total Capitalization – 09.30.2026 Dollars in thousands Total capitalization Homebuilding capitalization (1) Less: Cash and Less: Cash and Gross cash Net Gross cash Net equivalents equivalents Borrowings on lines of credit, net $103,071 $103,071 Senior unsecured note, net $187,2