Form 8-K

8-K — HOVNANIAN ENTERPRISES INC

Accession: 0001753926-26-001568

Filed: 2026-08-20

Period: 2026-08-20

CIK: 0000357294

SIC: 1531 (OPERATIVE BUILDERS)

Item: Results of Operations and Financial Condition

Item: Financial Statements and Exhibits

Documents

8-K — hov-20260820.htm (Primary)

EX-99.1 — EXHIBIT 99.1 (ex991_1.htm)

XML — IDEA: XBRL DOCUMENT (R1.htm)

8-K

8-K (Primary)

Filename: hov-20260820.htm · Sequence: 1

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported): August 20, 2026

HOVNANIAN ENTERPRISES, INC.

(Exact Name of Registrant as Specified in its Charter)

Delaware

(State or Other

Jurisdiction

of Incorporation)

1-8551

(Commission File Number)

22-1851059

(IRS Employer

Identification No.)

90 Matawan Road, Fifth Floor

Matawan, New Jersey 07747

(Address of Principal Executive Offices) (Zip Code)

(732) 747-7800

(Registrant’s telephone number, including area code)

Not Applicable

(Former Name or Former Address, if Changed Since

Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act.

Title of each class

Trading symbol(s)

Name of each exchange on which registered

Class A Common Stock $0.01 par value per share

HOV

New York Stock Exchange

Preferred Stock Purchase Rights (1)

N/A

New York Stock Exchange

Depositary Shares each representing 1/1,000th of a share of 7.625% Series A Preferred Stock

HOVNP

The Nasdaq Stock Market LLC

(1) Each share of Class A Common Stock includes an associated Preferred Stock Purchase Right. Each Preferred Stock Purchase Right initially represents the right, if such Preferred Stock Purchase Right becomes exercisable, to purchase from the Company one ten-thousandth of a share of its Series B Junior Preferred Stock for each share of Common Stock. The Preferred Stock Purchase Rights currently cannot trade separately from the underlying Common Stock.

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02. Results of Operations and Financial Condition.

On August 20, 2026, Hovnanian Enterprises, Inc. (the “Company”) issued a press release announcing its preliminary financial results for the fiscal third quarter ended July 31, 2026. A copy of the press release is attached as Exhibit 99.1.

The information in this Current Report on Form 8-K and the Exhibit attached hereto is being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liability of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.

The attached earnings press release contains information about the following non-GAAP financial measures (collectively, the “Non-GAAP Measures”):

 Consolidated earnings before interest expense and income taxes (“EBIT”) and before depreciation and amortization (“EBITDA”) and before inventory impairments and land option write-offs and gain on extinguishment of debt, net (“Adjusted EBITDA”), the ratio of Adjusted EBITDA to interest incurred and EBIT before inventory impairments and land option write-offs and gain on extinguishment of debt, net (“Adjusted EBIT”), which are non-GAAP financial measures. The most directly comparable GAAP financial measure for EBIT, EBITDA, Adjusted EBIT and Adjusted EBITDA is net (loss) income. Management believes EBIT, Adjusted EBITDA and EBITDA to be relevant and useful information as EBIT, Adjusted EBITDA and EBITDA are standard measures commonly reported and widely used by analysts, investors and others to measure and benchmark the Company’s financial performance without the effects of various items the Company does not believe are characteristic of its ongoing operating performance. EBIT, Adjusted EBITDA and EBITDA do not take into account substantial costs of doing business, such as income taxes and interest expense.

 Homebuilding gross margin, before cost of sales interest expense and land charges, and homebuilding gross margin percentage, before cost of sales interest expense and land charges, which are non-GAAP financial measures. The most directly comparable GAAP financial measures are homebuilding gross margin and homebuilding gross margin percentage, respectively. Management believes homebuilding gross margin, before cost of sales interest expense and land charges, enables investors to better understand the Company’s operating performance. This measure is also useful internally, helping management to evaluate the Company’s operating results on a consolidated basis and relative to other companies in the Company’s industry. In particular, the magnitude and volatility of land charges for the Company, and for other homebuilders, have been significant and, as such, have made financial analysis of the Company’s industry more difficult. Homebuilding metrics excluding land charges, as well as interest amortized to cost of sales, and other similar presentations prepared by analysts and other companies are frequently used to assist investors in understanding and comparing the operating characteristics of homebuilding activities by eliminating many of the differences in companies’ respective levels of impairments and levels of debt.

 Adjusted (loss) income before income taxes, which is defined as (loss) income before income taxes excluding land-related charges and gain on extinguishment of debt, net, which is a non-GAAP financial measure. The most directly comparable GAAP financial measure is (loss) income before income taxes. Management believes adjusted (loss) income before taxes to be relevant and useful information because it provides a better metric of the Company’s operating performance.

 Total inventories excluding liabilities from inventory not owned, net of debt issuance costs and interest capitalized and including investments in and advances to unconsolidated joint ventures (“Adjusted Investment”), which is a non-GAAP financial measure. The most directly comparable GAAP financial measure is total inventories. Management believes Adjusted Investment to be relevant and useful information because it more accurately reflects inventory owned (whether directly or through joint ventures) by the Company and excludes inventory that is off-balance sheet in nature, such as inventory subject to land banking transactions.

 The ratio of Adjusted EBIT return on investment (“Adjusted EBIT ROI”), which is the ratio of Adjusted EBIT for the trailing twelve-months, to the average Adjusted Investment for the prior five fiscal quarters and is a non-GAAP financial measure. The most directly comparable GAAP financial measure is the ratio of net (loss) income to total inventory. Management believes Adjusted EBIT ROI to be relevant and useful information because it is a measure of operational performance irrespective of the capital structure of the Company and as calculated, is reflective of the longer-term period required to build and sell homes in the homebuilding industry.

Reconciliations for historical periods of the Non-GAAP Measures are contained in the earnings press release. The Non-GAAP Measures should be considered in addition to, but not as a substitute for, their respective most directly comparable financial measures (on a historical period, trailing twelve-month period or five-quarter average basis, as applicable) prepared in accordance with accounting principles generally accepted in the United States that are presented on the financial statements included in the Company’s reports filed with the Securities and Exchange Commission. Additionally, the Company’s calculations of the Non-GAAP Measures may be different than the respective calculations used by other companies, and, therefore, comparability may be affected.

Item 9.01.

Financial Statements and Exhibits.

(d)

Exhibits.

Exhibit 99.1

Earnings Press Release - Fiscal Third Quarter Ended July 31, 2026.

Exhibit 104

Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

HOVNANIAN ENTERPRISES, INC.

(Registrant)

By:

/s/ Brad G. O’Connor

Name: Brad G. O’Connor

Title: Chief Financial Officer

Date: August 20, 2026

EX-99.1 — EXHIBIT 99.1

EX-99.1

Filename: ex991_1.htm · Sequence: 7

HOVNANIAN ENTERPRISES, INC

Exhibit 99.1

HOVNANIAN ENTERPRISES, INC.

