Beazer Homes Usa, Inc. · NYSE:BZH
Beazer Homes Usa — Q2 2026 Earnings Presentation
27 slides from Beazer Homes Usa's earnings presentation, Apr 30, 2026
Slide 1: Beazer Homes USA, Inc. Q2 2026 Earnings Presentation
Beazer Homes USA, Inc. Q2 2026 Earnings Presentation THE KINGFISHER SELBYVILLE, DE 1 |
Slide 2: Disclaimers
Disclaimers 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 meaning of the Private Securities Litigation Refor
Slide 3: Q2 Overview
Q2 Overview Solid execution in a challenging environment • Community count, sales pace, ASP, and gross margin broadly in line with expectations Margin improvement imminent • TBB sales increased to 43% of gross sales • New communities increased to 34% of gross sales Disciplined balance sheet and capi
Slide 4: Market Conditions and Operational Response
Market Conditions and Operational Response Outlook / Demand Realistic 2H Pace & Margin Outcomes • Uncertain near-term demand • Sales pace > 2.0 - Mortgage rates • Gross margin expansion 200-300 bps - Energy costs - Labor and material savings - Consumer sentiment - Improving mix shifts: • Environment
Slide 5: Capital Allocation Response
Capital Allocation Response Focused on highest risk-adjusted returns • Improving land spend efficiency • Selling non-strategic assets at or above book value • Buying back stock at meaningful discount to book value • Preserving community count growth $40 Share Repurchases ($ Millions) $30 $30.0 Upon
Slide 6: Multi-Year Goals ("MYG")
Multi-Year Goals (“MYG”) > 200 Communities By FYE 2027 Low 30% Net Debt to Net Capitalization By FYE 2027 Double-Digit Book Value Per Share CAGR Through FYE 2027 6 |
Slide 7: MYG: Expanding Community Count
MYG: Expanding Community Count > 200 Active 200 Communities 180 169 162 167 160 163 145 140 140 119 121 120 123 119 100 80 Q2 FY22 Q2 FY23 Q2 FY24 Q2 FY25 Q2 FY26 FYE26 FYE27 Community Count - Average Community Count - Period-End 7 |
Slide 8: MYG: Deleveraging Balance Sheet
MYG: Deleveraging Balance Sheet 70% 67.5% 60% 54.8% 52.5% 50% 48.7% 44.8% 42.7% 43.4% 40% Low 30% Range 30% 20% Q2 FY20 Q2 FY21 Q2 FY22 Q2 FY23 Q2 FY24 Q2 FY25 Q2 FY26 FYE26 FYE27 Net Debt to Net Capitalization 8 | See “Non-GAAP Net Debt to Net Capitalization Reconciliation” in the appendix
Slide 9: MYG: Generating Double-Digit BV/Share CAGR
MYG: Generating Double-Digit BV/Share CAGR $60 Double-Digit Compound Annual $50’s Book Growth from FYE24 to FYE27 Value Per Share $50 $41.83 $40.58 $40 $37.31 $32.64 $30 $26.03 $20 $10 $- Q2 FY22 Q2 FY23 Q2 FY24 Q2 FY25 Q2 FY26 FYE26 FYE27 Book Value per Share 9 | Quarterly diluted weighted-average
Slide 10: Q2 Results
Q2 Results Results Q2 FY26 YoY Change(d) New Home Orders 1,048 (4.6%) Sales Pace 2.1 (7.2%) Active Community Count, Avg 167 2.9% Homebuilding Revenue ($mm) $397.7 (28.5%) Closings 757 (29.8%) Average Selling Price ($k) $525.4 2.0% HB Gross Margin %(a) 15.6% (270 bps) SG&A as % of Total Revenue 15.5%
Slide 11: Q3 Expectations
Q3 Expectations Metric Q3 Expectations New Home Orders >1,000 Sales Pace In line with Q2 (~2.1 S/C/M) Active Community Count, Ending ~170 Closings ~900 Average Selling Price $535k − $540k Adjusted HB Gross Margin %(a) Up >50bps sequentially (>16.1%) SG&A Total $ Flat YoY Land Sales Rev ~$30mm Adjust
Slide 12: Driving Efficient Land Spend
Driving Efficient Land Spend 75% 50 By improving land spend efficiency, we are enabling community count growth while funding share repurchases Ending Active Lot Balance (in thousands) 60% 59% 60% 40 Option % of Active Controlled Lots 54% 51% 52% 45% 46% 30 28 26 23 23 24 30% 18 20 14 16 12 12 14 8 1
Slide 13: Liquidity and Capitalization
Liquidity and Capitalization $ in millions Total Liquidity ~$400mm $500 Upsized Revolver from $365mm to $525mm and extended maturity two years to March 2030 $400 $300 $285 $200 $357 $350 $250 $100 $116 $80 $- Unrestricted Cash Undrawn Revolver Senior Unsecured Debt Junior Debt - Net of Accretion 13
Slide 14: Closing Comments
