Investor Presentation December 2025

Investor Presentation - December 2025

Focus on margin expansion in Workplace Furnishings. Strong progress through 2024, with our profit transformation plan, synergies, and productivity offering additional opportunity.

Margin Expansion

1

2

Organic Revenue Growth

Driving category expansion and market share gains in Residential Building Products. Unmatched

breadth/depth advantage as Workplace market evolves.

Cash flow profile + balance sheet strength supports growth investment and dividend payments; recent SCS acquisition sets stage for improved profitability and long-term value creation.

Financial Strength

4

KII/Mexico synergies expected to yield total savings of $80-85M through '28 ($10-15M in '26)

SCS synergies expected to yield savings of $70-$75M through '28

Earnings Visibility

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CEO Jeff Lorenger: 27 years with HNI, Executive Vice President and CFO V.P. Berger: 28 years with HNI; top five leaders with over 90 years of pertinent industry experience.

Seasoned Management

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3

HNI is a manufacturer of commercial furnishings and building products. The company operates under two segments. The workplace furnishings segment is the thought leader in commercial furnishings and the preeminent global designer, innovator, and provider of workplace solutions, going to market under unique brands serving multiple channels and customers. The residential building products segment is the nation's leading manufacturer and marketer of hearth products, which include a full array of gas, electric, and pellet-burning fireplaces, inserts, stoves, facings, and accessories.

Segment Revenue Breakdown* Segment Non-GAAP EBITDA Breakdown**

*Pro Forma & segment figures include SCS & HNI; most recent publicly reported TTM for both corporations

**Segment EBITDA includes SCS & HNI; excludes General Corporate Expense for HNI

TTM Workplace Furnishings Revenue Mix*

TTM Residential Building Products Revenue Mix

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Brand History & Overview

Workplace Furnishings

Residential Building Products

Workplace &

Health

Kimball

Hospitality

Fireplace

Stove

Fireside

Hearth &

Home

5

While HNI's unique Member-Owner culture remains our foundation, our corporate-wide focus and members' efforts are centered on the following three pillars:

#1

Customer 1st Mindset

• We are broadening our engagement in and influence of the customer buying journey.

• We are investing in data analytics, digital marketing, eCommerce capabilities, and market coverage.

• We are putting ourselves in our customers' shoes, deepening our understanding of what they are looking for, and organizing our efforts to best meet their needs.

• Our customer-first mindset will allow us to identify and take advantage of new and developing market dynamics.

  Effortless Winning Experiences

• Buying office furniture and hearth products can be complicated and time-consuming.

• Based on our work to understand the customer more deeply, we are making things easier.

• We have the scale and resources to lead this charge, and we are incorporating technology and digital assets to help customers more quickly and effortlessly navigate the buying process.

• We are creating effortless winning experiences for those partnering with HNI.

  Own Operational Excellence

  
  
  

• All HNI member-owners embrace the principles of lean manufacturing as we always look to find a better, more efficient, and more environmentally friendly approach.

• Members scrutinize every facet of our business to identify areas of waste and then refine and streamline our approach.

• You can see this "rapid continuous improvement" (RCI) in action from the manufacturing floor to the administrative offices to our customer interactions.

• This RCI approach benefits all of our stakeholders as we focus on delivering annual productivity and cost savings, allowing us to grow

earnings and invest in our future. 6

Revenue History Non-GAAP EBITDA History

Free Cash Flow History

Dividend History

Non-GAAP ROIC History

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Workplace Furnishings Revenue History

Workplace Furnishings EBITDA 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 manufacturing, and the strength of our distribution enable us to provide the best office furniture solutions to meet the needs of every customer-from the largest multinational organizations to the local entrepreneur and consumer.

  Brand positioning

• SMB (HON) - We are a leading open-line manufacturer of workplace furnishings for small and medium-sized businesses. Our product depth and breadth are unmatched in the space, while our products are among the most widely distributed through more than 600 dealers, distributors, and retailers nationwide.

• Contract (Allsteel, Gunlocke, and HBF) - Our Contract brands are "designed to do more." We take a human-centric approach, offer versatile designs, and collaborate with our customers to transform workplaces to provide a rewarding experience for all customers, designers, and dealers involved.

• Kimball International (Kimball and National) - The 2023 addition of Kimball International's brands to our line-up strengthens HNI's Workplace Furnishings' exposure to several important trends and markets-namely, ancillary products, attractive geographies, healthcare, and hospitality.

• Steelcase - A global design and thought leader in the world of work with a purpose to help the world work better. Along with more than 30 creative and technology partner brands, Steelcase employees research, design and manufacture furnishings and solutions for many of the places where work happens - including offices, homes, and learning and health environments.

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Workplace Furnishings

Workplace Furnishings

TTM Revenue Mix*

Contract

nd

m ses

Small and Medium Businesses

Contract Channel

HNI

Brands

Key Competitors

Asian Imports

Global

MillerKnoll

Haworth

Core,

sweet spot

• Our price point breadth and channel reach are unmatched.

• More than half of our North American Workplace Furnishings revenue comes from small- and medium-sized businesses.

Small a Mediu Busines

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*Pro Forma figures with SCS, most recent publicly reported TTM for both corporations; all Steelcase revenue is represented in Contract