LGI Homes : First Quarter 2026 Investor Presentation (01327c)

Published: 2026-05-04 13:33:12 ET LGIH

Published on 05/04/2026 at 01:33 pm EDT

INVESTOR PRESENTATION

First Quarter 2026

Note: Metrics compared to the first quarter ended March 31, 2025; numbers may not foot due to rounding

Includes the sale of 35 currently or previously leased homes

Gross Margin Excluding Inventory Impairment is a non-GAAP measure defined as gross margin less inventory impairment charges. See the Appendix for a reconciliation of Gross Margin Excluding Inventory Impairment to Gross Margin

Adjusted Gross Margin is a non-GAAP measure defined as Gross Margin excluding Inventory Impairment, less Capitalized Interest and adjustments resulting from the application of purchase accounting included in the Cost of Sales. See the Appendix for a reconciliation of Adjusted Gross Margin to Gross Margin

Home Closings (Units) Revenue ($ millions)

$3,050

$2,368

$2,304 $2,359 $2,203

$1,838

$1,258 $1,504

$1,706$1,674

$838

$383

$630

10,442

9,339

7,690

5,845 6,512

6,621 6,729 6,131

4,788 4,708

3,404

4,163

2,356

(1)

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 LTM 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 LTM

Average Absorptions and Communities (2)

Average Absorptions

130.5

144.4 142.6

111.9 104.4

95.8

91.9

103.9

73.1

80.6

47.1

57.9

32.3

6.1 6.0 6.0 6.7 6.7 6.7 7.0 8.3 6.0 5.4 3.8 2.7 2.7

Average Sales Price ($ thousands)

$348 $351 $365 $364 $366

$292

$201

$215

$231

$239

$254

$163 $185

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 LTM 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 LTM

Note: LTM as of March 31, 2026

Includes the sale of currently or previously leased homes

Absorptions per Community per Month; includes wholesale closings

Gross Margin Percentage (1) (2) Adjusted Gross Margin Percentage (2) (3)

26.8% 26.5% 26.4% 25.5% 25.3%

23.7%

25.5% 26.8% 28.1%

23.0% 24.2%

20.7% 20.3%

28.2% 27.8% 27.8% 26.9% 27.0% 25.8% 27.4% 28.2% 29.2%

24.7%

26.3%

24.0% 24.0%

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 LTM

Pre-Tax Net Income Percentage (2) Net Income Percentage (2) (4)

15.5%

11.2%

12.7% 13.6% 13.6% 13.2% 12.6%

11.1%

11.8%

5.8% 5.8%

17.8% 18.1%

13.7% 14.1% 14.2%

7.4%

8.4%

9.0% 9.0%

10.3% 9.7%

8.4%

8.9%

4.3% 4.2%

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 LTM

Note: LTM as of March 31, 2026

Gross Margin is defined as Home Sales Revenues less Cost of Sales

Calculated as a percentage of Home Sales Revenues

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 LTM

a reconciliation of Adjusted Gross Margin to Gross Margin

December 31,

March 31,

($ in thousands)

2021

2022

2023

2024

2025

2026

ASSETS

Cash and Cash Equivalents

50,514

31,998

48,978

53,197

61,247

60,860

Accounts Receivable

57,909

25,143

41,319

28,717

32,467

45,011

Real Estate Inventory

2,085,904

2,898,296

3,107,648

3,387,853

3,520,563

3,540,731

Pre-Acquisition Costs and Deposits

40,702

25,031

30,354

36,049

28,950

24,970

Property and Equipment, Net

16,944

32,997

45,522

57,038

107,145

124,805

Other Assets

81,676

93,159

113,849

174,391

154,948

192,849

Deferred Tax Assets, Net

6,198

6,186

8,163

9,271

9,904

8,921

Goodwill

12,018

Total Assets

$ 2,351,865

$ 3,124,828

$ 3,407,851

$ 3,758,534

$ 3,927,242

$ 4,010,165

LIABILITIES

Accounts Payable and Other Liabilities

150,781

365,415

303,488

240,558

174,150

198,294

Total Debt (Notes Payable)

