Financial Reporting - Concentra Group Holdings Parent, Inc. will present preliminary, unaudited operational metrics for Q4 2025 on January 14, 2026[4] - The presentation will be available on the Company's investor relations website after the event[4] - The Company is not classified as an emerging growth company under the Securities Act[3] Forward-Looking Statements - Forward-looking statements regarding future expectations and plans are included, with actual results potentially differing due to various factors[6] - The Company disclaims any obligation to update forward-looking statements except as required by law[6]

Homebuilding Operations - Homebuilding operations generated $32 billion in revenues, accounting for approximately 94% of consolidated revenues in fiscal 2025[11]. - New home deliveries reached 82,583 in fiscal 2025, an increase from 80,210 in fiscal 2024 and 73,087 in fiscal 2023[14]. - The average sales price of a Lennar home in fiscal 2025 was $391,000, down from $423,000 in fiscal 2024 and $445,000 in fiscal 2023[15]. - As of November 30, 2025, 98% of total homesites were controlled through options, up from 82% in the previous year[17]. - The backlog dollar value, including unconsolidated entities, was $5.2 billion at November 30, 2025, compared to $5.4 billion at the same time in 2024[29]. - The company experienced a cancellation rate of 14% in both 2025 and 2024 for homes under sales contracts[28]. - The company was actively building and marketing homes in 1,708 communities as of November 30, 2025, an increase from 1,447 communities in 2024[20]. - The company aims to maintain operating margins by deferring home sale price commitments until construction costs are finalized[13]. - The company is focused on a land-light operating model, enhancing flexibility and reducing capital intensity in its homebuilding operations[13]. Financial Services - In fiscal year 2025, the company originated approximately 55,900 residential mortgage loans totaling $20.0 billion, an increase from 54,600 loans totaling $19.8 billion in fiscal year 2024[34]. - The financial services subsidiaries provided loans to 84% of homebuyers who obtained mortgage financing in areas where the company offered services[33]. - As of November 30, 2025, the company had a total maximum borrowing capacity of $3.3 billion under its financial services warehouse facilities[35]. - The company utilizes derivative financial instruments to hedge interest rate exposure, particularly for loans held-for-sale, to mitigate risks associated with fluctuations in mortgage-related interest rates[315]. - The company’s Financial Services operations employ mortgage-backed securities forward commitments and option contracts to protect against interest rate fluctuations[314]. - Financial services fixed rate notes and other debts payable are valued at $123.1 million, with an average interest rate of 3.4%[320]. - Financial services variable rate debts total $1,667.2 million, with an average interest rate of 5.3%[320]. Multifamily Business - The Multifamily business has capitalized and developed 128 multifamily residential communities with approximately 39,300 rental units across 20 states[42]. - As of November 30, 2025, the Multifamily segment had a pipeline of 32 potential future developments totaling approximately $2.8 billion in anticipated development costs[43]. Strategic Investments - In February 2025, the company completed the spin-off of Millrose Properties, contributing $5.6 billion in land assets and $1.0 billion in cash[31]. - The company retained a minority interest after selling a majority interest in Quarterra Group, Inc for a strategic commitment of $1.0 billion[46]. - The book value of the company's investment in strategic technology investments was $581.8 million as of November 30, 2025[39]. Technology and Innovation - The company has been using new technology to automate portions of the mortgage loan origination process, improving customer experience and increasing digital closings[36]. Environmental Sustainability - The company is focused on creating environmentally sustainable products, incorporating features like Low-VOC paint, WaterSense® faucets, Low-E windows, and Energy Star® appliances in new homes[67][74]. - The company believes in the value of clean energy and actively seeks to integrate solar power into its home designs[68]. Regulatory and Market Risks - The company is subject to various local, state, and federal regulations that can increase construction costs and impact homebuilding activities, including requirements for energy-efficient materials and infrastructure commitments[60][61]. - The company’s primary market risk exposure relates to fluctuations in interest rates on investments, loans held-for-sale, and outstanding variable rate debt[312]. - The company’s compliance with the Dodd-Frank Act includes minimum standards for lender practices and limitations on certain fees in mortgage lending[64]. - The company’s operations are impacted by potential "slow growth" initiatives in various cities that could affect land availability for residential development[62]. Employment and Workforce - The company employed 12,532 individuals as of November 30, 2025, a decrease from 13,265 individuals in the previous year, with 10,182 in Homebuilding operations[73]. Health and Safety - The company is committed to health and safety, having hired a Chief Medical Officer to oversee safety protocols during the COVID-19 pandemic[71]. Financial Performance - Fixed rate investments held-to-maturity are valued at $132.9 million with an average interest rate of 3.6%[320]. - Homebuilding fixed rate senior notes and other debts payable total $2,380.5 million, with an average interest rate of 5.0%[320]. - Variable rate debts in homebuilding amount to $1,710.0 million, with an average interest rate of 5.2%[320].

