Dream Finders Homes, Inc. · NYSE:DFH
Dream Finders Homes — Investor Presentation (July 2026)
35 slides from Dream Finders Homes's investor presentation, July 2026
Slide 1: Investor Presentation July 2026
Investor Presentation July 2026
Slide 2: Forward-Looking Statements
Forward-Looking Statements This investor presentation includes forward - looking statements regarding future events which include, but are not limited to, projected 2026 home closings and market conditions, possible or assumed future results of operations, benefits of recent acquisitions and stateme
Slide 3: The power of a national homebuilder focused on serving buyers
The power of a national homebuilder focused on serving buyers , one home at a time. Dallas/Ft. Worth Savannah Jacksonville Since our founding in 2008, Dream Finders Homes has vowed to deliver the highest possible standards in new homes. We are committed to providing exceptional Austin Houston custom
Slide 4: DFH by the Numbers
DFH by the Numbers 1H26 FY25 FY24 Total Revenues $1.84B $4.37B $4.45B Home Closings 2,290 8,608 8,583 ASP (Homes closed) $442,478 $477,917 $509,249 Controlled Lot Pipeline 54,091 1 63,121 2 54,698 3 TTM Return on Participating Equity 9.6% 1 15.3% 2 29.7% 3 Backlog of Sold Homes 2,319 1 1,839 2 2,599
Slide 5: 2026 Outlook
2026 Outlook Dream Finders Homes expects approximately 9,250 home closings for the full year 2026. As of June 30, 2026, the Company backlog was 2,319 homes, valued at $1.15 billion. This statement reflect Dream Finders Homes’ current views with respect to future events and is subject to various risk
Slide 6: Investment Highlights
Investment Highlights A unique land - light and capital - efficient operating 1 platform 2 Attractive gross margins Invested in high - growth markets with low cost of living 3 and solid interstate migration 4 Diversified product mix spanning attainable and move - up segments Demonstrated ability to
Slide 7: Land-Light Differentiator
Land-Light Differentiator The basics of DFH’s trademark land - light business model Purchase lots as close to the start of a home as possible Critical Driver to High Return on Equity in A nimbler approach, adjusting quickly before potential market the Long -Term corrections De - Risks Balance Sheet
Slide 8: Land-Light: Operating Platform Relationships
Land-Light: Operating Platform Relationships Traditional Third -Party Lot Purchase Contracts and Land Bank Option Contracts Traditional Third - Party Lot Developer Purchase Contract Third - Party Land Bank Option Contract • Lots are controlled through non - refundable purchase contracts with third -
Slide 9: Results of Land-Light Model
Results of Land-Light Model Second Quarter 2026 Return on Participating Equity 9.6% Uniquely Land - Light & Finished lots are acquired Capital - Efficient through option contracts High - Growth Markets with 74% of all U.S. migration is into Low Cost of Living 1 states in which DFH operates +40% CAGR
Slide 10: US Builder Rankings
US Builder Rankings Home closings have supported the Company’s ascension in the rankings #12 #11 #13 #14 #17 #24 #14 #14 #14 #15 #29 #18 #27 #36 #35 #38 #48 #52 #54 #55 #82 #91 #89 #103 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 Closings HB Revenue 10 Source: Company provided inform
Slide 11: Homebuilder with Runway for Continued Growth
Homebuilder with Runway for Continued Growth Consistent closing growth in the number of home closings since 2009 23% CAGR Total Closings 40% CAGR since first full year of operations (2009) 8,583 8,608 8,611 7,314 6,878 4,874 46% CAGR 3,154 2,048 1,408 979 1,111 447 2015 2016 2017 2018 2019 2020 2021
Slide 12: Impressive Track Record of Revenue Growth
