Beazer Homes Usa, Inc. · NYSE:BZH
Beazer Homes Usa — Investor Presentation (May 2026)
34 slides from Beazer Homes Usa's investor presentation, May 2026
Slide 1: Beazer Homes USA, Inc. Investor Overview Presentation
Beazer Homes USA, Inc. (NYSE: BZH) Investor Overview Presentation | May 2026 1 |
Slide 2: Disclaimers
Disclaimers Forward Looking Statements, Non-GAAP, Definitions This presentation as well as some statements by us in periodic press releases, other public disclosures and some oral statements by us to analysts, stockholders and others during presentations, are “forward-looking statements” within the
Slide 3: A unique story in homebuilding
A unique story in homebuilding • Different, better, and we can prove it • Energy efficiency leadership to address affordability Positioned to deliver strong returns • 3 Clear Multi-Year Goals ➢ Growth, Leverage, Book Value • Accelerated profit growth potential • Opportunity for increasing ROE to dri
Slide 4: Agenda
Agenda Beazer Overview Differentiated Strategy Multi-Year Goals Financials Investment Case Beazer-Built vs. Code-Built: We use 2”x6” framing (standard is 2”x4”), allowing for 50% more insulation: stabilizes indoor temperature, significantly reduces energy consumption and reduces outdoor noise. 4 |
Slide 5: Beazer at a Glance
Beazer at a Glance Beazer Homes is America’s #1 Energy Efficient Homebuilder(b) Fiscal 2025 Key Metrics Every layer, seal and system works together to create a better way (September 30 year-end) to live – one that feels cleaner, quieter and more effortless. Total Revenue: $2.37B Closings: 4,427 ASP:
Slide 6: Diversification across states, resilient markets
Diversification across 13 states, resilient markets - Consistent land 169 Communities strategy focused on As of FYE 2025 (Sept. year-end) resilient markets with strong economic growth West Houston, TX prospects Dallas, TX San Antonio, TX - Target households Las Vegas, NV with incomes ~$150k Phoenix,
Slide 7: Differentiated strategy emphasizing homebuyer savings, choice and experience
Differentiated strategy emphasizing homebuyer savings, choice and experience Advanced Home Performance Energy savings, solar options, healthier air, quieter home, more durable construction Curated Choices Mortgage Choice, Home Insurance, Choice Plans, Style Choice Elevated Experiences Easy shopping,
Slide 8: Agenda
Agenda Beazer Overview Differentiated Strategy Multi-Year Goals Financials Investment Case Beazer-Built vs. Code-Built: We create a tight “envelope” using only the highest quality materials to reduce air turnover to 1-2 times per hour, versus 4+ times for typical homes, drastically reducing HVAC ene
Slide 9: The problem: Persistent affordability concerns and weak consumer sentiment
The problem: Persistent affordability concerns and weak The problem: Affordability concerns have posed a consumer sentiment have posed a significant challenge significant challenge for homebuilding… in US homebuilding… but we see but we see an opportunity an opportunity 9 |
Slide 10: Our solution: Differentiate through dramatically lower utility bills and the best customer experience
Our solution: Differentiate through dramatically lower utility bills and the best customer experience Industry Solutions Beazer’s Solutions Remove Limit Use less Reduce the total cost of standard buyer expensive homeownership features options materials Develop Focus on utility savings from Reduce Of
Slide 11: A Beazer home saves, performs and lives better
A Beazer home saves, performs and lives better • Energy Savings – utility bills typically lower by $250+/month • Mortgage Savings – lending partners compete for our customers’ business in our Mortgage Choice program, driving quotes down and typically resulting in a 50 basis point advantage • Healthi
