Millerknoll, Inc. · NASDAQ:MLKN
Millerknoll — Q3 2026 Earnings Presentation
34 slides from Millerknoll's earnings presentation, Mar 25, 2026
Slide 1: Investor Presentation Third Quarter FY26
Investor Third Quarter FY26 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 15 iconic brands. 3 strategic segments. Diverse channel go-to-market strategy driving scalable growth and robust cash flow. International Contract: 18% $3.7 billion North America Contract: 54% FY25 Revenue %FY 2025 15 85+ Global Retail 28% revenue Brands Retail stores 600+ >10,000
Slide 5: MillerKnoll is a $3.7 billion global collective of 15 iconic brands
COMPANY SNAPSHOT Investment Thesis: MillerKnoll is a $3.7 billion global collective of 15 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 ~20B Contract Market 1 North America Catalog & Print Media Retail: Over 85 stores globally today, growing to 130+ ~30B Contract Market 2 International ~150B3 Global Channel
Slide 7: MillerKnoll segments
COMPANY SNAPSHOT 7 MillerKnoll segments North America International Global Contract: 54%* Contract: 18%* Retail: 28%* 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 15 of the world’s most dynamic design brands united by innovation, insight, and impact to shape a better world.
Slide 9: Our Complementary Collective of Brands Delivers Design Solutions
COMPANY SNAPSHOT 9 PREMIUM Our Complementary Collective of Brands Delivers Design ACCESSIBLE Solutions for Commercial + Residential Needs Bubble size indicates relative revenue COMMERCIAL RESIDENTIAL
Slide 10: Macroeconomic drivers
COMPANY SNAPSHOT 10 Macroeconomic drivers The Conference Board – CEO Confidence U.S. Architectural Billings Index Corporate Profitability Index (BILLIONS OF DOLLARS) 70 70 4,300 65 60 60 4,100 50 55 3,900 50 40 45 3,700 40 3,500 30 35 20 30 3,300 Feb-25 Mar-25 Feb-26 Oct-24 Apr-25 Oct-25 May-25 Nov-
Slide 11: Our Advantages
free ee Our Advantages
Slide 12: Competitive advantages
OUR ADVANTAGES 12 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 13: Global manufacturing footprint
OUR ADVANTAGES 13 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 14: Financial Performance
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Slide 15: Historical financial performance
FINANCIAL PERFORMANCE 15 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 $3.9 $381 $370 $3.5 $3.7 $2.00 $3.6 $1.95 $350 $360 $3.0 $1.95 $1.90 $1.92 $347 $2.5 $1.85 $330 $1.85 $2.0 $1.80 $1.75 $310
Slide 16: Strong cash flow generation
FINANCIAL PERFORMANCE 16 Strong cash flow generation Cash Flow from Operations ($ 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) $(
Slide 17: Disciplined capital allocation approach
FINANCIAL PERFORMANCE 17 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 Q3 FY26 200 Capital Expenditures, average ~$90 million/year Cash $175M 180 138 past 4 years 16
Slide 18: Uses of cash
FINANCIAL PERFORMANCE 18 Uses of cash $400 $300 138 85 16 16 $200 55 52 57 56 71 61 68 62 $100 95 108 83 78 $0 FY22 FY23 FY24 FY25 Capex R+D Dividends Share Repurchase
Slide 19: Debt maturities
FINANCIAL PERFORMANCE 19 Debt maturities as of February 28, 2026 $700 $600 $500 $328 $400 $300 $5 $514 $200 $294 $70 $100 $3 $18 $20 $28 $0 $1 $5 $5 $5 $5 $5 FY 26 FY 27 FY 28 FY 29 FY 30 FY 31 FY 32 FY 33 Revolving Credit Facility Term Loan B Term Loan A AR Securitization • Weighted average rate(1)
Slide 20: Recent Quarterly Financial Trends
Recent Quarterly Financial Trends
Slide 21: Quarterly Net Sales + Orders
RECENT QUARTERLY FINANCIAL TRENDS 21 Quarterly Net Sales + Orders ($ MILLIONS) Adjusted Gross Margin and Adjusted Operating Margin(1) (% NET SALES) Net Sales Orders Adj Gross Margin % Adj Op. Margin % 1,200 50.0% 1,000 $1,036.8 37.9% 39.2% 38.5% 39.0% 38.1% $961.8 $955.7 $955.2 $972.5 $926.6 $931.6
Slide 22: Quarterly Cash Flow from Operations; Cash and Long-Term Debt
RECENT QUARTERLY FINANCIAL TRENDS 22 Quarterly Cash Flow from Operations ($ MILLIONS) Quarter-End Cash and Long-Term Debt Balances (2) ($ MILLIONS) Cash Debt 80 $1,400 $1,311 $1,328 $1,321 $1,283 $1,278 70 $1,200 $71 60 $65 $62 $61 $1,000 50 $800 40 $600 30 $400 20 $200 10 $170 $194 $167 $180 $175 $
Slide 23: Q4 FY2026 Guidance
GUIDANCE Q4 FY2026 Guidance* Q4 FY26 Revenue $955 million to $995 million Gross Margin % 38.5% to 39.5% Adj. Operating Expenses** $311.5 million to $321.5million Interest & Other Expense, Net $14.6 million to $15.6 million Adj. Effective Tax Rate** 23.0% to 25.0% Adj. Earnings Per Share, Diluted** $
Slide 24: Appendix
Appendix Non-GAAP Financial Measures and Other Supplemental Data
Slide 25: Non-GAAP Financial Measures and Other Supplemental Data
NON-GAAP FINANCIAL MEASURES AND OTHER SUPPLEMENTAL DATA Adjusted Effective Tax Rate refers to the projected full-year GAAP tax rate, adjusted to exclude certain25 unusual or infrequent events that are expected to significantly impact that rate. Non-GAAP Financial Measures and Other Supplemental Data
Slide 26: Non-GAAP Financial Measures and Other Supplemental Data
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 Q3 FY25 Q3 FY26 Earnings per share (Loss) - diluted $ (0.37) $ 0.55 $ 1.11 $ (0.54) $ (0.19) $ 0.34 Add: Amor
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 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 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 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 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 Q3 FY25 Q4 FY25 Q1 FY26 Q2 FY26 Q3 FY26 Operating Expenses 414.6 321.9 314.6 323.7 308.0 Restructuring Charges 4.2 10.6 0.5 1.4 1.9 Amortizat
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 Q3 FY25 Q4 FY25 Q1 FY26 Q2 FY26 Q3 FY26 Net Sales $ 876.2 $ 961.8 $ 955.7 $ 955.2 $ 926.6 Operating Earnings (GAAP) (82.2) 55.0 53.5 48.5 44.
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) Q3 FY26 Net earnings (loss) $ 9.5 Income tax expense 113.6 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 Q3 FY25 Q4 FY25 Q1 FY26 Q2 FY26 Q3 FY26 Net Sales $ 876.2 $ 961.8 $ 955.7 $ 955.2 $ 926.6 Gross Margin (GAAP) 332.4 376.9 368.1 372.2 352.9 Gross Margin
Slide 34: Organic Sales Growth and Organic Orders Growth
NON-GAAP FINANCIAL MEASURES AND OTHER SUPPLEMENTAL DATA 34 Organic Sales Growth Organic Orders Growth ($ MILLIONS); (UNAUDITED) ($ MILLIONS); (UNAUDITED) Q3 FY26 Q3 FY26 Net Sales, as reported $ 926.6 Orders, as reported $ 931.6 % change from PY 5.8% % change from PY 9.2% (1) (1) Currency translatio