PulteGroup (PHM) 47th Annual Raymond James Institutional Investor Conference summary

Strategic Priorities and Value Creation

• Focus on disciplined land underwriting using proprietary risk algorithms, high through-cycle returns, and risk mitigation, with a goal to control 70% of land pipeline through options.

• Operators are incentivized based on returns, with corporate approval required for land deals.

• Value creation initiatives since 2011 emphasize returns over top-line growth.

• Integrated design and build process targets diverse buyer segments using data-driven segmentation, build-to-order and spec production, and advanced pricing models.

• Industry leadership driven by a diversified business platform, resilient operating model, and a focus on delivering top-tier, through-cycle returns and shareholder value.

Land Strategy and Market Positioning

• Controls about 235,000 lots, with nearly 60% under option for flexibility and risk management.

• Geographic diversification across 47 housing markets and major U.S. metros, balancing exposure to market cycles and demographic opportunities.

• Florida, Midwest, and Southeast offset weaker performance in California and Texas in 2025.

• Land sellers are increasingly open to flexible terms, especially in B and C ring locations.

• Targeting 70% of land under option, using land banking for capital efficiency and risk mitigation.

Consumer Segmentation and Product Strategy

• Serves first-time buyers (38% of 2025 business), move-up buyers (40%), and active adults (20%), tailoring products, locations, and incentives to demographic needs.

• Move-up and active adult segments are less sensitive to mortgage rates and often pay cash.

• Del Webb brand leads the active adult market, with new Del Webb Explore and all-ages lifestyle communities targeting Gen Xers and multi-generational buyers.

• Build-to-order model offers customization, especially valued by move-up buyers.

• Maintains balance across segments to adapt to shifting market strengths.