Beazer Homes USA (BZH) Investor presentation summary

Transaction terms and timing

• All-cash offer of $33.50 per share; total enterprise value of $2.2 billion and implied price-to-book multiple of 0.8x.

• Committed financing from Goldman Sachs, Bank of America and Kennedy Lewis affiliates; Kennedy Lewis to acquire land assets at closing.

• Closing anticipated in Q4 2026, subject to regulatory approvals and customary closing conditions.

• Initial leverage increase expected; target to return to or improve current leverage metrics within 18–24 months post-transaction.

Expected financial benefits

• More than $100 million in annual run-rate cost synergies, including direct cost savings, lower overhead, improved cycle times and elimination of duplicate public-company costs.

• Double-digit percentage EPS accretion expected in the first full year post-close.

• Additional revenue opportunities from mortgage and title services, expanded product lines and cross-selling.

• Acquisition strategy targets a 100% land-light model, with lower capital intensity, reduced land risk and faster inventory turns.

Pro forma scale and operations

• Combination described as the 6th-largest listed U.S. homebuilder, with $6.6 billion in combined revenue.

• Pro forma CY2025 homebuilding revenue of $6.347 billion, gross margin of 16.1% and 12,828 closings.

• Pro forma average selling price of $494,000, 87,944 controlled lots and 522 active communities.

• Expanded operations in 26 of the top 50 MSAs; complementary product strategies span entry-level and move-up price points.

• Combined scale is expected to support lower unit costs, faster cycle times and broader demand diversification across price points and geographies.