Lennar — Dec 16, 2025 release

We expect our average sales price will be between $365,000 and $375,000, and expect our margin to be lower, as is typical with lower first quarter volume, between 15% to 16% depending on market conditions, with SG&A of approximately 9.5%. We expect that deliveries for the full year will be approximately 85,000 homes.” “Although the current market presents short-term challenges, we are highly confident that our strong market position and disciplined operating strategy will set us up for long-term success.” RESULTS OF OPERATIONS THREE MONTHS ENDED NOVEMBER 30, 2025 COMPARED TO THREE MONTHS ENDED NOVEMBER 30, 2024 As previously announced, Lennar Corporation completed its acquisition of Rausch Coleman Homes on February 10, 2025. Prior year information includes only stand-alone data for Lennar Corporation for the three months ended November 30, 2024. Homebuilding Revenues from home sales decreased 7% in the fourth quarter of 2025 to $8.9 billion from $9.5 billion in the fourth quarter of 2024. Revenues were lower primarily due to a 10% decrease in the average sales price of homes delivered, partially offset by a 4% increase in the number of home deliveries. New home deliveries increased to 23,034 homes in the fourth quarter of 2025 from 22,206 homes in the fourth quarter of 2024. The average sales price of homes delivered was $386,000 in the fourth quarter of 2025, compared to $430,000 in the fourth quarter of 2024. The decrease in average sales price of homes delivered in the fourth quarter of 20