Toll Brothers, Inc. · NYSE:TOL

Toll Brothers — Investor Presentation (2026)

27 slides from Toll Brothers's investor presentation, Mar 19, 2026

  1. Slide 1: First Quarter 2026 Company Overview

    FIRST QUARTER 2026 COMPANY OVERVIEW Toll Brothers AMERICA'S LUXURY HOME BUILDER

  2. Slide 2: ; • • • • • • • ; ; ; ; ; ;

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  3. Slide 3: Fundamentals Supporting Demand

    FUNDAMENTALS SUPPORTING DEMAND * Constrained supply of new & resale homes on the market * Buyers have benefited from a decade of solid stock market * Boomers making lifestyle changes * Largest wealth transfer from Boomers to Millennials ¢ Millennials in prime home buying years * Increased desire for

  4. Slide 4: Evolution of the Homebuilding Industry

    EVOLUTION OF THE HOMEBUILDING INDUSTRY 4 LARGEST PLAYERS BETTER BUSINESS FOCUSED ON DEMAND FOR SPEC UNDERVALUED ARE TAKING SHARE MODEL CAPITAL EFFICIENCY FAVORS LARGE . . IN LAND PLAYERS + Public homebuilders are + Public homebuilders have + Greater access to capital ACQUISITION producing structural

  5. Slide 5: Public Builders Are Gaining Market Share

    PUBLIC BUILDERS ARE GAINING MARKET SHARE PUBLIC BUILDERS HAVE TAKEN SHARE FROM THE PRIVATE BUILDERS AND IN 2025 REPRESENTED GREATER THAN 55% OF NEW HOME SETTLEMENTS NEW HOME SALES - MARKET SHARE OF LARGE PUBLIC & PRIVATE HOMEBUILDERS 450,000 400,000 55.9% 57.7% 350,000 300,000 250,000 200,000 150,00

  6. Slide 6: Industry Is Undersupplied as Households Increase

    INDUSTRY IS UNDERSUPPLIED AS HOUSEHOLDS INCREASE HOUSING STARTS HAVE NOT KEPT PACE WITH HOUSEHOLD GROWTH 1970-1979 1980-1989 1990-1999 2000-2007 2008-2024 Average Annual Average Annual Average Annual Average Annual Average Annual Housing Starts Housing Starts Housing Starts Housing Starts Housing St

  7. Slide 7: New Home Price Premium

    40% NEW HOME PRICE PREMIUM 1969 - 2025 35% 30% 25% 20% 15% 10% 5% 0% 1969 1973 1977 1981 1985 1989 1993 1997 2001 2005 2009 2013 2017 2021 2025

  8. Slide 8: Existing Housing Stock Is Aging

    EXISTING HOUSING STOCK IS AGING THE MEDIAN AGE OF OWNER-OCCUPIED U.S. HOMES IS OVER 40 YEARS, ACCORDING TO THE LATEST DATA, COMPARED TO A MEDIAN AGE OF 32 YEARS IN 2005 MEDIAN AGE OF OWNER-OCCUPIED HOUSING (IN YEARS) 44 42 41 40 39 38 37 35 34 32 2005 2007 2009 2011 2013 2015 2017 2019 2021 2023 SOU

  9. Slide 9: National Footprint Positions Toll Brothers for Growth

    NATIONAL FOOTPRINT POSITIONS TOLL BROTHERS FOR GROWTH North 12% of Communities 16% of Lots Controlled 15% of Revenue 60+ MARKETS Portland @ Boise Boston 0 © Hartfora 3 Sy New York City Long sind Philadelphia @ © Princeton Sacramento Ve} © ‘Salt Lake City Pacific Passa pae=0 (Oe San Jose 13% of C iti

  10. Slide 10: Regency at Ten Trails: Protecting and Growing the Brand

    REGENCY AT TEN TRAILS | BLACK DIAMOND, WA PROTECTING, MAINTAINING, & GROWING THE TOLL BROTHERS BRAND BUILT OVER 58 YEARS al 4 PRESTIGIOUS DISTINCTIVE UNRIVALED EXTRAORDINARY CUSTOMER LOCATIONS ARCHITECTURE CHOICE EXPERIENCE

  11. Slide 11: Strategy Focused on Driving Shareholder Returns

    STRATEGY FOCUSED ON DRIVING SHAREHOLDER RETURNS x il LAND ACQUISITION BUYBACKS & DIVIDENDS IMPROVED OPERATIONS * Focus on increasing optioned land * Consistent repurchaser of shares * — Optimizing product + Using land banking, JVs, rolling ~53% since 2016 + Expanded product & price points takedowns,

  12. Slide 12: Book Value Per Share

    BOOK VALUE PER SHARE 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 WESTLAKE VISTAS | SARATOGA SPRINGS, UT

  13. Slide 13: Return on Beginning Equity

    RETURN ON BEGINNING EQUITY 22.8% 23.1% 17.6% 12.7% 12.4% 10.2% 9.4% 9.0% 8.8% 5.5% 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 BROTHERS AT ORCHARD HILLS. IRVINE, CA

  14. Slide 14: Earn Per Share

    EARN PER SHARE $15.01 $13.49 $6.63 $4.85 $4.03 $3.17 $3.40 gisa $197 $218 $0.97 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 MERAVITA AT BOCA RATON | BOCA RATON, FL

  15. Slide 15: Total Shareholder Return

    TOTAL SHAREHOLDER RETURN 478% 348% 322% 199% 150% 100% 77% 80% 51% oe || U -3% 1-Year 3-Year 5-Year 10-Year moll Brothers (TOL) m Home Construction (ITB) S&P 500 (SPY) NOTE: As of January 31, 2026, rounded to the nearest whole number

