Fourth Quarter 2025 Summary Financial Information February 11, 2026 Financial Summary Overview 4th Quarter: Full Year: Forward-Looking Statements Statements in this presentation that are not historical in nature are "forward-looking." These statements are identified by their context or by use of words such as "estimate," "expect," "guidance," "plan," "seek," or the like. These statements include, but are not limited to, guidance; sales, adjusted EPS; operating cash flow; implied adjusted EBIT margin; deprec ...

Core Insights - Legget & Platt (LEG) reported revenue of $938.6 million for Q4 2025, reflecting an 11.2% year-over-year decline, while EPS increased slightly to $0.22 from $0.21 a year ago [1] - The revenue exceeded the Zacks Consensus Estimate of $931.77 million by 0.73%, but the EPS fell short of the consensus estimate of $0.22 by 1.12% [1] Financial Performance Metrics - Organic Sales in Bedding Products decreased by 10%, slightly better than the estimated decline of 10.5% [4] - Organic Sales in Specialized Products fell by 4%, worse than the estimated decline of 2.8% [4] - Organic Sales in Furniture, Flooring, and Textile Products decreased by 2%, outperforming the average estimate of a 5.7% decline [4] - Overall Change in Organic Sales was a decline of 6%, slightly better than the average estimate of 6.5% [4] Trade Sales and EBIT - Trade sales for Furniture, Flooring, and Textile Products were reported at $324.1 million, slightly above the average estimate of $323.27 million, representing a year-over-year decline of 2.5% [4] - Trade sales for Specialized Products were $240.7 million, exceeding the average estimate of $233.78 million, with a significant year-over-year decline of 20.7% [4] - Trade sales for Bedding Products were $373.8 million, slightly below the average estimate of $374.72 million, reflecting an 11% year-over-year decline [4] - EBIT for Bedding Products was reported at $25.5 million, significantly higher than the average estimate of $12.77 million [4] - EBIT for Specialized Products was $24.3 million, exceeding the average estimate of $17.27 million [4] - EBIT for Furniture, Flooring, and Textile Products was $7.4 million, below the average estimate of $11.97 million [4] - Adjusted EBIT for Specialized Products was $22.8 million, surpassing the average estimate of $19.05 million [4] - Adjusted EBIT for Bedding Products was $16.3 million, lower than the average estimate of $19.8 million [4] Stock Performance - Shares of Legget & Platt have returned +2.4% over the past month, compared to a -0.3% change in the Zacks S&P 500 composite [3] - The stock currently holds a Zacks Rank 3 (Hold), indicating expected performance in line with the broader market [3]

Core Viewpoint - HNI Corporation will exit its Wayland, New York manufacturing facility by 2027, consolidating production into other North American facilities to improve productivity and customer experience [1][2] Company Strategy - The decision to close the Wayland facility is part of HNI's strategic network optimization journey, aimed at enhancing operational efficiency and customer service [2] - The consolidation will not change the product portfolio, and the Gunlocke brand will remain a key part of HNI's offerings [1] Financial Impacts - HNI estimates that the consolidation will result in annual cost savings of approximately $7.5 to $8.0 million once fully implemented [7] - The total estimated charges related to the consolidation are projected to impact pre-tax earnings by approximately $14.9 million in 2026 and 2027, including $5.7 million in non-cash charges [7] - A detailed breakdown of estimated costs includes $11.6 million in 2026 and $3.3 million in 2027 [4][7] Employment Impact - The closure of the Wayland facility will lead to the termination of approximately 135 employees [5]

Core Viewpoint - HNI Corporation has announced a definitive agreement to acquire Steelcase, Inc. in a cash and stock transaction, with the acquisition expected to close on December 10, 2025 [1][4]. Group 1: Acquisition Details - The acquisition involves an exchange offer for Steelcase's existing 5.125% Notes due 2029, with HNI offering up to $450 million in new notes [1]. - Shareholders of both HNI and Steelcase voted in favor of the acquisition during their respective special meetings on December 5, 2025 [4]. - The acquisition is contingent upon the successful completion of the exchange offer and consent solicitation, which expired on December 5, 2025 [4][3]. Group 2: Exchange Offer and Consent Solicitation - HNI received sufficient consents to amend the Existing Steelcase Indenture to eliminate certain covenants and restrictive provisions [3]. - As of the expiration date, $351,008,000 of the Existing Steelcase Notes, representing 78% of the total, were validly tendered [6]. - The New HNI Notes will not be registered under the Securities Act and may only be offered under specific exemptions [7]. Group 3: Company Background - HNI Corporation has been in operation for over 75 years, focusing on workplace furnishings and residential building products [9]. - The Workplace Furnishings segment is a leading global designer and provider of commercial furnishings, while the Residential Building Products segment is the nation's leading manufacturer of hearth products [9].

