Beazer Homes Usa, Inc. · NYSE:BZH
Beazer Homes Usa — Q1 2026 Earnings Presentation
29 slides from Beazer Homes Usa's earnings presentation, Jan 29, 2026
Slide 1: Beazer Homes USA, Inc. Q1 2026 Earnings Presentation
Beazer Homes USA, Inc. Q1 2026 Earnings Presentation ACACIA COMMUNITY CUMMING, GA 1 |
Slide 2: Disclaimers
Disclaimers This pre sen tation as well as some sta temen ts by us in per iodic pre ss rele ase s, other pub lic disclosu res and some ora l sta temen ts by us to ana lysts, sto ckholde rs and others dur ing pre sen tations, are “forward-looking sta temen ts” with in the meanin g of the Private Secu
Slide 3: Fiscal 2026 Key Themes
Fiscal 2026 Key Themes Early positive signs for spring • Improving traffic and buyer engagement FY26 margin catalysts still intact • Cost reductions and favorable mix shifts materializing in 2H Capital allocation oriented toward BV/share growth • Significant share repurchases using land sale proceed
Slide 4: Differentiation Growing Solar points of strategic differentiation
Differentiation Growing Solar 4 points of strategic differentiation Advanced Home Performance Energy savings, solar options, cleaner air, quieter home Curated Choices Mortgage Choice, Choice Plans, Style Choice Elevated Experiences Expect ~20% of TrustBuilder #1 sales to be solar- included homes wit
Slide 5: Fiscal 2026 Drivers
Fiscal 2026 Drivers Margin Catalysts Capital Allocation • Labor and material savings • Moderating land spend over $10,000/home • Increasing non-strategic land • Increasing mix of higher- sales − transactions above book margin, less incentive-driven value in aggregate communities • And using proceeds
Slide 6: Multi-Year Goals ("MYG")
Multi-Year Goals (“MYG”) > 200 Communities By FYE 2027 Low 30% Net Debt to Net Capitalization By FYE 2027 Double-Digit Book Value Per Share CAGR Through FYE 2027 6 |
Slide 7: MYG: Expanding Community Count
MYG: Expanding Community Count 200 > 200 Active Communities 180 168 163 167 160 161 Active Community Count 140 136 137 119 120 116 121 114 100 80 Q1 FY22 Q1 FY23 Q1 FY24 Q1 FY25 Q1 FY26 FYE26 FYE27 Community Count - Average Community Count - Period-End 7 |
Slide 8: MYG: Deleveraging Balance Sheet
MYG: Deleveraging Balance Sheet 60% 54.3% 50% 47.3% 45.6% 44.5% 43.7% At or 40% Below 40% Low 30% Range 30% 20% Q1 FY22 Q1 FY23 Q1 FY24 Q1 FY25 Q1 FY26 FYE26 FYE27 Net Debt to Net Capitalization See “Non-GAAP Net Debt to Net Capitalization Reconciliation” in the appendix 8 |
Slide 9: MYG: Generating Double-Digit BV/Share CAGR
MYG: Generating Double-Digit BV/Share CAGR $60 Double-Digit Compound Annual Mid $50’s Book Growth from FYE24 to FYE27 Value Per Share $50 $41.49 $40.07 $40 $36.18 Book Value per Share $31.58 $30 $24.58 $20 $10 $- Q1 FY22 Q1 FY23 Q1 FY24 Q1 FY25 Q1 FY26 FYE26 FYE27 Homebuilding Assets DTA Quarterly d
Slide 10: Q1 Results