Homebuilding Operations - Homebuilding operations generated $32 billion in revenues, accounting for approximately 94% of consolidated revenues in fiscal 2025[11] - New home deliveries reached 82,583 in fiscal 2025, an increase from 80,210 in fiscal 2024 and 73,087 in fiscal 2023[14] - The average sales price of a Lennar home in fiscal 2025 was $391,000, down from $423,000 in fiscal 2024 and $445,000 in fiscal 2023[15] - As of November 30, 2025, 98% of total homesites were controlled through options, up from 82% in the previous year[17] - The backlog dollar value, including unconsolidated entities, was $5.2 billion at November 30, 2025, compared to $5.4 billion at the same date in 2024[29] - The company experienced a cancellation rate of 14% in both 2025 and 2024[28] - The company operates in 1,708 communities as of November 30, 2025, up from 1,447 communities in 2024[20] Financial Services - In fiscal year 2025, the company originated approximately 55,900 residential mortgage loans totaling $20.0 billion, an increase from 54,600 loans totaling $19.8 billion in fiscal year 2024[34] - The financial services subsidiaries provided loans to 84% of homebuyers who obtained mortgage financing in areas where services were offered[33] - As of November 30, 2025, the company had a total maximum borrowing capacity of $3.3 billion under six warehouse residential facilities[35] - The company locked interest rates on approximately 56,900 residential mortgage loans totaling $19.9 billion in fiscal year 2025[34] - The company’s Financial Services operations employ mortgage-backed securities forward commitments and option contracts to protect against interest rate fluctuations[314] - Financial services fixed rate notes and other debts payable are valued at $123.1 million with an average interest rate of 3.4%[320] - Financial services variable rate debts total $1,667.2 million, with an average interest rate of 5.3%[320] Multifamily Business - The Multifamily business has capitalized and developed 128 multifamily residential communities with approximately 39,300 rental units across 20 states[42] - As of November 30, 2025, Upward America had purchased 4,697 homes in 103 communities for a total purchase price of $1.2 billion, averaging $258,000 per home[49] - The company has a pipeline of 32 potential future developments in the Multifamily segment, totaling approximately $2.8 billion in anticipated development costs[43] Technology and Innovation - The company aims to enhance efficiencies and reduce costs through technology and innovative strategies[13] - The book value of strategic technology investments was $581.8 million as of November 30, 2025[39] Land and Operating Model - In February 2025, the company completed the spin-off of Millrose Properties, contributing $5.6 billion in land assets and $1.0 billion in cash[31] - The company is focused on a land-light operating model, increasing flexibility and reducing capital intensity[13] Environmental Commitment - The company is focused on creating environmentally sustainable products, incorporating features like Low-VOC paint, WaterSense® faucets, Low-E windows, and Energy Star® appliances in new homes[67][74] - The company believes in the value of clean energy and consistently seeks opportunities to integrate solar power into its home designs[68] Workforce and Culture - The company employed 12,532 individuals as of November 30, 2025, a decrease from 13,265 individuals in the previous year, with 10,182 in Homebuilding operations[73] - The company’s overall relations with its workforce are considered healthy, despite subcontracting many phases of homebuilding operations[73] - The company is focused on attracting and retaining talent, emphasizing a culture