Leggett & Platt Reports 3Q 2025 Results

CARTHAGE, Mo., Oct. 27, 2025 /PRNewswire/ --

President and CEO Karl Glassman commented, "We are pleased to report solid results for the quarter, achieved amid ongoing macroeconomic challenges. Our performance reflects continued progress on strategic priorities and disciplined execution across the company. During the quarter, we successfully completed the sale of our Aerospace business, further sharpening our focus on core operations.

"Looking forward, the strength and resilience demonstrated across our business gives us the confidence to reaffirm the midpoint of our full year sales and adjusted EPS guidance. The dedication and hard work of our employees is creating a stronger, more agile company positioned for profitable growth. We remain focused on generating strong cash flow, strengthening our balance sheet, and creating long-term shareholder value."

THIRD QUARTER RESULTS

Net trade sales were $1.0 billion, a 6% 2 decrease versus third quarter 2024

EBIT was $171 million, a $93 million increase from third quarter 2024. Adjusted 1 EBIT was $73 million, a $3 million decrease from third quarter 2024 adjusted 1 EBIT.

EBIT margin was 16.5%, up from 7.1% in the third quarter of 2024, and adjusted 1 EBIT margin was 7.0%, up from 6.9%.

EPS was $0.91, a $0.58 increase versus third quarter 2024 EPS of $0.33. Third quarteradjusted 1 EPS was $0.29, down $0.03 versus third quarter 2024 adjusted 1 EPS of $0.32.

Third Quarter Results 1

EBIT (millions)

EPS

Bedding

Specialized

FF&T

Total

Reported results

$36

$113

$22

$171

$0.91

Adjustment items:

Restructuring, restructuring- related,

and impairment charges 2

—

0.02

Gain on sale of Aerospace Products Group

—

(87)

—

(87)

(0.58)

Gain from net insurance proceeds

(13)

—

(13)

(0.07)

Gain on sale of restructuring real estate

—

(2)

(0.01)

Special tax item 3

—

0.02

Total adjustments

(10)

(86)

(2)

(98)

(0.62)

Adjusted results

$26

$27

$20

$73

$0.29

1 Calculations impacted by rounding

2 Includes $2 million associated with the Adjustable Bed facility consolidation in Bedding Products which is not included in the restructuring plan

3 Special tax item is related to recent U.S. corporate tax law changes

DEBT, CASH FLOW, AND LIQUIDITY

RESTRUCTURING PLAN UPDATE

Actual Restructuring

Plan Impacts (millions)

Full Year Restructuring

Plan Impacts (millions)

3Q 2025

YTD 2025

2024

2025E

Total

Net Cash Received from

Real Estate Sales

$23

$20

$23–$40

$70–$80

Total Costs

$11

$48

~$25

~$75

Cash Costs

~10

~40

Non-Cash Costs

~15

~35

2025 GUIDANCE

SEGMENT RESULTS – Third Quarter 2025 (versus 3Q 2024)

Bedding Products –

Specialized Products –

Furniture, Flooring & Textile Products –

SLIDES AND CONFERENCE CALL

A set of slides containing summary financial information, tariff overview, and restructuring update is available from the Investor Relations section of Leggett's website at www.leggett.com. Management will host a conference call at 7:30 a.m.Central (8:30 a.m. Eastern) on Tuesday, October 28. The conference call may be accessed through Leggett's Investor Relations website, via Leggett & Platt Q325 Webcast & Earnings Conference Call.

FOR MORE INFORMATION: Visit Leggett's website at www.leggett.com.

COMPANY DESCRIPTION: Leggett & Platt (NYSE: LEG) is a diversified manufacturer that designs and produces a broad variety of engineered components and products that can be found in many homes and automobiles. The 142-year-old Company is a leading supplier of bedding components and private label finished goods; automotive seat comfort and convenience systems; home and work furniture components; geo components; flooring underlayment; and hydraulic cylinders for material handling and heavy construction applications.