Slide 12: Uniquely positioned to address affordability
Uniquely positioned to address affordability Beazer Offerings Beazer Homeowner Savings(a) Zero Energy Ready Homes Energy Utility Cost Highly energy-efficient construction dramatically reduces utility bills ~$3,000 / year Mortgage Choice Program Mortgage Payment Potential savings of 1/2 a point when
Slide 13: Building science
Building science Different, better, and we can prove it All Beazer starts are certified Zero Energy Ready The only national builder with full commitment to this high energy efficiency DOE program So energy efficient that a renewable energy system (solar, for example) could offset the home's annual e
Slide 14: Customer experience
Customer experience Different, better, and we can prove it Beazer ranks #1 in customer experience TrustBuilder® is the leading independent third-party supplier of homebuilder unbiased ratings and reviews Builders (31 in total) do not pay program fees TrustBuilder Score 4.76 4.71 4.53 FY23 FY24 FY25
Slide 15: Our journey: scaling energy-efficient home design, construction and sales
Our journey: scaling energy-efficient home design, construction and sales takes time, and is difficult to replicate Enhancing Conveying Leveraging Achieving website, value Building Sourcing Building “Enjoy the premium Training social media proposition science & supply efficiency Great pricing trades
Slide 16: Agenda
Agenda Beazer Overview Differentiated Strategy Multi-Year Goals Financials Investment Case Beazer-Built vs. Code-Built: We install Energy Recovery Ventilators in all homes. ERVs transfer heat and moisture between air exiting and entering the home − cooling and dehumidifying incoming air in summer, w
Slide 17: 3 Multi-Year Goals by FYE 2027
3 Multi-Year Goals by FYE 2027 Balanced Capital Allocation Strategy Growth Leverage Book Value >200 active Net debt / net Double-digit CAGR in communities capitalization in low book value per share 30% area (FYE24 to FYE27) Disciplined approach aligned with creating long-term shareholder value; flex
Slide 18: Multi-Year Goal: Growth
Multi-Year Goal: COMMUNITY COUNT: YEAR END GROWTH Achieve active 200 community count of 200 >200 by FY 2027 180 160 169 162 • Significant operating 140 leverage 134 - Selling pace normalizes towards 120 123 historical ranges 117 - Mix shifts toward higher margin 100 communities 80 - Minimal incremen
Slide 19: Multi-Year Goal: Leverage
Multi-Year Goal: NET DEBT / NET CAPITAL(a) LEVERAGE Reach net leverage(a) in 55% low 30% area by end of 52.7% FY 2027 50% 45% 45.0% • FY26 emphasis on buybacks; accelerated de-leveraging expected in FY27 40% 40.0% 39.5% • Goal to bring leverage more in line with industry peers 36.4% 35% Low • ~$540m
Slide 20: Multi-Year Goal: Book Value per Share
Multi-Year Goal: BOOK VALUE PER SHARE BOOK VALUE PER SHARE (BV/Share) $60 Double-digit CAGR (FY24 to FY27) Goal Range: $50s $50 $42.57 $40.05 • Goal would result in book $40 value per share in the $50s $35.53 • Repurchased $33 million of $30.53 $30 stock in FY25, ~5% of float $23.48 • FY26 allocatin
Slide 21: Agenda
Agenda Beazer Overview Differentiated Strategy Multi-Year Goals Financials Investment Case Beazer-Built vs. Code-Built: LED lights use significantly less energy than traditional incandescent bulbs, consuming up to 80% less electricity to produce comparable light. A typical LED bulb uses around 8-12
Slide 22: Highlights
$ millions, FY21 FY22 FY23 FY24 FY25 except per share data Highlights Total Revenue $2,140.3 $2,317.0 $2,206.8 $2,330.2 $2,371.6 Net Income $122.0 $220.7 $158.6 $140.2 $45.6 Diluted EPS $4.01 $7.17 $5.16 $4.53 $1.52 • Progress on all three Multi-Year Adjusted EBITDA(a) $262.7 $370.1 $272.0 $243.4 $1
