Beazer Homes Usa, Inc. · NYSE:BZH
Beazer Homes Usa — Q4 2025 Earnings Presentation
33 slides from Beazer Homes Usa's earnings presentation, Nov 13, 2025
Slide 1: Q4 2025 Earnings Presentation
Beazer Homes USA, Inc. Q4 2025 Earnings Presentation 1 |
Slide 2: Disclaimers
Disclaimers This presentation as well as some statements by us in periodic press releases, other public disclosures and some oral statements by us to analysts, stockholders and others during presentations, are “forward- looking statements” within the meaning of the Private Securities Litigation Refo
Slide 3: Introduction
Introduction Allan P. Merrill David I. Goldberg Chairman & Chief Executive Officer Sr. Vice President & Chief Financial Officer 3 |
Slide 4: Fiscal 2025 Highlights
Fiscal 2025 Highlights Progressed on all Multi-Year Goals, improved operations and balance sheet efficiency and advanced differentiation strategy Community Count Growth • FY25 average active community count of 164, up 14% Deleveraging • Net debt / net capitalization finished below 40% Book Value Per
Slide 5: Current Operating Environment
Current Operating Environment Months of New Home Inventory Monthly Mortgage Payment as a % of Income 14.0 35% 12.0 30% 10.0 25% 8.0 20% 6.0 4.0 15% 2.0 10% Historical Average Monthly median new residential sales price of homes sold in United States published by the U.S. Census / Source: U.S. Census
Slide 6: Operational Response
Operational Response Profitability Enhancements Balance Sheet Efficiency • Rebid labor and material • Sold land for strategic costs, ~$10,000/home alignment − $63mm in FY25 savings proceeds, expect over $100mm in FY26 • Reduced headcount, $12mm run-rate savings • Increased lot option percentage 4 po
Slide 7: Uniquely Positioned to Address Affordability
Uniquely Positioned to Address Affordability Beazer Offerings Beazer Homeowner Savings(a) Mortgage Choice Program Mortgage Payment Potential savings of 3/8ths of a point when lenders compete ~$1,200 / year Zero Energy Ready Homes Energy Utility Cost Highly energy-efficient construction dramatically
Slide 8: Multi-Year Goals ("MYG")
Multi-Year Goals (“MYG”) > 200 Communities By FYE 2027 Low 30% Net Debt to Net Capitalization By FYE 2027 Double-Digit Book Value Per Share CAGR Through FYE 2027 8 |
Slide 9: MYG: Expanding Community Count
MYG: Expanding Community Count > 200 Active 200 Communities 180 Active Community Count 169 160 162 164 140 144 134 127 123 120 125 117 120 100 80 FYE21 FYE22 FYE23 FYE24 FYE25 FYE26 FYE27 Community Count - Average Community Count - Period-End 9 |
Slide 10: MYG: Deleveraging Balance Sheet
MYG: Deleveraging Balance Sheet 60% 52.7% 50% 45.0% Accelerated deleveraging in FY26 40% 40.0% 39.5% 36.4% Low 30%’s Net Debt / Net Cap 30% 20% FYE21 FYE22 FYE23 FYE24 FYE25 FYE26 FYE27 Net Debt to Net Capitalization See “Non-GAAP Net Debt to Net Capitalization Reconciliation” in the appendix 10 |
Slide 11: MYG: Generating Double-Digit BV/Share CAGR
MYG: Generating Double-Digit BV/Share CAGR $60 Mid $50’s Book Value Per Share $50 $42.57 $40.05 $40 $35.53 Book Value per Share $30.53 $30 $23.48 $20 $10 $- FYE21 FYE22 FYE23 FYE24 FYE25 FYE26 FYE27 Homebuilding Assets DTA Quarterly diluted weighted-average shares outstanding at period-end used for
Slide 12: Q4 Results
