Leggett & Platt, Incorporated · NYSE:LEG
Leggett & Platt — Q3 2025 Earnings Presentation
32 slides from Leggett & Platt's earnings presentation, Oct 28, 2025
Slide 1: Third Quarter 2025 Summary Financial Information, Tariff Overview and Restructuring Update
Third Quarter 2025 Summary Financial Information, Tariff Overview and Restructuring Update October 27, 2025
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
Financial Summary
Slide 4: Q3 2025 Overview
Q3 2025 Overview o Sales of $1.0 billion, a 6% decrease year-over-year • Volume was down 6% • Raw material-related price increases and currency benefit increased sales 2% • Divestitures decreased sales 2% o Adjusted1 EBIT of $73 million, down $3 million (-4%) year-over-year o Adjusted1 EBIT margin o
Slide 5: Q3 2025 Financial Highlights
Q3 2025 Financial Highlights $’s in millions Reported Adj.1 Adj.1 Reported Adj.1 Adj.1 Change (except EPS) Q3-25 Q3-25 Q3-24 Q3-24 Sales $1,036 $1,036 $1,102 $1,102 (6%) EBIT 171 (98) 73 78 (2) 76 (4%) EBIT Margin 16.5% 7.0% 7.1% 6.9% 10 bps EPS 0.91 (0.62) 0.29 0.33 (0.01) 0.32 (9%) Cash from Opera
Slide 6: Q3 2025 Sales & Adjusted EBIT Bridge
Q3 2025 Sales & Adjusted EBIT Bridge Sales: $'s in millions % change Q3 2024 $1,102 Divestitures (21) (2%) Adjusted Q3 2024 Sales $1,081 Approx volume decrease (64) (6%) Approx raw material-related pricing and currency impact 20 2% Organic Sales (44) (4%) Acquisitions — —% Q3 2025 $1,036 (6%) Adjust
Slide 7: Q3 2025 Earnings
Q3 2025 Earnings $’s in millions 1 Reported Adj.2 Adj.2 Reported Adj.2 Adj.2 Change (except EPS) Q3-25 Q3-25 Q3-24 Q3-24 EBIT $171 ($98) $73 $78 ($2) $76 (4%) Net interest 17 17 20 20 Pre-tax earnings 154 (98) 56 58 (2) 56 —% Income taxes 27 (11) 16 13 (1) 12 Tax rate 28.3% 22.1% Net earnings 127 (8
Slide 8: Adjusted Working Capital
Adjusted Working Capital $’s in millions 1 9/30 6/30 9/30 2025 2025 2024 Cash & equivalents $461 $369 $277 Accounts receivable, net 568 577 638 Inventories, net 634 649 754 Other current assets 46 148 65 Total current assets 1,709 1,743 1,735 Current debt maturities (1) (1) (301) Current operating l
Slide 9: Net Debt to Adjusted EBITDA
Net Debt to Adjusted EBITDA $’s in millions 9/30 6/30 9/30 2025 2025 2024 Long-term debt $1,496 $1,792 $1,578 Current maturities 1 1 301 Total debt 1,497 1,794 1,879 Less: Cash & equivalents (461) (369) (277) Net debt 1,037 1,425 1,602 EBIT, trailing 12 months 368 275 (840) Depreciation & amortizati
Slide 10: Cash Flow
Cash Flow $’s in millions 1 3rd Qtr YTD 2025 2024 2025 2024 Net earnings $127 $45 $210 ($526) D&A 29 36 91 102 Impairment, write-offs & other 6 5 17 712 Other non-cash 2 (100) (24) (117) (76) Changes in working capital: Accounts receivable 8 27 (11) (14) Inventory 6 5 24 41 Other current assets 6 (2
Slide 11: YTD 2025 Financial Highlights
YTD 2025 Financial Highlights $’s in millions Reported Adj.1 Adj.1 Reported Adj.1 Adj.1 Change (except EPS) 2025 2025 2024 2024 Sales $3,117 $3,117 $3,327 $3,327 (6%) EBIT 324 (109) 215 (474) 684 211 2% EBIT Margin 10.4% 6.9% (14.2%) 6.3% 60 bps EPS 1.51 (0.68) 0.83 (3.83) 4.67 0.84 (1%) Cash from O
Slide 12: YTD 2025 Sales & Adjusted EBIT Bridge
YTD 2025 Sales & Adjusted EBIT Bridge Sales: $’s in millions % change YTD 2024 $3,327 Divestitures (28) (<1%) Adjusted YTD 2024 Sales $3,299 Approx volume decrease (190) (6%) Approx raw material-related pricing and currency impact 7 0% Organic Sales (183) (6%) Acquisitions — —% YTD 2025 $3,117 (6%)
Slide 13: YTD 2025 Earnings
YTD 2025 Earnings $’s in millions 1 Reported Adj. 2 Adj.2 Reported Adj. 2 Adj.2 Change (except EPS) 2025 2025 2024 2024 EBIT $324 ($109) $215 ($474) $684 $211 2% Net interest 53 53 61 61 Pre-tax earnings 271 (109) 162 (534) 684 150 8% Income taxes 61 (14) 47 (9) 43 35 Tax rate 29.2% 23.2% Net earnin
Slide 14: Reaffirmed 2025 Sales and Adj. EPS Guidance; Narrowed Guidance Range
Reaffirmed 2025 Sales and Adj. EPS Guidance; Narrowed Guidance Range o Sales: $4.0–$4.1 billion, down 6% to 9% versus 2024 (vs prior guidance of $3.9–$4.2 billion) • Expect demand to remain pressured due to economic uncertainty and restructuring-related sales attrition • Volume is expected to be dow
Slide 15: 2025 Guidance (continued)
2025 Guidance (continued) o Depreciation and amortization ~$120 million (vs ~$125 million) o Net interest expense ~$65 million o Tax rate ~27% (vs ~26%) o Diluted shares ~140 million (vs ~139 million) o Operating cash flow ~$300 million (vs $275–$325 million) o Cap-ex $60–$70 million (vs $80–$90 mil
Slide 16: Tariff Overview
Tariff Overview
Slide 17: Tariff Impacts
