Leggett & Platt Incorporated : Company Update November 2023

COMPANY UPDATE

November 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 EPS, adjusted EPS, sales, volume for the Company and per segment, raw material-related price decreases, currency impacts, acquisition and divestitures impacts, metal margin decreases, depreciation and amortization, net interest expense, tax rate, diluted shares outstanding, operating cash, capital expenditures, amount of dividends, minimal acquisitions and share repurchases, debt covenant compliance, and implied adjusted EBIT margin. 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 and deflationary 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; changing tax rates; market conditions; increased trade costs; foreign country operational risks; price and product competition; cost and availability of raw materials, parts, labor and energy costs; cash generation to pay the dividend; political risks; ability to grow acquired businesses; 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 incidents; customer bankruptcies and losses; climate change regulations; ESG risks; bank failures; cash repatriation; litigation risks; and other risk factors in Leggett's most recent Form 10-K and Form 10-Q.

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

52 years of consecutive annual dividend 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

6%

Flooring & Textiles

19%

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MACRO MARKET EXPOSURE

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CURRENT TOPICS

3Q23 OVERVIEW

Sales $1.18B

Cash from operations $144M

2023 GUIDANCE (ISSUED 10/30/23 AND NOT UPDATED SINCE)

• Sales lowered to $4.7-$4.75 billion (vs. prior range of $4.75-$4.95 billion); down 8% to down 9% versus 2022
• • Guidance does not include impacts from the UAW strike beyond what we have experienced so far due to uncertainties around the duration and severity of the strike
  • Decrease is primarily from lower expected volume in our Furniture, Flooring & Textile Products and Bedding Products segments
  • Volume at the mid-point expected to be down mid-single digits:
  • • Down high single digits in Bedding Products Segment
    • Up high single digits in Specialized Products Segment
    • Down low double 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 ~2% to sales
• Adjusted1 EPS lowered to $1.35-$1.45 (vs. prior range of $1.45-$1.65)
• • Excludes ~$.07 per share gain from net insurance proceeds from tornado damage and gain on the sale of real estate of $.03 per share
• Implied adjusted EBIT margin of 7.0%-7.3%

2023 GUIDANCE (CONTINUED)

• Depreciation and amortization ~$185 million (vs. ~$200 million)
• Net interest expense ~$85 million
• Tax rate ~24%
• Operating cash $450-$500 million
• Cap-ex$110-$130 million (vs. $100-$130 million)
• Dividends ~$240 million
• Diluted shares ~137 million
• Minimal acquisitions and share repurchases

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COMMODITY IMPACT

Steel

• Main categories are scrap, rod, and flat-rolled
• Impact from inflation/deflation
• • Typically pass through; lag is ~90 days
• Change in metal margin (mkt price for rod - mkt price for scrap) also impacts earnings
• • Our scrap cost and rod pricing moves with the market; large swings could cause Bedding Products segment earnings volatility

Chemicals

• Main types are TDI, MDI, and polyols
• Impact from inflation/deflation
   Typically pass through; lag is ~30 days

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ACTIONS WE ARE TAKING

We are committed to maintaining our long-held financial strength and creating long-term value.

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ENDURING

FUNDAMENTALS

CASH FLOW & BALANCE SHEET STRENGTH

Cash Flow

• Long history of strong cash generation
• Resilient cash flow in economic downturns
• Focus on optimizing working capital
• Exceeded capital expenditures + dividends in 33 of last 34 years  Expect to exceed again in 2023

Debt and Liquidity

• Maintaining priority on investment grade credit rating
• $1.2 billion revolving credit facility in place
• Comfortably supports dividend funding
• No significant maturities until November 2024

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DISCIPLINED USE OF CASH

Fund organic growth

Pay dividends

Fund strategic acquisitions

Repurchase shares with available cash

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DIVIDEND GROWTH

• Committed to extending 52-year history of consecutive annual increases
• Member of the Dividend Kings

LARGE ADDRESSABLE MARKETS

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COMPETITIVE ADVANTAGES IN BEDDING

Breadth of product offering and ability to service customers anywhere in the value chain

Industry leading R&D yields innovative products

Vertical integration provides cost advantage in steel rod and wire production

High-speed and flexible machine technology supports innerspring innovation and production efficiency

Combination Pocket

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