Hni Corporation · NYSE:HNI
Hni — Investor Presentation (May 2026)
35 slides from Hni's investor presentation, May 2026
Slide 1: HNI Corporation Investor Presentation – May 2026
HNI Corporation Investor Presentation – May 2026
Slide 2: Forward-Looking Statements
Forward-Looking Statements This presentation contains "forward-looking" statements based on current expectations regarding future plans, events, outlook, objectives, financial performance, expectations for sales growth, and earnings per diluted share (GAAP and non-GAAP), including statements regardi
Slide 3: Investment Thesis
Investment Thesis 1 Margin Expansion Focus on margin expansion in Workplace Furnishings. Strong progress through 2024, with our profit transformation plan, synergies, and productivity offering additional opportunity. 2 Organic Revenue Growth Driving category expansion and market share gains in Resid
Slide 4: Company Overview
Company Overview HNI is a manufacturer of commercial furnishings and building Segment Revenue Breakdown* Segment Non-GAAP EBITDA Breakdown** products. The company operates under two segments. The workplace furnishings segment is the thought leader in commercial furnishings and the preeminent global
Slide 5: Brand History & Overview
Brand History & Overview Workplace Furnishings Residential Building Products Established 1944 Established 1950, Joined HNI 2023 Established 1908, Joined HNI 2025 Established 1927, Joined HNI 1981 HNI WORKPLACE FURNISHINGS KIMBALL INTERNATIONAL STEELCASE HEARTH & HOME TECHNOLOGIES Fireside Workplace
Slide 6: Profitable Growth Strategic Framework
Profitable Growth Strategic Framework While HNI’s unique Member-Owner culture remains our foundation, our corporate-wide focus and members’ efforts are centered on the following three pillars: Customer 1st Effortless Winning Own Operational Mindset Experiences Excellence • We are broadening our enga
Slide 7: Track Record
Track Record Revenue History Non-GAAP EBITDA History ▪ Free cash flow consistently exceeds net income ▪ 70 years of continuous dividends ▪ Mid-teens median ROIC Free Cash Flow History Dividend History Non-GAAP ROIC History 7
Slide 8: Workplace Furnishings
Workplace Furnishings 8
Slide 9: Workplace Furnishings Overview
Workplace Furnishings Overview Workplace Furnishings Revenue History HNI is a leading global office furniture company • Our brands are among the strongest, most widely known, and most well respected in our industry. • The depth and breadth of our products, the scale and capability of our manufacturi
Slide 10: Diverse Revenue Streams
Diverse Revenue Streams Workplace Furnishings Small and Medium Businesses Contract Channel HNI Workplace Furnishings Brands TTM Revenue Mix* Contract Small and Key Asian Imports Medium Competitors Businesses Global MillerKnoll Haworth Core, • Our price point breadth and channel reach are unmatched.
Slide 11: Workplace Furnishings Margin and Earnings Visibility
Workplace Furnishings Margin and Earnings Visibility ▪ SCS Synergies* – total run-rate synergies arising from procurement savings, logistics optimization, and improved efficiency expected at $120M. This does not include any future revenue synergies that may be generated from complementary brand and
Slide 12: Secular Trends Drive Improving Demand Opportunity
Secular Trends Drive Improving Demand Opportunity Workplace Furnishings Number of Spend per Refresh Employees Employee Rate Long-Term = Long-Term = Long-Term + ++ Number of office workers continues to == Spend per employee expected to ++ New (often off-cycle) investments to support grow remain flat;
Slide 13: Macro Cyclical Drivers
Macro Cyclical Drivers Workplace Furnishings Share of “Nonviable” Space Total Office Inventory Removed (square feet) ▪ Approximately 4% of all office 18% buildings are considered 16% 1H ‘25 nonviable*…with “occupancy” rates 14% 20M s.f. in these buildings as high as ~70% 12% 10% 8% ▪ The commercial
Slide 14: Industry Shipments vs. Industry Unit Volume
Industry Shipments vs. Industry Unit Volume Workplace Furnishings HNI WFs Revenue ▪ The addition of Kimball International and the benefits of multiple pricing actions put in place to offset inflation helped HNI Workplace Furnishings revenue in 2024 reach the highest since 2008. ▪ However, industry s
Slide 15: Evolving Floorplans
Evolving Floorplans Workplace Furnishings Shift in Space Allocation 2015 2026 Equitable Meeting Spaces to support in-person and remote attendees and provide options of how & where people gather to collaborate. Focus on Focus Increased pressure on highly functional solo//focus work in the office. Cul
Slide 16: Strategic Merits of Steelcase Acquisition
Strategic Merits of Steelcase Acquisition 1 Customer Experience Complementary portfolios and dealer networks enable better service to more customers across diverse industry segments 2 Enhanced Capabilities Complementary capabilities – innovation and operational excellence accelerate delivery of more