Core Points - Purple Innovation, Inc. is set to report its third quarter 2025 financial results on November 4, 2025, at approximately 4:05 p.m. ET [1] - A conference call will be held on the same day at 4:30 p.m. ET to discuss the financial results [1]

Financial Data and Key Metrics Changes - Non-GAAP earnings per share increased by 7% year-over-year, reaching $1.10, driven by a record third quarter non-GAAP operating margin of 10.8% [3][5] - Total net sales in the third quarter increased by 3% organically compared to the same period last year [5] - Non-GAAP operating margin expanded by 10 basis points year-over-year, marking the highest EBIT margin for the third quarter [5] Business Line Data and Key Metrics Changes - In the workplace furnishings segment, organic net sales increased by 3% year-over-year, with a non-GAAP segment operating profit margin exceeding 12% [5][6] - Residential building products revenue was roughly unchanged year-over-year, with new construction revenue down slightly and remodel retrofit sales growing modestly [6][7] - Orders in the residential building products segment increased by 2% year-over-year, with remodel retrofit orders up mid-single digits [9] Market Data and Key Metrics Changes - Builder sentiment has weakened recently, reflecting elevated interest rates and affordability issues, with permits moving lower [9][10] - The office space market is showing signs of recovery, with net absorption expected to be the highest since 2019, indicating improved demand for office furniture [12] - 18 of the largest U.S. markets are exceeding pre-pandemic leasing activity, suggesting a positive trend for workplace furnishings [12] Company Strategy and Development Direction - The company remains focused on margin expansion efforts and continued revenue growth while investing for future growth [8][10] - The pending acquisition of Steelcase is expected to create synergies of $120 million and accretion of $1.20 per share when fully mature [19] - The company is optimistic about long-term market fundamentals in residential building products, despite a soft new construction environment [14] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving double-digit non-GAAP EPS growth for the fourth consecutive year, despite ongoing macroeconomic uncertainties [18] - The company anticipates strong results driven by margin expansion and continued volume growth, with a focus on investing in growth initiatives [8][15] - Management highlighted the positive trends in the workplace furnishings market, particularly related to return-to-office dynamics [11][13] Other Important Information - The company expects fourth quarter revenue in workplace furnishings to increase at a high single-digit rate year-over-year, with residential building products also projected to grow at a high single-digit rate [16] - The anticipated post-closing net leverage is expected to approximate 2.1x, with a return to the targeted range of 1x-1.5x within 18-24 months [17] Q&A Session Summary Question: Clarification on Steelcase accretion - The $1.20 of accretion from Steelcase is based on the previously outlined synergies of $120 million, with confidence in achieving this figure [22][24] Question: Update on KI and Mexico contributions - The company expects to recognize $45 million-$50 million from KI and Mexico between 2025 and 2026, with more expected in 2025 than 2026 [25] Question: Industry volume relative to pre-pandemic levels - The company estimates that industry-wide volumes are still down by 30%-35% compared to pre-pandemic levels, indicating potential for mid-single-digit volume growth in the coming years [28][29] Question: Full-year guidance comparison - Revenue expectations for both workplace and residential segments remain in line with prior expectations, with some pressure on product mix and timing of investments [32] Question: Growth potential in residential building products - The company believes it can outperform the market despite a challenging environment, supported by ongoing investments and strong relationships with builders [34][36] Question: Risks associated with Steelcase integration - The company plans to maintain dealer partnerships and brand distribution during the integration, ensuring continued focus on unique brand positions [38][39]

Financial Data and Key Metrics Changes - Non-GAAP earnings per share increased by 7% year over year, reaching $1.10, driven by a record third quarter non-GAAP operating margin of 10.8% [4][5] - Total net sales in the third quarter increased by 3% organically compared to the same period last year [5] - Non-GAAP operating margin expanded by 10 basis points year over year, marking the highest EBIT margin for the third quarter [5] Business Line Data and Key Metrics Changes - In the workplace furnishings segment, organic net sales increased by 3% year over year, with a non-GAAP segment operating profit margin exceeding 12% [5][6] - Residential building products revenue was roughly unchanged year over year, with new construction revenue down slightly and remodel retrofit sales growing modestly [6] - Orders in the residential building products segment increased by 2% year over year, with remodel retrofit orders up mid-single digits [8] Market Data and Key Metrics Changes - Builder sentiment has weakened recently, reflecting elevated interest rates and affordability issues, with permits moving lower [8] - The office space market is showing signs of recovery, with net absorption expected to be the highest since 2019, indicating improved demand for office furniture [11] - 18 of the largest U.S. markets are exceeding pre-pandemic leasing activity, suggesting a positive trend for workplace furnishings [11] Company Strategy and Development Direction - The company remains focused on margin expansion efforts and continued revenue growth while investing for future growth [7][15] - The pending acquisition of Steelcase is expected to create synergies of $120 million and accretion of $1.20 per share when fully mature [19] - The company is optimistic about long-term market fundamentals in residential building products, despite a soft new construction environment [14] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving a fourth consecutive year of double-digit non-GAAP EPS growth, supported by strong third quarter performance and ongoing visibility [18] - The macro and industry backdrops are improving, with expectations for the contract business to benefit from these trends [12] - Management remains cautious about ongoing macro-related risks and tariff-driven volatility but is optimistic about future growth opportunities [18] Other Important Information - The company anticipates fourth quarter revenue in workplace furnishings to increase at a high single-digit rate year over year, with residential building products also projected to grow at a high single-digit rate [16] - The company is committed to maintaining its dividend while investing in business growth [17] Q&A Session Summary Question: Is the $1.20 of accretion from Steelcase considering just the synergies outlined? - Yes, the $120 million in synergies translates to about $1.20 in accretion based on share count [23][25] Question: Where are you in terms of the $0.75 to $0.80 from KI and Mexico? - The company expects to recognize $45 to $50 million between 2025 and 2026, with more expected in 2025 than 2026 [28] Question: How does the current industry volume compare to pre-pandemic levels? - The company estimates that industry-wide volumes are still down by 30% to 35% compared to pre-pandemic levels, but there is potential for mid-single-digit volume growth in the coming years [31][32] Question: Can you compare your full-year guidance with previous expectations? - Revenue expectations remain in line with prior expectations, but there is some pressure on product mix and timing of investments [34][36] Question: How much runway do you have for growth in residential building products? - The company believes it can outperform the market due to ongoing investments and strong relationships with builders [37] Question: What risks are associated with integrating Steelcase? - The company plans to maintain dealer partnerships and brand distribution intact, which should allow for participation in any demand upswing [39]

