UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

__________________________________________

FORM 10-Q

(Mark One)


☒			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended ~~November~~February 2928, ~~2025~~2026


☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission file number: 001-15141

__________________________________________

MillerKnoll, Inc.

(Exact name of registrant as specified in its charter)

__________________________________________


Michigan						38-0837640
(State or other jurisdiction of incorporation or organization)						(I.R.S. Employer Identification No.)

855 East Main Avenue

Zeeland, MI 49464

(Address of principal executive offices and zip code)

(616) 654-3000

(Registrant's telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, par value $0.20 per share	MLKN	Nasdaq Global Select Market

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports); and (2) has been subject to such filing requirements for the past 90 days. Yes x No o

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted

pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the

registrant was required to submit such files). Yes x No o

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer

Accelerated filer

Non-accelerated filer

Smaller reporting company

☐

Emerging growth company

☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes ☐ No ☒

As of ~~January~~March 226, 2026, MillerKnoll, Inc. had 68,~~249~~374,~~980~~732 shares of common stock outstanding.

MillerKnoll, Inc.

Form 10-Q

Table of Contents

			Page No.
Part I — Financial Information
Item 1 Financial Statements (Unaudited)
Condensed Consolidated Statements of Comprehensive Income (Loss) — Three and Six Months Ended November 29, 2025, and November 30, 2024			3
Condensed Consolidated Statements of Comprehensive Income (Loss) — Three and Nine Months Ended February 28, 2026, and March 1, 2025			3
Condensed Consolidated Balance Sheets — November 29, 2025, and May 31, 2025			4
Condensed Consolidated Balance Sheets — February 28, 2026, and May 31, 2025			4
Condensed Consolidated Statements of Cash Flows — Six Months Ended November 29, 2025, and November 30, 2024			5
Condensed Consolidated Statements of Cash Flows — Nine Months Ended February 28, 2026, and March 1, 2025			5
Condensed Consolidated Statements of Stockholders' Equity — Six Months Ended November 29, 2025, and November 30, 2024			6
Condensed Consolidated Statements of Stockholders' Equity — Nine Months Ended February 28, 2026, and March 1, 2025			6
Notes to Condensed Consolidated Financial Statements
Note 1 - Description of Business and Basis of Presentation			8
Note 2 - Recently Issued Accounting Standards			98
Note 3 - Revenue from Contracts with Customers			9
Note 4 - Inventories			11
Note 4 - Cash and Cash Equivalents			11
Note 5 - Goodwill and Indefinite-Lived Intangibles			11
Note 5 - Inventories			11
Note 6 - Earnings Per Share			13
Note 6 - Goodwill and Indefinite-Lived Intangibles			12
Note 7 - Stock-Based Compensation			14
Note 7 - Earnings Per Share			14
Note 8 - Income Taxes			14
Note 8 - Stock-Based Compensation			15
Note 9 - Fair Value Measurements			15
Note 9 - Income Taxes			15
Note 10 - Commitments and Contingencies			19
Note 10 - Fair Value Measurements			16
Note 11 - Short-Term Borrowings and Long-Term Debt			20
Note 11 - Commitments and Contingencies			20
Note 12 - Accumulated Other Comprehensive Loss			22
Note 12 - Short-Term Borrowings and Long-Term Debt			21
Note 13 - Operating Segments			22
Note 13 - Accumulated Other Comprehensive Loss			23
Note 14 - Restructuring and Integration Expense			25
Note 14 - Operating Segments			23
Note 15 - Variable Interest Entities			28
Note 15 - Restructuring and Integration Expense			25
Note 16 - Variable Interest Entities			28
Item 2 Management's Discussion and Analysis of Financial Condition and Results of Operations			29
Item 3 Quantitative and Qualitative Disclosures about Market Risk			46
Item 4 Controls and Procedures			47
Part II — Other Information
Item 1 Legal Proceedings			48
Item 1A Risk Factors			48
Item 2 Unregistered Sales of Equity Securities and Use of Proceeds			48
Item 5 Other Information			4849
Item 6 Exhibits			4849
Signatures			5051

PART I - FINANCIAL INFORMATION

Item 1: Financial Statements

MillerKnoll, Inc.

Condensed Consolidated Statements of Comprehensive Income (Loss)

(Dollars in millions, except share data)	Three Months Ended				~~Six~~Nine Months Ended
(Unaudited)	~~November~~February 2928, ~~2025~~2026		~~November~~March 301, ~~2024~~2025		~~November~~February 2928, ~~2025~~2026		~~November~~March 301, ~~2024~~2025
Net sales	$	~~955~~926.26	$	~~970~~876.42	$	12,~~910~~837.95	$	12,~~831~~708.91
Cost of sales	~~583~~573.07		~~593~~543.48		1,~~170~~744.63		1,~~118~~662.64
Gross margin	~~372~~352.29		~~377~~332.04		~~740~~1,093.32		~~713~~1,045.37
Operating expenses:
Selling, general and administrative	~~298~~285.35		~~289~~258.91		~~592~~877.16		~~588~~846.34
Restructuring expense	1.4		—		1.9		—
Impairment charges	—		130.0		—		130.0
Design and research	24.0		24.6		44.3		47.3
Restructuring expense	1.9		4.2		3.8		4.2
Total operating expenses	323.7		314.5		638.3		635.6
Design and research	20.6		22.3		64.9		69.6
Operating earnings	48.5		62.5		102.0		77.7
Total operating expenses	308.0		414.6		946.3		1,050.2
Interest expense	17.9		20.4		36.3		40.3
Operating earnings (loss)	44.9		(82.2)		146.9		(4.5)
Interest and other investment income	(0.7)		(1.5)		(1.8)		(3.1)
Interest expense	17.2		19.1		53.5		59.4
Other (income) expense, net	(1.2)		(1.3)		6.3		(2.7)
Interest and other investment income	(1.5)		(1.2)		(3.3)		(4.3)
Earnings before income taxes and equity income	32.5		44.9		61.2		43.2
Other expense (income), net	—		0.7		6.3		(2.0)
Income tax expense	7.3		9.8		14.9		8.7
Earnings (loss) before income taxes and equity income	29.2		(100.8)		90.4		(57.6)
Equity earnings from nonconsolidated affiliates, net of tax	—		0.1		—		0.2
Income tax expense (benefit)	5.6		(89.0)		20.5		(80.3)
Net earnings	25.2		35.2		46.3		34.7
Equity earnings from nonconsolidated affiliates, net of tax	0.9		0.1		0.9		0.3
Net earnings attributable to redeemable noncontrolling interests	1.0		1.1		1.9		1.8
Net earnings (loss)	24.5		(11.7)		70.8		23.0
Net earnings attributable to MillerKnoll, Inc.	$	24.2	$	34.1	$	44.4	$	32.9
Net earnings attributable to redeemable noncontrolling interests	1.0		1.0		2.9		2.8
Earnings per share - basic	$	0.35	$	0.49	$	0.65	$	0.47
Net earnings (loss) attributable to MillerKnoll, Inc.	$	23.5	$	(12.7)	$	67.9	$	20.2
Earnings per share - diluted	$	0.35	$	0.49	$	0.64	$	0.47
Earnings (loss) per share - basic	$	0.34	$	(0.19)	$	0.99	$	0.29
Other comprehensive (loss), net of tax
Earnings (loss) per share - diluted	$	0.34	$	(0.19)	$	0.98	$	0.29
Foreign currency translation adjustments	$	(9.8)	$	(36.2)	$	8.6	$	(20.8)
Other comprehensive income (loss), net of tax
Pension and post-retirement liability adjustments	0.1		2.8		0.2		2.9
Foreign currency translation adjustments	$	21.1	$	(16.8)	$	29.7	$	(37.6)
Unrealized (loss) gain on interest rate swap agreement	(3.2)		3.6		(9.0)		(17.7)
Pension and post-retirement liability adjustments	0.1		—		0.3		2.9
Other comprehensive (loss), net of tax	$	(12.9)	$	(29.8)	$	(0.2)	$	(35.6)
Unrealized loss on interest rate swap agreement	(3.9)		(4.4)		(12.9)		(22.1)
Comprehensive income (loss)	12.3		5.4		46.1		(0.9)
Other comprehensive income (loss), net of tax	$	17.3	$	(21.2)	$	17.1	$	(56.8)
Comprehensive income attributable to redeemable noncontrolling interests	1.0		1.1		1.9		1.8
Comprehensive income (loss)	41.8		(32.9)		87.9		(33.8)
Comprehensive income (loss) attributable to MillerKnoll, Inc.	$	11.3	$	4.3	$	44.2	$	(2.7)
Comprehensive income attributable to redeemable noncontrolling interests	1.0		1.0		2.9		2.8
Comprehensive income (loss) attributable to MillerKnoll, Inc.	$	40.8	$	(33.9)	$	85.0	$	(36.6)

See accompanying notes to Condensed Consolidated Financial Statements.

MillerKnoll, Inc.

Condensed Consolidated Balance Sheets

(Dollars in millions, except share data)
(Unaudited)	~~November~~February 2928, ~~2025~~2026		May 31, 2025
ASSETS
Current Assets:
Cash and cash equivalents	$	~~180~~174.46	$	193.7
Accounts receivable, net of allowance of $9.2 and $9.3	325.3		350.2
Accounts receivable, net of allowance of $9.0 and $9.3	320.4		350.2
Unbilled accounts receivable	3622.69		26.9
Inventories	~~477~~491.8		447.5
Prepaid expenses	8294.74		74.6
Other current assets	1517.69		15.8
Total current assets	1,~~118~~122.40		1,108.7
Property and equipment, at cost	1,680.7		1,638.8
Property and equipment, net of accumulated depreciation of $1,201.6 and $1,142.7	504.4		496.1
Less — accumulated depreciation	(1,179.2)		(1,142.7)
Right of use assets	410.2		411.2
Net property and equipment	501.5		496.1
Goodwill	1,167.2		1,152.4
Right of use assets	407.9		411.2
Indefinite-lived intangibles	436.9		432.5
Goodwill	1,157.4		1,152.4
Other amortizable intangibles, net of accumulated amortization of $297.3 and $265.4	223.8		247.5
Indefinite-lived intangibles	434.7		432.5
Other noncurrent assets	87.1		101.8
Other amortizable intangibles, net of accumulated amortization of $285.8 and $265.4	230.5		247.5
Total Assets	$	3,951.6	$	3,950.2
Other noncurrent assets	96.0		101.8
Total Assets	$	3,946.4	$	3,950.2
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS & STOCKHOLDERS' EQUITY
Current Liabilities:
Accounts payable	$	~~257~~264.1	$	271.3
Short-term borrowings and current portion of long-term debt	2022.76		16.0
Accrued compensation and benefits	8486.05		92.5
Short-term lease liability	7781.80		72.0
Accrued warranty	1715.06		16.8
Customer deposits	8090.23		102.5
Other accrued liabilities	~~134~~122.90		132.7
Total current liabilities	~~671~~682.71		703.8
Long-term debt	1,~~320~~278.92		1,310.6
Pension and post-retirement benefits	7.1		7.1
Lease liabilities	400.75		413.4
Other liabilities	183.2		180.2
Accrued warranty	54.8		52.8
Total Liabilities	2,583.6		2,615.1
Other liabilities	130.5		127.4
Redeemable noncontrolling interests	63.1		59.3
Total Liabilities	2,553.2		2,615.1
Redeemable noncontrolling interests	62.8		59.3
Stockholders' Equity:
Preferred stock, no par value (10,000,000 shares authorized, none issued)	—		—
Common stock, $0.20 par value (240,000,000 shares authorized, 68,249,980 and 67,804,913 shares issued and outstanding in fiscal 2026 and 2025, respectively)	13.7		13.6
Common stock, $0.20 par value (240,000,000 shares authorized, 68,383,040 and 67,804,913 shares issued and outstanding in fiscal 2026 and 2025, respectively)	13.7		13.6
Additional paid-in capital	~~684~~692.04		679.1
Retained earnings	~~684~~694.24		665.1
Accumulated other comprehensive loss	(8264.29)		(82.0)
Total Stockholders' Equity	1,~~299~~335.76		1,275.8
Total Liabilities, Redeemable Noncontrolling Interests, and Stockholders' Equity	$	3,~~946~~951.46	$	3,950.2

See accompanying notes to Condensed Consolidated Financial Statements.

MillerKnoll, Inc.

Condensed Consolidated Statements of Cash Flows

(Dollars in millions)	~~Six~~Nine Months Ended
(Unaudited)	~~November~~February 2928, ~~2025~~2026		~~November~~March 301, ~~2024~~2025
Cash Flows from Operating Activities:
Net earnings	$	4670.38	$	3423.70
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation and amortization	72110.01		70104.36
Stock-based compensation	1521.10		1724.90
Amortization of deferred financing costs	12.41		2.3.5
Loss on extinguishment of debt	7.8		—
Bad debt expense	1.3		4.4
Deferred taxes	(0.1)		0.9
Loss on extinguishment of debt	8.0		—
Restructuring expense	2.0		—
Deferred taxes	(0.1)		(8.3)
Increase in current assets	(20.7)		(75.1)
Gain on sale of property	—		0.8
(Decrease) increase in current liabilities	(45.5)		18.0
Restructuring expense	4.2		4.2
Other, net	(4.3)		7.4
Impairment expense	—		130.0
Net Cash Provided by Operating Activities	74.0		76.4
Increase in current assets	(24.5)		(146.0)
Decrease in current liabilities	(53.7)		(4.9)
Other, net	(4.1)		3.1
Net Cash Provided by Operating Activities	135.1		138.4
Cash Flows from Investing Activities:
Advances of notes receivable	—		(2.3)
Proceeds from sale of property	—		6.2
Collection of notes receivable	1.3		3.2
Advances of notes receivable	—		(3.1)
Capital expenditures	(61.3)		(44.9)
Collection of notes receivable	6.8		5.7
Other, net	(0.3)		(0.8)
Capital expenditures	(83.4)		(68.1)
Net Cash Used in Investing Activities	(60.3)		(44.8)
Other, net	(1.2)		(1.0)
Net Cash Used in Investing Activities	(77.8)		(60.3)
Cash Flows from Financing Activities:
Repayments of long-term debt	(~~605~~627.64)		(1829.17)
Proceeds from issuance of debt, net of costs	~~544~~561.48		—
Payments of deferred financing costs	(12.42)		—
Proceeds from credit facility	~~659~~851.69		~~486~~702.65
Repayments of credit facility	(~~645~~889.42)		(~~413~~678.5)
Proceeds from securitization facility	97113.1		—
Repayments to securitization facility	(42.89)		—
Dividends paid	(2538.63)		(2639.20)
Common stock issued	13.68		35.42
Common stock repurchases and payments for taxes related to net share settlement of equity awards	(12.23)		(6684.98)
Other, net	1.7		0.8
Distribution to noncontrolling interest	(3.1)		(4.4)
Net Cash Used in Financing Activities	(28.6)		(33.9)
Other, net	1.0		1.1
Effect of Exchange Rate Changes on Cash and Cash Equivalents	1.6		(7.0)
Net Cash Used in Financing Activities	(83.8)		(127.6)
Net Decrease in Cash and Cash Equivalents	(13.3)		(9.3)
Effect of Exchange Rate Changes on Cash and Cash Equivalents	7.4		(11.1)
Net Decrease in Cash and Cash Equivalents	(19.1)		(60.6)
Cash and Cash Equivalents, Beginning of Period	193.7		230.4
Cash and Cash Equivalents, End of Period	$	~~180~~174.46	$	~~221~~169.18

See accompanying notes to Condensed Consolidated Financial Statements.

MillerKnoll, Inc.