FORWARD-LOOKING STATEMENTS: This press release contains "forward-looking statements," identified by the context in which they appear or words such as "expect," "anticipated," "estimate," and "guidance," including, but not limited to volume; sales, EPS, adjusted EPS; capital expenditures; depreciation and amortization; net interest expense; fully diluted shares; operating cash flow; EBIT margin; adjusted EBIT margin; effective tax rate; dividends; raw material related price increases; currency benefit; minimal acquisitions and share repurchases; market mattress consumption; Restructuring Plan (the "Plan") impacts including the timing and amount of annualized and incremental sales attrition and EBIT benefit, proceeds and gains from real estate sales, and restructuring and restructuring related cash and non-cash costs; non-cash pension settlement charge; and tariffs providing a net positive for our business. Such statements are expressly qualified by cautionary statements described in this provision and reflect only the beliefs, expectations, and assumptions of Leggett at the time the statement is made. Because all forward-looking statements deal with the future, they are subject to risks, uncertainties and developments which might cause actual events or results to differ materially from those envisioned or reflected in any forward-looking statement. Moreover, we do not have, and do not undertake, any duty to update or revise any forward-looking statement to reflect events or circumstances after the date on which the statement was made. Some of these risks include: increased trade costs, including tariffs; regarding the Restructuring Plan, the possibility that estimates may change, our ability to timely implement the Plan, receive anticipated benefits, and timely receive expected proceeds from real estate sales, our ability to accurately forecast sales and earnings; the adverse impact on our sales, earnings, liquidity, margins, cash flow, costs, and financial condition caused by: global inflationary and deflationary impacts; the demand for our products and our customers' products; our manufacturing facilities' ability to obtain necessary raw materials, parts, and labor, and to ship finished products; the impairment of goodwill and long-lived assets; our ability to access the commercial paper market or borrow under our credit facility; supply chain shortages and disruptions; our ability to manage working capital; our ability to collect receivables; price and product competition; cost of raw materials, labor and energy; cash generation sufficient to pay our debts or the dividend; cash repatriation from foreign accounts; our ability to pass along cost increases through increased selling prices; conflict between China and Taiwan; our ability to maintain profit margins if customers change the quantity or mix of our products; political risks; tax audits and rates; foreign operating risks; cybersecurity incidents; customer losses and insolvencies; disruption to our steel rod mill and wire mills and other operations because of severe weather-related events, natural disaster, fire, explosion, terrorism, pandemic, or governmental action; ability to develop innovative products; foreign currency fluctuation; share repurchases; anti-dumping duties on innersprings, steel wire rod and mattresses; data privacy; sustainability obligations; litigation risks; and risk factors in the "Forward-Looking Statements" and "Risk Factors" sections in Leggett's Form 10-K and subsequent Form 10-Qs.

INVESTOR CONTACTS:

Steve West, Vice President, Investor Relations

Katelyn J. Pierce, Analyst, Investor Relations

(417) 358-8131

invest@leggett.com

1 Please refer to attached tables for Non-GAAP Reconciliations

2 1% from restructuring-related sales attrition

3 Trade sales excluding acquisitions/divestitures in the last 12 months

4 Represents year-over-year change

LEGGETT & PLATT

Page 6 of 8

October 27, 2025

RESULTS OF OPERATIONS

THIRD QUARTER

YEAR TO DATE

(In millions, except per share data)

2025

2024

Change

2025

2024

Change

Trade sales

$ 1,036.4

$ 1,101.7

(6) %

$ 3,116.5

$ 3,327.2

(6) %

Cost of goods sold

842.7

901.1

2,540.2

2,753.7

Gross profit

193.7

200.6

(3) %

576.3

573.5

— %

Selling & administrative expenses

124.5

127.0

(2) %

366.5

384.4

(5) %

Amortization

3.8

7.2

12.4

16.8

Other (income) expense, net

(105.7)

(11.3)

(127.0)

645.9

Earnings (loss) before interest and income taxes

171.1

77.7

120 %

324.4

(473.6)

Net interest expense

16.7

20.0

53.2

60.6

Earnings (loss) before income taxes

154.4

57.7

271.2

(534.2)

Income taxes

27.2

12.8

60.9

(8.6)

Net earnings (loss)

127.2

44.9

210.3

(525.6)

Less net income from noncontrolling interest

(0.1)

—

(0.1)

Net Earnings (loss) Attributable to L&P

$ 127.1

$ 44.9

183 %

$ 210.2

$ (525.7)

Earnings (loss) per diluted share

Net earnings (loss) per diluted share

$ 0.91

$ 0.33

176 %

$ 1.51

$ (3.83)

Shares outstanding

Common stock (at end of period)

135.4

134.3

0.8 %

135.4

134.3

0.8 %

Basic (average for period)

138.7

137.4

138.4

137.2

Diluted (average for period)

140.2

138.0

1.6 %

139.5

137.2

1.7 %

CASH FLOW

THIRD QUARTER

YEAR TO DATE

(In millions)

2025

2024

Change

2025

2024

Change

Net earnings (loss)

$ 127.2

$ 44.9

$ 210.3

$ (525.6)

Depreciation and amortization

29.4

36.4

90.7

101.9

Working capital decrease (increase)