of inclusion and providing a comprehensive benefits package[69][70] Risk Management - The company utilizes derivative financial instruments to hedge interest rate exposure, particularly for loans held-for-sale, to mitigate risks associated with fluctuations in mortgage-related interest rates[315] - The company’s primary market risk exposure relates to fluctuations in interest rates on investments, loans held-for-sale, and outstanding variable rate debt[312] - The company is subject to various local, state, and federal regulations that can increase construction costs and impact homebuilding activities, including environmental laws and zoning regulations[60][61] Health and Safety - The company is committed to health and safety, having hired a Chief Medical Officer to oversee safety protocols during the COVID-19 pandemic[71] Debt and Investments - Fixed rate investments held-to-maturity are valued at $132.9 million with an average interest rate of 3.6%[320] - Homebuilding fixed rate senior notes and other debts payable total $2,380.5 million, with an average interest rate of 5.0%[320] - Variable rate debts in homebuilding amount to $1,710.0 million, with an average interest rate of 5.2%[320]

Restaurant Operations - As of December 24, 2025, the company owned, operated, or franchised a total of 1,627 restaurants, including 1,160 company-owned and 467 franchised locations[63]. - The company plans to open 32 to 38 new restaurants in fiscal 2026, with 6 openings projected for the full year as of December 24, 2025[69]. - The company has strategically pursued international expansion, with 10 new franchise restaurant openings and one new development agreement during the twenty-six-week period ended December 24, 2025[68]. Financial Performance - Total revenues for the thirteen-week period ended December 24, 2025, increased to $1,452.2 million, up from $1,358.2 million for the same period in 2024, reflecting a change of 6.9%[71]. - Total revenues for the Chili's segment increased by 9.0% to $1,317.3 million, driven by favorable comparable restaurant sales and higher traffic[86]. - Chili's total revenues increased by 14.6% to $2,567.0 million for the twenty-six week period ended December 24, 2025, compared to $2,239.2 million for the same period in 2024[90]. - Maggiano's total revenues decreased by 9.7% to $134.9 million for the thirteen week period ended December 24, 2025, compared to $149.4 million for the same period in 2024, primarily due to restaurant closures[95]. Comparable Sales and Traffic - Comparable restaurant sales for company-owned locations increased by 7.5% in the thirteen-week period ended December 24, 2025, driven by a price impact of 4.6% and a traffic impact of 1.4%[73]. - Franchise revenues increased due to higher royalties, with Chili's franchisee sales reaching $271.9 million in the thirteen-week period ended December 24, 2025, compared to $232.3 million in the same period in 2024[73]. Cost Management - Food and beverage costs increased to $370.5 million, representing 25.7% of company sales, with a 0.2% unfavorable variance due to higher commodity costs and unfavorable menu item mix[76]. - Restaurant labor costs rose to $446.4 million, accounting for 31.0% of company sales, with a favorable variance of 0.3% attributed to sales leverage[76]. - Food and beverage costs for the twenty-six week period ended December 24, 2025, were $715.1 million, with a 0.4% unfavorable variance due to commodity costs[81]. - Chili's food and beverage costs were unfavorable by 0.1%, primarily due to a 0.9% unfavorable menu item mix and 0.2% unfavorable commodity costs, partially offset by 1.2% favorable menu pricing[89]. - Maggiano's food and beverage costs were unfavorable by 2.6%, driven by