News Release

Contact:

Brad G. O’Connor

Jeffrey T. O’Keefe

Chief Financial Officer

Vice President, Investor Relations

732-747-7800

HOVNANIAN ENTERPRISES REPORTS FISCAL 2026 THIRD QUARTER RESULTS

Met or Exceeded Guidance on Nearly All Metrics Provided

Gross Margins Improved Sequentially for Second Quarter in a Row

The Dollar Value of Consolidated Domestic Backlog Increased 5% Year Over Year

MATAWAN, NJ, August 20, 2026 – Hovnanian Enterprises, Inc. (NYSE: HOV), a leading national homebuilder, reported results for its fiscal third quarter and nine months ended July 31, 2026.

RESULTS FOR THE THREE-MONTH AND NINE-MONTH PERIODS ENDED JULY 31, 2026:

 Total revenues were $705.7 million in the third quarter of fiscal 2026, which was within the guidance range we provided, compared with $800.6 million in the same quarter of the prior year. For the nine months ended July 31, 2026, total revenues were $2.01 billion compared with $2.16 billion in the first nine months of fiscal 2025.

 Domestic unconsolidated joint ventures sale of homes revenues for the third quarter of fiscal 2026 was $155.6 million (225 homes) compared with $165.0 million (245 homes) for the three months ended July 31, 2025. For the first nine months of fiscal 2026, domestic unconsolidated joint ventures sale of homes revenues was $353.9 million (524 homes) compared with $441.2 million (649 homes) in the nine months ended July 31, 2025.

 Homebuilding gross margin percentage, after cost of sales interest expense and land charges, was 11.8% for the three months ended July 31, 2026, compared with 11.7% during the third quarter a year ago. In the first nine months of fiscal 2026, homebuilding gross margin percentage, after cost of sales interest expense and land charges, was 10.8% compared with 13.5% in the same period of the prior fiscal year.

 Homebuilding gross margin percentage, before cost of sales interest expense and land charges, was 14.6% during the fiscal 2026 third quarter, which was within the guidance range we provided, compared with 17.3% in last year’s third quarter. For the second quarter in a row, gross margins, on both a GAAP and non-GAAP basis, improved sequentially in the third quarter as margins rebounded from the first‑quarter trough. For the nine months ended July 31, 2026, homebuilding gross margin percentage, before cost of sales interest expense and land charges, was 14.2% compared with 17.6% in the first nine months of the previous fiscal year.

 Total SG&A was $86.9 million, or 12.3% of total revenues, in the third quarter of fiscal 2026, which was better than the guidance range we provided, compared with $90.8 million, or 11.3% of total revenues, in the third quarter of fiscal 2025. Total SG&A was $254.9 million, or 12.7% of total revenues, in the first nine months of fiscal 2026 compared with $258.3 million, or 12.0% of total revenues, in the first nine months of the previous fiscal year.

 Total interest expense was $30.5 million, or 4.3% of total revenues, for the third quarter of fiscal 2026, compared with $34.0 million, or 4.2% of total revenues, for the third quarter of fiscal 2025. For the nine months ended July 31, 2026, total interest expense was $87.7 million, or 4.4% of total revenues, compared with $92.0 million, or 4.3% of total revenues, in the first nine months of the previous fiscal year.

 Loss before income taxes for the third quarter of fiscal 2026 was $2.8 million compared with income of $23.8 million in the third quarter of the prior fiscal year. For the first nine months of fiscal 2026, income before income taxes was $26.3 million compared with $90.2 million during the first nine months of the prior fiscal year.

 Loss before income taxes, excluding land-related charges, was $2.3 million in the third quarter of fiscal 2026, compared with income before these items of $39.8 million in the third quarter of fiscal 2025. For the nine months ended July 31, 2026, income before income taxes excluding land-related charges and gain on extinguishment of debt, net was $37.9 million compared with income before these items of $109.9 million in the same period of fiscal 2025.

 Net loss available to common stockholders was $4.5 million, or $0.70 per diluted common share, for the three months ended July 31, 2026, compared with net income available to common stockholders of $13.9 million, or $1.99 per diluted common share, in the same period of the previous fiscal year. For the first nine months of fiscal 2026, net income available to common stockholders was $10.8 million, or $1.55 per diluted common share, compared with net income available to common stockholders of $56.5 million, or $7.94 per diluted common share, during the first nine months of fiscal 2025.

 EBITDA was $31.4 million for the third quarter of fiscal 2026 compared with $61.0 million for the third quarter of the prior year. For the first nine months of fiscal 2026, EBITDA was $124.5 million compared with $190.7 million in the same period of the prior year.

 Adjusted EBITDA was $31.9 million for the quarter ended July 31, 2026, which was within the guidance range we provided, compared with $77.1 million in the third quarter of the prior fiscal year. For the first nine months of fiscal 2026, adjusted EBITDA was $136.1 million compared with $210.4 million in the same period of the prior year.

 Consolidated domestic contracts(1) in the third quarter of fiscal 2026 decreased 4.6% to 1,155 homes ($622.6 million) compared with 1,211 homes ($619.6 million) in the same quarter last year. Domestic contracts, including domestic unconsolidated joint ventures, for the three months ended July 31, 2026, decreased 4.0% to 1,359 homes ($760.2 million) compared with 1,416 homes ($749.0 million) in the third quarter of fiscal 2025.

 As of July 31, 2026, the number of consolidated domestic communities was 123, compared with 124 as of July 31, 2025. Including domestic unconsolidated joint ventures, domestic community count was 147 as of July 31, 2026 compared with 146 as of July 31, 2025.

 Consolidated domestic contracts per community decreased 4.1% year-over-year to 9.4 in the third quarter of fiscal 2026, compared to 9.8 in the same quarter of fiscal 2025. When including domestic unconsolidated joint ventures, domestic contracts per community decreased 5.2% to 9.2 for the three months ended July 31, 2026, compared with 9.7 in the prior-year period.

 The dollar value of consolidated domestic contract backlog, as of July 31, 2026, increased 5.1% to $881.9 million compared with $838.8 million as of July 31, 2025. The dollar value of domestic contract backlog, including domestic unconsolidated joint ventures, as of July 31, 2026, increased 4.8% to $1.16 billion compared with $1.10 billion as of July 31, 2025.

 The gross domestic contract cancellation rate for consolidated contracts was unchanged year over year at 19% for the quarter ended July 31, 2026. The gross domestic contract cancellation rate for contracts, including domestic unconsolidated joint ventures, was 18% for the third quarter of fiscal 2026 compared with 19% in the third quarter of the prior year.

 For the trailing twelve-month period our net income return on inventory was 1.0% and our adjusted earnings before interest and income taxes return on investment (Adjusted EBIT ROI) was 13.1%. For the most recently reported trailing twelve-month periods, we believe we had the second highest Adjusted EBIT ROI compared to eight of our publicly traded midsized homebuilder peers.

