Centex 8-K Centex Reports Third-Quarter Results

Exhibit 99.2

© 2008 Centex Corporation

Third Quarter
Results and Conference Call
February 4, 2009

2

Forward-looking Statements

Some of the statements in this presentation are “forward-looking statements” within the meaning of
the Private Securities Litigation Reform Act of 1995.You can identify forward-looking statements
by the fact that they relate only to anticipated or expected events, activities, trends or results,
which are inherently subject to risks, uncertainties and other factors.Actual results and outcomes
may differ materially from what is expressed or forecast in such statements.Forward-looking
statements included in this presentation are made as of its date.We do not undertake any
obligation to update or revise any forward-looking statement.

Important risks and other factors include, but are not limited to: (1) the effects of recent disruptions
in the global credit and securities markets, which have adversely impacted the banking and
mortgage finance industries, resulting in tightening of credit and reductions in liquidity;(2) recent
adverse changes in national and regional economic and business conditions, including
employment levels; (3) the effects of the current downturn in the homebuilding industry, including
potential adverse market conditions and foreclosures that could result in reduced sales and
closings and additional inventory or other impairments; (4) customer cancellations and consumer
homebuyer sentiment; (5) competition;(6) price changes in raw materials or other components of
our houses; (7) the availability of adequate sources of financing to continue to implement our
business strategy; (8) our ability to generate cash from sales of assets and other sources that
supplement our existing cash resources; and (9) the potential loss of tax benefits if we have an
“ownership change” under IRC §382.These and other risks and uncertainties are described in
greater detail in our reports filed with the Securities and Exchange Commission, including our
Annual Report on Form 10-K for the fiscal year ended March 31, 2008 and subsequent Quarterly
Reports on Form 10-Q.

3

A consistent strategy for turbulent times

§Sales results were weak in the beginning of the quarter

§Adjustments yielded steady net sales improvement in
December and into January

§Successfully protected strong backlog position

•Lowest cancellations as a % of beginning backlog in over two years

§Continue to act with urgency

•Sell homes, reduce costs, generate cash, restore profitability

4

Taking action to successfully navigate this cycle

§Aggressively minimizing cash expenditures at all levels

•Reducing land-related spending for FY2010

•Accelerating overhead reductions

§Cash position is strong; provides flexibility

•Cash balance of $1.47 billion, up from $62 million a year ago

•Expect positive operating cash flow in 4Q and FY2010

§Focused on restoring profitability

•Gross margins are improving

•Overhead costs are down

5

Building a better Centex

§Focused on asset efficiency

•Build-to-order production and asset light land position

•Maintaining 2 to 5 per neighborhood; mostly from cancellations

§Targeting higher relative market share in attractive markets

§Standardizing Centex core business processes

§Concentrating on our core first-time and 1st move-up homebuyer
customers

§Building a better Centex

•Quality, efficiency, returns

6

Third quarter commentary

§Generated positive cash flow from homebuilding operations

§Narrowed profitability gap

§Reducing overhead to match sales levels

§Successfully amended revolving credit facility

§Slower absorptions and lower future pricing assumptions
produced higher impairments

7

Third quarter homebuilding operations

§Revenues down 53% to $843 million

•Closings down 49% to 3,405 homes

•Average selling price decreased 10% to $241,244

§Sales (orders), down 80%

•Sales per neighborhood at 0.7 per month

§Backlog

•4,628 units, down 46%

•$1.22 billion, down 46%

§Own 59,163 lots, down 32%

•Options on 9,493 lots, down 69%

§Valuation allowance on deferred tax asset now approximately $9.50
per share

8

Closings% ChgSales% Chg

Unit data for the Quarter Ended December 31, 2008

Homebuilding: Third quarter sales and closings

East1,155-40%375-76%

Central1,476 -41% 508-76%

West774 -64% 197 -89%

Total3,405 -49% 1,080-80%

9

Strategic choices yielding results

§“Build-to-order” approach increasing gross margins

•Home building gross margin up 110 bps yoy

•Incentives and discounts down to 7.3%

§Reducing land spend budget

•Land acquisition/development expenditures expected to be lower in
FY2010

•About half of lots in Land under development are finished

§Direct construction costs per sq ft down 17% over last 3
quarters

§Cash balance of $1.47 billion at Dec. 31

•Expecting to be operating cash flow positive in FY2010

10

Key Messages

§A consistent strategy for turbulent times

§Taking action to successfully navigate this cycle

§Building a better Centex

© 2008 Centex Corporation

Questions and Answers