Condensed Consolidated Statements of Stockholders' Equity

	Six Months Ended November 29, 2025
	Nine Months Ended February 28, 2026
(Dollars in millions, except share data)	Common Stock			Additional Paid-in Capital		Retained Earnings		Accumulated Other Comprehensive (Loss) Income		MillerKnoll, Inc. Stockholders' Equity
(Unaudited)	Shares	Amount
May 31, 2025	67,804,913	$	13.6	$	679.1	$	665.1	$	(82.0)	$	1,275.8
Net earnings	—	—		—		20.2		—		20.2
Other comprehensive loss, net of tax	—	—		—		—		12.7		12.7
Other comprehensive income, net of tax	—	—		—		—		12.7		12.7
Stock-based compensation expense	—	—		9.3		—		—		9.3
Exercise of stock options	8,445	—		0.1		—		—		0.1
Restricted and performance stock units released	1,030,034	0.2		0.1		—		—		0.3
Employee stock purchase plan issuances	38,231	—		0.7		—		—		0.7
Repurchase and retirement of common stock and common stock withheld for tax withholdings	(377,995)	(0.1)		(7.1)		—		—		(7.2)
Dividends declared ($0.1875 per share)	—	—		—		(13.1)		—		(13.1)
Other	—	—		—		0.7		—		0.7
August 30, 2025	68,503,628	$	13.7	$	682.2	$	672.9	$	(69.3)	$	1,299.5
Net earnings	—	—		—		24.2		—		24.2
Other comprehensive income, net of tax	—	—		—		—		(12.9)		(12.9)
Other comprehensive loss, net of tax	—	—		—		—		(12.9)		(12.9)
Stock-based compensation expense	—	—		5.8		—		—		5.8
Exercise of stock options	6,500	—		0.1		—		—		0.1
Restricted and performance stock units released	14,070	—		0.3		—		—		0.3
Employee stock purchase plan issuances	46,301	—		0.6		—		—		0.6
Repurchase and retirement of common stock and common stock withheld for tax withholdings	(320,519)	—		(5.0)		—		—		(5.0)
Dividends declared ($0.1875 per share)	—	—		—		(13.1)		—		(13.1)
Other	—	—		—		0.2		—		0.2
November 29, 2025	68,249,980	$	13.7	$	684.0	$	684.2	$	(82.2)	$	1,299.7
Net earnings	—	—		—		23.5		—		23.5
Other comprehensive income, net of tax	—	—		—		—		17.3		17.3
Stock-based compensation expense	—	—		5.9		—		—		5.9
Exercise of stock options	8,508	—		0.2		—		—		0.2
Restricted and performance stock units released	37,954	—		0.6		—		—		0.6
Employee stock purchase plan issuances	39,991	—		0.7		—		—		0.7
Repurchase and retirement of common stock, including excise tax	(6,627)	—		(0.1)		—		—		(0.1)
Directors' fees	53,234	—		1.1		—		—		1.1
Dividends declared ($0.1875 per share)	—	—		—		(13.1)		—		(13.1)
Other	—	—		—		(0.2)		—		(0.2)
February 28, 2026	68,383,040	$	13.7	$	692.4	$	694.4	$	(64.9)	$	1,335.6

	Six Months Ended November 30, 2024
	Nine Months Ended March 1, 2025
(Dollars in millions, except share data)	Common Stock			Additional Paid-in Capital		Retained Earnings		Accumulated Other Comprehensive (Loss) Income		MillerKnoll, Inc. Stockholders' Equity
(Unaudited)	Shares	Amount
June 1, 2024	70,377,692	$	14.1	$	725.3	$	738.4	$	(92.7)	$	1,385.1
Net (loss)	—	—		—		(1.2)		—		(1.2)
Other comprehensive income, net of tax	—	—		—		—		(5.8)		(5.8)
Other comprehensive loss, net of tax	—	—		—		—		(5.8)		(5.8)
Stock-based compensation expense	—	—		9.1		—		—		9.1
Exercise of stock options	71,848	—		1.5		—		—		1.5
Restricted and performance stock units released	393,591	0.1		0.1		—		—		0.2
Employee stock purchase plan issuances	30,002	—		0.8		—		—		0.8
Repurchase and retirement of common stock and common stock withheld for tax withholdings	(1,544,733)	(0.3)		(43.7)		—		—		(44.0)
Dividends declared ($0.1875 per share)	—	—		—		(13.2)		—		(13.2)
August 31, 2024	69,328,400	$	13.9	$	693.1	$	724.0	$	(98.5)	$	1,332.5
Net earnings	—	—		—		34.1		—		34.1
Other comprehensive income, net of tax	—	—		—		—		(29.8)		(29.8)
Other comprehensive loss, net of tax	—	—		—		—		(29.8)		(29.8)
Stock-based compensation expense	—	—		8.8		—		—		8.8
Exercise of stock options	21,318	—		0.4		—		—		0.4
Restricted and performance stock units released	6,323	—		0.4		—		—		0.4
Employee stock purchase plan issuances	32,251	—		0.7		—		—		0.7
Repurchase and retirement of common stock, including excise tax	(955,646)	(0.2)		(23.2)		—		—		(23.4)
Directors' fees	1,773	—		0.1		—		—		0.1
Dividends declared ($0.1875 per share)	—	—		—		(13.0)		—		(13.0)
November 30, 2024	68,434,419	$	13.7	$	680.3	$	745.1	$	(128.3)	$	1,310.8
Net (loss)	—	—		—		(12.7)		—		(12.7)
Other comprehensive loss, net of tax	—	—		—		—		(21.2)		(21.2)
Stock-based compensation expense	—	—		6.1		—		—		6.1
Exercise of stock options	2,735	—		0.1		—		—		0.1
Restricted and performance stock units released	508	—		0.7		—		—		0.7
Employee stock purchase plan issuances	39,288	—		0.7		—		—		0.7
Repurchase and retirement of common stock, including excise tax	(785,650)	(0.2)		(17.9)		—		—		(18.1)
Directors' fees	46,614	—		1.0		—		—		1.0
Dividends declared ($0.1875 per share)	—	—		—		(13.0)		—		(13.0)
Other	—	—		(0.5)		0.2		—		(0.3)
March 1, 2025	67,737,914	$	13.5	$	670.5	$	719.6	$	(149.5)	$	1,254.1

See accompanying notes to Condensed Consolidated Financial Statements.

Notes to Condensed Consolidated Financial Statements

(Dollars in millions, except share data)

(unaudited)

1. Description of Business and Basis of Presentation

MillerKnoll, Inc. (the "Company") researches, designs, manufactures and distributes interior furnishings for use in various environments including residential, office, healthcare, and educational settings and provides related services that support organizations and individuals all over the world. The Company's products are sold primarily through the following channels: independent contract furniture dealers, direct customer sales, owned and independent retailers, direct-mail catalogs, and the Company's eCommerce platforms.

MillerKnoll is a collective of globally recognized design brands known for working with some of the most well-known and respected designers in the world. Combined, the Company represents over 100 years of design research and exploration in service of humanity. Within the industries in which the Company operates, Herman Miller® and Knoll®, along with Colebrook Bosson Saunders, DatesWeiser, Design Within Reach®, Edelman®, Geiger®, HAY®, Holly Hunt®, KnollTextiles®, Maharam®, Muuto®, NaughtOne®, and Spinneybeck®|FilzFelt® are acknowledged as leading brands that inspire architects and designers to create their best design solutions. This portfolio has enabled MillerKnoll to connect with new audiences, channels, geographies, and product categories. Leveraging the collective brand equity of MillerKnoll across the lines of business is an important element of the Company's business strategy.

Basis of Presentation

The Condensed Consolidated Financial Statements have been prepared by MillerKnoll, Inc. in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP") for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. Management believes the disclosures made in this document are adequate with respect to interim reporting requirements. Unless otherwise noted or indicated by the context, all references to "MillerKnoll," "we," "our," "Company" and similar references are to MillerKnoll, Inc., its predecessors, and controlled subsidiaries.

The accompanying unaudited Condensed Consolidated Financial Statements, taken as a whole, contain all adjustments that are of a normal recurring nature necessary to present fairly the financial position of the Company as of ~~November~~February 2928, ~~2025~~2026. Operating results for the three and ~~six~~nine months ended ~~November~~February 2928, ~~2025~~2026, are not necessarily indicative of the results that may be expected for the year ending May 30, 2026 ("fiscal 2026"). These Condensed Consolidated Financial Statements should be read in conjunction with the financial statements and notes thereto included in the Company's Annual Report on Form 10-K for the year ended May 31, 2025 ("fiscal 2025"). All intercompany transactions have been eliminated in the Condensed Consolidated Financial Statements. The financial statements of equity method investments are not consolidated.

The Company's fiscal year is the 52 or 53 week period ending on the Saturday closest to May 31. The fiscal year ending May 30, 2026 ("fiscal 2026") and the fiscal year ended May 31, 2025 ("fiscal 2025") both contain 52 weeks.

Cash and Cash Equivalents

Certain of the Company’s subsidiaries participate in a notional cash pooling arrangement to manage global liquidity requirements. As part of a master netting arrangement, the participants combine their cash balances in pooling accounts at the same financial institution with the ability to offset bank overdrafts of one participant against positive cash account balances held by another participant. Under the terms of the master netting arrangement, the financial institution has the right, ability, and intent to offset a positive balance in one account against an overdrawn amount in another account. Amounts in each of the accounts are unencumbered and unrestricted with respect to use. As such, the net cash balance related to this pooling arrangement is included in Cash and cash equivalents in the accompanying Consolidated Balance Sheets.

The Company’s net cash pool position consisted of the following:

(In millions)	November 29, 2025		May 31, 2025
Gross cash position	$	133.3	$	99.4
Less: cash borrowings	(125.6)		(98.0)
Net cash position	$	7.7	$	1.4

2. Recently Issued Accounting Standards

The Company evaluates all Accounting Standards Updates ("ASUs") issued by the Financial Accounting Standards Board ("FASB") for consideration of their applicability to our consolidated financial statements.

Recently Issued Accounting Standards Not Yet Adopted

ASU 2023-09, Income Taxes (Topic 740): Improvements to Tax Disclosures. In December 2023, the FASB issued this ASU which expands disclosures in an entity’s income tax rate reconciliation table and regarding cash taxes paid both in the U.S. and foreign jurisdictions. The update will be effective for annual periods beginning after December 15, 2024. The Company expects the adoption of this guidance will modify our disclosures, but we do not expect it to have a material effect on our financial position, results of operations, or cash flows. The Company will adopt ASU 2023-09 prospectively in its fiscal year ending May 30, 2026.

ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses. In November 2024, the FASB issued this ASU which requires disclosure on an annual and interim basis, in the notes to the financial statements, of disaggregated information about specific categories underlying certain income statement expense line items. In January 2025, the FASB additionally issued ASU 2025-01, which clarified the effective date of ASU 2024-03 for entities that do not have a calendar year-end. The update will be effective in annual reporting periods beginning after December 15, 2026, and interim periods within annual reporting periods beginning after December 15, 2027, with early adoption permitted. The Company expects the adoption of this guidance will modify our disclosures, but we do not expect it to have a material effect on our financial position, results of operations, or cash flows.

We have assessed all other ASUs issued but not yet adopted and concluded that those not disclosed are not relevant to the Company or are not expected to have a material impact.

3. Revenue from Contracts with Customers

Disaggregated Revenue

The Company internally reports and evaluates products based on the categories Workplace, Performance Seating, Lifestyle, and Other. A description of these categories is included below.

The Workplace category includes products centered on creating highly functional and productive settings for both groups and individuals. This category focuses on the development of products, beyond seating, that define boundaries, support work, and enable productivity.

The Performance Seating category includes products centered on seating ergonomics, productivity, and function across an evolving and diverse range of settings. This category focuses on the development of ergonomic seating solutions for specific use cases requiring more than basic utility.

The Lifestyle category includes products focused on bringing spaces to life through beautiful yet functional products. This category focuses on the development of products that support a way of living, in thoughtful yet elevated ways. The products in this category help create emotive and visually appealing spaces via a portfolio that offers diversity in aesthetics, price, and performance.

The Other category primarily consists of textiles, uncategorized product sales, and service sales.

Revenue disaggregated by product type and reportable segment is provided in the table below:

	Three Months Ended				~~Six~~Nine Months Ended
(In millions)	~~November~~February 2928, ~~2025~~2026		~~November~~March 301, ~~2024~~2025		~~November~~February 2928, ~~2025~~2026		~~November~~March 301, ~~2024~~2025
North America Contract:
Workplace	$	309.90	$	~~324~~296.07	$	~~637~~973.05	$	~~603~~921.05
Performance Seating	~~101~~85.13		9675.07		~~204~~262.53		~~190~~243.09
Lifestyle	5248.97		6150.21		~~109~~157.07		~~116~~166.89
Other	4445.6		4345.57		91137.95		91136.18
Total North America Contract	$	~~508~~488.56	$	~~524~~468.72	$	1,~~042~~531.40	$	1,~~000~~469.91
International Contract
Workplace	$	4442.78	$	5138.08	$	89137.21	$	86132.04
Performance Seating	7267.39		8060.90		~~145~~208.42		~~148~~200.37
Lifestyle	4641.35		4435.35		88129.27		83118.27
Other	74.67		611.2		1520.63		1122.35
Total International Contract	$	~~170~~156.9	$	~~182~~145.45	$	~~338~~495.43	$	~~328~~474.83
Global Retail:
Workplace	$	2.16	$	2.15	$	46.17	$	4.7.2
Performance Seating	5660.39		5357.20		~~101~~162.98		97154.0
Lifestyle	~~216~~217.91		~~207~~201.75		~~423~~640.01		~~399~~601.94
Other	0.5		01.35		1.16		02.61
Total Global Retail	$	~~275~~281.81	$	~~263~~262.35	$	~~530~~811.12	$	~~502~~764.27
Total	$	~~955~~926.26	$	~~970~~876.42	$	12,~~910~~837.95	$	12,~~831~~708.91
MillerKnoll, Inc.:
Workplace	$	~~356~~354.74	$	~~377~~338.10	$	~~730~~1,117.3	$	~~693~~1,061.71
Performance Seating	~~229~~214.71		~~230~~192.17		~~451~~633.83		~~435~~598.36
Lifestyle	~~316~~307.13		~~313~~287.21		~~620~~927.25		~~599~~887.90
Other	5250.78		5058.04		~~108~~159.64		~~103~~161.04
Total MillerKnoll, Inc.	$	~~955~~926.26	$	~~970~~876.42	$	12,~~910~~837.95	$	12,~~831~~708.91

~~Refer~~In tothe ~~Note~~current 13year, certain products were reclassified within the Workplace and Performance Seating categories based on management's internal reporting of the ~~Condensed~~performance ~~Consolidated~~of ~~Financial~~these ~~Statements~~product ~~for~~lines. ~~further~~The ~~information~~prior ~~related~~year amounts have been recast to ~~our~~reflect ~~reportable~~these ~~segments~~changes.

Refer to Note 14 of the Condensed Consolidated Financial Statements for further information related to our reportable segments.

Sales by geographic area are based on the location of the customer. The following is a summary of geographic information for the years indicated. Individual foreign country information is not provided as none of the individual foreign countries in which the Company operates are considered material for separate disclosure based on quantitative and qualitative considerations.

Three Months Ended

~~Six~~Nine Months Ended

(In millions)

~~November~~February 2928, ~~2025~~2026

~~November~~March 301, ~~2024~~2025

~~November~~February 2928, ~~2025~~2026

~~November~~March 301, ~~2024~~2025

Net sales:

United States

~~684~~662.25

~~684~~635.64

12,~~378~~041.61

1,~~302~~938.82

International

~~271~~264.01

~~285~~240.8

~~532~~796.34

~~529~~769.19

Total

~~955~~926.26

~~970~~876.42

12,~~910~~837.95

12,~~831~~708.91

Contract Balances

Customers may make payments before the satisfaction of the Company's performance obligation and recognition of revenue. These payments represent contract liabilities and are included within the caption “Customer deposits” in the Condensed Consolidated Balance Sheets. During the three and ~~six~~nine months ended ~~November~~February 2928, ~~2025~~2026, the Company recognized net sales of $149.24 million and $7888.82 million, respectively, related to customer deposits that were included in the balance sheet as of May 31, 2025. During the three and ~~six~~nine months ended ~~November~~March 301, ~~2024~~2025, the Company recognized net sales of $83.89 million and $8185.65 million, respectively, related to customer deposits that were included in the balance sheet as of June 1, 2024.