Q4 Results Results Q4 FY25 YoY Change New Home Orders 999 (2.9%) Sales Pace 2.0 (10.7%) Active Community Count, Avg 166 8.7% Homebuilding Revenue ($mm) $750.8 (4.2%) Closings 1,406 (6.0%) Average Selling Price ($k) $534.0 1.9% HB Gross Margin %(a) 17.2% (320 bps) SG&A as % of Total Revenue 9.6% (10
Slide 13: Q1 Expectations
Q1 Expectations Metric Expectations New Home Orders ~900 Active Community Count, Ending ~170 Closings ~800 Average Selling Price ~$515k Adjusted HB Gross Margin %(a) ~16% SG&A Total $ Flat YoY Adjusted EBITDA Breakeven to $5mm Interest Amort. as % of HB Revenue ~3% Income Tax Benefit ~$2mm Diluted E
Slide 14: Goals for Fiscal 2026
Goals for Fiscal 2026 5 − 10% Closings Increase: Community Count Growth & Improved Sales Pace 1 Cost rebid benefits 2 Positive mix toward higher ASP and ASP & Gross Margin Improvements lower incentive communities 3 Strong performance from new communities SG&A % of Total Revenue Down YoY Adjusted EBI
Slide 15: Liquidity and Capitalization
Liquidity and Capitalization $ in millions $600 Total liquidity ~$540 million, Net Debt / Net Cap(a) 39.5% up ~$35 million versus 9/30/24 $500 $400 $324 $300 $4 $200 $357 $350 $250 $100 $215 $78 $- Unrestricted Cash Restricted Cash - Escrow Undrawn Revolver Senior Unsecured Debt Junior Debt - Net of
Slide 16: Land Spend and Lot Position
Land Spend and Lot Position 75% 50 62% 60% 40 Ending Active Lot Balance (in thousands) 58% Option % of Active Controlled Lots 57% 55% 45% 47% 30 28 26 25 24 35% 21 30% 16 20 17 14 13 15 10 6 15% 10 11 11 11 11 12 9 0% - Q4 Q4 Q4 Q4 Q4 Q4 FY20 FY21 FY22 FY23 FY24 FY25 Active Owned Lots Option Lots Op
Slide 17: Shareholder Rights Agreement
Shareholder Rights Agreement • Critical to protect deferred tax assets, which are currently over 10% of book value and growing through June 2026 • DTAs earned through our substantial investment and commitment to building energy-efficient homes • Agreement will be presented for ratification at the An
Slide 18: Closing Comments
Closing Comments • Challenging but productive FY25 • Actions to improve profitability and balance sheet efficiency • On track to achieve all three Multi-Year Goals by FYE27 18 |
Slide 19: Appendix
Appendix 19 |
Slide 20: Q4 FY25 Results
Q4 FY25 Results $ in millions (except ASP) Q4 FY24 Q4 FY25 ∆(d) Profitability Total Revenue $ 806.2 $ 791.9 (1.8%) Adjusted EBITDA(a) $ 93.1 $ 63.8 ($29.3) Net Income - Cont. Ops. $ 52.1 $ 30.0 ($22.1) Unit Activity New Home Orders 1,029 999 (2.9%) Closings 1,496 1,406 (6.0%) Average Selling Price (
Slide 21: FY25 Results
FY25 Results $ in millions (except ASP) FY24 FY25 ∆(d) Profitability Total Revenue $ 2,330.2 $ 2,371.6 1.8% Adjusted EBITDA(a) $ 243.4 $ 157.7 ($85.7) Net Income - Cont. Ops. $ 140.2 $ 45.6 ($94.6) Unit Activity New Home Orders 4,221 3,890 (7.8%) Closings 4,450 4,427 (0.5%) Average Selling Price ($k
Slide 22: Backlog Detail
Backlog Detail Q4 FY24 Q4 FY25 Quarter Ending Backlog (units) 1,482 945 Quarter Ending Backlog ($ in millions) $ 797.2 $ 516.5 ASP in Backlog ($ in thousands) $ 537.9 $ 546.5 Quarter Beg. Backlog 1,949 1,352 Scheduled to Close in Future Qtrs. (706) (396) Backlog Scheduled to Close in the Qtr. 1,243
Slide 23: SG&A Leverage
SG&A Leverage SG&A Per Closing SG&A Leverage LTM Homebuilding % of Total Revenue $70 14% $62.8 $63.6 $60.0 $60.8 11.9% 12% 11.4% 11.5% 11.4% $60 10.9% $50 10% $40 8% $30 6% 11.0% 11.1% 9.7% 9.6% 8.9% $20 4% $10 2% $- 0% Q1 Q2 Q3 Q4 Q4 Q4 Q4 Q4 Q4 FY25 FY21 FY22 FY23 FY24 FY25 SG&A Per Closing - LTM
