Hovnanian Enterprises, Inc. · NYSE:HOV
Hovnanian Enterprises — Investor Presentation (October 2026)
108 slides from Hovnanian Enterprises's investor presentation, October 2026
Slide 1: Investor Presentation October 2026
Investor Presentation October 2026
Slide 2: Forward-Looking Statements
Forward-Looking Statements All statements in this presentation that are not historical facts should be considered as “Forward-Looking Statements” within the meaning of the “Safe Harbor” provisions of the Private Securities Litigation Reform Act of 1995. Such statements involve known and unknown risk
Slide 3: Non-GAAP Financial Measures
NON-GAAP FINANCIAL MEASURES: Consolidated earnings before interest expense and income taxes (“EBIT”) and before depreciation and amortization (“EBITDA”) and before inventory impairments and land option write- offs and gain on extinguishment of debt, net (“Adjusted EBITDA”), the ratio of Adjusted EBI
Slide 4: Recent company performance
Recent company performance
Slide 5: Hovnanian Enterprises at a Glance
Hovnanian Enterprises at a Glance Home deliveries by product(1) (Year ended October 31, 2025) Among the top 20 homebuilders in the United States in both homebuilding revenues and home Move up First time 30% deliveries(2) 42% Homes: 6,430 Markets and builds homes across the product and buyer spec
Slide 6: Third Quarter Results Compared to Guidance
Third Quarter Results Compared to Guidance ($ in millions) Guidance Actuals Q3 2026(1) Q3 2026 Total Revenues $650 - $750 $706 Adjusted Homebuilding Gross Margin(2) 14.0% - 15.0% 14.6% Total SG&A as Percentage of Total Revenues(3) 12.5% - 13.5% 12.3% Income (Loss) from Unconsolidated Joint Ventures
Slide 7: Third Quarter Results Compared to Last Year
Third Quarter Results Compared to Last Year ($ in millions) Total Revenues Adjusted Gross Margin(1) $801 $706 17.3% 14.6% Q3 2025 Q3 2026 Q3 2025 Q3 2026 Total SG&A Expense as a Percentage of Total Revenues(2) Adjusted (Loss) Income Before Income Taxes(3) $40 11.3% 12.3% $(2) Q3 2025 Q3 2026 SG&A $9
Slide 8: Contracts, including domestic unconsolidated joint ventures
Contracts, including domestic unconsolidated joint ventures 1,416 1,359 Q3 2025 Q3 2026 Note: Excludes contracts from HOV Global (Kingdom of Saudi Arabia) operations. 8
Slide 9: Monthly Traffic per Community
Monthly Traffic per Community 37.8 34.4 34.2 33.2 32.6 29.6 28.9 28.4 28.2 27.3 27.3 26.5 Feb 2025 Feb 2026 Mar 2025 Mar 2026 Apr 2025 Apr 2026 May 2025 May 2026 Jun 2025 Jun 2026 Jul 2025 Jul 2026 Note: Excludes contracts from HOV Global (Kingdom of Saudi Arabia) operations. Note: Includes domestic
Slide 10: Contracts month to date
10 Aug 2026 Contracts month to date Aug 2025 419 Jul 2026 500 Jul 2025 444 Jun 2026 463 Jun 2025 496 May 2026 453 May 2025 556 Apr 2026 539 Apr 2025 561 Mar 2026 609 Mar 2025 550 Feb 2026 481 Feb 2025 560 Jan 2026 503 Jan 2025 380 Dec 2025 430 Dec 2024 425 Nov 2025 Note: August contracts months to d
Slide 11: Quarterly Contracts Per Community
Quarterly Contracts Per Community Including Build for Rent Excluding Build for Rent 14.2 9.5 9.8 9.4 19.0 7.4 11.0 11.6 11.6 9.1 9.4 10.0 9.1 9.6 9.0 7.4 8.4 7.3 Third Q3 Q3 Q3 Q3 Q3 Q3 Q3 Q3 Q3 Q3 Q3 Q3 Quarter 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 Average Since 2008 Note: Exc
Slide 12: Contracts Per Community
Contracts Per Community Including Build for Rent Excluding Build for Rent 3.5 3.0 2.8 3.3 3.4 3.0 3.1 2.9 2.6 May May June June July July 2025 2026 2025 2026 2025 2026 Number Of 4 5 5 4 4 4 Sundays Note: Excludes contracts from HOV Global (Kingdom of Saudi Arabia) operations. Note: Excludes unconsol
Slide 13: Number of Monthly Contracts Per Community
Monthly Sundays Number of contracts 215 Aug-22 4 Aug-22 2.0 352 Aug-23 4 Aug-23 3.5 490 Aug-24 4 Aug-24 4.0 407 Aug-25 5 Aug-25 3.3 192 Sep-22 4 Sep-22 1.7 324 Sep-23 4 Sep-23 3.2 399 Sep-24 5 Sep-24 3.2 386 Sep-25 4 Sep-25 3.0 195 Oct-22 5 Oct-22 1.6 262 Oct-23 5 Oct-23 2.3 466 Oct-24 4 Oct-24 3.6
Slide 14: Streamlined geographic footprint with room for organic growth
