<p><em>董事會一致認為提案嚴重低估了貝哲</em></p>
<p>亞特蘭大 --（商業資訊）-- 貝哲房屋美國公司（NYSE: BZH）（“貝哲” 或 “公司”）今天確認，其董事會（“貝哲董事會”）在財務和法律顧問的協助下，評估並拒絕了來自夢尋家園公司（NYSE: DFH）（“夢尋家園”）的多項非約束性收購提案，夢尋家園希望收購貝哲所有的流通股。在評估這些提案時，貝哲董事會認為這些提案嚴重低估了公司，不符合貝哲股東的最佳利益，也未能為討論建立適當的基礎。</p>
<p>夢尋家園於 2026 年 5 月 5 日向公司傳達的最新提案（“5 月 5 日提案”）提供了每股 25.75 美元的現金。5 月 5 日提案之前，夢尋家園還提出了兩項收購貝哲的提案：2026 年 3 月 17 日的提案為每股 29.00 美元的現金（“3 月 17 日提案”），以及 2026 年 2 月 5 日的初始提案為每股 28.50 美元的現金。值得注意的是，5 月 5 日提案相比於 3 月 17 日提案減少了 11%，相比於 2 月 5 日提案減少了 10%。貝哲董事會一致認為這三項提案都嚴重低估了貝哲，因此，任何提案都不符合貝哲股東的最佳利益。</p>
<p>在拒絕夢尋家園的每一項提案時，貝哲董事會考慮了以下因素：</p>
<ul>
<li><strong>這些提案相對於每股賬面價值存在顯著折扣，而自最初的 2 月 5 日提案以來，賬面價值只增不減。</strong> 貝哲董事會認為，股東應當得到適當的補償，以反映公司資產的價值，尤其是其土地資產，貝哲董事會相信這些資產無法以公司支付的價格進行替代。這些提案對貝哲的內在價值存在顯著且不合理的折扣，近期和歷史的行業交易也不支持這樣的估值。值得注意的是，儘管貝哲的基本實力沒有變化，且自夢尋家園提出前兩項提案以來，公司的每股賬面價值有所增加，但 5 月 5 日提案中的每股價格卻有所降低。具體而言，貝哲最近報告的每股賬面價值為 41.83 美元，而 5 月 5 日提案僅以每股 25.75 美元收購公司。這一 38% 的折扣代表了大約 4.5 億美元的總價值。</li>
<li><strong>執行公司的多年度目標是最大化股東價值的最佳途徑。</strong> 貝哲已多次向投資者和所有利益相關者闡明其三項多年度目標，專注於增加社區數量、降低負債率和提高每股賬面價值。公司的管理團隊繼續靈活地執行並朝着這些目標努力。正如管理層在最近的財報電話會議上所提到的，公司的銷售速度在第二季度有所改善，認為近期的毛利率擴張催化劑已經到位，平均銷售價格呈上升趨勢，社區數量也在增長。因此，貝哲董事會相信，執行公司的戰略計劃將為貝哲股東帶來遠超夢尋家園提案的價值。</li>
<li><strong>貝哲的資本配置策略和強大的流動性為其提供了充足的財務靈活性，不僅可以資助其運營、財務和戰略目標，還可以向股東返還大量資本。</strong> 在貸款合作伙伴的強力支持下，公司最近將其無擔保循環信貸額度增加了 1.6 億美元，達到 5.25 億美元。此外，信貸額度的到期日延長了兩年，至 2030 年 3 月，進一步增強了公司的資產負債表，並展示了貸款方對公司戰略計劃的信心。公司還預計在 2026 財年通過出售非戰略性土地資產將產生超過 1.5 億美元的收益，整體收益將高於賬面價值。這部分收益將用於繼續執行公司的當前股票回購計劃，向股東返還多餘資本，進一步提升股東價值。貝哲董事會仍致力於以公司的股東最佳利益為行動準則，並將繼續評估增強股東價值的機會，以履行其信託責任。為此，貝哲董事會高度自信，繼續執行公司的戰略計劃，依託強大的資產基礎和流動性，將為股東帶來遠超夢尋家園提案的價值。</li>
</ul>
<p>摩根大通證券公司和 Moelis &amp; Company LLC 擔任貝哲的財務顧問。金斯帕爾丁律師事務所擔任法律顧問。Collected Strategies 擔任戰略傳播顧問。</p>
<p><strong>關於貝哲房屋</strong></p>
<p>貝哲房屋（NYSE: BZH）總部位於喬治亞州亞特蘭大，是一家領先的國家級節能建築住宅開發商。貝哲在九代人的傳承基礎上，打造出能夠提供節省和持久價值的住宅。我們值得信賴的專家團隊引導購房者完成建築和購買過程，提供行業領先的客户體驗。通過精心挑選的設計選項，買家可以自信地個性化他們的家。貝哲的獨家抵押貸款選擇計劃提供來自多家貸款機構的競爭性貸款報價，幫助購房者選擇最適合他們個人需求的融資方案。貝哲在全國 13 個州進行建築。欲瞭解更多信息，請訪問 www.beazer.com，或在 Facebook、Instagram 和 Twitter 上查看貝哲。</p>
<p><strong>前瞻性聲明</strong></p>
<p>本新聞稿包含前瞻性聲明。這些前瞻性聲明代表了我們對未來事件的預期或信念，可能無法實現本新聞稿中描述的結果。這些前瞻性聲明受到風險、不確定性和其他因素的影響，其中許多因素超出了我們的控制範圍，可能導致實際結果與這些前瞻性聲明中討論的結果存在重大差異，包括但不限於在我們於 2025 年 11 月 13 日向證券交易委員會提交的截至 2025 年 9 月 30 日的年度報告的 “風險因素” 部分中討論的風險、不確定性和其他因素。本新聞稿中的 “前瞻性” 聲明包括但不限於以下內容：(i) 董事會對公司資產價值及其替代成本的信念；(ii) 公司在實現其多年度目標方面的能力，包括增加社區數量、降低資產負債表槓桿和提高每股賬面價值；(iii) 公司資本配置策略和財務靈活性，以資助其運營、財務和戰略目標，並向股東返還大量資本，包括公司預計在 2026 財年通過出售非戰略性土地資產產生超過 1.5 億美元的收入，並打算將部分銷售收入用於繼續執行當前的股票回購計劃；以及 (iv) 董事會相信，繼續執行公司的戰略計劃將為股東帶來遠超追求 Dream Finders 於 2026 年 5 月 5 日提出的交易的價值。任何前瞻性聲明，包括任何表達對未來結果的信心的聲明，僅在作出該聲明的日期有效，除法律要求外，我們不承擔更新任何前瞻性聲明的義務，以反映該聲明作出後的事件或情況，或反映意外事件的發生。新的因素會不時出現，無法預測所有這些因素。</p>
