FORT WASHINGTON, Pa. December 13, 2023 – Toll Brothers, Inc. (NYSE: TOL) (TollBrothers.com), the nation’s leading builder of luxury homes, today announced that Judith A. Reinsdorf and Katherine M. Sandstrom have joined the Company’s Board of Directors. In addition, Carl B. Marbach, age 82, has informed the Company that he will not stand for re-election and will step down from the Board at its next annual meeting of stockholders in March 2024.

Ms. Reinsdorf, age 59, most recently served as executive vice president and general counsel of Johnson Controls International plc (NYSE: JCI), a global leader in building products and technology and integrated solutions. She held the same role at Tyco International from 2007 until 2016 and previously held a variety of senior legal positions at Monsanto, Pharmacia and C.R. Bard. She currently chairs the nominating and governance committee of the board of directors of EnPro Inc. (NYSE: NPO), an industrial technology company, and is a member of the board of Nurix Therapuetics, Inc. (NSDQ: NRIX), a biopharmaceutical company. She is also on the Board of Trustees of the University of Rochester and the board of the New Jersey Chapter of the National Association of Corporate Directors.

Ms. Sandstrom, age 54, is chair of the board of Healthpeak Properties, Inc. (NYSE: PEAK), a leading owner, operator and developer of real estate for healthcare discovery and delivery. She served for more than twenty years at Heitman LLC, a real estate management firm, where she held a variety of senior leadership positions including her role as senior managing director of public real estate securities. Ms. Sandstrom also serves on the boards of EastGroup Properties, Inc. (NYSE: EGP) and Urban Edge Properties (NYSE: UE), each a real estate investment trust.

Douglas C. Yearley, Jr., chairman and chief executive officer, stated: “We are very pleased and excited to welcome both Judy and Kathy to the Toll Brothers Board of Directors. Both are proven leaders with a wealth of experience in their respective fields. We look forward to benefitting from Kathy’s deep industry expertise and her astute investment acumen, as well as Judy’s extensive management experience at large and complex U.S. public companies across multiple industries. As we welcome them to our Board, we will miss the thoughtful guidance and experience that Carl has contributed to our Board for over 30 years. We wish him all the best and are deeply appreciative of his many years of distinguished service to Toll Brothers.”

This release contains or may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. One can identify these statements by the fact that they do not relate to matters of a strictly historical or factual nature and generally discuss or relate to future events. These statements contain words such as “anticipate,” “estimate,” “expect,” “project,” “intend,” “plan,” “believe,” “may,” “can,” “could,” “might,” “should,” “likely,” “will,” and other words or phrases of similar meaning. Such statements may include, but are not limited to, information and statements regarding: expectations regarding inflation and interest rates; the markets in which we operate or may operate; our strategic priorities; our land acquisition, land development and capital allocation priorities; market conditions; our build-to-order and spec home strategy; demand for our homes; anticipated operating results and guidance; home deliveries; financial resources and condition; changes in revenues; changes in profitability; changes in margins; changes in accounting treatment; cost of revenues, including expected labor and material costs; selling, general, and administrative expenses; interest expense; inventory write-downs; home warranty and construction defect claims; unrecognized tax benefits; anticipated tax refunds; sales paces and prices; effects of home buyer cancellations; growth and expansion; joint ventures in which we are involved; anticipated results from our investments in unconsolidated entities; our ability to acquire or dispose of land and pursue real estate opportunities; our ability to gain approvals and open new communities; our ability to market, construct and sell homes and properties; our ability to deliver homes from backlog; our ability to secure materials and subcontractors; our ability to produce the liquidity and capital necessary to conduct normal business operations or to expand and take advantage of opportunities; and the outcome of legal proceedings, investigations, and claims.

•the effect of general economic conditions, including employment rates, housing starts, interest rate levels, availability of financing for home mortgages and strength of the U.S. dollar;

•market demand for our products, which is related to the strength of the various U.S. business segments and U.S. and international economic conditions;

•the availability of desirable and reasonably priced land and our ability to control, purchase, hold and develop such land;

•access to adequate capital on acceptable terms;

•geographic concentration of our operations;

•levels of competition;

•the price and availability of lumber, other raw materials, home components and labor;

•the effect of U.S. trade policies, including the imposition of tariffs and duties on home building products and retaliatory measures taken by other countries;

•the effects of weather and the risk of loss from earthquakes, volcanoes, fires, floods, droughts, windstorms, hurricanes, pest infestations and other natural disasters, and the risk of delays, reduced consumer demand, and shortages and price increases in labor or materials associated with such natural disasters;

•risks related to acts of war, terrorism or outbreaks of contagious diseases, such as Covid-19;

•federal and state tax policies;

•transportation costs;

•the effect of land use, environment and other governmental laws and regulations;

•legal proceedings or disputes and the adequacy of reserves;

•risks relating to any unforeseen changes to or effects on liabilities, future capital expenditures, revenues, expenses, earnings, indebtedness, financial condition, losses and future prospects;

•the potential loss of key management personnel;

•changes in accounting principles;

•risks related to unauthorized access to our computer systems, theft of our and our homebuyers’ confidential information or other forms of cyber-attack; and

•other factors described in “Risk Factors” included in our Annual Report on Form 10-K for the year ended October 31, 2022 and in subsequent filings we make with the Securities and Exchange Commission (“SEC”).

