Company: LEN
Filing Date: 2025-11-20
Form Type: 425
Source: 0001193125-25-289722
Chunk: 0

Company: LENNAR CORP /NEW/
Filing Date: 2025-11-20
Form: 425
Chunk 0
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Filed by Lennar Corporation

pursuant to rule 425 under the Securities Act of 1933, as amended

Subject Company: Lennar Corporation

Commission File No.: 1-11749

Lennar Announces Final Exchange Ratio of 4.1367 in Exchange Offer

MIAMI, Nov. 20, 2025 /PRNewswire/ – Lennar Corporation (NYSE: LEN and LEN.B) (“Lennar”) announced today a final exchange ratio of 4.1367
(the “Final Exchange Ratio”) for its previously announced offer to exchange up to 33,298,764 shares of Millrose Properties, Inc. (NYSE: MRP) (“Millrose”) Class A stock it owns (approximately 20% total outstanding
Millrose stock) for outstanding shares of Lennar Class A common stock (the “Exchange Offer”).

For each share of Lennar Class A
common stock that is validly tendered and not validly withdrawn by Lennar stockholders and that is accepted by Lennar pursuant to the terms of the Exchange Offer, the tendering stockholders will receive 4.1367 shares of Millrose Class A common
stock.

Based on the Final Exchange Ratio, Lennar can accept for exchange up to approximately 8,049,596 shares of Lennar Class A common stock if the
Exchange Offer is fully subscribed. Because the Exchange Offer will be subject to proration if it is oversubscribed, the number of shares of Lennar Class A common stock that Lennar accepts in the Exchange Offer may be less than the number of
shares validly tendered by Lennar stockholders.

The Exchange Offer is scheduled to expire at 12:00 midnight, New York City time, on November 21,
2025.

About Lennar

Lennar Corporation, founded in
1954, is one of the nation’s leading builders of quality homes for all generations. Lennar builds affordable, move-up and active adult homes primarily under the Lennar brand name. Lennar’s
Financial Services segment provides mortgage financing, title and closing services primarily for buyers of Lennar’s homes and, through LMF Commercial, originates mortgage loans secured primarily by commercial real estate properties throughout
the United States. Lennar’s Multifamily segment is a nationwide developer of high-quality multifamily rental properties. LENx drives Lennar’s technology, innovation and strategic investments.

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