HNI : Q1 2021 HNI Corporation Earnings Presentation

First Quarter Fiscal 2021 Results

April 29th, 2021

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.	2

Q1 2021 Conference Call Agenda

1. Q1 2021 highlights

II. Q2 2021 outlook

1. Corporate Social Responsibility IV. Q&A

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Q1 2021 Highlights

• Residential Building Products operating profit grew more than 90% on a year- over-year basis, and total revenue increased 39% year-over-year
• Workplace Furnishings revenue was down approximately 12% organically versus the prior-year period, the lowest rate of decline since the beginning of the pandemic
• Incremental operating margin was 60%, primarily driven by volume leverage in the Residential Building Products segment and a reset cost structure in the Workplace Furnishings segment
• Quarter-endingdebt levels were $176 million, essentially unchanged from last quarter and down from $230 million last year. Cash totaled $94 million, representing an increase of $59 million from the first quarter of 2020

Year-Over-Year Order Patterns
	Q1'21	Q4'20*
Workplace Furnishings	-10%	-16%
Residential Building Products**	+40%	+23%

*Includes benefit of extra week (~5% on average) **Normalized

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Secular Trends and HNI-Specific Opportunities

Two differentiated business segments each well positioned with cyclical, secular, and HNI-specific growth drivers. We have diversified revenue streams, and clear opportunities to drive revenue growth and shareholder value.

Workplace Furnishings	Residential Building Products
--De-urbanization	--De-urbanization
--Work-from-home	-- Nesting and work-from-home-- Remodel
--De-densification	-- Reversal of recent downsizing trends
--Price-point breadth and product depth*	--Record-low mortgage rates
-- Channel and market reach*:	-- Low housing inventory
- eCommerce access	--Vertically-integrated*
- Video gaming furniture	-- Opportunity to drive growth in an undermarketed category*:
- Design Public acquisition	- New construction: < 40% choose a fireplace
	- Remodel: < 3% projects involve a fireplace
*Opportunities specific to HNI

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