Leggett & Platt, Incorporated · NYSE:LEG
Leggett & Platt — Q4 2025 Earnings Presentation
30 slides from Leggett & Platt's earnings presentation, Feb 12, 2026
Slide 1: Fourth Quarter 2025 Summary Financial Information
Fourth Quarter 2025 Summary Financial Information February 11, 2026
Slide 2: Forward-Looking Statements
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
Slide 3: Financial Summary
Lijgdt eH Financial Summary
Slide 4: Overview
Overview 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
Slide 5: Q4 2025 Financial Highlights
Q4 2025 Financial Highlights $’s in millions1 Reported Adj.2 Adj.2 Reported Adj.2 Adj.2 Change (except EPS) Q4-25 Q4-25 Q4-24 Q4-24 Sales $939 $939 $1,056 $1,056 (11%) EBIT 32 16 48 44 12 56 (14%) EBIT Margin 3.4% 5.1% 4.1% 5.3% (20 bps) EPS .18 .04 .22 .10 .11 .21 5% Cash from Operations 122 122 12
Slide 6: Q4 2025 Sales & Adjusted EBIT Bridge
Q4 2025 Sales & Adjusted EBIT Bridge Sales1: $'s in millions % change Q4 2024 $1,056 Divestitures (58) (5%) Adjusted Q4 2024 Sales $998 Approx volume decrease (88) (9%) Approx raw material-related pricing and currency impact 28 3% Organic Sales (60) (6%) Acquisitions — —% Q4 2025 $939 (11%) Adjusted
Slide 7: Q4 2025 Earnings
Q4 2025 Earnings $’s in millions1 Reported Adj.2 Adj.2 Reported Adj.2 Adj.2 Change (except EPS) Q4-25 Q4-25 Q4-24 Q4-24 EBIT $32 $16 $48 $44 $12 $56 (14%) Net interest 13 13 19 19 Pre-tax earnings 18 16 35 25 12 37 (6%) Income taxes (7) 10 3 11 (3) 8 Tax rate 9.8% 22.0% Net earnings 25 6 31 14 15 29
Slide 8: Adjusted Working Capital
Adjusted Working Capital $’s in millions1 12/31 9/30 12/31 2025 2025 2024 Cash & equivalents $587 $461 $350 Accounts receivable, net 476 568 559 Inventories, net 623 634 723 Other current assets 58 46 58 Total current assets 1,744 1,709 1,691 Current debt maturities (2) (1) (1) Current operating lea
Slide 9: Net Debt to Adjusted EBITDA
Net Debt to Adjusted EBITDA $’s in millions1 12/31 9/30 12/31 2025 2025 2024 Long-term debt $1,496 $1,496 $1,863 Current maturities 2 1 1 Total debt 1,498 1,497 1,864 Less: Cash & equivalents (587) (461) (350) Net debt 910 1,037 1,514 EBIT, trailing 12 months 356 368 (430) Depreciation & amortizatio
Slide 10: Cash Flow
Cash Flow $’s in millions 1 4th Qtr Full Year 2025 2024 2025 2024 Net earnings $25 $14 $235 ($511) D&A 32 34 122 136 Impairment, write-offs & other 21 12 38 724 Other non-cash 2 (24) 3 (141) (73) Changes in working capital: Accounts receivable 96 56 85 43 Inventory 12 4 35 45 Other current assets (9
Slide 11: 2025 Financial Highlights
2025 Financial Highlights $’s in millions Reported Adj.1 Adj.1 Reported Adj.1 Adj.1 Change (except EPS) 2025 2025 2024 2024 Sales $4,055 $4,055 $4,384 $4,384 (7%) EBIT 356 (93) 263 (430) 696 267 (1%) EBIT Margin 8.8% 6.5% (9.8%) 6.1% 40 bps EPS 1.69 (.64) 1.05 (3.73) 4.78 1.05 —% Cash from Operation
Slide 12: 2025 Sales & Adjusted EBIT Bridge
2025 Sales & Adjusted EBIT Bridge Sales: $’s in millions % change 2024 $4,384 Divestitures (86) (2%) Adjusted 2024 Sales $4,298 Approx volume decrease (278) (6%) Approx raw material-related pricing and currency impact 36 1% Organic Sales (242) (5%) Acquisitions — —% 2025 $4,055 (7%) Adjusted EBIT 1:
Slide 13: 2025 Earnings
2025 Earnings $’s in millions 1 Reported Adj. 2 Adj.2 Reported Adj. 2 Adj.2 Change (except EPS) 2025 2025 2024 2024 EBIT $356 ($93) $263 ($430) $696 $267 (1%) Net interest 66 66 79 79 Pre-tax earnings 290 (93) 197 (509) 696 187 5% Income taxes 54 (4) 51 2 41 43 Tax rate 25.8% 22.9% Net earnings 235
Slide 14: 2026 Guidance
2026 Guidance 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 segm
Slide 15: 2026 Guidance (continued)
2026 Guidance (continued) 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 diluti
Slide 16: Restructuring Plan
Lijgdt eH Restructuring Plan
