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M/I Homes Reports
2026 Third Quarter Results

Columbus, Ohio (October 21, 2026) - M/I Homes, Inc. (NYSE:MHO) announced results for the three and nine months ended September 30, 2026.

2026 Third Quarter Results:
•New contracts decreased 2% to 1,861
•Homes delivered decreased 2% to 2,241
•Revenue declined 5% to $1.1 billion
•Gross margin of 20.9%; 21.3% excluding inventory charges
•Pre-tax income of $87 million, including inventory charges of $5 million, down 38%
•Net income of $67 million ($2.56 per diluted share) versus $107 million ($3.92 per diluted share)
•Shareholders’ equity reached a record $3.3 billion, with book value per share increasing to a record $130
•Repurchased $50 million of common stock
•Homebuilding debt to capital ratio of 18%

The Company reported pre-tax income of $86.9 million and net income of $66.6 million ($2.56 per diluted share). These results include pre-tax inventory charges of $4.7 million ($0.14 per diluted share). This compares to pre-tax income of $139.8 million and net income of $106.5 million, or $3.92 per diluted share, for the third quarter of 2025. For the nine months ended September 30, 2026, pre-tax income was $280.6 million and net income was $213.5 million, or $8.14 per diluted share. This compared to pre-tax income of $446.0 million and net income of $339.0 million, or $12.32 per diluted share, for the same period of 2025.

Homes delivered in 2026's third quarter decreased 2% to 2,241 homes. This compares to 2,296 homes delivered in 2025’s third quarter. Homes delivered for the nine months ended September 30, 2026 were 6,361 compared to 2025’s deliveries of 6,620 for the nine months ended September 30, 2025, a decrease of 4%. New contracts decreased 2% to 1,861 for the third quarter of 2026 compared to 1,908 in last year’s third quarter. For the first nine months of 2026, new contracts were 6,598 compared to 6,278 in 2025, an increase of 5%. Homes in backlog at September 30, 2026 had a total sales value of $1.1 billion, a 9% decrease from a year ago. Backlog units at September 30, 2026 decreased 7% to 2,046 homes, with an average sales price of $539,000. At September 30, 2025, backlog sales value was $1.2 billion, with backlog units of 2,189 and an average sales price of $553,000. M/I Homes had 246 communities at September 30, 2026 compared to 233 communities at September 30, 2025. The Company's cancellation rate was 12% in both the third quarter of 2026 and 2025.

Robert H. Schottenstein, Chief Executive Officer and President, commented, “Our third quarter results reflect increasingly difficult market conditions, including higher mortgage interest rates, weaker demand and growing economic uncertainty. Notwithstanding these conditions, we produced fairly solid results generating $87 million of pre-tax income, equating to an 8% return. Despite the current conditions, we remain confident in the long-term fundamentals of the housing industry. Our financial condition is excellent, is highlighted by a very strong balance sheet with record shareholders’ equity of $3.3 billion, no borrowings under our $900 million unsecured credit


facility, cash of $621 million, a homebuilding debt-to-capital ratio of 18%, and a net debt-to-capital ratio of 2%. We are well positioned to manage through this current cycle given the strength of our balance sheet, low debt levels, diverse product offerings and well-located communities.”

The Company will broadcast live its earnings conference call today at 10:30 A.M. Eastern Time. To listen to the call live, log on to the M/I Homes’ website at mihomes.com, click on the “Investors” section of the site, and select “Listen to the Conference Call.” A replay of the call will continue to be available on our website through October 2027.

M/I Homes, Inc., celebrating its 50th year in business in 2026, is one of the nation’s leading homebuilders of single-family homes. The Company has homebuilding operations in Columbus and Cincinnati, Ohio; Indianapolis, Indiana; Chicago, Illinois; Minneapolis/St. Paul, Minnesota; Detroit, Michigan; Tampa, Sarasota, Fort Myers/Naples and Orlando, Florida; Austin, Dallas/Fort Worth, Houston and San Antonio, Texas; Charlotte and Raleigh, North Carolina and Nashville, Tennessee.

Certain statements in this press release are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as “expects,” “anticipates,” “targets,” “envisions,” “goals,” “projects,” “intends,” “plans,” “believes,” “seeks,” “estimates,” variations of such words and similar expressions are intended to identify such forward-looking statements. These statements involve a number of risks and uncertainties. Any forward-looking statements that we make herein and in any future reports and statements are not guarantees of future performance, and actual results may differ materially from those in such forward-looking statements as a result of various factors, including, without limitation, factors relating to the economic environment, interest rates, availability of resources, competition, market concentration, land development activities, construction defects, product liability and warranty claims and various governmental rules and regulations including changes in trade policy affecting business such as new or increased tariffs, as well as the potential impact of retaliatory tariffs and other penalties, as more fully discussed in the “Risk Factors” section of the Company’s Annual Report on Form 10-K for the year ended December 31, 2025, as the same may be updated from time to time in our subsequent filings with the Securities and Exchange Commission. All forward-looking statements made in this press release are made as of the date hereof, and the risk that actual results will differ materially from expectations expressed herein will increase with the passage of time. We undertake no duty to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise. However, any further disclosures made on related subjects in our subsequent filings, releases or presentations should be consulted.