Streamlined geographic footprint with room for organic growth 27 markets in 13 states Q3 2026 LTM(1) – Northeast: Delaware, Maryland, New Jersey, Northeast Southeast West Ohio, Pennsylvania, Virginia and West Virginia Homebuilding revenues 38% 14% 48% – Southeast: Florida, Georgia and South Homes
Slide 15: Percentage of Our Homebuyers That Used Buydowns
Percentage of Our Homebuyers That Used Buydowns 79% 78% 75% 76% 76% 73% 74% 73% 74% 71% 72% Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Note: Represents the percentage of K. Hovnanian American Mortgage customers that used a buydown. 15
Slide 16: Percentage of Incentives for Deliveries
Percentage of Incentives for Deliveries 12.6% 12.2% 11.9% 11.6% 10.8% 10.5% 9.7% 9.3% 8.5% 8.1% 8.1% 7.7% 7.5% 7.4% 7.3% 3.9% 2.5% 2.5% 2.7% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2022 2022 2022 2022 2023 2023 2023 2023 2024 2024 2024 2024 2025 2025 2025 2025 2026 2026 2026 Note: “
Slide 17: Sequential Improvements in Adjusted Gross Margin in FY 26
Sequential Improvements in Adjusted Gross Margin(1) in FY 2026 15.8% 14.3% 14.6% 13.4% Q1 Q2 Q3 Midpoint of Q4 guidance (1) Adjusted homebuilding gross margin percentage is before cost of sales interest expense and land charges and is a non-GAAP financial measure. See appendix for a reconciliation o
Slide 18: Sales Promotion
Sales Promotion ovnanian Enterprises, Inc. 3.75% Rate Fixed for First 7 Years** 7/6 ARM Conventional — 3.75% (5.162% APR) Flex Cash Equivalent oR Start Saving (On select homes. Other rate programs may be available. 18
Slide 19: Land Positions by Geographic Segment
Land Positions by Geographic Segment July 31, 2026 Owned Excluding Segment Mothballed Lots Optioned Lots Total Lots Mothballed Lots Northeast 1,607 - 16,478 18,085 Southeast 919 - 5,250 6,169 West 1,692 390 8,037 10,119 Consolidated Total 4,218 390 29,765 34,373 Unconsolidated Joint Ventures 2,566 -
Slide 20: Lot Option Position
Lot Option Position Total Purchase Lots % July 31, 2026 Deposit Value Optioned Deposit ($ millions) ($ billions) Total 29,765 $348.8 $3.4 10.3% $126.5 million invested in pre-development expenses as of July 31, 2026 Note: Peak Total Deposits was $466 million in second quarter of fiscal 2006. Note:
Slide 21: Quick Move In Homes (QMIs) Per Community
# Homes / Community Jan-18 3.9 Apr-18 4.2 Jul-18 4.5 Oct-18 4.6 Jan-19 4.4 Apr-19 4.4 Note: Excluding unconsolidated joint ventures and models. Jul-19 5.3 Note: Excludes HOV Global (Kingdom of Saudi Arabia) operations. Oct-19 5.4 Jan-20 5.8 Apr-20 4.7 Jul-20 2.5 Oct-20 2.3 Jan-21 2.0 Apr-21 1.4 Jul-
Slide 22: Quick Move In Homes (QMIs)
Quick Move In Homes (QMIs) 1,163 1,073 1,016 907 820 742 731 01/31/25 04/30/25 07/31/25 10/31/25 01/31/26 04/30/26 07/31/26 Note: Excludes HOV Global (Kingdom of Saudi Arabia) operations. Note: Excluding unconsolidated joint ventures and models. 22
Slide 23: Subtle shift to more to-be-built homes
Subtle shift to more to-be-built homes QMIs as a percentage of gross contracts 79% 79% 72% 74% 71% 67% 69% 68% 69% 63% 65% 61% 61% 57% 52% Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 23
Slide 24: Percentage of communities where we raised net prices
Percentage of communities where we raised net prices 69% 71% 59% 54% 40% 44% 37% 33% 34% 36% 30% 31% 32% 31% 21% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2023 2023 2023 2023 2024 2024 2024 2024 2025 2025 2025 2025 2026 2026 2026 Note: Excludes contracts from HOV Global (Kingdom of Saudi Arabia)
Slide 25: Lot Vintage
Lot Vintage As of April 30, 2025 July 31, 2025 October 31, 2025 January 31, 2026 April 30, 2026 July 31, 2026 14,902 13,987 12,609 11,934 10,473 9,796 9,515 9,334 8,922 8,653 8,382 7,872 7,189 7,188 6,841 1,857 5,776 5,299 4,841 4,387 4,364 3,678 3,627 3,293 3,248 2,958 2,810 2,803 2,726 2,649 2,454
Slide 26: Base Construction & Option Costs Per Square Foot
Base Construction & Option Costs Per Square Foot $98.39 $97.42 $97.16 $96.71 $95.94 $95.84 $95.61 Q1 '25 Q2 '25 Q3 '25 Q4 '25 Q1 '26 Q2 '26 Q3 '26 26
Slide 27: Hovnanian Enterprises, Inc.