a 3.0% unfavorable menu item mix and 0.7% unfavorable commodity costs, partially offset by 1.1% favorable menu pricing[99]. - Maggiano's food and beverage costs were unfavorable by 2.3%, driven by a 2.8% unfavorable menu item mix and 0.6% higher commodity costs, partially offset by 1.1% favorable menu pricing[104]. Expenses - General and administrative expenses increased by $6.6 million to $59.7 million, primarily due to higher payroll expenses and stock-based compensation[78]. - Chili's general and administrative expenses increased by $3.3 million to $27.3 million for the twenty-six week period ended December 24, 2025, compared to $24.0 million for the same period in 2024[94]. - Depreciation and amortization rose to $54.6 million, reflecting an increase of $6.9 million from the previous year[78]. - Chili's depreciation and amortization increased by $11.9 million to $94.2 million for the twenty-six week period ended December 24, 2025, compared to $82.3 million for the same period in 2024[92]. Cash Flow and Financing - Net cash provided by operating activities increased by $58.7 million to $339.7 million for the twenty-six week period ended December 24, 2025, compared to $281.0 million for the same period in 2024[100]. - Net cash used in investing activities increased by $15.8 million to $121.6 million for the twenty-six week period ended December 24, 2025, primarily due to increased spending on new restaurant construction[101]. - Net cash used in financing activities decreased slightly to $(222.0) million for the twenty-six week period ended December 24, 2025, compared to $(225.0) million in the prior year, primarily due to a decrease in net repayments of long-term debt[102]. - As of December 24, 2025, net borrowings of $20.0 million were drawn on the revolving credit facility, with $949.9 million of credit available[103]. - The company repurchased 1.8 million shares for $235.0 million during the twenty-six week period ended December 24, 2025, with approximately $315.0 million remaining under the current share repurchase program[108]. Tax and Interest - Effective income tax rate for the thirteen-week period ended December 24, 2025, was 18.7%, up from 16.4% in the prior year[83]. - Interest expenses decreased by $4.0 million to $10.7 million, primarily due to a lower average revolver balance[80]. - The company's interest rate on the revolving credit facility was 4.98% as of December 24, 2025, consisting of SOFR of 3.73% plus an applicable margin of 1.25%[105]. - A hypothetical 100 basis point increase in the current interest rate on the outstanding balance of the revolving credit facility would result in an additional $0.2 million of annual interest expense[114]. Risk Factors - Commodity price risks remain a concern, with potential fluctuations in food and other commodity prices impacting financial results due to supply and demand factors[115]. - Other (gains) and charges for the twenty-six week period ended December 24, 2025, were $1.4 million, a decrease of $19.6 million from the previous year[82]. - Other (gains) and charges for Chili's resulted in a net unfavorable variance of $10.8 million, with losses from natural disasters and litigation impacting the results[91]. Operational Improvements - The company has focused on enhancing the digital experience, including a seamless To-Go menu available through various platforms, which has improved customer convenience[65]. - The company has simplified its menu to focus on core items, which has helped improve consistency and quality in food preparation[65]. - The company has invested in technology to enhance operational efficiency, including the use of handheld tablets for order placement and tabletop devices for guest interaction[66].