Tariff Impacts Work Furniture Textiles Flooring Automotive Home Furniture • Limited sourcing • Significant global • Mainly domestic • Largest indirect • Meaningful disruptions exposure and sales sourcing with ability to business with exposure; limited in early Q2 that from foreign locations resource
Slide 18: Tariff Mitigation Strategy and Risks
Tariff Mitigation Strategy and Risks Mitigation Strategies Foreign Direct Sourcing Exposure by Country ~$400m annual spend (prior to tariff implementation) Sourcing product domestically or from alternative lowest total cost countries Other 5% Shifting production to take advantage of our global f
Slide 19: Restructuring Update
Restructuring Update
Slide 20: Restructuring Initiatives
Restructuring Initiatives YTD 2025 Progress Additional Expectations Bedding Products Bedding Products Divested a small U.S. machinery business Completion of Specialty Foam consolidation Sold 2 properties Furniture, Flooring & Textile Products Largely completed Specialty Foam restructuring
Slide 21: Restructuring Plan Financial Update
Restructuring Plan Financial Update 2025 2025 Full Plan Run YTD 2025 2024 Actuals Q3-24 Q3-25 Incremental1 Run Rate Rate Incremental1 Estimates Estimates Estimates Sales Attrition2 $15m $4m $13m $33m ~$40m ~$55m ~$60m * Prior estimate for 2025 Incremental estimates was ~$45m * Prior estimate for 202
Slide 22: Segment Detail
Segment Detail
Slide 23: Q3 2025 Segment Summary
Q3 2025 Segment Summary Q3-25 Q3-25 ∆ vs Q3-24 Q3-25 ∆ vs Q3-24 Organic Adj. EBIT 2 Adj. EBIT 2 Adj. EBITDA 2 Adj. EBITDA 2 Sales Margin Margin Margin Margin Growth 1, 2 Bedding Products (9%) 6.6% +220 bps 9.8% +210 bps Specialized Products (2%) 9.7% +20 bps 12.6% -60 bps Furniture, Flooring & —% 5.
Slide 24: Bedding Products
Bedding Products Trade Sales $'s in millions % change Q3 2024 $446 Divestitures (3) (1%) Adjusted Q3 2024 Sales 443 Organic Sales 1 (40) (9%) Q3 2025 3 $403 (10%) 1 Lower volume (13%) and raw material-related selling price increases and currency benefit 4% $'s in millions Adj. Adj. EBIT2 D&A Adj. Ad
Slide 25: Bedding – Key Points
Bedding – Key Points o Q3 organic sales were down 9%: • Volume decreased 13%, primarily due to customer weakness and retailer merchandising changes in Adjustable Bed and Specialty Foam, lower trade rod sales, and restructuring-related sales attrition • Raw material-related selling price increases an
Slide 26: Specialized Products
Specialized Products Trade Sales $'s in millions % change Q3 2024 $300 Divestitures (17) (5%) Adjusted Q3 2024 Sales 283 Organic Sales 1 (6) (2%) Q3 2025 3 $278 (7%) 1 Lower volume (4%) and raw material-related selling price increases and currency benefit 2% $'s in millions Adj. Adj. EBIT2 D&A Adj.
Slide 27: Specialized – Key Points
Specialized – Key Points o Q3 organic sales were down 2%: • Volume decreased 4% from declines in Automotive and Hydraulic Cylinders • Raw material-related selling price increases and currency benefit added 2% to sales • Divestiture of Aerospace reduced sales 5% o Sales trends: Q3 Q3 Organic Sales Vo
Slide 28: 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 (except EPS) Total Company Results Net Trade Sales $1,102 $1,056 $1,022 $1,058 $1,036 EBIT 78 44 63 90 171 Depreciation and Amortization 36 34 32 30 29 Net Earnings 45 14 31 53 127 Aerospace Results 1 Net Trade
Slide 29: Furniture, Flooring & Textile Products
Furniture, Flooring & Textile Products Trade Sales $’s in millions % change Q3 2024 $356 Divestitures (2) —% Adjusted Q3 2024 Sales 355 Organic Sales 1 2 —% Q3 2025 $356 —% 1 Higher volume 1% and raw material-related price decreases, net of currency (1%) $’s in millions Adj. Adj. EBIT2 D&A Adj. Adj.
Slide 30: Furniture, Flooring & Textile – Key Points
Furniture, Flooring & Textile – Key Points o Q3 organic sales were flat year over year: • Volume increased 1% from growth in Textiles and Work Furniture partially offset by declines in Home Furniture and Flooring • Raw material-related selling price decreases, net of currency, reduced sales 1% o Sal
Slide 31: 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 Steve West Katelyn Pierce Vice President, Investor Relations Analyst, Investor Relations Webcast replay and Company Fact Book are available at www.leggett.com
Slide 32: Non-GAAP Adjustments
Non-GAAP Adjustments $’s in millions Q3-25 Q3-24 YTD YTD (except EPS) 2025 2024 Non-GAAP Adjustments 1,2 Restructuring, restructuring-related and impairment charges 3 $4 $12 $15 $34 Gain on sale of Aerospace Products Group 4 (87) — (87) — 4 Gain from net insurance proceeds (13) — (13) (2) Gain on sa