Millerknoll, Inc. · NASDAQ:MLKN
Millerknoll — Q1 2026 Earnings Presentation
31 slides from Millerknoll's earnings presentation, Sep 23, 2025
Slide 1: Investor Presentation First Quarter FY26
Investor First Quarter FY26 Presentation NASDAQ: MLKN
Slide 2: Forward looking statements
2 Forward looking statements This presentation includes forward-looking statements within the These forward-looking statements involve certain risks and ‒ Risks related to the additional debt incurred in connection with uncertainties, many of which are beyond our control, that could our acquisition
Slide 3: Company Snapshot
Company Snapshot
Slide 4: 15 global brands sold through three segments and multiple channels
4 We have 15 global brands International Contract 18% sold through three segments and multiple channels North America Contract 54% Global Retail 3.7B 28% FY25 Revenue % FY2025 Revenue 15 75+ 1,000+ >10,000 Brands Retail Stores Dealers Employees around in 110 Countries the globe
Slide 5: MillerKnoll Segments
5 MillerKnoll Segments North America Contract International Contract Global Retail Furniture products for office, Contract furniture sales in Europe, the Sale of modern design furnishings and healthcare and education Middle East, Africa, Asia-Pacific and accessories through multiple environments thr
Slide 6: The MillerKnoll Collective
6 The MillerKnoll Collective We own 15 of the world’s most dynamic design brands
Slide 7: Accessible Premium
COMPANY SNAPSHOT 7 PREMIUM Our Complementary Collective of Brands Delivers Design ACCESSIBLE Solutions for Commercial + Residential Needs Bubble size indicates relative revenue COMMERCIAL RESIDENTIAL
Slide 8: Macroeconomic Drivers
8 Macroeconomic Drivers The Conference Board – CEO Confidence U.S. Architects Billing Index Corporate Profitability Index (BILLIONS OF DOLLARS) 70 70 4,100 65 60 60 3,900 50 55 3,700 50 40 45 3,500 30 40 3,300 35 20 30 3,100 Dec-24 Apr-25 Aug-24 Feb-25 Sep-24 Mar-25 May-25 Oct-24 Jul-24 Jul-25 Jun-2
Slide 9: Our Vision, Strengths and Priorities
Our Vision, Strengths and Priorities
Slide 10: Sources of Competitive Advantage
10 Sources of Competitive Advantage Design & Innovation Leadership Diversified Business Model Power of the brand collective & our product portfolio Global Scale & Reach Extraordinary People
Slide 11: Global Manufacturing Footprint
11 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 efficient: Lean manu
Slide 12: Near-term strategic priorities emphasize three stakeholder groups
12 Our near-term strategic priorities emphasize our three most important stakeholder groups Customers Associates Shareholders Drive customer demand and Foster a culture of highly order growth Deliver Shareholder Value engaged associates Deliver a world-class experience Nurture our culture and in
Slide 13: Financial Performance
<b) Oo c © E fe) =— i {o) o & Oo c © & LL
Slide 14: Historical financial performance
14 Historical financial performance Revenue ($ BILLIONS) Adjusted EPS(1) Adjusted EBITDA(2) ($ MILLIONS) $4.5 $2.10 $400 $4.0 $2.08 $390 $4.1 $2.05 $3.9 $380 $3.5 $3.7 $383 $381 $3.6 $2.00 $370 $3.0 $1.95 $360 $2.5 $1.95 $360 $360 $1.90 $1.92 $350 $2.0 $340 $1.85 $1.5 $1.85 $330 $1.80 $1.0 $320 $0.5
Slide 15: Strong cash flow generation
15 Strong cash flow generation Cash Flow from Operations ($ MILLIONS) Free Cash Flow(1) ($ MILLIONS) $400 $300 $350 $250 $274 $352 $300 $200 $250 $150 $200 $100 $209 $102 $50 $80 $150 $163 $100 $- FY22 FY23 FY24 FY25 $50 $(50) $(12) $(107) $- $(100) FY22 FY23 FY24 FY25 $(50) $(150) COVID Impact Year
Slide 16: Disciplined capital allocation approach
16 Disciplined capital allocation approach 1. Invest to Support Growth 2. Strong & Flexible Balance Sheet and Debt Repayment 3. Capital Returns to Shareholders DIVIDENDS SHARE REPURCHASE Q1 FY26 200 Capital Expenditures, ~$90 million/year Cash $167M 180 138 average past 4 years 160 Long-term Debt (1
Slide 17: Recent Quarterly Financial Trends
Recent Quarterly Financial Trends
Slide 18: Recent Quarterly Financial Trends
RECENT QUARTERLY FINANCIALTRENDS 18 Quarterly Net Sales + Orders ($ MILLIONS) Adjusted Gross Margin and Adjusted Operating Margin 1 (% NET SALES) Net Sales Orders Adj Gross Margin % Adj Op. Margin % 1,200 50.0% 1,000 1,036.8 39.1% 38.8% 37.9% 39.2% 38.5% 935.9 970.4 961.8 955.7 40.0% 800 921.9 885.4
