Company: LEN
Filing Date: 2025-10-27
Form Type: 425
Source: 0001193125-25-251765
Chunk: 0

Company: LENNAR CORP /NEW/
Filing Date: 2025-10-27
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

The following is the text of the website that is being maintained at
http://www.envisionreports.com/lennarexchange in connection with the offer by Lennar Corporation to exchange up to an aggregate of 33,298,764 shares of Class A common stock, par value $0.01, of Millrose Properties, Inc., which are owned by
Lennar Corporation, for shares of Class A common stock, par value $0.10, of Lennar Corporation, as described in further detail in the Prospectus (as defined below).

Exchange Offer

Last Updated: October 27, 2025

Lennar Corporation Investor Information

On October 10, 2025, Lennar Corporation, a Delaware corporation (Lennar ), commenced, an
offer to exchange (theExchange Offer ) up to 33,298,764 shares of Class A common stock, par value $0.01 per share (Millrose ClassA Common Stock ), of Millrose Properties Inc., a
Maryland corporation (Millrose ), for outstanding shares of Class A common stock, par value $0.10 per share (Lennar ClassA Common Stock ), of Lennar that are validly tendered and not
validly withdrawn as further described in the prospectus dated October 10, 2025 (theProspectus ).

The number of shares of Lennar Class A Common Stock that will be accepted if the Exchange Offer is completed will depend on the final exchange ratio and the number of shares of Lennar Class A Common Stock tendered. The Exchange Offer is intended to permit you to exchange your shares of Lennar Class A Common Stock for shares of Millrose Class A Common Stock at a 6% discount to the per-sharevalue of Millrose Class A Common Stock, calculated as set forth in the Prospectus and subject to the upper limit described below. For each $100 of Lennar Class A Common Stock accepted in the Exchange Offer, you will receive approximately $106.38 of Millrose Class A Common Stock based on the indicative ratio as of October 10, 2025, subject to an upper limit of 4.1367 shares of Millrose Class A Common Stock per share of Lennar Class A Common Stock. The