Slides
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Fourth Quarter 2025 Summary Financial Information February 11, 2026
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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; depreciation and amortization; net interest expense; tax rate; diluted shares; capital expenditures; acquisitions; share repurchases; demand; volume; raw-material-related price increases; currency benefit; amount by which divestitures result in sales reductions; Restructuring Plan sales attrition, EBIT benefit and cash from real estate. All forward-looking statements are qualified by cautionary statements described in this provision and should not be relied upon as a prediction of actual future events or results. We do not have, and do not undertake, any duty to update any forward-looking statement. Any forward looking statement reflects only the beliefs of Leggett at the time the statement is made and is subject to risks and uncertainties which might cause actual events or results to differ materially from the forward-looking statements. These risks and uncertainties include: risks associated with our review of any potential transaction between the Company and Somnigroup International, Inc. including the impact on our stock price, business, and the timeline for the completion of the review process which there can be no assurance that the process will result in any particular outcome; demand impacts; regarding the Restructuring Plan (the “Plan”), our ability to timely receive anticipated EBIT benefits and expected proceeds from real estate sales; our ability to accurately forecast sales and earnings; the adverse impact on our sales, earnings, liquidity, margins, cash flow, costs, and financial condition caused by: global inflationary and deflationary impacts; product demand; consumer confidence; impairment of goodwill and long-lived assets; commercial paper and debt market access and increased borrowing costs due to credit rating changes, and our ability to reduce or maintain current debt levels; credit facility access and covenant compliance; supply chain shortages and disruptions; our ability to manage working capital; our customers’ inability to pay us and take delivery of previously ordered inventory; price and product competition; our market share in goods and services we sell or provide; cost of raw materials; cash repatriation from foreign accounts; enforcement of antidumping and countervailing duties; our ability to pass along cost increases through increased selling prices; competitive price and product pressures from competitors; disruption of the semiconductor industry and our global operations due to conflict between countries and evolving export controls; our ability to maintain profit margins if customers change the quantity or mix of our products; political risk, legal and regulatory changes (including trade laws); realization of deferred tax assets and challenges to tax positions; foreign operating risks; cybersecurity incidents; unauthorized use of artificial intelligence; the functioning of our internal business processes and information systems through technology failures; customer losses and insolvencies; disruption to our steel rod mill or wire mills and other operations; development of commercially viable and innovative products; foreign currency fluctuation; litigation risks; climate change and sustainability-related risks and costs; privacy and data protection-related risks; and other risk factors in Leggett’s most recent Form 10-K and Form 10-Q. Forward-Looking Statements 2
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Financial Summary
