Document

“Tri Pointe Homes delivered another solid quarter, meeting our revenue and earnings guidance despite ongoing macroeconomic headwinds,” said Doug Bauer, Tri Pointe Homes Chief Executive Officer. “In the second quarter, we closed 1,326 homes at an average sales price of $664,000, generating $880 million in home sales revenue. Our homebuilding gross margin of 22.1%*, adjusted to exclude the impact of an inventory-related charge, reflects continued pricing discipline, product strength, and cost control. These results highlight our team’s ability to execute in a complex market environment. Adjusted net income and diluted EPS, also excluding the inventory-related charge, were $68.7 million* and $0.77*, respectively.”

Mr. Bauer continued, “While policy uncertainty and geopolitical tensions continue to impact buyer sentiment, the long-term outlook for housing remains constructive, supported by structural undersupply and favorable demographics. We are actively managing through near-term volatility with targeted incentives, balanced spec inventory, and disciplined land investments. Our strong balance sheet, with $1.4 billion in liquidity and a net homebuilding debt-to-net capital ratio of only 8.0%*, enables us to advance our growth initiatives without compromising our financial strength. With an experienced team, a scalable platform, and a differentiated brand, Tri Pointe is well-positioned to drive long-term growth and deliver lasting value to our stockholders.”

“We remain confident in the resilience of housing demand and in our long-term business strategy,” said Tom Mitchell, Tri Pointe Homes President and Chief Operating Officer. “Our operational focus, centered on margin discipline, capital efficiency, and customer satisfaction, is enabling us to navigate today’s environment while positioning for future upside. Our expansion into Utah, Florida, and the Coastal Carolinas continues to progress on schedule, and we are deploying capital into these high-potential markets with scalable, efficient operating models. Coupled with opportunistic share repurchases and strategic land investments, we are driving returns and laying the foundation for sustained growth.”

For the full year, the Company anticipates delivering between 4,800 and 5,200 homes at an average sales price between $665,000 and $675,000. The Company expects homebuilding gross margin percentage to be in the range of 20.5% and 22.0% (excluding an $11.0 million inventory-related charge recorded in the second quarter) for the full year and anticipates its SG&A expense as a percentage of home sales revenue will be in the range of 12.0% and 13.0%. Finally, the Company expects its effective tax rate for the full year to be approximately 27.0%.

On July 23, 2025, the Company’s Board of Directors approved the repurchase of up to an additional $50 million of Company common stock pursuant to its Repurchase Program. As of July 23, 2025, the Company had purchased an aggregate of 3,187,982 shares of common stock for approximately $175.0 million pursuant to the Repurchase Program. Under the Repurchase Program as amended, the Company may repurchase shares of its outstanding common stock with an aggregate value of up to $300 million through December 31, 2025. Purchases of common stock pursuant to the Repurchase Program may be made in open market transactions effected through a broker-dealer at prevailing market prices, in block trades, or by other means in accordance with federal securities laws, including pursuant to any trading plan that may be adopted in accordance with Rule 10b5-1 of the Securities

Exchange Act of 1934, as amended. The Company is not obligated under the Repurchase Program to repurchase any specific number or amount of shares of common stock, and it may modify, suspend or discontinue the program at any time. Company management will determine the timing and amount of repurchase in its discretion based on a variety of factors, such as the market price of the Company’s common stock, corporate requirements, general market economic conditions and legal requirements.

The Company will host a conference call via live webcast for investors and other interested parties beginning at 10:00 a.m. Eastern Time on Thursday, July 24, 2025. The call will be hosted by Doug Bauer, Chief Executive Officer, Tom Mitchell, President and Chief Operating Officer, Glenn Keeler, Chief Financial Officer, and Linda Mamet, Executive Vice President and Chief Marketing Officer. Interested parties can listen to the call live and view the related slides on the Internet under the Events & Presentations heading in the Investors section of the Company’s website at www.TriPointeHomes.com. Listeners should go to the website at least fifteen minutes prior to the call to download and install any necessary audio software. The call can also be accessed toll free at (877) 407-3982, or (201) 493-6780 for international participants. Participants should ask for the Tri Pointe Homes Second Quarter 2025 Earnings Conference Call. Those dialing in should do so at least ten minutes prior to the start of the call. A replay of the call will be available for two weeks following the call toll free at (844) 512-2921, or (412) 317-6671 for international participants, using the reference number 13754565. An archive of the webcast will also be available on the Company’s website for a limited time.