62.9

33.3

15.1

(29.1)

Impairments

0.8

0.6

2.0

678.5

Deferred income tax benefit

1.2

(10.3)

(0.4)

(55.3)

Other operating activities

(95.6)

(9.4)

(101.0)

13.0

Net Cash from Operating Activities

$ 125.9

$ 95.5

32 %

$ 216.7

$ 183.4

18 %

Additions to PP&E

(15.8)

(18.4)

(37.6)

(59.8)

Purchase of companies, net of cash

—

Proceeds from disposals of assets and businesses

294.0

17.4

323.1

40.6

Dividends paid

(6.7)

(20.2)

(129.7)

Repurchase of common stock, net

(0.1)

(0.2)

(2.4)

(4.5)

Additions to (payments of) debt, net

(299.6)

(122.2)

(377.0)

(110.3)

Other

(5.8)

4.8

7.9

(8.0)

Increase (Decrease) in Cash & Equivalents

$ 91.9

$ (29.8)

$ 110.5

$ (88.3)

BALANCE SHEET

Sep 30,

Dec 31,

(In millions)

2025

2024

Change

Cash and equivalents

$ 460.7

$ 350.2

Receivables

568.4

559.4

Inventories

634.0

722.6

Other current assets

45.7

58.3

Total current assets

1,708.8

1,690.5

1 %

Net fixed assets

673.2

724.4

Operating lease right-of-use assets

159.9

175.7

Goodwill

748.5

794.4

Intangible assets and deferred costs, both at net

234.6

276.6

TOTAL ASSETS

$ 3,525.0

$ 3,661.6

(4) %

Trade accounts payable

$ 485.3

$ 497.7

Current debt maturities

1.4

1.3

Current operating lease liabilities

46.3

53.4

Other current liabilities

261.1

294.0

Total current liabilities

794.1

846.4

(6) %

Long-term debt

1,495.8

1,862.8

(20) %

Operating lease liabilities

120.0

131.1

Deferred taxes and other liabilities

142.7

131.1

Equity

972.4

690.2

41 %

Total Capitalization

2,730.9

2,815.2

(3) %

TOTAL LIABILITIES & EQUITY

$ 3,525.0

$ 3,661.6

(4) %

LEGGETT & PLATT

Page 7 of 8

October 27, 2025

SEGMENT RESULTS 1

THIRD QUARTER

YEAR TO DATE

(In millions)

2025

2024

Change

2025

2024

Change

Bedding Products

Trade sales

$ 402.5

$ 445.5

(10) %

$ 1,184.6

$ 1,331.5

(11) %

EBIT

36.4

25.5

43 %

73.2

(550.6)

EBIT margin

9.0 %

5.7 %

330 bps

6.2 %

(41.4) %

Goodwill impairment

—

587.2

Restructuring, restructuring-related, and impairment charges

3.1

8.0

8.6

27.2

Gain on sale of real estate

—

(14.0)

(16.7)

(26.6)

Gain from net insurance proceeds

(13.1)

—

(13.1)

—

Adjusted EBIT 3

26.4

19.5

35 %

52.0

37.2

40 %

Adjusted EBIT margin 3

6.6 %

4.4 %

220 bps

4.4 %

2.8 %

160 bps

Depreciation and amortization

13.2

14.8

39.5

43.7

Adjusted EBITDA

39.6

34.3

15 %

91.5

80.9

13 %

Adjusted EBITDA margin

9.8 %

7.7 %

210 bps

7.7 %

6.1 %

160 bps

Specialized Products

Trade sales

$ 277.5

$ 299.9

(7) %

$ 881.7

$ 935.4

(6) %

EBIT

112.9

24.8

180.0

39.0

EBIT margin

40.7 %

8.3 %

20.4 %

4.2 %

Goodwill impairment

—

43.6

Gain on sale of Aerospace Products Group

(86.8)

—

(86.8)

—

Restructuring, restructuring-related, and impairment charges

0.9

3.8

4.9

5.1

Gain on sale of real estate

—

(1.7)

—

Adjusted EBIT

27.0

28.6

(6) %

96.4

87.7

10 %

Adjusted EBIT Margin

9.7 %

9.5 %

20 bps

10.9 %

9.4 %

150 bps

Depreciation and amortization

7.9

11.0

26.5

31.4

Adjusted EBITDA

34.9

39.6

(12) %

122.9

119.1

3 %

Adjusted EBITDA margin

12.6 %

13.2 %

(60) bps

13.9 %

12.7 %

120 bps

Furniture, Flooring & Textile Products

Trade sales

$ 356.4

$ 356.3

— %

$ 1,050.2

$ 1,060.3

(1) %

EBIT

22.0

27.4

(20) %

71.2

41.6

71 %

EBIT margin

6.2 %

7.7 %

(150) bps

6.8 %

3.9 %

290 bps

Goodwill impairment

—

44.5

Restructuring, restructuring-related, and impairment charges

0.1

0.5

1.1

2.0

Gain on sale of real estate

(2.5)

