Toll Brothers, Inc. · NYSE:TOL
Toll Brothers — Q2 2026 Earnings Presentation
26 slides from Toll Brothers's earnings presentation, May 20, 2026
Slide 1: Second Quarter 2026 Company Overview
SECOND QUARTER 2026 COMPANY OVERVIEW Toll Brothers AMERICA'S LUXURY HOME BUILDER
Slide 2: Forward-Looking Statements
Information presented herein for the second quarter ended April 30, 2026 is subject to finalization of the Company's regulatory filings, related financial and accounting reporting procedures and external auditor procedures. This presentation contains or may contain forward-looking statements within
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
Slide 4: Evolution of the Homebuilding Industry
EVOLUTION OF THE HOMEBUILDING INDUSTRY 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 structurally
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
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 2008-2025 Average Annual Average Annual Average Annual Average Annual Average Annual Housing Starts Housing Starts Housing Starts Housing Starts Housing St
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
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
Slide 9: National Footprint Positions Toll Brothers for Growth
NATIONAL FOOTPRINT POSITIONS TOLL BROTHERS FOR GROWTH North 12% of Communities 15% of Lots Controlled 60+ ee 16% of Revenue ortland MARKETS O Ease Boston e @ Hartfora Detroit @a.New York City Long Island « O Philadelphia Princeton Sacramento Pacific sonfranisco @ Sao y opel | {& winston San Jose Den
Slide 10: Regency at Ten Trails | Black Diamond, WA
REGENCY AT TEN TRAILS | BLACK DIAMOND, WA PROTECTING, MAINTAINING, & GROWING THE TOLL BROTHERS BRAND BUILT OVER 59 YEARS al 4 PRESTIGIOUS DISTINCTIVE UNRIVALED EXTRAORDINARY CUSTOMER LOCATIONS ARCHITECTURE CHOICE EXPERIENCE
Slide 11: Strategy Focused on Driving Shareholder Returns
STRATEGY FOCUSED ON DRIVING SHAREHOLDER RETURNS LAND ACQUISITION BUYBACKS & DIVIDENDS IMPROVED OPERATIONS * Focus on increasing optioned land * Consistent repurchaser of shares * — Optimizing product + Using land banking, JVs, rolling ~54% since 2016 + Expanded product & price points takedowns, & se
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
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
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
Slide 15: Total Shareholder Return
TOTAL SHAREHOLDER RETURN 476.1% 310.3% 287.3% 128.1% 139.5% 79.6% 84.4% 42.0% 31.1% 30.7% 37.2% = o o 1-Year 3-Year 5-Year 10-Year moll Brothers (TOL) m Home Construction (ITB) S&P 500 (SPY) NOTE: As of April 30, 2026, rounded to the nearest whole number
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
Slide 17: Earnings Per Share Growth - A Case for Revaluation
EARNINGS PER SHARE GROWTH - A CASE FOR REVALUATION 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 27% 23% 19% 10% I 8% Trex) m Earnings Per Share - 10 Year CAGR IBP
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 Q2 2026 COMPANY OVERVIEW 3 TOLL BROTHERS
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
Slide 20: Contracts, 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
Slide 21: Solid Land Positions Us for Growth
SOLID LAND POSITIONS US FOR GROWTH FOCUSED ON CAPITAL EFFICIENCY PERCENTAGE OF LOTS OPTIONED VS. OWNED 18,400 Finished Lots at 04/30/26 80,867 76,049 747g 76,102 = 76,804 70,664 63,182 / E 2019 2020 2021 2022 2023 2024 2025 22026 59,230 m Owned Optioned AT FYE MERION"GROVE { QUEEN CREEK, AZ
Slide 22: Debt Maturity Profile
DEBT MATURITY PROFILE AS OF APRIL 30, 2026 SUPERIOR ACCESS CAPITAL MARKET Cash & Equivalents $1.10 BN Senior/Corporate Credit Ratings Moody’s Baa2 (Stable) Revolver Availability $2.24 BN Standard & Poor’s BBB (Stable) Fitch Inc. BBB+ (Stable) TOTAL LIQUIDITY $3.34 BN FYE 2026 2029 2030 2031 2032 203
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Slide 24: Toll Brothers Financial Highlights
TOLL BROTHERS FINANCIAL HIGHLIGHTS CONTRACTS Units 10,231 9.943 4957 5,137 ss a -3% 4% 2024 2025 2025YTD 2026 YTD Dollars ($MM). 10,073 9,850 4,912 5,187 a a 2% 6% 2024 2025 2025YTD 2026 YTD 10,563 REVENUE 11,292 4890 4,390 s “10% | 2025 2025YTD 2026 YTD 10,842 4,548 4,368 zy 2025YTD 2026 YTD *NOTE:
Slide 25: 2,614 3,547 1,670 1,539 3,855 5,394 7,402 3,209 10,611 59 2.0 7.7
933 2,614 3,547 1,670 1,539 3,855 5,394 7,402 3,209 10,611 459 2.0 7.7
Slide 26: Non-GAAP Reconciliation
NON-GAAP RECONCILIATION ADJUSTED GROSS MARGIN & EBITDA FY ‘0 FY 2 FY 2022 FY 2023 FY 2024 FY 20: FY 2026 Revenues — home sales 6,937,357 8,431,746 9,711,170 9,866,026 10,563,332 10,842,203 2,512,464 Cost of Revenues 5,534,103 6,538,454 7,237,409 7,207,279 7,753,351 8,069,742 1,913,162 Gross Margin 1