(1)When we refer to “domestic” deliveries, contracts, communities or backlog, we are excluding results from our HOV Global (Kingdom of Saudi Arabia) operations.

LIQUIDITY AND INVENTORY AS OF JULY 31, 2026:

 During the third quarter of fiscal 2026, domestic land and land development spending was $231.9 million compared with $192.6 million in the same quarter one year ago. For the first nine months of fiscal 2026, domestic land and land development spending was $644.9 million compared with $660.0 million in the same period one year ago.

 Total liquidity as of July 31, 2026, was $379.8 million, which was significantly above our target liquidity range of $170 million to $245 million.

 In the third quarter of fiscal 2026, approximately 3,000 lots were put under option or acquired in 38 domestic consolidated communities.

 As of July 31, 2026, our total domestic controlled consolidated lots were 34,373 compared with 40,246 lots at the end of the previous fiscal year’s third quarter. Continuing our land-light strategic focus, 87% of our lots were optioned at the end of the third quarter of fiscal 2026, which is the highest percentage of option lots in our Company’s history. Based on trailing twelve-month deliveries, the current controlled lots position equaled 6.8 years’ supply.

 Total domestic QMIs as of July 31, 2026, were 820, a decline of 19.3% compared with 1,016 as of July 31, 2025, illustrating our efforts to match our starts with our sales pace. This equates to 6.7 QMIs per community as of July 31, 2026. Total domestic finished QMIs as of July 31, 2026, were 194, a decline of 39.9% compared with 323 as of July 31, 2025.

FINANCIAL GUIDANCE(2):

The Company is providing guidance for total revenues, adjusted homebuilding gross margin, adjusted income before income taxes and adjusted EBITDA for the fourth quarter of fiscal 2026. Financial guidance below assumes no adverse changes in current market conditions, including deterioration in our supply chain or material increases in mortgage rates, inflation or cancellation rates, and excludes further impact to SG&A expenses from phantom stock expense related solely to stock price movements from the closing price of $123.90 on July 31, 2026.

For the fourth quarter of fiscal 2026, total revenues are expected to be between $800 million and $900 million, adjusted homebuilding gross margin is expected to be between 15.0% and 16.5%, adjusted income before income taxes is expected to be between $15 million and $30 million and adjusted EBITDA is expected to be between $50 million and $65 million.

(2)The Company cannot provide a reconciliation between its non-GAAP projections and the most directly comparable GAAP measures without unreasonable efforts because it is unable to predict with reasonable certainty the ultimate outcome of certain significant items required for the reconciliation. These items include, but are not limited to, land-related charges, inventory impairments and land option write-offs and loss (gain) on extinguishment of debt, net. These items are uncertain, depend on various factors and could have a material impact on GAAP reported results.

COMMENTS FROM MANAGEMENT:

“During the third quarter, we delivered results that were generally in line with the guidance we provided, including revenues, gross margin, SG&A, income from unconsolidated joint ventures and Adjusted EBITDA,” said Ara K. Hovnanian, Chairman of the Board and Chief Executive Officer. “Adjusted income before income taxes was slightly below our guidance range to a loss, primarily because income from unconsolidated joint ventures came in at the lower end of our guidance range. While we are disappointed to have fallen short of our profitability target, this marks the first time in more than five years that we reported adjusted pretax income below our guided range, and we remain focused on improving execution while continuing to navigate a housing market challenged by affordability concerns, elevated mortgage rates and inconsistent consumer confidence due to geopolitical and economic uncertainty.”

“As we look ahead, we believe the Company is well positioned for future success. Our inventory position is healthier, our land portfolio is increasingly aligned with today’s market conditions, and our balance sheet remains strong. At the same time, a growing percentage of our deliveries are expected to come from newer communities acquired and underwritten under current market assumptions, which we believe will support improved margins and returns over time. Our disciplined land-light strategy and focus on maintaining an appropriate sales pace should support continued capital efficiency and position us to create meaningful long-term value for our shareholders,” Mr. Hovnanian concluded.

WEBCAST INFORMATION:

Hovnanian Enterprises will webcast its fiscal 2026 third quarter results conference call at 11:00 a.m. E.T. on Thursday, August 20, 2026. The webcast can be accessed live through the “Investor Relations” section of Hovnanian Enterprises’ website at http://www.khov.com. For those who are not available to listen to the live webcast, an archive of the broadcast will be available under the “Past Events” section of the Investor Relations page on the Hovnanian website at http://www.khov.com. The archive will be available for 12 months.

ABOUT HOVNANIAN ENTERPRISES, INC.:

Hovnanian Enterprises, Inc., founded in 1959 by Kevork S. Hovnanian, is headquartered in Matawan, New Jersey and, through its subsidiaries, is one of the nation’s largest homebuilders with operations in Arizona, California, Delaware, Florida, Georgia, Maryland, New Jersey, Ohio, Pennsylvania, South Carolina, Texas, Virginia and West Virginia. The Company’s homes are marketed and sold under the trade name K. Hovnanian Homes. Additionally, the Company’s subsidiaries, as developers of K. Hovnanian’s Four Seasons communities, make the Company one of the nation’s largest builders of active lifestyle communities.

Additional information on Hovnanian Enterprises, Inc. can be accessed through the “Investor Relations” section of the Hovnanian Enterprises’ website at http://www.khov.com. To be added to Hovnanian's investor e-mail list, please send an e-mail to IR@khov.com or sign up at http://www.khov.com.

NON-GAAP FINANCIAL MEASURES:

Consolidated earnings before interest expense and income taxes (“EBIT”) and before depreciation and amortization (“EBITDA”) and before inventory impairments and land option write-offs and gain on extinguishment of debt, net (“Adjusted EBITDA”), the ratio of Adjusted EBITDA to interest incurred and EBIT before inventory impairments and land option write-offs and gain on extinguishment of debt, net (“Adjusted EBIT”) are not U.S. generally accepted accounting principles (“GAAP”) financial measures. The most directly comparable GAAP financial measure is net (loss) income. The reconciliation for historical periods of EBIT, EBITDA, Adjusted EBIT and Adjusted EBITDA to net (loss) income are presented in tables attached to this earnings release.

Homebuilding gross margin, before cost of sales interest expense and land charges, and homebuilding gross margin percentage, before cost of sales interest expense and land charges, are non-GAAP financial measures. The most directly comparable GAAP financial measures are homebuilding gross margin and homebuilding gross margin percentage, respectively. The reconciliation for historical periods of homebuilding gross margin, before cost of sales interest expense and land charges, and homebuilding gross margin percentage, before cost of sales interest expense and land charges, to homebuilding gross margin and homebuilding gross margin percentage, respectively, is presented in a table attached to this earnings release.

Adjusted (loss) income before income taxes, which is defined as (loss) income before income taxes excluding land-related charges and gain on extinguishment of debt, net is a non-GAAP financial measure. The most directly comparable GAAP financial measure is (loss) income before income taxes. The reconciliation for historical periods of adjusted (loss) income before income taxes to (loss) income before income taxes is presented in a table attached to this earnings release.

