The 'Lord of the Rings' Trilogy set the precedent, which was picked up with the 'Hobbit' features 'An Unexpected Journey' and 'The Desolation of Smaug', so it's no surprise that 'The Battle of the Five Armies' will also feature a longer home video extended cut version.
Speaking to press on the campaign trail for the final entry in the series, Director Peter Jackson confirmed that it's coming later in 2015 and will feature an additional 30 minutes of footage. Included in the additional footage will be "some additional Beorn stuff"; Beorn being a "skin-changer", capable of assuming the appearance of an imposing bear who made a cameo in 'The Desolation of Smaug'.
At 144 minutes, 'The Battle of the Five Armies' is the shortest of all 'The Hobbit' feature. As customary, the initial Blu-ray and DVD release is expected to release in March 2015, with the Extended Cut to follow sometime in the fourth quarter.