—

(5.7)

—

Gain from net insurance proceeds

—

(2.2)

Adjusted EBIT 3

19.6

27.9

(30) %

66.6

85.9

(22) %

Adjusted EBIT Margin 3

5.5 %

7.8 %

(230) bps

6.3 %

8.1 %

(180) bps

Depreciation and amortization

4.4

5.4

13.9

16.2

Adjusted EBITDA

24.0

33.3

(28) %

80.5

102.1

(21) %

Adjusted EBITDA margin

6.7 %

9.3 %

(260) bps

7.7 %

9.6 %

(190) bps

Total Company

Trade sales

$ 1,036.4

$ 1,101.7

(6) %

$ 3,116.5

$ 3,327.2

(6) %

EBIT - segments

171.3

77.7

324.4

(470.0)

Intersegment eliminations and other

(0.2)

—

(3.6)

EBIT

171.1

77.7

324.4

(473.6)

EBIT margin

16.5 %

7.1 %

10.4 %

(14.2) %

Goodwill impairment

—

675.3

Gain on sale of Aerospace Products Group

(86.8)

—

(86.8)

—

Restructuring, restructuring-related, and impairment charges

4.1

12.3

14.6

34.3

Gain on sale of real estate

(2.5)

(14.0)

(24.1)

(26.6)

Gain from net insurance proceeds

(13.1)

—

(13.1)

(2.2)

CEO transition compensation costs

—

3.7

Adjusted EBIT 3

72.8

76.0

(4) %

215.0

210.9

2 %

Adjusted EBIT margin 3

7.0 %

6.9 %

10 bps

6.9 %

6.3 %

60 bps

Depreciation and amortization - segments

25.5

31.2

79.9

91.3

Depreciation and amortization - unallocated 4

3.9

5.2

10.8

10.6

Adjusted EBITDA

$ 102.2

$ 112.4

(9) %

$ 305.7

$ 312.8

(2) %

Adjusted EBITDA margin

9.9 %

10.2 %

(30) bps

9.8 %

9.4 %

40 bps

LAST SIX QUARTERS

2024

2025

Selected Figures (In Millions)

Trade sales

1,128.6

1,101.7

1,056.4

1,022.1

1,058.0

1,036.4

Sales growth (vs. prior year)

(8) %

(6) %

(5) %

(7) %

(6) %

Volume growth (same locations vs. prior year)

(4) %

(5) %

(7) %

(6) %

Adjusted EBIT 3

71.2

76.0

55.6

66.6

75.6

72.8

Cash from operations

94.0

95.5

122.3

6.8

84.0

125.9

Adjusted EBITDA (trailing twelve months) 3

442.3

423.7

402.5

404.1

405.6

395.4

(Long-term debt + current maturities - cash and equivalents) / adj. EBITDA 3,5

3.83

3.78

3.76

3.77

3.51

2.62

Organic Sales (Vs. Prior Year) 6

Bedding Products

(13) %

(8) %

(6) %

(12) %

(10) %

(9) %

Specialized Products

— %

(6) %

(5) %

(2) %

Furniture, Flooring & Textile Products

(6) %

(4) %

(1) %

(2) %

— %

Overall

(8) %

(6) %

(5) %

(7) %

(6) %

(4) %

1 Segment and overall company margins calculated on net trade sales.

2 bps = basis points; a unit of measure equal to 1/100th of 1%.

3 Refer to next page for non-GAAP reconciliations.

4 Consists primarily of depreciation of non-operating assets.

5 EBITDA based on trailing twelve months.

6 Trade sales excluding sales attributable to acquisitions and divestitures consummated in the last 12 months.

LEGGETT & PLATT

Page 8 of 8

October 27, 2025

RECONCILIATION OF REPORTED (GAAP) TO ADJUSTED (Non-GAAP) FINANCIAL MEASURES 10

Non-GAAP Adjustments 7

2024

2025

(In millions, except per share data)

Goodwill impairment

675.3

—

0.7

—

Gain on sale of Aerospace Products Group

—

(86.8)

Restructuring, restructuring-related, and impairment charges

11.2

12.3

15.5

6.9

3.6

4.1

Gain on sale of real estate

(4.7)