4. ~~Inventories~~Cash and Cash Equivalents

(In millions)	November 29, 2025		May 31, 2025
Finished goods and work in process	$	357.9	$	329.5
Raw materials	119.9		118.0
Total	$	477.8	$	447.5

The Company’s net cash pool position consisted of the following:


(In millions)	February 28, 2026		May 31, 2025
Gross cash position	$	137.0	$	99.4
Less: cash borrowings	(136.1)		(98.0)
Net cash position	$	0.9	$	1.4

5. Inventories


(In millions)	February 28, 2026		May 31, 2025
Finished goods and work in process	$	370.6	$	329.5
Raw materials	121.2		118.0
Total	$	491.8	$	447.5

Inventories are valued primarily using the first-in first-out method.

~~5. Goodwill and Indefinite-Lived Intangibles~~ 11

6. Goodwill and Indefinite-Lived Intangibles

Changes in the carrying amount of goodwill, by reportable segment, were as follows:

(In millions)	North America Contract(1)		International Contract		Global Retail(2)		Total
Balance at May 31, 2025	$	590.8	$	159.1	$	402.5	$	1,152.4
Foreign currency translation adjustments	16.32		1.2.7		2.5.9		514.08
Balance at November 29, 2025	$	592.1	$	160.3	$	405.0	$	1,157.4
Balance at February 28, 2026	$	597.0	$	161.8	$	408.4	$	1,167.2

(1) North America Contract segment had accumulated goodwill impairments of $36.7 million as of ~~November~~February 2928, ~~2025~~2026, and May 31, 2025.

(2) Global Retail segment had accumulated goodwill impairments of $181.1 million as of ~~November~~February 2928, ~~2025~~2026, and May 31, 2025.

Other indefinite-lived assets included in the Consolidated Balance Sheets consist of the following:

(In millions)	Indefinite-lived Intangible Assets
May 31, 2025	$	432.5
Foreign currency translation adjustments	24.24
November 29, 2025	$	434.7
February 28, 2026	$	436.9

1112

Goodwill

Goodwill is tested for impairment at the reporting unit level annually, or more frequently when events or changes in circumstances indicate that the fair value of a reporting unit has more likely than not declined below its carrying value. When testing goodwill for impairment, the Company may first assess qualitative factors. If an initial qualitative assessment identifies that it is more likely than not that the carrying value of a reporting unit exceeds its estimated fair value, additional quantitative testing is performed. The Company may also elect to bypass the qualitative testing and proceed directly to the quantitative testing. If the quantitative testing indicates that goodwill is impaired, the carrying value of goodwill is written down to fair value. During the third quarter of fiscal year 2025, the Company performed an assessment to determine whether there were indicators of a triggering event which could indicate the carrying amount of the reporting units may not be supported by the fair value. Although our annual impairment test is performed during the fourth quarter, we perform this qualitative assessment each interim reporting period. Through this assessment management identified an impairment triggering event associated with lower-than-expected operating results. This suggested that the fair value of one or more of our reporting units may have fallen below their carrying amount. Accordingly, we performed a quantitative valuation of each reporting unit during the third quarter of fiscal year 2025. During the second quarter of fiscal year 2026 there was no impairment triggering event identified.

~~The~~Although ~~Company used~~ the ~~discounted~~annual ~~cash~~impairment ~~flow~~test ~~method~~is ~~under~~performed aduring ~~weighting of~~ the ~~income~~fourth ~~and~~quarter, ~~market~~the ~~approach~~assessment toof ~~estimate~~triggering ~~the~~events ~~fair~~is ~~value~~performed ofeach ~~our~~interim reporting ~~units~~period. ~~These~~During ~~approaches~~the ~~are~~third ~~based~~quarter onof afiscal ~~discounted~~year ~~cash~~2026 ~~flow~~there ~~analysis~~was ~~and~~no ~~observable~~impairment ~~comparable~~triggering ~~company~~event ~~information~~identified. ~~that use several inputs, including:~~

During the third quarter of fiscal year 2025, the Company performed an assessment to determine whether there were indicators of a triggering event which could indicate the carrying amount of the reporting units may not be supported by the fair value. Through this assessment management identified an impairment triggering event associated with lower-than-expected operating results. This suggested that the fair value of one or more of the reporting units may have fallen below their carrying amount. Accordingly, the Company performed a quantitative valuation of each reporting unit during the third quarter of fiscal year 2025.

As part of the 2025 quantitative valuation, the Company used the discounted cash flow method under a weighting of the income and market approach to estimate the fair value of each reporting unit. These approaches are based on a discounted cash flow analysis and observable comparable company information that use several inputs, including:

•actual and forecasted revenue growth rates and operating margins,

•discount rates based on the reporting unit's weighted average cost of capital, and

•revenue and EBITDA of comparable companies.

The Company selected the assumptions used in the financial forecasts using historical data, supplemented by current and anticipated market conditions, management’s long-term strategic plans, and guideline companies.

As a result of the third quarter fiscal year 2025 goodwill impairment test, the Company recognized a total non-cash impairment charge of $30.1 million and $62.2 million in its Global Retail and Holly Hunt reporting units, respectively. The goodwill impairment charges were primarily caused by reduced sales and profitability projections as well as an increase in the discount rate. After these impairment charges and before the changes in reporting units resulting from ~~our~~the segment re-organization, the Global Retail and Holly Hunt reporting units had remaining goodwill of $357.0 million and $33.0 million, respectively.

Additionally, the quantitative assessment in the third quarter of fiscal year 2025 resulted in the fair values of the Americas Contract, International Contract and Coverings reporting units exceeding their respective carrying values (the "cushion") by 32%, 63% and 10%, respectively.

Generally, changes in estimates of expected future cash flows would have a similar effect on the estimated fair value of the reporting unit. For example, a 1.0% decrease in estimated annual future cash flows would decrease the estimated fair value of the reporting unit by approximately 1.0%. The estimated long-term growth rate can have a significant impact on the estimated future cash flows, and therefore, the fair value of each reporting unit. Of the other key assumptions that impact the estimated fair values, most reporting units have the greatest sensitivity to changes in the estimated discount rate. In completing the goodwill impairment test, the respective fair values were estimated using discount rates ranging from 12.0% to 15.0% and long-term growth rates ranging from 2.5% to 3.0%.

The Company evaluated the sensitivity of changes in projected growth rates, discount rates and long-term growth rates for the reporting units with goodwill remaining as of March 1, 2025.

•A decrease in the forecasted sales by 500 basis points in all years or an increase in the discount rate of 100 basis points, leaving all other assumptions static, would not result in impairment for the Americas Contract, International Contract or Coverings reporting units.

•A decrease in the operating margin of 100 basis points in all years, leaving all other assumptions static, would not result in impairment for the Americas Contract or International Contract reporting units. For the Coverings reporting unit it would result in impairment of $3.0 million.

•A reduction in the projected sales growth rate, decline in operating margins, an increase in the discount rate or a decline in the long-term sales growth rate for the Holly Hunt or Global Retail reporting units may result in the need to record an additional impairment charge.

Additionally, in the third quarter of fiscal year 2025 the Company implemented an organizational change that resulted in a change in the reportable segments and reporting units. As a result, the Company performed the required impairment assessments directly before and immediately after the change in reporting units. As a result of this change, $26.1 million of goodwill was reassigned from the Americas Contract reporting unit to the International Contract reporting unit, based on the relative fair value approach. Additionally, the $33.0 million of remaining goodwill for the Holly Hunt reporting unit was moved to the Global Retail reporting unit. Subsequent to this change the Company has four reporting units, North America Contract, International Contract, Global Retail and Coverings.

Indefinite-Lived Intangibles

The Company evaluates indefinite-lived trade name intangible assets for impairment annually. The Company also tests for impairment if events and circumstances indicate that it is more likely than not that the fair value of an indefinite-lived intangible asset is below its carrying amount. An impairment charge is recorded if the carrying amount of an indefinite-lived intangible asset exceeds the estimated fair value on the measurement date. During the third quarter of fiscal year 2025, in conjunction with the goodwill impairment triggering event discussed above, the Company assessed its indefinite-lived trade names for indicators of impairment. As a result, the Company recognized $37.7 million in non-cash impairment charges related to the Knoll and Muuto trade names during the third quarter of fiscal year 2025.

~~The~~During ~~Company performed quantitative assessments during~~ the third quarter of fiscal year 2025, in ~~testing~~conjunction with the goodwill impairment triggering event discussed above, the Company assessed its indefinite-lived ~~intangible~~trade ~~assets~~names ~~which~~for ~~showed~~ indicators ~~that~~of impairment. ~~was~~As ~~more~~a ~~likely~~result, ~~than~~the ~~not~~Company recognized $37.7 million in non-cash impairment charges related to the Knoll and Muuto trade names during the third quarter of fiscal year 2025. In performing this assessment, we estimate the fair value of these intangible assets using the relief-from-royalty method which requires assumptions related to:

•actual and forecasted revenue growth rates,

•assumed royalty rates that could be payable if we did not own the trademark, and

•a market participant discount rate based on a weighted-average cost of capital.

In completing the third quarter fiscal year 2025 assessment of indefinite-lived trade name impairment, the respective fair values were estimated using discount rates ranging from 12.75% to 17.25%, royalty rates ranging from 1.00% to 3.00%, and long-term growth rates ranging from 2.50% to 3.00%. The Company’s estimates of the fair value of its indefinite-lived intangible assets are sensitive to changes in the key assumptions above as well as projected financial performance. If the estimated cash flows related to the Company's indefinite-lived intangibles were to decline in future periods, the Company may need to record additional impairment charges. Management has not identified any events or changes in circumstances that may indicate an indefinite-lived intangible is more likely than not to be impaired as of the ~~second~~third quarter of fiscal year 2026.

137. Earnings Per Share

6Basic earnings per share is computed by dividing net earnings attributable to MillerKnoll, Inc. ~~Earnings~~by ~~Per~~the ~~Share~~weighted-average number of common shares outstanding for the period. Diluted earnings per share is computed by dividing net earnings attributable to MillerKnoll, Inc. by the weighted-average number of common shares outstanding, including all potentially dilutive common shares. In periods of loss, there are no potentially dilutive common shares to add to the weighted-average number of common

Basic earnings per share is computed by dividing net earnings attributable to MillerKnoll, Inc. by the weighted-average number of common shares outstanding for the period. Diluted earnings per share is computed by dividing net earnings attributable to MillerKnoll, Inc. by the weighted-average number of common shares outstanding, including all potentially dilutive common shares. In periods of loss, there are no potentially dilutive common shares to add to the weighted-average number of common shares outstanding.

The table below presents a reconciliation of the numerator and denominator used in the calculation of basic and diluted earnings per share attributable to MillerKnoll, Inc.:

	Three Months Ended				Six Months Ended
	November 29, 2025		November 30, 2024		November 29, 2025		November 30, 2024
Numerator:
Net earnings attributable to MillerKnoll, Inc. - in millions	$	24.2	$	34.1	$	44.4	$	32.9
Denominator:
Weighted-average common shares outstanding - basic	68,706,216		69,298,740		68,562,348		69,748,265
Potentially dilutive shares resulting from stock plans	201,295		734,219		447,722		1,020,282
Weighted-average common shares outstanding - diluted	68,907,511		70,032,959		69,010,070		70,768,547
Earnings per share attributable to MillerKnoll, Inc. - basic	$	0.35	$	0.49	$	0.65	$	0.47
Earnings per share attributable to MillerKnoll, Inc. - diluted	$	0.35	$	0.49	$	0.64	$	0.47
Antidilutive equity awards not included in weighted-average common shares - diluted	4,910,589		1,376,198		4,252,532		1,259,270

7. Stock-Based Compensation

The following table summarizes the stock-based compensation expense and related income tax effect for the three and six months ended:

	Three Months Ended				Six Months Ended
(In millions)	November 29, 2025		November 30, 2024		November 29, 2025		November 30, 2024
Stock-based compensation expense	$	5.8	$	8.8	$	15.1	$	17.9
Related income tax effect	$	1.4	$	2.2	$	3.7	$	4.4

Certain Company equity-based compensation awards contain provisions that allow for continued vesting into retirement. Stock-based awards are considered fully vested for expense attribution purposes when the employee's retention of the award is no longer contingent on providing subsequent service. Stock-based compensation expense is recorded within Selling, general and administrative expenses on the Condensed Consolidated Statements of Comprehensive Income (Loss).

8shares outstanding. ~~Income~~The ~~Taxes~~table below presents a reconciliation of the numerator and denominator used in the calculation of basic and diluted earnings per share attributable to MillerKnoll, Inc.:

The Company's process for determining the provision for income taxes for the three and six months ended November 29, 2025, involved using an estimated annual effective tax rate which was based on expected annual income and statutory tax rates across the various jurisdictions in which it operates. The effective tax rates were 22.5% and 21.8%, respectively, for the three month periods ended November 29, 2025, and November 30, 2024. The year over year change in the effective tax rate for the three months ended November 29, 2025, resulted from the prior year quarter reflecting favorable discrete impacts from return to provision true-ups related to the United States research and development credit and the current quarter having no comparable impacts. For both the three months ended November 29, 2025, and the three months ended November 30, 2024, the effective rate is higher than the United States federal statutory rate due to United States state income taxes and the mix of earnings in tax jurisdictions that had rates that were higher than the United States federal statutory rate.


	Three Months Ended				Nine Months Ended
	February 28, 2026		March 1, 2025		February 28, 2026		March 1, 2025
Numerator:
Numerator for both basic and diluted EPS, Net earnings (loss) attributable to MillerKnoll, Inc. - in millions	$	23.5	$	(12.7)	$	67.9	$	20.2

Denominator:
Weighted-average common shares outstanding - basic	68,664,546		68,353,906		68,609,898		69,269,956
Potentially dilutive shares resulting from stock plans	467,618		—		490,090		911,323
Weighted-average common shares outstanding - diluted	69,132,164		68,353,906		69,099,988		70,181,279

Earnings per share attributable to MillerKnoll, Inc. - basic	$	0.34	$	(0.19)	$	0.99	$	0.29
Earnings per share attributable to MillerKnoll, Inc. - diluted	$	0.34	$	(0.19)	$	0.98	$	0.29

Antidilutive equity awards not included in weighted-average common shares - diluted	4,058,206		2,821,894		4,135,918		1,222,986

~~The effective tax rates were 24~~8.3% and 20.0%, respectively, for the six months ended November 29, 2025, and November 30, 2024. The year over year increase in the effective tax rate for the six months ended November 29, 2025, resulted from the current six months having unfavorable discrete impacts from stock compensation and the prior year period having favorable discrete impacts from return to provision trueStock-~~ups~~Based ~~related~~Compensation to the United States research and development tax credit. For the six months ended November 29, 2025, the effective tax rate is higher than the United States federal statutory rate due to United States state income taxes, the mix of earnings in tax jurisdictions having rates higher than the United States federal statutory rate and unfavorable discrete impacts from the vesting of stock compensation. For the six months ended November 30, 2024, the effective tax rate is lower than the United States federal statutory rate due to favorable discrete impacts from stock compensation and return to provision true-ups related to the United States research and development tax credit.

The ~~Company~~following ~~recognizes~~table ~~interest~~summarizes ~~and~~the ~~penalties~~stock-based ~~related~~compensation ~~to uncertain tax benefits through Income tax~~ expense ~~in its Condensed Consolidated Statements of Comprehensive Income. Interest~~ and ~~penalties~~related ~~recognized~~income intax ~~the~~effect ~~Company's Condensed Consolidated Statements of Comprehensive Income were negligible~~ for the ~~three~~periods ~~and six months ended November 29, 2025, and November 30, 2024.~~ indicated:

9. Fair Value Measurements


	Three Months Ended				Nine Months Ended
(In millions)	February 28, 2026		March 1, 2025		February 28, 2026		March 1, 2025
Stock-based compensation expense	$	5.9	$	6.1	$	21.0	$	24.0
Related income tax effect	$	1.4	$	1.5	$	5.1	$	5.9

Certain of the Company's equity-based compensation awards contain provisions that allow for continued vesting into retirement. Stock-based awards are considered fully vested for expense attribution purposes when the employee's retention of the award is no longer contingent on providing subsequent service. Stock-based compensation expense is recorded within Selling, general and administrative expenses on the Condensed Consolidated Statements of Comprehensive Income (Loss).

9. Income Taxes

The Company's process for determining the provision for income taxes for the three and nine months ended February 28, 2026, involved using an estimated annual effective tax rate which was based on expected annual income and statutory tax rates across the various jurisdictions in which it operates.

