Meritage Homes Corporation · NYSE:MTH
Meritage Homes — Q4 2025 Earnings Presentation
14 slides from Meritage Homes's earnings presentation, Jan 29, 2026
Slide 1: Fourth Quarter 2025 Analyst Conference Call
FOURTH QUARTER 2025 ANALYST CONFERENCE CALL JANUARY 29, 2026
Slide 2: Safe Harbor
Safe Harbor The information included in this presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements include expectations about the housing market in general and our future results including our ability to increase
Slide 3: Speakers
Speakers Steven J. Hilton – Executive Chairman Phillippe Lord – Chief Executive Officer Hilla Sferruzza – EVP & Chief Financial Officer Emily Tadano – VP of Investor Relations and External Communications 3
Slide 4: Net Sales Orders Down 2% Year-over-year
Net Sales Orders Down 2% Year-over-year Net Orders & Y/Y % Ending & Average Community Count 4Q25 Takeaways -3% 3% 4% 14% 3,876 3,914 334 336 335.0 3,636 -2% 323.0 3,304 • Grew ending community count 3,224 312 301.0 15% year-over-year to 336 292 285.0 290 291.0 communities at December 31, 2025 4Q24 1
Slide 5: Diversity in Performance Across the Regions in Today's Operating Environment
Diversity in Performance Across the Regions in Today’s Operating Environment West Region Central Region* East Region Total Average Communities 84.0 104.5 146.5 335.0 Average Communities Y/Y(%) (5)% 21% 33% 18% Absorption per month 2.4 4.1 3.0 3.2 Absorption per month Y/Y(%) (27)% (13)% (19)% (18)% O
Slide 6: Our Available Supply of Quick Turning Move-In Ready Homes Is Our Competitive Advantage
Our Available Supply of Quick Turning Move-In Ready Homes Is Our Competitive Advantage Spec Starts Total Specs and Ending Backlog & % of Specs Completed 6000 8,573 8,762 8,671 5000 8,054 4,083 1,544 2,004 1,748 7,006 4000 3,565 3,601 1,699 3,072 1,168 Ending Backlog 3000 2,694 Total Specs 7,029 6,75
Slide 7: 4Q25 Financial Performance
4Q25 Financial Performance ($ Millions 4Q25 Highlights: 4Q25 4Q24 % Chg FY2025 FY2024 % Chg except EPS & ASP) Home closings 3,755 4,044 (7)% 15,026 15,611 (4)% • Decline in ASPs from greater incentive use and geographic mix ASP (closings) $375K $395K (5)% $384K $406K (5)% Home closing revenue $1,406
Slide 8: 4Q25 Capital Structure and Capital Spend Activities
4Q25 Capital Structure and Capital Spend Activities Capital Structure – Non-GAAP Reconciliation 4Q25 Capital Allocation Spend ($ Millions) Dec. 31, 2025 Dec. 31, 2024 Notes payable & other borrowings $1,829 $1,336 Cash Dividends 5% Stockholders’ equity $5,196 $5,142 Total capital $7,025 $6,478 26.0%
Slide 9: 4Q25 Land & Development Investment
4Q25 Land & Development Investment Lots Detail Land Acquisition & Development Spend* ($ Millions) $688 4Q25 4Q24 $617 $509 $528 Total lots controlled 77,625 85,613 $283 $465 $307 $416 $275 $264 $243 Supply of lots (years) 5.2 5.5 $268 $405 $310 $234 $264 $222 - Owned 72% 62% $148 3Q24 4Q24 1Q25 2Q25
Slide 10: Guidance
Guidance First Quarter 2026 Home closings 3,000-3,300 units Home closing revenue $1.13-1.24 billion Home closing gross margin 18-19% Effective tax rate About 24.0% Diluted earnings per common share $0.87-1.13 Full Year 2026: • Home closing volume and revenue consistent with full year 2025 10
Slide 11: 4Q25 Key Takeaways
4Q25 Key Takeaways • Top 5 builder focused on spec building • Move-in ready inventory, streamlined operations, a diverse geographic footprint • Differentiated ability to compete against resale, given our 60-day closing guarantee and realtor engagement 11
Slide 12: About Meritage
ABOUT MERITAGE 12
Slide 13: Meritage Company Overview
Meritage Company Overview Affordable spec builder specializing in entry-level and first move-up homes Top five U.S. public homebuilder Delivered over 210,000 homes in its 40-year history Diversified geographic footprint with 25 markets in 12 states 13
Slide 14: Meritage Key Strategies
Meritage Key Strategies Spec strategy Go-to market strategy • Start all homes prior to releasing • 60-day closing ready guarantee them for sale • Move-in ready inventory • Realtor engagement Streamlined operations Focused on affordability • Cost savings from national • Deliver affordable entry-level