Financial Performance - Total revenue for Q4 2025 was $4.208 billion, with rental revenue of $3.581 billion, marking a 4.6% year-over-year increase[6] - Net income for Q4 2025 was $653 million, representing a net income margin of 15.5%, a decrease of 130 basis points year-over-year[12] - Adjusted EBITDA for Q4 2025 was $1.901 billion, with an adjusted EBITDA margin of 45.2%, down 120 basis points from the previous year[12] - Net income for the year ended December 31, 2025, was $2,494 million, compared to $2,575 million in 2024, indicating a decrease of 3.1%[25] - Diluted earnings per share for 2025 were $38.61, slightly down from $38.69 in 2024[25] - The gross profit for the year was $6,144 million, nearly unchanged from $6,150 million in 2024[25] - Net income for the three months ended December 31, 2025, was $653 million, a decrease of 5.2% from $689 million in the same period of 2024[29] - The company reported a diluted earnings per share of $10.27 for the three months ended December 31, 2025, down from $10.47 in 2024[37] Cash Flow and Liquidity - Full-year 2025 net cash provided by operating activities was $5.190 billion, with free cash flow of $2.181 billion[12] - Cash flow from operating activities increased 14.2% year-over-year, while free cash flow increased 6.0% from $2.058 billion to $2.181 billion[17] - Cash provided by operating activities for the year ended December 31, 2025, was $5,190 million, an increase from $4,546 million in 2024[29] - The forecast for net cash provided by operating activities in 2026 is estimated to be between $5,300 million and $6,100 million[52] - Projected free cash flow for 2026, excluding merger and restructuring related payments, is expected to be between $2,150 million and $2,450 million[52] Shareholder Returns - The company returned $2.364 billion to shareholders in 2025, including $1.9 billion in share repurchases and $464 million in dividends[12] - The company plans to repurchase $1.5 billion of common stock in 2026, supported by a new $5 billion share repurchase program[1] - The company declared dividends of $1.79 per share in Q4 2025, up from $1.63 in Q4 2024, marking a 9.8% increase[25] - The company repurchased common stock totaling $631 million during the three months ended December 31, 2025[30] Revenue Segments - Specialty rentals segment rental revenue increased 9.2% year-over-year to $1.183 billion, despite a decrease in rental gross margin[17] - Equipment rentals contributed $3,581 million to total revenues, up from $3,422 million year-over-year, reflecting a 4.6% growth[25] - Total equipment rentals revenue increased by 4.6% to $3,581 million for the three months ended December 31, 2025, compared to $3,422 million in 2024[35] - Specialty equipment rentals revenue grew by 9.2% to $1,183 million for the three months ended December 31, 2025, up from $1,083 million in 2024[35] Assets and Liabilities - Total assets increased to $29,866 million in 2025, up from $28,163 million in 2024, representing a growth of 6.0%[27] - Long-term debt rose to $12,652 million in 2025, compared to $12,228 million in 2024, reflecting an increase of 3.5%[27] - The net leverage ratio at year-end 2025 was 1.9x, with total liquidity of $3.322 billion[12] Restructuring and Charges - The company reported a restructuring charge of $1 million for the year ended December 31, 2025, compared to $3 million in 2024[25] - The company initiated a restructuring program in Q4 2025, with total restructuring charges incurred since 2008 amounting to $384 million[45] - The impact of the merger termination benefit associated with the terminated H&E acquisition was a net $52 million benefit for adjusted EBITDA in 2025[47] Depreciation and Equipment Costs - Total depreciation of rental equipment for 2025 was $2,670 million, an increase from $2,466 million in 2024[45] - The year-over-year change in average owned equipment cost (OEC) was 4.5% for the three months ended December 31, 2025[33]