IMMEDIATE RELEASE    CONTACT: Frederick N. Cooper (215) 938-8312

December 13, 2023    fcooper@tollbrothers.com

FORT WASHINGTON, Pa. December 13, 2023 – Toll Brothers, Inc. (NYSE: TOL) (TollBrothers.com), the nation’s leading builder of luxury homes, today announced that its Board of Directors has approved a quarterly cash dividend to shareholders. The dividend of $0.21 per share will be paid on January 26, 2023 to shareholders of record on the close of business on January 12, 2023.

Toll Brothers also announced today that its Board of Directors has approved a new 20 million share repurchase authorization to replace its existing authorization. From May 2022 (the date of the previous authorization) through December 12, 2023, the Company repurchased approximately 13.3 million shares, or 12% of shares outstanding in May 2022, for an aggregate purchase price of approximately $800 million, or approximately $60.15 per share.

Douglas C. Yearley, Jr., chairman and chief executive officer, stated: “Over the past decade, we have demonstrated our commitment to shareholder returns. We have reduced our outstanding share count by nearly 40% through buybacks, net of share issuances, and have increased our dividend from $0.08 per share since commencing it in 2017 to $0.21 per share today. With our solid balance sheet, strong operating cash flow and modest level of net debt, we have the ability to continue investing in our business to drive long-term growth while returning capital to Company owners. This new reauthorization will provide us additional flexibility to execute on this disciplined capital allocation strategy.”

Under the new authorization, repurchases may be made in open market transactions, privately negotiated transactions (including accelerated share repurchases), issuer tender offers or other financial arrangements or transactions. The timing and total amount of stock repurchases will depend upon business, economic and market conditions, corporate and regulatory requirements, prevailing stock prices, and other considerations. As previously disclosed, the Company has budgeted $400 million of share repurchases in fiscal 2024. The Board of Directors did not fix any expiration date for this repurchase program.

This release contains or may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. One can identify these statements by the fact that they do not relate to matters of a strictly historical or factual nature and generally discuss or relate to future events. These statements contain words such as “anticipate,” “estimate,” “expect,” “project,” “intend,” “plan,” “believe,” “may,” “can,” “could,” “might,” “should,” “likely,” “will,” and other words or phrases of similar meaning. Such statements may include, but are not limited to, information and statements regarding: expectations regarding inflation and interest rates; the markets in which we operate or may operate; our strategic priorities; our land acquisition, land development and capital allocation priorities; market conditions; demand for our homes; our build-to-order and spec home strategy; anticipated operating results and guidance; home deliveries; financial resources and condition; changes in revenues; changes in profitability; changes in margins; changes in accounting treatment; cost of revenues, including expected labor and material costs; selling, general, and administrative expenses; interest expense; inventory write-downs; home warranty and construction defect claims; unrecognized tax benefits; anticipated tax refunds; sales paces and prices; effects of home buyer cancellations; growth and expansion; joint ventures in which we are involved; anticipated results from our investments in unconsolidated entities; our ability to acquire or dispose of land and pursue real estate opportunities; our ability to gain approvals and open new communities; our ability to market, construct and sell homes and properties; our ability to deliver homes from backlog; our ability to secure materials and subcontractors; our ability to produce the liquidity and capital necessary to conduct normal business operations or to expand and take advantage of opportunities; and the outcome of legal proceedings, investigations, and claims.

•the effect of general economic conditions, including employment rates, housing starts, interest rate levels, availability of financing for home mortgages and strength of the U.S. dollar;

•market demand for our products, which is related to the strength of the various U.S. business segments and U.S. and international economic conditions;

•the availability of desirable and reasonably priced land and our ability to control, purchase, hold and develop such land;

•access to adequate capital on acceptable terms;

•geographic concentration of our operations;

•levels of competition;

•the price and availability of lumber, other raw materials, home components and labor;

•the effect of U.S. trade policies, including the imposition of tariffs and duties on home building products and retaliatory measures taken by other countries;

•the effects of weather and the risk of loss from earthquakes, volcanoes, fires, floods, droughts, windstorms, hurricanes, pest infestations and other natural disasters, and the risk of delays, reduced consumer demand, unavailability of insurance, and shortages and price increases in labor or materials associated with such natural disasters;

•risks related to acts of war, terrorism or outbreaks of contagious diseases, such as Covid-19;

•federal and state tax policies;

•transportation costs;

•the effect of land use, environment and other governmental laws and regulations;

•legal proceedings or disputes and the adequacy of reserves;

•risks relating to any unforeseen changes to or effects on liabilities, future capital expenditures, revenues, expenses, earnings, indebtedness, financial condition, losses and future prospects;

•the effect of potential loss of key management personnel;

•changes in accounting principles;

•risks related to unauthorized access to our computer systems, theft of our and our homebuyers’ confidential information or other forms of cyber-attack; and

•other factors described in “Risk Factors” included in our Annual Report on Form 10-K for the year ended October 31, 2022 and in subsequent filings we make with the Securities and Exchange Commission (“SEC”).