Closing Comments Path to value creation • Clear and differentiated strategy • Building profitability momentum • Strong balance sheet • Disciplined capital allocation 14 |
Slide 15: Appendix
Appendix 15 |
Slide 16: Q2 FY26 Results
Q2 FY26 Results $ in millions (except ASP) Q2 FY25 Q2 FY26 ∆(d) Profitability Total Revenue $565.3 $409.8 (27.5%) Adjusted EBITDA(a) $38.8 $2.6 ($36.2) Net Income (Loss) $12.8 ($0.9) ($13.7) Unit Activity New Home Orders 1,098 1,048 (4.6%) Closings 1,079 757 (29.8%) Average Selling Price ($k) $515.3
Slide 17: Backlog Detail
Backlog Detail Q2 FY25 Q2 FY26 Quarter Ending Backlog (units) 1,526 1,299 Quarter Ending Backlog ($ in millions) $831.5 $756.1 ASP in Backlog ($ in thousands) $544.9 $582.1 Quarter Beginning Backlog 1,507 1,008 Scheduled to Close in Future Qtrs. (646) (461) Backlog Scheduled to Close in the Qtr. 861
Slide 18: SG&A Leverage
SG&A Leverage SG&A Per Closing SG&A Leverage LTM Homebuilding % of Total Revenue $80 20% $70.9 $70 $66.6 $62.8 $63.6 16% $60 13.1% 11.5% 11.9% 11.6% $50 12% 10.7% $40 8% 15.5% $30 12.2% 11.5% 12.0% 11.2% $20 4% $10 $- 0% Q3 Q4 Q1 Q2 Q2 Q2 Q2 Q2 Q2 FY25 FY26 FY22 FY23 FY24 FY25 FY26 SG&A Per Closing
Slide 19: Cancellation Rates
Cancellation Rates 30% 25% 20% 19% 17% 16% 16% 15% 15% 13% 12% 12% 10% 10% 6% 5% 0% Q2 FY22 Q2 FY23 Q2 FY24 Q2 FY25 Q2 FY26 Cancellation Rate Cancellation Rate (% of Backlog) (a) 19 | (a) Cancellation Rate as a % of Backlog is calculated using the quarter's beginning backlog units
Slide 20: Specs per Community
Spec Homes 1,500 20 1,306 1,306 1,019 893 1,125 1,084 15 903 Specs per Community Spec Homes 775 787 750 629 10 725 8.1 7.7 7.5 6.5 6.5 375 413 5 287 158 181 - 50 - Q2 FY22 Q2 FY23 Q2 FY24 Q2 FY25 Q2 FY26 Completed Under Construction Per Community 20 | Note: Spec count as of each quarter end includes
Slide 21: Segment ASP & Margins
Segment ASP & Margins Q2 FY25 Q2 FY26 Change in Change in Q2 FY25 Q2 FY26 Change in ($ in thousands) ASP ASP ASP ($) ASP (%) Closings Closings Mix West $516.5 $503.9 ($12.6) (2.4%) 65.5% 60.6% (4.9%) East $523.6 $563.9 $40.3 7.7% 21.3% 21.3% —% Southeast $496.3 $552.4 $56.1 11.3% 13.2% 18.1% 4.9% Q2
Slide 22: Non-GAAP Homebuilding Gross Margin Reconciliation
Non-GAAP Homebuilding Gross Margin Reconciliation Three Months Ended March 31, 2026 HB Gross HB Gross HB Gross HB Gross Profit Margin Profit Margin excluding excluding HB Gross Impairments & excluding excluding Interest I&A and I&A and HB Gross Margin Abandonments I&A I&A Amortized to Interest (Non-
Slide 23: Non-GAAP Adjusted EBITDA Reconciliation
Non-GAAP Adjusted EBITDA Reconciliation Three Months Ended March 31, LTM Ended March 31, 2025 2026 26 vs 25 2025 2026 26 vs 25 ($ in thousands) Net income (loss) (GAAP) $ 12,778 $ (904) $ (13,682) $ 95,184 $ (3,821) $ (99,005) Expense (benefit) from income taxes 1,390 (17,631) (19,021) 12,416 (22,26
Slide 24: Non-GAAP Net Debt to Net Capitalization Reconciliation
Non-GAAP Net Debt to Net Capitalization Reconciliation Three Months Ended March 31, 2025 2026 ($ in thousands) Total debt (GAAP) $ 1,082,231 $ 1,225,996 Stockholders' equity (GAAP) 1,228,067 1,170,780 Total capitalization (GAAP) $ 2,310,298 $ 2,396,776 Total debt to total capitalization ratio (GAAP)
Slide 25: Beazer Tax Benefits
Beazer Tax Benefits FY27 – FY29 Deferred tax asset shields nearly $500 million of pretax income from Cash Taxes federal taxes; expect minimal cash tax payments (Use of predominantly energy efficiency credits)(a) Energy No new energy efficiency tax credits generated after June 30, 2026; Efficiency al
Slide 26: Deferred Tax Assets
Deferred Tax Assets ($ in millions) March 31, 2025 March 31, 2026 Deferred Tax Assets $ 165.3 $ 205.1 Valuation Allowance $ (27.5) $ (35.8) Deferred Tax Liabilities $ (5.3) $ (9.7) Net Deferred Tax Assets $ 132.5 $ 159.6 Net DTA includes ~$90 million of Energy Tax Credits As of March 31, 2026, our c
Slide 27: We build homes and communities that inspire sustainable and healthy living.
We build homes and communities that inspire sustainable and healthy living. 27 |