M/I Homes Reports 2026 First Quarter Results

COLUMBUS, Ohio, April 22, 2026 /PRNewswire/ -- M/I Homes, Inc. (NYSE:MHO) announced results for the three months ended March 31, 2026.M/I Homes, Inc. (PRNewsfoto/M/I Homes, Inc.)

2026 First Quarter Highlights:

New contracts increased 3% to 2,350 Homes delivered decreased 3% to 1,914 Revenue declined 6% to $921 million Gross margin of 22% Pre-tax income of $89 million, 10% of revenue, down 39% Net income of $68 million ($2.55 per diluted share) versus $111 million ($3.98 per diluted share) Shareholders' equity reached a record $3.2 billion, with book value per share increasing to a record $125 Repurchased $50 million of common stock Return on equity of 12%

The Company reported pre-tax income of $89.2 million and net income of $67.8 million ($2.55 per diluted share). This compares to pre-tax income of $146.1 million and net income of $111.2 million, or $3.98 per diluted share, for the first quarter of 2025.

Homes delivered in 2026's first quarter decreased 3% to 1,914 homes. This compares to 1,976 homes delivered in 2025's first quarter. New contracts increased 3% to 2,350 for the first quarter of 2026 compared to 2,292 in last year's first quarter. Homes in backlog at March 31, 2026 had a total sales value of $1.20 billion, a 23% decrease from a year ago. Backlog units at March 31, 2026 decreased 21% to 2,245 homes, with an average sales price of $536,000. At March 31, 2025, backlog sales value was $1.56 billion, with backlog units of 2,847 and an average sales price of $548,000. M/I Homes had 230 communities at March 31, 2026 compared to 226 communities at March 31, 2025. The Company's cancellation rate was 8% in the first quarter of 2026 compared to 10% in the first quarter of 2025.

Robert H. Schottenstein, Chief Executive Officer and President, commented, "In the face of challenging market conditions, we produced very solid first quarter results – led by increased new contracts, gross margins of 22%, pre-tax income of 10%, and a return on equity of 12%. We continue to believe that long-term housing demand is supported by favorable demographic trends and an undersupply of housing. We have a strong financial position with record shareholders' equity of $3.2 billion, cash of $767 million, and no borrowings under our $900 million credit facility. With a strong balance sheet, a diverse product offering, and well-located communities, we believe we are well positioned to continue delivering solid results despite all of the market uncertainty."

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 April 2027.

Story Continues

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.

M/I Homes, Inc. and Subsidiaries

Summary Statement of Income (unaudited)

(Dollars and shares in thousands, except per share amounts) Three Months Ended March 31, 2026 2025 New contracts 2,350 2,292 Average community count 231 223 Cancellation rate 8 % 10 % Backlog units 2,245 2,847 Backlog sales value $ 1,204,172 $ 1,559,251 Homes delivered 1,914 1,976 Average home closing price $ 459 $ 476 Homebuilding revenue: Housing revenue $ 878,610 $ 940,031 Land revenue 10,866 4,542 Total homebuilding revenue $ 889,476 $ 944,573 Financial services revenue 31,231 31,520 Total revenue $ 920,707 $ 976,093 Cost of sales - operations 718,116 723,310 Gross margin $ 202,591 $ 252,783 General and administrative expense 61,186 59,073 Selling expense 55,340 52,786 Operating income $ 86,065 $ 140,924 Interest income, net of interest expense (3,105) (5,197) Income before income taxes $ 89,170 $ 146,121 Provision for income taxes 21,338 34,884 Net income $ 67,832 $ 111,237 Earnings per share: Basic $ 2.61 $ 4.07 Diluted $ 2.55 $ 3.98 Weighted average shares outstanding: Basic 26,007 27,314 Diluted 26,562 27,941

M/I Homes, Inc. and Subsidiaries

Summary Balance Sheet and Other Information (unaudited)

(Dollars in thousands, except per share amounts) As of March 31, 2026 2025 Assets: Total cash, cash equivalents and restricted cash $ 767,416 $ 776,378 Mortgage loans held for sale 261,807 238,583 Inventory: Lots, land and land development 1,866,252 1,666,045 Land held for sale 31,961 3,903 Homes under construction 1,267,202 1,342,424 Other inventory 233,686 192,333 Total Inventory $ 3,399,101 $ 3,204,705 Property and equipment - net 31,879 33,569 Investments in joint venture arrangements 68,357 70,727 Operating lease right-of-use assets 53,116 57,428 Goodwill 16,400 16,400 Deferred income tax asset 4,508 13,451 Other assets 185,802 173,982 Total Assets $ 4,788,386 $ 4,585,223 Liabilities: Debt - Homebuilding Operations: Senior notes due 2028 - net $ 398,620 $ 397,846 Senior notes due 2030 - net 297,999 297,495 Total Debt - Homebuilding Operations $ 696,619 $ 695,341 Notes payable bank - financial services operations 260,201 227,957 Total Debt $ 956,820 $ 923,298 Accounts payable 215,817 228,909 Operating lease liabilities 54,867 58,960 Other liabilities 368,550 367,722 Total Liabilities $ 1,596,054 $ 1,578,889 Shareholders' Equity 3,192,332 3,006,334 Total Liabilities and Shareholders' Equity $ 4,788,386 $ 4,585,223 Book value per common share $ 124.75 $ 112.29 Homebuilding debt to capital ratio (1) 18 % 19 %

(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 Ended March 31, 2026 2025 Cash provided by operating activities $ 135,731 $ 64,887 Cash provided by (used in) investing activities $ 5,118 $ (2,928) Cash used in financing activities $ (62,622) $ (107,151) Land/lot purchases $ 79,240 $ 145,983 Land development spending $ 104,363 $ 101,599 Land sale revenue $ 10,866 $ 4,542 Land sale gross profit $ 2,199 $ 786 Financial services pre-tax income $ 14,097 $ 16,106

M/I Homes, Inc. and Subsidiaries

Non-GAAP Financial Results (1)

(Dollars in thousands) Three Months Ended March 31, 2026 2025 Net income $ 67,832 $ 111,237 Add: Provision for income taxes 21,338 34,884 Interest income - net (5,840) (8,041) Interest amortized to cost of sales 6,694 6,901 Depreciation and amortization 5,254 4,777 Non-cash charges 4,185 4,200 Adjusted EBITDA $ 99,463 $ 153,958

(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 Ended March 31, % Region 2026 2025 Change Northern 1,026 1,065 (4) % Southern 1,324 1,227 8 % Total 2,350 2,292 3 % HOMES DELIVERED Three Months Ended March 31, % Region 2026 2025 Change Northern 752 826 (9) % Southern 1,162 1,150 1 % Total 1,914 1,976 (3) %

BACKLOG March 31, 2026 March 31, 2025 Dollars Average Dollars Average Region Units (millions) Sales Price Units (millions) Sales Price Northern 1,110 $ 633 $ 570,000 1,375 $ 765 $ 556,000 Southern 1,135 $ 571 $ 503,000 1,472 $ 795 $ 540,000 Total 2,245 $ 1,204 $ 536,000 2,847 $ 1,559 $ 548,000 LAND POSITION SUMMARY March 31, 2026 March 31, 2025 Lots Lots Under Lots Lots Under Region Owned Contract Total Owned Contract Total Northern 6,888 12,953 19,841 6,855 9,501 16,356 Southern 17,370 12,832 30,202 18,355 16,386 34,741 Total 24,258 25,785 50,043 25,210 25,887 51,097Cision

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