Meritage Homes Corporation · NYSE:MTH
Meritage Homes — Q3 2026 Earnings Presentation
13 slides from Meritage Homes's earnings presentation, Oct 29, 2026
Slide 1: Third Quarter 2026 Analyst Conference Call
THIRD QUARTER 2026 ANALYST CONFERENCE CALL OCTOBER 29, 2026
Slide 2: Safe Harbor
Safe Harbor The information included in this presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements include expectations about the housing market in general and the strength of our balance sheet. Such statements ar
Slide 3: Speakers
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
Slide 4: Average Absorption of 3.0 NSPM Despite Market Headwinds
3Q26 Average Absorption of 3.0 NSPM Despite Market Headwinds Net Orders & Y/Y % Ending & Average Community Count 3Q26 Takeaways 4% -5% -9% • In this tough housing 3,636 -2% 3,664 environment, achieved 3.0 net 3,575 -15% sales per month in 3Q26 due to 3,224 3,083 323.0 335.0 340.5 342.5 344.0 our dif
Slide 5: Tougher Selling Conditions Partially Offset By Community Count Growth Across All Markets
Tougher Selling Conditions Partially Offset By Community Count Growth Across All Markets West Region Central Region East Region Total Average Communities 90.5 101.5 152.0 344.0 Average Communities Y/Y(%) 6% 12% 3% 7% Absorption per month 2.6 3.7 2.7 3.0 Absorption per month Y/Y(%) (24)% (21)% (21)%
Slide 6: Remaining Agile Managing Starts And Total Specs To Align With Changing Market Conditions
Remaining Agile Managing Starts And Total Specs To Align With Changing Market Conditions Spec Starts Total Specs and Ending Backlog & % of Specs Completed 6000 5000 8,054 3,929 7,006 6,790 7,065 6,599 4000 3,442 1,699 3,072 1,168 1,611 Ending Backlog 2,694 1,865 1,715 3000 2,524 Total Specs 6,355 20
Slide 7: 3Q26 Financial Performance
3Q26 Financial Performance ($ Millions 3Q26 3Q25 % Chg YTD2026 YTD2025 % Chg except EPS & ASP) Home closings 3,187 3,685 (14)% 9,879 11,271 (12)% 3Q26 Highlights: ASP (closings) $365K $380K (4)% $370K $387K (4)% • Decline in ASP from higher incentives and Home closing revenue $1,162 $1,399 (17)% $3,
Slide 8: Capital Structure and Capital Spend Activities
3Q26 Capital Structure and Capital Spend Activities Capital Structure – Non-GAAP Reconciliation 3Q26 Capital Allocation Spend ($ Millions) Sept. 30, 2026 Dec. 31, 2025 Cash Dividends Notes payable & other borrowings $1,852 $1,829 8% Stockholders’ equity $5,044 $5,196 Share Repurchase Total capital $
Slide 9: Land & Development Investment
3Q26 Land & Development Investment Lots Detail Land Acquisition & Development Spend* ($ Millions) 3Q26 3Q25 $509 $528 Total lots controlled 71,765 80,836 $416 $326 $357 $329 $275 $264 Supply of lots (years) 5.3 5.3 $268 $185 $221 $196 $234 $264 - Owned 69% 69% $148 $141 $136 $134 2Q25 3Q25 4Q25 1Q26
Slide 10: Key Takeaways
3Q26 Key Takeaways • Despite a challenging housing market, we maintained an average absorption pace of 3.0 net sales per month • We balanced pace and price and leveraged our broker relationships that continue to position us competitively against both builders and resale sellers • We remain disciplin
Slide 11: About Meritage
ABOUT MERITAGE 11
Slide 12: Meritage Company Overview
Meritage Company Overview Affordable spec builder specializing in entry-level and first move-up homes Top five U.S. public homebuilder Delivered over 220,000 homes in its 41-year history Diversified geographic footprint with 25 markets in 12 states 12
Slide 13: Meritage Key Strategies
Meritage Key Strategies Spec strategy Go-to market strategy • Start all homes prior to releasing • 60-day closing ready guarantee them for sale • Move-in ready inventory • Realtor engagement Streamlined operations Focused on affordability • Cost savings from national • Deliver affordable entry-level