• Single-Family Homes: M/I Homes designs, constructs, markets, and sells new single-family homes to various buyer types.
• Attached Townhomes: The company also designs, constructs, markets, and sells attached townhomes.
• Developed Land Lots: M/I Homes acquires undeveloped land, develops it into buildable lots, and may sell these developed lots to others.
• Mortgage Origination and Sales: The company originates mortgages for its home buyers and subsequently sells these mortgages.
• Title Insurance and Closing Services: M/I Homes acts as a title insurance agent, offering title insurance policies, examination, and closing services to purchasers of its homes.

M/I Homes (MHO) primarily sells single-family homes and attached townhomes directly to individual buyers. The company categorizes its customers into various segments based on their purchasing needs and life stages. The major categories of individual customers it serves include:

• First-time buyers: Individuals or families purchasing their first home.
• Move-up buyers: Those who are looking to purchase a larger or more expensive home than their current one.
• Luxury buyers: Customers seeking high-end homes with premium features and amenities.

Robert H. Schottenstein, Chairman, President & Chief Executive Officer

Robert H. Schottenstein has served as Chairman of M/I Homes since March 2004, Chief Executive Officer since January 2004, and President since May 1996. He has been with M/I Homes since 1985. He currently serves as a director of Installed Building Products, Inc. and previously served as a director of Bath & Body Works, Inc. (formerly L Brands, Inc.) from April 2017 to May 2022. Schottenstein also holds board positions with The Ohio State University Wexner Medical Center, The Ohio State University Foundation, the Jewish Federations of North America, and Pelotonia, and is a member of the Columbus Partnership. He served as a Trustee of The Ohio State University from 2005 to 2014 and as Chair of the Board of Trustees from 2012 to 2014. His father, Irving Schottenstein, co-founded M/I Homes in 1976.

Phillip G. Creek, Executive Vice President & Chief Financial Officer

Phillip G. Creek has been the Chief Financial Officer of M/I Homes since September 2000. He also holds the title of Executive Vice President of the Company since February 2008 and has been the Chief Financial Officer of M/I Financial Corp., a wholly-owned subsidiary, since September 2000.

Susan E. Krohne, Senior Vice President, Chief Legal Officer & Secretary

Susan E. Krohne joined M/I Homes as Senior Vice President, Chief Legal Counsel, and Secretary in June 2021. Prior to joining M/I Homes, Ms. Krohne was with Pedcor Investments, where she served as Senior Vice President and Chief Legal Counsel from 2010 until April 2021, having joined the company in 2003.

Kevin C. Hake, Senior Vice President of Finance & Business Development and Treasurer

Mr. Kevin C. Hake serves as the Senior Vice President of Finance & Business Development and Treasurer at M/I Homes, Inc.

Ann Marie W. Hunker, Chief Accounting Officer, Vice President and Corporate Controller

Ms. Ann Marie W. Hunker holds the positions of Chief Accounting Officer, Vice President, and Corporate Controller at M/I Homes, Inc.

1. Sensitivity to Economic Conditions and Interest Rate Fluctuations: M/I Homes' business is highly vulnerable to changes in the broader economic environment, particularly interest rate fluctuations. High mortgage rates directly impact homebuyer affordability, leading to decreased demand for new homes, increased cancellation rates, and greater reliance on sales incentives like mortgage rate buydowns. These factors can pressure the company's revenues and gross margins.
2. Rising Land, Construction, and Labor Costs: The company faces significant risks from increasing costs associated with land acquisition and development, building materials, and labor. These rising input costs can compress gross margins and negatively impact profitability, even if demand remains stable.
3. Overall Housing Market Uncertainty and Demand Challenges: M/I Homes is exposed to broader housing market uncertainties, including potential declines in consumer confidence and a "choppy" demand environment. Such conditions can lead to decelerating sales, lower average selling prices, and increased competitive pressures, requiring the company to balance pricing and sales pace, potentially at the expense of profitability.