Hovnanian Enterprises, Inc. 27
Slide 28: Community Count
Community Count Community count expected to grow further in fiscal 2026. 146 146 147 20 22 24 126 124 123 Q3 2024 Q3 2025 Q3 2026 Wholly Owned Unconsolidated Joint Ventures Note: Excludes our three consolidated communities in HOV Global (Kingdom of Saudi Arabia) as of 2026 and four unconsolidated jo
Slide 29: Community Count
Community Count 156 151 146 147 148 148 146 148 147 16 135 132 17 20 129 20 23 23 22 23 24 17 16 23 140 126 130 131 125 125 124 125 123 113 118 109 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Wholly Owned Unconsolidated Joint Ventures Note: Exclude
Slide 30: Lots Controlled
Lots Controlled Including domestic unconsolidated joint ventures, our total lots controlled were 37,137 as of July 31, 2026. 43,254 42,440 41,891 39,516 40,246 36,841 35,883 35,560 33,576 33,632 34,373 31,726 29,123 28,657 29,487 35,259 36,510 35,990 32,336 34,801 29,584 25,867 30,387 30,502 20,789
Slide 31: Efficient lot strategy
Efficient lot strategy Multi-year lot supply Ample inventory reinvestment Land and land development spend ($ in millions) 7.8 6.3 6.3 6.5 6.5 5.9 5.7 $ 995 4.5 5.0 4.6 4.1 $ 859 $759 $698 $679 16% 15% $657 29% 23% $624 39% 37% 34% $567 $563 45% 42% 54% 51% 84% 85% 71% 77% 61% 63% 66% 55% 58% 46% 49%
Slide 32: Quarterly Land and Land Development Spend
Quarterly Land and Land Development Spend ($ in millions) $249 $248 $220 $232 $232 $193 $199 $181 2024 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 Quarterly Average Note: Excludes HOV Global (Kingdom of Saudi Arabia) operations. 32
Slide 33: Percentage of Optioned Lots
Percentage of Optioned Lots 82% 86% 87% 68% 73% 61% 66% 59% 60% 48% 52% 46% Q3 Q3 Q3 Q3 Q3 Q3 Q3 Q3 Q3 Q3 Q3 Q3 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 Note: Excludes HOV Global (Kingdom of Saudi Arabia) operations. Note: Excludes unconsolidated joint ventures. 33
Slide 34: Profitable financial services business
Profitable financial services business Financial services overview Origination portfolio for the nine months ended July 31, 2026 Complements HOV’s homebuilding operations 1.5% Prime Allows ability for interest rate buy-down programs for homebuilder customers VHA / FHA 36.4% Nonconforming Provi
Slide 35: Credit Quality of Homebuyers
Credit Quality of Homebuyers Fiscal Year 2025 Third Quarter 2026 o Average LTV: 84% o Average LTV: 84% o Average CLTV: 84% o Average CLTV: 84% o ARMs: 0.3% o ARMs: 10.3% o FICO Score: 745 o FICO Score: 743 o Capture Rate: 80% o Capture Rate: 84% Note: Loans originated by our wholly-owned mortgage ba
Slide 36: Backlog
Backlog ($ in millions) Dollars $882 $839 July 31, 2025 July 31, 2026 1,491 Homes 1,509 Homes Note: Excludes domestic unconsolidated joint ventures and Kingdom of Saudi Arabia. 36
Slide 37: HOV Strategic Framework
HOV Strategic Framework
Slide 38: HOV Strategic Framework
Sales Pace Leadership Share Gain HOV Strategic Land-Light Model Capital Efficiency Return on Framework Fast Inventory Turns Execution Advantage Investment Land-Light Focus Model Return on Investment Focus Value Creation Move Up/Away Portfolio Shift from Entry Level Fast Inventory Turns 38
Slide 39: Sales Pace Leadership: Contracts Per Community
Contracts Per Community – S a l e s Pa c e L e a d e r s h i p for quarter ended June 30, 2026 13.3 10.2 10.2 10.5 6.8 6.9 7.0 7.9 5.3 6.3 Beazer (Jun Q3) Pulte (Jun Q2) Finders (Jun Q2) M/I Homes (Jun Q2) (as if Jun. qtr. end) NVR (Jun Q2) LGI Homes (Jun Q2) Meritage (Jun Q2) TRI Pointe (Jun Q2) Co
Slide 40: Contracts Per Community Year-Over-Year Change
Contracts Per Community – Most Recent Quarter Year-Over-Year Change For the quarter ended June 30, 2026, compared with the quarter ended June 30, 2025 15% 4% 6% -1% 1% 2% -9% -8% -16% -13% Pulte (Jun Q2) Meritage (Jun Q2) NVR (Jun Q2) M/I Homes (Jun Q2) LGI Homes (Jun Q2) TRI Pointe (Jun Q2) (as if
Slide 41: Capital Efficiency: Land-Light Model
Leader in pivoting towards “asset-lite” Land-Light Model 93% 98% 99% 100% 87% 78% 52% 55% 57% 58% 51% 38% 44% 31% 12% Beazer (Jun Q3) DR Horton (Jun Q3) Finders (Jun Q2) NVR (Jun Q2) KB Home (May Q2) LGI Homes (Jun Q2) Pulte (Jun Q2) Meritage (Jun Q2) Lennar (May Q2) Communities (Jun Q2) Toll (Apr Q
Slide 42: Execution Strategy: Fast Inventory Turns
Second highest inventory turn rate of E xe c u t i o n S t ra t e g y public builders, last twelve months 2.5x 1.5x 1.6x 1.1x 1.2x 0.8x 0.8x 0.9x 0.9x 1.0x 0.7x 0.7x 0.8x 0.4x Beazer (Jun Q3) DR Horton (Jun Q3) Finders (Jun Q2) NVR (Jun Q2) KB Home (May Q2) LGI Homes (Jun Q2) Pulte (Jun Q2) Meritage
Slide 43: Value Creation: Return on Investment Focus
Highest adjusted EBIT ROI compared to Va l u e C r e a t i o n midsized peers, last twelve months 13.1% 14.0% 10.4% 7.6% 8.4% 8.8% 4.1% 4.3% 2.1% Beazer (Jun Q3) KB Home (May Q2) Meritage (Jun Q2) Communities (Jun Q2) Finders (Jun Q2) M/I Homes (Jun Q2) LGI Homes (Jun Q2) TRI Pointe (Jun Q2) Hovnani
Slide 44: Move Up Market Portfolio Shift
PILLAR 05 OF 05 M o v e U p M a r ke t Portfolio Shift DR Horton (Jun Q3) $364,000 LGI Homes (Jun Q2) $367,000 communities Century $368,000 Communities (Jun Q2) Meritage (Jun Q2) $375,000 last twelve months Lennar (May Q2) $379,000 Dream $455,000 Finders (Jun Q2) NVR (Jun Q2) $457,000 KB Home (May Q
Slide 45: Unconsolidated Joint Ventures
Unconsolidated Joint Ventures
Slide 46: Income from Unconsolidated Joint Ventures
Income from Unconsolidated Joint Ventures ($ in millions) $52 $46 $43 $29 $29 $24 $17 $9 FY FY FY FY FY FY FY FY 2018 2019 2020 2021 2022 2023 2024 2025 46
Slide 47: Why we use joint ventures?