The effective tax rates were 19.2% and 88.3%, respectively, for the three month periods ended February 28, 2026, and March 1, 2025. The year over year change in the effective tax rate for the three months ended February 28, 2026, resulted from the current year quarter reflecting favorable discrete impacts from return to provision true-ups related mainly to the United States research and development credit and the prior quarter having impacts from the impairment of indefinite-lived intangible assets. For the three months ended February 28, 2026, the effective rate is lower than the United States federal statutory rate due to favorable discrete impacts from return to provision true-ups related mainly to the United States research and development credit. For the three months ended March 1, 2025, the effective rate is higher than the United States federal statutory rate due to impacts from the impairment of indefinite-lived intangible assets. The effective tax rates were 22.7% and 139.4%, respectively, for the nine months ended February 28, 2026, and March 1, 2025. The year over year change in the effective tax rate for the nine months ended February 28, 2026 resulted from the prior year nine months having impacts from the impairment of

indefinite-lived intangible assets and the current year nine months having no comparable impacts. For the nine months ended February 28, 2026, the effective tax rate is higher than the United States federal statutory rate due to United States state income taxes and the mix of earnings in tax jurisdictions having rates higher than the United States federal statutory rate. For the nine months ended March 1, 2025, the effective tax rate is higher than the United States federal statutory rate due to impacts from the impairment of indefinite-lived intangible assets.

The Company recognizes interest and penalties related to uncertain tax benefits through Income tax expense in its Condensed Consolidated Statements of Comprehensive Income. Interest and penalties recognized in the Company's Condensed Consolidated Statements of Comprehensive Income were negligible for the three and nine months ended February 28, 2026, and March 1, 2025.

10. Fair Value Measurements

The Company's financial instruments consist of cash equivalents, accounts and notes receivable, deferred compensation plans, accounts payable, debt, interest rate swaps, and foreign currency exchange contracts. The Company's financial instruments, other than long-term debt, are recorded at fair value.

The carrying value and fair value of the Company's ~~long-term~~total debt, ~~including current maturities,~~ is as follows for the periods indicated:

(In millions)	~~November~~February 2928, ~~2025~~2026		May 31, 2025
Carrying value	$	1,~~350~~310.21	$	1,337.0
Fair value	$	1,~~295~~318.68	$	1,330.7

The following describes the methods the Company uses to estimate the fair value of financial assets and liabilities recorded in net earnings, which have not significantly changed in the current period:

Cash and cash equivalents — The Company invests excess cash in short term investments in the form of money market funds, which are valued using net asset value ("NAV").

Deferred compensation plan — The Company's deferred compensation plan primarily includes various domestic and international equity and fixed income mutual funds that are recorded at fair value using quoted prices for similar securities.

Foreign currency exchange contracts — The Company's foreign currency exchange contracts are valued using an approach based on foreign currency exchange rates obtained from active markets. The estimated fair value of forward currency exchange contracts is based on month-end spot rates as adjusted by market-based current activity. These forward contracts are not designated as hedging instruments.

The following table sets forth financial assets and liabilities measured at fair value through net income and the respective pricing levels to which the fair value measurements are classified within the fair value hierarchy as of ~~November~~February 2928, ~~2025~~2026, and May 31, 2025.


(In millions)	February 28, 2026				May 31, 2025
Financial Assets	NAV		Quoted prices with other observable inputs (Level 2)		NAV		Quoted prices with other observable inputs (Level 2)
Cash equivalents:
Money market funds	$	4.8	$	—	$	10.8	$	—
Other current assets:
Foreign currency forward contracts	—		1.0		—		0.8
Other noncurrent assets:
Deferred compensation plan	—		25.4		—		22.0
Total	$	4.8	$	26.4	$	10.8	$	22.8

Financial Liabilities
Other accrued liabilities:
Foreign currency forward contracts	$	—	$	1.0	$	—	$	0.2
Total	$	—	$	1.0	$	—	$	0.2

(In millions)	November 29, 2025				May 31, 2025
Financial Assets	NAV		Quoted prices with other observable inputs (Level 2)		NAV		Quoted prices with other observable inputs (Level 2)
Cash equivalents:
Money market funds	$	2.9	$	—	$	10.8	$	—
Other current assets:
Foreign currency forward contracts	—		1.0		—		0.8
Other noncurrent assets:
Deferred compensation plan	—		26.1		—		22.0
Total	$	2.9	$	27.1	$	10.8	$	22.8
Financial Liabilities
Other accrued liabilities:
Foreign currency forward contracts	$	—	$	1.0	$	—	$	0.2
Total	$	—	$	1.0	$	—	$	0.2

The following describes the methods the Company uses to estimate the fair value of financial assets and liabilities recorded in other comprehensive income, which have not significantly changed in the current period:

Interest rate swap agreements — The value of the Company's interest rate swap agreements are determined using a market approach based on rates obtained from active markets. The interest rate swap agreements are designated as cash flow hedging instruments.

The following table sets forth financial assets and liabilities measured at fair value through other comprehensive income and the respective pricing levels to which the fair value measurements are classified within the fair value hierarchy as of ~~November~~February 2928, ~~2025~~2026, and May 31, 2025.

(In millions)		~~November~~February 2928, ~~2025~~2026		May 31, 2025
Financial Assets	Balance Sheet Location	Quoted Prices with Other Observable Inputs (Level 2)		Quoted Prices with Other Observable Inputs (Level 2)
Interest rate swap agreement	Other noncurrent assets	$	1714.30	$	28.1
Total		$	1714.30	$	28.1
Financial Liabilities
Interest rate swap agreement	Other liabilities	$	35.21	$	2.0
Total		$	35.21	$	2.0

The cost of securities sold is based on the specific identification method; realized gains and losses resulting from such sales are included in the Consolidated Statements of Comprehensive Income within Other expense (income), net. The Company views its equity and fixed income mutual funds as available for use in its current operations. Accordingly, the investments are recorded within Current Assets within the Consolidated Balance Sheets.

1617

Derivative Instruments and Hedging Activities

Foreign Currency Forward Contracts

The Company transacts business in various foreign currencies and has established a program that primarily utilizes foreign currency forward contracts to offset the risks associated with the effects of certain foreign currency exposures. Under this program, the Company's strategy is to have increases or decreases in our foreign currency exposures offset by gains or losses on the foreign currency forward contracts to mitigate the risks and volatility associated with foreign currency transaction gains or losses. These foreign currency exposures typically arise from net liability or asset exposures in non-functional currencies on the balance sheets of our foreign subsidiaries. These foreign currency forward contracts generally settle within 30 days and are not used for trading purposes.

These forward contracts are not designated as hedging instruments. Accordingly, we record the fair value of these contracts as of the end of the reporting period in the Consolidated Balance Sheets with changes in fair value recorded within the Consolidated Statements of Comprehensive Income. The balance sheet classification for the fair values of these forward contracts is Other current assets for unrealized gains and to Other accrued liabilities for unrealized losses. The Consolidated Statements of Comprehensive Income classification for the fair values of these forward contracts is to Other (income) expense, net, for both realized and unrealized gains and losses.

Interest Rate Swaps

The Company enters into interest rate swap agreements to manage its exposure to interest rate changes and its overall cost of borrowing. The Company's interest rate swap agreements exchange variable rate interest payments for fixed rate payments over the life of the agreement without the exchange of the underlying notional amounts. The notional amount of the interest rate swap agreements is used to measure interest to be paid or received. The differential paid or received on the interest rate swap agreements is recognized as an adjustment to interest expense.

In September 2016, the Company entered into an interest rate swap agreement. The interest rate swap is for an aggregate notional amount of $150.0 million with a forward start date of January 3, 2018, and a termination date of January 3, 2028. As a result of the transaction, the Company effectively converted the interest rate on indebtedness anticipated to be borrowed on the Company’s revolving line of credit up to the notional amount from a LIBOR-based floating interest rate plus applicable margin to a 1.949% fixed interest rate plus applicable margin as of the forward start date. The swap agreement was amended in February 2023 for each calculation period beginning on February 3, 2023, and thereafter, to replace the LIBOR-based floating interest rate with a Term SOFR rate, and a 1.910% modified fixed interest rate. In May 2025, the swap agreement was amended to remove the 0.11448% floor and related CSA.

In June 2017, the Company entered into a second interest rate swap agreement. The interest rate swap is for an aggregate notional amount of $75.0 million with a forward start date of January 3, 2018 and a termination date of January 3, 2028. As a result of the transaction, the Company effectively converted the interest rate on indebtedness anticipated to be borrowed on the Company’s revolving line of credit up to the notional amount from a LIBOR-based floating interest rate plus applicable margin to a 2.387% fixed interest rate plus applicable margin as of the forward start date. The swap agreement was amended in February 2023 for each calculation period beginning on February 3, 2023, and thereafter, to replace the LIBOR-based floating interest rate with a Term SOFR rate, and a 2.348% modified fixed interest rate. In May 2025, the swap agreement was amended to remove the 0.11448% floor and related CSA.

In January 2022, the Company entered into a third interest rate swap agreement. The interest rate swap is for an aggregate notional amount of $575.0 million with a forward start date of January 31, 2022, and a maturity date of January 29, 2027. The interest rate swap locked in the Company’s interest rate on the forecasted outstanding borrowings of $575.0 million at 1.689% exclusive of the credit spread on the variable rate debt. As a result of the transaction, under the terms of the agreement the Company effectively ~~will~~converted ~~convert~~ one month Term SOFR floating interest rate plus applicable margin to 1.689% fixed interest rate plus applicable margin as of the forward start date. The swap agreement was amended in February 2023 for each calculation period beginning on January 31, 2023, and thereafter, to replace the LIBOR-based floating interest rate with a Term SOFR rate, and a 1.650% modified fixed interest rate. In May 2025, the swap agreement was amended to remove the 0.11448% floor and related CSA.

1718

In February 2023, the Company entered into a fourth interest rate swap agreement. The interest rate swap is for an aggregate notional amount of $150.0 million with a forward start date of March 3, 2023, and a termination date of January 3, 2029. The interest rate swap locked in the Company's interest rate on the forecasted outstanding borrowings of $150.0 million at 3.950% exclusive of the credit spread on the variable rate debt. As a result of the transaction, under the terms of the agreement the Company effectively ~~will~~converted ~~convert~~ one month Term SOFR floating interest rate plus applicable margin to 3.950% fixed interest rate plus applicable margin as of the forward start date.

~~The~~In ~~interest~~February ~~rate~~2026, ~~swaps~~the ~~were~~Company ~~designated~~entered asinto ~~cash~~a ~~flow~~forward-starting ~~hedges at~~interest ~~inception~~rate ~~and~~swap ~~the~~agreement. ~~facts~~The ~~and~~interest ~~circumstances~~rate ofswap ~~the~~is ~~hedged~~for ~~relationships~~an ~~remain~~aggregate ~~consistent~~notional ~~with~~amount ~~the~~of ~~initial~~$200.0 ~~quantitative~~million, ~~effectiveness~~with ~~assessment~~a inforward ~~that~~start ~~the~~date ~~hedged~~of ~~instruments~~January ~~remain~~29, an2027, ~~effective~~and ~~accounting~~a ~~hedge~~termination asdate of ~~November 29~~ January 31, ~~2025~~2030. ~~Since~~The ainterest ~~designated~~rate ~~derivative~~swap ~~meets~~locked ~~hedge~~in ~~accounting criteria,~~ the ~~fair~~Company's ~~value~~interest ofrate ~~the~~on ~~hedge is recorded in~~ the ~~Consolidated~~forecasted ~~Statements~~outstanding borrowings of ~~Stockholders’~~$200.0 ~~Equity~~million asat a3.380% ~~component~~exclusive of ~~Accumulated~~the ~~other~~credit ~~comprehensive~~spread ~~loss,~~on ~~net~~the ofvariable ~~tax~~rate debt. ~~The~~As ~~ineffective~~a ~~portion~~result of the ~~change~~transaction, inunder ~~fair~~the ~~value~~terms of the ~~derivatives~~agreement isthe ~~immediately~~Company ~~recognized~~effectively inwill ~~earnings.~~convert ~~The~~one ~~interest~~month ~~rate~~Term ~~swap~~SOFR ~~agreements~~floating ~~are~~interest ~~assessed~~rate ~~for~~plus ~~hedge~~applicable ~~effectiveness~~margin onto ~~a quarterly basis~~3.380% ~~The~~fixed ~~impact~~interest ofrate ~~derivative~~plus ~~instruments~~applicable onmargin ~~our~~as ~~Condensed Consolidated Statements~~ of ~~Cash~~the ~~Flows~~forward isstart ~~included in Net cash provided by operating activities~~date.

(In millions)	Notional Amount		Forward Start Date	Termination Date	Effective Fixed Interest Rate
September 2016 Interest Rate Swap	$	150.0	January 3, 2018	January 3, 2028	1.910	%
June 2017 Interest Rate Swap	$	75.0	January 3, 2018	January 3, 2028	2.348	%
January 2022 Interest Rate Swap	$	575.0	January 31, 2022	January 29, 2027	1.650	%
March 2023 Interest Rate Swap	$	150.0	March 3, 2023	January 3, 2029	3.950	%

The interest rate swaps were designated as cash flow hedges at inception and the facts and circumstances of the hedged relationships remain consistent with the initial quantitative effectiveness assessment in that the hedged instruments remain an effective accounting hedge as of February 28, 2026. Since a designated derivative meets hedge accounting criteria, the fair value of the hedge is recorded in the Consolidated Statements of Stockholders’ Equity as a component of Accumulated other comprehensive loss, net of tax. The ineffective portion of the change in fair value of the derivatives is immediately recognized in earnings. The interest rate swap agreements are assessed for hedge effectiveness on a quarterly basis. The impact of derivative instruments on our Condensed Consolidated Statements of Cash Flows is included in Net cash provided by operating activities.


(In millions)	Notional Amount		Forward Start Date	Termination Date	Effective Fixed Interest Rate
September 2016 Interest Rate Swap	$	150.0	January 3, 2018	January 3, 2028	1.910	%
June 2017 Interest Rate Swap	$	75.0	January 3, 2018	January 3, 2028	2.348	%
January 2022 Interest Rate Swap	$	575.0	January 31, 2022	January 29, 2027	1.650	%
March 2023 Interest Rate Swap	$	150.0	March 3, 2023	January 3, 2029	3.950	%
February 2026 Interest Rate Swap	$	200.0	January 29, 2027	January 31, 2030	3.380	%

The swaps above effectively converted indebtedness up to the notional amounts from a SOFR-based floating interest rate plus applicable margin to an effective fixed interest rate plus applicable margin under the terms of our Credit Agreement. Effective fixed interest rates include the rates amended effective January 31, 2023, or February 3, 2023, for the first three swaps included in the chart above.

The following table summarizes the effects of the interest rate swap agreements for the three and ~~six~~nine months ended:

	Three Months Ended				~~Six~~Nine Months Ended
(In millions)	~~November~~February 2928, ~~2025~~2026		~~November~~March 301, ~~2024~~2025		~~November~~February 2928, ~~2025~~2026		~~November~~March 301, ~~2024~~2025
(Loss) gain recognized in Other comprehensive loss (income) (effective portion)	$	(3.2)	$	3.6	$	(9.0)	$	(17.7)
(Loss) recognized in Other comprehensive income (loss) (effective portion)	$	(3.9)	$	(4.4)	$	(12.9)	$	(22.1)
Gain reclassified from Accumulated other comprehensive loss into earnings	$	4.90	$	65.85	$	1014.32	$	1420.51

There were no gains or losses recognized in earnings for hedge ineffectiveness for the three and ~~six~~nine month periods ended ~~November~~February 2928, ~~2025~~2026, and ~~November~~March 301, ~~2024~~2025. The amount of gain expected to be reclassified from Accumulated other comprehensive income into earnings during the next twelve months is $1311.36 million, net of tax is $108.08 million.