Addressable Markets for M/I Homes (MHO)

M/I Homes operates as a builder of single-family homes and attached townhomes, and also provides financial services, including mortgage originations and title insurance. The addressable markets for their main products and services in the United States are outlined below.

Residential Construction (Single-Family Homes and Townhomes)

The U.S. residential construction market, which includes single-family homes and townhomes, was estimated at approximately $1,913.71 billion in 2024 and is projected to grow to $1,993.55 billion in 2025. Another estimate for the U.S. residential construction market size in 2026 is $1.41 trillion, increasing from a 2025 value of $1.35 trillion. Private residential construction spending in the U.S. for 2025 was approximately $905.2 billion.

In terms of units, an estimated 679,000 new homes were sold in the U.S. in 2025. Single-family housing starts in the U.S. for 2025 totaled 943,000 units.

Mortgage Origination Market

The U.S. mortgage origination market is substantial and growing. Single-family mortgage originations in the U.S. increased 19% year-over-year, from $207 billion in Q1 2024 to $246 billion in Q1 2025. Forecasts by the Mortgage Bankers Association (MBA), Moody's, and Fannie Mae anticipate continued growth for the remainder of 2025, with an annualized mortgage production dollar growth of 13% from 2024 to 2025. The Mortgage Bankers Association (MBA) initially projected the overall U.S. mortgage origination market for 2025 to be $2.3 trillion, later revising it to $2.1 trillion. Total mortgage lending volume in the U.S. for Q3 2025 was $600.4 billion.

Here are 3-5 expected drivers of future revenue growth for M/I Homes (MHO) over the next 2-3 years:

1. Expansion of Community Count: M/I Homes anticipates an increase in its average community count, with an estimated 5% growth in 2026 compared to 2025. This expansion in the number of communities directly contributes to a higher volume of homes available for sale.
2. Focus on Affordable Housing Options: The company's strategic emphasis on more affordable housing options, including its "Smart Series" platform, aims to broaden its customer base and stimulate sales. This approach helps M/I Homes capture demand from first-time homebuyers, millennials, and Gen Z, who are seeking more attainable homeownership opportunities.
3. Leveraging Favorable Long-Term Housing Demand: Analysts highlight a persistent undersupply of housing in the U.S., alongside increasing demand from millennials and Gen Z. This strong underlying market dynamic is expected to create a favorable environment for M/I Homes to grow its customer base and sales volume over the coming years.
4. Strong Performance and High Capture Rate of Financial Services: M/I Homes' Financial Services segment continues to be a significant contributor to revenue, achieving a record capture rate of 93% in 2025. This integrated service, offering mortgages and title insurance, directly supports home sales and facilitates transactions for its buyers, thereby enhancing overall revenue generation.

Share Repurchases

• M/I Homes repurchased $202.0 million of its outstanding common shares in 2025.
• As of November 12, 2025, the company had a new share repurchase authorization of $250 million, which replaced a previous program with $80 million remaining as of November 11, 2025.
• Since 2020, M/I Homes has repurchased over $501 million worth of shares, contributing to a reduction in shares outstanding from 29.1 million in 2021 to 27.1 million in Q3 2025.

Share Issuance

• No significant dollar amount of direct share issuances by M/I Homes to raise capital was identified in the provided information over the last 3-5 years.

Inbound Investments

• No information regarding large, strategic inbound investments made in M/I Homes by third-parties (such as strategic partners or private equity firms) was available.

Outbound Investments

• No information regarding significant outbound strategic investments made by M/I Homes in other companies was available.

Capital Expenditures

• In 2025, M/I Homes invested $523.7 million in land acquisitions and $645.6 million in land development.
• The primary focus of capital expenditures is on managing land spending to meet long-term growth objectives, emphasizing opportunities that align with operating returns and location requirements.
• The company plans for continued strategic investment in land and development in 2026, aiming to grow its average community count by approximately 5% compared to 2025.