Slide 24: Cancellation Rates
Cancellation Rates 35% 33% 30% 25% 22% 20% 18% 16% 16% 15% 15% 12% 11% 10% 10% 5% 5% 0% Q4 FY21 Q4 FY22 Q4 FY23 Q4 FY24 Q4 FY25 Cancellation Rate Cancellation Rate (% of Backlog) (a) 24 | (a) Cancellation Rate as a % of Backlog is calculated using the quarter's beginning backlog units
Slide 25: Specs per Community
Spec Homes 1,500 20 1,154 1,125 1,078 15 827 577 887 Specs per Community Spec Homes 793 779 750 645 10 576 542 7 7 6 6 375 5 5 501 327 94 134 - 34 - Q4 FY21 Q4 FY22 Q4 FY23 Q4 FY24 Q4 FY25 Completed Under Construction Per Community 25 | Note: Spec count as of each quarter end includes Gatherings
Slide 26: Segment ASP & Margins
Segment ASP & Margins Q4 FY24 Q4 FY25 Change in Change in Q4 FY24 Q4 FY25 Change in ($ in thousands) ASP ASP ASP ($) ASP (%) Closings Closings Mix West $517.9 $508.4 ($9.5) (1.8%) 65.0% 61.9% (3.1%) East $544.0 $599.9 $55.9 10.3% 22.0% 23.8% 1.8% Southeast $519.8 $534.8 $15.0 2.9% 13.0% 14.3% 1.3% Q
Slide 27: Non-GAAP Homebuilding Gross Margin Reconciliation
Non-GAAP Homebuilding Gross Margin Reconciliation Three Months Ended September 30, 2025 Impairments & HB Gross Profit HB Gross Interest HB Gross Profit HB Gross Margin ($ in thousands) HB Gross HB Gross Abandonments excluding Margin Amortized to excluding excluding Profit Margin excluding I&A and I&
Slide 28: Non-GAAP Homebuilding Gross Margin Reconciliation
Non-GAAP Homebuilding Gross Margin Reconciliation Fiscal Year Ended September 30, 2025 Impairments & HB Gross Profit HB Gross Interest HB Gross Profit HB Gross Margin ($ in thousands) HB Gross HB Gross Abandonments excluding Margin Amortized to excluding excluding Profit Margin excluding I&A and I&A
Slide 29: Non-GAAP Adjusted EBITDA Reconciliation
Non-GAAP Adjusted EBITDA Reconciliation Three Months Ended September 30, Fiscal Year Ended September 30, 2024 2025 2024 2025 Net income (GAAP) $ 52,066 $ 30,004 $ 140,175 $ 45,588 (Benefit) expense from income taxes 8,537 (3,982) 18,910 (4,738) Interest amortized to home construction and land 23,705
Slide 30: Non-GAAP Net Debt to Net Capitalization Reconciliation
Non-GAAP Net Debt to Net Capitalization Reconciliation Fiscal Year Ended September 30, ($ in thousands) 2024 2025 Total debt (GAAP) $ 1,025,349 $ 1,029,114 Stockholders' equity (GAAP) $ 1,232,111 $ 1,248,906 Total capitalization (GAAP) $ 2,257,460 $ 2,278,020 Total debt to total capitalization ratio
Slide 31: Beazer Tax Benefits
Beazer Tax Benefits FY26(a) FY27 – FY29 Energy Building industry-leading, energy efficient homes provides tax benefits Efficiency of predominantly $5K/SFD through No new energy efficiency tax credits Credits 6/30/26 GAAP Taxes < 15% >23% & < 28% • As We Utilize Credits, Cash Taxes < GAAP Taxes Cash
Slide 32: Deferred Tax Assets
Deferred Tax Assets ($ in millions) September 30, 2024 September 30, 2025 Deferred Tax Assets $ 161.4 $ 188.2 Valuation Allowance $ (27.6) $ (35.8) Deferred Tax Liabilities $ (5.3) $ (9.8) Net Deferred Tax Assets $ 128.5 $ 142.6 Net DTA includes ~$84 million of Energy Tax Credits As of September 30,
Slide 33: We build homes and communities that inspire sustainable and healthy living.
We build homes and communities that inspire sustainable and healthy living. 33 |