Adjusted investment, which is defined as total inventories excluding liabilities from inventory not owned, net of debt issuance costs and interest capitalized and including investments in and advances to unconsolidated joint ventures (“Adjusted Investment”), is a non-GAAP financial measure. The most directly comparable GAAP financial measure is total inventories. The reconciliation for historical periods of Adjusted Investment to total inventories is presented in a table attached to this earnings release.

The ratio of Adjusted EBIT return on adjusted investment (“Adjusted EBIT ROI”), which is the ratio of Adjusted EBIT for the trailing twelve-months, to the average Adjusted Investment for the prior five fiscal quarters, is a non-GAAP financial measure. The most directly comparable GAAP financial measure is the ratio of net (loss) income return to total inventories. The presentation of the ratios of Adjusted EBIT ROI and net (loss) income return on inventory are presented in a table attached to this earnings release.

Total liquidity is comprised of $249.1 million of cash and cash equivalents, $5.7 million of restricted cash required to collateralize letters of credit and $125.0 million available under a senior secured revolving credit facility as of July 31, 2026.

FORWARD-LOOKING STATEMENTS

All statements in this press release that are not historical facts should be considered as “Forward-Looking Statements” within the meaning of the “Safe Harbor” provisions of the Private Securities Litigation Reform Act of 1995. Such statements involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Such forward-looking statements include but are not limited to statements related to the Company’s goals and expectations with respect to its financial results for future financial periods and statements regarding demand for homes, mortgage rates, inflation, supply chain issues, customer incentives and underlying factors. Although we believe that our plans, intentions and expectations reflected in, or suggested by, such forward-looking statements are reasonable, we can give no assurance that such plans, intentions or expectations will be achieved. By their nature, forward-looking statements: (i) speak only as of the date they are made, (ii) are not guarantees of future performance or results and (iii) are subject to risks, uncertainties and assumptions that are difficult to predict or quantify. Therefore, actual results could differ materially and adversely from those forward-looking statements as a result of a variety of factors. Such risks, uncertainties and other factors include, but are not limited to, (1) changes in general and local economic, industry and business conditions and impacts of a significant homebuilding downturn; (2) shortages in, and price fluctuations of, raw materials and labor, including due to geopolitical events, changes in trade policies, including the imposition of tariffs and duties on homebuilding materials and products and related trade disputes with and retaliatory measures taken by other countries and changes in immigration laws or the enforcement thereof and trends in labor migration; (3) fluctuations in interest rates and the availability of mortgage financing, including as a result of instability in the banking sector; (4) increases in inflation; (5) adverse weather and other environmental conditions and natural or man-made disasters; (6) the seasonality of the Company’s business; (7) the availability and cost of suitable land and improved lots and sufficient liquidity to invest in such land and lots; (8) reliance on, and the performance of, subcontractors; (9) regional and local economic factors, including dependency on certain sectors of the economy, and employment levels affecting home prices and sales activity in the markets where the Company builds homes; (10) increases in cancellations of agreements of sale; (11) changes in tax laws affecting the after-tax costs of owning a home; (12) legal claims brought against us and not resolved in our favor, such as product liability litigation, warranty claims and claims made by mortgage investors; (13) levels of competition; (14) utility shortages and outages or rate fluctuations; (15) information technology failures and data security breaches; (16) negative publicity; (17) global economic and political instability; (18) high leverage and restrictions on the Company’s operations and activities imposed by the agreements governing the Company’s outstanding indebtedness; (19) availability and terms of financing to the Company; (20) the Company’s sources of liquidity; (21) changes in credit ratings; (22) government regulation, including regulations concerning the development of land, the home building, sales and customer financing processes, tax laws and environmental, health and safety matters; (23) potential liability as a result of the past or present use of hazardous materials; (24) operations through unconsolidated joint ventures with third parties; (25) significant influence of the Company’s controlling stockholders; (26) availability of net operating loss carryforwards; (27) loss of key management personnel or failure to attract qualified personnel; and (28) certain risks, uncertainties and other factors described in detail in the Company’s Annual Report on Form 10-K for the fiscal year ended October 31, 2025 and the Company’s Quarterly Reports on Form 10-Q for the quarterly periods during fiscal 2026 and subsequent filings with the Securities and Exchange Commission. Except as otherwise required by applicable securities laws, we undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, changed circumstances or any other reason.

Hovnanian Enterprises, Inc.

July 31, 2026

Statements of consolidated operations

(In thousands, except per share data)

Three Months Ended

Nine Months Ended

July 31,

2026

2025

2026

2025

(Unaudited)

Total revenues

705,746

800,583

2,005,343

2,160,677

Costs and expenses (1)

711,918

792,292

1,984,808

2,104,640

Gain on extinguishment of debt, net

399

Income from unconsolidated joint ventures

3,397

15,511

5,731

33,759

(Loss) income before income taxes

(2,775)

23,802

26,266

90,195

(Benefit) provision for income taxes

(560)

7,187

8,217

25,663

Net (loss) income

(2,215)

16,615

18,049

64,532

Less: net (loss) income attributable noncontrolling interest

(414)

(725)

Net (loss) income attributable to Hovnanian Enterprises, Inc.

(1,801)

16,615

18,774

64,532

Less: preferred stock dividends

2,669

8,007

Net (loss) income available to common stockholders

(4,470)

13,946

10,767

56,525

Per share data:

Basic:

Net (loss) income per common share

(0.70)

2.14

1.65

8.55

Weighted average number of common shares outstanding

6,412

6,399

6,439

6,442

Assuming dilution:

Net (loss) income per common share

(0.70)

1.99

1.55

7.94

Weighted average number of common shares outstanding

6,412

6,887

6,840

6,936

(1) Includes inventory impairments and land option write-offs.

Hovnanian Enterprises, Inc.

July 31, 2026

Reconciliation of (loss) income before income taxes excluding land-related charges and gain on extinguishment of debt, net to (loss) income before income taxes

(In thousands)

Three Months Ended

Nine Months Ended

July 31,

2026

2025

2026

2025

(Unaudited)

(Loss) income before income taxes

(2,775)

23,802

26,266

90,195

Inventory impairments and land option write-offs

493

16,045

11,602

20,141

Gain on extinguishment of debt, net

(399)

(Loss) income before income taxes excluding land-related charges and gain on extinguishment of debt, net (1)

(2,282)

39,847

37,868

109,937

(1) (Loss) income before income taxes excluding land-related charges and gain on extinguishment of debt, net is a non-GAAP financial measure. The most directly comparable GAAP financial measure is (loss) income before income taxes.

Hovnanian Enterprises, Inc.