One of the largest homebuilders in the U.S., Tri Pointe Homes, Inc. (NYSE: TPH) is a publicly traded company operating in 12 states and the District of Columbia, and is a recognized leader in customer experience, innovative design, and environmentally responsible business practices. The company builds premium homes and communities with deep ties to the communities it serves—some for as long as a century. Tri Pointe Homes combines the financial resources, technology platforms and proven leadership of a national organization with the regional insights, longstanding community connections and agility of empowered local teams. Tri Pointe has won multiple Builder of the Year awards and was named 2024 Developer of the Year. The company was also named to the 2024 Fortune World’s Most Admired Companies™ list, is one of the 2023 and 2025 Fortune 100 Best Companies to Work For® and was designated as one of the PEOPLE Companies That Care® in 2023 and 2024. The company was also named as a Great Place To Work-Certified™ company for four consecutive years, and was named on several Great Place To Work® Best Workplaces list (2022 through 2024). For more information, please visit TriPointeHomes.com.

Various statements contained in this press release, including those that express a belief, expectation or intention, as well as those that are not statements of historical fact, are forward-looking statements. These forward-looking statements may include, but are not limited to, statements regarding our strategy, projections and estimates concerning the timing and success of specific projects and our future production, land and lot sales, operational and financial results, including our estimates for growth, financial condition, sales prices, prospects, and capital spending. Forward-looking statements that are included in this press release are generally accompanied by words such as “anticipate,” “believe,” “could,” “estimate,” “expect,” “future,” “goal,” “guidance,” “intend,” “likely,” “may,” “might,” “outlook,” “plan,” “potential,” “predict,” “project,” “should,” “strategy,” “target,” “will,” “would,” or other words that convey future events or outcomes. The forward-looking statements in this press release speak only as of the date of this press release, and we disclaim any obligation to update these statements unless required by law, and we caution you not to rely on them unduly. These forward-looking statements are inherently subject to significant business, economic, competitive, regulatory and other risks, contingencies and uncertainties, most of which are difficult to predict and many of which are beyond our control. The following factors, among others, may cause our actual results, performance or achievements to differ materially from any future results, performance or achievements expressed or implied by these forward-looking statements: the effects of general economic conditions, including employment rates, housing starts, interest rate levels, home affordability, inflation, consumer sentiment, availability of financing for home mortgages and strength of the U.S. dollar; market

demand for our products, which is related to the strength of the various U.S. business segments and U.S. and international economic conditions; the availability of desirable and reasonably priced land and our ability to control, purchase, hold and develop such parcels; access to adequate capital on acceptable terms; geographic concentration of our operations; levels of competition; the successful execution of our internal performance plans, including restructuring and cost reduction initiatives; the prices and availability of supply chain inputs, including raw materials, labor and home components; oil and other energy prices; the effects of U.S. trade policies, including the imposition of tariffs and duties on homebuilding products and retaliatory measures taken by other countries; the effects of weather, including the occurrence of drought conditions in parts of the western United States; the risk of loss from earthquakes, volcanoes, fires, floods, droughts, windstorms, hurricanes, pest infestations and other natural disasters, and the risk of delays, reduced consumer demand, and shortages and price increases in labor or materials associated with such natural disasters; the risk of loss from acts of war, terrorism, civil unrest or public health emergencies, including outbreaks of contagious disease, such as COVID-19; transportation costs; federal and state tax policies; the effects of land use, environment and other governmental laws and regulations; legal proceedings or disputes and the adequacy of reserves; risks relating to any unforeseen changes to or effects on liabilities, future capital expenditures, revenues, expenses, earnings, synergies, indebtedness, financial condition, losses and future prospects; changes in accounting principles; risks related to unauthorized access to our computer systems, theft of our homebuyers’ confidential information or other forms of cyber-attack; and additional factors discussed under the sections captioned “Risk Factors” included in our annual and quarterly reports filed with the Securities and Exchange Commission. The foregoing list is not exhaustive. New risk factors may emerge from time to time and it is not possible for management to predict all such risk factors or to assess the impact of such risk factors on our business.


