Millerknoll, Inc. · NASDAQ:MLKN
Millerknoll — Q1 FY2027 Earnings Presentation
34 slides from Millerknoll's earnings presentation, Sep 22, 2026
Slide 1: Investor Presentation First Quarter FY27
Investor First Quarter FY27 Presentation NASDAQ: MLKN
Slide 2: Forward looking statements
2 Forward looking statements This presentation includes forward-looking statements within the – Changes to U.S. and international trade policies, including ‒ Risks related to the additional debt incurred in connection with meaning of Section 27A of the Securities Act of 1933 and new or increased tar
Slide 3: Company Snapshot
Company Snapshot
Slide 4: Company Snapshot
COMPANY SNAPSHOT 4 14 iconic brands. 3 strategic segments. Diverse channel go-to-market strategy driving scalable growth and robust cash flow. International Contract 17% $3.8 billion North America Contract 54% FY26 Revenue %FY 2026 14 95+ Global Retail 29% revenue Brands Retail stores 600+ >10,000 D
Slide 5: MillerKnoll is a $3.8 billion global collective
COMPANY SNAPSHOT Investment Thesis: MillerKnoll is a $3.8 billion global collective of 14 iconic brands, cherished by customers and the A&D community. Our strategy unlocks multiple growth and cash flow opportunities through our diverse channels. North America Contract International Contract Global R
Slide 6: The MillerKnoll ecosystem
COMPANY SNAPSHOT 6 The MillerKnoll Leading Dealer ecosystem Network: 600+ independent dealer locations worldwide Brick & Mortar ~$20B1 North America Contract Market Catalog & Print Media Retail: Over 95 stores globally today, growing to 130+ ~$30B2 International Contract Market MillerKnoll Channels
Slide 7: MillerKnoll segments
COMPANY SNAPSHOT 7 MillerKnoll segments North America International Global Contract: 54%* Contract: 17%* Retail: 29%* Offering furniture and textiles designed to Offering furniture designed to create Offering authentic, modern design create spaces where people work, heal, spaces where people work, h
Slide 8: The MillerKnoll Collective
COMPANY SNAPSHOT 8 The MillerKnoll Collective 14 of the world’s most dynamic design brands united by innovation, insight, and impact to shape a better world.
Slide 9: Macroeconomic drivers
COMPANY SNAPSHOT 9 Macroeconomic drivers The Conference Board – CEO Confidence U.S. Architectural Billings Index Corporate Profitability Index (BILLIONS OF DOLLARS) 70 70 4,900 65 4,700 60 60 4,500 50 55 50 4,300 40 45 4,100 40 3,900 30 3,700 35 20 30 3,500 Feb-25 Mar-25 Feb-26 Mar-26 Oct-24 Apr-25
Slide 10: Our Advantages
free ee Our Advantages
Slide 11: Competitive advantages
OUR ADVANTAGES 11 Competitive advantages Delivering unmatched customer outcomes through design-led innovation, trusted partnerships and seamless execution Design Leadership Operational Excellence Global Reach – Celebrated iconic, enduring designs – Lean, highly-efficient and reliable – Iconic brands
Slide 12: Global manufacturing footprint
OUR ADVANTAGES 12 Global manufacturing footprint Lean Foundation Localized Production Capital Efficient Facilities in the United States, Canada, the United Kingdom, Italy, China, Brazil, Mexico and India Hub-and-spoke model emphasizes sourcing and production closer to customers Capital efficie
Slide 13: Financial Performance
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Slide 14: Historical financial performance
