Green Brick Partners, Inc. · NYSE:GRBK
Green Brick Partners — Q2 2026 Earnings Presentation
25 slides from Green Brick Partners's earnings presentation, Jul 30, 2026
Slide 1: Investor Presentation 2026 Second Quarter
Southgate Homes | Prosper Ridge| Prosper, TX INVESTOR PRESENTATION 2026 Second Quarter
Slide 2: Forward Looking Statements
Forward Looking Statements This presentation and our earnings call contain “forward-looking statements” within the meaning of the Private Securities Litigation Act of 1995. These statements concern expectations, beliefs, projections, plans and strategies, anticipated events or trends and similar exp
Slide 3: Management Presenters
Management Presenters Jim Brickman Jed Dolson Jeff Cox C H I E F E X E C UT I V E O F F I C E R PRESIDENT AND CHIEF CHIEF FINANCIAL OFFICER A N D C O - F O UN D E R OPERATING OFFICER 3
Slide 4: About Green Brick Partners
About Green Brick Partners Celebrating Over A Decade of Excellence in Land Development and Homebuilding As A Public Company Green Brick Partners, Inc. (NYSE: GRBK), the third largest homebuilder in Dallas-Fort Worth, is a diversified homebuilding and land development company that operates through it
Slide 5: Company History
Company History 2024 Sale of 49.9% interest in Challenger Homes aoe Achieved total revenues nounced Austin shove bono the 2015 2018 ‘expansion through Trophy first time Green Brick Title formed ‘Asset purchase of ‘Signature Homes. ssl 2000 GHO HOMES Four 100% ed SEP Smalp 600 CaaK Morten na Gree 202
Slide 6: Green Brick Partners Investment Thesis
Green Brick Partners Investment Thesis We believe our strategic advantages will continue to drive exceptional performance and returns Track Record of Profitable Growth • Exceptional total shareholder return since going public in 2014. • Peer leading Return on Equity and Return on Assets. Strong Bala
Slide 7: Industry-Leading Returns
Industry-Leading Returns Our self-development land strategy, disciplined capital allocation, and operational execution have produced strong returns over the past 10 years. 23.5% Return On Equity 10-Year Total Shareholder Return 22.5% 23.1% 1027% 31.4% 24.9% 26.8% 16.0% 18.3% 14.0% 16.0% 12.0% 10.8%
Slide 8: Strong Land & Lot Position
Strong Land & Lot Position Lots Owned & Under Contract Total Total Total 44,254 48,828 52,222 • Total lots owned and under contract increased 7% 12,634 over Q4 2025 and 8.5% year over year, with 76% 11,538 11,805 owned and 24% under contract. 37,023 39,588 32,716 • Year to date we have invested appr
Slide 9: Industry-Leading Gross Margins
Industry-Leading Gross Margins Green Brick maintained the best homebuilding gross margins amongst our peers Source: Public filings of each peer company as of 7/29/26. BZH, LGIH, DFH, and TMHC were not available. 9
Slide 10: Business Priorities
Business Priorities • Balance price and pace, community by community, to maximize returns. • Incrementally improve operations and cost efficiencies. • Increase the scale of Trophy - 44% of Q2 2026 home closing revenues and 59% of closed units. o Continue to scale Trophy in DFW. Trophy has grown to b
Slide 11: Strong Balance Sheet & Liquidity
Strong Balance Sheet & Liquidity • Conservative leverage with flexibility to Senior note maturity schedule ($ in millions) expand • Focused on generating strong operating cash flow • Average cost of senior notes is 3.4% $62.5 $70 $50 $55 • Capital allocation priorities Invest in land to fuel growt
Slide 12: Creating Shareholder Value
Creating Shareholder Value Quarterly Diluted EPS Book Value per Share(1) (2) $44.82 $2.50 $41.92 $2.00 $35.46 $1.50 $27.84 $1.00 $22.03 $0.50 $16.29 $12.64 $- 2022 2023 2024 2025 2026 1Q 2Q 3Q 4Q 2020 2021 2022 2023 2024 2025 Q2 2026 (1) Compounded annual growth rate of 23.5% through Q2 2026. (2) Bo
