Lennar — Sep 18, 2025 release

Therefore, we believe that now is a good time to moderate our volume and allow the market to catch up. Accordingly, for the fourth quarter of 2025, we expect new orders of 20,000 - 21,000 homes, deliveries of 22,000 - 23,000 homes, and gross margin of approximately 17.5%, consistent with the third quarter, depending on market conditions.” “Looking ahead, the long-term need for housing remains, and we are committed to meeting affordability, sustaining even-flow production, and lowering costs through efficiency and scale.” 3-3-3 RESULTS OF OPERATIONS THREE MONTHS ENDED AUGUST 31, 2025 COMPARED TO THREE MONTHS ENDED AUGUST 31, 2024 As previously announced on February 10, 2025, Lennar Corporation completed its acquisition of Rausch Coleman Homes. Prior year information includes only stand-alone data for Lennar Corporation for the three months ended August 31, 2024. Homebuilding Revenues from home sales decreased 9% in the third quarter of 2025 to $8.2 billion from $9.0 billion in the third quarter of 2024. Revenues were lower primarily due to a 9% decrease in the average sales price of homes delivered. New home deliveries were 21,584 homes in the third quarter of 2025, compared to 21,516 homes in the third quarter of 2024. The average sales price of homes delivered was $383,000 in the third quarter of 2025, compared to $422,000 in the third quarter of 2024. The decrease in average sales price of homes delivered in the third quarter of 2025 compared to