Hillenbrand : Presentation FY 2022

Q4 FY 2022

EARNINGS CALL PRESENTATION

November 17, 2022

Hillenbrand Participants

Kim Ryan	Bob VanHimbergen	Sam Mynsberge
President & CEO	SVP & CFO	Sr. Director, Investor Relations

EARNINGS PRESENTATION | 2

Disclosure Regarding Forward-Looking Statements

Throughout this earnings release, we make a number of "forward-looking statements," including statements regarding the exploration of potential strategic alternatives for our Batesville reportable operating segment (the "Strategic Process"), that are within the meaning of Section 27A of the Securities Act of 1933, as amended, 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 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.

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

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-looking statements are not guarantees of future performance or events, and actual results or events could differ materially from those set forth in any forward-looking statements. 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: global market and economic conditions, including those related to the financial markets; 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 its suppliers' manufacturing facilities, travel, shipping and logistical disruptions, domestic and international general economic conditions, such as inflation, exchange rates and interest rates, loss of human capital or personnel, and general economic calamities; risks related to the Russian Federation's invasion of Ukraine (referred to herein as the "Ukraine War") and resulting geopolitical instability and uncertainty, which could have a negative impact on our ability to sell to, ship products to, collect payments from, and support customers in certain regions, in addition to the potential effect of supply chain disruptions that could adversely affect profitability; the risk of business disruptions associated with information technology, cyber-attacks, or catastrophic losses affecting infrastructure; negative effects of the Linxis Group SAS ("Linxis") acquisition or other acquisitions on the Company's business, financial condition, results of operations and financial performance (including the ability of the Company to maintain relationships with its customers, suppliers and others with whom it does business); the possibility that the anticipated benefits from the Linxis acquisition and other acquisitions cannot be realized by the Company in full or at all or may take longer to realize than expected; risks that the integrations of Linxis or other acquired businesses disrupt current operations or pose potential difficulties in employee retention or otherwise affects financial or operating results; the duration and outcome of the Strategic Process; the possibility that a transaction or proposed transaction resulting from the Strategic Process (a "Batesville Transaction"), if any, is ultimately not consummated; potential adverse effects of the announcement or results of the Strategic Process or a Batesville Transaction, if any, on the market price of the Company's common stock, or on the ability of Batesville to develop and maintain relationships with its personnel and customers, suppliers and others with whom it does business or otherwise on the Company's business, financial condition, results of operations and financial performance; risks related to diversion of Batesville management's attention from Batesville's ongoing business operations due to the Strategic Process; the impact of the Strategic Process on the ability of the Company to retain and hire key personnel for the Batesville business; increasing competition for highly skilled and talented workers as well as labor shortages; our level of international sales and operations; the impact of incurring significant amounts of indebtedness and any inability of the Company to respond to changes in its business or make future desirable acquisitions; the ability of the Company to comply with financial or other covenants in debt agreements; cyclical demand for industrial capital goods; the ability to recognize the benefits of any 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; competition in the industries in which we operate, including on price; 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; increased costs, poor quality, or unavailability of raw materials or certain outsourced services and supply chain disruptions; continued fluctuations in mortality rates and increased cremations; the dependence of our business units on relationships with several large customers and providers; competition faced by our Batesville business from non-traditional sources; 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; exposure to tax uncertainties and audits; involvement in claims, lawsuits and governmental proceedings related to operations; uncertainty in the United States political and regulatory environment or global trade policy; adverse foreign currency fluctuations; labor disruptions; 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. There can be no assurance that the Strategic Process will result in a Batesville Transaction or that any Batesville Transaction or other transaction described above, if pursued, will be consummated on terms our investors view as favorable or at all. 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, 2022, filed with the Securities and Exchange Commission ("SEC") on November 16, 2022. 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.

EARNINGS PRESENTATION | 3

FY 2022 Year in Review: Well Positioned for Long-Term Growth

FY 2022 Highlights

• Company Purpose, Shape What Matters for TomorrowTM, serves as the foundation of our culture
• Surpassed $75 million annual run-rate synergy target for Milacron integration ahead of schedule
• Record revenue and adjusted EBITDA for Advanced Process Solutions and Molding Technology Solutions segments; industrial revenue up 6%, or 11% excluding FX
• Backlog of $1.76B, up 5%, or 18% excluding FX, provides confidence and stability heading into FY 2023
• Acquisitions further position Hillenbrand for long-term profitable growth in attractive end markets of recycling and food
• Batesville strategic alternatives review remains ongoing

FY 2022 Performance Milestones

		+5%
	$2.8B	$2.9B
Pro Forma
	+9%
Revenue1			excl. FX
	FY 2021	FY 2022
		+4%
$3.79	$3.93
Adj. EPS2		+9%
		excl. FX
	FY 2021	FY 2022
		+5%
	$1.7B	$1.8B
Pro Forma		+18%
		excl. FX
Backlog1
	FY 2021	FY 2022

1	Pro forma comparisons exclude the divested Red Valve, ABEL, and TerraSource Global businesses from FY 2021.
2	Pro forma revenue and adjusted EPS are non-GAAP measures. See appendix for further information and GAAP reconciliation. See appendix for information regarding and reconciliation of pro forma backlog.	EARNINGS PRESENTATION | 4

Strategic Acquisitions Enhance Long-Term Profitable Growth in Attractive End Markets

Total Food & Pharma revenue of ~$400M+ would represent ~13% of HI revenue (vs. ~3% today)

Leading provider of plastics	Leading brands of food processing	Specialist in food extrusion	Leading provider of industrial food
recycling technologies	technologies	equipment	processing equipment
Acquired	Acquired	Acquired	Signed
September 2022	October 2022	June 2022	Expected to close before end of CY22
Annual Revenue1	Annual Revenue2	Annual Revenue1	Annual Revenue2
~$70M	~$300M	~$6M	~$30M
Key Technologies	Key Technologies	Key Technologies	Key Technologies
Size Reduction	Ingredient Automation	Extrusion	Mixing
Washing	Mixing		Feeders
Shredding	Portioning
Drying
Strategic Rationale	Strategic Rationale	Strategic Rationale	Strategic Rationale
Highly complementary to	Highly complementary to Coperion	Highly complementary to	Highly complementary to Linxis
Coperion equipment; complete	equipment; enhances capabilities and scale	Coperion and Linxis brands	brands; strong aftermarket revenue
recycling solutions in fast-growing,	in attractive food & pharma end markets;		(~40% of revenue)
sustainability-driven market	strong aftermarket growth opportunity

Total Capital Deployed of ~$740 Million

1Reflects full FY22 revenue, but total Hillenbrand FY22 results only includes the portion of revenue recognized from the closing date through September 30, 2022. 2Based on CY22E revenue.

EARNINGS PRESENTATION | 5