805,236

1,117,001

1,248,332

1,480,718

1,656,803

1,709,457

Total Liabilities

956,017

1,482,416

1,551,820

1,721,306

1,830,953

1,907,751

EQUITY

Common Stock

269

272

275

276

277

278

Additional Paid-In Capital

291,577

306,673

321,062

337,161

347,308

351,272

Retained Earnings

1,363,922

1,690,489

1,889,716

2,085,787

2,158,339

2,160,499

Treasury Stock, at Cost

(259,920)

(355,022)

(385,996)

(409,635)

Total Equity

1,395,848

1,642,412

1,856,031

2,037,228

2,096,289

2,102,414

Total Liabilities and Equity

$ 2,351,865

$ 3,124,828

$ 3,407,851

$ 3,758,534

$ 3,927,242

$ 4,010,164

Debt to Capital Ratio (1)

36.6%

40.5%

40.2%

42.1%

44.1%

44.8%

Net Debt to Capital Ratio (2)

35.1%

39.8%

39.3%

41.2%

43.2%

44.0%

Debt to Capital Ratio is defined as Total Debt (Notes Payable) divided by Total Debt (Notes Payable) plus Total Equity

Net Debt to Capital Ratio is a non-GAAP measure defined as Net Debt (which is Total Debt (Notes Payable) less Cash and Cash Equivalents) divided by Net Debt plus Total Equity. See the Appendix for a reconciliation of Net Debt to

Capital Ratio to Debt to Capital Ratio

Total Lot Inventory (Units) (1)

13.3%

59,028

Owned 86.7%

FOCUS ON THE FUTURE

Owned Lot Inventory (Units) (1) (2)

Owned Real Estate Inventory ($ Value) (1) (3)

28.8%

Total Lots

57.9%

51,193

Owned Lots

4.4%

2.6%

26.2%

66.7%

$3.5 Billion

9.1%

17.8%

73.1%

Raw or Under Development

Total Owned and Controlled Lots Over Time

67,792

64,756

62,564

60,842

59,028

51,193

51,890

53,148

53,555

53,761

7,835

8,952

9,416

11,201

14,031

Total Real Estate Inventory by Reportable Segment (1)

LTM Home

Closings

Owned

Lots(2)

Controlled

Lots

Total

Lots

Central

1,306

18,696

326

19,022

Southeast

1,338

12,962

1,700

14,662

Northwest

385

5,799

1,314

7,113

West

892

8,610

3,286

11,896

Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 (1)

Note: Some numbers may not foot due to rounding

As of March 31, 2026

Of the 51,193 owned lots as of March 31, 2026, 34,168 were raw/under development lots and 13,404 were finished vacant lots

Excludes real estate not owned of $4.2 million

Florida

649

5,126

1,209

6,335

Total

4,570

51,193

7,835

59,028

APPENDIX

QUARTERS ENDED MARCH 31ST

Q1 2014 Q1 2015 Q1 2016 Q1 2017 Q1 2018 Q1 2019 Q1 2020 Q1 2021 Q1 2022 Q1 2023 Q1 2024 Q1 2025 Q1 2026

Home Closings

485

671

844

761

1,244

1,228

1,835

2,561

1,599

1,366

1,083

996

881

Average Active Communities

27.3

42.7

55.0

66.3

77.0

84.3

108.7

106.3

89.0

97.7

116.7

148.0

140.7

Avg. Monthly Absorption Rate

5.9

5.2

5.1

3.8

5.4

4.9

5.6

8.0

6.0

4.7

3.1

2.2

2.1

Average Sales Price

$156,534

$179,866

$192,492

$214,075

$224,296

$234,197

$247,808

$275,655

$341,495

$356,777

$360,897

$352,831

$362,924

Home Sales Revenues ($M)

$75.9

$120.7

$162.5

$162.9

$279.0

$287.6

$454.7

$706.0

$546.1

$487.4

$390.9

$351.4

$319.7

Gross Margin %

25.7%

26.1%

25.5%

26.7%

24.8%

23.1%

23.4%

26.9%

29.0%

20.3%

23.4%

21.0%

18.7%

Adjusted Gross Margin % (1)

27.5%

27.8%

26.7%

28.0%

26.4%

25.1%

25.5%

28.5%

30.3%

22.1%

25.3%

23.6%

23.4%

SG&A %

16.4%

14.8%

16.8%

13.8%

15.7%

11.6%

9.6%

11.5%

14.9%

18.6%

20.9%

18.9%

Pre-Tax Net Income ($M)