FINANCIAL PERFORMANCE 14 Historical financial performance Revenue ($ BILLIONS) Adjusted EPS(1) Adjusted EBITDA(2) ($ MILLIONS) $4.5 $2.15 $2.10 $390 $4.0 $4.1 $2.05 $2.08 $383 $383 $3.9 $3.8 $370 $3.5 $3.7 $2.00 $3.6 $1.95 $350 $360 $357 $3.0 $1.95 $1.90 $1.92 $347 $2.5 $1.85 $330 $1.85 $1.86 $2.0 $
Slide 15: Strong cash flow generation
FINANCIAL PERFORMANCE 15 Strong cash flow generation Cash Flow from Operations ($ MILLIONS) Free Cash Flow(1) ($ MILLIONS) $400 $300 $350 $250 $274 $352 $300 $200 $250 $150 $200 $100 $209 $200 $102 $50 $80 $78 $150 $163 $100 $- FY22 FY23 FY24 FY25 FY26 $50 $(50) $(12) $(107) $- $(100) FY22 FY23 FY24
Slide 16: Disciplined capital allocation approach
FINANCIAL PERFORMANCE 16 Disciplined capital allocation approach Investing to Maintaining financial Returning capital to 1 support growth 2 flexibility and improving Net Debt to EBITDA 3 shareholders ratio Q1 FY27 200 Capital Expenditures, average ~$97 million/year Cash $179M 180 138 past 5 years 16
Slide 17: Uses of cash
FINANCIAL PERFORMANCE 17 Uses of cash $400 $300 138 85 16 17 16 $200 52 51 55 57 56 55 71 61 68 62 $100 108 122 95 83 78 $0 FY22 FY23 FY24 FY25 FY26 Capex R+D Dividends Share Repurchase
Slide 18: Debt maturities
FINANCIAL PERFORMANCE 18 Debt maturities as of August 29, 2026 $700 $600 $500 $328 $400 $300 $5 $515 $200 $312 $57 $100 $15 $20 $28 $5 $5 $0 $4 $5 $5 FY 27 FY 28 FY 29 FY 30 FY 31 FY 32 FY 33 Revolving Credit Facility Term Loan B Term Loan A AR Securitization • Weighted average rate(1): ~4.5%, due t
Slide 19: Recent Quarterly Financial Trends
Recent Quarterly Financial Trends
Slide 20: Impact of Tariff Refunds on Q1 FY2027 Financial Results
RECENT QUARTERLY FINANCIAL TRENDS 20 Impact of Tariff Refunds on Q1 FY2027 Financial Results $'s in millions (except per share amounts) - estimated impacts to current quarter North America Contract International Contract Global Retail Corporate Consolidated Gross Margin (Tariff Refunds) $ 4.6 90 bps
Slide 21: Quarterly Net Sales and Orders
RECENT QUARTERLY FINANCIAL TRENDS 21 Quarterly Net Sales + Orders ($ MILLIONS) Adjusted Gross Margin and Adjusted Operating Margin(1) (% NET SALES) Net Sales Orders Adj Gross Margin % Adj Op. Margin % 1,200 50.0% 41.8% 1,000 38.5% 39.0% 38.1% 39.5% $1,004.2 $971.5 $955.7 $955.2 $972.5 $926.6 $931.6
Slide 22: Quarterly Cash Flow and Debt
RECENT QUARTERLY FINANCIAL TRENDS 22 Quarterly Cash Flow from Operations ($ MILLIONS) Quarter-End Cash and Long-Term Debt Balances (2) ($ MILLIONS) Cash Debt 70 $1,400 $1,328 $1,321 $1,278 $1,261 $1,270 60 $65 $65 $1,200 $61 50 $1,000 $49 40 $800 30 $600 20 $400 10 $200 $9 $167 $180 $175 $168 $179 0
Slide 23: Q2 FY2027 and Full Year FY 2027 Guidance
GUIDANCE Q2 FY2027 and Full Year FY 2027 Guidance* Q2 FY27 Revenue $972 million to $1.012 billion Gross Margin % 38.3% to 39.3% Adj. Operating Expenses** $321 million to $331 million Interest & Other Expense, Net $15.8 million to $16.8 million Adj. Effective Tax Rate** 21.0% to 23.0% Adj. Earnings P
Slide 24: Appendix
Appendix Non-GAAP Financial Measures and Other Supplemental Data
Slide 25: Non-GAAP Financial Measures
NON-GAAP FINANCIAL MEASURES AND OTHER SUPPLEMENTAL DATA Adjusted Effective Tax Rate refers to the projected full-year GAAP tax rate, adjusted to exclude certain 25 unusual or infrequent events that are expected to significantly impact that rate. Non-GAAP Financial Measures and Other Supplemental Dat