<p><img src="https://imageproxy.pbkrs.com/https://cts.businesswire.com/ct/CT/query-ZGlzdHJvPW54JmlkPWJ3bmV3cyZsYW5nPWVuJnNpZD1hY3FyOCZzdHk9MjAyNjA1MTEyMzAxNzRyMQ?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://cts.businesswire.com/ct/CT/query-ZGlzdHJvPW54JmlkPWJ3bmV3cyZsYW5nPWVuJnNpZD1hY3FyOCZzdHk9MjAyNjA1MTEyMzAxNzRyMQ"/></p>
<p>在 businesswire.com 查看源版本：https://www.businesswire.com/news/home/20260511230174/en/</p>
<p>David I. Goldberg</p>
<p>高級副總裁兼首席財務官</p>
<p>770-829-3700</p>
<p>investor.relations@beazer.com</p>
<p>媒體：</p>
<p>Nick Lamplough / Jim Golden / Clayton Erwin</p>
<p>Collected Strategies</p>
<p>Beazer-CS@collectedstrategies.com</p>
<p>來源：Beazer Homes USA, Inc.</p>

貝哲房屋

<p>貝哲房屋（Beazer Homes USA, Inc.）拒絕了來自夢尋家園（Dream Finders Homes）的多項未經請求的收購提議，稱這些提議嚴重低估了公司的價值。董事會認為，包括最近每股 25.75 美元的提議在內的報價，並未反映貝哲的真實資產價值，而其賬面價值已上升至每股 41.83 美元。貝哲的戰略專注於通過增長和財務靈活性來最大化股東價值，得益於強勁的流動性和最近增加的信貸額度。董事會仍然致力於通過其戰略計劃提升股東價值</p>

<p><em>Board Unanimously Determined Proposals Materially Undervalue Beazer</em></p>
<div class="lb-trans"><p><em>董事會一致認為提案嚴重低估了貝哲</em></p>
</div><p>ATLANTA--(BUSINESS WIRE)--Beazer Homes USA, Inc. (NYSE: BZH) (“Beazer” or the “Company”) today confirmed that its Board of Directors (the “Beazer Board”), with the assistance of its financial and legal advisors, has evaluated and rejected multiple unsolicited, non-binding proposals from Dream Finders Homes, Inc. (NYSE: DFH) (“Dream Finders”) to acquire all of the outstanding shares of Beazer. In evaluating the proposals, the Beazer Board determined that they significantly undervalued the Company, were not in the best interests of Beazer shareholders and did not establish an appropriate basis for discussions.</p>
<div class="lb-trans"><p>亞特蘭大 --（商業資訊）-- 貝哲房屋美國公司（NYSE: BZH）（“貝哲” 或 “公司”）今天確認，其董事會（“貝哲董事會”）在財務和法律顧問的協助下，評估並拒絕了來自夢尋家園公司（NYSE: DFH）（“夢尋家園”）的多項非約束性收購提案，夢尋家園希望收購貝哲所有的流通股。在評估這些提案時，貝哲董事會認為這些提案嚴重低估了公司，不符合貝哲股東的最佳利益，也未能為討論建立適當的基礎。</p>
</div><p>Dream Finders’ most recent proposal conveyed to the Company on May 5, 2026 (the “May 5 Proposal”) offered $25.75 per share in cash. The May 5 Proposal was preceded by two other proposals from Dream Finders to acquire Beazer: a proposal on March 17, 2026, for $29.00 per share in cash (the “March 17 Proposal”) and an initial proposal on February 5, 2026, for $28.50 per share in cash. Notably, the May 5 Proposal represented an 11% <em>reduction</em> from the March 17 Proposal and a 10% <em>reduction</em> from the February 5 Proposal. The Beazer Board has unanimously determined that all three proposals significantly undervalue Beazer and, therefore, none of the proposals are in the best interests of Beazer shareholders.</p>