Impressive Track Record of Revenue Growth Balanced Growth Through Organic Expansion And Strategic Homebuilder Acquisitions Tampa, FL, Liberty Southeast, FL Communities Total Revenue ($ in millions) Southwest, FL Phoenix, AZ & Strategic Homebuilder Acquisitions & Green River Crescent Homes Builders O
Slide 13: Improvement in Adjusted Gross Margin
Improvement in Adjusted Gross Margin 110bps improvement in trailing 12 - months (TTM) Adjusted Gross Margins since 2Q 2022 TTM Ad j usted Gross Margins 1 27.2% 27.6% 27.5% 27.3% 27.0% 27.3% 27.0% 26.8% 26.5% 25.8% 25.7% 24.6% 24.6% 25.0% 24.4% 23.3% 23.9% 2Q 2022 3Q 2022 4Q 2022 1Q 2023 2Q 2023 3Q 2
Slide 14: Case Study: Net Margins of Land-Light Builders
Case Study: Net Margins of Land-Light Builders Margins of a similar land - light homebuilder (NVR, Inc.) versus homebuilding peers since 2006 15% • Similar to DFH, NVR utilizes a 100% land - light structure. NVR 5% maintained profitability throughout every year of the 2006 2007 2008 2009 2010 2011 2
Slide 15: Composition of Gross Margin
Composition of Gross Margin Dream Finders Homes includes commission expense in its gross margin calculations unlike most of its peers For the six months ended June 30, 2025 For the six months ended June 30, 2026 +0.1% 26.8% +4.7% +0.1% 24.2% Interest +5.6% expense Purchase +4.2% Accounting Adjustmen
Slide 16: Return on Participating Equity
Return on Participating Equity DFH vs Homebuilder Peer Average DFH Homebuilder Peer Average 1 60% 49.1% 50% 46.0% 42.2% 38.9% 40% 36.3% 34.9% 33.5% 30.4% 29.7% 27.9% 28.5% 30% 25.7% 23.2% 25.0% 21.0% 22.0% 19.3% 19.1% 19.3% 19.0% 18.9% 17.6% 20% 15.8% 15.3% 14.3% 12.0% 9.6% 12.5% 10% 12.2% 0% 4Q22 1
Slide 17: Inventory Turnover
Inventory Turnover (LTM as of each period end) DFH Homebuilder Peer Average 1 2.3 x 2.2 x 2.1 x 2.1 x 2.1 x 2.0 x 2.0 x 1.9 x 1.9 x 1.9 x 1.8 x 1.8 x 1.8 x 1.5 x 1.5 x 1.3 x 1.3 x 1.2 x 1.2 x 1.2 x 1.2 x 1.2 x 1.2 x 1.2 x 1.2 x 1.2 x 1.2 x 1.1 x 1.1 x 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q2
Slide 18: Capital Structure
Capital Structure Homebuilding Net Debt to Debt Maturities Homebuilding Net Capitalization $1,400 50.0% 47.3% 46.5% $1,200 44.5% 45.6% 44.7% 45.0% 42.7% $1,000 39.9% 40.4% 38.8% 41.8% 40.0% ($m) in Debt Funding $800 $1,240 34.5% 35.0% 33.7% $600 30.0% $400 $200 25.0% $300 $300 23.3% $235 $- 20.0% 20
Slide 19: Our Entry-Level and Move-Up Products
Our Entry-Level and Move-Up Products Committed to delivering the highest standard in new home construction by offering superior building products, personalization, one - on - one customer service and the best value at any price point Dream Series Designer Series Platinum Series Target Customer Entry
Slide 20: Demonstrated Ability to Expand into High-Growth, Low-Cost Markets
Demonstrated Ability to Comparison of DFH Markets to Expand into High-Growth, National Averages Low-Cost Markets DFH Markets (Only DFH Markets U.S. 1 includes vs U.S. DFH MSA’s) Average Annual Population 1.1% 0.6% 0.5% Growth 2020 – 2025 DC Metro Average Annual Colorado Nashville Home Price Charlott
Slide 21: Invested in Markets with Strong Migration
Invested in Markets with Dream Finders Migration Capture Rate Strong Migration 74% of total U.S. migration is into Total Population Migration Across the U.S. (2010 - 2025) states where DFH operates Total migration for states with 812k total positive migration (2010 - 2025) 101k 119k 57k 4.9 Million
Slide 22: Capital Allocation Framework
Capital Allocation Framework Maximize shareholder value through efficient sourcing and usage of cash Q2 2026 Funding Profile Capital Allocation Strategy 1 Funding Uses 1 Funding Sources Syndicated Line of Total Available Liquidity Future Earnings Credit (LOC) $604 1 $1,400m 2 Committed available fun
Slide 23: Expansion Through Organic Growth & Targeted Acquisitions
