Hillenbrand : Investor Presentation - September 2021

INVESTOR PRESENTATION

September 2021

Disclosure Regarding Forward-Looking Statements

Throughout this presentation, we make a number of "forward-looking statements" that are within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995, and that are intended to be covered by the safe harbor provided under these sections. As the words imply, these are statements about future sales, earnings, cash flow, results of operations, uses of cash, financings, share repurchases, ability to meet deleveraging goals, and other measures of financial performance or potential future plans or events, strategies, objectives, beliefs, prospects, assumptions, expectations, and projected costs or savings or transactions of the Company that might or might not happen in the future, as contrasted with historical information. Forward-looking statements are based on assumptions that we believe are reasonable, but by their very nature they are subject to a wide range of risks. If our assumptions prove inaccurate or unknown risks and uncertainties materialize, actual results could vary materially from Hillenbrand's (the "Company") expectations and projections. Words that could indicate that we are making forward-looking statements include the following:

intend	believe	plan	expect	may	goal	would	project
become	pursue	estimate	will	forecast	continue	could	anticipate
target	impact	promise	improve	progress	potential	should	encourage

This is not an exhaustive list but is intended to give you an idea of how we try to identify forward-looking statements. The absence of any of these words, however, does not mean that the statement is not forward-looking.

Here is the key point: Forward-lookingstatements are not guarantees of future performance, and our actual results could differ materially from those set forth in any forward-lookingstatements. Any number of factors, many of which are beyond our control, could cause our performance to differ significantly from what is described in the forward-looking statements. These factors include, but are not limited to: the impact of contagious diseases such as the COVID-19 pandemic and the escalation thereof due to variant strains of the virus and the societal, governmental, and individual responses thereto, including supply chain disruption, loss of contracts and/or customers, erosion of some customers' credit quality, downgrades of the Company's credit quality, closure or temporary interruption of the Company's or suppliers' manufacturing facilities, travel, shipping and logistical disruptions, loss of human capital or personnel, and general economic calamities; risks that the integration of Milacron disrupts current operations or poses potential difficulties in employee retention or otherwise affects financial or operating results; the ability to recognize the benefits of the acquisition of Milacron or any other acquisition or disposition, including potential synergies and cost savings or the failure of the Company or any acquired company to achieve its plans and objectives generally; impairment charges to goodwill and other identifiable intangible assets; the risk of business disruptions associated with information technology, cyber-attacks, or catastrophic losses affecting infrastructure; competition in the industries in which we operate, including on price or from nontraditional sources in the death care industry; impacts of decreases in demand or changes in technological advances, laws, or regulation on the revenues that we derive from the plastics industry; our reliance upon employees, agents, and business partners to comply with laws in many countries and jurisdictions; the impact of the significant amount of indebtedness of the Company and its ability to meet its de-leveraging goals; the ability of the Company to comply with financial or other covenants in its debt agreements; global market and economic conditions, including those related to the financial markets; our level of international sales and operations; cyclical demand for industrial capital goods; continued fluctuations in mortality rates and increased cremations; the dependence of our business units on relationships with several large customers and providers; the impact to the Company's effective tax rate of changes in the mix of earnings or tax laws and certain other tax-related matters; involvement in claims, lawsuits and governmental proceedings related to operations; uncertainty in the United States political environment or global trade policy; adverse foreign currency fluctuations; increased costs or unavailability of raw materials or certain outsourced services; labor disruptions; increasing competition for highly skilled and talented workers; and the effect of certain provisions of the Company's governing documents and Indiana law that could decrease the trading price of the Company's common stock. Shareholders, potential investors, and other readers are urged to consider these risks and uncertainties in evaluating forward-looking statements and are cautioned not to place undue reliance on the forward-looking statements. For a more in-depth discussion of these and other factors that could cause actual results to differ from those contained in forward-looking statements, see the discussions under the heading "Risk Factors" in Part I, Item 1A of Hillenbrand's Form 10-K for the year ended September 30, 2020, filed with the Securities and Exchange Commission ("SEC") on November 12, 2020, and in Part II, Item 1A of Hillenbrand's Form 10-Q for the quarter ended June 30, 2021, filed with the SEC on August 4, 2021. The forward-looking information in this release speaks only as of the date hereof, and we assume no obligation to update or revise any forward-looking information.

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Q3 PERFORMANCE HIGHLIGHTS

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Sustained Our Strong Momentum in Q3 2021

FQ3 2021 Earnings Highlights

Segment Pro Forma Revenue1 and Adjusted EBITDA1,2 Performance

• Revenue of $695M increased 14% YoY; revenue increased 18% on a pro forma1 basis driven by strength in MTS and APS
• Record order backlog2 of $1.8B increased 62% YoY on a pro forma basis1 and increased 16% sequentially
• Cash flow from operations of $184M increased $109M compared to prior year; net leverage ratio down to 1.4x
• Completed $100M of share repurchases through the end of July
• Milacron integration remains on-track to achieve $75M 3-year run-ratecost synergy target

APS

Advanced

Process

Solutions

MTS

Molding

Technology

Solutions

Batesville

FQ3'20A

FQ3'21A

∆

$264.6M $313.4M +18%

$54.2M $61.1M +13%

$186.3M $243.8M +31%

$38.1M $49.2M +29%

$139.9M $137.9M -1%

$36.4M $29.8M -18%

1 Pro forma results exclude Red Valve and ABEL from the prior year results of the APS segment.
2 Adjusted EBITDA and backlog are non-GAAP measures. See appendix for further information and GAAP reconciliation.	INVESTOR PRESENTATION | 4

Strong Demand Momentum Drives Record Backlog

Total Company Backlog1

							+16%
					+12%	+13%	$1,766
			+10%		$1,520	$388
	+12%	-4%		$1,349
		$1,200	$362
	$1,134			$292
		$1,091
$1,011		$243
$187		$185
$146
					$1,057	$1,158	$1,378
$865	$947		$906	$958
					MTS Pro Forma Backlog 2
									APS Pro Forma Backlog 2
1Q 20	2Q 20		3Q 20	4Q 20	1Q 21	2Q 21	3Q 21

• Record order intake with robust book-to-bill3 ratio of approximately 140% leads to fourth consecutive quarter of record backlog
• Continued demand strength for our highly engineered products and solutions across most key end markets
• Backlog position provides strong foundation for industrial segment growth into fiscal Q4 2021 and beyond

• $ in millions

• Pro forma backlog excludes Red Valve and ABEL from the APS segment and Cimcool from the MTS segment. Pro forma backlog is a non-GAAP measures. See appendix for further information.

3 Book-to-bill ratio is calculated as APS and MTS orders received in the quarter divided by APS and MTS revenue recognized in the quarter. Book-to-bill ratio is a non-GAAP measure. See appendix for further information.

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