Green Brick Partners, Inc. · NYSE:GRBK
Green Brick Partners — Q1 2026 Earnings Presentation
27 slides from Green Brick Partners's earnings presentation, Apr 30, 2026
Slide 1: 2026 First Quarter Investor Presentation
Southgate Homes | Reserve at Watters| Allen, TX IN V E S TO R P R E S E N TA TIO N 2026 First Quarter
Slide 2: Forward Looking Statements
Forward Looking Statements This press release 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 ex
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., the third largest homebuilder in Dallas-Fort Worth, is a publicly traded company listed dually on the New York Stock Exchange and the NYSE Texas und
Slide 5: Company History
Company History (1) 1) See appendix for calculations. 5
Slide 6: Q1 2026 Financial Highlights
Q1 2026 Financial Highlights Q1 Residential Unit Revenues (1) ($ in millions) • Residential unit revenue of $448 $482 million, down 7.1% year over year. $448 $435 • Closings were essentially flat year over year. 2024 2025 2026 23.5% 22.5% 23.1% • ASP for Q1 closings decreased 6.9% Q1 Closings year o
Slide 7: Q1 2026 Financial Highlights
Q1 2026 Financial Highlights Q1 Homebuilding Gross Margins (1) • Homebuilding gross margins decreased 320 bps year over year 34.1% 32.1% to 28.9%, and remained the best 28.9% margins among public peers (see slide 12). 2024 2025 2026 23.5% • SG&A expense was $52.6 million, or 22.5% 23.1% Q1 SG&A 11.7
Slide 8: Q1 2026 Financial Highlights
Q1 2026 Financial Highlights Q1 Net New Home Orders • Net new home orders were down 6.2% 1,106 year over year to 1,037. 1,071 1,037 o Net new order revenue was $475 million. o Monthly absorption rate was 3.4 homes per community, down 2.9% year over year. 2024 2025 2026 23.5% 23.1% • Cancellation rat
Slide 9: Strong Land & Lot Position
Strong Land & Lot Position Lots Owned & Under Contract Total Total Total 44,254 48,828 48,734 • Total lots owned and under contract were 48,734, 11,805 11,005 with 77% owned and 23% under contract. 11,538 32,716 37,023 37,729 • In Q1, we invested approximately $89 million in land and lot acquisition
Slide 10: Industry-Leading Returns With Low Financial Leverage
Industry-Leading Returns With Low Financial Leverage Return On Equity (1) • Our land strategy has produced strong returns on equity (ROE) and returns on assets (ROA) with industry-leading 31.4% 26.8% homebuilding gross margins, as well as one 24.9% 18.3% of the lowest leverage ratios among the 13.1%
Slide 11: Q1 2026 Financial Highlights
Q1 2026 Financial Highlights Quarterly Diluted EPS • Generated diluted EPS of $1.39 on $2.50 net income of $60.9 million in Q1. $2.00 $1.50 $1.00 • Repurchased approximately 114 $0.50 thousand shares of stock for $7.2 $- 2022 2023 2024 2025 2026 million in Q1. 23.5% 22.5% 23.1% 1Q 2Q 3Q 4Q • Homebui
Slide 12: Industry-Leading Gross Margins
Industry-Leading Gross Margins Green Brick maintained the best homebuilding gross margins amongst our peers Gross Margin Percentage (Most Recently Reported Quarter) 28.9% 24.8% 24.4% 20.3% 20.0% 18.7% 18.4% 18.3% 17.8% 17.5% 15.3% 15.2% 10.1% GRBK TOL PHM DHI TMHC LGIH Peer Avg. MHO CCS MTH KBH LEN
Slide 13: Selected Financial & Operational Data – Q1 2026
Selected Financial & Operational Data – Q1 2026 Dollars in Thousands, except EPS. 1Q26 1Q25 Change New homes delivered 908 910 -0.2% Average sales price of homes delivered (1) $493 $530 -6.9% Residential unit revenue (1) $448,487 $482,149 -7.0% Net new home orders 1,037 1,106 -6.2% Net income attrib