$7.1

$11.7

$17.8

$16.8

$31.2

$21.7

$54.9

$123.3

$99.6

$32.3

$23.1

$5.7

$4.3

Pre-Tax Net Income %

9.3%

9.7%

11.0%

10.3%

11.2%

7.5%

12.1%

17.5%

18.2%

6.6%

5.9%

1.6%

1.4%

Effective Tax Rate %

35.0%

34.3%

34.4%

30.1%

12.6%

15.5%

22.0%

19.2%

21.0%

16.7%

26.2%

30.2%

50.0%

Net Income ($M)

$4.6

$7.7

$11.7

$11.8

$27.3

$18.3

$42.8

$99.7

$78.7

$27.0

$17.1

$4.0

$2.2

Net Income %

6.1%

6.4%

7.2%

9.8%

6.4%

9.4%

14.1%

14.4%

5.5%

4.4%

1.1%

0.7%

Basic Earnings per Share

$0.22

$0.39

$0.58

$0.55

$1.23

$0.81

$1.69

$3.99

$3.30

$1.15

$0.72

$0.17

$0.09

Diluted Earnings per Share

$0.22

$0.33

$0.57

$0.52

$1.10

$0.73

$1.67

$3.95

$3.25

$1.14

$0.72

$0.17

$0.09

FISCAL YEARS ENDED DECEMBER 31ST & LAST TWELVE MONTHS ENDED MARCH 31, 2026

FY 2014

FY 2015

FY 2016

FY 2017

FY 2018

FY 2019

FY 2020

FY 2021

FY 2022

FY 2023

FY 2024

FY 2025

LTM (1)

Home Closings

2,356

3,404

4,163

5,845

6,512

7,690

9,339

10,442

6,621

6,729

6,028

4,685

4,570

Average Active Communities

32.3

47.1

57.9

73.1

80.6

95.8

111.9

104.4

91.9

103.9

130.5

144.4

142.6

Avg. Monthly Absorption Rate

6.1

6.0

6.7

7.0

8.3

6.0

5.4

3.8

2.7

Average Sales Price

$162,677

$185,146

$201,374

$215,220

$231,020

$239,032

$253,553

$292,104

$348,052

$350,510

$365,394

$364,035

$366,263

Home Sales Revenues ($M)

$383.3

$630.2

$838.3

$1,258.0

$1,504.4

$1,838.2

$2,367.9

$3,050.1

$2,304.5

$2,358.6

$2,202.6

$1,705.5

$1,673.8

Gross Margin %

26.8%

26.5%

26.4%

25.5%

25.3%

23.7%

25.5%

26.8%

28.1%

23.0%

24.2%

20.7%

20.3%

Adjusted Gross Margin % (2)

28.2%

27.8%

26.9%

27.0%

25.8%

27.4%

28.2%

29.2%

24.7%

26.3%

24.0%

SG&A %

15.8%

13.8%

13.1%

12.0%

11.4%

10.1%

8.9%

11.1%

13.1%

14.6%

16.1%

15.6%

Pre-Tax Net Income ($M)

$43.1

$80.3

$113.7

$171.4

$199.1

$231.8

$367.8

$542.8

$418.1

$261.8

$258.9

$98.5

$97.1

Pre-Tax Net Income %

11.2%

12.7%

13.6%

13.2%

12.6%

15.5%

17.8%

18.1%

11.1%

11.8%

5.8%

Effective Tax Rate %

34.5%

34.2%

34.0%

33.9%

22.0%

23.0%

11.9%

20.8%

21.9%

23.9%

24.3%

26.3%

27.2%

Net Income ($M)

$28.2

$52.8

$75.0

$113.3

$155.3

$178.6

$323.9

$429.6

$326.6

$199.2

$196.1

$72.6

$70.7

Net Income %

7.4%

8.4%

9.0%

10.3%

9.7%

13.7%

14.1%

14.2%

8.4%

8.9%

4.3%

4.2%

Basic Earnings per Share

$1.37

$2.65

$3.61

$5.24

$6.89

$7.70

$12.89

$17.46

$13.90

$8.48

$8.33

$3.13

$3.06 (3)