Why we use joint ventures? o Another method to get superior return on investments, similar to land light o We receive a disproportionate share of upside performance, improving IRR and Net Profit dollars o Additional capital allows us to invest in more communities, diversifying risk and leveraging fi
Slide 48: Land Light Deals: Joint Venture Single Community
Land Light Deals: Joint Venture Single Community Theoretical Wholly After Joint 5-Community Owned Venture Joint Venture Peak Capital $74M $14M $70M Return (IRR) 31% 47% 47% Community Life $82M $33M $165M Profit We could joint venture 4 additional deals with less peak capital and we can earn signific
Slide 49: Liquidity and balance sheet management
Liquidity and balance sheet management
Slide 50: Liquidity Position and Target
Liquidity Position and Target ($ in millions) $564 $457 $464 $456 $125 $471 $442 $404 $381 $125 $125 $125 $380 $353 $357 $125 $366 $125 $338 $313 $311 $125 $306 $125 $308 $125 $125 $271 $282 $125 $125 $125 $278 $245 $125 $439 $251 Target $125 $222 $202 $125 $125 $125 $125 liquidity $125 $339 $331 $1
Slide 51: Debt Maturity Profile
Debt Maturity Profile As of July 31, 2026 ($ in millions) Total Debt Outstanding $925 $450 $450 Annual Interest Incurred $75 8.000% 8.375% $125 (1) $25 5.000% Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q2 '26 '26 '27 '27 '27 '27 '28 '28 '28 '28 '29 '29 '29 '29 '30
Slide 52: Credit Metrics
Credit Metrics Total debt (incl. mortgages) / Adjusted EBITDA Net Debt (incl. mortgages)/ Adjusted EBITDA 8.9x 9.7x 6.7x 5.6x 4.2x 3.8x 3.1x 3.1x 2.7x 2.7x 3.1x 2.0x 2.2x 2.2x 1.7x 1.7x FYE 2019 FYE 2020 FYE 2021 FYE 2022 FYE 2023 FYE 2024 FYE 2025 Q3 FYE 2019 FYE 2020 FYE 2021 FYE 2022 FYE 2023 FYE
Slide 53: Balance Sheet Metrics
Balance Sheet Metrics ($ in millions) Equity value (book) Total debt $800 $831 $819 $1,684 $582 $1,566 $1,373 $1,291 $383 $1,143 $175 $987 $930 $935 $(437) $(490) FYE FYE FYE FYE FYE FYE FYE Q3 FYE FYE FYE FYE FYE FYE FYE Q3 2019 2020 2021 2022 2023 2024 2025 2026 2019 2020 2021 2022 2023 2024 2025
Slide 54: Net Debt to Cap Peer Comparison
NVR (Jun Q2) -5.8% M/I Homes (Jun Q2) -1.2% Pulte (Jun Q2) 3.6% Source: Peer SEC filings and press releases as of 08/20/2026. Net Debt to Cap DR Horton (Jun Q3) 9.2% Lennar (May Q2) 9.4% Toll (Apr Q2) 15.0% TRI Pointe (Jun Q2) 16.9% Meritage (Jun Q2) 17.1% KB Home (May Q2) 31.8% Century 34.6% Commun
Slide 55: Debt to Cap Peer Comparison
Pulte (Jun Q2) 12.3% Lennar (May Q2) 15.8% Debt to Cap DR Horton (Jun Q3) 15.8% Source: Peer SEC filings and press releases as of 08/20/2026. M/I Homes (Jun Q2) 17.8% NVR (Jun Q2) 21.1% Toll (Apr Q2) 23.5% TRI Pointe (Jun Q2) 25.9% Meritage (Jun Q2) 26.8% KB Home (May Q2) 34.1% Century 36.1% Communi
Slide 56: Guidance
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Slide 57: Guidance for Fiscal 2026 Fourth Quarter
Guidance for Fiscal 2026 Fourth Quarter ($ in millions) Guidance Q4 2026(1) Total Revenues $800 - $900 Adjusted Homebuilding Gross Margin(2) 15.0% - 16.5% Total SG&A as Percentage of Total Revenues(3) 10.5% - 11.5% Income from Unconsolidated Joint Ventures $10- $20 Adjusted EBITDA(4) $50 - $65 Adjus
Slide 58: US Housing Market
US Housing Market
Slide 59: Single Family Housing Starts
Single Family Housing Starts Single Family Overbuilt 1,800 Average 1,029,000 (1971 - 2025) Underproduced 1,200 (000s) 600 0 2026 1971 1973 1975 1977 1979 1981 1983 1985 1987 1989 1991 1993 1995 1997 1999 2001 2003 2005 2007 2009 2011 2013 2015 2017 2019 2021 2023 2025 Population Greater US Populatio
Slide 60: Historically Low Supply of Homes for Sale
Historically Low Supply of Homes for Sale Homes in millions 4.0 3.5 3.0 2.5 2.0 Aug-26 1.8 1.5 Aug-26 1.0 1.4 SF Inventory of Existing Homes for Sale 0.5 SF Inventory of Existing Homes for Sale Historical Average - Jun-82 Jun-87 Jun-92 Jun-97 Jun-02 Jun-07 Jun-12 Jun-17 Jun-22 Dec-84 Dec-89 Dec-94 D