Slide 17: Steelcase At-A-Glance
Steelcase At-A-Glance Key $3.3B $278M ~11,300 Statistics TTM 1 TTM 1 Employees Revenue Adj. EBITDA Brands 15 Mfg. 7 8 U.S. International Locations Locations Locations 17 1 TTM as of 08/29/2025
Slide 18: Value Creation Through Synergies
Value Creation Through Synergies Cost • $120M of expected run-rate cost synergies Synergies • Synergies arising from procurement savings, logistics optimization, and improved efficiency Breakdown 30% Freight & Identified and anticipated of Run-Rate Cost Delivery, SG&A opportunities within COGS and S
Slide 19: Summary Projected Pro Forma Financial Profile
Summary Projected Pro Forma Financial Profile Pro Forma TTM Figures1 Run-Rate Cost Synergies Sales $2.6B $3.2B - $5.8B Adjusted EBITDA2 $359M $266M $120M $745M Free Cash $181M $72M $92M $345M Flow3,4 Free Cash Flow $3.86 $0.59 - $4.685 Per Share3 Note: TTM as of 06/28/2025 for HNI and 05/30/2025 for
Slide 20: Residential Building Products
Residential Building Products 20
Slide 21: Residential Building Products
Residential Building Products Residential Building Products Revenue History HNI is the world leader in hearth products • Our hearth brands are the strongest, most respected in the industry and include a full array of gas, electric, wood, and biomass burning fireplaces, inserts, stoves, facings, and
Slide 22: Diverse Revenue Streams
Diverse Revenue Streams Building Products New Construction Channel Remodel/Retrofit Channel Building Products Installing Distributors Specialty Dealer DIY TTM Revenue Mix Manufacturing HNI Brands Installing Innovative Health Products (IHP) Distribution Key Napoleon Competitors New Travis Constructio
Slide 23: Secular Trends
Secular Trends Building Products Housing Supply and Demand • Housing supply < demand – by as many as three million units --Post-2008 household deficit still above 1M (peak was 5M) --Deficit elimination + demolitions supports 1.8M starts ’24-’26 --Return to normal vacancies could add another 1M start
Slide 24: Macro Cyclical Drivers
Macro Cyclical Drivers Building Products Single-Family Housing Starts and Permits Positive demographic trends and historically low inventory levels support new construction ▪ Single-family permits and starts remained soft in 2026 ▪ New homes as a % of total closings are near all-time highs; while th
Slide 25: Strategic Initiatives
Strategic Initiatives Building Products New Home – Expand Category • 66% of homebuyers identify fireplaces as a “must have” feature, but fewer than 40% choose one • Enhancing the connection with prospective homebuyer – digital marketing and touch points, consumer marketing, architect outreach, and m
Slide 26: Corporate Responsibility
Corporate Responsibility Respecting People, Reducing Impacts, Redefining Tomorrow HNI is committed to being a great place to work and a responsible corporate citizen. We continuously look for new and better ways to reduce our environmental impact, make a positive social contribution, and support the
Slide 27: Balance Sheet and Cash Flow
Balance Sheet and Cash Flow Historical Leverage Cash Flow & Cash Uses 400,000 4.0x 700,000 350,000 3.5x 600,000 3.0x 300,000 500,000 2.5x 250,000 2.0x 400,000 200,000 1.5x 300,000 150,000 1.0x 200,000 0.5x 100,000 100,000 0.0x 50,000 -0.5x 0 FY'00 FY'01 FY'02 FY'03 FY'04 FY'05 FY'06 FY'09 FY'10 FY'1
Slide 28: Appendix – Non-GAAP Reconciliations
Appendix – Non-GAAP Reconciliations 28
Slide 29: Non-GAAP Reconciliations
Non-GAAP Reconciliations HNI Corporation Reconciliation (Dollars in millions) Net income (loss) Net income attributable to Interest (loss) attr. to Operating Non-GAAP Depreciation Net Debt / HNI Corp. as Income expense, noncontrolling Income (EBIT) as Non-GAAP Operating and Non-GAAP Debt / EBITDA EB
Slide 30: Non-GAAP Reconciliations
Non-GAAP Reconciliations HNI Corporation Workplace Furnishings Reconciliation HNI Corporation Building Products Reconciliation (Dollars in millions) (Dollars in millions) Operating Operating Non-GAAP Income (EBIT) Non-GAAP Depreciation Non- Income (EBIT) Operating Depreciation As reported Non-GAAP O
Slide 31: Non-GAAP Reconciliations
Non-GAAP Reconciliations HNI Corporation Non-GAAP ROIC Reconciliation (Dollars in millions) Non-GAAP Return on Non-GAAP Operating Invested Capital Operating Non-GAAP Profit After Tax Shareholders Invested Capital Average (NOPAT / Avg Income (EBIT) Tax Rate (NOPAT) Net Debt Equity (Debt + Equity) Inv
Slide 32: Non-GAAP Reconciliations
Non-GAAP Reconciliations HNI Corporation Non-GAAP FCF Reconciliation (Dollars in millions) Proceeds from sale and Operating Cash Capital Capitalized license of PP&E, intangibles, Flow Expenditures Software and businesses Free Cash Flow FCF/Share FY 2005 201.2 (38.9) (2.9) 0.3 159.7 2.90 FY 2006 159.
Slide 33: Steelcase Portfolio
Steelcase Portfolio 33
Slide 34: Xi. fe
Xi. fe
Slide 35: Kimball
Kimball = oo KH Himibell, = lospiialify. —