July 31, 2026

Gross margin

(In thousands)

Homebuilding Gross Margin

Three Months Ended

Nine Months Ended

July 31,

2026

2025

2026

2025

(Unaudited)

Sale of homes

679,042

769,050

1,858,989

2,066,278

Cost of sales, excluding interest expense and land charges (1)

579,573

636,015

1,595,651

1,702,360

Homebuilding gross margin, before cost of sales interest expense and land charges (2)

99,469

133,035

263,338

363,918

Cost of sales interest expense, excluding land sales interest expense

19,098

26,868

51,537

65,544

Homebuilding gross margin, after cost of sales interest expense, before land charges (2)

80,371

106,167

211,801

298,374

Land charges

493

16,045

11,602

20,141

Homebuilding gross margin

79,878

90,122

200,199

278,233

Homebuilding gross margin percentage

11.8%

11.7%

10.8%

13.5%

Homebuilding gross margin percentage, before cost of sales interest expense and land charges (2)

14.6%

17.3%

14.2%

17.6%

Homebuilding gross margin percentage, after cost of sales interest expense, before land charges (2)

11.9%

13.8%

11.4%

14.4%

Land Sales Gross Margin

Three Months Ended

Nine Months Ended

July 31,

2026

2025

2026

2025

(Unaudited)

Land and lot sales

1,193

68,224

20,623

Cost of sales, excluding interest

241

24,617

10,475

Land and lot sales gross margin, excluding interest

952

43,607

10,148

Land and lot sales interest expense

118

618

Land and lot sales gross margin, including interest

952

43,489

9,530

(1) Does not include cost associated with walking away from land options or inventory impairment losses which are recorded as Inventory impairment loss and land option write-offs in the Condensed Consolidated Statements of Operations.

(2) Homebuilding gross margin, before cost of sales interest expense and land charges, and homebuilding gross margin percentage, before cost of sales interest expense and land charges, are non-GAAP financial measures. The most directly comparable GAAP financial measures are homebuilding gross margin and homebuilding gross margin percentage, respectively.

Hovnanian Enterprises, Inc.

July 31, 2026

Reconciliation of adjusted EBITDA to net (loss) income

(In thousands)

Three Months Ended

Nine Months Ended

July 31,

2026

2025

2026

2025

(Unaudited)

Net (loss) income

(2,215)

16,615

18,049

64,532

(Benefit) provision for income taxes

(560)

7,187

8,217

25,663

Interest expense

30,475

34,017

87,680

91,973

EBIT (1)

27,700

57,819

113,946

182,168

Depreciation and amortization

3,723

3,192

10,536

8,513

EBITDA (2)

31,423

61,011

124,482

190,681

Inventory impairments and land option write-offs

493

16,045

11,602

20,141

Gain on extinguishment of debt, net

(399)

Adjusted EBITDA (3)

31,916

77,056

136,084

210,423

Interest incurred

30,222

28,523

91,584

88,210

Adjusted EBITDA to interest incurred

1.06

2.70

1.49

2.39

(1) EBIT is a non-GAAP financial measure. The most directly comparable GAAP financial measure is net (loss) income. EBIT represents earnings before interest expense and income taxes.

(2) EBITDA is a non-GAAP financial measure. The most directly comparable GAAP financial measure is net (loss) income. EBITDA represents earnings before interest expense, income taxes, depreciation and amortization.

(3) Adjusted EBITDA is a non-GAAP financial measure. The most directly comparable GAAP financial measure is net (loss) income. Adjusted EBITDA represents earnings before interest expense, income taxes, depreciation, amortization, inventory impairments and land option write-offs and gain on extinguishment of debt, net.

Hovnanian Enterprises, Inc.

July 31, 2026

Interest incurred, expensed and capitalized

(In thousands)

Three Months Ended

Nine Months Ended

July 31,

2026

2025

2026

2025

(Unaudited)

Interest capitalized at beginning of period

46,736

53,633

43,263

57,671

Plus: interest incurred

30,222

28,523

91,584

88,210

Less: interest expensed

(30,475)

(34,017)

(87,680)

(91,973)

Less: interest contributed to unconsolidated joint ventures (1)

(1,109)

(5,769)

Plus: interest acquired from unconsolidated joint ventures (2)

425

Interest capitalized at end of period (3)

46,483

48,139

46,483

48,139

(1) Represents capitalized interest which was included as part of the assets contributed to joint ventures the Company entered into during the nine months ended July 31, 2026 and 2025. There was no impact to the Condensed Consolidated Statement of Operations as a result of these transactions.

(2) Represents capitalized interest which was included as part of the assets acquired from a joint venture closed out during the nine months ended July 31, 2026. There was no impact to the Condensed Consolidated Statement of Operations as a result of this transaction.

(3) Capitalized interest amounts are shown gross before allocating any portion of impairments to capitalized interest.

Hovnanian Enterprises, Inc.

July 31, 2026

Reconciliation of Adjusted EBIT Return on Adjusted Investment

(in thousands)

TTM

For the quarter ended

ended

10/31/2025

1/31/2026

4/30/2026

7/31/2026

Net (loss) income

(667)

20,859

(595)

(2,215)

17,382

As of

Five Quarter

7/31/2025

10/31/2025

1/31/2026

4/30/2026

7/31/2026

Average

Total inventories

1,692,932

1,637,470

1,647,970

1,723,587

1,794,444

1,699,281

Return on Inventory

1.0%

TTM

For the quarter ended

ended

10/31/2025

1/31/2026

4/30/2026

7/31/2026

Net (loss) income

(667)

20,859

(595)

(2,215)

17,382

(Benefit) provision for income taxes

(3,441)

7,843

934

(560)

4,776

Interest expense

34,443

28,749

28,456

30,475

122,123

EBIT (1)

30,335

57,451

28,795

27,700

144,281

Inventory impairments and land option write-offs

19,430

2,359

8,750

493

31,032

Loss on extinguishment of debt, net

33,512

Adjusted EBIT (2)

83,277

59,810

37,545

28,193

208,825

As of

7/31/2025

10/31/2025

1/31/2026

4/30/2026

7/31/2026

Total inventories

1,692,932

1,637,470

1,647,970

1,723,587

1,794,444

Less Liabilities from inventory not owned, net of debt issuance costs

(236,644)

(244,723)

(235,945)

(253,441)

(228,622)

Less Interest capitalized at end of period

(48,139)

(43,263)

(43,397)

(46,736)

(46,483)

Plus Investments in and advances to unconsolidated joint ventures

218,356

163,469

146,631

148,480

155,086

Five

Quarter

Plus Goodwill

31,705

Average

Adjusted Investment (3)

1,626,505

1,512,953

1,546,964

1,603,595

1,706,130

1,599,229

Adjusted EBIT Return on Adjusted Investment (4)

13.1%

(1) EBIT is a non-GAAP financial measure. The most directly comparable GAAP financial measure is net (loss) income. EBIT represents earnings before interest expense and income taxes.

