PulteGroup, Inc.

Thank you for standing by. My name is Jordan and I'll be your conference operator today. At this time, I'd like to welcome everyone to the Pulte Group Inc. fourth quarter 2025 earnings conference call. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there'll be a question and answer session. If you'd like to ask a question during this time, simply press star followed by the number one on your telephone keypad. If you'd like to withdraw your question, press star one again. Thank you. I'd now like to turn the call over to Jim Zumer. Please go ahead.

Thank you, Jordan, and good morning. I want to welcome everyone to today's call to review Pulte Group's fourth quarter operating and financial results. Joining me on today's call are Ryan Marshall, President and CEO, Jim Osowski, Executive Vice President and CFO, and David Carrier, Senior VP, Finance. In advance of this call, a copy of our Q4 earnings release and this morning's webcast presentation have been posted to our corporate website at PulteGroup.com. We'll also post an audio replay of this call later today. I would highlight that today's presentation includes forward-looking statements about the company's expected future performance. Actual results could differ materially from those suggested by our comments made today. The most significant risk factors that could affect future results are summarized as part of today's earnings release and within the accompanying presentation. These risk factors and other key information are detailed in our SEC filings, including our annual and quarterly reports. Now let me turn the call over to Ryan Marshall. Ryan? Thanks, Jim, and good morning. I hope that many of you have had the chance to review our new investor presentation we posted to our website in early December.

If you haven't seen it, I would encourage you to take a few minutes to review the deck, which is available on our website. The document is designed to provide a comprehensive review of the fundamental goals, strategies, and results of our company. The process of creating a completely revamped investor presentation afforded us the opportunity to revisit many of the core tenants against which we have been operating for more than a decade. I have to admit that it was gratifying to see that we have consistently operated in alignment with the strategies established in 2011. and how well they have helped us navigate through the housing cycle. It is also gratifying to see that the underlying operating model has delivered such outstanding results. I would note that investors have recognized and rewarded us for this performance, as Pulte Group has ranked number one in total shareholder returns among home builders for both the past year and the past decade. This is a sustained record of success for which we are rightfully proud. Pulte Group's 2025 operating and financial results further demonstrate the value of our differentiated operating model that emphasizes diversification and balance across markets, buyer groups, and spec versus bill-to-order production, as well as a highly disciplined approach to project underwriting and overall capital allocation. In a year that saw buyer demand and overall market dynamics be highly variable, I am pleased to report that our operating model helped us to generate annual revenues, margins, and earnings that rank among the highest in the 75-year history of Volte Group. Among the 2025 financial results that I would highlight, we closed over 29,500 homes and generated home sale revenues of $16.7 billion. We reported full-year gross and operating margins of 26.3%, and 16.9% respectively, and we generated cash flow from operations of $1.9 billion. I would also note that we ended the year with $2 billion of cash after investing $5.2 billion into the business and returning $1.4 billion to shareholders through share repurchases and dividends. I have talked about this on other calls. But a critical driver to pull these results in 2025 and prior years is our highly diversified business platform. With home building operations now established in 47 distinct markets, we benefit from having a strong presence in the Midwest, Northeast, and Florida, where on a relative basis, demand in many of these markets has held up better. Relative strength in these areas helped offset pressure coming from the markets where overall home buying demand was softer. such as Texas and in many of our Western markets. Beyond this broad geographic footprint, Holdigroup continues to benefit from having arguably the deepest and most balanced buyer base in the industry. At 38% first-time, 40% move-up, and 22% active adult, our 2025 closings were in line with our long-term targets. More importantly, our 2025 sales demonstrate the powerful impact such buyer diversification can have on our results. In a year in which demand was more challenged among first-time and move-up buyers, full-year sign-ups among active adult buyers increased by 6% over last year and were up 14% in the fourth quarter over the fourth quarter in the prior year. In addition to the obvious benefit to our subsequent closing volumes, our Dell Web communities routinely deliver our highest gross margins. Del Webb has been and will continue to be an important driver of multi-group superior gross margins and, most importantly, high returns. While I think we all view 2025 as a more challenging year than anticipated, multi-groups still reported $2.2 billion of that income, the fifth most profitable year in our history, and generated $1.9 billion in cash flow from operations. Consistent with our disciplined capital allocation process, We used our strong 2025 financial results to invest in the future growth of our company, investing $5.2 billion in land acquisition and development. Inclusive of 2025, Holti Group has invested a total of $24 billion in land acquisition and development over the past five years. We believe our disciplined land investment will enable us to routinely achieve community count growth in the range of three to 5% in 2026 and in the years beyond. As part of our keen focus on advancing a home building platform that can consistently deliver strong financial results, as reported in this morning's earnings release, we have made the strategic decision to divest of our offsite manufacturing operations. ICG has proven to be a strong operator that can consistently deliver high quality house shell components that has delivered many benefits to our extending home building platform. we have determined that our business that our business and in turn our shareholders are best served by us focusing on our core home building operations after the sale we will be able to benefit from any innovation and off-site manufacturing achieved by the building component suppliers many of which are making significant investments in technology and innovation while we focus on our core competencies having recorded another year of strong results Pulte Group enters 2026 in an exceptional financial position with $2 billion of cash and a net debt to capital ratio of negative 3%. We also control a land pipeline of 235,000 lots that will allow us to continue growing community count in 2026. As such, I am optimistic about the year ahead and Pulte Group's ability to capitalize on any opportunities the market may present. Now let me turn the call over to Jim Osowski for review of our fourth quarter.