Redeemable Noncontrolling Interests

Changes in the Company's redeemable noncontrolling interest in HAY for the ~~six~~nine months ended ~~November~~February 2928, ~~2025~~2026, and ~~November~~March 301, ~~2024~~2025, are as follows:

(In millions)	~~November~~February 2928, ~~2025~~2026		~~November~~March 301, ~~2024~~2025
Beginning Balance	$	59.3	$	73.9
Net income attributable to redeemable noncontrolling interests	12.9		12.8
Cumulative translation adjustments attributable to redeemable noncontrolling interests	0.7		(0.4)
Dividend attributable to redeemable noncontrolling interests	(3.1)		(4.3)
Foreign currency translation adjustments	1.2		(1.9)
Cumulative translation adjustments attributable to redeemable noncontrolling interests	1.3		(0.7)
Ending Balance	$	63.1	$	73.4
Foreign currency translation adjustments	2.4		(3.3)
Ending Balance	$	62.8	$	68.4

1811. Commitments and Contingencies

10. Commitments and Contingencies

Product Warranties

The Company provides coverage to the end-user for parts and labor on products sold under its warranty policy and for other product-related matters. The specific terms, conditions, and length of those warranties vary depending upon the product sold. The Company does not sell or otherwise issue warranties or warranty extensions as stand-alone products. Reserves have been established for various costs associated with the Company's warranty programs. General warranty reserves are based on historical claims experience and other currently available information and are periodically adjusted for business levels and other factors. The Company provides an assurance-type warranty that ensures that products will function as intended. As such, the Company's estimated warranty obligation is accounted for as a liability and is recorded within current and long-term liabilities within the Condensed Consolidated Balance Sheets.

Changes in the warranty reserve for the stated periods were as follows:

	Three Months Ended				~~Six~~Nine Months Ended
(In millions)	~~November~~February 2928, ~~2025~~2026		~~November~~March 301, ~~2024~~2025		~~November~~February 2928, ~~2025~~2026		~~November~~March 301, ~~2024~~2025
Accrual Balance — beginning	$	6970.86	$	6970.70	$	69.7	$	70.4
Accrual for warranty matters	86.27		65.98		1522.40		1117.85
Settlements and adjustments	(76.49)		(6.65)		(1421.53)		(1218.26)
Accrual Balance — ending	$	70.64	$	7069.03	$	70.64	$	7069.03

Guarantees

The Company is periodically required to provide performance bonds to do business with certain customers. These arrangements are common in the industry and generally have terms ranging between one year and three years. The bonds are required to provide assurance to customers that the products and services they have purchased will be installed and/or provided properly and without damage to their facilities. The bonds are provided by various bonding agencies. However, the Company is ultimately liable for claims that may occur against them. As of ~~November~~February 2928, ~~2025~~2026, the Company had a maximum financial exposure related to performance bonds totaling approximately $1215.42 million. The Company has no history of claims, nor is it aware of circumstances that would require it to pay, under any of these arrangements. The Company also believes that the resolution of any claims that might arise in the future, either individually or in the aggregate, would not materially affect the Company's Consolidated Financial Statements. Accordingly, no liability has been recorded in respect to these bonds as of either ~~November~~February 2928, ~~2025~~2026, or May 31, 2025.

The Company has entered into standby letter of credit arrangements for purposes of protecting various insurance companies and lessors against default on insurance premium and lease payments. As of ~~November~~February 2928, ~~2025~~2026, the Company had a maximum financial exposure from these standby letters of credit totaling approximately $12.1 million, all of which is considered usage against the Company's revolving line of credit. The Company has no history of claims, nor is it aware of circumstances that would require it to perform under any of these arrangements and believes that the resolution of any claims that might arise in the future, either individually or in the aggregate, would not materially affect the Company's Consolidated Financial Statements. Accordingly, no liability has been recorded with respect to these arrangements as of ~~November~~February 2928, ~~2025~~2026, or May 31, 2025.

1920

Contingencies

The Company is also involved in legal proceedings and litigation arising in the ordinary course of business. In the opinion of management, the outcome of such proceedings and litigation currently pending will not have a material adverse effect, if any, on the Company's Consolidated Financial Statements.

1112. Short-Term Borrowings and Long-Term Debt

Short-term borrowings and long-term debt as of ~~November~~February 2928, ~~2025~~2026, and May 31, 2025, consisted of the following:

(In millions)	~~November~~February 2928, ~~2025~~2026		May 31, 2025
Syndicated revolving line of credit, due April 2030	$	~~345~~293.05	$	330.8
Term Loan A, 5.6657%, due April 2030	397.5		400.0
Term Loan A, 5.4230%, due April 2030	395.0		400.0
Term Loan B, 6.1657%, due August 2032	550.0		603.1
Term Loan B, 5.6730%, due August 2032	548.6		603.1
Accounts Receivable Securitization Facility, 4.9477% due September 2028	54.3		—
Accounts Receivable Securitization Facility, 4.7423% due September 2028	70.2		—
Supplier financing program	21.48		2.0
Finance lease liability	1.0		1.1
Total debt	$	1,~~350~~310.21	$	1,337.0
Less: Unamortized discount and issuance costs	(89.63)		(10.4)
Less: Current debt	(2022.76)		(16.0)
Long-term debt	$	1,~~320~~278.92	$	1,310.6

In connection with the acquisition of Knoll, in July 2021, the Company entered into a credit agreement that provided for a syndicated revolving line of credit (the "Revolver") and two term loans. The Revolver ~~provides~~provided the Company with up to $725.0 million in revolving variable rate interest borrowing capacity that ~~matures~~matured in July 2026, replacing the previous $500.0 million syndicated revolving line of credit. The term loans ~~consist~~consisted of a five-year senior secured Term Loan "A" facility with an aggregate principal amount of $400.0 million and a seven-year senior secured Term Loan "B" facility with an aggregate principal amount of $625.0 million, the proceeds of which were used to finance a portion of the cash consideration for the acquisition of Knoll, for the repayment of certain debt of Knoll, and to pay fees, costs, and expenses related thereto.

In January 2023, the Company entered into an Amendment to the credit agreement which transitioned the benchmark rate from LIBOR to the Secured Overnight Financing Rate ("SOFR") for U.S. dollar borrowings. SOFR is the recommended risk-free reference rate of the Federal Reserve Board and Alternative Reference Rates Committee, as defined within the credit agreement. The indebtedness incurred under the revolving line of credit and term loans is secured by substantially all of the Company’s tangible and intangible assets, including, without limitation, the Company’s intellectual property. The Company’s direct and indirect wholly-owned domestic subsidiaries have also guaranteed the obligations of the Company and the foreign borrowers under the revolving line of credit and term loans and pledged substantially all of their tangible and intangible assets as security for their obligations under such guarantee.

In April 2025, the Company entered into an amendment to the Credit Agreement. Amended terms for the Revolver and Term Loan A include extending the maturity to April 2030, a new amortization schedule of required quarterly principal payments for Term Loan A, and a higher maximum first lien secured net leverage ratio with no step downs. The Company also increased liquidity by raising the amount borrowed on Term Loan A to $400.0 million and applying excess cash to reduce the outstanding Revolver balance. The Revolver continues to be a $725.0 million facility. In connection with the execution of the amendment, the accounting treatment of Term Loan A and the Revolver was assessed on a lender-by-lender basis in accordance with ASC 470-50. Based on the specific facts and circumstances applicable to each lender in the syndicate, the amendment was accounted for as a modification, extinguishment, or new loan, as appropriate.

In August 2025, the Company entered into an amendment to the Credit Agreement. Amended terms for Term Loan B include extending the maturity to August 2032, a new amortization schedule of required quarterly principal payments for Term Loan B, and the elimination of the credit spread adjustment for Term Loan B that was added to accommodate the LIBOR to SOFR benchmark transition. The Company reduced the amount borrowed on Term Loan B to $550.0 million. This amendment was accounted for as a debt extinguishment, and the remaining unamortized debt issuance costs of $7.8 million from the original Term Loan B issuance were written off as an expense ~~during the quarter~~ and recorded within Other expense (income), net on the Condensed Consolidated Statements of Comprehensive Income (Loss).

2021

~~During~~In February 2026, the ~~six~~Company ~~months~~entered ~~ended~~into ~~November 29,~~an ~~2025,~~amendment to the ~~Company~~Credit ~~made~~Agreement. ~~total~~The ~~principal~~amendment ~~payments~~revised onthe applicable margin which is part of the stated interest rate applicable to borrowings under the Term Loan AB ~~and~~facility. BAll inother ~~the~~material ~~amounts~~terms remained consistent with those of ~~$2.5~~the ~~million~~Term ~~and~~Loan ~~$1.6~~B ~~million,~~Facility ~~respectively~~executed in August 2025. ~~During~~In connection with the ~~six~~execution ~~months~~of ~~ended~~the ~~November 30~~amendment, ~~2024,~~ the ~~Company~~accounting ~~made~~treatment ~~total~~of ~~principal~~Term ~~payments~~Loan B was assessed on ~~Term~~a ~~Loan~~lender-by-lender Abasis in accordance with ASC 470-50. Based on the specific facts and Bcircumstances applicable to each lender in the ~~amounts~~syndicate, the amendment was accounted for as a modification, extinguishment, or new loan, as appropriate. Unamortized debt issuance costs of $~~15.~~0 .2 million were written off as an expense during the quarter and ~~$3.1 million~~recorded within Other expense (income), ~~respectively~~net on the Condensed Consolidated Statements of Comprehensive Income (Loss).

Excluding cash flows related to the refinancing of debt that occurred during the nine months ended February 28, 2026, the Company made aggregate principal payments of $5.0 million and $2.9 million on Term Loan A and B, respectively. During the nine months ended March 1, 2025, the Company made aggregate principal payments of $25.0 million on Term Loan A and $4.7 million on Term Loan B.

Available borrowings under the syndicated revolving line of credit were as follows for the periods indicated:

(In millions)	~~November~~February 2928, ~~2025~~2026		May 31, 2025
Syndicated revolving line of credit borrowing capacity	$	725.0	$	725.0
Less: Borrowings under the syndicated revolving line of credit	~~345~~293.05		330.8
Less: Outstanding letters of credit	12.1		12.0
Available borrowings under the syndicated revolving line of credit	$	~~367~~419.94	$	382.2

Accounts Receivable Securitization Facility

In September 2025, the Company entered into a three-year accounts receivable securitization facility (the "Facility"), scheduled to terminate September 2028, in the aggregate amount of up to $90.0 million. Under the terms of the Facility, the Company sells, on a revolving basis, certain accounts receivables to MillerKnoll Receivables LLC, a direct wholly-owned, bankruptcy-remote special purpose entity (the "SPE") of the Company that, in turn, uses the receivables to secure the borrowings, the proceeds of which will be used for general working capital purposes. The SPE is included in ~~our~~the Condensed Consolidated Financial Statements and therefore the accounts receivable owned by it are included in our Condensed Consolidated Balance Sheets. However, the accounts receivable owned by the SPE are separate and distinct from our other assets and are not available to ~~our~~ other creditors should the Company become insolvent. As of ~~November~~February 2928, ~~2025~~2026, the SPE held $5770.52 million of accounts receivable. The securitization is treated as a secured borrowing for accounting purposes. The outstanding balance as of ~~November~~February 2928, ~~2025~~2026 is reported in Long-term debt in the Condensed Consolidated Balance Sheets.

Supplier Financing Program

The Company has an agreement with a third-party financial institution that allows certain participating suppliers the ability to finance payment obligations of the Company. Under this program, participating suppliers may finance payment obligations of the Company, prior to their scheduled due dates, at a discounted price to the third-party financial institution.

The Company has lengthened the payment terms for certain suppliers that have chosen to participate in the program. As a result, certain amounts due to suppliers have payment terms that are longer than standard industry practice and as such, these amounts have been excluded from “Accounts payable” in the Condensed Consolidated Balance Sheets as the amounts have been accounted for by the Company as current debt, within “Short-term borrowings and current portion of long-term debt.” As of ~~November~~February 2928, ~~2025~~2026, and May 31, 2025, the liability related to the supplier financing program was $21.48 million and $2.0 million, respectively.

12. Accumulated Other Comprehensive Loss

The following table provides an analysis of the changes in accumulated other comprehensive loss for the six months ended November 29, 2025, and November 30, 2024:

(In millions)	Cumulative Translation Adjustments		Pension and Other Post-retirement Benefit Plans		Interest Rate Swap Agreement		Accumulated Other Comprehensive Loss
Balance at May 31, 2025	$	(70.6)	$	(30.9)	$	19.5	$	(82.0)
Other comprehensive income (loss), net of tax before reclassifications	8.6		—		(19.3)		(10.7)
Reclassification from accumulated other comprehensive loss - Other, net	—		0.2		10.3		10.5
Net current period other comprehensive income (loss)	8.6		0.2		(9.0)		(0.2)
Balance at November 29, 2025	$	(62.0)	$	(30.7)	$	10.5	$	(82.2)
Balance at June 1, 2024	$	(105.7)	$	(33.3)	$	46.3	$	(92.7)
Other comprehensive (loss) income, net of tax before reclassifications	(20.8)		—		(32.2)		(53.0)
Reclassification from accumulated other comprehensive loss - Other, net	—		2.9		14.5		17.4
Net current period other comprehensive (loss) income	(20.8)		2.9		(17.7)		(35.6)
Balance at November 30, 2024	$	(126.5)	$	(30.4)	$	28.6	$	(128.3)

13. ~~Operating~~Accumulated ~~Segments~~Other Comprehensive Loss

The following table provides an analysis of the changes in accumulated other comprehensive loss for the nine months ended February 28, 2026, and March 1, 2025:


(In millions)	Cumulative Translation Adjustments		Pension and Other Post-retirement Benefit Plans		Interest Rate Swap Agreement		Accumulated Other Comprehensive Loss
Balance at May 31, 2025	$	(70.6)	$	(30.9)	$	19.5	$	(82.0)
Other comprehensive income (loss), net of tax before reclassifications	29.7		—		(27.1)		2.6
Reclassification from accumulated other comprehensive loss - Other, net	—		0.3		14.2		14.5


Net current period other comprehensive income (loss)	29.7		0.3		(12.9)		17.1
Balance at February 28, 2026	$	(40.9)	$	(30.6)	$	6.6	$	(64.9)

Balance at June 1, 2024	$	(105.7)	$	(33.3)	$	46.3	$	(92.7)
Other comprehensive (loss), net of tax before reclassifications	(37.6)		—		(42.2)		(79.8)
Reclassification from accumulated other comprehensive loss - Other, net	—		3.9		20.1		24.0
Tax benefit	—		(1.0)		—		(1.0)

Net current period other comprehensive (loss) income	(37.6)		2.9		(22.1)		(56.8)
Balance at March 1, 2025	$	(143.3)	$	(30.4)	$	24.2	$	(149.5)

14. Operating Segments

The Company's operations are managed and evaluated around the organization and alignment of internal operations and geographical location. Effective on March 1, 2025, the last day of the third quarter of fiscal year 2025, the Company implemented an organizational change that resulted in a change in reportable segments. The Company has restated historical results to reflect this change. Under our new reportable segments, there are three reportable segments consisting of North America Contract, International Contract and Global Retail.

The North America Contract segment includes the operations associated with the design, sourcing, manufacture, and sale of furniture products directly or indirectly through an independent dealership network for office, healthcare, and educational environments throughout the United States and Canada as well as the global operations of the Spinneybeck|FilzFelt, Maharam, Edelman, and Knoll Textile brands.

The International Contract segment includes the operations associated with the design, sourcing, manufacture, and sale of furniture products directly or indirectly through an independent dealership network in Europe, the Middle East, Africa, Asia-Pacific, and Latin America.

The Global Retail segment includes global operations associated with the sale of modern design furnishings and accessories to third party retailers, as well as direct to consumer sales through eCommerce, direct-mail catalogs, and physical retail stores, along with the global operations of the Holly Hunt brand.

The Company also reports a “"Corporate”" category consisting primarily of unallocated expenses related to general corporate functions, including, but not limited to, certain legal, executive, corporate finance, information technology, administrative and acquisition-related costs. Management regularly reviews corporate costs and believes disclosing such information provides more visibility and transparency regarding how the chief operating decision maker ("CODM") reviews results of the Company.

The Company's CODM is its Chief Executive Officer, who is regularly provided the operating results of our reportable segments and reviews the actual operating results against forecasted figures for the purposes of monitoring and assessing performance, allocating capital, and making strategic and operational decisions.