(2) Adjusted EBIT is a non-GAAP financial measure. The most directly comparable GAAP financial measure is net (loss) income. Adjusted EBIT represents earnings before interest expense, income taxes, inventory impairments and land option write-offs and loss on extinguishment of debt, net.

(3) Adjusted Investment is a non-GAAP financial measure. The most directly comparable GAAP financial measure is total inventories. Adjusted Investment represents total inventories excluding liabilities from inventory not owned, net of debt issuance costs and interest capitalized and including investments in and advances to unconsolidated joint ventures.

(4) The ratio of Adjusted EBIT Return on Adjusted Investment is a non-GAAP financial measure. The most directly comparable GAAP financial measure is the ratio of net (loss) income to total inventories.

HOVNANIAN ENTERPRISES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands, except per share data)

(Unaudited)

July 31, 2026

October 31, 2025

(Unaudited)

(1)

ASSETS

Homebuilding:

Cash and cash equivalents

249,090

272,772

Restricted cash and cash equivalents

9,208

12,608

Inventories:

Sold and unsold homes and lots under development

1,267,287

1,132,798

Land and land options held for future development or sale

178,913

171,793

Consolidated inventory not owned

348,244

332,879

Total inventories

1,794,444

1,637,470

Investments in and advances to unconsolidated joint ventures

155,086

163,469

Receivables, deposits and notes, net

49,603

26,454

Property and equipment, net

56,223

50,539

Goodwill

31,705

Deferred tax assets, net

224,442

229,617

Prepaid expenses and other assets

128,537

89,773

Total homebuilding

2,698,338

2,482,702

Financial services

162,720

151,211

Total assets

2,861,058

2,633,913

LIABILITIES AND EQUITY

Homebuilding:

Nonrecourse mortgages secured by inventory, net of debt issuance costs

32,411

29,494

Accounts payable and other liabilities

466,507

438,920

Customers’ deposits

235,355

46,376

Liabilities from inventory not owned, net of debt issuance costs

228,622

244,723

Senior notes and credit facilities (net of discounts, premiums and debt issuance costs)

902,492

900,718

Accrued interest

33,017

11,874

Total homebuilding

1,898,404

1,672,105

Financial services

141,698

130,873

Total liabilities

2,040,102

1,802,978

Equity:

Hovnanian Enterprises, Inc. stockholders' equity:

Preferred stock, $0.01 par value - authorized 100,000 shares; issued and outstanding 5,600 shares with a liquidation preference of $140,000 at July 31, 2026 and October 31, 2025

135,299

Common stock, Class A, $0.01 par value - authorized 16,000,000 shares; issued 6,645,124 shares at July 31, 2026 and 6,503,722 shares at October 31, 2025

Common stock, Class B, $0.01 par value (convertible to Class A at time of sale) - authorized 2,400,000 shares; issued 865,304 shares at July 31, 2026 and 812,410 shares at October 31, 2025

Paid in capital - common stock

752,821

757,391

Retained Earnings

138,093

127,326

Treasury stock - at cost – 1,523,992 shares of Class A common stock at July 31, 2026 and 1,348,087 shares at October 31, 2025; 27,669 shares of Class B common stock at July 31, 2026 and October 31, 2025

(207,621)

(189,154)

Total Hovnanian Enterprises Inc. stockholders’ equity

818,667

830,935

Noncontrolling interest

2,289

Total equity

820,956

830,935

Total liabilities and equity

2,861,058

2,633,913

(1) Derived from the audited balance sheet as of October 31, 2025

HOVNANIAN ENTERPRISES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands, except per share data)

(Unaudited)

Three Months Ended July 31,

Nine Months Ended July 31,

2026

2025

2026

2025

Revenues:

Homebuilding:

Sale of homes

679,042

769,050

1,858,989

2,066,278

Land sales and other revenues

3,032

2,967

80,276

27,573

Total homebuilding

682,074

772,017

1,939,265

2,093,851

Financial services

23,672

28,566

66,078

66,826

Total revenues

705,746

800,583

2,005,343

2,160,677

Expenses:

Homebuilding:

Cost of sales, excluding interest

579,576

636,256

1,620,268

1,712,835

Cost of sales interest

19,098

26,868

51,655

66,162

Inventory impairments and land option write-offs

493

16,045

11,602

20,141

Total cost of sales

599,167

679,169

1,683,525

1,799,138

Selling, general and administrative

49,469

55,770

156,748

161,087

Total homebuilding expenses

648,636

734,939

1,840,273

1,960,225

Financial services

13,980

14,715

40,576

41,043

Corporate general and administrative

37,399

35,029

98,116

97,221

Other interest

11,377

7,149

36,025

25,811

Other expense (income), net (1)

526

460

(30,182)

(19,660)

Total expenses

711,918

792,292

1,984,808

2,104,640

Gain on extinguishment of debt, net

399

Income from unconsolidated joint ventures

3,397

15,511

5,731

33,759

(Loss) income before income taxes

(2,775)

23,802

26,266

90,195

(Benefit) provision for income taxes

(560)

7,187

8,217

25,663

Net (loss) income

(2,215)

16,615

18,049

64,532

Less: net (loss) income attributable to noncontrolling interest

(414)

(725)

Net (loss) income attributable to Hovnanian Enterprises, Inc.

(1,801)

16,615

18,774

64,532

Less: preferred stock dividends

2,669

8,007

Net (loss) income available to common stockholders

(4,470)

13,946

10,767

56,525

Per share data:

Basic:

Net (loss) income per common share

(0.70)

2.14

1.65

8.55

Weighted-average number of common shares outstanding

6,412

6,399

6,439

6,442

Assuming dilution:

Net (loss) income per common share

(0.70)

1.99

1.55

7.94

Weighted-average number of common shares outstanding

6,412

6,887

6,840

6,936

(1) Includes $26.8 million gain on consolidation of joint ventures for the nine months ended July 31, 2026, and $22.7 million gain on contribution of assets to a joint venture for the nine months ended July 31, 2025.

HOVNANIAN ENTERPRISES, INC.

