Meritage Homes : Earnings Presentation Q1 2026

About this update from Meritage Homes Corporation

FIRST QUARTER 2026 ANALYST CONFERENCE CALL APRIL 23, 2026 Speakers Steven J. Hilton - Executive Chairman Phillippe Lord - Chief Executive Officer Hilla Sferruzza - EVP & Chief Financial Officer Emily Tadano - VP of Investor Relations and External Communications 3 334 345 340.5 312 323.0 301.0 Ending Average 1Q26 4Q25 3Q25 2Q25 1Q25 291.0 335.0 Ending & Average Community Count 290 336 Net Sales Orders Down 5% Year-over-year Grew ending community count 19% year-over-year to a company record 345 communities at March 31, 2026 1Q26 backlog conversion rate was 254% with nearly 70% of deliveries from intra-quarter orders, reflecting the benefit of our 60-day closing ready guarantee 1Q26 net orders were down 5% year-over-year in a tougher selling environment 1Q26 Takeaways Net Orders & Y/Y % -3% 3,876 3% 3,914 4% 3,636 -2% -5% 3,664 3,224 1Q25 2Q25 3Q25 4Q25 1Q26 Average Absorption Pace & Y/Y % -10% 4.4 -4% 4.3 -7% 3.8 -18% -18% 3.6 3.2 1Q25 2Q25 3Q25 4Q25 1Q26 Backlog Conversion Rate 254% 221% 208% 211% 221% 1Q25 2Q25 3Q25 4Q25 1Q26 4 Diversity in Performance Across the Regions in Today's Operating Environment West Region Central Region East Region Total Average Communities 85.5 109.5 145.5 340.5 Average Communities Y/Y(%) (3)% 27% 24% 17% Absorption per month 3.5 4.0 3.3 3.6 Absorption per month Y/Y(%) (15)% (25)% (18)% (18)% Orders 898 1,316 1,450 3,664 Orders Y/Y(%) (18)% (4)% 2% (5)% ASP on Orders $495K $348K $344K $382K ASP on Orders Y/Y(%) 0% (3)% (8)% (5)% Order Value Y/Y(%) (18)% (7)% (6)% (10)% The data above relates to our three reportable homebuilding segments which include: West: Arizona, California, Colorado, and Utah Central: Tennessee and Texas East: Alabama, Florida, Georgia, Mississippi, North Carolina, and South Carolina 5 Our Available Supply of Quick Turning Move-In Ready Homes Is Our Competitive Advantage Spec Starts Total Specs and Ending Backlog & % of Specs Completed 4,083 3,601 3,072 2,694 2,524 6,758 39% 2,004 8,762 8,671 1,748 8,054 4,734 46% 1,865 6,355 47% 1,699 7,006 6,599 1,168 Ending Backlog Total Specs 5,838 50% 6,923 38% 1Q25 2Q25 3Q25 4Q25 1Q26 1Q25 2Q25 3Q25 4Q25 1Q26 Average Specs Per Community 23.3 22.2 19.0 17.4 13.7 Takeaways 13.7 specs per community for 1Q26 is our lowest level since 2022 and aligns with the accelerated cycle times and slower sales environment Our completed specs comprised 46% of total...

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