Slide 13: Second Quarter 2026
Second Quarter 2026
Slide 14: Q2 2026 Financial Highlights
Q2 2026 Financial Highlights Q2 Residential Unit Revenues ($ in millions) • Residential unit revenue of $472 $539 $533 million, down 11% year over year. $472 • Closings were essentially flat year over year. 2024 2025 2026 23.5% 22.5% 23.1% • ASP for Q2 closings decreased 12% Q2 Closings year over ye
Slide 15: Q2 2026 Financial Highlights
Q2 2026 Financial Highlights Q2 Net New Home Orders • Net new home orders were up 19% year over year to 1,079. 1,079 908 855 o Net new order revenue was $489 million. o Monthly absorption rate was 3.3 homes per community, up 10% year over year. 2024 2025 2026 23.5% 23.1% • Cancellation rate as a % o
Slide 16: Q2 2026 Financial Highlights
Q2 2026 Financial Highlights Q2 Homebuilding Gross Margins • Homebuilding gross margins of 29.8% remained the best margins 34.5% 31.3% among public peers (see slide 9). 29.8% Incentives on Q2 closings were 8.8%, up 180 basis points year over year and down 70 basis points from Q1 2026. 2024 2025 20
Slide 17: Selected Financial & Operational Data – Q2 2026
Selected Financial & Operational Data – Q2 2026 Dollars in Thousands, except EPS. Q2 2026 Q2 2025 Change Starts 1,133 950 19.3% Net new home orders 1,079 908 18.8% New homes delivered 1,047 1,042 0.5% Backlog $387,376 $507,137 -23.6% Units Under Construction 2,205 2,204 0.0% Residential unit revenue
Slide 18: Selected Balance Sheet Data – Q2 2026
Selected Balance Sheet Data – Q2 2026 Dollars in Thousands 6/30/2026 12/31/2025 Cash and cash equivalents $131,642 $154,590 Inventory owned $2,091,391 $1,941,524 Senior unsecured notes, net $237,164 $261,972 Average costs of senior unsecured notes 3.4% 3.4% Total liquidity $461,642 $519,590 Total Gr
Slide 19: Selling Communities – Dallas-Fort Worth
Selling Communities – Dallas-Fort Worth Majority of our DFW lots are in infill and adjacent “desirable areas” Active Selling Communities To Be Delivered in 2026 19
Slide 20: Selling Communities – Atlanta
Selling Communities – Atlanta Majority of our Atlanta lots are in infill and adjacent “desirable areas” Active Selling Communities To Be Delivered in 2026 20
Slide 21: Appendix
IN V E S TO R P R E S E N TA TIO N Appendix
Slide 22: Appendix: Total Shareholder Returns
Appendix: Total Shareholder Returns Total Shareholder Return 7/1/2016 - 6/30/2026 Common Stock Price as of Change in Total Returns Ticker Stock Share Price 7/1/2016 6/30/2026 Dividends $ % GRBK $ 7.10 $ 80.04 $ 72.94 $ - $ 72.94 1027% MHO $ 18.85 $ 160.79 $ 141.94 $ - $ 141.94 753% PHM $ 19.48 $ 137
Slide 23: Appendix: Net Income Return on Avg. GAAP Common Equity
Appendix: Net Income Return on Avg. GAAP Common Equity Dollars in Thousands 2021 2022 2023 2024 2025 2026 YTD (TTM) Net Income Applicable To Common Shareholders $190,139 $289,025 $281,751 $378,708 $310,350 $288,458 (1) GRBK Common Equity Beginning $640,242 $826,852 $1,014,211 $1,253,101 $1,577,812 $
Slide 24: Appendix: Net Income Return on Avg. Total Assets
Appendix: Net Income Return on Avg. Total Assets Dollars in Thousands 2021 2022 2023 2024 2025 2026 YTD (TTM) Net Income Applicable To Green Brick Partners $190,210 $291,900 $284,626 $381,583 $313,225 $291,334 (1) Total Assets Beginning $988,847 $1,421,867 $1,655,675 $1,902,832 $2,249,994 $2,315,269
Slide 25: Appendix: Net Debt To Total Capitalization – 6/30/26
Appendix: Net Debt To Total Capitalization – 6/30/26 Dollars in thousands Total capitalization Homebuilding capitalization (1) Less: Cash and Less: Cash and Gross Net Gross Net cash equivalents cash equivalents Borrowings on lines of credit, net -$2,152 -$2,152 Senior unsecured notes, net $237,164 $