	Three Months Ended June 30,											Six Months Ended June 30,
	2025			2024			Change			% Change		2025			2024			Change			% Change
Operating Data:	(unaudited)
Home sales revenue	$	879,832		$	1,133,008		$	(253,176)		(22.3)	%	$	1,600,618		$	2,051,361		$	(450,743)		(22.0)	%
Homebuilding gross margin	$	183,202		$	267,327		$	(84,125)		(31.5)	%	$	355,715		$	478,376		$	(122,661)		(25.6)	%
Homebuilding gross margin %	20.8		%	23.6		%	(2.8)		%			22.2		%	23.3		%	(1.1)		%
Adjusted homebuilding gross margin %*	25.2		%	27.1		%	(1.9)		%			26.1		%	26.8		%	(0.7)		%



SG&A expense	$	110,974		$	124,551		$	(13,577)		(10.9)	%	$	211,591		$	226,103		$	(14,512)		(6.4)	%
SG&A expense as a % of home sales revenue	12.6		%	11.0		%	1.6		%			13.2		%	11.0		%	2.2		%
Net income available to common stockholders	$	60,748		$	118,002		$	(57,254)		(48.5)	%	$	124,784		$	217,057		$	(92,273)		(42.5)	%

Adjusted EBITDA*	$	139,322		$	215,998		$	(76,676)		(35.5)	%	$	265,020		$	391,891		$	(126,871)		(32.4)	%
Interest incurred	$	20,374		$	30,378		$	(10,004)		(32.9)	%	$	41,693		$	66,534		$	(24,841)		(37.3)	%
Interest in cost of home sales	$	25,578		$	38,994		$	(13,416)		(34.4)	%	$	48,613		$	69,643		$	(21,030)		(30.2)	%

Other Data:
Net new home orders	1,131			1,651			(520)			(31.5)	%	2,369			3,465			(1,096)			(31.6)	%
New homes delivered	1,326			1,700			(374)			(22.0)	%	2,366			3,093			(727)			(23.5)	%
Average sales price of homes delivered	$	664		$	666		$	(2)		(0.3)	%	$	677		$	663		$	14		2.1	%
Cancellation rate	13		%	9		%	4		%			12		%	8		%	4		%
Average selling communities	149.8			152.5			(2.7)			(1.8)	%	147.7			152.7			(5.0)			(3.3)	%
Selling communities at end of period	151			153			(2)			(1.3)	%
Backlog (estimated dollar value)	$	1,179,715		$	1,999,852		$	(820,137)		(41.0)	%
Backlog (homes)	1,520			2,692			(1,172)			(43.5)	%
Average sales price in backlog	$	776		$	743		$	33		4.4	%

	June 30,			December 31,
	2025			2024			Change			% Change
Balance Sheet Data:	(unaudited)
Cash and cash equivalents	$	622,642		$	970,045		$	(347,403)		(35.8)	%
Real estate inventories	$	3,301,302		$	3,153,459		$	147,843		4.7	%
Lots owned or controlled	34,025			36,490			(2,465)			(6.8)	%
Homes under construction (1)	2,798			2,386			412			17.3	%
Homes completed, unsold	422			464			(42)			(9.1)	%
Total homebuilding debt	$	909,974		$	917,504		$	(7,530)		(0.8)	%
Stockholders’ equity	$	3,289,961		$	3,335,710		$	(45,749)		(1.4)	%
Book capitalization	$	4,199,935		$	4,253,214		$	(53,279)		(1.3)	%
Ratio of homebuilding debt-to-capital	21.7		%	21.6		%	0.1		%
Ratio of net homebuilding debt-to-net capital*	8.0		%	(1.6)		%	9.6		%


	June 30,		December 31,
	2025		2024
Assets	(unaudited)
Cash and cash equivalents	$	622,642	$	970,045
Receivables	165,716		111,613
Real estate inventories	3,301,302		3,153,459
Investments in unconsolidated entities	194,089		173,924
Mortgage loans held for sale	104,862		115,001
Goodwill and other intangible assets, net	156,603		156,603
Deferred tax assets, net	45,975		45,975
Other assets	206,653		164,495
Total assets	$	4,797,842	$	4,891,115