Financial Performance - Q3 2025 - Sales were $1.036 billion, a 6% decrease year-over-year[7,8] - Volume decreased by 6%[7] - Adjusted EBIT was $73 million, down 4% year-over-year, with an adjusted EBIT margin of 7.0%, up 10 bps year-over-year[7,8] - Adjusted EPS was $0.29, down $0.03 year-over-year[7] - Operating cash flow was $126 million, up 32% year-over-year[7,8] Financial Performance - YTD 2025 - Sales were $3.117 billion, a 6% decrease year-over-year[15] - Adjusted EBIT was $215 million, up 2% year-over-year, with an adjusted EBIT margin of 6.9%, up 60 bps year-over-year[15] - Adjusted EPS was $0.83, down 1% year-over-year[15] - Operating cash flow was $217 million, up 18% year-over-year[15] Guidance - The company reaffirmed its 2025 sales guidance of $4.0–$4.1 billion, representing a 6% to 9% decrease versus 2024[7,19] - The company reaffirmed its adjusted EPS guidance of $1.00–$1.10[7,19]

Core Viewpoint - HNI Corporation has announced a definitive agreement to acquire Steelcase, Inc. in a cash and stock transaction, which includes an offer to exchange existing Steelcase Notes for new HNI Notes [1][4]. Acquisition Details - The acquisition is subject to shareholder approvals from both HNI and Steelcase, antitrust approvals, and other customary closing conditions [4]. - HNI has initiated an exchange offer for up to $450,000,000 of existing Steelcase Notes, with a current tender amount of $350,767,000, representing 77.95% of the total [1][8]. Exchange Offer and Consent Solicitation - The expiration date for the exchange offer and related consent solicitation has been extended to December 5, 2025 [2]. - HNI received sufficient consents to amend the existing Steelcase Indenture on October 9, 2025, and the amendments will take effect upon the settlement date of the exchange offer [3]. Conditions and Extensions - The completion of the acquisition is not contingent upon the exchange offer or consent solicitation, but the exchange offer is subject to the acquisition's consummation [4][5]. - If the acquisition is not expected to close by the anticipated settlement date, HNI plans to extend the expiration date accordingly [5]. Eligible Holders and Documentation - The exchange offer and consent solicitation are directed towards "Eligible Holders," defined as qualified institutional buyers or non-U.S. persons outside the United States [9].

Core Insights - Legget & Platt reported revenue of $1.04 billion for the quarter ended September 2025, a decrease of 5.9% year-over-year, with EPS at $0.29 compared to $0.32 in the same quarter last year [1] - The revenue exceeded the Zacks Consensus Estimate of $1.02 billion by 1.18%, while the EPS fell short of the consensus estimate of $0.30 by 3.33% [1] Financial Performance - Organic Sales for Bedding Products decreased by 9%, slightly worse than the average estimate of -8.7% [4] - Organic Sales for Specialized Products decreased by 2%, in line with the average estimate of -2.5% [4] - Overall Organic Sales declined by 4%, better than the average estimate of -5.7% [4] Trade Sales - Trade sales for Furniture, Flooring, and Textile Products were reported at $356.4 million, exceeding the average estimate of $347.31 million, with no year-over-year change [4] - Trade sales for Specialized Products were $277.5 million, surpassing the average estimate of $273.04 million, representing a 7.5% decline year-over-year [4] - Trade sales for Bedding Products were $402.5 million, slightly below the average estimate of $406.4 million, reflecting a 9.7% decrease year-over-year [4] EBIT Performance - EBIT for Bedding Products was reported at $36.4 million, significantly higher than the average estimate of $19.21 million [4] - EBIT for Specialized Products reached $112.9 million, compared to the average estimate of $33.04 million [4] - Adjusted EBIT for Specialized Products was $27 million, slightly above the average estimate of $26.6 million, while Adjusted EBIT for Bedding Products was $26.4 million, exceeding the average estimate of $23.25 million [4]