Contact M/I Homes, Inc.
Ann Marie W. Hunker, Vice President, Chief Accounting Officer and Controller, (614) 418-8225
Mark Kirkendall, Vice President, Treasurer, (614) 418-8021



M/I Homes, Inc. and Subsidiaries
Summary Statement of Income (unaudited)
(Dollars and shares in thousands, except per share amounts)

Three Months EndedNine Months Ended
September 30,September 30,
2026202520262025
New contracts1,861 1,908 6,598 6,278 
Average community count240 234 236 228 
Cancellation rate12%12%10%12%
Backlog units2,046 2,189 2,046 2,189 
Backlog sales value$1,103,044 $1,210,790 $1,103,044 $1,210,790 
Homes delivered2,241 2,296 6,361 6,620 
Average home closing price$460 $477 $459 $477 
Homebuilding revenue:
   Housing revenue$1,031,362 $1,095,418 $2,921,946 $3,159,924 
   Land revenue11,963 1,724 41,777 12,933 
Total homebuilding revenue$1,043,325 $1,097,142 $2,963,723 $3,172,857 
Financial services revenue32,744 34,649 96,311 97,619 
Total revenue$1,076,069 $1,131,791 $3,060,034 $3,270,476 
Cost of sales - operations846,869 854,122 2,388,544 2,453,405 
Cost of sales - inventory charges4,723 7,583 8,923 7,583 
Gross margin$224,477 $270,086 $662,567 $809,488 
General and administrative expense76,568 70,766 207,952 197,086 
Selling expense64,611 64,049 183,974 180,490 
Operating income$83,298 $135,271 $270,641 $431,912 
Interest income, net of interest expense
(3,578)(4,548)(9,969)(14,122)
Income before income taxes$86,876 $139,819 $280,610 $446,034 
Provision for income taxes20,323 33,329 67,157 107,064 
Net income$66,553 $106,490 $213,453 $338,970 
Earnings per share:
Basic$2.62 $4.01 $8.31 $12.60 
Diluted$2.56 $3.92 $8.14 $12.32 
Weighted average shares outstanding:
Basic25,431 26,544 25,699 26,895 
Diluted25,949 27,188 26,233 27,513 


M/I Homes, Inc. and Subsidiaries
Summary Balance Sheet and Other Information (unaudited)
(Dollars in thousands, except per share amounts)

As of
September 30,
20262025
Assets:
Total cash, cash equivalents and restricted cash$620,595 $734,174 
Mortgage loans held for sale232,575 239,585 
Inventory:
Lots, land and land development1,846,926 1,743,476 
Land held for sale37,867 9,231 
Homes under construction1,488,266 1,457,843 
Other inventory227,589 202,280 
Total Inventory$3,600,648 $3,412,830 
Property and equipment - net34,884 32,668 
Investments in joint venture arrangements87,167 81,514 
Operating lease right-of-use assets49,793 50,322 
Goodwill16,400 16,400 
Deferred income tax asset4,508 13,451 
Other assets213,595 188,600 
Total Assets$4,860,165 $4,769,544 
Liabilities:
Debt - Homebuilding Operations:
Senior notes due 2028 - net$399,007 $398,233 
Senior notes due 2030 - net298,251 297,747 
Total Debt - Homebuilding Operations$697,258 $695,980 
Notes payable bank - financial services operations230,424 231,979 
Total Debt$927,682 $927,959 
Accounts payable229,132 257,981 
Operating lease liabilities51,637 51,968 
Other liabilities399,147 382,187 
Total Liabilities$1,607,598 $1,620,095 
Shareholders’ Equity3,252,567 3,149,449 
Total Liabilities and Shareholders’ Equity$4,860,165 $4,769,544 
Book value per common share$129.94 $120.44 
Homebuilding debt to capital ratio (1)
18 %18%
(1)The ratio of homebuilding debt to capital is calculated as the carrying value of our homebuilding debt outstanding divided by the sum of the carrying value of our homebuilding debt outstanding plus shareholders’ equity.


