Tri Pointe Homes, Inc. · NYSE:TPH
Tri Pointe Homes — Q3 2025 Earnings Presentation
25 slides from Tri Pointe Homes's earnings presentation, Oct 23, 2025
Slide 1: 2025 Third Quarter Results
2025 Third Quarter Results October 23, 2025
Slide 2: Management Team
Management Team Thomas Mitchell Douglas Bauer Glenn Keeler President & COO Chief Executive Officer Chief Financial Officer • Over 30 years of real estate • Over 30 years of real estate and • Over 10 years of real estate and homebuilding experience homebuilding experience and homebuilding experience
Slide 3: A diversified portfolio of markets
A diversified portfolio of markets West Segment Markets: San Francisco Bay Area, Inland Empire, Orange County-Los Angeles, Sacramento, San Diego, Phoenix, Las Vegas, Seattle Metro Area LTM Orders: 2,145 LTM Deliveries: 2,754 LTM HS Revenue: $2,078,556 LTM ASP: $755 Lots Owned or Controlled: 13,015 E
Slide 4: 2025 Third Quarter Highlights
2025 Third Quarter Highlights 4
Slide 5: 2025 Third Quarter Highlights
2025 Third Quarter Highlights • Net new home orders of 995 on an absorption rate of 2.2 net new home orders per community per month Metric 3Q25 3Q24 % Change • New home deliveries of 1,217 with an average sales price of $672,000 • Ending active selling communities of 155 Orders 995 1,252 -21% • Back
Slide 6: Third Quarter Results
tri pointe HOMES Third Quarter Results
Slide 7: Active Selling Communities and Absorption Rate
Active Selling Communities and Absorption Rate Q3 2025 Results Active Selling Communities and Absorption Rate Active Selling Communities by Geography As of and for the quarters ended September 30, 2024 and 2025 As of September 30, 2025 175 2.8 3.0 Washington 155 D.C. Area(2) 150 148 3% 2.5 Washingto
Slide 8: Net New Home Orders – Q3 2025 Results
Net New Home Orders – Q3 2025 Results Net New Home Orders Net New Home Orders by Geography For the quarters ended September 30, 2024 and 2025 For the quarter ended September 30, 2025 1,400 Washington D.C. 1,252 Area(2) 1,200 Washington 7% 4% Carolinas(1) 995 1,000 12% 800 California 30% Colorado Dec
Slide 9: Backlog – Units and Dollar Value – Q3 2025 Results
Backlog – Units and Dollar Value – Q3 2025 Results Backlog – Units and Dollar Value Backlog Dollar Value by Geography As of September 30, 2024 and 2025 (dollars in thousands) As of September 30, 2025 2,500 2024 2025 $2,000,000 2,325 $1,731,590 $1,800,000 Washington Washington D.C. Area(2) 2,000 $1,6
Slide 10: New Home Deliveries – Q3 2025 Results
New Home Deliveries – Q3 2025 Results New Home Deliveries New Home Deliveries by Geography For the quarters ended September 30, 2024 and 2025 For the quarter ended September 30, 2025 Washington 1,800 Washington D.C. Area(2) 1,619 7% 1,600 6% Carolinas(1) 1,400 10% 1,217 1,200 California Colorado 1,0
Slide 11: Home Sales Revenue – Q3 2025 Results
Home Sales Revenue – Q3 2025 Results Home Sales Revenue Home Sales Revenue by Geography For the quarters ended September 30, 2024 and 2025 (dollars in thousands) For the quarter ended September 30, 2025 $1,200,000 $1,113,681 Washington D.C. Area(2) $1,000,000 Washington 9% 10% Carolinas(1) $817,298
Slide 12: SG&A Expenses, Income Before Taxes, Net Income and EPS (Diluted)
SG&A Expenses, Income Before Taxes, Net Income and EPS (Diluted) – Q3 2025 Results Selling, General and Administrative Expenses Income Before Taxes, Net Income Available to For the quarters ended September 30, 2024 and 2025 (dollars in thousands) Common Stockholders and EPS (Diluted) For the quarter
Slide 13: Land Supply, Orders by Month, Return on Equity and Risk Profile
Land Supply Orders by Month Return on Equity and Risk Profile Book Value Per Share Debt 13
