Toll Brothers CEO Doug Yearley To Become Executive Chairman Of The Board On March 30, 2026; Karl K. Mistry Named CEO, Succeeding Doug Yearley

Toll Brothers, Inc. (NYSE:TOL) (TollBrothers.com), the nation's leading builder of luxury homes, today announced that, as part of its long-term succession planning process, the Company's Chairman and Chief Executive Officer Douglas C. Yearley, Jr. will be transitioning to the role of Executive Chairman of the Board on March 30, 2026. The Board of Directors has selected Karl K. Mistry, Executive Vice President and a 22-year Toll Brothers veteran, to succeed Mr. Yearley in the role of Chief Executive Officer and to join the Toll Brothers Board of Directors on March 30, 2026. As Executive Chairman, Mr. Yearley will continue to have a significant management role at the Company including guiding strategic initiatives and supporting the smooth transition of Mr. Mistry into the CEO role.

"Having joined Toll Brothers in 1990 and in his position as CEO since 2010, Doug Yearley has expertly led the Company through a significant period of growth and value creation, and we are grateful for his leadership," said Scott D. Stowell, Lead Independent Director of Toll Brothers. "The Board is also pleased to announce Karl Mistry will lead Toll Brothers as the Company's next Chief Executive Officer. This succession plan demonstrates both the deep talent bench at Toll Brothers, as well as the thoughtful process that has guided this leadership transition, including Doug continuing as Executive Chairman."

"It has been an honor to serve as Chief Executive Officer of Toll Brothers," said Mr. Yearley. "I am truly grateful to have had the privilege to work side-by-side with so many talented people to deliver the American Dream to thousands of clients every year and expand our luxury brand into new markets and price points across the country. I am also very pleased that our Company's strong culture of cultivating and teaching the next generation of leadership is coming full circle today with this announcement."

Mr. Yearley continued, "Karl is an outstanding leader. His management skills are extraordinary and the breadth of experience he has gained over the past two decades at Toll Brothers has prepared him well for the CEO role. Karl has honed his skills in both strong markets and challenging ones. He has run numerous homebuilding divisions and has overseen our expansion into several major markets. Most recently, he has had responsibility for our Eastern operations across 15 states. With Karl at the helm partnering with our other seasoned leaders and operating teams, the Company's future is in excellent hands, and I am excited to continue to be a part of it in my new role as Executive Chairman."

"I am honored to become the third CEO of Toll Brothers, and I look forward to building on the tremendous foundation and strong legacy that Doug, and Bob Toll before him, have established during the Company's nearly 60 years in business," said Mr. Mistry. "It's been a privilege to work closely with Doug for nearly a decade, and I look forward to continuing to work with him and all of our Toll Brothers colleagues as we serve our customers, build our industry-leading brand, and drive value for our shareholders, employees, and homeowners."

Mr. Yearley joined Toll Brothers in 1990 and has served as CEO since 2010 and Chairman of the Board since 2018. Under Mr. Yearley's leadership, Toll Brothers has grown to be a leading national luxury brand with operations in 60+ markets across 24 states and offering the most diverse array of price points and product lines in the industry. He holds a Bachelor of Science degree from Cornell University in Applied Economics and Business Management and a Juris Doctor degree from Rutgers Law School. In 2024, Mr. Yearley was named one of 25 Top CEOs across all industries by Barron's magazine.

Mr. Mistry joined Toll Brothers in 2004 as an Assistant Project Manager in the Company's executive training program. In 2012, he was named Division President for the Houston division, and in 2016 he was promoted to Group President overseeing homebuilding operations in Metro Washington, D.C. In 2019, Mr. Mistry was named Regional President of the Mid-Atlantic region. In his current role as Executive Vice President, a position he has held since 2021, Mr. Mistry manages the Company's homebuilding operations throughout 15 states in the East. Mr. Mistry holds a Bachelor of Science degree in Economics from Texas A&M University and a Master's degree in Real Estate Finance & Development from Cornell University.