Slide 61: Recent shortfall in U.S. housing production
Recent shortfall in U.S. housing production (For Sale and Rental) 5.5 million starts 2,500 Single Family Multi-Family short of long-term historical levels (1) Average 1,431,000 (1959 - 2025) 2,000 1,500 (000s) 1,000 500 0 2026 1959 1961 1963 1965 1967 1969 1971 1973 1975 1977 1979 1981 1983 1985 198
Slide 62: Mortgage Rates – Long Term Perspective
Source: Freddie Mac. 14.0% 20.0% 2.0% 8.0% 4/2/1971 4/2/1972 4/2/1973 4/2/1974 4/2/1975 4/2/1976 4/2/1977 4/2/1978 4/2/1979 4/2/1980 4/2/1981 4/2/1982 4/2/1983 4/2/1984 4/2/1985 4/2/1986 4/2/1987 4/2/1988 4/2/1989 4/2/1990 4/2/1991 4/2/1992 4/2/1993 4/2/1994 4/2/1995 4/2/1996 4/2/1997 4/2/1998 Mortg
Slide 63: Affordability Index
Affordability Index “The higher the affordability Index the better.” 220.0 190.0 160.0 Aug-26 104.7 130.0 100.0 Average 124.6 70.0 40.0 Note: Based on a 25% qualifying ratio for monthly housing expense to gross monthly income with a 20% down payment. Source: NAR, Freddie Mac and US Census Bureau. 63
Slide 64: Historical and Projected Annual Demand
Historical and Projected Annual Demand (millions) (millions) 400.0 Population(1) Average Annual Net Household Growth(2) 345.1 331.4 300.0 308.7 281.4 248.7 226.5 200.0 203.2 1.6 1.5 179.3 1.4 1.2 1.2 1.2 1.2 151.3 1.0 132.2 100.0 123.2 0.9 106.0 92.2 0.0 1989- 1994- 1999- 2004- 2009- 2014- 2019- 202
Slide 65: Homeownership Rates
Homeownership Rates Homeownership Rates for All Households 70% Q1 2026 68% 65.3% 66% 64% 62% Q1-1993/r Q1-1979r Q1 2022 Q1 2025 Q1-1965 Q1-1968 Q1-1971 Q1-1974 Q1-1977 Q1-1982 Q1-1985 Q1-1988 Q1-1991 Q1-1996 Q1-1999 Q1-2002 Q1-2004 Q1-2007 Q1-2010 Q1-2013 Q1-2016 Q1-2019 Homeownership Rates By Age o
Slide 66: Existing Single-Family Inventory Versus Months' Supply
Existing Single-Family Inventory Versus Months’ Supply June 1982 through August 2026 (Units in thousands) 4,000 16.0 SF Inventory of Existing Homes for Sale SF Months' Supply of Homes for Sale - Right Axis 3,500 3,000 12.0 2,500 2,000 8.0 Aug-26 1,500 1,420 1,000 4.0 Aug-26 500 4.7 - 0.0 Sep-83 Sep-
Slide 67: New Home Inventory Versus Months' Supply
100 200 300 400 500 600 0 Source: Census Bureau Jan-63 Jul-64 (Units in thousands) Jan-66 Jul-67 Jan-69 Jul-70 Jan-72 Jul-73 Jan-75 Jul-76 Jan-78 Jul-79 Jan-81 Jul-82 Jan-84 Jul-85 New Home Inventory Jan-87 Jul-88 Jan-90 January 1963 through August 2026 Jul-91 Jan-93 Jul-94 Months' Supply of Invento
Slide 68: Case-Shiller 10 City Composite Index
100.00 150.00 200.00 250.00 300.00 350.00 400.00 50.00 0.00 December 1988 November 1989 October 1990 September 1991 August 1992 July 1993 Source: S&P/Case-Shiller Home Price Indices – Seasonally Adjusted June 1994 May 1995 April 1996 March 1997 February 1998 January 1999 December 1999 November 2000
Slide 69: Historical Performance
Historical Performance
Slide 70: How We Got Here
How We Got Here • Peak of 20,201 deliveries, including UJVs • 49% net debt to cap • Fortune 500 2006 • 2nd on 5-year annual rate of total return to investors • 14th on 5-year annual growth rate in profits • Great Housing Recession (GHR), which was central part of Great Financial Crisis (GFC) • Begin
Slide 71: Five-Year Trends in Total Revenues & Adjusted Pretax Income
Five-Year Trends in Total Revenues & Adjusted Pretax Income ($ in millions) Total Revenues Adjusted Pretax Income (1) $2,922 $3,005 $2,979 $341 $2,783 $327 $2,756 $283 $2,344 $197 $159 $51 2020 2021 2022 2023 2024 2025 2020 2021 2022 2023 2024 2025 (1) Adjusted Pretax Income or Adjusted Income Befor
Slide 72: Land Sale Profit and Income from Unconsolidated Joint Ventures
Land Sale Profit and Income from Unconsolidated Joint Ventures ($ in millions) Income from Land Sale Profit Unconsolidated Joint Ventures $52 $46 $43 $27 $29 $29 $24 $19 $17 $10 $10 $11 $6 $9 $4 $0.5 FY FY FY FY FY FY FY FY FY FY FY FY FY FY FY FY 2018 2019 2020 2021 2022 2023 2024 2025 2018 2019 20