M/I Homes, Inc. and Subsidiaries
Selected Supplemental Financial and Operating Data (unaudited)
(Dollars in thousands)
Three Months EndedNine Months Ended
September 30,September 30,
2026202520262025
Cash (used in) provided by operating activities$(13,319)$43,414 $159,218 $146,056 
Cash used in investing activities$(34,013)$(15,452)$(40,768)$(30,698)
Cash used in financing activities$(68,014)$(94,186)$(187,044)$(202,754)
Land/lot purchases$135,209 $115,372 $345,505 $363,106 
Land development spending$154,418 $181,320 $413,523 $421,927 
Land sale revenue$11,963 $1,724 $41,777 $12,933 
Land sale gross profit
$2,304 $163 $9,994 $4,151 
Financial services pre-tax income$13,432 $16,598 $41,952 $47,180 



M/I Homes, Inc. and Subsidiaries
Non-GAAP Financial Results (1)
(Dollars in thousands)
Three Months EndedNine Months Ended
September 30,September 30,
2026202520262025
Net income$66,553 $106,490 $213,453 $338,970 
Add:
Provision for income taxes20,323 33,329 67,157 107,064 
Interest income - net(6,484)(8,118)(18,480)(23,885)
Interest amortized to cost of sales7,915 7,651 22,561 22,779 
Depreciation and amortization5,775 5,116 16,362 14,797 
Non-cash charges9,357 12,108 22,303 20,224 
Adjusted EBITDA$103,439 $156,576 $323,356 $479,949 

(1) We believe these non-GAAP financial measures are relevant and useful to investors in understanding our operations and may be helpful in comparing us with other companies in the homebuilding industry to the extent they provide similar information. These non-GAAP financial measures should be used to supplement our GAAP results in order to provide a greater understanding of the factors and trends affecting our operations.


M/I Homes, Inc. and Subsidiaries
Selected Supplemental Financial and Operating Data

NEW CONTRACTS
Three Months EndedNine Months Ended
September 30,September 30,
%%
Region20262025Change20262025Change
Northern746 742 1 %2,788 2,680 4 %
Southern1,115 1,166 (4)%3,810 3,598 6 %
Total1,861 1,908 (2)%6,598 6,278 5 %


HOMES DELIVERED
Three Months EndedNine Months Ended
September 30,September 30,
%%
Region20262025Change20262025Change
Northern949 942 1 %2,593 2,735 (5)%
Southern1,292 1,354 (5)%3,768 3,885 (3)%
Total2,241 2,296 (2)%6,361 6,620 (4)%


BACKLOG
September 30, 2026September 30, 2025
DollarsAverageDollarsAverage
RegionUnits(millions)Sales PriceUnits(millions)Sales Price
Northern1,031 $595 $577,000 1,081 $609 $563,000 
Southern1,015 $508 $501,000 1,108 $602 $544,000 
Total2,046 $1,103 $539,000 2,189 $1,211 $553,000 


LAND POSITION SUMMARY
September 30, 2026September 30, 2025
LotsLots UnderLotsLots Under
RegionOwnedContractTotalOwnedContractTotal
Northern6,880 13,396 20,276 7,140 10,843 17,983 
Southern16,545 12,113 28,658 17,268 15,374 32,642 
Total23,425 25,509 48,934 24,408 26,217 50,625 



M/I Homes, Inc. and Subsidiaries
Non-GAAP Reconciliation (1)
(Dollars and shares in thousands, except per share amounts)
Three Months EndedNine Months Ended
September 30,September 30,
2026202520262025
Income before income taxes$86,876 $139,819 $280,610 $446,034 
Add: Inventory charges (2)
4,723 7,583 8,923 7,583 
Adjusted income before income taxes$91,599 $147,402 $289,533 $453,617 
Net income$66,553 $106,490 $213,453 $338,970 
Add: Inventory charges - net of tax (2)
3,618 5,991 6,788 5,991 
Adjusted net income$70,171 $112,481 $220,241 $344,961 
Inventory charges - net of tax (2)
$3,618 $5,991 $6,788 $5,991 
Divided by: Diluted weighted average shares outstanding25,949 27,188 26,233 27,513 
Diluted earnings per share related to inventory charges (2)
$0.14 $0.22 $0.26 $0.22 
Add: Diluted earnings per share2.56 3.92 8.14 12.32 
Adjusted diluted earnings per share$2.70 $4.14 $8.40 $12.54 
(1)    We believe these non-GAAP financial measures are relevant and useful to investors in understanding our operations and may be helpful in comparing us with other companies in the homebuilding industry to the extent they provide similar information. These non-GAAP financial measures should be used to supplement our GAAP results in order to provide a greater understanding of the factors and trends affecting our operations.
(2)    Represents the related charges divided by diluted weighted average shares outstanding during the respective period as presented in the Summary Statement of Income.