PulteGroup : Raymond James 45th Annual Institutional Investors Conference

Investor Presentation

Constructing a High Returning Homebuilder

March 2024

Forward-Looking Statements

As a cautionary note, except for the historical information contained herein, this presentation contains "forward-looking" statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are subject to a number of risks, uncertainties and other factors that could cause our actual results, performance, prospects or opportunities, as well as those of the markets we serve or intend to serve, to differ materially from those expressed in, or implied by, these statements. You can identify these statements by the fact that they do not relate to matters of a strictly factual or historical nature and generally discuss or relate to forecasts, estimates or other expectations regarding future events. Generally, the words "believe," "expect," "intend," "estimate," "anticipate," "plan," "project," "may," "can," "could," "might," "should," "will" and similar expressions identify forward-looking statements, including statements related to any potential impairment charges and the impacts or effects thereof, expected operating and performing results, planned transactions, planned objectives of management, future developments or conditions in the industries in which we participate and other trends, developments and uncertainties that may affect our business in the future.

Such risks, uncertainties and other factors include, among other things: interest rate changes and the availability of mortgage financing; the impact of any changes to our strategy in responding to the cyclical nature of the industry or deteriorations in industry changes or downward changes in general economic or other business conditions, including any changes regarding our land positions and the levels of our land spend; economic changes nationally or in our local markets, including inflation, deflation, changes in consumer confidence and preferences and the state of the market for homes in general; labor supply shortages and the cost of labor; the availability and cost of land and other raw materials used by us in our homebuilding operations; a decline in the value of the land and home inventories we maintain and resulting possible future writedowns of the carrying value of our real estate assets; competition within the industries in which we operate; governmental regulation directed at or affecting the housing market, the homebuilding industry or construction activities, slow growth initiatives and/or local building moratoria; the availability and cost of insurance covering risks associated with our businesses, including warranty and other legal or regulatory proceedings or claims; damage from improper acts of persons over whom we do not have control or attempts to impose liabilities or obligations of third parties on us; weather related slowdowns; the impact of climate change and related governmental regulation; adverse capital and credit market conditions, which may affect our access to and cost of capital; the insufficiency of our income tax provisions and tax reserves, including as a result of changing laws or interpretations; the potential that we do not realize our deferred tax assets; our inability to sell mortgages into the secondary market; uncertainty in the mortgage lending industry, including revisions to underwriting standards and repurchase requirements associated with the sale of mortgage loans, and related claims against us; risks related to information technology failures or data security issues; failure to retain key personnel; the disruptions associated with the COVID-19 pandemic (or another epidemic or pandemic or similar public threat or fear of such an event), and the measures taken to address it; the effect of cybersecurity incidents and threats; and other factors of national, regional and global scale, including those of a political, economic, business and competitive nature. See Item 1A - Risk Factors in our Annual Report on Form 10-K for the fiscal year ended December 31, 2023 for a further discussion of these and other risks and uncertainties applicable to our businesses. We undertake no duty to update any forward-looking statement, whether as a result of new information, future events or changes in our expectations.

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AGENDA

Constructing a High Returning

Homebuilder

Driving Superior Financial

Results

Favorable Long-Term Market

Dynamics

Summary

Constructing a High Returning

Homebuilder

Nation's 3rd Largest Builder

Continuing to Expand Our Market Platform

SEATTLE

PORTLAND

SACRAMENTO
SAN FRANCISCO	SALT LAKE
CITY
SAN JOSE

LAS VEGAS

LOS ANGELES

PALM SPRINGS

PHOENIX

TUCSON

Recent Market Entry

MINNEAPOLIS

CHICAGO

DENVER

SANTA FE

ALBUQUERQUE

DALLAS

AUSTIN

HOUSTON

SAN ANTONIO

BOSTON

NEW HAVEN

DETROIT		PHILADELPHIA
CLEVELAND
COLUMBUS
INDIANAPOLIS			WASHINGTON D.C.
LOUISVILLE	TRIAD
			RALEIGH
NASHVILLE CHARLOTTE WILMINGTON
	GREENVILLE
		COLUMBIAMYRTLE BEACH
	ATLANTA	CHARLESTON
			HILTON HEAD
			SAVANNAH
			JACKSONVILLE
			SPACE COAST
	LAKELAND	OCALA
		ORLANDO
	TAMPA
	SARASOTA		FORT LAUDERDALE
	FORT MYERS

NAPLES

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Unmatched Ability to Serve All Buyer Groups

100%

90%

80%

70%

60%

50%

40%

30%

20%

10%

0%

2023 Closings by Buyer Group

First Time Move Up Active Adult

26%

24%

25%

25%

25%

46%	45%	43%	39%	36%

28%	31%	32%	36%	39%
2019	2020	2021	2022	2023

Offering both spec and build-to-order homes to better meet the needs of U.S. consumers

~60% of closings among higher-marginmove-up and active-adult buyers

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Diversified Across Price Points

2023 Closings by Price Point

13%	6%
Under $300K	22%

	$300K - $399K
	$400K - $499K
36%	$500K - $749K
$750K and Above
	23%

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Control of Critical Land Resources

Lots Under Control

Actively managing land pipeline

• Multi-yearprogram underway to increase optioned lots to 70% of pipeline

Expect to invest approximately $5.0B in land acquisition and development in 2024

Expect 2024 community count growth of 3% to 5% over prior year

300,000
	Owned		Optioned
250,000
200,000		119,218	102,264	118,115
150,000	88,989
100,000
50,000	91,363	109,078	108,848	104,515
0
2020	2021		2022	2023

Land Acquisition & Development Spend ($B)

$5.0			Acquisition		Development
$4.0
	$2.1	$2.6
$3.0		$2.5
$2.0	$1.5
$1.0	$1.4	$2.2	$1.9	$1.8
$0.0
2020	2021	2022	2023

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Disciplined Land Investment is

Key Driver of Sustained Business Success

Land Underwriting Tied to Return on Invested Capital

IRR	18%	18%	18%	18%	18%	19%	19%	20%	20%	21%	21%	22%	22%	23%	24%	25%	26%	27%	28%	29%	30%
Threshold
Score	13	14	15	16	17	18	19	20	21	22	23	24	25	26	27	28	29	30	31	32	33

Land investments sourced by divisions but require corporate approval

Consistent underwriting of all deals against defined risk criteria

• Four categories of risk: Strategic Marketing, Execution, Deal Structure, Operational Metrics

• Underwritten against return, not gross margin

• Review process provides common language for assessing projects across operations

©2024 PulteGroup	9

Operating Model Launched a Decade Ago

Consistent

Land

Underwriting

Efficient Land Pipeline

Goal: increase lot options to 70%

Strategic Capital Allocation

• Invest in the business
• Dividends
• Share Repurchase
• Pay down debt

Improve Homebuilder	Generating Consistent
Profitability	Cash Flow

Industry leading gross margins

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