Slide 73: Annual Contracts Per Community
Annual Contracts Per Community Excluding Build for Rent Including Build for Rent 39.5 43.5 39.0 39.0 40.7 54.2 55.2 44.0 41.2 35.1 36.0 38.9 38.9 36.9 38.7 38.2 28.4 30.0 31.4 1997- 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM ended 2002 07/31/2026 Average Note: Annual Contracts p
Slide 74: Historical Performance
Historical Performance (# of Homes) Deliveries - Homes ($ in Billions) Total Revenues 20,000 $8.0 17,940 15,000 16,274 $6.0 $6.1 14,586 13,564 $5.3 $4.8 11,531 10,000 $4.0 10,577 $4.2 9,514 $3.3 $3.2 $3.0 $3.0 $2.9 6,791 $2.8 $2.8 $2.8 5,000 6,464 $2.0 $2.6 6,204 $2.5 5,686 $2.3 5,602 5,538 5,507 5,
Slide 75: Adjusted Homebuilding Gross Margin
FY 00 20.7% FY 01 20.6% FY 02 22.0% FY 03 25.5% FY 04 25.5% FY 05 26.4% FY 06 23.1% FY 07 15.1% FY 08 6.7% FY 09 9.2% FY 10 16.8% FY 11 15.6% FY 12 17.8% Adjusted Homebuilding Gross Margin(1) FY 13 20.1% (1) Adjusted homebuilding gross margin percentage is before interest expense and land charges in
Slide 76: Total SG&A as a Percentage of Total Revenues
Total SG&A as a Percentage of Total Revenues (1),(2),(3),(4) Actual Total SG&A Adjusted Total SG&A (1) 12.4% (4) 12.0% (3) 10.4% 20.1% (2) 9.5% 18.6% 17.4% 13.9% 13.0% 12.8% 12.4% 11.9% 11.7% 11.7% 11.6% 11.5% 11.4% 11.2% 11.1% 10.6% 10.3% 10.1% 10.0% 10.0% 9.9% 9.7% 9.5% 9.9% 9.2% FY 01 FY 02 FY 03
Slide 77: Total Interest as a Percentage of Total Revenues
FY 00 3.1% FY 01 3.0% FY 02 2.4% FY 03 2.0% FY 04 1.8% FY 05 1.7% FY 06 1.8% FY 07 3.0% FY 08 5.3% FY 09 12.6% FY 10 13.3% FY 11 15.1% FY 12 10.3% FY 13 7.8% FY 14 6.9% FY 15 7.0% Total Interest as a Percentage of Total Revenues FY 16 6.7% FY 17 7.6% FY 18 8.2% FY 19 8.0% FY 20 7.6% FY 21 5.8% FY 22
Slide 78: Significant cash flow generation
Significant cash flow generation Net operating cash flow before land and land development spend ($ in millions) $1,115 $1,019 $1,048 o Generated $6.7 billion of net operating $917 $909 $849 cash flows before land and land development over the past eight years $500 $314 o ~$1 billion of net operating
Slide 79: Homebuilding Costs as a % of Revenue
Homebuilding Costs as a % of Revenue 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Avg. 1 Land (Developed Lot) : 25.2% 25.8% 25.5% 25.2% 24.0% 21.9% 23.1% 26.8% 23.2% 21.4% 22.3% 25.9% 25.8% 26.2% 26.5% 29.2% 30.4% 28.7%
Slide 80: Cancellation Rates
Q1 15 16% Q2 15 16% Q3 15 20% Q4 15 20% Q1 16 20% Q2 16 19% Q3 16 21% Q4 16 20% Q1 17 19% Q2 17 18% Cancellation Rates Q3 17 19% Q4 17 22% Note: Calculated as a % of gross contracts, excluding unconsolidated joint ventures. Q1 18 18% Q2 18 17% Q3 18 19% Q4 18 23% Q1 19 24% Q2 19 19% Q3 19 19% Q4 19
Slide 81: Backlog Cancellation Rates
Q1 '13 12% Q2 '13 15% Q3 '13 12% Q4 '13 14% Q1 '14 11% Q2 '14 17% Q3 '14 13% Q4 '14 14% Q1 '15 11% Q2 '15 14% Q3 '15 13% Q4 '15 12% Q1 '16 13% 14% Average Q2 '16 14% Q3 '16 12% Note: Calculated as a % of beginning backlog, excluding unconsolidated joint ventures. Q4 '16 11% Q1 '17 12% Q2 '17 16% Bac
Slide 82: Builder Peer Statistics
Builder Peer Statistics
Slide 83: Year-over-Year Change in Community Count
Hovnanian (Jul Q3) -1% Excludes unconsolidated joint ventures. M/I Homes (Jun Q2) 0% Source: Company SEC filings, press releases as of 08/20/2026. Century 1% Communities (Jun Q2) 2% Beazer (Jun Q3) 3% LGI Homes (Jun Q2) 4% NVR (Jun Q2) 4% Lennar (May Q2) 8% Pulte (Jun Q2) 9% Toll (Apr Q2) KB Home (M
Slide 84: Year-over-Year % Change in Contracts
Meritage (Jun Q2) -9% Excludes unconsolidated joint ventures. LGI Homes (Jun Q2) -5% Hovnanian (Jul Q3) Source: Company SEC filings, press releases as of 08/20/2026. -5% KB Home (May Q2) -4% Lennar (May Q2) -3% 0% DR Horton (Jun Q3) 1% TRI Pointe (Jun Q2) Century 3% Communities (Jun Q2) 5% Beazer (J
Slide 85: Net Contracts per Community, Last Twelve Months