Slide 23: FY26 focus: stock buybacks and 2H gross margin catalysts
FY26 focus: stock buybacks and 2H gross margin catalysts Fiscal 2025 Recap Fiscal 2026 Themes Challenging but productive year Grow BV/Share, 2H gross margin expansion Advanced toward all 3 Multi-Year Goals Stock buybacks, cost and mix catalysts Profitability Profitability • Renegotiated labor and ma
Slide 24: Agenda
Agenda Beazer Overview Differentiated Strategy Multi-Year Goals Financials Investment Case Beazer-Built vs. Code-Built: We install double-filtered ventilation that reduces indoor pollutants, allergens, dust or other airborne irritants, resulting in cleaner fresher air. Homeowners and their families
Slide 25: Profit growth and capital efficiency can drive higher ROE; potential for significant re-rating
Profit growth and capital efficiency can drive higher ROE; potential for significant re-rating Capital efficiency & Improving Profit growth buybacks ROE & Valuation • Normalization toward historical sales • Selling land at or above book • Expected de-leveraging pace ~2.5+ on larger asset base and bu
Slide 26: CEO Message to Shareholders
CEO Message to Shareholders “In a housing market constrained by persistent affordability challenges, we are uniquely well- positioned to address the financial concerns of new homebuyers… We expand the affordability conversation, highlighting more competitive mortgage rates through our Mortgage Choic
Slide 27: Contact Us
Contact Us Mark Chekanow, CFA Vice President, Investor Relations mark.chekanow@beazer.com 917-365-0085 27 |
Slide 28: Appendix
Appendix 28 |
Slide 29: Driving Efficient Land Spend
Driving Efficient Land Spend 75% 50 75% 50 Improved Balance Sheet Efficiency Option % of Active Controlled Lots Ending Active Lot Balance (in 000s) from Growing Option Mix 62% Ending Active Lot Balance (in thousands) 60% 40 Option % of Active Controlled Lots 60% 58% 62% 40 57% 58% 55% 55% 57% 47% 47
Slide 30: Specs per Community
Spec Homes 1,500 20 1,154 1,125 1,078 15 827 577 887 Specs per Community Spec Homes 793 779 750 10 645 576 542 7 7 6 6 375 5 5 501 327 94 134 - 34 - FYE21 FYE22 FYE23 FYE24 FYE25 Completed Under Construction Per Community 30 | Note: Spec count as of each quarter end includes Gatherings
Slide 31: Non-GAAP Adjusted EBITDA Reconciliation
Non-GAAP Adjusted EBITDA Reconciliation Fiscal Year Ended September 30, in thousands 2021 2022 2023 2024 2025 Net income (GAAP) $122,021 $220,704 $158,611 $140,175 $45,588 (Benefit) expense from income taxes 21,501 53,267 23,936 18,910 (4,738) Interest amortized to home construction and land sales 8
Slide 32: Non-GAAP Net Debt to Net Capitalization Reconciliation
Non-GAAP Net Debt to Net Capitalization Reconciliation Fiscal Year Ended September 30, in thousands 2021 2022 2023 2024 2025 Total debt (GAAP) $1,054,030 $983,440 $978,028 $1,025,349 $1,029,114 Stockholders' equity (GAAP) 724,884 939,286 1,102,819 1,232,111 1,248,906 Total capitalization (GAAP) $1,7
Slide 33: Non-GAAP Homebuilding Gross Margin Reconciliation
Non-GAAP Homebuilding Gross Margin Reconciliation Fiscal Year Ended September 30, $ in thousands 2021 2022 2023 2024 2025 Homebuilding gross profit/margin $401,720 18.9% $532,149 23.1% $438,120 19.9% $413,611 18.0% $329,376 14.3% (GAAP) Inventory impairments and 853 1,095 641 1,996 10,226 abandonmen
Slide 34: Disclaimers
Disclaimers Beazer Homeowner Savings Mortgage Payment Savings: Potential savings are for illustrative purposes only and not tied to a specific loan or property; actual results will vary. According to the Consumer Financial Protection Bureau’s 2015 Consumer Mortgage Experience Survey, consumers who s