Leggett & Platt Incorporated : Company Update November 2025

About this update from Leggett & Platt, Incorporated

Company Update November 2025 LEG (NYSE) https://www.leggett.com A diversified manufacturer that designs and produces a broad variety of engineered components and products Leggett at a Glance Strong competitive positions with broad customer base Few large competitors Large addressable markets Solid operating cash flow • Long history of strong cash generation to support investment in our business and shareholder returns Prioritizing balance sheet health • Investment grade credit rating Long-term leverage target of 2.0x Net Debt to Adjusted EBITDA Engaged management team • Deep company knowledge and understanding of our diverse portfolio of businesses Commitment to sustainability through our people, our products, and our processes Focused on improving long-term profitability Restructuring plan nearly complete and operational efficiency improvements continue At a Glance: Diverse Portfolio Product Mix (based on 2025 estimated net trade sales) Geographic Split (based on production) Bedding 39% Automotive 19% Aerospace* 3% Hydraulic Cylinders 5% China 10% Canada 7% Mexico 5% Others 3% Flooring & Textiles 21% * Aerospace divested August 29, 2025 Work Furniture 7% Home Furniture 6% Europe 15% U.S. 60% At a Glance: Segments Bedding Products Specialized Products Furniture, Flooring & Textile Products 39% of 2025e net trade sales 27% of 2025e net trade sales 34% of 2025e net trade sales Components Mattress springs Specialty bedding foams Semi-finished mattresses Drawn steel wire Steel rod Finished Products Private label compressed mattresses Mattress toppers and pillows Adjustable beds Foundations Automotive Auto seat support and lumbar systems Motors, actuators, and cables Hydraulic Cylinders Hydraulic cylinders primarily for material handling, transportation, and heavy construction equipment Aerospace* Tubing and Tube assemblies Flexible joints *Aerospace divested August 29, 2025 Home Furniture Recliner mechanisms Seating and sofa sleeper components Work Furniture Chair controls, bases, frames Private label finished seating Flooring Products Carpet cushion Hard surface underlayment Textile Products Textile converting Geo components 4 Key Economic Indicators Total housing turnover Combination of new and existing home sales Consumer confidence "Large ticket" purchases are deferrable Consumer discretionary spending Interest rates Employment levels At a Glance: Macro Market Exposure Over time, sustained improvement in key economic factors should drive multi-year recovery for our residential businesses that were hit hardest in recent years Automotive 20% Commercial/ Industrial 25% Consumer Durables 55% 5 Tariff Impacts Rod & Wire Domestic steel tariffs have led to expanded metal margins which are a benefit to us Seeking opportunities to serve new customers US Spring We are strategically positioned to take on new customers shifting from imports Competitive pressure from low-cost imports remains high due to evolving tariff strategies Specialty Foam Limited exposure on imported chemicals; currently excluded from tariffs Identifying alternative sources for materials most impacted by tariffs Hydraulic Cylinders Impacts on sourcing intercompany product from India; evaluating shifting production to other locations Domestic production provides an advantage vs some competitors Adjustable Bed Significant sourcing exposure on imported finished product and components, including electronics from China Exiting domestic production that was disadvantaged vs imports Largest indirect exposure; limited direct exposure Automotive Mainly domestic business with immaterial exposure to imported raw materials Flooring Significant global sourcing with ability to resource to lowest total cost regions Well positioned to serve customers that may face supply disruption from their existing vendors Textiles Limited sourcing exposure and sales from foreign locations into U.S. Opportunities to serve customers desiring domestically-produced finished furniture and components Work Furniture Meaningful disruptions in early Q2 that normalized with the delay of tariffs Established SE Asian production to be at par with competitors and reduce impacts from tariffs Home Furniture Tariff Mitigation Strategy and Risks Mitigation Strategies Sourcing product domestically or from alternative lowest total cost countries Shifting production to take advantage of our global footprint Passing along price increases where necessary Heightened sensitivity on inventory management Potential Risks ↓ Rise in inflation in the near term ↓ Decline in consumer confidence ↓ Decrease in consumer demand Currently, we expect tariffs to be a net positive for Leggett ↓ Disruptions to global supply chains Foreign Direct Sourcing Exposure by Country ~$400m annual spend (prior to tariff implementation) Other 5% China 25% Mexico 30% Europe 10% Other Asia* 30% ~60% of our trade sales are produced and consumed in the U.S. Strategic Priorities Balance Sheet Strength Margin Improvement Long-Term Profitable Growth Prioritizing long-held financial strength Disciplined capital allocation strategy Optimizing operations and G&A cost structure Executing restructuring plan Operational efficiency improvement initiatives Positioning for profitable growth opportunities in Bedding, Automotive, and Textiles Our actions will allow us to navigate the challenging near-term environment and position us for long-term success Disciplined Capital Allocation Strategy A balanced approach focused on driving shareholder value STRATEGIC PRIORITIES: Balance Sheet Strength Upholding long-held balance sheet strength and continuing to invest in our businesses Near-Term Focus: ✓ Targeting long-term Net Debt to Adjusted EBITDA ratio of 2.0x For 2025, we plan to continue to use most of our excess cash flow to reduce net debt, while also considering other uses such as small strategic acquisitions and share repurchases. ORGANIC GROWTH Long-Term Priorities Investing in our businesses for the future Robust innovation pipeline STRATEGIC ACQUISITIONS Primarily opportunities complementing our existing portfolio of businesses SHAREHOLDER RETURNS Dividends Opportunistic share repurchases Restructuring Initiatives Update YTD 2025 Progress STRATEGIC PRIORITIES: Margin Improvement Bedding Products Divested a small U.S. machinery business Sold 2 properties Largely completed Specialty Foam restructuring Consolidated 1 Specialty Foam production facility Furniture, Flooring & Textile Products Completed Phase 1 and launched Phase 2 of Flooring Products restructuring Consolidated 2 Flooring Products production facilities Sold 1 property Specialized Products Continued implementation of manufacturing efficiency improvement activities in Hydraulic Cylinders Right-sized our Hydraulic Cylinders plant in the UK Additional Expectations Bedding Products Complete Specialty Foam consolidation Furniture, Flooring & Textile Products Complete Phase 2 of Flooring Products restructuring Specialized Products Complete Hydraulic Cylinders restructuring

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