<div class="lb-trans"><p>夢尋家園於 2026 年 5 月 5 日向公司傳達的最新提案（“5 月 5 日提案”）提供了每股 25.75 美元的現金。5 月 5 日提案之前，夢尋家園還提出了兩項收購貝哲的提案：2026 年 3 月 17 日的提案為每股 29.00 美元的現金（“3 月 17 日提案”），以及 2026 年 2 月 5 日的初始提案為每股 28.50 美元的現金。值得注意的是，5 月 5 日提案相比於 3 月 17 日提案減少了 11%，相比於 2 月 5 日提案減少了 10%。貝哲董事會一致認為這三項提案都嚴重低估了貝哲，因此，任何提案都不符合貝哲股東的最佳利益。</p>
</div><p>In rejecting each of Dream Finders’ proposals, the Beazer Board considered, among others, the following factors:</p>
<div class="lb-trans"><p>在拒絕夢尋家園的每一項提案時，貝哲董事會考慮了以下因素：</p>
</div><ul>
<li><strong>The proposals represent a significant discount to book value per share, which has only grown since the initial February 5 proposal.</strong> The Beazer Board believes shareholders should be appropriately compensated for the value of the Company’s assets, especially its land assets, which Beazer’s Board is confident could not be replaced for what the Company paid for them. The proposals represent a significant and unwarranted discount to Beazer’s inherent value, and neither recent nor historical industry transactions support such a valuation.Notably, the reduced per share price in the May 5 proposal was proposed despite the fundamental strengths of Beazer being unchanged and the book value per share of the Company’s assets increasing since Dream Finders made its first two proposals. Specifically, Beazer’s most recently reported book value was $41.83 per share, while the May 5 proposal offers to purchase the Company for only $25.75 per share. This 38% discount represents approximately $450 million of total value.</li>
<li><strong>Executing the Company’s Multi-Year Goals is the best path for maximizing shareholder value.</strong> Beazer has repeatedly articulated to investors and all stakeholders its three Multi-Year Goals, which are focused on growing community count, de-leveraging the balance sheet and growing book value per share. The Company’s management team continues to nimbly execute and work towards these goals. As management noted on its recent earnings call, the Company’s sales pace improved in Q2, it believes near-term gross margin expansion catalysts are in place, average sales prices are trending higher and community count is growing. Accordingly, Beazer’s Board is confident that the execution of the Company’s strategic plan will yield substantially more value for Beazer shareholders than pursuing the transaction proposed by Dream Finders.</li>
<li><strong>Beazer’s capital allocation strategy and strong liquidity position provide it with ample financial flexibility, not only to fund its operating, financial and strategic objectives, but also to return significant capital to shareholders.