(14.0)

(4.3)

(3.2)

(18.4)

(2.5)

Gain from net insurance proceeds

—

(13.1)

CEO transition compensation costs

3.7

—

Non-GAAP Adjustments (Pretax) 8

685.5

(1.7)

11.9

3.7

(14.8)

(98.3)

Income tax impact

(43.6)

0.4

(2.7)

(1.3)

3.6

9.0

Special tax item 9

—

5.4

—

2.3

Non-GAAP Adjustments (After Tax)

641.9

(1.3)

14.6

2.4

(11.2)

(87.0)

Diluted shares outstanding

137.3

138.0

138.2

138.6

139.6

140.2

EPS Impact of Non-GAAP Adjustments

4.68

(0.01)

0.11

0.02

(0.08)

(0.62)

Adjusted EBIT, EBITDA, Margin, and EPS 7

2024

2025

(In millions, except per share data)

Trade sales

1,128.6

1,101.7

1,056.4

1,022.1

1,058.0

1,036.4

EBIT (earnings before interest and taxes)

(614.3)

77.7

43.7

62.9

90.4

171.1

Non-GAAP adjustments (pretax)

685.5

(1.7)

11.9

3.7

(14.8)

(98.3)

Adjusted EBIT

71.2

76.0

55.6

66.6

75.6

72.8

EBIT margin

(54.4) %

7.1 %

4.1 %

6.2 %

8.5 %

16.5 %

Adjusted EBIT Margin

6.3 %

6.9 %

5.3 %

6.5 %

7.1 %

7.0 %

EBIT

(614.3)

77.7

43.7

62.9

90.4

171.1

Depreciation and amortization

32.6

36.4

34.1

31.6

29.7

29.4

EBITDA

(581.7)

114.1

77.8

94.5

120.1

200.5

Non-GAAP adjustments (pretax)

685.5

(1.7)

11.9

3.7

(14.8)

(98.3)

Adjusted EBITDA

103.8

112.4

89.7

98.2

105.3

102.2

EBITDA margin

(51.5) %

10.4 %

7.4 %

9.2 %

11.4 %

19.3 %

Adjusted EBITDA Margin

9.2 %

10.2 %

8.5 %

9.6 %

10.0 %

9.9 %

Diluted EPS

(4.39)

0.33

0.10

0.22

0.38

0.91

EPS impact of non-GAAP adjustments

4.68

(0.01)

0.11

0.02

(0.08)

(0.62)

Adjusted EPS

0.29

0.32

0.21

0.24

0.30

0.29

Net Debt to Adjusted EBITDA 11

2024

2025

(In millions, except ratios)

Total debt

2,003.1

1,879.3

1,864.1

1,936.4

1,793.5

1,497.2

Less: cash and equivalents

(307.0)

(277.2)

(350.2)

(412.6)

(368.8)

(460.7)

Net debt

1,696.1

1,602.1

1,513.9

1,523.8

1,424.7

1,036.5

Adjusted EBITDA, trailing 12 months

442.3

423.7

402.5

404.1

405.6

395.4

Net Debt / 12-month Adjusted EBITDA

3.83

3.78

3.76

3.77

3.51

2.62

Aerospace Products Group

2024

2025

(In millions)

Net trade sales

47.5

44.9

52.2

53.0

50.6

28.6

EBIT

5.3

5.2

7.9

7.2

9.3

3.2

Depreciation and amortization

2.6

2.5

2.6

2.5

—

Net Earnings (assuming a 25% tax rate)

4.0

3.9

5.9

5.4

7.0

2.4

7 Management and investors use these measures as supplemental information to assess operational performance.

8 The non-GAAP adjustments are included in the following lines of the income statement:

2024

2025

Cost of goods sold

1.4

0.8

8.7

0.5

—

1.7

Selling & administrative expenses

8.7

6.2

4.5

1.7

—

Other (income) expense, net

675.4

(8.7)

(1.3)

1.5

(14.8)

(100.0)

Total Non-GAAP Adjustments (Pretax)

685.5

(1.7)

11.9

3.7

(14.8)

(98.3)

9 The special tax item of $2.3 in Q3, 2025 is related to recent U.S. corporate income tax law changes, and the $5.4 in Q4, 2024 is the deferred tax asset valuation allowance related to a 2022 acquisition in the Specialized Products segment.

10 Calculations impacted by rounding.

11 Management and investors use this ratio as supplemental information to assess ability to pay off debt. These ratios are calculated differently than the Company's credit facility covenant ratio.

SOURCE Leggett & Platt Incorporated