Slide 14: Significant Land Supply to Fuel Growth
Significant Land Supply to Fuel Growth Combined Lot Position As of September 30, 2025 Note: Dollars in thousands Implied Years of Geography Owned Controlled(3) Total Lots % Owned Inventory Dollars LTM Deliveries Supply(4) Arizona 593 1,417 2,010 30% $229,469 553 3.6 California 7,256 2,192 9,448 77%
Slide 15: Net New Home Orders – Historical by Quarter
Net New Home Orders – Historical by Quarter Full-Year Absorption Rate: 2025 – 2.5 per month (YTD) 2024 – 3.1 per month 2023 – 3.5 per month 2022 – 2.9 per month 2021 – 4.8 per month 2,500 2,000 1,987 1,912 2021 1,896 1,814 2022 1,651 1,619 1,622 1,513 1,424 2023 1,500 1,356 1,349 1,238 1,252 2024 1,
Slide 16: Return on Equity and Risk Profile
Return on Equity and Risk Profile Increased focus on generating strong return on equity (ROE) growth through a combination of improved asset efficiency and greater operating margins with a continued focus on maintaining an efficient capital structure. Measured approach to share repurchase activity w
Slide 17: Book Value Per Share
Book Value Per Share Dual impact of the reduction in shares of common stock outstanding through opportunistic share repurchases and strong earnings have contributed to accelerated growth in book value per share and tangible book value per share at a compounded annual growth rate of 14%, respectively
Slide 18: Selected Balance Sheet Metrics
Selected Balance Sheet Metrics $ in thousands 9/30/2025 12/31/2024 Cash and cash equivalents $ 791,961 $ 970,045 ▪ Ended third quarter with total Real estate inventories $ 3,371,593 $ 3,153,459 liquidity of $1.6 billion, including cash and cash equivalents of Total homebuilding debt $ 1,106,754 $ 91
Slide 19: 2025 Fourth Quarter & Full Year Outlook
2025 Fourth Quarter & Full Year Outlook
Slide 20: 2025 Fourth Quarter Outlook
2025 Fourth Quarter Outlook • Anticipate delivering between 1,200 and 1,400 homes at an average sales price between $690,000 and $700,000 for the fourth quarter • Anticipate homebuilding gross margin percentage for the fourth quarter will be in the range of 19.5% to 20.5% • Anticipate SG&A expense r
Slide 21: 2025 Full Year Outlook
2025 Full Year Outlook • Anticipate delivering between 4,800 and 5,000 homes at an average sales price of approximately $680,000 for the full year • Anticipate adjusted homebuilding gross margin percentage for the full year will be approximately 21.8%, excluding $19.3 million of inventory-related ch
Slide 22: Supplemental Data and Reconciliation
Supplemental Data and Reconciliation 22
Slide 23: Reconciliation of Non-GAAP Financial Measures
Reconciliation of Non-GAAP Financial Measures (unaudited) In this presentation, we utilize certain financial measures that are non-GAAP financial measures as defined by the Securities and Exchange Commission. We present these measures because we believe they and similar measures are useful to manage
Slide 24: Reconciliation of Non-GAAP Financial Measures (cont'd)
Reconciliation of Non-GAAP Financial Measures (cont’d) (unaudited) The following table reconciles the Company’s ratio of homebuilding debt-to-capital to the non-GAAP ratio of net homebuilding debt-to-net capital. We believe that the ratio of net homebuilding debt-to-net capital is a relevant financi
Slide 25: Reconciliation of Non-GAAP Financial Measures (cont'd)
Reconciliation of Non-GAAP Financial Measures (cont’d) (unaudited) The following table contains information about our operating results reflecting certain adjustments to homebuilding gross margin, income before income taxes, provision for income taxes, net income, net income available to common stoc