Diluted Earnings per Share

$1.33

$2.44

$3.41

$4.73

$6.24

$7.02

$12.76

$17.25

$13.76

$8.42

$8.30

$3.12

$3.05 (3)

LTM as of March 31, 2026

Calculated as the sum of the prior four quarters

QUARTERS ENDED MARCH 31ST

($ in thousands)

Q1 2014

Q1 2015

Q1 2016

Q1 2017

Q1 2018

Q1 2019

Q1 2020

Q1 2021

Q1 2022

Q1 2023

Q1 2024

Q1 2025

Q1 2026

Home Sales Revenues

$75,919

$120,690

$162,463

$162,911

$279,024

$287,594

$454,727

$705,953

$546,050

$487,357

$390,851

$351,420

$319,736

Cost of Sales

56,389

89,228

121,094

119,412

209,765

221,290

348,163

516,004

387,643

388,541

299,450

277,707

259,807

Gross Margin

$19,530

$31,462

$41,369

$43,499

$69,259

$66,304

$106,564

$189,949

$158,407

$98,816

$91,401

$73,713

$59,929

Inventory Impairment

4,681

Gross Margin Excluding Inventory Impairment

$19,530

$31,462

$41,369

$43,499

$69,259

$66,304

$106,564

$189,949

$158,407

$98,816

$91,401

$73,713

$64,610

Capitalized Interest Charged to Cost of Sales

277

1,062

1,782

2,075

4,312

5,394

8,930

10,672

4,513

6,757

6,601

8,267

9,976

Purchase Accounting Adjustments (1)

1,091

1,061

170

(3)

630

623

812

2,282

2,036

803

809

389

Adjusted Gross Margin (Non-GAAP)

$20,898

$33,585

$43,321

$45,609

$73,568

$72,328

$116,117

$201,433

$165,202

$107,609

$98,805

$82,789

$74,975

Gross Margin % (2)

25.7%

26.1%

25.5%

26.7%

24.8%

23.1%

23.4%

26.9%

29.0%

20.3%

23.4%

21.0%

18.7%

Gross Margin % Excluding Inventory Impairment (2)

25.7%

26.1%

25.5%

26.7%

24.8%

23.1%

23.4%

26.9%

29.0%

20.3%

23.4%

21.0%

20.2%

Adjusted Gross Margin % (2)

27.5%

27.8%

26.7%

28.0%

26.4%

25.1%

25.5%

28.5%

30.3%

22.1%

25.3%

23.6%

23.4%

Adjustments result from the application of purchase accounting related to prior acquisitions and represent the amount of the fair value step-up adjustments for real estate inventory included in Cost of Sales

Calculated as a percentage of Home Sales Revenues

FISCAL YEARS ENDED DECEMBER 31ST & LAST TWELVE MONTHS ENDED MARCH 31, 2026

($ in thousands)

FY 2014

FY 2015

FY 2016 FY 2017 FY 2018 FY 2019 FY 2020 FY 2021 FY 2022 FY 2023 FY 2024 FY 2025 LTM (1)

Home Sales Revenues

$383,268

$630,236

$838,320 $1,257,960 $1,504,400 $1,838,154 $2,367,929 $3,050,149 $2,304,455 $2,358,580 $2,202,598 $1,705,504 $1,673,820

Cost of Sales

280,481

463,304

616,707

937,540

1,124,484

1,401,675

1,764,832

2,232,115

1,657,855

1,816,393

1,669,310

1,351,958

1,334,058

Gross Margin

$102,787

$166,932

$221,613

$320,420

$379,916

$436,479

$603,097

$818,034

$646,600

$542,187

$533,288

$353,546

$339,762

Inventory Impairment

6,717

11,398

Gross Margin Excluding Inventory Impairment

$102,787

$166,932

$221,613

$320,420

$379,916

$436,479

$603,097

$818,034

$646,600

$542,187

$533,288

$360,263

$351,160

Capitalized Interest Charged to Cost of Sales

1,704

6,057

10,680

17,400

24,311

35,230

40,381

37,546

20,276

33,368

42,071

45,543

47,252

Purchase Accounting Adjustments (2)