Liabilities
Accounts payable	$	81,448	$	68,228
Accrued expenses and other liabilities	417,304		465,563
Loans payable	262,921		270,970
Senior notes	647,053		646,534
Mortgage repurchase facilities	99,022		104,098
Total liabilities	1,507,748		1,555,393

Commitments and contingencies

Equity
Stockholders’ equity:
Preferred stock, $0.01 par value, 50,000,000 shares authorized; no shares issued and outstanding as of June 30, 2025 and December 31, 2024, respectively	—		—
Common stock, $0.01 par value, 500,000,000 shares authorized; 87,506,511 and 92,451,729 shares issued and outstanding at June 30, 2025 and December 31, 2024, respectively	875		925
Additional paid-in capital	—		—
Retained earnings	3,289,086		3,334,785
Total stockholders’ equity	3,289,961		3,335,710
Noncontrolling interests	133		12
Total equity	3,290,094		3,335,722
Total liabilities and equity	$	4,797,842	$	4,891,115


	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
Homebuilding:
Home sales revenue	$	879,832	$	1,133,008	$	1,600,618	$	2,051,361
Land and lot sales revenue	3,364		4,160		5,185		11,228
Other operations revenue	814		782		1,634		1,569
Total revenues	884,010		1,137,950		1,607,437		2,064,158
Cost of home sales	696,630		865,681		1,244,903		1,572,985
Cost of land and lot sales	3,253		3,841		4,994		9,598
Other operations expense	793		765		1,587		1,530
Sales and marketing	50,171		56,804		93,113		107,028
General and administrative	60,803		67,747		118,478		119,075

Homebuilding income from operations	72,360		143,112		144,362		253,942
Equity in income of unconsolidated entities	471		99		966		156
Other income, net	7,174		9,934		16,303		25,160
Homebuilding income before income taxes	80,005		153,145		161,631		279,258
Financial Services:
Revenues	18,403		16,974		35,904		30,168
Expenses	14,058		10,890		26,675		19,617

Financial services income before income taxes	4,345		6,084		9,229		10,551
Income before income taxes	84,350		159,229		170,860		289,809
Provision for income taxes	(23,640)		(41,227)		(46,133)		(72,811)
Net income	60,710		118,002		124,727		216,998
Net loss attributable to noncontrolling interests	38		—		57		59
Net income available to common stockholders	$	60,748	$	118,002	$	124,784	$	217,057
Earnings per share
Basic	$	0.68	$	1.25	$	1.38	$	2.29
Diluted	$	0.68	$	1.25	$	1.38	$	2.28
Weighted average shares outstanding
Basic	88,914,413		94,059,037		90,269,159		94,645,676
Diluted	89,234,359		94,740,019		90,648,492		95,305,469


	Three Months Ended June 30,						Six Months Ended June 30,
	2025			2024			2025			2024
	New Homes Delivered	Average Sales Price		New Homes Delivered	Average Sales Price		New Homes Delivered	Average Sales Price		New Homes Delivered	Average Sales Price
Arizona	152	$	773	140	$	712	291	$	773	277	$	724
California	345	698		570	762		633	721		987	766
Nevada	82	593		117	646		124	586		230	665
Washington	61	1,036		74	875		113	1,030		127	886
West total	640	735		901	748		1,161	750		1,621	754
Colorado	50	635		53	675		68	647		95	703
Texas	431	536		475	556		790	543		915	553

Central total	481	546		528	568		858	551		1,010	567
Carolinas(1)	120	498		208	489		205	507		382	477
Washington D.C. Area(2)	85	1,025		63	904		142	1,076		80	937
East total	205	717		271	586		347	740		462	556
Total	1,326	$	664	1,700	$	666	2,366	$	677	3,093	$	663

	Three Months Ended June 30,						Six Months Ended June 30,
	2025			2024			2025			2024
	Net New Home Orders	Average Selling Communities		Net New Home Orders	Average Selling Communities		Net New Home Orders	Average Selling Communities		Net New Home Orders	Average Selling Communities
Arizona	84	16.5		182	15.2		207	15.3		338	13.6
California	309	36.5		576	42.2		662	37.2		1,189	44.1
Nevada	75	10.0		118	8.3		175	10.0		272	8.9
Washington	55	5.8		77	5.8		123	5.3		184	5.7
West total	523	68.8		953	71.5		1,167	67.8		1,983	72.3
Colorado	37	9.8		25	10.5		69	9.9		72	10.7
Texas	386	51.2		441	52.5		767	50.7		924	52.4