Beazer (Jun Q3) 22.0 Excludes unconsolidated joint ventures. Toll (Apr Q2) 23.1 TRI Pointe (Jun Q2) Source: Company SEC filings, press releases as of 08/20/2026. 27.2 Dream 27.1 Finders (Jun Q2) Pulte (Jun Q2) 27.9 Taylor 30.6 Morrison (Mar Q1) Century 31.5 Communities (Jun Q2) M/I Homes (Jun Q2) 36
Slide 86: Total Deliveries, Last Twelve Months
Homes Beazer (Jun Q3) 3,759 Includes unconsolidated joint ventures. TRI Pointe (Jun Q2) 4,330 Source: Company SEC filings, press releases as of 08/20/2026. LGI Homes (Jun Q2) 4,612 Hovnanian (Jul Q3) 5,827 Dream 8,611 Finders (Jun Q2) M/I Homes (Jun Q2) 8,717 Total Deliveries, Last Twelve Months Cen
Slide 87: Homebuilding Revenue, Last Twelve Months
$ in millions LGI Homes (Jun Q2) $1,692 Excludes unconsolidated joint ventures. Beazer (Jun Q3) $1,999 Hovnanian (Jul Q3) $2,646 Source: Company SEC filings, press releases as of 08/20/2026. TRI Pointe (Jun Q2) $2,955 Century $3,698 Communities (Jun Q2) Dream $3,919 Finders (Jun Q2) M/I Homes (Jun Q
Slide 88: Adjusted Gross Margin Percentage, Last Twelve Months
Adjusted Gross Margin Percentage, Last Twelve Months (1.2%) (2.6%) (1.9%) (2.9%) (2.6%) (2.2%) (3.3%) (3.1%) (2.9%) (4.0%) (1.8%) (4.1%) (3.9%) (2.3%) 23.5% 22.9% 21.0% 20.5% 19.9% 19.2% 17.9% 16.6% 16.6% 16.1% 15.6% 14.8% 14.1% 13.3% NVR (Jun Q2) Lennar (May Q2) LGI Homes (Jun Q2) Communities (Jun
Slide 89: Adjusted Homebuilding SG&A as a % of Revenue
Adjusted Homebuilding SG&A as a % of Homebuilding Revenue, Last Twelve Months (adjusted for sales commissions) Average: 9.0% Median: 7.6% 14.4% 13.1% 12.1% 11.5% 10.1% 7.7% 7.6% 7.6% 7.5% 7.5% 7.2% 6.5% 6.4% 6.4% M/I Homes (Jun Q2) Meritage (Jun Q2) LGI Homes (Jun Q2) Finders (Jun Q2) TRI Pointe (Ju
Slide 90: Total Lots – Years Supply
LGI Homes (Jun Q2) 12.4 NVR (Jun Q2) 9.0 Pulte (Jun Q2) 8.0 Source: Company SEC filings and press releases as of 08/20/2026. TRI Pointe (Jun Q2) 7.7 Total Lots – Years Supply Toll (Apr Q2) 7.1 Hovnanian (Jul Q3) 6.8 DR Horton (Jun Q3) 6.7 Beazer (Jun Q3) 6.5 Dream 6.3 Finders (Jun Q2) Lennar (May Q2
Slide 91: Owned Lots – Years Supply
LGI Homes (Jun Q2) 11.0 TRI Pointe (Jun Q2) 3.8 Pulte (Jun Q2) 3.6 Source: Company SEC filings and press releases as of 08/20/2026. Meritage (Jun Q2) 3.6 Century 3.4 Communities (Jun Q2) Owned Lots – Years Supply KB Home (May Q2) 3.1 Toll (Apr Q2) 3.0 Beazer (Jun Q3) 2.8 M/I Homes (Jun Q2) 2.7 DR Ho
Slide 92: Adjusted EBIT ROI, Last Twelve Months
Adjusted EBIT ROI, Last Twelve Months 53.8% 19.2% 20.5% 16.9% 11.7% 13.1% 14.0% 8.4% 8.8% 10.4% 7.6% 2.1% 4.1% 4.3% Beazer (Jun Q3) DR Horton (Jun Q3) Finders (Jun Q2) KB Home (May Q2) NVR (Jun Q2) LGI Homes (Jun Q2) Pulte (Jun Q2) Meritage (Jun Q2) Lennar (May Q2) TRI Pointe (Jun Q2) Communities (J
Slide 93: Adjusted EBIT ROI Historical Peer Comparison
LGI Homes (Sep Q3) 9.2% Beazer (Sep Q4) 12.2% Century Communities (Sep Q3) 15.7% Taylor 17.4% Morrison (Sep Q3) KB Home (Aug Q3) 17.6% Meritage (Sep Q3) 21.6% investments in and advances to unconsolidated joint ventures. Dream Finders (Sep Q3) 21.9% Adjusted EBIT ROI Toll (Jul Q3) 22.0% Source: Peer
Slide 94: Appendix
Appendix
Slide 95: Phantom Stock Impact
Phantom Stock Impact ($ in millions, except stock prices) Stock Price at end of Reported Reported Total SG&A Incremental Phantom Stock Total SG&A Adjusted for Total SG&A Ratio Adjusted for quarter Total SG&A Ratio Benefit (Expense) Phantom Stock Phantom Stock Q1 2021 $51.16 - - - - - Q2 2021 $132.59
Slide 96: FAS 144 Trigger Calculation
FAS 144 Trigger Calculation Lots Current Selling Total Remaining Price Total Remaining Housing Revenue 102 $ 534,000 $ 54,468,000 Book Value (inventory as of analysis date) $18,500,000 Remaining Cost to Build (Including future capped interest) $36,300,000 Cost to Sell $1,500,000 Trigger (If "negativ
Slide 97: Reconciliation of (loss) income before income taxes excluding land-related charges