The CODM uses Adjusted Operating Earnings (Loss) as the key operating metric to measure segment profit or loss, evaluate the performance of the segments, analyze variances of actual performance to forecasts, and make decisions regarding the allocation of resources. Segment Adjusted Operating Earnings (Loss) represents reported Operating Earnings adjusted for ~~restructuring charges, integration charges, amortization of Knoll purchased intangibles, and significant non-recurring or infrequent items that may not be indicative of ongoing operations.~~

restructuring charges, integration charges, amortization of Knoll purchased intangibles, and significant non-recurring or infrequent items that may not be indicative of ongoing operations.

The Company's CODM does not review assets by segment to assess segment performance or allocate resources, nor is such information provided to the CODM. Accordingly, the Company does not present assets by segment.

The accounting policies for each of the operating segments are the same as those of the Company. Additionally, the Company employs a methodology for allocating corporate costs with the underlying objective of this methodology being to allocate corporate costs according to the relative usage of the underlying resources. The majority of the allocations for corporate expenses are based on relative net sales. However, certain corporate costs generally considered the result of isolated business decisions, are not subject to allocation and are evaluated separately from the rest of regular ongoing business operations.

The following is a summary of certain key financial measures for the respective periods indicated:

Three Months Ended

~~Six~~Nine Months Ended

(In millions)

~~November~~February 2928, ~~2025~~2026

~~November~~March 301, ~~2024~~2025

~~November~~February 2928, ~~2025~~2026

~~November~~March 301, ~~2024~~2025

Net sales:

North America Contract

~~508~~488.56

~~524~~468.72

1,~~042~~531.40

1,~~000~~469.91

International Contract

~~170~~156.9

~~182~~145.45

~~338~~495.43

~~328~~474.83

Global Retail

~~275~~281.81

~~263~~262.35

~~530~~811.12

~~502~~764.27

Total

~~955~~926.26

~~970~~876.42

12,~~910~~837.95

12,~~831~~708.91

Refer to Note 3 of the Consolidated Financial Statements for further disaggregation of revenue by operating segment.


	Three Months Ended				Nine Months Ended
(In millions)	February 28, 2026		March 1, 2025		February 28, 2026		March 1, 2025
Adjusted cost of sales(1):
North America Contract	$	312.9	$	307.2	$	973.4	$	946.0
International Contract	101.4		93.3		318.7		301.7
Global Retail	159.1		143.3		451.8		414.2

(1) Adjusted cost of sales is defined as cost of sales excluding, when they occur, the impacts of restructuring charges and integration charges.

Three Months Ended

~~Six~~Nine Months Ended

(In millions)

~~November~~February 2928, ~~2025~~2026

~~November~~March 301, ~~2024~~2025

~~November~~February 2928, ~~2025~~2026

~~November~~March 301, ~~2024~~2025

Adjusted cost of sales(1):

Adjusted operating expenses(1):

North America Contract

~~322~~127.69

~~334~~118.82

~~660~~399.5

~~638~~381.8

International Contract

~~109~~42.07

~~115~~38.97

~~217~~132.39

~~208~~123.40

Global Retail

~~151~~114.30

~~142~~102.78

~~292~~342.7

~~270~~316.97

Total

582.9

593.4

1,170.5

1,118.1

Corporate

15.4

14.7

49.2

47.9

(1) Adjusted cost of sales is defined as cost of sales excluding, when they occur, the impacts of restructuring charges and integration charges.

(1) Adjusted operating expenses is defined as operating expenses excluding, when they occur, the impacts of restructuring charges, integration charges, amortization of Knoll purchased intangibles, impairment charges and Knoll pension plan termination charges.

	Three Months Ended				~~Six~~Nine Months Ended
(In millions)	~~November~~February 2928, ~~2025~~2026		~~November~~March 301, ~~2024~~2025		~~November~~February 2928, ~~2025~~2026		~~November~~March 301, ~~2024~~2025
Adjusted operating expenses(1):
Adjusted operating earnings:
North America Contract	$	~~136~~47.78	$	~~136~~42.38	$	~~271~~158.61	$	~~263~~141.63
International Contract	4512.38		4313.75		9043.27		8449.36
Global Retail	~~118.~~8.0		~~110~~16.64		~~228~~16.7		~~213~~33.98
Total reportable segment adjusted operating expenses	300.8		290.6		590.5		561.8
Total segment adjusted operating earnings	$	68.6	$	72.7	$	218.5	$	224.7
Corporate	15.5		17.5		33.8		33.2
Total	$	316.3	$	308.1	$	624.3	$	595.0
(1) Adjusted operating expenses is defined as operating expenses excluding, when they occur, the impacts of restructuring charges, integration charges, amortization of Knoll purchased intangibles and Knoll pension plan termination charges.

	Three Months Ended				Six Months Ended
(In millions)	November 29, 2025		November 30, 2024		November 29, 2025		November 30, 2024
Adjusted operating earnings:
North America Contract	$	49.2	$	53.6	$	110.3	$	98.5
International Contract	16.6		22.8		30.9		36.1
Global Retail	5.7		10.0		8.7		17.4
Total segment adjusted operating earnings	$	71.5	$	86.4	$	149.9	$	152.0

	Three Months Ended				~~Six~~Nine Months Ended
(In millions)	~~November~~February 2928, ~~2025~~2026		~~November~~March 301, ~~2024~~2025		~~November~~February 2928, ~~2025~~2026		~~November~~March 301, ~~2024~~2025
Reconciliation to net earnings:
Total segment adjusted operating earnings	$	7168.56	$	8672.47	$	~~149~~218.95	$	~~152~~224.07
Corporate adjusted operating loss	(15.54)		(1714.57)		(3349.82)		(3347.29)
Total consolidated adjusted operating earnings	5653.02		6858.90		~~116~~169.13		~~118~~176.8
Net earnings attributable to redeemable noncontrolling interests	1.0		1.10		12.9		12.8
Net earnings (loss) from:
Equity earnings from nonconsolidated affiliates, net of tax	—0.9		0.1		—0.9		0.23
Income tax expense	7.3		9.8		14.9		8.7
Income tax expense (benefit)	5.6		(89.0)		20.5		(80.3)
Other (income) expense, net	~~(1.2)~~—		(10.3)7		6.3		(2.70)
Interest and other investment (income)	(01.75)		(1.52)		(13.83)		(34.13)
Interest expense	17.92		2019.41		3653.35		4059.34
Restructuring charges	12.52		—4.2		24.02		—4.2
Integration charges	—		—		—		28.3
Amortization of Knoll purchased intangibles	6.01		56.90		1218.12		1117.8
Knoll pension plan termination charges	—		0.5		—		1.0
Impairment charges	—		130.0		—		130.0
Net earnings attributable to MillerKnoll, Inc.	$	24.2	$	34.1	$	44.4	$	32.9
Knoll pension plan termination charges	—		—		—		1.0
Net earnings (loss) attributable to MillerKnoll, Inc.	$	23.5	$	(12.7)	$	67.9	$	20.2

	Three Months Ended				~~Six~~Nine Months Ended
(In millions)	~~November~~February 2928, ~~2025~~2026		~~November~~March 301, ~~2024~~2025		~~November~~February 2928, ~~2025~~2026		~~November~~March 301, ~~2024~~2025
Depreciation and amortization:
North America Contract	$	2122.68	$	20.78	$	4265.42	$	4162.31
International Contract	56.91		72.4		1117.89		1416.15
Global Retail	9.12		711.61		1727.80		1426.90
Total	$	3638.61	$	3534.73	$	72110.01	$	70104.36
Capital expenditures:
North America Contract	$	157.03	$	1114.63	$	3038.81	$	2236.25
International Contract	35.80		2.62		813.3		1012.35
Global Retail	119.8		86.17		2232.20		1219.41
Total	$	3022.61	$	2223.32	$	6183.34	$	4468.91

Many of the Company's assets, including manufacturing, office and showroom facilities, support multiple segments. For that reason, it is impractical to disclose asset information on a segment basis.

1415. Restructuring and Integration Expense

As part of restructuring and integration activities the Company has incurred expenses that qualify as exit and disposal costs under U.S. GAAP. These include severance and employee benefit costs as well as other direct separation benefit costs, expenses incurred related to the facilities consolidation plan, right of use asset impairment charges and fixed asset impairment charges. Severance and employee benefit costs primarily relate to cash severance, as well as non-cash severance, including accelerated equity award compensation expense. The Company also incurred expenses that are an integral component of, and directly attributable to, our restructuring and integration activities, which do not qualify as exit and disposal costs under U.S. GAAP. These include integration implementation costs that relate primarily to professional fees, non-cash losses incurred on debt extinguishment, and accelerated depreciation of fixed assets.

The expense associated with integration initiatives are included in Selling, general and administrative and the expenses associated with restructuring activities are included in Restructuring expense in the Condensed Consolidated Statements of Comprehensive Income.

~~Knoll~~The ~~Integration:~~expense associated with integration initiatives are included in Selling, general and administrative and the expenses associated with restructuring activities are included in Cost of sales or Restructuring expense in the Condensed Consolidated Statements of Comprehensive Income.

Restructuring expenses recorded within Cost of sales totaled $0.3 million and $0.4 million for the three and nine months ended February 28, 2026. Restructuring expenses recorded within Restructuring expense totaled $1.9 million and $3.8 million for the three and nine months ended February 28, 2026.

There were no restructuring expenses recorded within Cost of sales for the three and nine months ended March 1, 2025. Restructuring expenses recorded within Restructuring expense totaled $4.2 million for the three and nine months ended March 1, 2025.

Knoll Integration

Following the Knoll acquisition, the Company announced a multi-year program (the "Knoll Integration") designed to reduce costs and integrate and optimize operations of the combined organization. To date, the Company has recorded a total of $144.4 million in pre-tax integration expense related to this plan. No future costs related to this plan are expected. The integration expenses incurred by the Company included expenses within the following categories:

•Severance and employee benefit costs associated with plans to integrate our operating structure, resulting in workforce reductions. These costs primarily include: severance and employee benefits (cash severance, non-cash severance, including accelerated stock-compensation award expense and other termination benefits).

•Exit and disposal activities include those incurred as a direct result of integration activities, primarily including the reorganization and consolidation of facilities as well as asset impairment charges.

•Other integration costs include professional fees and other incremental third-party expenses, including a loss on extinguishment of debt associated with financing of the Knoll acquisition.

For the three months ended ~~November~~February 2928, ~~2025~~2026 and ~~November~~March 301, ~~2024~~2025, and the ~~six~~nine months ended ~~November~~February 2928, ~~2025~~2026, there were no costs incurred related to the Knoll Integration.

For the ~~six~~nine months ended ~~November~~March 301, ~~2024~~2025, we incurred $28.3 million of costs related to the Knoll Integration which was comprised of $25.8 million of exit and disposal costs related to the consolidation of facilities and $2.5 million of other integration costs.

No liability balance remains as of ~~November~~February 2928, ~~2025~~2026 for Knoll Integration costs that qualify as exit and disposal costs under U.S. GAAP.

The following is a summary of integration expenses by segment for the periods indicated:

	Three Months Ended				~~Six~~Nine Months Ended
(In millions)	~~November~~February 2928, ~~2025~~2026		~~November~~March 301, ~~2024~~2025		~~November~~February 2928, ~~2025~~2026		~~November~~March 301, ~~2024~~2025
North America Contract	$	—	$	—	$	—	$	24.8
International Contract	—		—		—		3.2
Global Retail	—		—		—		0.3
Corporate	—		—		—		—
Total	$	—	$	—	$	—	$	28.3

Restructuring Activities

During the first quarter of fiscal year 2026, the Company announced an action related to the 2026 restructuring plan ("2026 restructuring plan") to ~~reduce~~create ~~expenses~~operational efficiencies. This restructuring activity included expenses related to a facilities consolidation plan. As a result, the Company revised the estimated useful lives of certain fixed assets, which increased depreciation expense. In connection with the 2026 restructuring plan, restructuring charges totaled $12.52 million and $24.02 million for the three and ~~six~~nine months ended ~~November~~February 2928, ~~2025~~2026. Included in these amounts was depreciation expense of $1.26 million and $13.73 million for the respective periods.

During the third quarter of fiscal year 2025, the Company announced actions related to the 2025 restructuring plan ("2025 restructuring plan") to reduce expenses. This restructuring activity included involuntary reductions in workforce as well as non-cash right of use asset impairment charges. For the year ended May 31, 2025, the Company incurred $14.8 million of restructuring charges related to the 2025 restructuring plan. The restructuring plan was complete in fiscal 2025 and no future costs related to this plan are expected.

During fiscal year 2024, the Company announced an action related to the 2024 restructuring plan ("2024 restructuring plan") to reduce expenses. This restructuring activity included involuntary reductions in workforces as well as expenses related to a facilities consolidation plan, comprised primarily of non-cash right of use asset impairment charges and accelerated depreciation of fixed assets. For the year ended June 1, 2024, the Company incurred $30.8 million of restructuring charges related to the 2024 restructuring plan. The restructuring plan was complete in fiscal 2024 and no future costs related to this plan are expected.

26The following table provides an analysis of the changes in the restructuring cost reserve that qualify as exit and disposal costs under U.S. GAAP (i.e., severance and employee benefit costs and exit and disposal activities) for the 2026 restructuring plan for the nine months ended February 28, 2026:

The following table provides an analysis of the changes in the restructuring cost reserve that qualify as exit and disposal costs under U.S. GAAP (i.e., severance and employee benefit costs and exit and disposal activities) for the 2026 restructuring plan for the six months ended November 29, 2025:


	2026 Restructuring Plan
(In millions)	Severance and Employee Related		Exit and Disposal Activities		Total
May 31, 2025	$	—	$	—	$	—
Restructuring Costs	0.3		0.6		0.9
Amounts Paid	—		(0.6)		(0.6)
Non-Cash Costs	—		—		—
February 28, 2026	$	0.3	$	—	$	0.3

	2026 Restructuring Plan
(In millions)	Severance and Employee Related		Exit and Disposal Activities		Total
May 31, 2025	$	—	$	—	$	—
Restructuring Costs	0.1		0.2		0.3
Amounts Paid	—		(0.2)		(0.2)
Non-Cash Costs	—		—		—
November 29, 2025	$	0.1	$	—	$	0.1

The following table provides an analysis of the changes in the restructuring cost reserve that qualify as exit and disposal costs under U.S. GAAP (i.e., severance and employee benefit costs and exit and disposal activities) for the 2025 restructuring plan for the nine months ended February 28, 2026:

The following table provides an analysis of the changes in the restructuring cost reserve that qualify as exit and disposal costs under U.S. GAAP (i.e., severance and employee benefit costs and exit and disposal activities) for the 2025 restructuring plan for the six months ended November 29, 2025:


	2025 Restructuring Plan
(In millions)	Severance and Employee Related		Exit and Disposal Activities		Total
May 31, 2025	$	7.0	$	—	$	7.0
Restructuring Costs	—		—		—
Amounts Paid	(6.8)		—		(6.8)
Non-Cash Costs	—		—		—
February 28, 2026	$	0.2	$	—	$	0.2

	2025 Restructuring Plan
(In millions)	Severance and Employee Related		Exit and Disposal Activities		Total
May 31, 2025	$	7.0	$	—	$	7.0
Restructuring Costs	—		—		—
Amounts Paid	(6.4)		—		(6.4)
Non-Cash Costs	—		—		—
November 29, 2025	$	0.6	$	—	$	0.6

The Company expects that remaining liability for the 2025 restructuring plan as of February 28, 2026, will be paid in the fourth quarter of fiscal year 2026.