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4th Quarter: o Q4 sales of $939 million, an 11% decrease vs Q4-24 • Divestitures decreased sales 5% • Volume was down 9% • Raw material-related price increases and currency benefit increased sales 3% o Q4 adjusted1 EBIT of $48 million, down $8 million vs Q4-24 adjusted1 EBIT o Q4 adjusted1 EBIT margin of 5.1%, down 20 bps vs Q4-24 adjusted1 EBIT margin o Q4 adjusted1 EPS of $.22, up $.01 vs Q4-24 adjusted1 EPS of $.21 Full Year: o Full year sales of $4.05 billion, a 7% decrease vs 2024 • Divestitures decreased sales 2% • Volume was down 6% • Raw material-related price increases and currency benefit increased sales 1% o Full year adjusted1 EBIT of $263 million, down $4 million vs 2024 adjusted1 EBIT o Full year adjusted1 EBIT margin of 6.5%, up 40 bps vs 2024 adjusted1 EBIT margin o Full year adjusted1 EPS of $1.05, flat vs 2024 EPS of $1.05 Overview 4¹ See slides 5, 11, and 30 for calculation of adjusted EBIT, adjusted EBIT margin, and adjusted EPS
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Q4 2025 Financial Highlights 5 ¹ Calculations impacted by rounding 2 See slide 29 for non-GAAP adjustments ChangeAdj.2 Q4-24 Adj.2Reported Q4-24 Adj.2 Q4-25 Adj.2Reported Q4-25 $’s in millions1 (except EPS) (11%)$1,056$1,056$939$939Sales (14%)561244481632EBIT (20 bps)5.3%4.1%5.1%3.4%EBIT Margin 5%.21.11.10.22.04.18EPS (1%)122122122122Cash from Operations (11%)901278801663EBITDA 0 bps8.5%7.4%8.5%6.7%EBITDA margin
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Q4 2025 Sales & Adjusted EBIT Bridge 6 % change$'s in millionsSales1: $1,056Q4 2024 (5%)(58)Divestitures $998Adjusted Q4 2024 Sales (9%)(88)Approx volume decrease 3%28Approx raw material-related pricing and currency impact (6%)(60)Organic Sales —%—Acquisitions (11%)$939Q4 2025 MarginAdjusted EBIT 2: 5.3%$56Q4 2024 (8) Primarily from lower volume and earnings associated with the divested Aerospace business, partially offset by metal margin expansion and restructuring benefit 5.1%$48Q4 2025 1 Calculations impacted by rounding 2 See slide 5 for calculation of adjusted EBIT and adjusted EBIT margin
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Q4 2025 Earnings 7 ¹ Calculations impacted by rounding 2 See slide 29 for non-GAAP adjustments ChangeAdj.2 Q4-24 Adj.2Reported Q4-24 Adj.2 Q4-25 Adj.2Reported Q4-25 $’s in millions1 (except EPS) (14%)$56$12$44$48$16$32EBIT 19191313Net interest (6%)371225351618Pre-tax earnings 8(3)11310(7)Income taxes 22.0%9.8%Ta x rate 9%29151431625Net earnings ————Noncontrolling interests 9%29151431625Net earnings attributable to L&P 5%$.21$.11$.10$.22$.04$.18EPS
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Adjusted Working Capital 8 12/319/3012/31$’s in millions1 202420252025 $350$461$587Cash & equivalents 559568476Accounts receivable, net 723634623Inventories, net 584658Other current assets 1,6911,7091,744Total current assets (1)(1)(2)Current debt maturities (53)(46)(52)Current operating lease liabilities (498)(485)(467)Accounts payable (294)(261)(255)Accrued and other current liabilities (846)(794)(775)Total current liabilities 844915969Working capital 20.0%22.1%25.8%% of annualized sales2 549502434W/C, excl. cash & current debt/lease 13.0%12.1%11.6%% of annualized sales 2 1 Calculations impacted by rounding 2 Annualized sales: 4Q25: $939x4=$3,754; 3Q25: $1,036x4=$4,146; 4Q24: $1,056x4=$4,226