Q1 Results Results Q1 FY26 YoY Change(d) New Home Orders 763 (18.1%) Sales Pace 1.5 (21.1%) Active Community Count, Avg 167 3.7% Homebuilding Revenue ($mm) $359.7 (21.9%) Closings 700 (22.8%) Average Selling Price ($k) $513.9 1.2% HB Gross Margin %(a) 14.0% (420 bps) SG&A as % of Total Revenue 17.9%
Slide 11: Q2 Expectations
Q2 Expectations Metric Q2 Expectations New Home Orders ~1,100 Active Community Count, Ending ~165 Closings ~800 Average Selling Price $520k − $525k Adjusted HB Gross Margin %(a) Flat with Q1 (excl. litigation-related charge) SG&A Total $ Flat YoY Land Sales Rev ~$30mm Adjusted EBITDA ~$5mm Interest
Slide 12: Fiscal 2026 Targets
Fiscal 2026 Targets Grow EBITDA (excl. litigation-related charge) • Drivers with higher visibility and more control - Higher ASP in 2H, supported by current backlog - Cost and mix margin catalysts materialize in 2H - Continued SG&A cost discipline - ~$150 million of profitable land sales • Drivers w
Slide 13: Liquidity and Capitalization
Liquidity and Capitalization $ in millions $600 Total Liquidity ~$340 million $500 $400 $300 $222 $200 $357 $350 $250 $100 $121 $79 $- Unrestricted Cash Undrawn Revolver Senior Unsecured Debt Junior Debt - Net of Accretion 13 |
Slide 14: Lot Position
Lot Position 75% 50 Improved Balance Sheet Efficiency from Growing Option Mix 61% Ending Active Lot Balance (in thousands) 60% 59% 40 Option % of Active Controlled Lots 54% 53% 49% 45% 28 30 42% 26 24 23 22 30% 18 17 20 14 11 13 14 8 15% 10 11 11 11 12 12 9 0% - Q1 FY21 Q1 FY22 Q1 FY23 Q1 FY24 Q1 FY
Slide 15: Closing Comments
Closing Comments • Soft start to FY26, but still have path to full year EBITDA growth (excluding Q1 litigation-related charge) - Margin catalysts - ASP growth - Profitable land sales • Committed to book value per share growth - Intend to fully execute remaining share repurchase authorization in FY26
Slide 16: Appendix
Appendix 16 |
Slide 17: Q1 FY26 Results
Q1 FY26 Results $ in millions (except ASP) Q1 FY25 Q1 FY26 ∆(d) Profitability Total Revenue $ 469.0 $ 363.5 (22.5%) Adjusted EBITDA(a) $ 23.0 $ (11.2) ($34.3) Net Income (Loss) $ 3.1 $ (32.6) ($35.7) Unit Activity New Home Orders 932 763 (18.1%) Closings 907 700 (22.8%) Average Selling Price ($k) $
Slide 18: Backlog Detail
Backlog Detail Q1 FY25 Q1 FY26 Quarter Ending Backlog (units) 1,507 1,008 Quarter Ending Backlog ($ in millions) $ 816.0 $ 573.3 ASP in Backlog ($ in thousands) $ 541.5 $ 568.7 Quarter Beg. Backlog 1,482 945 Scheduled to Close in Future Qtrs. (694) (405) Backlog Scheduled to Close in the Qtr. 788 54
Slide 19: SG&A Leverage
SG&A Leverage SG&A Per Closing SG&A Leverage LTM Homebuilding % of Total Revenue $70 $66.6 18% $62.8 $63.6 $60.8 16% $60 14% 12.4% $50 11.8% 11.5% 12% 11.2% 11.0% $40 10% 17.9% 8% $30 14.3% 14.0% 6% 11.8% 12.3% $20 4% $10 2% $- 0% Q2 Q3 Q4 Q1 Q1 Q1 Q1 Q1 Q1 FY25 FY26 FY22 FY23 FY24 FY25 FY26 SG&A Pe
Slide 20: Cancellation Rates
Cancellation Rates 40% 37% 35% 30% 25% 20% 19% 18% 18% 16% 15% 14% 12% 12% 11% 10% 5% 5% 0% Q1 FY22 Q1 FY23 Q1 FY24 Q1 FY25 Q1 FY26 Cancellation Rate Cancellation Rate (% of Backlog)(a) 20 | (a) Cancellation Rate as a % of Backlog is calculated using the quarter's beginning backlog units