The ~~Company~~following ~~expects~~table ~~that~~provides ~~remaining~~an ~~liability~~analysis ~~for~~of the ~~2025~~changes in the restructuring ~~plan~~cost reserve that qualify as ofexit ~~November 29,~~and ~~2025~~disposal costs under U.S. GAAP (i.e., ~~will~~severance beand ~~paid~~employee inbenefit ~~fiscal~~costs ~~year~~and exit and disposal activities) for the 2024 restructuring plan for the nine months ended February 28, 2026.:

The following table provides an analysis of the changes in the restructuring cost reserve that qualify as exit and disposal costs under U.S. GAAP (i.e., severance and employee benefit costs and exit and disposal activities) for the 2024 restructuring plan for the six months ended November 29, 2025:


	2024 Restructuring Plan
(In millions)	Severance and Employee Related		Exit and Disposal Activities		Total
May 31, 2025	$	1.0	$	—	$	1.0
Restructuring Costs	—		—		—
Amounts Paid	(0.8)		—		(0.8)
Non-Cash Costs	—		—		—
February 28, 2026	$	0.2	$	—	$	0.2

	2024 Restructuring Plan
(In millions)	Severance and Employee Related		Exit and Disposal Activities		Total
May 31, 2025	$	1.0	$	—	$	1.0
Restructuring Costs	—		—		—
Amounts Paid	(0.7)		—		(0.7)
Non-Cash Costs	—		—		—
November 29, 2025	$	0.3	$	—	$	0.3

The Company expects that remaining liability for the 2024 restructuring plan as of November 29, 2025, will be paid in fiscal year 2026.

The following is a summary of restructuring costs by segment for the periods indicated:

	Three Months Ended				Six Months Ended
(In millions)	November 29, 2025		November 30, 2024		November 29, 2025		November 30, 2024
North America Contract	$	1.5	$	—	$	2.0	$	—
International Contract	—		—		—		—
Global Retail	—		—		—		—
Total	$	1.5	$	—	$	2.0	$	—

~~15.~~The ~~Variable~~Company ~~Interest~~expects ~~Entities~~that remaining liability for the 2024 restructuring plan as of February 28, 2026, will be paid in the fourth quarter of fiscal year 2026.

The ~~Company~~following ~~entered~~is ~~into~~a ~~long-term~~summary ~~notes receivable with certain independently owned dealers that are deemed to be variable interests in variable interest entities. The carrying value~~ of ~~these~~restructuring ~~notes~~costs ~~receivable~~by ~~was~~segment $12.2 million and $13.5 million as of November 29, 2025, and May 31, 2025, respectively, and represents the Company’s maximum exposure to loss. The Company is not deemed to be the primary beneficiary for ~~any of these variable interest entities as each independently owned dealer controls~~ the ~~activities~~periods ~~that most significantly impact the entity’s economic performance, including sales, marketing, and operations.~~indicated:


	Three Months Ended				Nine Months Ended
(In millions)	February 28, 2026		March 1, 2025		February 28, 2026		March 1, 2025
North America Contract	$	2.2	$	2.4	$	4.2	$	2.4
International Contract	—		1.7		—		1.7
Global Retail	—		0.1		—		0.1

Total	$	2.2	$	4.2	$	4.2	$	4.2

16. Variable Interest Entities

The Company entered into long-term notes receivable with certain independently owned dealers that are deemed to be variable interests in variable interest entities. The carrying value of these notes receivable was $7.2 million and $13.5 million as of February 28, 2026, and May 31, 2025, respectively, and represents the Company’s maximum exposure to loss. The Company is not deemed to be the primary beneficiary for any of these variable interest entities as each independently owned dealer controls the activities that most significantly impact the entity’s economic performance, including sales, marketing, and operations.

Item 2: Management's Discussion and Analysis of Financial Condition and Results of Operations

(Dollars in millions, except share data)

The following is management's discussion and analysis of certain significant factors that affected the Company's financial condition, earnings, and cash flows during the periods included in the accompanying Condensed Consolidated Financial Statements and should be read in conjunction with the Company's Annual Report on Form 10-K for the fiscal year ended May 31, 2025. References to “"Notes”" are to the footnotes included in the accompanying Condensed Consolidated Financial Statements.

Business Overview

The Company researches, designs, manufactures, sells, and distributes interior furnishings for use in various environments including residential, office, healthcare, and educational settings and provides related services that support organizations and individuals all over the world. The Company's products are sold primarily through independent contract office furniture dealers, direct customer sales, owned and independent retailers and the Company’s eCommerce platforms.

The following is a summary of results for the three months ended ~~November~~February 2928, ~~2025~~2026:

•Net sales were $~~955~~926.26 million and orders were $~~972~~931.56 million, representing aan ~~decrease~~increase of 15.68% and an increase of 59.52%, respectively, when compared to the same quarter of the prior year. On an organic* basis, which excludes the impact of foreign currency translation, Net sales were $~~946~~909.54 million~~(*)~~ and orders were $~~963~~914.48 million~~(*)~~, representing an organic* ~~decrease~~increase of 23.58%~~(*)~~ and an organic* increase of 47.52%~~(*)~~, respectively, when compared to the same quarter of the prior year.

•Gross margin in the ~~second~~third quarter was 3938.01%, an increase of 20 basis points when compared to the same quarter of the prior year, related primarily to the impact of favorable ~~product~~leverage ~~and~~on ~~channel~~fixed ~~mix~~costs ason ~~well~~higher assales ~~the~~volumes ~~benefit~~as ~~from~~well ~~price~~as ~~increase~~favorable ~~actions,~~channel ~~which more than offset cost pressures from tariffs~~ and ~~unfavorable~~product ~~leverage of fixed operations costs on lower sales volume~~mix.

•Operating expenses ~~increased~~decreased $9106.26 million or 225.97% as compared to the same quarter of the prior year. The ~~increase~~decrease was driven primarily from ~~costs~~the ~~associated~~impact ~~with~~of ~~the~~non-cash ~~expansion~~impairment ofcharges in the ~~retail~~prior ~~store~~year. ~~footprint~~This indecrease ~~North~~was ~~America~~partially ~~and~~offset ~~increased~~by an increase in fixed and variable compensation costs and incremental costs related to the expanded retail store footprint.

•The effective tax rate was 2219.52% compared to 2188.83% for the same quarter of the prior year. The change as compared to the prior year ~~resulted~~relates primarily ~~from~~to the ~~level~~discrete oftax ~~net~~impacts ~~income~~of ~~or net loss in~~ the ~~periods~~impairments asrecorded ~~well as the impact of discrete items~~ in ~~each of~~ the ~~periods~~prior year.

•Diluted earnings per share in the quarter was $0.3534 as compared to a loss of $0.4919 in the prior year. Adjusted diluted earnings per share* was $0.43~~(*)~~, a 212.83%~~(*)~~ decrease as compared to the prior year quarter.

(*) Non-GAAP measurements; see accompanying reconciliations and explanations under the heading "Reconciliation of Non-GAAP Financial Measures."

A comparison of Net sales and orders during the ~~second~~third quarter to the prior year quarter by segment is as follows:

•The North America Contract segment in the ~~second~~third quarter reported Net sales totaling $~~508~~488.56 million, ~~down~~an 3increase of 4.14% compared to the prior year period on a reported basis and 4.1% on an organic* basis. North America Contract had ~~new~~ orders of $~~506~~490.89 million, which represents an increase of 413.81% from the prior year on ~~both~~ a reported basis and 12.8% on an organic* basis.

•The International Contract segment delivered Net sales in the ~~second~~third quarter of $~~170~~156.9 million, aan ~~decrease~~increase of 67.38% ~~from~~compared to the prior year~~-ago~~ period on a reported basis and aan ~~decrease~~increase of 91.29%~~(*)~~ organically*. ~~New~~Orders ~~orders~~ in ~~this~~the segment totaled $~~162~~160.03 million, representing a year-over-year increase of 60.67% on a reported basis and ana ~~increase~~decrease of 3.4.3%~~(*)~~ organically*.

•Net sales in the ~~second~~third quarter for the Global Retail segment totaled $~~275~~281.81 million, an increase of 4.7.1% over the same quarter last year on a reported basis and an increase of 34.4%~~(*)~~ organically*. Orders in the quarter totaled $~~303~~280.74 million, up 67.09% compared to the same period last year on a reported basis and up 4.5.1%~~(*)~~ organically*.

(*) Non-GAAP measurements; see accompanying reconciliations and explanations under the heading "Reconciliation of Non-GAAP Financial Measures."

The remaining sections within Item 2 include additional analysis of the three and ~~six~~nine months ended ~~November~~February 2928, ~~2025~~2026, including discussion of significant variances compared to the prior year periods.

Reconciliation of Non-GAAP Financial Measures

This report contains non-GAAP financial measures that are not in accordance with, nor an alternative to, generally accepted accounting principles (GAAP) and may be different from non-GAAP measures presented by other companies. These non-GAAP financial measures are not measurements of our financial performance under GAAP and should not be considered an alternative to the related GAAP measurement. These non-GAAP measures have limitations as analytical tools and should not be considered in isolation or as a substitute for analysis of our results as reported under GAAP. ~~Our~~The Company's presentation of non-GAAP measures should not be construed as an indication that our future results will be unaffected by unusual or infrequent items. WeThe ~~compensate~~Company compensates for these limitations by providing equal prominence of our GAAP results. Reconciliations of these non-GAAP measures to the most directly comparable financial measures calculated and presented in accordance with GAAP are provided in the financial tables included within this report. The Company believes these non-GAAP measures are useful for investors as they provide financial information on a more comparative basis for the periods presented.

The non-GAAP financial measures referenced within this report include: Adjusted Earnings per Share - Diluted and Organic Growth (Decline).

Adjusted Earnings per Share - Diluted represents reported diluted earnings per share excluding the impact from amortization of Knoll purchased intangibles, integration charges, restructuring expenses, impairment charges, Knoll pension plan termination charges, debt extinguishment charges and the related tax effect of these adjustments. These adjustments are described further below.

Organic Growth (Decline) represents the change in sales and orders, excluding currency translation effects.

The adjustments made to arrive at these non-GAAP financial measures are as follows:

•Amortization of Knoll purchased intangibles: Includes expenses associated with the amortization of acquisition related intangibles acquired as part of the Knoll acquisition. The revenue generated by the associated intangible assets has not been excluded from the related non-GAAP financial measure. We exclude the impact of the amortization of Knoll purchased intangibles as such non-cash amounts were significantly impacted by the size of the Knoll acquisition. Furthermore, we believe that this adjustment enables better comparison of our results as Amortization of Knoll Purchased Intangibles will not recur in future periods once such intangible assets have been fully amortized. Any future acquisitions may result in the amortization of additional intangible assets. Although we exclude the Amortization of Knoll Purchased Intangibles in these non-GAAP measures, we believe that it is important for investors to understand that such intangible assets were recorded as part of purchase accounting and contribute to revenue generation.

•Integration charges: Includes Knoll integration-related costs which include severance, asset impairment charges associated with lease and operations facility consolidation activity, and expenses related to synergy realization efforts and reorganization initiatives.

•Restructuring charges: Includes costs associated with actions involving targeted workforce reductions, facility consolidation charges, and accelerated depreciation of fixed assets.

•Impairment charges: Includes non-cash, pre-tax charges for the impairment of the Knoll and Muuto trade names as well as impairment of goodwill attributed to the Global Retail and Holly Hunt reporting units.

•Knoll pension plan termination charges: Includes expenses incurred associated with the termination of the Knoll pension plan which was completed in the second quarter of fiscal year 2025.

•Debt extinguishment charges: Includes expenses associated with the extinguishment of debt. We excluded these items from our non-GAAP measures because they relate to a specific transaction and are not reflective of our ongoing financial performance.

•Tax related items: WeIncludes ~~excluded~~ the income tax benefit/provision effect of the tax -related items from our non-GAAP measures because they are not associated with the tax expense on our ongoing operating results.

The following tables reconcile Net sales to Net sales, organic for the periods ended as indicated below:

	Three Months Ended
	November 29, 2025
	February 28, 2026
	North America Contract			International Contract			Global Retail			Total
Net sales, as reported	$	~~508~~488.56		$	~~170~~156.9		$	~~275~~281.81		$	~~955~~926.26
% change from PY	(34.1)4		%	(67.3)8		%	4.7.1		%	(15.6)8		%
Adjustments
Currency translation effects (1)	—(1.4)			(58.27)			(37.51)			(817.72)
Net sales, organic	$	~~508~~487.52		$	~~165~~148.72		$	~~272~~274.30		$	~~946~~909.54
% change from PY	(3.1)		%	(9.2)		%	3.4		%	(2.5)		%
Organic Growth	4.1		%	1.9		%	4.4		%	3.8		%
	Three Months Ended
	November 30, 2024
	March 1, 2025
	North America Contract			International Contract			Global Retail			Total
Net sales, as reported	$	~~524~~468.72		$	~~182~~145.45		$	~~263~~262.35		$	~~970~~876.42
(1) Currency translation effects represent the estimated net impact of translating current period sales and orders using the average exchange rates applicable to the comparable prior year period.
(1) Currency translation effects represent the estimated net impact of translating current period sales using the average exchange rates applicable to the comparable prior year period.

	Six Months Ended
	Nine Months Ended
	November 29, 2025
	February 28, 2026
	North America Contract			International Contract			Global Retail			Total
Net sales, as reported	$	1,~~042~~531.40		$	~~338~~495.43		$	~~530~~811.12		$	12,~~910~~837.95
% change from PY	4.12		%	24.94		%	5.6.1		%	4.38		%
Adjustments
Currency translation effects (1)	(0.1.5)			(918.85)			(714.12)			(1734.02)
Net sales, organic	$	1,~~042~~529.35		$	~~328~~476.68		$	~~523~~797.0		$	12,~~893~~803.93
% change from PY	4.1		%	(0.1)		%	4.1		%	3.4		%
Organic Growth	4.1		%	0.5		%	4.2		%	3.5		%
	Six Months Ended
	Nine Months Ended
	November 30, 2024
	March 1, 2025
	North America Contract			International Contract			Global Retail			Total
Net sales, as reported	$	1,~~000~~469.91		$	~~328~~474.83		$	~~502~~764.27		$	12,~~831~~708.91
(1) Currency translation effects represent the estimated net impact of translating current period sales and orders using the average exchange rates applicable to the comparable prior year period
(1) Currency translation effects represent the estimated net impact of translating current period sales and using the average exchange rates applicable to the comparable prior year period

The following tables reconcile orders as reported to organic orders for the periods ended as indicated below:

	Three Months Ended
	November 29, 2025
	February 28, 2026
	North America Contract			International Contract			Global Retail			Total
Orders, as reported	$	~~506~~490.89		$	~~162~~160.03		$	~~303~~280.74		$	~~972~~931.56
% change from PY	413.81		%	60.67		%	67.09		%	59.52		%
Adjustments
Currency translation effects (1)	—(1.5)			(48.90)			(47.23)			(916.18)
Orders, organic	$	~~506~~489.84		$	~~157~~152.13		$	~~299~~273.51		$	~~963~~914.48
% change from PY	4.8		%	3.4		%	4.5		%	4.5		%
Organic Growth (Decline)	12.8		%	(4.3)		%	5.1		%	7.2		%
	Three Months Ended
	November 30, 2024
	March 1, 2025
	North America Contract			International Contract			Global Retail			Total
Orders, as reported	$	~~483~~434.40		$	~~152~~159.02		$	~~286~~259.59		$	~~921~~853.91
(1) Currency translation effects represent the estimated net impact of translating current period sales and orders using the average exchange rates applicable to the comparable prior year period.
(1) Currency translation effects represent the estimated net impact of translating current period orders using the average exchange rates applicable to the comparable prior year period.

	Six Months Ended
	Nine Months Ended
	November 29, 2025
	February 28, 2026
	North America Contract			International Contract			Global Retail			Total
Orders, as reported	$	~~999~~1,489.09		$	~~316~~476.58		$	~~542~~822.48		$	12,~~857~~789.95
% change from PY	(2.0)5		%	(0.2)1		%	45.13		%	—2.9		%
Adjustments
Currency translation effects (1)	(0.1.6)			(917.4)			(714.58)			(1733.08)
Orders, organic	$	~~998~~1,488.93		$	~~307~~459.14		$	~~534~~808.90		$	12,~~840~~755.97
% change from PY	(2.0)		%	(3.2)		%	2.6		%	(0.9)		%
Organic Growth (Decline)	2.4		%	(3.6)		%	3.4		%	1.7		%
	Six Months Ended
	Nine Months Ended
	November 30, 2024
	March 1, 2025
	North America Contract			International Contract			Global Retail			Total
Orders, as reported	$	1,~~019~~453.4		$	~~317~~476.24		$	~~521~~781.21		$	12,~~857~~710.89
(1) Currency translation effects represent the estimated net impact of translating current period sales and orders using the average exchange rates applicable to the comparable prior year period.
(1) Currency translation effects represent the estimated net impact of translating current period orders using the average exchange rates applicable to the comparable prior year period.