Financial Performance - Net income for the three months ended December 31, 2025, was $1.675 million, a 64.3% increase from $1.020 million in the same period of 2024[2] - Basic and diluted earnings per share for the three months ended December 31, 2025, were $0.55 and $0.54, respectively, compared to $0.33 for the same period in 2024[2] - Net income for the six months ended December 31, 2025, was $3.274 million, compared to $1.961 million for the same period in 2024, reflecting a year-over-year increase of 67.0%[21] - Basic earnings per share for the six months ended December 31, 2025, was $1.09, compared to $0.64 for the same period in 2024, representing an increase of 70.3%[21] Income and Interest - Net interest income increased by $777,000, or 16.9%, for the three months ended December 31, 2025, driven by a $405,000 increase in total interest income[3] - Non-interest income for the three months ended December 31, 2025, increased by $150,000, or 30.7%, compared to the prior year[3] - Net interest income after provision for credit losses was $10.486 million for the six months ended December 31, 2025, compared to $9.204 million for the same period in 2024, an increase of 13.9%[21] Assets and Liabilities - Total assets increased by $11.957 million, or 2.0%, from $609.492 million at June 30, 2025, to $621.449 million at December 31, 2025[10] - Total liabilities rose by $9.413 million, or 1.7%, from $554.287 million at June 30, 2025, to $563.700 million at December 31, 2025[11] - Total assets rose to $621.449 million at December 31, 2025, up from $609.492 million at June 30, 2025, indicating a growth of approximately 1.6%[19] - Total deposits increased to $554.877 million at December 31, 2025, from $546.290 million at June 30, 2025, a rise of approximately 1.0%[19] Equity and Book Value - Book value per share increased to $18.76 at December 31, 2025, from $17.90 at June 30, 2025[5] - Stockholders' equity increased by $2.544 million, or 4.6%, from $55.205 million at June 30, 2025, to $57.749 million at December 31, 2025[14] Credit Quality - The provision for credit losses increased by $64,000, or 142.2%, for the three months ended December 31, 2025[3] - The allowance for credit losses as a percentage of total loans receivable was 0.93% at December 31, 2025, compared to 1.02% at June 30, 2025[22] - Non-performing assets decreased to $2.533 million at December 31, 2025, from $3.305 million at June 30, 2025, representing a reduction of approximately 23.3%[13] Interest Rate and Returns - The average interest rate spread improved to 3.03% for the three months ended December 31, 2025, compared to 2.40% for the same period in 2024[3] - The return on average assets was 1.07% for the three months ended December 31, 2025, up from 0.65% for the same period in 2024[22] Funding Sources - The Company reported zero dependency on wholesale funding, with no brokered deposits or FHLB advances at December 31, 2025[5]

Financial Performance - Fourth quarter 2025 net income was $6.2 million, or $0.90 per diluted share, an increase from $6.1 million, or $0.88 per diluted share in the prior quarter[6] - For the year ended December 31, 2025, net income was $23.8 million, or $3.43 per diluted share, representing a 30.4% increase from $18.3 million, or $2.61 per diluted share in 2024[8] - Diluted earnings per share for the year ended December 31, 2025, rose to $3.43, a 31.5% increase compared to $2.61 in 2024[35] Income and Expenses - Net interest income for the year ended December 31, 2025, increased to $65,880, up 12.0% from $58,593 in 2024[35] - Non-interest income for Q4 2025 was $3.6 million, a decrease of 3.5% from the prior quarter but an increase of 1.8% from the prior year quarter[16] - Non-interest income for the year ended December 31, 2025, was $14,309, slightly down from $14,320 in 2024[35] - Non-interest expense for Q4 2025 was $13.3 million, an increase of 3.4% from the prior quarter, primarily due to higher other non-interest expenses[18] Asset and Liability Management - Total deposits increased by $28.2 million, or 1.9%, to $1.55 billion from $1.53 billion at September 30, 2025[29] - Loans decreased by $27.2 million, or 1.8%, to $1.49 billion from $1.51 billion at September 30, 2025, but increased by $20.6 million, or 1.4%, from $1.47 billion at the end of 2024[23] - Total assets as of December 31, 2025, were $1,894,850, a decrease of 1.4% from $1,932,105 as of September 30, 2025[34] Credit Quality - The allowance for credit losses at December 31, 2025 was $21.1 million, or 1.42% of outstanding loans, and 307.52% of non-performing loans[28] - The provision for credit losses for the year ended December 31, 2025, decreased to $360 from $1,027 in 2024[35] - Non-performing loans increased to $6,865 as of December 31, 2025, compared to $4,911 as of September 30, 2025[35] Efficiency and Capital Ratios - The efficiency ratio for the year improved to 63.41%, a decrease of 451 basis points from 67.92% in the prior year[22] - The efficiency ratio for the three months ended December 31, 2025, improved to 62.64% from 62.30% in the previous quarter[35] - Total risk-based capital ratio as of December 31, 2025, was 15.49%, an increase from 14.90% as of September 30, 2025[35] Shareholder Actions - The Company repurchased 100,358 common shares under its Repurchase Plan during 2025, with $8.4 million remaining available for future repurchases[31] Interest Income - Total interest income for the three months ended December 31, 2025, was $25,286, up from $25,003 in the previous quarter[34] - Net interest margin improved to 4.03% in Q4 2025 from 3.97% in the prior quarter and 3.55% in the prior year quarter[10] Return Metrics - Return on average assets for the three months ended December 31, 2025, was 1.33%, consistent with the previous quarter[35]

