KB Home — Dec 18, 2025 release

• Stockholders’ equity totaled $3.90 billion, compared to $4.06 billion, primarily due to common stock repurchases and cash dividends in 2025, largely offset by net income for the same period. ◦ In October 2025, the Company’s board of directors authorized the repurchase of up to $1.00 billion of the Company’s outstanding common stock, replacing a prior authorization. ◦ In the 2025 fourth quarter, the Company repurchased approximately 1.6 million shares of its outstanding common stock at a cost of $100.0 million, bringing its total repurchases for the year ended November 30, 2025 to approximately 9.4 million shares at a cost of $538.5 million, or $57.37 per share. As of November 30, 2025, the Company had $900.0 million remaining under its current common stock repurchase authorization. ◦ Based on the Company’s approximately 63.2 million outstanding shares as of November 30, 2025, book value per share of $61.75 increased 10% year over year. Guidance The Company is providing the following guidance for its 2026 first quarter and 2026 full year as to certain metrics: 2026 First Quarter — • Deliveries in the range of 2,300 to 2,500 homes. • Housing revenues in the range of $1.05 billion to $1.15 billion. • Housing gross profit margin in the range of 15.4% to 16.0%, assuming no inventory-related charges. 3 • Selling, general and administrative expenses as a percentage of revenues in the range of 12.2% to 12.8%. • Effective tax rate of approximately 19.0%. • Common stock repurc