(DOLLARS IN THOUSANDS EXCEPT AVG. PRICE)

(SEGMENT DATA EXCLUDES UNCONSOLIDATED JOINT VENTURES)

Contracts (1)

Deliveries

Contract

Three Months Ended

Backlog

July 31,

2026

2025

% Change

2026

2025

% Change

2026

2025

% Change

Northeast

(DE, MD, NJ, OH, PA, VA, WV)

Home

468

416

12.5%

423

479

(11.7)%

820

761

7.8%

Dollars

267,902

226,020

18.5%

232,278

288,008

(19.4)%

486,756

444,862

9.4%

Avg. Price

572,440

543,317

5.4%

549,121

601,269

(8.7)%

593,605

584,576

1.5%

Southeast

(FL, GA, SC)

Home

177

157

12.7%

178

195

(8.7)%

211

228

(7.5)%

Dollars

82,767

79,267

4.4%

93,093

104,493

(10.9)%

109,688

130,678

(16.1)%

Avg. Price

467,610

504,885

(7.4)%

522,994

535,862

(2.4)%

519,848

573,149

(9.3)%

West

(AZ, CA, TX)

Home

510

638

(20.1)%

658

757

(13.1)%

478

502

(4.8)%

Dollars

271,884

314,349

(13.5)%

353,671

376,549

(6.1)%

285,462

263,272

8.4%

Avg. Price

533,106

492,710

8.2%

537,494

497,423

8.1%

597,201

524,446

13.9%

Domestic Subtotal

Home

1,155

1,211

(4.6)%

1,259

1,431

(12.0)%

1,509

1,491

1.2%

Dollars

622,553

619,636

0.5%

679,042

769,050

(11.7)%

881,906

838,812

5.1%

Avg. Price

539,007

511,673

5.3%

539,350

537,421

0.4%

584,431

562,584

3.9%

HOV Global (2)

(Kingdom of Saudi Arabia)

Home

0.0%

788

0.0%

Dollars

5,481

0.0%

191,445

0.0%

Avg. Price

238,304

0.0%

242,951

0.0%

Consolidated Total

Home

1,178

1,211

(2.7)%

1,259

1,431

(12.0)%

2,297

1,491

54.1%

Dollars

628,034

619,636

1.4%

679,042

769,050

(11.7)%

1,073,351

838,812

28.0%

Avg. Price

533,136

511,673

4.2%

539,350

537,421

0.4%

467,284

562,584

(16.9)%

Unconsolidated Joint Ventures

(excluding KSA JV)

Home

204

205

(0.5)%

225

245

(8.2)%

383

387

(1.0)%

(2) (3)

Dollars

137,665

129,354

6.4%

155,567

164,971

(5.7)%

273,861

264,240

3.6%

Avg. Price

674,828

630,995

6.9%

691,409

673,351

2.7%

715,042

682,791

4.7%

Grand Total

Home

1,382

1,416

(2.4)%

1,484

1,676

(11.5)%

2,680

1,878

42.7%

Dollars

765,699

748,990

2.2%

834,609

934,021

(10.6)%

1,347,212

1,103,052

22.1%

Avg. Price

554,051

528,948

4.7%

562,405

557,292

0.9%

502,691

587,355

(14.4)%

KSA JV Only

Home

(100.0)%

607

(100.0)%

Dollars

9,193

(100.0)%

177

(100.0)%

148,308

(100.0)%

Avg. Price

235,718

(100.0)%

177,000

(100.0)%

$244,329

(100.0)%

DELIVERIES INCLUDE EXTRAS

Notes:

(1) Contracts are defined as new contracts signed during the period for the purchase of homes, less cancellations of prior contracts.

(2) In the first quarter of fiscal 2026, we acquired a controlling financial interest in a previously unconsolidated joint venture in the Kingdom of Saudi Arabia ("KSA").

(3) Represents home deliveries, home revenues and average prices for our unconsolidated homebuilding joint ventures for the period. We provide this data as a supplement to our consolidated results as an indicator of the volume managed in our unconsolidated homebuilding joint ventures. Our proportionate share of the income or loss of unconsolidated homebuilding and land development joint ventures is reflected as a separate line item in our consolidated financial statements under “Income from unconsolidated joint ventures”.

HOVNANIAN ENTERPRISES, INC.

(DOLLARS IN THOUSANDS EXCEPT AVG. PRICE)

(SEGMENT DATA EXCLUDES UNCONSOLIDATED JOINT VENTURES)

Contracts (1)

Deliveries

Contract

Nine Months Ended

Backlog

July 31,

2026

2025

% Change

2026

2025

% Change

2026

2025

% Change

Northeast (2)(3)

(DE, MD, NJ, OH, PA, VA, WV)

Home

1,419

1,353

4.9%

1,226

1,374

(10.8)%

820

761

7.8%

Dollars

793,811

739,452

7.4%

688,794

826,071

(16.6)%

486,756

444,862

9.4%

Avg. Price

559,416

546,528

2.4%

561,822

601,216

(6.6)%

593,605

584,576

1.5%

Southeast (3)

(FL, GA, SC)

Home

525

461

13.9%

485

472

2.8%

211

228

(7.5)%

Dollars

255,440

239,237

6.8%

240,517

230,533

4.3%

109,688

130,678

(16.1)%

Avg. Price

486,552

518,952

(6.2)%

495,911

488,417

1.5%

519,848

573,149

(9.3)%

West (2) (4)

(AZ, CA, TX)

Home

1,865

2,000

(6.8)%

1,781

2,124

(16.1)%

478

502

(4.8)%

Dollars

998,065

990,833

0.7%

929,678

1,009,674

(7.9)%

285,462

263,272

8.4%

Avg. Price

535,155

495,417

8.0%

521,998

475,364

9.8%

597,201

524,446

13.9%

Domestic Subtotal

Home

3,809

3,814

(0.1)%

3,492

3,970

(12.0)%

1,509

1,491

1.2%

Dollars

2,047,316

1,969,522

3.9%

1,858,989

2,066,278

(10.0)%

881,906

838,812

5.1%

Avg. Price

537,494

516,393

4.1%

532,357

520,473

2.3%

584,431

562,584

3.9%

HOV Global (5)

(Kingdom of Saudi Arabia)

Home

0.0%

788

0.0%

Dollars

9,978

0.0%

191,445

0.0%

Avg. Price

237,571

0.0%

242,951

0.0%

Consolidated Total

Home

3,851

3,814

1.0%

3,492

3,970

(12.0)%

2,297

1,491

54.1%

Dollars

2,057,294

1,969,522

4.5%

1,858,989

2,066,278

(10.0)%

1,073,351

838,812

28.0%

Avg. Price

534,223

516,393

3.5%

532,357

520,473

2.3%

467,284

562,584

(16.9)%

Unconsolidated Joint Ventures

(excluding KSA JV)

Home

582

631

(7.8)%

524

649

(19.3)%

383

387

(1.0)%

(2) (3) (4) (6)

Dollars

398,130

406,316

(2.0)%

353,872

441,242

(19.8)%

273,861

264,240

3.6%

Avg. Price

684,072

643,924

6.2%

675,328

679,880

(0.7)%

715,042

682,791

4.7%

Grand Total

Home

4,433

4,445

(0.3)%

4,016

4,619

(13.1)%

2,680

1,878

42.7%

Dollars

2,455,424

2,375,838

3.3%

2,212,861

2,507,520

(11.8)%

1,347,212

1,103,052

22.1%

Avg. Price

553,897

534,497

3.6%

551,011

542,871

1.5%

502,691

587,355

(14.4)%

KSA JV Only

Home

332

(93.1)%

(100.0)%

607

(100.0)%

Dollars

5,690

84,125

(93.2)%

177

(100.0)%

148,308

(100.0)%

Avg. Price

247,391

253,389

(2.4)%

177,000

(100.0)%

$244,329

(100.0)%

DELIVERIES INCLUDE EXTRAS

Notes:

(1) Contracts are defined as new contracts signed during the period for the purchase of homes, less cancellations of prior contracts.