3,620

2,131

485

246

1,408

3,324

4,872

4,964

6,869

6,492

4,034

3,459

3,039

Adjusted Gross Margin (Non-GAAP)

$108,111

$175,120

$232,778

$338,066

$405,635

$475,033

$648,350

$860,544

$673,745

$582,047

$579,393

$409,265

$401,451

Gross Margin % (3)

26.8%

26.5%

26.4%

25.5%

25.3%

23.7%

25.5%

26.8%

28.1%

23.0%

24.2%

20.7%

20.3%

Gross Margin % Excluding Inventory Impairment (3)

26.8%

26.5%

26.4%

25.5%

25.3%

23.7%

25.5%

26.8%

28.1%

23.0%

24.2%

21.1%

21.0%

Adjusted Gross Margin % (3)

28.2%

27.8%

26.9%

27.0%

25.8%

27.4%

28.2%

29.2%

24.7%

26.3%

24.0%

LTM as of March 31, 2026

Calculated as a percentage of Home Sales Revenues

AS OF DECEMBER 31, AND AS OF MARCH 31, 2026

December 31,

2020

December 31,

2021

December 31,

2022

December 31,

2023

December 31,

2024

December 31,

2025

March 31,

2026

Total Debt (Notes Payable)

$ 538,398 $

805,236 $

1,117,001 $

1,248,332 $

1,480,718 $

1,656,803 $

1,709,457

Total Equity 1,139,005 1,395,848 1,642,412 1,856,031 2,037,228 2,096,289 2,102,414

Total Capital

$ 1,677,403 $ 2,201,084 $ 2,759,413 $ 3,104,363 $ 3,517,946 $ 3,753,092 $3,811,871

Debt to Capital Ratio (1) 32.1% 36.6% 40.5% 40.2% 42.1% 44.1% 44.8%

$1,709,457

1,656,803

1,480,718 $

1,248,332 $

1,117,001 $

805,236 $

538,398 $

Total Debt (Notes Payable)

Less: Cash and Cash Equivalents 35,942 50,514 31,998 48,978 53,197 61,247 60,860

$1,648,597

1,595,556

1,427,521 $

1,199,354 $

1,085,003 $

754,722 $

502,456 $

Net Debt

Total Equity 1,139,005 1,395,848 1,642,412 1,856,031 2,037,228 2,096,289 2,102,414

3,751,011

3,691,845 $

3,464,749 $

3,055,385 $

2,727,415 $

2,150,570 $

1,641,461 $

Total Net Capital

Net Debt to Capital Ratio (non-GAAP) (2) 30.6% 35.1% 39.8% 39.3% 41.2% 43.2% 44.0%

Calculated as Total Debt (Notes Payable) divided by the sum of Total Debt (Notes Payable) and Total Equity

Calculated as Net Debt (which is Total Debt (Notes Payable) less Cash and Cash Equivalents) divided by the sum of Net Debt and Total Equity

FIVE QUARTERS AND LAST TWELVE MONTHS ENDED MARCH 31ST

($ in thousands)

Q1 2025

Q2 2025

Q3 2025

Q4 2025

Q1 2026

LTM (1)

Net income

3,994

31,533

19,704

17,321

2,160

70,718

Income tax provision

1,730

10,507

6,997

6,700

2,159

26,363

Depreciation and amortization

861

1,014

1,177

1,270

1,190

4,651

Capitalized interest charged to cost of sales

8,267

11,836

11,004

14,436

9,976

47,252

EBITDA

14,852

54,890

38,882

39,727

15,485

148,984

Inventory impairment

6,717

4,681

11,398

Stock-based compensation

2,561

2,826

1,606

(1,056)

2,211

5,587

Purchase accounting adjustments

809

1,042

999

609

389

3,039

Dead deal costs

528

1,882

552

1,331

1,611

5,376

Adjusted EBITDA

18,750

60,640

42,039

47,328

24,377

174,384

EBITDA margin % (2)

4.2%

11.4%

9.8%

8.4%

4.8%

8.9%

Adjusted EBITDA margin % (2)

5.3%

12.5%

10.6%

10.0%

7.6%

10.4%

LTM as of March 31, 2026

Calculated as a percentage of Home Sales Revenue

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LGI Homes Inc. published this content on May 04, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on May 04, 2026 at 17:32 UTC.