Revenue Performance - Total revenues increased by $18,233 or 3%, from $521,241 in 2024 to $539,474 in 2025, primarily due to the restart of customized CRM system development services [464]. - Revenue from professional services accounted for $515,684 or 96% of total revenues in 2025, compared to $275,314 or 53% in 2024 [464]. - Revenue from customized CRM system development services increased by $285,188 or 100% from nil in 2024 to $285,188 in 2025 [465]. - Total revenue for the year ended September 30, 2025, was $539,474, a decrease of $374,737 or 42% from $895,978 in 2024 [482]. - Customer B accounted for 39% of net revenue in 2025, up from 26% in 2024, while total revenue from major customers increased to 85% in 2025 from 77% in 2024 [511]. Profitability and Loss - Gross profit for 2025 was $179,965, representing 33% of total revenues, compared to $341,593 or 66% in 2024 [463]. - Net loss for 2025 was $(9,646,142), a significant increase of 1,788% compared to $(1,280,661) in 2024 [463]. - The company reported a net loss of $9,646,142 for the year ended September 30, 2025, compared to a net loss of $1,280,661 in 2024 [480]. - Loss from investments was $2,736,514 in 2025, a significant increase from nil in 2024 [476]. Operating Expenses - Operating expenses totaled $(3,035,280) in 2025, an increase of 563% from $(1,730,409) in 2024 [463]. - Selling expenses increased by $36,311 or 38% to $130,792 in 2025, primarily due to a significant rise in advertising and promotion expenses [470]. - General and administrative expenses surged by $2,250,292 or 454% to $2,746,298 in 2025, mainly due to professional fees related to the IPO [472]. - Research and development expenses decreased by $981,732 or 86% to $158,190 in 2025, attributed to a reduction in labor-related costs [473]. Cash Flow and Financial Position - The company had approximately $9.9 million of unrestricted cash as of September 30, 2025, and will need to control operating costs to ensure sustainability [495]. - Net cash used in operating activities for the year ended September 30, 2025, was $3,913,752, compared to $728,066 for the year ended September 30, 2024, reflecting a net loss of $9,646,142 [498]. - Net cash used in investing activities was $3,028,941 for the year ended September 30, 2025, primarily due to the purchase of short-term investments totaling $3,800,000 [500]. - Net cash provided by financing activities increased to $16,790,704 for the year ended September 30, 2025, from $431,390 in 2024, driven by proceeds from the issuance of ordinary shares and follow-on offerings [502]. - The company reported a total net increase in cash and restricted cash of $9,893,604 for the year ended September 30, 2025, compared to a decrease of $356,029 in 2024 [497]. Legal and Tax Matters - The company is subject to a 25% enterprise income tax rate under PRC law for its subsidiaries in China [454]. - The company is involved in three separate legal cases as of September 30, 2025, with an accrued provision for ongoing litigation matters of $24,459 [519]. Other Financial Metrics - Cost of revenues for 2025 was $359,509, a decrease of $179,861 or 100% from $179,648 in 2024 [467]. - Other income fell by $134,263 or 100% to $539 in 2025, down from $134,802 in 2024 [474]. - As of September 30, 2025, the allowance for expected credit loss was nil, while it was $4,664 for September 30, 2024, and nil for September 30, 2023 [525]. - The valuation allowance for deferred tax assets as of September 30, 2025, 2024, and 2023 was $1.23 million, $1.17 million, and $3.00 million, respectively [526]. Inflation Impact - Inflation does not materially affect the company's business or results of operations [520]. Revenue Recognition - Customized CRM system development and cloud-based connectivity services are recognized as a single performance obligation, with revenue recognized over the contractual service period [524].

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 20-F (Mark one) ☐ REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended September 30, 2025. OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☐ SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF ...

