HNI : Investor Relations Presentation

HNI Corporation

Investor Presentation Q121

Forward-Looking Statements

This release contains "forward-looking" statements based on current expectations regarding future plans, events, outlook, objectives, financial performance, expectations for sales growth, and earnings per diluted share (GAAP and non-GAAP), including statements regarding the expected effects on our business, financial condition and results of operations from the COVID-19 pandemic. Forward-looking statements can be identified by words including "expect," "believe," "anticipate," "estimate," "may," "will," "would," "could," "confident", or other similar words, phrases, or expressions. Forward-looking statements involve known and unknown risks and uncertainties, which may cause the Corporation's actual future results and performance to differ materially from expected results. These risks include but are not limited to: the duration and scope of the COVID-19 pandemic, and its effect on people and the economy; the levels of office furniture needs and housing starts; overall demand for the Corporation's products; general economic and market conditions in the United States and internationally; industry and competitive conditions; the consolidation and concentration of the Corporation's customers; the Corporation's reliance on its network of independent dealers; change in trade policy; changes in raw material, component, or commodity pricing; market acceptance and demand for the Corporation's new products; changing legal, regulatory, environmental, and healthcare conditions; the risks associated with international operations; the potential impact of product defects; the various restrictions on the Corporation's financing activities; an inability to protect the Corporation's intellectual property; impacts of tax legislation; and force majeure events outside the

Corporation's control. A description of these risks and additional risks can be found in the Corporation's annual and quarterly reports filed with the Securities and Exchange Commission on Forms 10-K and 10-Q. The Corporation assumes no obligation to update, amend, or clarify forward-looking statements, except as required by applicable law.

Investment Thesis

1. Organic revenue growth

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Margin expansionInvestment OpportunitiesFinancial strengthSeasoned managementAttractive valuation

(~3% dividend yield)

Revenue to benefit from cyclical recovery, secular post-pandemic drivers, and HNI-specific initiatives associated with our Strategic Framework.

Maintain industry-leading profitability in Residential Building Products; focus on margin expansion in Workplace Furnishings as part of our Strategic Framework.

Growth investments and M&A activity ramped as 2020 progressed; 2021 should show increased focus on driving growth.

Cash flow profile and balance sheet strength will support growth investment, dividend growth, M&A, and share repurchase.

CEO Jeff Lorenger: 23 years with HNI, CFO Marshall Bridges: 20 years with HNI; 5 NEOs total over 90 years of pertinent industry experience.

Support from: diversified revenue streams, exposure to faster-growing markets and secular trends, cash flow and dividend consistency, and balance sheet strength.

Company Overview

Segment 2020 Revenue Breakdown

Segment 2020 Non-GAAP EBITDA Breakdown*

HNI Corporation is a manufacturer of commercial furnishings and residential building products. The company operates under two segments. The workplace furnishings segment is a leading global designer and provider of commercial furnishings, going to market under multiple unique brands. The residential building products segment is the nation's leading manufacturer and marketer of hearth products, which include a full array of gas, electric, wood, and pellet-burning fireplaces, inserts, stoves, facings, and accessories.

HNI Corporation At-A-Glance:

Ticker: HNI (NYSE)

Market Cap: ~$1.8B (as of March 15, 2021)

Enterprise Value: ~$1.6B (as of March 15, 2021)

2020 Revenue: $1.9559

2020 Non-GAAP EBITDA: $185M

2020 Free Cash Flow: $173M

2020 Cash Dividends: $52MM

Headquarters: Muscatine, Iowa

Manufacturing Facilities: United States, China, India Sales Offices: U.S., Canada, China, Hong Kong, and India

Workplace Furnishings

Residential Building Products

Furnishings 2020 Revenue Mix

Building Products 2020 Revenue Mix

North American OfficeInternational OfficeeCommerce

New Construction

Remodel & Retrofit

*excludes General Corporate Expense