(2) Includes 67 homes and $53.3 million and 3 homes and $1.3 million of contract backlog related to the assets and liabilities in the Northeast and West segments, respectively, that were acquired from a joint venture the Company closed out during the three months ended January 31, 2026.

(3) Includes 71 homes and $54.7 million and 49 homes and $32.9 million of contract backlog related to the assets and liabilities in the Northeast and Southeast segments, respectively, that were contributed to a joint venture the Company entered into during the three months ended January 31, 2026.

(4) Includes 8 homes and $5.0 million of contract backlog related to the assets and liabilities in the West segment that were contributed to a joint venture the Company entered into during the three months ended January 31, 2025.

(5) Includes 746 homes and $181.5 million of contract backlog related to the assets and liabilities acquired from the unconsolidated KSA JV, which the Company consolidated during the three months ended January 31, 2026.

(6) Represents home deliveries, home revenues and average prices for our unconsolidated homebuilding joint ventures for the period. We provide this data as a supplement to our consolidated results as an indicator of the volume managed in our unconsolidated homebuilding joint ventures. Our proportionate share of the income or loss of unconsolidated homebuilding and land development joint ventures is reflected as a separate line item in our consolidated financial statements under “Income from unconsolidated joint ventures”.

HOVNANIAN ENTERPRISES, INC.

(DOLLARS IN THOUSANDS EXCEPT AVG. PRICE)

(SEGMENT DATA UNCONSOLIDATED JOINT VENTURES ONLY)

Contracts (1)

Deliveries

Contract

Three Months Ended

Backlog

July 31,

2026

2025

% Change

2026

2025

% Change

2026

2025

% Change

Northeast (2)

(Unconsolidated Joint Ventures)

Home

105

131

(19.8)%

126

144

(12.5)%

224

290

(22.8)%

(Excluding KSA JV)

Dollars

76,095

84,837

(10.3)%

94,802

99,899

(5.1)%

166,535

192,171

(13.3)%

(DE, MD, NJ, OH, PA, VA, WV)

Avg. Price

724,714

647,611

11.9%

752,397

693,743

8.5%

743,460

662,659

12.2%

Southeast

(Unconsolidated Joint Ventures)

Home

(12.1)%

(11.7)%

103

25.6%

(FL, GA, SC)

Dollars

31,284

35,362

(11.5)%

43,304

51,806

(16.4)%

65,310

63,462

2.9%

Avg. Price

613,415

609,690

0.6%

636,824

672,805

(5.3)%

634,078

773,927

(18.1)%

West

(Unconsolidated Joint Ventures)

Home

200.0%

29.2%

273.3%

(AZ, CA, TX)

Dollars

30,286

9,155

230.8%

17,461

13,266

31.6%

42,016

8,607

388.2%

Avg. Price

630,961

572,188

10.3%

563,258

552,750

1.9%

750,286

573,800

30.8%

Unconsolidated Joint Ventures

(Excluding KSA JV)

Home

204

205

(0.5)%

225

245

(8.2)%

383

387

(1.0)%

(2) (3)

Dollars

137,665

129,354

6.4%

155,567

164,971

(5.7)%

273,861

264,240

3.6%

Avg. Price

674,830

630,995

6.9%

691,409

673,351

2.7%

715,042

682,791

4.7%

KSA JV Only

Home

(100.0)%

607

(100.0)%

Dollars

9,193

(100.0)%

177

(100.0)%

148,308

(100.0)%

Avg. Price

235,718

(100.0)%

177,000

(100.0)%

244,329

(100.0)%

DELIVERIES INCLUDE EXTRAS

Notes:

(1) Contracts are defined as new contracts signed during the period for the purchase of homes, less cancellations of prior contracts.

(2) In the first quarter of fiscal 2026, we acquired a controlling financial interest in a previously unconsolidated joint venture in the Kingdom of Saudi Arabia ("KSA").

HOVNANIAN ENTERPRISES, INC.

(DOLLARS IN THOUSANDS EXCEPT AVG. PRICE)

(SEGMENT DATA UNCONSOLIDATED JOINT VENTURES ONLY)

Contracts (1)

Deliveries

Contract

Nine Months Ended

Backlog

July 31,

2026

2025

% Change

2026

2025

% Change

2026

2025

% Change

Northeast (2) (3)

(Unconsolidated Joint Ventures)

Home

302

386

(21.8)%

309

370

(16.5)%

224

290

(22.8)%

(Excluding KSA JV)

Dollars

219,736

250,414

(12.3)%

217,807

270,613

(19.5)%

166,535

192,171

(13.3)%

(DE, MD, NJ, OH, PA, VA, WV)

Avg. Price

727,603

648,741

12.2%

704,877

731,386

(3.6)%

743,460

662,659

12.2%

Southeast (3)

(Unconsolidated Joint Ventures)

Home

158

194

(18.6)%

133

230

(42.2)%

103

25.6%

(FL, GA, SC)

Dollars

100,718

127,762

(21.2)%

91,282

144,792

(37.0)%

65,310

63,462

2.9%

Avg. Price

637,456

658,567

(3.2)%

686,331

629,530

9.0%

634,078

773,927

(18.1)%

West (2) (4)

(Unconsolidated Joint Ventures)

Home

122

139.2%

67.3%

273.3%

(AZ, CA, TX)

Dollars

77,676

28,140

176.0%

44,783

25,837

73.3%

42,016

8,607

388.2%

Avg. Price

636,689

551,765

15.4%

546,134

527,286

3.6%

750,286

573,800

30.8%

Unconsolidated Joint Ventures

(Excluding KSA JV)

Home

582

631

(7.8)%

524

649

(19.3)%

383

387

(1.0)%

(2) (3) (4) (5)

Dollars

398,130

406,316

(2.0)%

353,872

441,242

(19.8)%

273,861

264,240

3.6%

Avg. Price

684,072

643,924

6.2%

675,328

679,880

(0.7)%

715,042

682,791

4.7%

KSA JV Only

Home

332

(93.1)%

(100.0)%

607

(100.0)%

Dollars

5,690

84,125

(93.2)%

177

(100.0)%

148,308

(100.0)%

Avg. Price

247,391

253,389

(2.4)%

177,000

(100.0)%

244,329

(100.0)%

DELIVERIES INCLUDE EXTRAS

Notes:

(1) Contracts are defined as new contracts signed during the period for the purchase of homes, less cancellations of prior contracts.

(5) Represents home deliveries, home revenues and average prices for our unconsolidated homebuilding joint ventures for the period. We provide this data as a supplement to our consolidated results as an indicator of the volume managed in our unconsolidated homebuilding joint ventures. Our proportionate share of the income or loss of unconsolidated homebuilding and land development joint ventures is reflected as a separate line item in our consolidated financial statements under “Income from unconsolidated joint ventures”.

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