Slide 17: Restructuring Initiatives
Restructuring Initiatives 2024 Accomplishments 2025 Accomplishments Bedding Products Bedding Products Reduced footprint by 14 locations (10 in U.S. Spring, 3 in Divested a small U.S. machinery business Specialty Foam, 1 in Adjustable Bed) Sold 4 properties Consolidated all domestic innerspri
Slide 18: Restructuring Plan Financials
Restructuring Plan Financials 2025 Full Plan Run Rate 2024 Actuals Q4-24 Q4-25 2025 Actuals Incremental1 Estimates Sales Attrition2 $15m $8m $13m $38m $53m ~$60m EBIT Benefit $22m $12m $17m $41m $63m ~$70m 2024 Actuals Q4-25 2025 Actuals Total Plan Estimates Cash from Real Estate $20m $6m $28m $70–$
Slide 19: Segment Detail
Lijgdt eH segment Detail
Slide 20: Q4 2025 Segment Summary
Q4 2025 Segment Summary Q4-25 Q4-25 ∆ vs Q4-24 Q4-25 ∆ vs Q4-24 Organic Adj. EBIT 2 Adj. EBIT 2 Adj. EBITDA 2 Adj. EBITDA 2 Sales Margin Margin Margin Margin Growth 1, 2 Bedding Products (10%) 4.4% +240 bps 8.5% +290 bps Specialized Products (4%) 9.5% -50 bps 12.9% -90 bps Furniture, Flooring & (2%)
Slide 21: Bedding Products
Bedding Products Trade Sales $'s in millions % change Q4 2024 $420 Divestitures (3) (1%) Adjusted Q4 2024 Sales 417 Organic Sales 1 (43) (10%) Q4 2025 $374 (11%) 1 Lower volume (15%) and raw material-related selling price increases and currency benefit 5% $'s in millions Adj. Adj. EBIT2 D&A Adj. Adj
Slide 22: Bedding – Key Points
Bedding – Key Points 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
Slide 23: Specialized Products
Specialized Products Trade Sales $'s in millions % change Q4 2024 $304 Divestitures (53) (17%) Adjusted Q4 2024 Sales 251 Organic Sales 1 (10) (4%) Q4 2025 3 $241 (21%) 1 Lower volume (7%) and raw material-related selling price increases and currency benefit 3% $'s in millions Adj. Adj. EBIT2 D&A Ad
Slide 24: Specialized – Key Points
Specialized – Key Points 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 ad
Slide 25: Aerospace Products Group Pro-Forma Results
Aerospace Products Group Pro-Forma Results $’s in millions Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 Q4-25 (except EPS) Total Company Results Net Trade Sales $1,102 $1,056 $1,022 $1,058 $1,036 $939 EBIT 78 44 63 90 171 32 Depreciation and Amortization 36 34 32 30 29 32 Net Earnings 45 14 31 53 127 25 Aerospace
Slide 26: Furniture, Flooring & Textile Products
Furniture, Flooring & Textile Products Trade Sales $’s in millions % change Q4 2024 $333 Divestitures (2) (1%) Adjusted Q4 2024 Sales 3 330 Organic Sales 1 (6) (2%) Q4 2025 $324 (3%) 1 Lower volume (2%) $’s in millions Adj. Adj. EBIT2 D&A Adj. Adj. EBITDA2 EBIT2 margin EBITDA2 margin Q4 2024 $17 5.1
Slide 27: Furniture, Flooring & Textile – Key Points
Furniture, Flooring & Textile – Key Points 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
Slide 28: Contact Us for Additional Information
CONTACT US FOR ADDITIONAL INFORMATION Ticker: LEG (NYSE) Website: www.leggett.com Email: invest@leggett.com Phone: (417) 358-8131 Ryan Kleiboeker Katelyn Pierce Executive Vice President Analyst Webcast replay and Company Fact Book are available at www.leggett.com
Slide 29: Non-GAAP Adjustments
Non-GAAP Adjustments $’s in millions Q4-25 Q4-24 2025 2024 (except EPS) Non-GAAP Adjustments 1,2 Net gain from insurance proceeds 3 $(22) $— $(35) $(2) 3 Gain on sale of restructuring real estate (5) (2) (24) (17) Gain on sale of Aerospace Products Group 3 (4) — (91) — 4 Restructuring, restructuring
Slide 30: Reconciliation of Full Year Adj EBIT & EBITDA
Reconciliation of Full Year Adj EBIT & EBITDA $’s in millions 1 Bedding Products Specialized Products Furniture, Flooring & Other Textile Products 2025 2024 2025 2024 2025 2024 2025 2024 EBIT $99 ($549) $204 $64 $79 $58 ($25) ($4) Gain on sale of Aerospace Products Group — — (91) — — — — — Gain on s