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Net Debt to Adjusted EBITDA 9 12/319/3012/31$’s in millions1 202420252025 $1,863$1,496$1,496Long-term debt 112Current maturities 1,8641,4971,498Total debt (350)(461)(587)Less: Cash & equivalents 1,5141,037910Net debt (430)368356EBIT, trailing 12 months 136125122Depreciation & amortization (294)493478EBITDA 696(98)(93)Non-GAAP adjustments (pretax) 2 403395385Adjusted EBITDA1, trailing 12 months 3.8x2.6x2.4xNet debt to 12-month adjusted EBITDA3, 4 ¹ Calculations impacted by rounding 2 12/31/2025 Non-GAAP adjustments include $36 restructuring charges, $22 non-cash settlement charge related to the termination ofa pension plan, $3 Somnigroup unsolicited offer evaluation costs, ($91) gain on sale of Aerospace Products Group, ($35) net gain from insurance proceeds, and ($29) gain on sale of real estate; 9/30/2025 Non-GAAP adjustments include $30 restructuring charges, ($87) gain on sale of Aerospace Products Group, ($28) gain on sale of real estate, and ($13) net gain from insurance proceeds; 12/31/24 Non-GAAP adjustments include $676 goodwill impairment charges, $50 restructuring charges, $4 CEO transition composition costs, ($31) gain on sale of real estate, and ($2) net gain from insurance proceeds. For additional non-GAAP reconciliation information, see page 10 of the press release. 3 Calculated differently than the Company’s credit facility covenant ratio. 4 Excluding Aerospace, on a pro forma basis, the ratio is higher by 0.1x
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Cash Flow 10 Full Year4th Qtr$’s in millions 1 2024202520242025 ($511)$235$14$25Net earnings 1361223432D&A 724381221Impairment, write-offs & other (73)(141)3(24)Other non-cash 2 Changes in working capital: 43855696Accounts receivable 4535412Inventory 4(5)8(9)Other current assets (28)(28)(7)(23)Accounts payable (33)(4)(3)(8)Other current liabilities 306338122122Cash from operations 82572220Capital expenditures ————Acquisitions 1362777Dividends 52——Share repurchases (issuances), net 47351627Proceeds from asset and business sales 3 (126)(376)(16)1Additions (repayments) of debt, net ¹ Calculations impacted by rounding 2 Full Year 2025 includes ($91) gain on sale of Aerospace Products Group 3 Full Year 2025 includes $276 proceeds from sale of Aerospace Products Group
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2025 Financial Highlights 11 ¹ See slide 29 for non-GAAP adjustments ChangeAdj.1 2024 Adj.1Reported 2024 Adj.1 2025 Adj.1Reported 2025 $’s in millions (except EPS) (7%)$4,384$4,384$4,055$4,055Sales (1%)267696(430)263(93)356EBIT 40 bps6.1%(9.8%)6.5%8.8%EBIT Margin —%1.054.78(3.73)1.05(.64)1.69EPS 11%306306338338Cash from Operations (4%)403696(294)385(93)478EBITDA 30 bps9.2%(6.7%)9.5%11.8%EBITDA margin
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2025 Sales & Adjusted EBIT Bridge 12 % change$’s in millionsSales: $4,3842024 (2%)(86)Divestitures $4,298Adjusted 2024 Sales (6%)(278)Approx volume decrease 1%36Approx raw material-related pricing and currency impact (5%)(242)Organic Sales —%—Acquisitions (7%)$4,0552025 MarginAdjusted EBIT 1: 6.1%$2672024 (4)Primarily from lower volume, partially offset by restructuring benefit and metal margin expansion 6.5%$2632025 ¹ See slide 11 for calculation of adjusted EBIT and adjusted EBIT margin
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2025 Earnings 13 1 Calculations impacted by rounding 2 See slide 29 for non-GAAP adjustments ChangeAdj.2 2024 Adj. 2Reported 2024 Adj.2 2025 Adj. 2Reported 2025 $’s in millions 1 (except EPS) (1%)$267$696($430)$263($93)$356EBIT 79796666Net interest 5%187696(509)197(93)290Pre-tax earnings 4341251(4)54Income taxes 22.9%25.8%Ta x rate 1%144656(511)146(90)235Net earnings ————Noncontrolling interests 1%144656(511)146(90)235Net earnings attributable to L&P —%$1.05$4.78($3.73)$1.05($.64)$1.69EPS