</strong> With strong support from its lending partners, the Company recently increased its senior unsecured revolving credit facility by $160 million to $525 million. In addition, the maturity date of the credit facility was extended by two years to March 2030, further strengthening the Company’s balance sheet and demonstrating its lenders’ confidence in the Company’s strategic plan.The Company also expects to generate more than $150 million as a result of selling non-strategic land positions in fiscal 2026, with aggregate proceeds above book value. A portion of these proceeds will be used to continue to execute on the Company’s current share repurchase program, returning excess capital to shareholders and further enhancing shareholder value.The Beazer Board of Directors remains committed to acting in the best interests of the Company’s shareholders and will continue to evaluate opportunities to enhance shareholder value consistent with its fiduciary duties. To that end, Beazer’s Board is highly confident that continuing to execute on the Company’s strategic plan, which is supported by a strong asset base and liquidity position, will yield substantially more value for shareholders than pursuing the transaction that Dream Finders has proposed.</li>
</ul>
<div class="lb-trans"><ul>
<li><strong>這些提案相對於每股賬面價值存在顯著折扣，而自最初的 2 月 5 日提案以來，賬面價值只增不減。</strong> 貝哲董事會認為，股東應當得到適當的補償，以反映公司資產的價值，尤其是其土地資產，貝哲董事會相信這些資產無法以公司支付的價格進行替代。這些提案對貝哲的內在價值存在顯著且不合理的折扣，近期和歷史的行業交易也不支持這樣的估值。值得注意的是，儘管貝哲的基本實力沒有變化，且自夢尋家園提出前兩項提案以來，公司的每股賬面價值有所增加，但 5 月 5 日提案中的每股價格卻有所降低。具體而言，貝哲最近報告的每股賬面價值為 41.83 美元，而 5 月 5 日提案僅以每股 25.75 美元收購公司。這一 38% 的折扣代表了大約 4.5 億美元的總價值。</li>
<li><strong>執行公司的多年度目標是最大化股東價值的最佳途徑。</strong> 貝哲已多次向投資者和所有利益相關者闡明其三項多年度目標，專注於增加社區數量、降低負債率和提高每股賬面價值。公司的管理團隊繼續靈活地執行並朝着這些目標努力。正如管理層在最近的財報電話會議上所提到的，公司的銷售速度在第二季度有所改善，認為近期的毛利率擴張催化劑已經到位，平均銷售價格呈上升趨勢，社區數量也在增長。因此，貝哲董事會相信，執行公司的戰略計劃將為貝哲股東帶來遠超夢尋家園提案的價值。</li>
<li><strong>貝哲的資本配置策略和強大的流動性為其提供了充足的財務靈活性，不僅可以資助其運營、財務和戰略目標，還可以向股東返還大量資本。</strong> 在貸款合作伙伴的強力支持下，公司最近將其無擔保循環信貸額度增加了 1.6 億美元，達到 5.25 億美元。此外，信貸額度的到期日延長了兩年，至 2030 年 3 月，進一步增強了公司的資產負債表，並展示了貸款方對公司戰略計劃的信心。公司還預計在 2026 財年通過出售非戰略性土地資產將產生超過 1.5 億美元的收益，整體收益將高於賬面價值。這部分收益將用於繼續執行公司的當前股票回購計劃，向股東返還多餘資本，進一步提升股東價值。貝哲董事會仍致力於以公司的股東最佳利益為行動準則，並將繼續評估增強股東價值的機會，以履行其信託責任。為此，貝哲董事會高度自信，繼續執行公司的戰略計劃，依託強大的資產基礎和流動性，將為股東帶來遠超夢尋家園提案的價值。</li>
</ul>
</div><p>J. P. Morgan Securities LLC and Moelis &amp; Company LLC are acting as Beazer’s financial advisors. King &amp; Spalding LLP is serving as legal advisor. Collected Strategies is serving as strategic communications advisor.</p>
<div class="lb-trans"><p>摩根大通證券公司和 Moelis &amp; Company LLC 擔任貝哲的財務顧問。金斯帕爾丁律師事務所擔任法律顧問。Collected Strategies 擔任戰略傳播顧問。</p>
</div><p><strong>About Beazer Homes</strong></p>
<div class="lb-trans"><p><strong>關於貝哲房屋</strong></p>
