Meritage Homes : 2nd Quarter 2023 Conference Call - Slides

SECOND QUARTER 2023 ANALYST CONFERENCE CALL

JULY 28, 2023

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; expectations about our future results, including but not limited to, our full year and 3Q23 projected home closings, home closing revenue, home closing gross margins, effective tax rate and diluted earnings per share.

Such statements are based on the current beliefs and expectations of Company management and current market conditions, which are subject to significant uncertainties and fluctuations. Actual results may differ from those set forth in the forward-looking statements. The Company makes no commitment, and disclaims any duty, except as required by law, to update or revise any forward-looking statements to reflect future events or changes in these expectations. Meritage's business is subject to a number of risks and uncertainties. As a result of those risks and uncertainties, the Company's stock and note prices may fluctuate dramatically.

These risks and uncertainties include, but are not limited to, the following: increases in mortgage interest rates and the availability and pricing of residential mortgages; inflation in the cost of materials used to develop communities and construct homes; cancellation rates; supply chain and labor constraints; the ability of our potential buyers to sell their existing homes; our ability to acquire and develop lots may be negatively impacted if we are unable to obtain performance and surety bonds; the adverse effect of slow absorption rates; legislation related to tariffs; impairments of our real estate inventory; competition; home warranty and construction defect claims; failures in health and safety performance; fluctuations in quarterly operating results; our level of indebtedness; our ability to obtain financing if our credit ratings are downgraded; our potential exposure to and impacts from natural disasters or severe weather conditions; the availability and cost of finished lots and undeveloped land; the success of our strategy to offer and market entry-level and first move-up homes; a change to the feasibility of projects under option or contract that could result in the write-down or write-off of earnest money or option deposits; our limited geographic diversification; the replication of our energy-efficient technologies by our competitors; shortages in the availability and cost of subcontract labor; our exposure to information technology failures and security breaches and the impact thereof; the loss of key personnel; changes in tax laws that adversely impact us or our homebuyers; our inability to prevail on contested tax positions; failure of our employees and representatives to comply with laws and regulations; our compliance with government regulations related to our financial services operations; negative publicity that affects our reputation; potential disruptions to our business by an epidemic or pandemic (such as COVID-19), and measures that federal, state and local governments and/or health authorities implement to address it; and other factors identified in documents filed by the Company with the Securities and Exchange Commission, including those set forth in our Form 10-K for the year ended December 31, 2022 and our From 10-Q for the quarter ended March 31, 2023 under the caption "Risk Factors," which can be found on our website at https://investors.meritagehomes.com.

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SPEAKERS

Steven J. Hilton - Executive Chairman

Phillippe Lord - Chief Executive Officer

Hilla Sferruzza - EVP & Chief Financial Officer

Emily Tadano - VP of Investor Relations and ESG

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RECENT MILESTONES

Renewed partnership with Operation Homefront to build and donate a new home to a military family at Crescent Lakes community in Babcock Ranch, Florida, which is the first fully solar-powered town in the US

Received a wide range of recognition related to our social and diversity initiatives, including

• 2023 Hearthstone BUILDER Humanitarian Award
• AVID Cup - Production
• US EPA's 2023 Market Leader for Certified Homes
• One of America's Climate Leaders by USA Today

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NET SALES PACE NEAR OUR TARGET OF 4 PER MONTH

Average community count by

product type

Orders by product type

-20%

Absorptions per month

& Y/Y%

215

8

46

161

75%

286

49

232

81%

5

285

48

235

82%

2

Other

1MU

Entry Level

3,542

89

595

2,858

81%

3,767

497

3,247

86%

23

3,340

479

2,842

85%

19

4.4

87%

-46%

2.7

-51%

2.2

-14%

4.2

-11%

3.9

2Q21

2Q22

2Q23

2Q21

2Q22

2Q23

2Q22

3Q22

4Q22

1Q23

2Q23

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