Taylor Morrison Home Corporation · NYSE:TMHC
Taylor Morrison Home — Q3 2025 Earnings Presentation
26 slides from Taylor Morrison Home's earnings presentation, Oct 22, 2025
Slide 1: Investor Presentation Third Quarter 2025
Investor Presentation Third Quarter 2025
Slide 2: About Taylor Morrison (NYSE: TMHC)
About Taylor Morrison (NYSE: TMHC) Balanced operating Track-record of Headquartered in Leading builder Diverse product Experienced model delivers growth, innovation Scottsdale, AZ with operations offerings in prime leadership team strong financial and prudent capital across 12 states locations resul
Slide 3: What sets Taylor Morrison apart
What sets Taylor Morrison apart National, regional and local scale Strong financial performance 1 Substantial scale provides operational efficiencies, cost 5 Robust profit margins and cash flow driven by revenue leverage, land access and other competitive advantages growth and disciplined cost manag
Slide 4: A transformative journey greatly expanded our platform while delivering strong results
A transformative journey greatly expanded our platform while delivering strong results 2013 2015 2016 2017 2018 2019 Debuted on NYSE Acquired JEH Acquired Acadia Increased public Became a fully-floated public Entered the Build- in largest Homes (Atlanta) Homes (Atlanta) float to 70% from company to-
Slide 5: Most recent quarter at a glance
Most recent quarter at a glance Year-Over-Year 3Q 2025 3Q 2024 Change1 Net sales orders 2,468 2,830 (13%) 84,564 Ending community count 349 340 3% total homebuilding lots (60% controlled) Home closings revenue, net ($mm) $2,001 $2,029 (1%) Home closings 3,324 3,394 (2%) 6.4 Home closings ASP $602,00
Slide 6: Guidance metrics as of Oct. 22, 2025
Guidance metrics as of Oct. 22, 2025 Fourth Quarter 2025 Full Year 2025 Ending active community count ~345 ~345 Home closings 3,100 to 3,300 12,800 to 13,000 Average closing price ~$590,000 ~$595,000 GAAP home closings gross margin ~21.5% ~22.5% Adjusted home closings gross margin1 Not provided ~23%
Slide 7: Our geographic footprint is focused on the country's most attractive housing markets
Our geographic footprint is focused on the country’s most attractive housing markets 12 states 21 markets 16 top 10 market positions 1 West Central East % of Home Closings 36% 23% 41% % of Home Closings Revenue 44% 19% 37% Home Closings ASP $723,000 $511,000 $544,000 Home Closings Gross Margin 22.1%
Slide 8: Our portfolio serves a broad range of buyer groups with to-be-built and spec home offerings
Our portfolio serves a broad range of buyer groups with to-be-built and spec home offerings Net orders by consumer group Entry level 30% 1st Move-up 14% 2nd Move-up 37% Resort lifestyle 19% ~2,400 average square footage ~40% share of to-be-built home closings1 $602K average closing price 8 Data as o
Slide 9: Esplanade, our premier lifestyle brand, provides differentiated performance with strong growth potential
Esplanade, our premier lifestyle brand, provides differentiated performance with strong growth potential • Our Esplanade brand offers a facilitated, concierge-style resort living experience in amenity-rich communities. • Since the brand’s conception in Florida, we have expanded its reach across the
Slide 10: Our diverse customer base tends to have strong financial flexibility
Mortgage unit product mix Our diverse customer base tends to have strong financial flexibility VA Jumbo 8% 2% FHA 18% 750 average FICO score Conventional 72% 22% average downpayment $464,000 average loan amount Mortgage capture rate 88% 87% 88% 40% average debt-to-income ratio 42% first-time homebuy
Slide 11: Strong balance sheet with significant liquidity
Senior note maturity schedule ($mm) Strong balance sheet with significant liquidity $527 $500 $450 • Focused on generating consistent operating cash flow • Substantial liquidity position of $1.3 billion • Conservative use of $1.0 billion unsecured 2025 2026 2027 2028 2029 2030 revolving line of cred
Slide 12: Since 2020, we have opportunistically repurchased over $1.5 billion of our common stock outstanding
Since 2020, we have opportunistically repurchased over $1.5 billion of our common stock outstanding Share repurchases (in millions) 14.6 9.9 5.9 5.6 5.3 2.8 2020 2021 2022 2023 2024 YTD 2025 Share repurchases ($mm) $376 $348 $310 $281 $128 $103 2020 2021 2022 2023 2024 YTD 2025 12 YTD as of Sept. 30
Slide 13: Land strategy focused on efficiently enhancing scale in prime submarkets