</div><p>Beazer Homes (NYSE: BZH), headquartered in Atlanta, Georgia, is a leading national homebuilder in energy-efficient construction. Building on a legacy spanning nine generations, Beazer crafts homes that deliver savings and lasting value. Our trusted team of experts guide homebuyers through the building and purchasing process to deliver an industry-leading customer experience. With curated design options, buyers can personalize their homes with confidence. Beazer's exclusive Mortgage Choice program provides access to competitive loan offers from multiple lenders, helping homebuyers choose the best financing for their individual needs. Beazer builds in 13 states nationwide. For more information, visit www.beazer.com, or check out Beazer on Facebook, Instagram and Twitter.</p>
<div class="lb-trans"><p>貝哲房屋（NYSE: BZH）總部位於喬治亞州亞特蘭大，是一家領先的國家級節能建築住宅開發商。貝哲在九代人的傳承基礎上，打造出能夠提供節省和持久價值的住宅。我們值得信賴的專家團隊引導購房者完成建築和購買過程，提供行業領先的客户體驗。通過精心挑選的設計選項，買家可以自信地個性化他們的家。貝哲的獨家抵押貸款選擇計劃提供來自多家貸款機構的競爭性貸款報價，幫助購房者選擇最適合他們個人需求的融資方案。貝哲在全國 13 個州進行建築。欲瞭解更多信息，請訪問 www.beazer.com，或在 Facebook、Instagram 和 Twitter 上查看貝哲。</p>
</div><p><strong>Forward-Looking Statements</strong></p>
<div class="lb-trans"><p><strong>前瞻性聲明</strong></p>
</div><p>This press release contains forward-looking statements. These forward-looking statements represent our expectations or beliefs concerning future events, and it is possible that the results described in this press release will not be achieved. These forward-looking statements are subject to risks, uncertainties and other factors, many of which are outside of our control, that could cause actual results to differ materially from the results discussed in these forward-looking statements, including, among others, the risks, uncertainties and other factors discussed under “Risk Factors” in our Annual Report on Form 10-K for the fiscal year ended September 30, 2025, which was filed with the Securities and Exchange Commission on November 13, 2025. Statements in this press release that are “forward-looking” include, without limitation, statements regarding (i) the Board’s belief regarding the value of the Company’s assets and the cost to replace them; (ii) the Company’s ability to execute on its Multi-Year Goals, including growing community count, de-leveraging the balance sheet and growing book value per share; (iii) the Company’s capital allocation strategy and financial flexibility to fund its operating, financial and strategic objectives and to return significant capital to shareholders, including the Company’s expectation to generate more than $150 million from selling non-strategic land positions in fiscal 2026 and intention to use a portion of the proceeds from such sales to continue to execute on its current share repurchase program; and (iv) the Board’s belief that continuing to