Lennar Corporation · NYSE:LEN
Lennar — Investor Presentation (June 2026)
27 slides from Lennar's investor presentation, June 2026
Slide 1: Investor Presentation
Investor Presentation June 2026 1
Slide 2: Lennar is a transformed company
Lennar is a transformed company 1 We completed a full asset-light transformation 2 We transformed our balance sheet 3 We are focused on returns on capital and equity 4 We are focused on volume and are positioned to continue growth 5 We are driving even-flow production 6 We are transforming our busin
Slide 3: We completed a full asset-light transformation
WE COMPLETED A FULL 1 ASSET-LIGHT TRANSFORMATION 3
Slide 4: We are now an asset-light homebuilder
We are now an asset-light homebuilder Land is now administered through third parties… …and we are now a manufacturing homebuilder • Capital intensive, long duration assets held by third parties • Short-cycle, high-velocity with just-in-time delivery • Risk of impairment reduced for homebuilder • Opt
Slide 5: We transformed our balance sheet
WE TRANSFORMED OUR 2 BALANCE SHEET 5
Slide 6: We built a better balance sheet…
We built a better balance sheet… … without a similar percentage increase in Since 2018, we have grown deliveries ~80%... owned inventory + deposits Owned inventory + Deposits and ACORE ($B) Finished homes and CIP Deliveries (K) Land and land under dev. + finished homesites Deposits & ACORE +81% $35.
Slide 7: …with a lower cost of capital…
…with a lower cost of capital… Sources of capital Capital needed for operations Lower cost of capital solution $35.8B Weighted average Inventory + Land Pipeline ~13% cost of capital ~11% 25% 5% cost of debt 52% 52% $18.5B2 Finished homes, Inventory controlled construction in Inventory controlled 10%
Slide 8: …that provides greater resiliency
…that provides greater resiliency Our asset-light strategy reduces balance sheet risk GFC impairments ~5x higher 89% • Optioning land is a superior risk management strategy compared to owning land outright, as the maximum potential loss in a worst-case scenario is lower and predefined. • Under a str
Slide 9: …and freed up cash
…and freed up cash $16.5B $9.6B • Stock repurchased Cash freed-up Assets (Land on balance sheet) $6.9B• Retired senior notes Assets (Asset-light) Pre-Transformation Post-Transformation Since the start of 2018, we have repurchased $9.6B of stock and retired $6.9B of senior notes. 9 Note: Figures are
Slide 10: We are focused on returns on capital and equity
WE ARE FOCUSED ON 3 RETURNS ON CAPITAL AND EQUITY 10
Slide 11: Example community: asset-light model vs. on balance sheet
Example community: asset-light model vs. on balance sheet Comparing asset-light model vs. on balance sheet for a $19.1M purchase of 178 homesites in Florida1 CAPITAL DEPLOYED RETURN COMPONENTS On balance sheet Asset-light model On balance sheet 35 Land Peak capital PRETAX MARGIN ASSET TURN RETURN ON
Slide 12: We are focused on volume and are positioned to continue growth
WE ARE FOCUSED ON VOLUME 4 AND ARE POSITIONED TO CONTINUE GROWTH 12
Slide 13: The US housing market is structurally undersupplied
The US housing market is structurally undersupplied With housing starts below 1.5M and a 5M home shortage, demand for homes should persist for the long run… … and we are positioned to continue growth Housing starts vs demand Total starts Deliveries (K) 2,500 80 83 2,073 73 66 Total housing starts (0
Slide 14: Greater volume drives improved cost efficiencies
Greater volume drives improved cost efficiencies Growing volume drives cost reductions Key benefits from scale Producer Price index, construction materials (indexed) Lower direct construction costs Lennar construction costs (indexed) 160 153 Greater visibility into land 145 143 opportunities 141 139
Slide 15: As we scale, our core values remain our north star
As we scale, our core values remain our north star Our core values since 1954 QUALITY VALUE INTEGRITY Building quality homes with Delivering more value at a Always with the highest more included features lower cost to our customers level of integrity Opportunity Ahead: Continue to drive costs down a
Slide 16: We are driving even-flow production
WE ARE DRIVING 5 EVEN-FLOW PRODUCTION 16
Slide 17: Even-flow production mitigates inefficiencies and reduces costs
Even-flow production mitigates inefficiencies and reduces costs Market-flow Even-flow Most builders build to order and adjust volume to market We build with even-flow, providing visibility for our trade conditions, reducing predictability and increasing costs partners, which allows them to be more e
Slide 18: Improving manufacturing efficiency through scale and volume
Improving manufacturing efficiency through scale and volume Homesite Even-flow production = builder of choice purchased 1 Predictable volume gives trade partners confidence to invest in their crews and equipment for Lennar. Preferred builder status translates directly to priority scheduling, better
Slide 19: We are transforming our business with technology to enable efficiencies
WE ARE TRANSFORMING OUR 6 BUSINESS WITH TECHNOLOGY TO ENABLE EFFICIENCIES 19
Slide 20: Modern technology = Cost efficient Smarter Faster
Modern technology = Cost efficient Smarter Faster Land Product Purchasing Land platform Plan & spec Digitally augmented bidding An end-to-end digital platform with recommendation engine and negotiation automated deal evaluation, live An automated system that matches An automated bidding tool that de
Slide 21: Our controlled land + manufacturing model is our moat
OUR CONTROLLED LAND + 7 MANUFACTURING MODEL IS OUR MOAT 21
Slide 22: Our moat protects against technology disruption
Our moat protects against technology disruption No algorithm builds No overseas factory ships homes No app replaces homes homes Software can draft a plan, but framing, Homes are built where families live. You can browse listings on a screen, foundations, and finish work still Local land, local trade
Slide 23: Our share price does not reflect the impact of our transformation
OUR SHARE PRICE DOES 8 NOT REFLECT THE IMPACT OF OUR TRANSFORMATION 23
Slide 24: Our fundamental transformation is underappreciated
Our fundamental transformation is underappreciated NEW LENNAR Avg. Forward P/E 1 (Share Price / NTM Consensus EPS) Our forward P/E ratio vs. NVR and the S&P 500 points to an opportunity PRE- POST - TRANSFORMATION TRANSFORMATION for our shares to rerate. 25 21.4x 21.2 21.9 21.2 21.9 21.4 Average P/E
Slide 25: Concluding thoughts
LENNAR CONCLUDING THOUGHTS 25
Slide 26: Now is a good time to invest in Lennar
Now is a good time to invest in Lennar Asset-light Growth Technology We completed a full asset-light We have been and will continue to We are embedding technology to transition and transformed into a grow at above-average rates. transform our cost structure and manufacturing homebuilder. drive effic
Slide 27: Forward-Looking Statements
Forward-Looking Statements This presentation includes “forward-looking statements,” as defined in the Private Securities Litigation Reform Act of 1995. These forward- looking statements include statements regarding our business, financial condition, results Theofthree operations, pillarscash of ourf