Slide 21: Spec Homes
Spec Homes 1,500 20 1,125 1,219 15 Specs per Community 1,091 Spec Homes 982 750 840 10 744 7 569 7 7 6 6 375 894 5 789 701 711 139 193 325 522 - 33 - Q1 FY22 Q1 FY23 Q1 FY24 Q1 FY25 Q1 FY26 Completed Under Construction Per Community 21 | Note: Spec count as of each quarter end includes Gatherings
Slide 22: Segment ASP & Margins
Segment ASP & Margins Q1 FY25 Q1 FY26 Change in Change in Q1 FY25 Q1 FY26 Change in ($ in thousands) ASP ASP ASP ($) ASP (%) Closings Closings Mix West $502.3 $505.1 $2.8 0.6% 64.1% 62.3% (1.8%) East $540.1 $526.1 ($14.0) (2.6%) 22.2% 25.3% 3.1% Southeast $480.0 $533.4 $53.4 11.1% 13.8% 12.4% (1.4%)
Slide 23: Non-GAAP Homebuilding Gross Margin Reconciliation
Non-GAAP Homebuilding Gross Margin Reconciliation Three Months Ended December 31, 2025 HB Gross HB Gross HB Gross HB Gross Profit Margin Profit Margin excluding excluding HB Gross Impairments & excluding excluding Interest I&A and I&A and HB Gross Margin Abandonments I&A I&A Amortized to Interest (N
Slide 24: Non-GAAP Adjusted EBITDA Reconciliation
Non-GAAP Adjusted EBITDA Reconciliation Three Months Ended December 31, LTM Ended December 31, ($ in thousands) 2024 2025 25 vs 24 2024 2025 25 vs 24 Net income (loss) (GAAP) $ 3,130 $ (32,597) $ (35,727) $ 121,577 $ 9,861 $ (111,716) Expense (benefit) from income taxes 36 1,532 1,496 17,765 (3,242)
Slide 25: Non-GAAP Net Debt to Net Capitalization Reconciliation
Non-GAAP Net Debt to Net Capitalization Reconciliation Three Months Ended December 31, ($ in thousands) 2024 2025 Total debt (GAAP) $ 1,071,290 $ 1,125,055 Stockholders' equity (GAAP) 1,234,048 1,200,248 Total capitalization (GAAP) $ 2,305,338 $ 2,325,303 Total debt to total capitalization ratio (GA
Slide 26: Beazer Tax Benefits
Beazer Tax Benefits FY27 – FY29 Deferred tax asset shields more than $500 million of pretax income Cash Taxes from federal taxes; expect minimal cash tax payments (Use of predominantly energy efficiency credits) (a) Energy No new energy efficiency tax credits generated after June 30, 2026; Efficienc
Slide 27: Deferred Tax Assets
Deferred Tax Assets ($ in millions) December 31, 2024 December 31, 2025 Deferred Tax Assets $ 164.0 $ 187.6 Valuation Allowance $ (27.6) $ (35.8) Deferred Tax Liabilities $ (5.3) $ (9.8) Net Deferred Tax Assets $ 131.1 $ 142.0 Net DTA includes ~$87 million of Energy Tax Credits As of December 31, 20
Slide 28: Improving Affordability
Improving Affordability Monthly Mortgage Payment as a % of Income 35% 30% 25% 20% 15% 10% Historical Average Monthly med ian new re side ntia l sales price o f homes sold in United Sta tes published by the U.S. Census / Dep artme nt of Hou sin g and Urban Development (HUD) Survey of Co nstruction (S
Slide 29: We build homes and communities that inspire sustainable and healthy living.
We build homes and communities that inspire sustainable and healthy living. 29 |