Meritage Homes — Jan 28, 2026 release

We have also taken steps to reduce our go-forward overhead costs—an intentional decision in response to broader macro conditions, with a strategic focus on both cost cutting and technological efficiencies for certain back-office functions." "In balancing disciplined growth with shareholder returns in today's market, we invested $416 million in land acquisition and development while returning $179 million of capital to shareholders through cash dividends and share repurchases during the fourth quarter of 2025. For the full year, total capital returned exceeded $416 million, representing 92% of this year's total earnings. As previously announced, we anticipate $400 million in share repurchases during 2026, assuming no material changes to market conditions," concluded Mr. Lord. "As of December 31, 2025, we had a cash balance of $775 million, no borrowings under our revolving credit facility, and a net debt-to-capital ratio of 16.9%. We increased our book value per share 7% year-over-year." FOURTH QUARTER RESULTS • Orders of 3,224 for the fourth quarter of 2025 decreased 2% year-over-year primarily due to 18% lower average absorption pace to 3.2 per month from 3.9 per month which was nearly fully offset by an 18% increase in average communities. Fourth quarter 2025 average sales price ("ASP") on orders of $374,000 was down 6% from the fourth quarter of 2024 primarily due to greater utilization of incentives this year and geographic mix. 2 • The 12% year-over-year decrease in home closing revenue to $1.4 billion for the fourth quarter of 2025 was the result of 7% lower home closing volume of 3,755 combined with ASP on closings down 5% to $375,000. ASP on closings was primarily impacted by greater utilization of incentives this year and geographic mix. • Home closing gross margin of 16.5% in the fourth quarter of 2025 was down 670 bps from 23.2% in the