Financial Performance - Home closing revenue for Q4 2025 was $1.4 billion, a 12% decrease year-over-year, driven by a 7% decline in home closing volume to 3,755 units and a 5% drop in average sales price to $375,000[9] - The home closing gross margin for Q4 2025 was 16.5%, down 670 basis points from 23.2% in Q4 2024, primarily due to non-recurring charges and increased lot costs[9] - Net earnings for Q4 2025 were $84.0 million, or $1.20 per diluted share, reflecting a 51% decrease from $172.6 million, or $2.36 per diluted share, in Q4 2024[9] - Net earnings for the twelve months ended December 31, 2025, were $453,013, a decrease of 42% compared to $786,186 in 2024[19] - Basic earnings per share for Q4 2025 were $1.21, down 49% from $2.39 in Q4 2024, with diluted earnings per share at $1.20, also down 49% from $2.36[17] - Adjusted net earnings for the twelve months ended December 31, 2025, were $503,074,000, a decrease from $791,249,000 in 2024, with adjusted diluted earnings per share at $7.05 compared to $10.79 in the previous year[37] Sales and Orders - Total sales orders for full year 2025 were 14,650 homes, essentially flat year-over-year, with a 9% decline in average absorption pace offset by a 12% increase in average communities[9] - Homes ordered in Q4 2025 totaled 3,224 with a value of $1,206,142,000, compared to 3,304 homes valued at $1,320,440,000 in Q4 2024, showing a decrease of 2.4% in homes ordered and 9.6% in value[27] - In Q4 2025, the total homes closed were 3,755 with a total value of $1,406,449,000, compared to 4,044 homes closed valued at $1,595,920,000 in Q4 2024, representing a decrease of 7.1% in homes closed and 12.0% in total value[27] - For the twelve months ended December 31, 2025, total homes closed were 15,026 with a total value of $5,763,597,000, compared to 15,611 homes closed valued at $6,341,546,000 in 2024, indicating a decrease of 3.7% in homes closed and 9.1% in total value[28] - The order backlog at December 31, 2025, was 1,168 homes valued at $440,562,000, down from 1,544 homes valued at $629,549,000 in 2024, reflecting a decrease of 24.4% in homes and 30.0% in value[30] Investments and Assets - The company invested $416 million in land acquisition and development during Q4 2025, a decrease from $689 million in Q4 2024, reflecting a strategic response to market conditions[11] - Total assets increased to $7,622,287 as of December 31, 2025, compared to $7,162,654 in 2024, reflecting a growth of 6.4%[22] - Cash and cash equivalents at the end of Q4 2025 were $775,157, up from $651,555 at the end of Q4 2024, marking an increase of 19%[22] Margins and Costs - The company reported a total closing gross profit of $231,431 for Q4 2025, a decline of 38% from $373,144 in Q4 2024[16] - Home closing gross profit for Q4 2025 was $232,257,000, down from $369,814,000 in Q4 2024, resulting in a gross margin of 16.5%, compared to 23.2% in the prior year[36] - The cost of home closings decreased by 4% to $1,174,192 in Q4 2025 from $1,226,114 in Q4 2024[16] Shareholder Actions - The company repurchased 2,238,534 shares for $150 million during Q4 2025, with a total of 4,289,984 shares repurchased for $295 million throughout the year[14] - The weighted average shares outstanding decreased by 4% to 69,254 in Q4 2025 from 72,188 in Q4 2024[17] Market Outlook - The company anticipates full year 2026 home closing volume and revenue to be consistent with full year 2025 results, assuming no further deterioration in market conditions[12] - The effective tax rate for full year 2025 was 22.5%, compared to 21.6% in 2024, influenced by fewer homes qualifying for energy tax credits[11] Company Overview - The company has a strong presence in the U.S. housing market, operating in multiple states including Arizona, California, Colorado, and Texas, and is recognized for its energy-efficient homebuilding practices[40] - Meritage Homes has delivered over 210,000 homes in its 40-year history, emphasizing its commitment to quality construction and customer experience[41]