Expansion Through Organic Growth & Targeted Acquisitions External Growth Case Studies Expansion Criteria • High population growth • Strong job creation January 2025 and May • Affordable markets Closed October 2020 October 2021 February 2024 2025 North & South Greenville, Charleston Markets Texas Atl
Slide 24: Financial Services Business Lines
Financial Services Business Lines Tackling consumer affordability while building scale and achieving diversification Financial Services Companies Total Revenue Growth Pre - tax Income Growth Title Insurance Title Insurance Customer Insurance Function Mortgage Banking Agency Underwriter Agency 38.7 2
Slide 25: Our Team & Culture
Our Team & Culture A strong focus on alignment of interests among employees, the Company and shareholders We empower employees by: • Giving them the ability to earn above - market compensation by producing above - market results • Supporting meritocracy and the right incentive structures to drive ou
Slide 26: Executive Leadership
Executive Leadership Aligned with shareowners Patrick Zalupski Anabel Ramsay Clint Szubinski President, Chief Executive Officer Senior Vice President Chief Operating Officer & Chairman of the Board of Directors & Chief Financial Officer Mr. Zalupski, age 45, is the Founder, President and Chief Execu
Slide 27: Appendix
Build On Your Lot - New Braunfels, TX Appendix 27
Slide 28: Key Financial Metrics
Key Financial Metrics Metrics 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 Homebuilding Revenues $970M $1,100M $917M $1,158 $837 $1,007 Pre -Tax Income $71M $74M $61M $78M $19M $37M Net Income attributable to DFH $55M $57M $47M $56M $13M $28M Active Community Count 258 271 283 313 332 1 353 (Ending) Home Closings
Slide 29: Segment Reporting
Segment Reporting As a result of our continued growth and strategy to maintain agility, the management of our homebuilding operations changed f rom a divisional level to a regional level. We have updated our reporting to align with this change in view and there are now four segments (Midwest , Mid -
Slide 30: Our Product
Our Product 30
Slide 31: Signature Design Center Experience
Signature Design Center Experience • Custom interior selections include curated design packages and personalized design center consultations tailored by product series • Jacksonville, FL 5,000 sq. ft. design center supports high -volume buyer selections with a comprehensive portfolio of over 1,000+
Slide 32: Modern, Open-Concept Floor Plans
Modern, Open - Concept Floor Plans • Makes entertaining enjoyable • Increases real estate value • Provides shared light • Creates better flow • Makes the home feel larger • Gives the home a modern feel • Highlights kitchen as the focal point • Creates a connection to outdoor space • Improves energy
Slide 33: Quality Finishes at Every Price Point
Quality Finishes at Every Price Point Customers at every price point have an opportunity to select unique design finishes to add a personal touch to their home Entry - Level Move - Up Luxury Active Adult Old Glory Walk, Jacksonville, FL Headwaters, Dripping Springs, TX Two Three Seven Sawmill Landin
Slide 34: National Marketing Campaign
• Awarded by Builder Magazine (Zonda) • Awarded for Excellence, Innovation & Growth • National Marketing Campaign • Strengthen Brand Recognition • Boost Realtor & Customer Trust • Drive Lead Conversions • Enhance Employee Engagement 34
Slide 35: Contact
Contact Anabel Ramsay Chief Financial Officer investors@dreamfindershomes.com 14701 Philips Highway, Suite 300 Jacksonville, FL 32256 Andrew Brown Treasurer investors@dreamfindershomes.com 14701 Philips Highway, Suite 300 Jacksonville, FL 32256 www.DreamFindersHomes.com 14701 Philips Highway, Suite
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