Slide 19: Recent Quarterly Financial Trends
RECENT QUARTERLY FINANCIALTRENDS 19 Quarterly Cash Flow from Operations ($ MILLIONS) Quarterly Long-Term Debt (2) ($ MILLIONS) Cash Debt 80 $1,600 $1,400 $1,324 $1,343 $1,311 $1,328 70 $1,283 71 60 $1,200 62 50 55 $1,000 40 $800 30 $600 20 $400 21 10 $200 $210 $221 $194 9 $170 $167 0 $0 Q1 FY25 Q2 F
Slide 20: Q2 FY26 Guidance
GUIDANCE Q2 FY26 Guidance* Q2 FY26 Revenue $926 million to $966 million Gross Margin % 37.6% to 38.6% Adj. Operating $300 million to $310 million Expenses** Interest & Other $16.2 million to $17.2 million Expense, Net Adj. Effective Tax Rate** 22.0% to 24.0% Adj. Earnings Per Share, $0.38 to $0.44 D
Slide 21: Appendix
Appendix Non-GAAP Financial Measures and Other Supplemental Data
Slide 22: Non-GAAP Financial Measures and Other Supplemental Data
NON-GAAP FINANCIAL MEASURES AND OTHER SUPPLEMENTAL DATA 22 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 This presentation contains non-GAAP financial measures that are not in accordanc
Slide 23: Non-GAAP Financial Measures and Other Supplemental Data
NON-GAAP FINANCIAL MEASURES AND OTHER SUPPLEMENTAL DATA 23 The adjustments to arrive at these non-GAAP financial measures described further below: Amortization of Knoll purchased intangibles: Includes expenses associated with the amortization of acquisition related intangibles acquired as part of th
Slide 24: Reconciliation of Adjusted Earnings per Share
NON-GAAP FINANCIAL MEASURES AND OTHER SUPPLEMENTAL DATA 24 Reconciliation of Adjusted Earnings per Share (UNAUDITED) Current Quarter Adjusted Earnings per Share FY22 FY23 FY24 FY25 Q1 FY25 Q1 FY26 Earnings per share (Loss) - diluted $ (0.37) $ 0.55 $ 1.11 $ (0.54) $ (0.02) $ 0.29 Add: Amortization o
Slide 25: Reconciliation of Net Earnings to Adjusted EBITDA
NON-GAAP FINANCIAL MEASURES AND OTHER SUPPLEMENTAL DATA 25 Reconciliation of Net Earnings to Adjusted EBITDA ($ MILLIONS); (UNAUDITED) FY22 FY23 FY24 FY25 Net earnings (loss) attributable to MillerKnoll, Inc. $ (27.1) $ 42.1 $ 82.3 $ (36.9) Income tax expense 11.1 4.5 14.7 11.6 Depreciation expense
Slide 26: Reconciliation of Free Cash Flow
NON-GAAP FINANCIAL MEASURES AND OTHER SUPPLEMENTAL DATA 26 Reconciliation of Free Cash Flow ($ MILLIONS); (UNAUDITED) FY22 FY23 FY24 FY25 Net Cash Provided by (Used in) Operating Activities $ (11.9) $ 162.9 $ 352.3 $ 209.3 Capital expenditures (94.7) (83.3) (78.4) (107.6) Free Cash Flow $ (106.6) $
Slide 27: Reconciliation of Adjusted Operating Expenses
NON-GAAP FINANCIAL MEASURES AND OTHER SUPPLEMENTAL DATA 27 Reconciliation of Adjusted Operating Expenses ($ MILLIONS); (UNAUDITED) Adjusted Operating Expenses Q1 FY25 Q2 FY25 Q3 FY25 Q4 FY25 Q1 FY26 Operating Expenses 321.1 314.5 414.6 321.9 314.6 Restructuring Charges - - 4.2 10.6 0.5 Integration C
Slide 28: Reconciliation of Adjusted Operating Earnings
NON-GAAP FINANCIAL MEASURES AND OTHER SUPPLEMENTAL DATA 28 Reconciliation of Adjusted Operating Earnings ($ MILLIONS); (UNAUDITED) Adjusted Operating Earnings Q1 FY25 Q2 FY25 Q3 FY25 Q4 FY25 Q1 FY26 Net Sales $ 861.5 $ 970.4 $ 876.2 $ 961.8 $ 955.7 Operating Earnings (GAAP) 15.2 62.5 (82.2) 55.0 53.
Slide 29: Reconciliation of Net Earnings to Adjusted Bank Covenant EBITDA
NON-GAAP FINANCIAL MEASURES AND OTHER SUPPLEMENTAL DATA 29 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 FY26 Net earnings $ (15.6) Income tax expense 20.3 Depreciation
Slide 30: Reconciliation of Adjusted Gross Margin
NON-GAAP FINANCIAL MEASURES AND OTHER SUPPLEMENTAL DATA 30 Reconciliation of Adjusted Gross Margin ($ MILLIONS); (UNAUDITED) Adjusted Gross Margin Q1 FY25 Q2 FY25 Q3 FY25 Q4 FY25 Q1 FY26 Net Sales $ 861.5 $ 970.4 $ 876.2 $ 961.8 $ 955.7 Gross Margin (GAAP) 336.3 377.0 332.4 376.9 368.1 Gross Margin
Slide 31: Organic Sales and Orders Growth
NON-GAAP FINANCIAL MEASURES AND OTHER SUPPLEMENTAL DATA 31 Organic Sales Growth Organic Orders Growth ($ MILLIONS); (UNAUDITED) ($ MILLIONS); (UNAUDITED) Q1 FY26 Q1 FY26 Net Sales, as reported $ 955.7 Orders, as reported $ 885.4 % change from PY 10.9% % change from PY (5.4)% Currency translation eff