Central total	423	61.0		466	63.0		836	60.6		996	63.1
Carolinas(1)	109	13.0		130	11.5		215	11.9		309	11.4
Washington D.C. Area(2)	76	7.0		102	6.5		151	7.4		177	5.9
East total	185	20.0		232	18.0		366	19.3		486	17.3
Total	1,131	149.8		1,651	152.5		2,369	147.7		3,465	152.7


	As of June 30, 2025					As of June 30, 2024
	Backlog Units	Backlog Dollar Value		Average Sales Price		Backlog Units	Backlog Dollar Value		Average Sales Price
Arizona	221	$	179,643	$	813	320	$	245,870	$	768
California	370	267,974		724		900	724,667		805
Nevada	112	75,837		677		173	100,881		583
Washington	110	158,796		1,444		147	138,919		945
West total	813	682,250		839		1,540	1,210,337		786
Colorado	16	11,459		716		25	18,664		747
Texas	434	260,516		600		715	428,420		599

Central total	450	271,975		604		740	447,084		604
Carolinas(1)	97	50,724		523		209	115,638		553
Washington D.C. Area(2)	160	174,766		1,092		203	226,793		1,117
East total	257	225,490		877		412	342,431		831
Total	1,520	$	1,179,715	$	776	2,692	$	1,999,852	$	743

	June 30,	December 31,
	2025	2024
Lots Owned or Controlled:
Arizona	1,810	2,099
California	9,652	10,291
Nevada	1,204	1,437
Washington	484	597
West total	13,150	14,424
Colorado	1,342	1,561
Texas	12,885	12,711
Utah	405	1,006
Central total	14,632	15,278
Carolinas(1)	4,279	5,004
Florida	542	252
Washington D.C. Area(2)	1,422	1,532
East total	6,243	6,788
Total	34,025	36,490

	June 30,	December 31,
	2025	2024
Lots by Ownership Type:
Lots owned	16,523	16,609
Lots controlled (3)	17,502	19,881
Total	34,025	36,490

In this press release, we utilize certain financial measures that are non-GAAP financial measures as defined by the Securities and Exchange Commission. We present these measures because we believe they and similar measures are useful to management and investors in evaluating the Company’s operating performance and financing structure. We also believe these measures facilitate the comparison of our operating performance and financing structure with other companies in our industry. Because these measures are not calculated in accordance with Generally Accepted Accounting Principles (“GAAP”), they may not be comparable to other similarly titled measures of other companies and should not be considered in isolation or as a substitute for, or superior to, financial measures prepared in accordance with GAAP.


	Three Months Ended June 30,
	2025			%		2024			%
	(dollars in thousands)
Home sales revenue	$	879,832		100.0	%	$	1,133,008		100.0	%
Cost of home sales	696,630			79.2	%	865,681			76.4	%
Homebuilding gross margin	183,202			20.8	%	267,327			23.6	%
Add: interest in cost of home sales	25,578			2.9	%	38,994			3.4	%
Add: impairments and lot option abandonments	13,096			1.5	%	968			0.1	%
Adjusted homebuilding gross margin	$	221,876		25.2	%	$	307,289		27.1	%
Homebuilding gross margin percentage	20.8		%			23.6		%
Adjusted homebuilding gross margin percentage	25.2		%			27.1		%


	Six Months Ended June 30,
	2025			%		2024			%
Home sales revenue	$	1,600,618		100.0	%	$	2,051,361		100.0	%
Cost of home sales	1,244,903			77.8	%	1,572,985			76.7	%
Homebuilding gross margin	355,715			22.2	%	478,376			23.3	%
Add: interest in cost of home sales	48,613			3.0	%	69,643			3.4	%
Add: impairments and lot option abandonments	14,169			0.9	%	1,370			0.1	%
Adjusted homebuilding gross margin(1)	$	418,497		26.1	%	$	549,389		26.8	%
Homebuilding gross margin percentage	22.2		%			23.3		%
Adjusted homebuilding gross margin percentage(1)	26.1		%			26.8		%