Homebuilding lot supply Land strategy focused on efficiently enhancing scale in prime submarkets 86,153 84,564 74,794 74,787 72,362 43% 40% • Disciplined strategy focuses on prime land locations Owned 51% 49% 47% • Returns-focused underwriting guardrails 57% 60% Controlled 49% 51% 53% • Emphasis on
Slide 14: Online reservations are driving improved sales conversions as consumer adoption grows
Online reservations are driving improved sales conversions as consumer adoption grows 60% Reservation-to-sales conversion rate 50% 40% 30% 20% Sales contribution 10% 0% 2020 2021 2022 2023 2024 3Q 2025 14
Slide 15: Yardly Build-to-Rent business
Our growing Build-to-Rent business develops single-family rental communities designed to cater to consumers seeking an alternative to traditional multi-family rentals. Nine markets with Yardly operations across four states 40+ Owned & controlled Yardly communities $3B Land banking capacity dedicated
Slide 16: A track record of translating growth into financial performance
A track record of translating growth into financial performance 13,283 $8.4 23.9% 24.4% $8.2 23.3% 12,896 $7.4 11,495 2023 2024 LTM 2023 2024 LTM 2023 2024 LTM Home closings Total revenue ($bn) Home closings gross margin $1,398 $883 $6.2 $1,384 $851 $769 $5.9 $1,256 $5.3 2023 2024 LTM 2023 2024 LTM
Slide 17: The investment thesis for TMHC
The investment thesis for TMHC Efficiently investing in our Drive healthy returns and cash flow by Maintain balance sheet strength, core homebuilding operations executing balanced operating strategy support growth and drive returns • Diversified portfolio serves homebuyer • Manage sales pace and pri
Slide 18: Appendix
Appendix 18
Slide 19: Historical operating data by region
Historical operating data by region Net Sales Orders Q1 2023 Q2 2023 Q3 2023 Q4 2023 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 2024 Q1 2025 Q2 2025 Q3 2025 East 1,079 1,047 940 902 3,968 1,295 1,160 1,140 993 4,588 1,391 1,147 1,024 Central 674 808 641 602 2,725 904 815 747 784 3,250 867 731 602 West 1,1
Slide 20: Income statement
Income statement Dollars in thousands, unless otherwise noted 2020 2021 2022 2023 2024 YTD 2025 Home closings revenue, net $5,863,652 $7,171,433 $7,889,371 $7,158,857 $7,755,219 $5,797,077 Land closings revenue 65,269 99,444 81,070 60,971 81,417 10,415 Financial services revenue, net 155,827 164,615
Slide 21: Balance sheet
Balance sheet Dollars in thousands, unless otherwise noted 2020 2021 2022 2023 2024 3Q 2025 Assets Cash and cash equivalents $532,843 $832,821 $724,488 $798,568 $487,151 $370,591 Restricted cash 1,266 3,519 2,147 8,531 15 326 Total cash 534,109 836,340 726,635 807,099 487,166 370,917 Real estate inv
Slide 22: Adjusted home closings gross margin; adjusted net income and adjusted EPS
Adjusted home closings gross margin Three Months Ended September 30, (Dollars in thousands) 2025 2024 Home closings revenue, net $2,000,909 $2,029,134 Cost of home closings 1,558,237 1,525,825 Home closings gross margin $442,672 $503,309 Inventory impairment charges 7,189 — Warranty adjustments (1,2
Slide 23: Net homebuilding debt to capitalization ratio reconciliation
Net homebuilding debt to capitalization ratio reconciliation As of Dec. 31, As of Sept. 30, Dollars in thousands 2020 2021 2022 2023 2024 2025 Total debt $2,928,395 $3,302,124 $2,483,861 $2,017,102 $2,120,483 $2,190,761 Plus: unamortized debt issuance cost, net (2,365) (2,322) 10,767 8,375 6,616 5,2
Slide 24: EBITDA and Adjusted EBITDA reconciliation
EBITDA and Adjusted EBITDA reconciliation Dollars in thousands 2023 2024 LTM 3Q25 Net income before allocation to non-controlling interests $769,741 $886,570 $858,190 Interest expense, net (12,577) 13,316 40,985 Amortization of capitalized interest 134,870 114,199 109,878 Income tax provision 248,09
Slide 25: Reconciliation of non-GAAP financial measures
Reconciliation of non-GAAP financial measures In addition to the results reported in accordance with accounting principles generally accepted in the United States (“GAAP”), we provide our investors with supplemental information relating to: (i) adjusted net income and adjusted earnings per common sh
Slide 26: Forward-looking statements; Investor relations contact
Forward-looking statements This presentation includes “forward-looking statements.” These statements are subject to a number of risks, uncertainties and other factors that could cause our actual results, performance, prospects or opportunities, as well as those of the markets we serve or intend to s