Green Brick Partners, Inc. · NYSE:GRBK
Green Brick Partners — Q4 2025 Earnings Presentation
27 slides from Green Brick Partners's earnings presentation, Feb 26, 2026
Slide 1: Investor Presentation 2025 Fourth Quarter
Southgate Homes | Reserve at Watters| Allen, TX IN V E S TO R P R E S E N TA TIO N 2025 Fourth 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: Q4 2025 Financial Highlights
Q4 2025 Financial Highlights Q4 Home Closings Revenues, 2022-2025 ($ in millions) • Home closings revenue of $550 $557 $550 million, down 1.3% year over year. $429 $448 • Closings were up 1.9% year over year, a record for any fourth 22.5% quarter. 23.1% 23.5% 4Q22 4Q23 4Q24 4Q25 Q4 Closings, 2022-20
Slide 7: Q4 2025 Financial Highlights
Q4 2025 Financial Highlights Q4 Homebuilding Gross Margins, 2022-2025 • Homebuilding gross margins decreased 490 bps year over year 34.3% 31.4% to 29.4%, and remained the best 26.2% 29.4% margins among public peers (see slide 12). 4Q22 4Q23 4Q24 4Q25 23.5% • SG&A expense was $58.6 million, or 22.5%
Slide 8: Q4 2025 Financial Highlights
Q4 2025 Financial Highlights Q4 Net New Home Orders, 2022-2025 • Net new home orders were up slightly year over year to 883, a record for any 878 883 fourth quarter. 679 423 o Net new order revenue was $439 million. o Incentives of 10.2% were up from 6.4% last 4Q22 4Q23 4Q24 4Q25 year and 8.9% last
Slide 9: Strong Land & Lot Position
Strong Land & Lot Position Lots Owned & Under Contract(1) Total Total 48,828 • Total lots owned and under contract increased 10% 44,254 11,805 year over year to 48,828, with 76% owned on our 11,538 balance sheet. 32,716 37,023 2024 2025 • For 2025, we invested approximately $267 million in Lots Owne
Slide 10: 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% 25.9% 26.8% homebuilding gross margins, as well as one 24.9% 18.5% of the lowest leverage ratio
Slide 11: Q4 2025 Financial Highlights
Q4 2025 Financial Highlights Quarterly Diluted EPS • Generated diluted EPS of $1.78 on $2.50 net income of $78.4 million in Q4. $2.00 $1.50 $1.00 • Repurchased approximately 359 $0.50 thousand shares of stock for $23 $- 2021 2022 2023 2024 2025 million in Q4, bringing the full year 23.5% total to 1.
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) 29.4% 25.5% 24.7% 21.8% 20.4% 19.3% 19.3% 18.0% 17.7% 17.0% 17.0% 16.7% 16.5% 15.4% 10.7% 10.4% GRBK TOL PHM TMHC DHI TPH MHO Peer Avg.
Slide 13: Selected Financial & Operational Data – Q4 2025
Selected Financial & Operational Data – Q4 2025 4Q25 4Q24 Change New homes delivered 1,038 1,019 1.9% Average sales price of homes delivered $530 $547 -3.1% Residential units revenue $549,960 $556,855 -1.2% Net new home orders 883 878 0.6% Net income attributable to GRBK $78,365 $103,813 -24.5% Dilu
Slide 14: Q4 2025 Selected Balance Sheet Data
Q4 2025 Selected Balance Sheet Data 12/31/2025 12/31/2024 Cash and cash equivalents ($ in million) $155 $142 Inventory owned $1,941,524 $1,771,203 Senior unsecured notes, net $261,972 $299,090 Average costs of senior unsecured notes 3.4% 3.4% Total liqudity ($ in million) $520 $482 Total Green Brick
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 Homebuilding Capital Debt-to-Total Capital (as of(as of 12/31/25) 12/31/25) single family starts markets of D
Slide 17: Business Priorities
Business Priorities Cancellation Rate (Most Recently Reported Quarter) • Balance price and pace community by community 43.3% to maximize returns. • Incrementally improve operations and cost efficiencies. 17.0% 18.0% 18.3% 18.0% 15.6% 15.9% 16.6% 14.0% 14.0% 12.5% • Increase the scale of Trophy; curr
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: Total Shareholder Returns 2016-2025
Appendix: Total Shareholder Returns 2016-2025 Source: Capital IQ and Seeking Alpha 21
Slide 22: Appendix: SG&A as a % of Homebuilding Revenue – Q4 2025
Appendix: SG&A as a % of Homebuilding Revenue – Q4 2025 Total Green Brick Less: Financial Net Partners Services SG&A Expense $58,556 $3,197 $55,359 Home Closings Revenue $549,773 $549,773 SG&A as a % of Homebuilding Revenue 10.6% 10.1% 22
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 (1) Net Income Applicable To Common Shareholders $190,139 $289,025 $281,751 $378,708 $313,225 GRBK Common Equity Beginning $640,242 $826,852 $1,014,211 $1,253,101 $1,577,812 Return on Equity(1) GRBK
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 (1) Net Income Applicable To Common Shareholders $190,139 $289,025 $281,751 $378,708 $313,225 Total Assets Beginning $988,847 $1,421,867 $1,655,675 $1,902,832 $2,249,994 Total Assets Ending $1,421,867 $1,6
Slide 25: Appendix: Net Debt-to-Capital Reconciliation
Appendix: Net Debt-to-Capital Reconciliation 25
Slide 26: Appendix: Net Debt To Total Capitalization – 12/31/25
Appendix: Net Debt To Total Capitalization – 12/31/25 Dollars in Thousands Total capitalization Homebuilding capitalization Less: Cash and Less: Cash and Gross cash Net Gross cash Net equivalents equivalents Borrowings on lines of credit, net $(2,465) $0 $(2,465) $(2,465) $0 $(2,465) Senior unsecure
Slide 27: Appendix: Diluted EPS (Excluding Impact From Challenger Homes in 2024)
Appendix: Diluted EPS (Excluding The Impact From Challenger Homes in 2024) (1) Twelve Months Ended December 31, 2025 Twelve Months Ended December 31, 2024 Change (Unaudited, in thousands, except per share amounts): Pretax Net of Tax Per Share Pretax Net of Tax Per Share $ Diluted EPS $ - $ 7.07 $ -