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o Sales: $3.8–$4.0 billion, down 1% to 6% versus 2025 • 2025 divestitures to reduce sales by 3% • Volume is expected to be flat to down low-single digits • Volume at the midpoint: • Down low-single digits in Bedding Products segment • Down low-single digits in Specialized Products segment • Flat in Furniture, Flooring & Textile Products segment • Raw material-related price increases and currency benefit combined expected to increase sales low-single digits o Adjusted EPS: $1.00–$1.20 • At the midpoint, increase versus 2025 due primarily to operational efficiency improvements, disciplined cost management, favorable product mix, and full year benefit of metal margin expansion that started in Q2 2025, partially offset by lower volume o Implied adjusted EBIT margin of 6.3%–7.0% 2026 Guidance 14
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o Depreciation and amortization ~$115 million o Net interest expense ~$50 million o Tax rate ~26% o Operating cash flow $225–$275 million o Cap-ex $100–$115 million o Fully diluted shares 141 million • Share repurchases to offset share issuances, resulting in minimal dilution 2026 Guidance (continued) 15
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Restructuring Plan
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Restructuring Initiatives 2024 Accomplishments Bedding Products Reduced footprint by 14 locations (10 in U.S. Spring, 3 in Specialty Foam, 1 in Adjustable Bed) Consolidated all domestic innerspring production into 4 remaining locations Exited Mexican innerspring operation Downsized Chinese innerspring operation Sold 2 properties Furniture, Flooring & Textile Products Closed 1 facility in Home Furniture Closed 1 facility in Flooring Products and substantially completed Phase 1 of Flooring Products restructuring Specialized Products Initiated Hydraulic Cylinders restructuring Corporate Reduced G&A cost structure 2025 Accomplishments Bedding Products Divested a small U.S. machinery business Sold 4 properties Largely completed Specialty Foam restructuring Consolidated 1 Specialty Foam production facility Furniture, Flooring & Textile Products Completed Phase 1 and substantially completed Phase 2 of Flooring Products restructuring Consolidated 2 Flooring Products production facilities Sold 1 property Specialized Products Completed manufacturing efficiency improvement activities in Hydraulic Cylinders Right-sized our Hydraulic Cylinders plant in the UK 17
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Full Plan Run Rate Estimates2025 Actuals2025 Incremental1Q4-25Q4-242024 Actuals ~$60m$53m$38m$13m$8m$15mSales Attrition2 ~$70m$63m$41m$17m$12m$22mEBIT Benefit Restructuring Plan Financials 18 Total Plan Estimates2025 ActualsQ4-252024 Actuals $70–$80m$28m$6m$20mCash from Real Estate ~$80m$30m$19m$48mRestructuring and Restructuring-Related Costs ~$40m$9m$1m$30mCash ~$40m$21m$18m$18mNon-cash 1 Incremental represents the YOY change in sales attrition and EBIT benefit 2 2025 includes $12m from the divestiture of a small U.S. machinery business in our Bedding Products segment
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Segment Detail
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Q4 2025 Segment Summary 1 Includes raw material-related selling price impact and currency impact 2 See slides 21, 23, 26, and 29 for non-GAAP reconciliations ∆ vs Q4-24 Adj. EBITDA 2 Margin Q4-25 Adj. EBITDA 2 Margin ∆ vs Q4-24 Adj. EBIT 2 Margin Q4-25 Adj. EBIT 2 Margin Q4-25 Organic Sales Growth 1, 2 +290 bps8.5%+240 bps4.4%(10%)Bedding Products -90 bps12.9%-50 bps9.5%(4%)Specialized Products -260 bps4.1%-230 bps2.8%(2%)Furniture, Flooring & Textile Products flat8.5%-20 bps5.1%(6%)Total Consolidated 20