	June 30, 2025			December 31, 2024
Loans payable	$	262,921		$	270,970
Senior notes	647,053			646,534
Mortgage repurchase facilities	99,022			104,098
Total debt	1,008,996			1,021,602
Less: mortgage repurchase facilities	(99,022)			(104,098)
Total homebuilding debt	909,974			917,504
Stockholders’ equity	3,289,961			3,335,710
Total capital	$	4,199,935		$	4,253,214
Ratio of homebuilding debt-to-capital(1)	21.7		%	21.6		%

Total homebuilding debt	$	909,974		$	917,504
Less: Cash and cash equivalents	(622,642)			(970,045)
Net homebuilding debt	287,332			(52,541)
Stockholders’ equity	3,289,961			3,335,710
Net capital	$	3,577,293		$	3,283,169
Ratio of net homebuilding debt-to-net capital(2)	8.0		%	(1.6)		%

The following table contains information about our operating results reflecting certain adjustments to homebuilding gross margin, income before income taxes, provision for income taxes, net income, net income available to common stockholders and earnings per share (diluted). We believe reflecting these adjustments is useful to investors in understanding our recurring operations by eliminating the effects of certain non-routine events, and may be helpful in comparing the Company to other homebuilders to the extent they provide similar information.


	Three Months Ended June 30, 2025										Six Months Ended June 30, 2025
	As Reported			Adjustments				Adjusted			As Reported			Adjustments				Adjusted
Gross Margin Reconciliation	(in thousands, except share and per share amounts)
Home sales revenue	$	879,832		$	—			$	879,832		$	1,600,618		$	—			$	1,600,618
Cost of home sales	696,630			(11,000)			(1)	685,630			1,244,903			(11,000)			(1)	1,233,903
Homebuilding gross margin	$	183,202		$	11,000			$	194,202		$	355,715		$	11,000			$	366,715
Homebuilding gross margin percentage	20.8		%	1.3		%		22.1		%	22.2		%	0.7		%		22.9		%



Income Reconciliation
Income before income taxes	$	84,350		$	11,000		(1)	$	95,350		$	170,860		$	11,000		(1)	$	181,860
Provision for income taxes	(23,640)			(3,083)			(2)	(26,723)			(46,133)			(2,970)			(2)	(49,103)
Net income	60,710			7,917				68,627			124,727			8,030				132,757
Net loss attributable to noncontrolling interests	38			—				38			57			—				57
Net income available to common stockholders	$	60,748		$	7,917			$	68,665		$	124,784		$	8,030			$	132,814
Earnings per share
Diluted	$	0.68		$	0.09			$	0.77		$	1.38		$	0.09			$	1.47
Weighted average shares outstanding
Diluted	89,234,359							89,234,359			90,648,492							90,648,492

Effective tax rate	28.0		%					28.0		%	27.0		%					27.0		%

The following table calculates the non-GAAP financial measures of EBITDA and Adjusted EBITDA and reconciles those amounts to net income available to common stockholders, as reported and prepared in accordance with GAAP. EBITDA means net income available to common stockholders before (a) interest expense, (b) expensing of previously capitalized interest included in costs of home sales, (c) income taxes and (d) depreciation and amortization. Adjusted EBITDA means EBITDA before (e) amortization of stock-based compensation and (f) impairments and lot option abandonments. Other companies may calculate EBITDA and Adjusted EBITDA (or similarly titled measures) differently. We believe EBITDA and Adjusted EBITDA are useful measures of the Company’s ability to service debt and obtain financing.


	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
	(in thousands)
Net income available to common stockholders	$	60,748	$	118,002	$	124,784	$	217,057
Interest expense:
Interest incurred	20,374		30,378		41,693		66,534
Interest capitalized	(20,374)		(30,378)		(41,693)		(66,534)
Amortization of interest in cost of sales	25,578		39,164		48,731		70,010
Provision for income taxes	23,640		41,227		46,133		72,811
Depreciation and amortization	7,657		7,697		15,044		15,024
EBITDA	117,623		206,090		234,692		374,902
Amortization of stock-based compensation	8,603		8,940		16,159		15,619
Impairments and lot option abandonments	13,096		968		14,169		1,370


Adjusted EBITDA	$	139,322	$	215,998	$	265,020	$	391,891



*			See “Reconciliation of Non-GAAP Financial Measures”