  16. Slide 16: Revenue Per Share Growth - A Case for Revaluation

    REVENUE PER SHARE GROWTH - A CASE FOR REVALUATION P/E: 9.9x 24x 20x 17% 16% 10% 10% 10% 10% 10% 4% 2% TellBrothers f° [Faw aw Revenue Per Share - 3 Year CAGR SOURCE: Bloomberg, FY 2025 18x 16x 13% 11% 6% Gy 5% l ] 0% NVR MASCO mRevenue Per Share - 5 Year CAGR 19x 25x 18% 15% 12% 7% 6% 3% Trex) m Rev

  17. Slide 17: Earnings Per Share Growth - A Case for Revaluation

    EARNINGS PER SHARE GROWTH - A CASE FOR REVALUATION P/E: 9.9x 32% 21% 7% Toll Brothers [AMERICA'S LUXURY HOME BUILDER SOURCE: Bloomberg, FY 2025 24x 20x Earnings Per Share - 3 Year CAGR 18x 16x 17% 13% 13% MASCO @ Earnings Per Share - 5 Year CAGR 19x 25x 26x 27% 23% 19% 16% 10% 10% fmm 10% 8% 8% | Tr

  18. Slide 18: Lower Net Debt to EBITDA - A Case for Revaluation

    LOWER NET DEBT TO EBITDA - A CASE FOR REVALUATION FY 2025 P/E: 9.9x 24x 20x 18x 16x 19x 2.9x 2.3xX 17x 0.7x a 0.5x -0.7x oll Brothers MSCO & SOURCE: Bloomberg 25x 11x 26x 1.5x S&P 500 Q1 2026 COMPANY OVERVIEW 3 TOLL BROTHERS

  19. Slide 19: Stock Repurchase / Dividend Summary

    STOCK REPURCHASE / DIVIDEND SUMMARY 1,400 1,200 1,000 a 800 = = a ‘%» 600 s xe) © 400 200 0 -200 FY 2020 2021 2022 2023 2024 2025 ™ Cash Flow from Operations m Share Repurchases @ Dividends Debt Retirement (Refinancing) TOLL BROTHERS AT SEDONA | SEDONA, AZ

  20. Slide 20: Consistent Growth and Profitability

    CON T GROWTH PROFITABILITY FY 2020 FY 2021 FY 2022 FY 2023 FY 2024 FY 2025 IRevenue - Homes Sales (000s) $6,937,357 $8,431,746 $9,711,170 $9,866,026 $10,563,332 $10,842,203 pre-tax income (000s) $586,901 $100,315 $1,703,726 «$1,842,371 $2,085,640 «$1,791,371 INet income (000s) $446,624 $833,627 $1,2

  21. Slide 21: Solid Land Positions Us for Growth

    SOLID LAND POSITIONS US FOR GROWTH FOCUSED ON CAPITAL EFFICIENCY PERCENTAGE OF LOTS OPTIONED VS. OWNED 18,900 Finished Lots at 01/31/26 80,867 76,049 7479 76,102 74,990 70,664 63,182 E 2019 2020 2021 2022 2023 2024 2025 Q1 2026 59,230 m Owned Optioned AT FYE MERION"GROVE { QUEEN CREEK, AZ

  22. Slide 22: Total Addressable Market

    TT TOTAL ADDRESSABLE MARK $200K HOUSEHOLD INCOME PROJECTED ANNUAL TOL 10,500 HOMES TOTAL ADDRESSABLE 575,000 MARKET TOL ANNUALLY REACHES 2.0% of TAM ERS AT ORCHARD HILLS IRVINE, CA

  23. Slide 23: Debt Maturity Profile

    DEBT MATURITY PROFILE AS OF FEBRUARY 5, 2026 SUPERIOR ACCESS CAPITAL MARKET Cash & Equivalents $1.20 BN 5 Senior/Corporate Credit Ratings : Moody’s Baa2 (Stable) Revolver Availability $2.20 BN < Standard & Poor’s BBB (Stable) Fitch Inc. BBB+ (Stable) TOTAL LIQUIDITY $3.40 BN 23 FYE 2026 2029 2030 20

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  25. Slide 25: Toll Brothers Financial Highlights

    TOLL BROTHERS FINANCIAL HIGHLIGHTS CONTRACTS Units 10,231 9.943 S 2307 2,303 3% a’ 8 2024 2025 2025 YTD 2026 YTD Dollars ($MM). 10,073 9,850 > 2307 2,379 2% | a | 2024 2025 2025 YTD 2026 YTD 10,563 REVENUE 1,292 1,991 = 1,899 | | 2025 2025YTD 2026 YTD 10,842 reat & 1855 % | 2025YTD 2026 YTD *NOTE: F

  26. Slide 26: Homes Under Construction

    HOMES UNDER CONSTRUCTION Q12024 = Q2 4 Q12025 @22025 Q@32025 Q42025 Qi Specs: Completed 778 671 745 862 981 1,028 1,088 1,260 1,120 Incomplete 2,256 2,342 2,489 2,664 2,225 2,396 2127 1,783 2,251 Total Specs 3,034 3,013 3,234 3,526 3,206 3,424 3,215 3,043 3,371 Future Homesites, Pre-Footing 1,345 1,

  27. Slide 27: Non-GAAP Reconciliation

    NON-GAAP RECONCILIATION ADJUSTED GROSS MARGIN & EBITDA FY ‘0 FY 2 FY 2022 FY 2023 FY 2024 FY 20: QIFY 2026 Revenues — home sales 6,937,357 8,431,746 9,711,170 9,866,026 10,563,332 10,842,203 1,854,985 Cost of Revenues 5,534,103 6,538,454 7,237,409 7,207,279 7,753,351 8,069,742 1,395,462 Gross Margin

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