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Bedding Products % change$'s in millionsTrade Sales $420Q4 2024 (1%)(3)Divestitures 417Adjusted Q4 2024 Sales (10%)(43)Organic Sales 1 (11%)$374Q4 2025 2 Adjusted to exclude restructuring charges $10m, goodwill impairment $1m, and gain on sale of real estate ($4m) in 4Q24; restructuring charges $17m, net gain from insurance proceeds ($22m), and gain on sale of real estate ($5m) in 4Q25 3 Calculations impacted by rounding Adj. EBITDA2 margin Adj. EBITDA2 D&AAdj. EBIT2 margin Adj. EBIT2 $'s in millions 5.6%$24$152.0%$8Q4 2024 808Change 3 8.5%$32$164.4%$16Q4 2025 1 Lower volume (15%) and raw material-related selling price increases and currency benefit 5% 21
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o Q4 organic sales were down 10%: • Volume decreased 15%, primarily due to sales weakness at a certain customer and retailer merchandising changes in Adjustable Bed and Specialty Foam and restructuring-related sales attrition, partially offset by higher trade wire and rod sales • Raw material-related selling price increases and currency benefit added 5% to sales • Divestiture of a small U.S. machinery business reduced sales less than 1% o Sales trends: o Q4 adjusted EBIT increased primarily from metal margin expansion in trade rod and restructuring benefit partially offset by lower volume Bedding – Key Points 2025 Volume1 2025 Organic Sales Q4 Volume1 Q4 Organic Sales 2%20%1%23%Steel Rod 10%15%3%17%Drawn Wire (10%)(11%)(11%)(11%)U.S. Spring 2 (19%)(19%)(17%)(18%)Specialty Foam 2, 3 (33%)(31%)(41%)(40%)Adjustable Bed 2 (3%)(2%)(2%)3%International Bedding 1 Volume represents organic sales excluding raw material-related selling price impact and currency impact 2 Restructuring-related sales attrition: U.S. Spring Q4 (<1%), 2025 (2%); Specialty Foam Q4 (2%), 2025 (2%); Adjustable Bed Q4 (<1%), 2025 (1%) 3 Sales decline attributed to exit of customer: 2025 (4%) 22
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Specialized Products 2 Adjusted to exclude restructuring charges $5m in 4Q24; restructuring charges $3m and gain from the Aerospace divestiture final purchase price reconciliation ($4m) in 4Q25 3 Calculations impacted by rounding Adj. EBITDA2 margin Adj. EBITDA2 D&AAdj. EBIT2 margin Adj. EBIT2 $'s in millions 13.8%$42$1210.0%$30Q4 2024 (11)(3)(8)Change 3 12.9%$31$89.5%$23Q4 2025 1 Lower volume (7%) and raw material-related selling price increases and currency benefit 3% 23 % change$'s in millionsTrade Sales $304Q4 2024 (17%)(53)Divestitures 251Adjusted Q4 2024 Sales (4%)(10)Organic Sales 1 (21%)$241Q4 2025 3
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o Q4 organic sales were down 4%: • Divestiture of Aerospace reduced sales 17% • Volume decreased 7% primarily from customers’ supply chain disruptions in Automotive and lower demand in Hydraulic Cylinders • Raw material-related selling price increases and currency benefit added 3% to sales o Sales trends: o Q4 adjusted EBIT decreased primarily from lower volume and earnings associated with the divested Aerospace business partially offset by restructuring benefit Specialized – Key Points 2025 Volume1 2025 Organic Sales Q4 Volume1 Q4 Organic Sales (5%)(4%)(7%)(5%)Automotive 4%6%——Aerospace (11%)(8%)(6%)(1%)Hydraulic Cylinders 1 Volume represents organic sales excluding raw material-related selling price impact and currency impact 24
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Aerospace Products Group Pro-Forma Results 25 Q4-25Q3-25Q2-25Q1-25Q4-24Q3-24$’s in millions (except EPS) Total Company Results $939$1,036$1,058$1,022$1,056$1,102Net Trade Sales 3217190634478EBIT 322930323436Depreciation and Amortization 2512753311445Net Earnings Aerospace Results 1 —2951535245Net Trade Sales —39785EBIT ———323Depreciation and Amortization 2 —27564Net earnings 1 A 25% tax rate is assumed based on the jurisdictions in which the Aerospace Products Group operated. 2 In Q2-25 and Q3-25, depreciation and amortization was zero due to the held for sale accounting requirements.
