Leggett & Platt Incorporated : Company Update May 2023

COMPANY UPDATE

May 2023

LEG (NYSE)

www.leggett.com

FORWARD-LOOKING STATEMENTS

Statements in this presentation that are not historical in nature are "forward-looking." These statements include future sales, net trade sales and growth, product mix sales, Company and segment volume, EPS, EBIT, depreciation and amortization, net interest expense, tax rate, diluted shares, operating cash, capital expenditures, dividends, minimal acquisition and share repurchases, dividend growth and yield, dividend payout percentage of EPS and adjusted EPS, net earnings, return on invested capital, EBIT margins, segment EBIT margins, segment sales, acquisition sales growth, total shareholder return or TSR, adjusted EBIT, adjusted EBIT margins, adjusted EBITDA, adjusted EBITDA margin, adjusted earnings, adjusted EPS, net operating profit after tax, average invested capital, uses of cash, working capital, investment grade credit rating, inflationary and currency impacts, operating cash flow in excess of capital expenditures and dividends, raw material-related price decreases, lower metal margins in our Steel Rod business, and moderate pricing pressure from deflation. All such forward-looking statements are expressly qualified by the cautionary statements described in this provision. We do not have, and do not undertake, any duty to update any forward-looking statement. Forward-looking statements should not be relied upon as a prediction of actual future events or results. Any forward- looking statement reflects only the beliefs of Leggett at the time the statement is made. All forward-looking statements are subject to risks and uncertainties which might cause actual events or results to differ materially from the forward- looking statements. These risks and uncertainties include: the Russian invasion of Ukraine; global inflationary impacts; macro-economic impacts; pandemics; demand for our products and our customers' products; our manufacturing facilities' ability to remain open and fully operational; goodwill and long-lived asset impairment; inability to issue commercial paper or borrow under the credit facility; inability to collect receivables; inability to pass along raw material price increases; inability to maintain profit margins; conflict between China and Taiwan; changes in our capital needs; our capital expenditures; changing tax rates; market conditions; increased trade costs; foreign country operational risks; price and product competition; cost and availability of raw materials and labor and energy costs; cash generation to pay the dividend; political risks; ability to grow acquired businesses; amount of share repurchases; disruption to our rod mill; disruption to our operations and supply chain from weather-related events and other impacts; restructuring-related costs; foreign currency fluctuation; our ability to manage working capital; anti-dumping duties; data privacy; cybersecurity breaches; customer bankruptcies and losses; climate change regulations; ESG risks; cash repatriation; litigation risks; and other risk factors in Leggett's most recent Form 10-K and subsequent 10-Qs.

Market and Industry Data

Unless we indicate otherwise, we base the information concerning our markets/industry contained herein on our general knowledge of and expectations concerning those markets/industry, on data from various industry analyses, on our internal research, and on adjustments and assumptions that we believe to be reasonable. However, we have not independently verified data from market/industry analyses and cannot guarantee their accuracy or completeness.

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LEGGETT DISTINCTIVES

Strong balance sheet and cash flow

Disciplined use of cash

~5.5% dividend yield; 52 consecutive annual increases Leader in most markets; few large competitors

Opportunities for long-termgrowth

 Internal initiatives + market growth + acquisitions  Large addressable markets

Management has "skin in the game"

 Significant stock owners; forego comp in exchange for shares  Incentive comp aligned with TSR focus

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DIVERSE PORTFOLIO

Home Furniture

7%

Flooring & Textiles

20%

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MACRO MARKET EXPOSURE

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CURRENT TOPICS

1Q23 OVERVIEW

Sales $1.21B

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2023 GUIDANCE (ISSUED 5/1/23 AND NOT UPDATED SINCE)

• Sales: $4.8-$5.2 billion; down 7% to up 1% versus 2022, reflecting macro uncertainty across our markets
• • Volume at the mid-point expected to be down low single digits:
  • • Down low single digits in Bedding Products Segment
    • Up high single digits in Specialized Products Segment
    • Down low single digits in Furniture, Flooring & Textile Products Segment
  • Raw material-related price decreases and currency impact combined expected to reduce sales mid-single digits
  • Acquisitions completed in 2022 expected to add ~3% to sales
• EPS: $1.50-$1.90
• • Mid-pointreflects lower metal margins in our Steel Rod business, lower volume in some of our businesses, and moderate pricing pressure from deflation
• Implied EBIT margin of 7.5%-8.0%

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2023 GUIDANCE (CONTINUED)

• Depreciation and amortization ~$200 million
• Net interest expense ~$85 million
• Tax rate ~24%
• Operating cash $450-$500 million
• Cap-ex$100 -$130 (vs. ~$100 million)
• Dividends ~$240 million
• Diluted shares ~137 million
• Minimal acquisitions and share repurchases

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