Green Brick Partners, Inc. · NYSE:GRBK
Green Brick Partners — Q3 2025 Earnings Presentation
22 slides from Green Brick Partners's earnings presentation, Oct 30, 2025
Slide 1: 2025 Third 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 2025 Third Quarter
Slide 2: Forward Looking Statements
Forward Looking Statements This presentation contains “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 expressions concerning m
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: Q3 2025 Financial Highlights
Q3 2025 Financial Highlights Q3 Home Closings Revenues, 2022-2025 ($ in millions) • Home closings revenue of $499 $523 million, down 4.6% year over year. $416 $499 $395 • Closings were relatively unchanged 3Q22 3Q23 3Q24 3Q25 year over year (second highest 22.5% 23.1% Q3 23.5% behind 2024). Q3 Closi
Slide 5: Q3 2025 Financial Highlights
Q3 2025 Financial Highlights Q3 Homebuilding Gross Margins, 2022-2025 • Homebuilding gross margins decreased 160 bps year over year 32.4% 33.3% 32.7% 31.1% to 31.1%, our 10 th consecutive quarter > 30% and remained the best margins among public peers 3Q22 3Q23 3Q24 3Q25 (see slide 10). 23.5% 22.5% 2
Slide 6: Q3 2025 Financial Highlights
Q3 2025 Financial Highlights Q3 Net New Home Orders, 2022-2025 • Net new home orders increased 2.4% year 898 over year to 898, a record for any third 788 877 quarter. 404 o Net new order revenue was $448 million, down 1.3% year over year. 3Q22 3Q23 3Q24 3Q25 o Incentives of 8.9% were up from 6.1% la
Slide 7: Strong Land & Lot Position
Strong Land & Lot Position Lots Owned & Controlled, 2022-2025 Total Total 41,186 • Total lots owned and controlled Total Total 37,831 4,487 28,681 5,115 increased 11% year over year to 41,186, 25,527 4,880 4,046 with 89% owned on our balance sheet. 32,716 36,699 21,481 23,801 2022 2023 2024 3Q25 • Y
Slide 8: Industry-Leading Returns With Low Financial Leverage
Industry-Leading Returns With Low Financial Leverage Return On Equity, 2021-2025 (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 25.9% 24.9% 18.6% one of the lowest leverage ratio
Slide 9: Q3 2025 Financial Highlights
Q3 2025 Financial Highlights Quarterly Diluted EPS • Generated diluted EPS of $1.77 on $2.50 net income of $77.9 million in Q3. $2.00 $1.50 $1.00 • Repurchased approximately 1 million $0.50 shares of stock for $60 million YTD $- through the end of September. 2021 2022 2023 2024 2025 23.5% 22.5% 23.1
Slide 10: 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) 31.1% 26.2% 25.6% 22.1% 21.5% 20.6% 20.2% 20.0% 19.1% 18.2% 17.9% 17.5% 13.8% GRBK PHM TOL TMHC MHO TPH Peer Avg. DHI MTH KBH CCS LEN H
Slide 11: Selected Financial & Operational Data – Q3 2025
Selected Financial & Operational Data – Q3 2025 3Q25 3Q24 Change Net new home orders 898 877 2.4% Starts 951 1057 -10.0% New homes delivered 953 956 -0.3% Backlog $465,589 $581,848 -20.0% Units under construction 2,202 2,330 -5.5% Average sales price of homes delivered $524 $547 -4.2% Residential un
Slide 12: Q3 2025 Selected Balance Sheet Data
Q3 2025 Selected Balance Sheet Data 9/30/25 12/31/2024 Cash and cash equivalents ($ in million) $142 $142 Inventory owned ($ in million) $1,932 $1,771 Senior unsecured notes, net ($ in million) $262 $299 Average costs of senior unsecured notes 3.4% 3.4% Total liquidity ($ in million) $457 $482 Total
Slide 13: Strategic Advantages
Strategic Advantages
Slide 14: 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 9/30/25) single family starts markets of DFW and Atlanta, 50.0% where we generated approximate
Slide 15: Business Priorities
Business Priorities Cancellation Rate (Most Recently Reported Quarter) • Balance price and pace community by community to maximize returns. 20% 19% 17% 15% 16% 14% • Incrementally improve operations and cost 12% 14% 12% efficiencies. 11% 7% 8% • Increase the scale of Trophy; currently 37% of GRBK Q3
Slide 16: 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 16
Slide 17: 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 17
Slide 18: Appendix
IN V E S TO R P R E S E N TA TIO N Appendix
Slide 19: Appendix: Net Debt To Total Capitalization – 9/30/25
Appendix: Net Debt To Total Capitalization – 9/30/25 Total capitalization Homebuilding capitalization Gross Less: Cash and Net Gross Less: Cash and Net cash cash equivalents equivalents Total debt, net of debt issuance costs $339,501 $142,426 $197,075 $324,944 $135,391 $189,553 Total Green Brick Par
Slide 20: Appendix: Net Income Return on Avg. GAAP Common Equity
Appendix: Net Income Return on Avg. GAAP Common Equity YTD 25 (1) Dollars in Thousands 2021 2022 2023 2024 Annualized Net Income Applicable To Common Shareholders $190,139 $289,025 $281,751 $378,708 $310,272 Return on Equity(1) GRBK Common Equity Beginning $640,242 $826,852 $1,014,211 $1,253,101 $1,
Slide 21: Appendix: Net Income Return on Avg. Total Assets
Appendix: Net Income Return on Avg. Total Assets YTD 25 (1) Dollars in Thousands 2021 2022 2023 2024 Annualized Net Income Applicable To Common Shareholders $190,139 $289,025 $281,751 $378,708 $310,272 Total Assets Beginning $988,847 $1,421,867 $1,655,675 $1,902,832 $2,249,994 Total Assets Ending $1
Slide 22: Appendix: Diluted EPS (Excluding The Impact From Challenger Homes in 2024)
Appendix: Diluted EPS (Excluding The Impact From Challenger Homes in 2024) (1) 22