M/i Homes, Inc. · NYSE:MHO
M/i Homes — Q1 2025 Earnings Presentation
23 slides from M/i Homes's earnings presentation, Apr 23, 2025
Slide 1: M/I Homes, Inc.
M/l Homes, Inc. May 2025 an) M’| HOMES
Slide 2: Forward Looking Statements
Forward Looking Statements Certain statements in this Presentation are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as “expects,” “anticipates,” “envisions,” “targets,” “goals,” “projects,” “intends,” “plans,” “believes,” “seeks,”
Slide 3: M/I Homes – Overview
M/I Homes – Overview w One of the nation’s leading homebuilders – #13 on BUILDER 100 w Founded in 1976; went public in 1993 w Record 9,055 homes delivered and $4.5B of revenue in 2024 w Selling in 226 communities in 17 markets as of 3/31/25 w Offer M/I Financial & Title services to buyers w Diversif
Slide 4: M/I Homes – Key Strategies
M/I Homes – Key Strategies ü Scale and Market Share ü M/I Difference - Core Values s Diversified geographic footprint across 17 s Focus on quality; build a better home markets in 10 states s “Treat our customers right” s Meaningful presence -top 5 builder in 8 s Operate with integrity and high stand
Slide 5: Focus on Affordability
Focus on Affordability Smart Series w 53% of Q1 '25 sales w ASP of $400,000 w Single Family Products and Townhouse Products Columbus, OH Dallas, TX 5 Houston, TX Orlando, FL
Slide 6: M/I Financial Services
M/I Financial Services w Provides mortgage and title operations w Exclusively services M/I homebuyers - provides a competitive advantage w Q1 2025 pretax income of $16M; $32M revenue w 92% capture rate in Q1 2025 w Strong buyer profile with average credit score of 746 and average down payment of 17%
Slide 7: Strong Presence in Our Markets
Strong Presence in Our Markets Market Year Ranking Opened Northern: Top 5 Position Columbus, OH #1 1976 in 8 markets Cincinnati, OH #4 1988 Indianapolis, IN #5 1988 Chicago, IL #4 2007 Top 10 Minn/St. Paul, MN #3 2015 Position in 13 Detroit, MI #3 2018 markets Southern: Charlotte, NC #10 1985 Raleig
Slide 8: Financial Summary
Financial Summary Homes Delivered $ in millions Revenue $4,505 9,055 $4,131 $4,034 8,366 8,112 2022 2023 2024 2022 2023 2024 $ in millions $ in millions Pre-Tax Income Shareholders Equity $734 $2,940 $635 $607 $2,517 $2,071 2022 2023 2024 2022 2023 2024 8 8
Slide 9: Q1 2025 Highlights
Q1 2025 Highlights Financial Performance ($M, except ASP and EPS) Three Months Ended YoY 3/31/2025 3/31/2024 % change New contracts 2,292 2,547 (10)% Avg. active communities 223 216 +3% Homes delivered 1,976 2,158 (8)% Average sales price ($000s) $476 $471 +1% Revenue $976 $1,047 (7)% Gross margin (
Slide 10: Net Contracts
Net Contracts YoY growth %: (19)% +17% 2,514 2,547 (10)% +21% +3% (14)% 2,255 2,292 2,171 2,197 +50% 0% (20)% 2,021 2,023 +11% 1,820 +61% 1,759 (31)% 1,588 1,349 (44)% 985 Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 10
Slide 11: Communities & Land Spend
Communities & Land Spend Average Communities 216 202 179 2022 2023 2024 Sales Pace 3.1 3.3 3.3 Land Spend ($ M) $1,119 $837 $856 2022 2023 2024 11
Slide 12: Return on Equity
RETURN ON EQUITY 30% 28% 26% 24% 22% 21% 20% 20% 19% 18% 16% 14% 12% 10% 8% 6% 4% 2% 0% 2023 2024 LTM 3/31/2025 12
Slide 13: Contract Backlog - Q1
Contract Backlog - Q1 4,000 # Homes 3,500 3,301 3,391 3,000 2,847 2,500 2,000 1,500 1,000 500 0 2023 2024 2025 Period ending March 31st 13
Slide 14: Gross Margin – Quarterly
Gross Margin – Quarterly 30% 27.9% 27.3% 27.1% 27.1% 26.8% 26.9% 25.9% 25% 25.5% 25.1% 24.8% 24.6% 23.5% 22.6% 20% 15% 23 22 24 23 22 24 23 22 24 23 22 25 24 20 20 20 20 20 20 20 20 20 20 20 20 20 Q1 Q1 Q2 Q2 Q2 Q3 Q3 Q3 Q4 Q4 Q4 Q1 Q1 14
Slide 15: SG&A %
SG&A % 14.0% 13.0% 12.0% 11.8% 11.5% 11.2% 11.0% 11.0% 11.0% 10.6% 10.5% 10.5% 10.5% 10.3% 10.0% 10.0% 9.7% 9.1% 9.0% 8.0% 7.0% 2022 2023 2024 2025 2022 2023 2024 2022 2023 2024 2022 2023 2024 Q1 Q2 Q3 Q4 15
Slide 16: Land Position
Land Position w Owned 49% and Optioned 51% of Total Lots Controlled at 3/31/2025 w 32% of Total Lots Controlled are in the Northern Region and 68% are in the Southern Region 5.8 Years Lot Supply – Controlled * 2.6 Years Lot Supply – Owned * Owned & Optioned Lots # Lots in Thousands 52.2 51.1 45.7 42
Slide 17: Capital Structure
Capital Structure ($ in millions) 3/31/2025 12/31/2024 12/31/2023 Total Cash and Equivalents $ 776 $ 822 $ 733 Credit Facility $ — $ — $ — Senior Notes $ 695 $ 695 $ 694 Total Homebuilding Debt $ 695 $ 695 $ 694 MIF Mortgage Credit Facilities $ 228 $ 286 $ 166 Shareholders Equity $ 3,006 $ 2,940 $ 2
Slide 18: Debt Maturities
Debt Maturities ($ in millions) $700 $650 $600 $500 $400 $400 $300 $300 $200 $100 $0 2025 2026 2027 2028 2029 2030 Revolving Credit Facility 4.95% Senior Notes due 2028 3.95% Senior Notes due 2030 18
Slide 19: Rating Agencies
Rating Agencies w S&P: Upgraded Ratings – September 2023 Affirmed - 2025 - stable w Moody’s: Upgraded Ratings – August 2021 Affirmed - 2022, 2023, and 2024 2024 - outlook moved to positive from stable S&P Moodys Corporate Rating BB Ba2 Senior Note Ratings BB Ba2 19
Slide 20: Moving Forward – M/I Homes
Moving Forward – M/I Homes w Maintain strong balance sheet w Focus on profitability and returns w Focus on affordability w Increase community count w Increase market share w Continued focus on core values; customer service, quality, and building a better home 20
Slide 21: Appendix
Appendix Mm M’| HOMES
Slide 22: Supplemental & Non-GAAP Financial Results
Supplemental & Non-GAAP Financial Results Three Months Ended Twelve Months Ended March 31, December 31, ($000) 2025 2024 2024 2023 Cash provided by operating activites $ 64,887 $ 115,772 $ 179,736 $ 552,131 Cash used in investing activities $ (2,928) $ (17,108) $ (54,896) $ (18,632) Cash provided by
Slide 23: M/I Homes
Mm M-| HOMES