Hni Corporation · NYSE:HNI
Hni — Merger or Acquisition (August 2025)
15 slides from Hni's merger presentation, Aug 4, 2025
Slide 1: HNI to Acquire Steelcase – Investor Briefing
HNI to Acquire Steelcase – Investor Briefing AUGUST 4, 2025 Confidential
Slide 2: Forward-Looking Statements
Forward-Looking Statements This communication contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934 and Section 27A of the Securities Act of 1933, which involve risks and uncertainties. Any statements about HNI’s, Steelcase’s or the combined com
Slide 3: Disclaimer
Disclaimer No offer or solicitation This communication is not an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under
Slide 4: Today's Presenters
Today’s Presenters Jeff Lorenger Sara Armbruster VP Berger Chairman, President, Executive Vice President President and CEO and CEO and CFO Together… …our talented teams will serve more customers in more places, leveraging a broad range of innovative solutions with operational excellence to deliver a
Slide 5: Agenda
Agenda Strategic Merits Steelcase at a Glance Transaction Overview Benefits of the Transaction Financial Benefits Conclusion 5
Slide 6: Strategic Merits of this Combination
Strategic Merits of this Combination Complementary Portfolios and Dealer Networks Enable Better 1 Service to More Customers Across Diverse Industry Segments Complementary Capabilities – Innovation and Operational 2 Excellence Accelerate Delivery of More Advanced Solutions Strong Financial Resources
Slide 7: Steelcase at a Glance
Steelcase at a Glance Key Statistics Revenue Breakdown $3.2B 22% International TTM1 Revenue $3.2B $266M TTM1 Revenue TTM1 Adjusted EBITDA2 78% Americas 11,300 Verticals within Steelcase Americas3 Employees 15 Large Corporate 14% Small-Med. Bus. Manufacturing facilities globally Education 36% $2.5B 1
Slide 8: Steelcase Portfolio
Steelcase Portfolio Steelcase LEARNING
Slide 9: Transaction Highlights
Transaction Highlights • HNI is acquiring Steelcase for $7.20 in cash and 0.2192 shares of HNI stock for each share of Steelcase common stock, implying 61% stock and 39% cash consideration for the offer • Total implied per share consideration of $18.30 based on HNI’s closing share price on Friday, A
Slide 10: Complementary Operational Footprint
Complementary Operational Footprint Expanded Coverage Increased Dealer Enhanced Distribution Across US MSAs1 Coverage Center Network Workplace Furnishings Manufacturing Centers (9) Workplace Furnishings Distribution Centers (7) Manufacturing Centers (7) Note: Locations outside of North America not s
Slide 11: Value Creation Through Synergies
Value Creation Through Synergies • $120M of expected run-rate cost synergies Cost • Synergies arising from procurement savings, logistics optimization, Synergies and improved efficiency 30% Identified and anticipated Breakdown Freight & Delivery, SG&A opportunities within COGS of Run-Rate and OpEx w
Slide 12: Successful Track Record of Executing Mission-Critical Integration Playbook
Successful Track Record of Executing Mission-Critical Integration Playbook Leveraging playbook that resulted in outperformance of initial integration plan Key Tenets of Playbook Synergy Targets Exceeded Initial Estimates Synergy Estimate from Kimball 1 Cultural and strategic alignment Breakdown Acqu
Slide 13: Robust Cash Flow Generation
TRACK RECORD OF INTEGRATING AND REALIZING Robust Cash Flow Generation SYNERGIES IN A TRANSFORMATIVE ACQUISITION Significant Cash Flow1 Generation Commitment to Flexible Financial Policy Cash flow drivers: • Organic growth • Invest in opportunities that generate • Working capital efficiencies strong
Slide 14: 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
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