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Here are 1-2 brief analogies to describe M/I Homes:

• Like Ford, but for new houses instead of cars.
• Like General Motors, but for new houses and residential communities instead of vehicles.

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• New Home Construction: Building and selling single-family homes and townhomes in planned communities across multiple states.
• Financial Services: Providing mortgage financing and title insurance services primarily to customers purchasing M/I Homes properties.

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M/I Homes (MHO) Major Customers

M/I Homes (MHO) is a homebuilder that primarily sells new single-family homes and townhomes directly to individual homebuyers, rather than to other companies. Therefore, its customers are best categorized by their typical demographic or life stage rather than by company names.

The company generally serves the following categories of individual customers:

• First-time homebuyers: Individuals or families making their initial entry into homeownership, often seeking an affordable home with modern features and design.
• Move-up buyers: Existing homeowners looking to purchase a larger, newer, or more amenity-rich home. These buyers are often driven by growing families, career advancements, or a desire for an upgraded lifestyle.
• Empty nesters and Active Adults: Older individuals or couples whose children have left home, seeking smaller, lower-maintenance homes, or homes in communities specifically designed for an active adult lifestyle with various amenities.

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

Mr. 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 and joined the company in 1990. His father, Irving Schottenstein, co-founded M/I Homes in 1976. Before joining M/I Homes, he was a business lawyer in private practice for nearly 14 years. Mr. Schottenstein currently serves as a director of Installed Building Products, Inc. and was a director of Bath & Body Works, Inc. from April 2017 until May 2022. Under his leadership, M/I Homes has acquired three fairly sizable privately held home builders.

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

Mr. Creek has been the Chief Financial Officer of M/I Homes since September 2000 and Executive Vice President since February 2008. He also serves as a Director of the company and has been the Chief Financial Officer of M/I Financial LLC, a wholly-owned subsidiary, since September 2000. Mr. Creek previously held the role of Treasurer for M/I Homes from January 1993 to February 2005 and again from December 2009 to May 2010, and served as Senior Vice President from September 1993 to February 2008.

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

Ms. Krohne has served as Senior Vice President, Chief Legal Officer, and Secretary of M/I Homes since June 2021. Prior to joining M/I Homes, she was Senior Vice President and Chief Legal Counsel at Pedcor Investments from 2010 until April 2021.

Derek J. Klutch, Chief Executive Officer - M/I Financial; President - M/I Financial

Mr. Klutch has held the position of Chief Executive Officer and President of M/I Financial, a subsidiary of M/I Homes, since 2019.

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

Ms. Hunker serves as the Chief Accounting Officer, Vice President, and Corporate Controller of M/I Homes, Inc..

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The key risks to M/I Homes (MHO) primarily revolve around the challenging economic and housing market environment, which directly impacts demand and profitability.

1. High Mortgage Rates and Deteriorating Home Affordability: M/I Homes is significantly exposed to the sensitivity of entry-level homebuyers to elevated mortgage rates. Sustained high rates can lead to reduced buyer hesitation, a slower pace of new contracts, and increased cancellations. This directly impacts the company's ability to generate new sales and convert its backlog into deliveries, ultimately affecting revenue and net income.

2. Challenging Housing Market Conditions: Beyond just mortgage rates, the broader housing market faces headwinds such as elevated housing starts and permits, rising inventories, and slowing home prices. These conditions contribute to declining revenue and net income for M/I Homes, leading to missed earnings expectations. The company has experienced reduced contracts, a shrinking backlog, and increased cancellation rates in recent quarters.

3. Policy Uncertainties and Increased Construction Costs: M/I Homes faces risks related to policy uncertainties, including the potential for new or increased tariffs on building products sourced from countries like Canada, Mexico, and China. Additionally, shifts in immigration policy that affect the availability of migrant labor in the construction industry could lead to increased labor costs. Both factors have the potential to raise construction expenses, thereby putting additional pressure on the company's profit margins.

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M/I Homes, Inc. (MHO) primarily operates in the new home construction market, focusing on single-family homes, townhomes, and condominiums across 24 metropolitan areas in the United States.

The addressable market for M/I Homes' main products and services is the U.S. residential construction market, with a specific focus on single-family housing construction. The U.S. single-family housing construction market is valued at approximately $804.08 billion in 2025. This market is projected to grow to $1.02 trillion by 2029.

In terms of new construction volume, single-family housing starts in the United States were at a seasonally adjusted annual rate of 890,000 units in August 2025. The broader U.S. residential construction market, which includes both single-family and multi-family units, is estimated to be $1.35 trillion in 2025 and is expected to reach $1.69 trillion by 2030.

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M/I Homes (MHO) is anticipated to drive future revenue growth over the next two to three years through several key strategies and market dynamics:

1. Increased Community Count: The company projects a 5% increase in its average community count for 2024 compared to 2023, and a similar 5% increase is estimated for 2025 over 2024. This expansion in the number of communities directly contributes to a larger sales footprint and potential for higher home deliveries.
2. Growth in Home Deliveries: M/I Homes has demonstrated consistent growth in homes delivered, reporting a record 2,271 homes in the third quarter of 2024, an 8% increase year-over-year, and a record 9,055 homes for the full year 2024, up 12% from 2023. The company further anticipates delivering between 12,000 to 14,000 homes in 2025.
3. Strategic Focus on Affordable Housing: The "Smart Series" product line, which caters to entry-level and affordable housing segments, is a significant contributor to sales. This product line accounted for over half of sales in the first quarter of 2025 and 52% in the third quarter of 2025, indicating a successful strategy in meeting market demand.
4. Effective Use of Mortgage Rate Buy-downs: M/I Homes has actively utilized mortgage rate buy-downs to stimulate traffic and support sales in a challenging interest rate environment. This strategy is expected to continue throughout 2025 to maintain sales momentum.
5. Growing Demand from Millennial and Gen Z Buyers: Analyst insights suggest an increasing demand from millennial and Gen Z demographics, positioning them as a promising future customer base for M/I Homes and a driver for sustained revenue growth.

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Share Repurchases

• M/I Homes authorized a new $250 million share repurchase program on February 11, 2025, replacing a prior authorization that had $107 million remaining as of January 31, 2025.
• In 2024, the company repurchased a total of $176 million of stock, which included $50 million in the fourth quarter and $50 million in the third quarter.
• During the third quarter of 2025, M/I Homes repurchased $50 million of common stock, completing $150.2 million of the $250 million buyback announced in February 2025.

Share Issuance

• The company received $27.2 million in proceeds from the exercise of stock options during the first nine months of 2023.

Capital Expenditures

• In the third quarter of 2025, M/I Homes invested $115 million in land purchases and $181 million in land development, for a total of $297 million.
• As of September 30, 2025, the company's unsold land investment was $1.8 billion, up from $1.6 billion a year prior, consisting of $931 million in raw land and land under development, and $859 million in finished unsold lots.
• M/I Homes is focused on strategically investing in its operations and is on track to grow its average community count by approximately 5% in 2025.