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Furniture, Flooring & Textile Products 2 Adjusted to exclude restructuring charges <$1m in 4Q24 and restructuring charges $2m in 4Q25 3 Calculations impacted by rounding Adj. EBITDA2 margin Adj. EBITDA2 D&AAdj. EBIT2 margin Adj. EBIT2 $’s in millions 6.7%$22$65.1%$17Q4 2024 (9)(1)(8)Change 3 4.1%$13$42.8%$9Q4 2025 1 Lower volume (2%) 26 % change$’s in millionsTrade Sales $333Q4 2024 (1%)(2)Divestitures 330Adjusted Q4 2024 Sales 3 (2%)(6)Organic Sales 1 (3%)$324Q4 2025
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o Q4 organic sales were down 2%: • Volume decreased 2% from demand softness in Home Furniture and Flooring partially offset by growth in Textiles and Work Furniture • Currency benefit offset by raw material-related selling price decreases • Divestiture of a facility in Work Furniture reduced sales 1% o Sales trends: o Q4 adjusted EBIT decreased primarily from lower volume, pricing adjustments, currency impact, and start- up costs associated with a new Home Furniture facility in Vietnam Furniture, Flooring & Textile – Key Points 2025 Volume1 2025 Organic Sales Q4 Volume1 Q4 Organic Sales (8%)(8%)(10%)(8%)Home Furniture 1%2%2%5%Work Furniture (4%)(7%)(5%)(9%)Flooring 5%3%2%2%Textiles 1 Volume represents organic sales excluding raw material-related selling price impact and currency impact 27
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CONTACT USF O RADDITIONAL INFORMATION Webcast replay and Company Fact Book are available at www.leggett.com LEG (NYSE)Ticker: www.leggett.comWebsite: invest@leggett.comEmail: (417) 358-8131Phone: Ryan Kleiboeker Executive Vice President Katelyn Pierce Analyst
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Non-GAAP Adjustments 20242025Q4-24Q4-25$’s in millions (except EPS) Non-GAAP Adjustments 1,2 $(2)$(35)$—$(22)Net gain from insurance proceeds 3 (17)(24)(2)(5)Gain on sale of restructuring real estate 3 —(91)—(4)Gain on sale of Aerospace Products Group 3 50361522Restructuring, restructuring-related and impairment charges 4 —22—22Pension Settlement 3 —3—3Somnigroup unsolicited offer evaluation costs 5 (14)(5)(2)—Gain on sale of idle real estate3 676—1—Goodwill impairment 3 4———CEO transition compensation costs 6 696(93)1216Non-GAAP adjustments (pre-tax) 2 (46)1(3)(10)Income tax impact 525—Special tax item 7 656(90)156Non-GAAP adjustments (after tax) 2 137.3139.7138.2140.4Diluted shares outstanding $4.78($.64)$.11$.04EPS impact of non-GAAP adjustments 1 For additional non-GAAP reconciliation information, see page 10 of the press release 2 Calculations impacted by rounding 3 Adjustments affected the Other Income (expense) line on the income statement: Q4-25 ($9); Q4-24 ($4); 2025 ($133); 2024 ($641) 4 Restructuring charges affected the following line items on the income statement: Q4-25 – COGS ($2), Other Income (expense) ($20); Q4-24 – COGS ($9), SG&A ($4), Other Income (expense) ($2); 2025 – COGS ($4), SG&A ($2), Other Income (expense) ($30); 2024 – COGS ($13), SG&A ($16), Other Income (expense) ($21) 5 Somnigroup unsolicited offer evaluation costs affected the SG&A line on the income statement: Q4-25/2025 ($3) 6 CEO transition compensation costs affected the SG&A line on the income statement: 2024 ($4) 7 $2 tax related to recent U.S. corporate tax law changes and $5 deferred tax asset valuation allowance related to a 2022 acquisition in the Specialized Products segment 29
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Reconciliation of Full Year Adj EBIT & EBITDA 30 OtherFurniture, Flooring & Tex tile ProductsSpecialized ProductsBedding Products$’s in millions 1 20242025202420252024202520242025 ($4)($25)$58$79$64$204($549)$99EBIT —————(91)——Gain on sale of Aerospace Products Group ———(3)——(17)(22)Gain on sale of restructuring real estate ——(2)————(35)Net gain from insurance proceeds ———(3)—(2)(14)—Gain on sale of idle real estate ——231083726Restructuring, restructuring-related and impairment charges 2 —22——————Pension settlement 3 —3——————Somnigroup unsolicited offer evaluation costs ——44—44—588—Goodwill Impairment 4———————CEO transition compensation costs $0$0$103$76$118$119$45$68Adjusted EBIT 221843355955Depreciation & amortization $125$94$161$154$104$123Adjusted EBITDA $1,393$1,374$1,239$1,122$1,752$1,558Total Sales 4.2%5.7%5.2%18.2%(31.3%)6.3%EBIT Margin 7.4%5.5%9.5%10.6%2.6%4.4%Adjusted EBIT Margin 8.9%6.8%13.0%13.7%6.0%7.9%Adjusted EBITDA Margin 1 Calculations impacted by rounding 2 2025 Includes $6 million and 2024 includes $3 million of other restructuring activity not associated with the restructuring plan 3 Impact from a non-cash settlement charge related to the termination of a pension plan