Slide 14: Selected Balance Sheet Data - Q1 2026
Selected Balance Sheet Data - Q1 2026 Dollars in Thousands 3/31/2026 12/31/2025 Cash and cash equivalents $144,934 $154,590 Inventory owned $1,998,369 $1,941,524 Senior unsecured notes, net $237,068 $261,972 Average costs of senior unsecured notes 3.4% 3.4% Total liquidity $474,934 $519,590 Total Gr
Slide 15: Strategic Advantages
Strategic Advantages
Slide 16: Strategic Advantages
Strategic Advantages We believe our strategic advantages will continue to drive exceptional performance and returns • Operations concentrated in two of the highest Homebuilding Debt-to-Total Capital (as of 3/31/26) 48.0% single family starts markets of DFW and Atlanta, where we generated approximate
Slide 17: Business Priorities
Business Priorities Cancellation Rate (Most Recently Reported Quarter) • Balance price and pace community by community 45.6% to maximize returns. • Incrementally improve operations and cost efficiencies. 14.8% 16.0% 13.0% 14.0% • Increase the scale of Trophy; currently 35% of GRBK 11.0% 12.0% 12.1%
Slide 18: 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 Lots Delivered in 2025 To Be Delivered in 2026 18
Slide 19: Selling Communities – Atlanta
Selling Communities – Atlanta Majority of our Atlanta lots are in infill and adjacent “desirable areas” Active Selling Communities Lots Delivered in 2025 To Be Delivered in 2026 19
Slide 20: Appendix
IN V E S TO R P R E S E N TA TIO N Appendix
Slide 21: Appendix: Reclassification of Closing Cost Incentives
Appendix: Reclassification of Closing Cost Incentives As set forth in the Form 8-K filed with the SEC by the Company on April 29, 2026, the Company has determined that residential units revenue in prior periods had been incorrectly reported on a gross basis and excluded closing costs incentives, inc
Slide 22: Appendix: Reclassification of Closing Cost Incentives
Appendix: Reclassification of Closing Cost Incentives As set forth in the Form 8-K filed with the SEC by the Company on April 29, 2026, the Company has determined that residential units revenue in prior periods had been incorrectly reported on a gross basis and excluded closing costs incentives, inc
Slide 23: Appendix: Total Shareholder Returns 2016-2025
Appendix: Total Shareholder Returns 2016-2025 Source: Capital IQ and Seeking Alpha 23
Slide 24: 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 Q1 2026 Net Income Applicable To Common Shareholders $190,139 $289,025 $281,751 $378,708 $310,350 $60,227 (1) GRBK Common Equity Beginning $640,242 $826,852 $1,014,211 $1,253,101 $1,577,812 $1,811,35
Slide 25: Appendix: Net Income Return on Avg. Total Assets
Appendix: Net Income Return on Avg. Total Assets Dollars in Thousands 2021 2022 2023 2024 2025 Q1 2026 Net Income Applicable To Green Brick Partners $190,210 $291,900 $284,626 $381,583 $313,225 $60,946 (1) Total Assets Beginning $988,847 $1,421,867 $1,655,675 $1,902,832 $2,249,994 $2,534,767 Total A
Slide 26: Appendix: Net Debt-to-Capital Reconciliation
Appendix: Net Debt-to-Capital Reconciliation 26
Slide 27: Appendix: Net Debt To Total Capitalization – 3/31/26
Appendix: Net Debt To Total Capitalization – 3/31/26 Dollars in thousands Total capitalization Homebuilding capitalization (1) Less: Cash and Less: Cash and Gross cash Net Gross cash Net equivalents equivalents Borrowings on lines of credit, net -$2,253 -$2,253 Senior unsecured note, net $237,068 $2