execute on the Company’s strategic plan will yield substantially more value for shareholders than pursuing the transaction that Dream Finders proposed on May 5, 2026. Any forward-looking statement, including any statement expressing confidence regarding future outcomes, speaks only as of the date on which such statement is made and, except as required by law, we undertake no obligation to update any forward-looking statement to reflect events or circumstances after the date on which such statement is made or to reflect the occurrence of unanticipated events. New factors emerge from time to time, and it is not possible to predict all such factors.</p>
<div class="lb-trans"><p>本新聞稿包含前瞻性聲明。這些前瞻性聲明代表了我們對未來事件的預期或信念，可能無法實現本新聞稿中描述的結果。這些前瞻性聲明受到風險、不確定性和其他因素的影響，其中許多因素超出了我們的控制範圍，可能導致實際結果與這些前瞻性聲明中討論的結果存在重大差異，包括但不限於在我們於 2025 年 11 月 13 日向證券交易委員會提交的截至 2025 年 9 月 30 日的年度報告的 “風險因素” 部分中討論的風險、不確定性和其他因素。本新聞稿中的 “前瞻性” 聲明包括但不限於以下內容：(i) 董事會對公司資產價值及其替代成本的信念；(ii) 公司在實現其多年度目標方面的能力，包括增加社區數量、降低資產負債表槓桿和提高每股賬面價值；(iii) 公司資本配置策略和財務靈活性，以資助其運營、財務和戰略目標，並向股東返還大量資本，包括公司預計在 2026 財年通過出售非戰略性土地資產產生超過 1.5 億美元的收入，並打算將部分銷售收入用於繼續執行當前的股票回購計劃；以及 (iv) 董事會相信，繼續執行公司的戰略計劃將為股東帶來遠超追求 Dream Finders 於 2026 年 5 月 5 日提出的交易的價值。任何前瞻性聲明，包括任何表達對未來結果的信心的聲明，僅在作出該聲明的日期有效，除法律要求外，我們不承擔更新任何前瞻性聲明的義務，以反映該聲明作出後的事件或情況，或反映意外事件的發生。新的因素會不時出現，無法預測所有這些因素。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://cts.businesswire.com/ct/CT/query-ZGlzdHJvPW54JmlkPWJ3bmV3cyZsYW5nPWVuJnNpZD1hY3FyOCZzdHk9MjAyNjA1MTEyMzAxNzRyMQ" alt="" original-src="https://cts.businesswire.com/ct/CT?id=bwnews&amp;sty=20260511230174r1&amp;sid=acqr8&amp;distro=nx&amp;lang=en"/></p>
<p>View source version on businesswire.com: https://www.businesswire.com/news/home/20260511230174/en/</p>
<div class="lb-trans"><p>在 businesswire.com 查看源版本：https://www.businesswire.com/news/home/20260511230174/en/</p>
</div><p>David I. Goldberg</p>
<div class="lb-trans"><p>David I. Goldberg</p>
</div><p>Sr. Vice President &amp; Chief Financial Officer</p>
<div class="lb-trans"><p>高級副總裁兼首席財務官</p>
</div><p>770-829-3700</p>
<div class="lb-trans"><p>770-829-3700</p>
</div><p>investor.relations@beazer.com</p>
<div class="lb-trans"><p>investor.relations@beazer.com</p>
</div><p>Media:</p>
<div class="lb-trans"><p>媒體：</p>
</div><p>Nick Lamplough / Jim Golden / Clayton Erwin</p>
<div class="lb-trans"><p>Nick Lamplough / Jim Golden / Clayton Erwin</p>
</div><p>Collected Strategies</p>
<div class="lb-trans"><p>Collected Strategies</p>
</div><p>Beazer-CS@collectedstrategies.com</p>
<div class="lb-trans"><p>Beazer-CS@collectedstrategies.com</p>
</div><p>Source: Beazer Homes USA, Inc.</p>
<div class="lb-trans"><p>來源：Beazer Homes USA, Inc.</p>
</div>

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