Reconciliation of (loss) income before income taxes excluding land-related charges and gain on extinguishment of debt, net to (loss) income before income taxes Hovnanian Enterprises, Inc. July 31, 2026 Reconciliation of (loss) income before income taxes excluding land-related charges and gain on ext
Slide 98: Reconciliation of Gross Margin
Reconciliation of Gross Margin Hovnanian Enterprises, Inc. July 31, 2026 Gross margin (In thousands) Homebuilding Gross Margin Homebuilding Gross Margin Three Months Ended Nine Months Ended July 31, July 31, 2026 2025 2026 2025 (Unaudited) (Unaudited) Sale of homes $ 679,042 $ 769,050 $ 1,858,989 $
Slide 99: Reconciliation of Adjusted EBITDA to Net (Loss) Income
Reconciliation of Adjusted EBITDA to Net (Loss) Income Hovnanian Enterprises, Inc. July 31, 2026 Reconciliation of adjusted EBITDA to net (loss) income (In thousands) Three Months Ended Nine Months Ended July 31, July 31, 2026 2025 2026 2025 (Unaudited) (Unaudited) Net (loss) income $ (2,215) $ 16,6
Slide 100: Reconciliation of Inventory Turnover
Reconciliation of Inventory Turnover Hovnanian Enterprises, Inc. July 31, 2026 Calculation of Inventory Turnover(1) TTM For the quarter ended ended (Dollars in thousands) 10/31/2025 1/31/2026 4/30/2026 7/31/2026 7/31/2026 Cost of sales, excluding interest $658,528 $509,631 $531,061 $579,576 $2,278,7
Slide 101: Reconciliation of Adjusted EBIT ROI - Current
Reconciliation of Adjusted EBIT ROI - Current ($ in millions) BZH DHI HOV KBH LEN MHO MTH NVR PHM TOL TMHC TPH LGIH CCS DFH (Jun Q3) (Jun Q3) (Jul Q3) (May Q2) (May Q2) (Jun Q2) (Jun Q2) (Jun Q2) (Jun Q2) (Apr Q2) (Mar Q1) (Jun Q2) (Jun Q2) (Jun Q2) (Jun Q2) TTM earnings before taxes ($34) $4,096 $2
Slide 102: Reconciliation of Adjusted EBIT ROI – FYE 2025
Reconciliation of Adjusted EBIT ROI – FYE 2025 ($ in millions) BZH DHI HOV KBH LEN MHO MTH NVR PHM TOL TMHC TPH LGIH CCS DFH (Sep Q4) (Sep Q4) (Oct Q4) (Aug Q3) (Aug Q3) (Sep Q3) (Sep Q3) (Sep Q3) (Sep Q3) (Jul Q3) (Sep Q3) (Sep Q3) (Sep Q3) (Sep Q3) (Sep Q3) TTM earnings before taxes $41 $4,740 $86
Slide 103: Reconciliation of Adjusted EBIT ROI – FYE 2024
Reconciliation of Adjusted EBIT ROI – FYE 2024 ($ in millions) BZH DHI HOV KBH LEN MDC MHO MTH NVR PHM TOL TMHC TPH LGIH CCS DFH (Sep Q4) (Sep Q4) (Oct Q4) (Aug Q3) (Aug Q3) (Jun Q2) (Sep Q3) (Sep Q3) (Sep Q3) (Sep Q3) (Jul Q3) (Sep Q3) (Sep Q3) (Sep Q3) (Sep Q3) (Sep Q3) TTM earnings before taxes $
Slide 104: Reconciliation of Adjusted EBIT ROI – FYE 2023
Reconciliation of Adjusted EBIT ROI – FYE 2023 ($ in millions) BZH DHI HOV KBH LEN MDC MHO MTH NVR PHM TOL TMHC TPH LGIH CCS DFH (Sep Q4) (Sep Q4) (Oct Q4) (Aug Q3) (Aug Q3) (Jun Q2) (Sep Q3) (Sep Q3) (Sep Q3) (Sep Q3) (Jul Q3) (Sep Q3) (Sep Q3) (Sep Q3) (Sep Q3) (Sep Q3) TTM earnings before taxes $
Slide 105: Key credit and balance sheet metrics reconciliations
Key credit and balance sheet metrics reconciliations October 31, LTM 2019 2020 2021 2022 2023 2024 2025 July 31, 2026 Nonrecourse mortgages secured by inventory, net of debt issuance costs $203,585 $135,122 $125,089 $144,805 $91,539 $90,675 $29,494 $32,411 Senior notes and credit facilities (net of
Slide 106: Gross Margin
Gross Margin Gross Margin Year Ended ($ in thousands) 10/31/25 10/31/24 10/31/23 10/31/22 10/31/21 10/31/20 10/31/19 10/31/18 10/31/17 10/31/16 10/31/15 10/31/14 10/31/13 10/31/12 10/31/11 10/31/10 10/31/09 10/31/08 10/31/07 10/31/06 10/31/05 10/31/04 10/31/03 10/31/02 10/31/01 10/31/00 Sale of home
Slide 107: Reconciliation of Income (Loss) Before Income Taxes Excluding Land-Related Charges
Reconciliation of Income (Loss) Before Income Taxes Excluding Land-Related Charges, Joint Venture Write- Downs and Gain on Extinguishment of Debt to (Loss) Income Before Income Taxes Dollars in Thousands Reconciliation of Income (Loss) Before Income Taxes Excluding Land-Related Charges, Expenses Ass
Slide 108: Hovnanian Enterprises, Inc.
ovnanian Enterprises, Inc.
Hovnanian Enterprises — Investor Presentation (October 2026) on 6ix