Slide 26: The adjustments to arrive at these non-GAAP financial measures
NON-GAAP FINANCIAL MEASURES AND OTHER SUPPLEMENTAL DATA 26 The adjustments to arrive at these non-GAAP financial measures are described further below: Amortization of Knoll purchased intangibles: Includes expenses associated with the amortization of acquisition related intangibles acquired as part o
Slide 27: Reconciliation of Adjusted Earnings per Share
NON-GAAP FINANCIAL MEASURES AND OTHER SUPPLEMENTAL DATA 27 Reconciliation of Adjusted Earnings per Share (UNAUDITED) Current Quarter Adjusted Earnings per Share - Diluted FY22 FY23 FY24 FY25 FY26 Q1 FY26 Q1 FY27 Earnings per share (Loss) - diluted $ (0.37) $ 0.55 $ 1.11 $ (0.54) $ 1.32 $ 0.29 $ 0.38
Slide 28: Reconciliation of Net Earnings to Adjusted EBITDA
NON-GAAP FINANCIAL MEASURES AND OTHER SUPPLEMENTAL DATA 28 Reconciliation of Net Earnings to Adjusted EBITDA ($ MILLIONS); (UNAUDITED) FY22 FY23 FY24 FY25 FY26 Net earnings (loss) attributable to MillerKnoll, Inc. $ (27.1) $ 42.1 $ 82.3 $ (36.9) $ 91.5 Income tax expense 11.1 4.5 14.7 11.6 32.4 Depr
Slide 29: Reconciliation of Free Cash Flow
NON-GAAP FINANCIAL MEASURES AND OTHER SUPPLEMENTAL DATA 29 Reconciliation of Free Cash Flow ($ MILLIONS); (UNAUDITED) FY22 FY23 FY24 FY25 FY26 Net Cash Provided by (Used in) Operating Activities $ (11.9) $ 162.9 $ 352.3 $ 209.3 $ 199.9 Capital expenditures (94.7) (83.3) (78.4) (107.6) (122.3) Free C
Slide 30: Reconciliation of Adjusted Operating Expenses
NON-GAAP FINANCIAL MEASURES AND OTHER SUPPLEMENTAL DATA 30 Reconciliation of Adjusted Operating Expenses ($ MILLIONS); (UNAUDITED) Adjusted Operating Expenses Q1 FY26 Q2 FY26 Q3 FY26 Q4 FY26 Q1 FY27 Operating Expenses 314.6 323.7 308.0 344.2 333.5 Restructuring Charges 0.5 1.4 1.9 8.1 6.0 Amortizati
Slide 31: Reconciliation of Adjusted Operating Earnings
NON-GAAP FINANCIAL MEASURES AND OTHER SUPPLEMENTAL DATA 31 Reconciliation of Adjusted Operating Earnings ($ MILLIONS); (UNAUDITED) Adjusted Operating Earnings Q1 FY26 Q2 FY26 Q3 FY26 Q4 FY26 Q1 FY27 Net Sales $ 955.7 $ 955.2 $ 926.6 $ 1,004.2 $ 923.4 Operating Earnings (GAAP) 53.5 48.5 44.9 51.4 51.
Slide 32: Reconciliation of Net Earnings to Adjusted Bank Covenant EBITDA
NON-GAAP FINANCIAL MEASURES AND OTHER SUPPLEMENTAL DATA 32 Reconciliation of Net Earnings to Adjusted Bank Covenant EBITDA and Adjusted Bank Covenant EBITDA Ratio (provided on a trailing twelve month basis) ($ MILLIONS); (UNAUDITED) Q1 FY27 Net earnings (loss) $ 98.0 Income tax expense 32.4 Deprecia
Slide 33: Reconciliation of Adjusted Gross Margin
NON-GAAP FINANCIAL MEASURES AND OTHER SUPPLEMENTAL DATA 33 Reconciliation of Adjusted Gross Margin ($ MILLIONS); (UNAUDITED) Adjusted Gross Margin Q1 FY26 Q2 FY26 Q3 FY26 Q4 FY26 Q1 FY27 Net Sales $ 955.7 $ 955.2 $ 926.6 $ 1,004.2 $ 923.4 Gross Margin (GAAP) 368.1 372.2 352.9 395.6 385.3 Gross Margi
Slide 34: Organic Sales and Orders Growth
NON-GAAP FINANCIAL MEASURES AND OTHER SUPPLEMENTAL DATA 34 Organic Sales Growth Organic Orders Growth ($ MILLIONS); (UNAUDITED) ($ MILLIONS); (UNAUDITED) Q1 FY27 Q1 FY27 Net Sales, as reported $ 923.4 Orders, as reported $ 913.9 % change from PY (3.4)% % change from PY 3.2% Currency translation effe