The following table reconciles earnings per share - diluted to adjusted earnings per share - diluted for the periods ended as indicated below:

	Three Months Ended				~~Six~~Nine Months Ended
	November 29, 2025		November 30, 2024		November 29, 2025		November 30, 2024
	February 28, 2026		March 1, 2025		February 28, 2026		March 1, 2025
Earnings per share - diluted	$	0.35	$	0.49	$	0.64	$	0.47
Earnings (loss) per share - diluted	$	0.34	$	(0.19)	$	0.98	$	0.29
Add: Amortization of Knoll purchased intangibles	0.09		0.0809		0.1826		0.1625
Add: Integration charges	—		—		—		0.40
Add: Restructuring charges	0.0203		—0.06		0.0306		—0.06
Add: Debt extinguishment charges	—		—		0.11		—
Add: Impairment charges	—		1.91		—		1.85
Add: Debt extinguishment charges	—		—		0.12		—
Add: Knoll pension plan termination charges	—		—		—		0.01
Tax impact on adjustments	(0.03)		(01.0243)		(0.0811)		(01.1453)
Adjusted earnings per share - diluted	$	0.43	$	0.5544	$	01.8831	$	01.8933
Weighted average shares outstanding (used for calculating adjusted earnings per share) – diluted	6869,~~907~~132,~~511~~164		7068,~~032~~353,~~959~~906		69,~~010~~099,~~070~~988		70,~~768~~181,~~547~~279

Key Highlights

The following table presents certain key highlights from the results of operations for the three and ~~six~~nine months ended:

	Three Months Ended						~~Six~~Nine Months Ended
(In millions, except share data)	~~November~~February 2928, ~~2025~~2026		~~November~~March 301, ~~2024~~2025		% Change		~~November~~February 2928, ~~2025~~2026		~~November~~March 301, ~~2024~~2025		% Change
Net sales	$	~~955~~926.26	$	~~970~~876.42	(15.6)8	%	$	12,~~910~~837.95	$	12,~~831~~708.91	4.38	%
Cost of sales	~~583~~573.07		~~593~~543.48		(15.8)5	%	1,~~170~~744.63		1,~~118~~662.64		4.69	%
Gross margin	~~372~~352.29		~~377~~332.04		(16.3)2	%	~~740~~1,093.32		~~713~~1,045.37		34.85	%
Operating expenses	~~323~~308.70		~~314~~414.56		2(25.97)	%	~~638~~946.3		~~635~~1,050.62		0(9.49)	%
Operating earnings	48.5		62.5		(22.4)	%	102.0		77.7		31.3	%
Operating earnings (loss)	44.9		(82.2)		154.6	%	146.9		(4.5)		3,364.4	%
Other expenses, net	1615.07		1718.6		(915.16)	%	4056.85		3453.51		186.34	%
Earnings before income taxes and equity income	32.5		44.9		(27.6)	%	61.2		43.2		41.7	%
Earnings (loss) before income taxes and equity income	29.2		(100.8)		129.0	%	90.4		(57.6)		256.9	%
Income tax expense	7.3		9.8		(25.5)	%	14.9		8.7		71.3	%
Income tax expense (benefit)	5.6		(89.0)		106.3	%	20.5		(80.3)		125.5	%
Equity earnings (loss) from nonconsolidated affiliates, net of tax	—		0.1		(100.0)	%	—		0.2		(100.0)	%
Equity earnings from nonconsolidated affiliates, net of tax	0.9		0.1		800.0	%	0.9		0.3		200.0	%
Net earnings	25.2		35.2		(28.4)	%	46.3		34.7		33.4	%
Net earnings (loss)	24.5		(11.7)		309.4	%	70.8		23.0		207.8	%
Net earnings attributable to redeemable noncontrolling interests	1.0		1.10		~~(9.1)~~—	%	12.9		12.8		53.6	%
Net earnings attributable to MillerKnoll, Inc.	$	24.2	$	34.1	(29.0)	%	$	44.4	$	32.9	35.0	%
Net earnings (loss) attributable to MillerKnoll, Inc.	$	23.5	$	(12.7)	285.0	%	$	67.9	$	20.2	236.1	%
Earnings per share - basic	$	0.35	$	0.49	(28.6)	%	$	0.65	$	0.47	38.3	%
Earnings (loss) per share - basic	$	0.34	$	(0.19)	278.9	%	$	0.99	$	0.29	241.4	%
Orders	$	972.5	$	921.9	5.5	%	$	1,857.9	$	1,857.8	—	%
Earnings (loss) per share - diluted	$	0.34	$	(0.19)	278.9	%	$	0.98	$	0.29	237.9	%
Backlog	$	708.3	$	709.4	(0.2)	%
Orders	$	931.6	$	853.1	9.2	%	$	2,789.5	$	2,710.9	2.9	%
Backlog	$	711.6	$	686.4	3.7	%

The following table presents select components of the Company's Condensed Consolidated Statements of Comprehensive Income (Loss) as a percentage of Net sales, for the three and ~~six~~nine months ended:

	Three Months Ended				~~Six~~Nine Months Ended
	November 29, 2025		November 30, 2024		November 29, 2025		November 30, 2024
	February 28, 2026		March 1, 2025		February 28, 2026		March 1, 2025
Net sales	100.0	%	100.0	%	100.0	%	100.0	%
Cost of sales	61.09	%	6162.21	%	61.35	%	61.14	%
Gross margin	3938.01	%	3837.89	%	38.75	%	38.96	%
Operating expenses	33.92	%	3247.43	%	33.43	%	3438.78	%
Operating earnings	5.1	%	6.4	%	5.3	%	4.2	%
Operating earnings (loss)	4.8	%	(9.4)	%	5.2	%	(0.2)	%
Other expenses, net	1.7	%	12.81	%	2.10	%	12.90	%
Earnings before income taxes and equity income	3.4	%	4.6	%	3.2	%	2.4	%
Earnings (loss) before income taxes and equity income	3.2	%	(11.5)	%	3.2	%	(2.1)	%
Income tax expense	0.8	%	1.0	%	0.8	%	0.5	%
Income tax expense (benefit)	0.6	%	(10.2)	%	0.7	%	(3.0)	%
Equity earnings (loss) from nonconsolidated affiliates, net of tax	—	%	—	%	—	%	—	%
Equity earnings from nonconsolidated affiliates, net of tax	0.1	%	—	%	—	%	—	%
Net earnings	2.6	%	3.6	%	2.4	%	1.9	%
Net earnings (loss)	2.6	%	(1.3)	%	2.5	%	0.8	%
Net earnings attributable to redeemable noncontrolling interests	0.1	%	0.1	%	0.1	%	0.1	%
Net earnings attributable to MillerKnoll, Inc.	2.5	%	3.5	%	2.3	%	1.8	%
Net earnings (loss) attributable to MillerKnoll, Inc.	2.5	%	(1.4)	%	2.4	%	0.7	%

Net Sales

The following chart presents graphically the primary drivers of the year-over-year change in Net sales for the three and ~~six~~nine months ended ~~November~~February 2928, ~~2025~~2026. The amounts presented in the graph are expressed in millions and have been rounded.

Net sales ~~decreased~~increased $1550.24 million or 15.68% in the ~~second~~third quarter of fiscal 2026 compared to the ~~second~~third quarter of fiscal 2025. The ~~decrease~~increase was primarily driven by:

•~~Decreased~~Price ~~sales~~increases, ~~volumes~~net inof ~~the~~discounting, ~~North~~which ~~America~~positively ~~Contract~~impacted ~~and~~net ~~International~~sales ~~Contract~~by ~~segments contributed~~ approximately $3723 million ~~and $13 million, respectively~~. ~~These decreases were partially offset by:~~

•Price increases, net of discounting, which positively impacted net sales by approximately $19 million. This includes the favorable impact of pricing actions taken to help offset tariff cost pressures.

•Favorable foreign currency translation, which increased net sales by approximately $9 million.

•Increased sales volumes in the Global Retail segment increased net sales by $7 million.

Net sales increased $79.0 million or 4.3% in the first six months of fiscal 2026 compared to the first six months of fiscal 2025. The following items contributed to the change:

•Price increases, net of discounting, which positively impacted net sales by approximately $21 million. This includes the favorable impact of pricing actions taken to help offset tariff cost pressures.

•Increased sales volumes in the North America Contract, Global Retail and International Contract segments contributed approximately $17 million, $15 million and $9 million, respectively.

•Favorable foreign currency translation, which increased net sales by approximately $17 million.

•Increased sales volumes in the Global Retail, International Contract, and North America Contract segments contributed approximately $5 million, $4 million, and $2 million, respectively.

Net sales increased $129.4 million or 4.8% in the first nine months of fiscal 2026 compared to the first nine months of fiscal 2025. The following items contributed to the change:

•Price increases, net of discounting, which positively impacted net sales by approximately $42 million.

•Favorable foreign currency translation, which increased net sales by approximately $34 million.

•Increased sales volumes in the Global Retail, North America Contract and International Contract segments contributed approximately $23 million, $23 million and $8 million, respectively.

Gross Margin

Gross margin was 3938.01% in the ~~second~~third quarter of fiscal 2026, as compared to 3837.89% in the ~~second~~third quarter of fiscal 2025. The year-over-year change in gross margin percentage was primarily driven by ~~the following factors~~:

•Favorable ~~channel~~leverage ~~and~~on ~~product~~fixed ~~mix~~costs ~~positively~~due ~~impacted~~to ~~margin~~higher bysales ~~approximately~~volumes 90and ~~basis~~operational ~~points.~~efficiency which positively impacted margin.

~~•The~~Gross ~~impact~~margin ofwas ~~incremental~~38.5% ~~list~~in ~~price~~the ~~increases~~nine months ended February 28, ~~net~~2026, ofcompared ~~contract~~to ~~price~~38.6% ~~discounting,~~for ~~and~~the ~~excluding~~same ~~tariff-based~~period ~~pricing~~in ~~actions,~~the ~~increased~~prior ~~gross~~fiscal ~~margin~~year. ~~percentage~~The byfollowing 50factors ~~basis~~summarize ~~points.~~the ~~These~~major ~~increases~~drivers ~~were~~of ~~partially~~the ~~offset~~year-over-year bychange in gross margin percentage:

•~~Tariff-related~~Favorable ~~costs,~~channel ~~net~~and ofproduct ~~pricing~~mix ~~actions~~and ~~taken~~the toimpact ~~help~~of ~~offset~~incremental ~~costs~~list price increases, ~~adversely~~net ~~impacted~~of ~~gross~~contract ~~margin~~price bydiscounting ~~approximately~~which 70positively ~~basis~~impacted ~~points~~margin.

•~~Unfavorable~~Favorable leverage on fixed costs due to ~~lower~~higher sales volumes ~~negatively~~which positively impacted margin ~~by 50 basis points~~.

~~Gross~~•These ~~margin~~increases ~~was~~were ~~38.7%~~more inthan ~~the~~offset ~~six~~by ~~months~~tariff-related ~~ended November 29~~costs, ~~2025,~~net asof ~~compared~~pricing toactions ~~38.9%~~taken ~~for~~to ~~the~~help ~~same~~offset ~~period~~costs, incurred in the ~~prior~~first ~~fiscal~~half ~~year. The following factors summarize the major drivers~~ of the year~~-over-year~~ ~~change~~that inadversely impacted gross margin ~~percentage:~~.

•Tariff-related costs, net of pricing actions taken to help offset costs, adversely impacted gross margin by approximately 110 basis points. This increase was partially offset by:

•The impact of incremental list price increases, net of contract price discounting and excluding tariff specific pricing actions, increased gross margin percentage by 50 basis points.

• Favorable channel and product mix which positively impacted margin by approximately 40 basis points.

Operating Expenses

The following chart presents graphically the primary drivers of the year-over-year change in Operating expenses for the three and ~~six~~nine months ended ~~November~~February 2928, ~~2025~~2026. The amounts presented in the graphs are expressed in millions and have been rounded.

Operating expenses ~~increased~~decreased by $9106.26 million or 225.97% in the ~~second~~third quarter of fiscal 2026 compared to the prior year period. The following factors contributed to the change:

•~~Incremental~~Impairment ~~costs~~charges of $4130 million ~~associated~~related ~~with~~to goodwill attributed to the ~~expansion~~Global ofRetail ~~our~~and ~~retail~~Holly ~~store~~Hunt ~~footprint~~reporting units, as well as related to the Knoll and Muuto indefinite-lived trade name intangible assets that occurred in the prior year period. This decrease was offset in part by:

•Increased fixed and variable compensation costs of approximately $414 million.

•~~Variable~~Incremental ~~selling~~ costs, ~~including~~of ~~sales-based commissions and royalty expenses which rose by approximately~~ $14 million ~~compared~~associated towith the ~~prior~~impact ~~year~~from ~~period.~~opening new stores.

•Unfavorable foreign currency translation of $4 million as compared to the prior year period.

~~Operating~~•Variable ~~expenses~~selling ~~increased~~costs which rose by approximately $~~2.7~~1 million ~~or 0.4% in the first six months of fiscal 2026~~ compared to the ~~first~~prior ~~six~~year ~~months of fiscal 2025~~period. ~~The following factors contributed to the change:~~

~~•Increased~~Operating ~~fixed~~expenses ~~and~~decreased ~~variable~~by ~~compensation~~$103.9 ~~costs~~million or 9.9% in the first nine months of ~~approximately~~fiscal ~~$13~~2026 ~~million~~compared to the first nine months of fiscal 2025. The following factors contributed to the change:

•~~Variable~~Impairment ~~selling~~charges ~~costs,~~of ~~including~~$130 ~~sales-based~~million ~~commissions~~related ~~and~~to ~~royalty~~goodwill ~~expenses~~attributed ~~which~~to ~~rose~~the byGlobal ~~approximately~~Retail $8and ~~million~~Holly ~~compared~~Hunt reporting units, as well as related to the Knoll and Muuto indefinite-lived trade name intangible assets that occurred in the prior year period.

•~~Incremental~~Acquisition-related ~~costs~~integration ofcharges which totaled approximately $728 million ~~associated~~that ~~with~~occurred in the ~~expansion~~prior ofyear. ~~our~~These ~~retail~~decreases ~~store~~were ~~footprint.~~offset in part by:

~~•Foreign~~◦Increased ~~currency~~fixed ~~translation~~and ~~also~~variable ~~contributed~~compensation ancosts ~~increase in operating expenses~~ of approximately $227 million ~~relative to the prior year~~.

~~•These~~◦Incremental ~~increases~~costs ~~were~~of ~~partially~~$11 ~~offset~~million byassociated awith ~~reduction~~the inimpact ~~acquisition-related~~from ~~integration~~opening ~~charges~~new ~~and restructuring charges, which totaled approximately $28 million~~stores.

◦Variable selling costs, including sales-based commissions and royalty expenses which rose by approximately $10 million compared to the prior year period.

◦Foreign currency translation also contributed an increase in operating expenses of approximately $6 million relative to the prior year.

Other Income/Expense

During the three months ended ~~November~~February 2928, ~~2025~~2026, net Other expense was $1615.07 million, representing a decrease of $12.69 million compared to the same period in the prior year. The change was primarily driven by lower interest expense of $21.59 million resulting from reduced debt levels, ~~partially~~and ~~offset~~increased byinterest aand ~~decrease~~investment income in ~~interest~~the ~~income~~period ofended ~~$0.8~~February 28, ~~million~~2026 compared to the same period in the prior year.

During the ~~six~~nine months ended ~~November~~February 2928, ~~2025~~2026, net Other expense was $4056.85 million, representing an increase of $6.3.4 million compared to the same period in the prior year. The change was primarily driven by a loss on extinguishment of debt of approximately $7.8.0 million incurred in connection with the refinancing of term loan debt during the current year, partially offset ~~in part~~ by lower interest expense resulting from reduced debt levels.

Income Taxes

See Note 89 of the Condensed Consolidated Financial Statements for additional information.

Operating Segment Results

The business is comprised of various operating segments as defined by generally accepted accounting principles in the United States. These operating segments are determined on the basis of how the Company internally reports and how the chief operating decision maker ("CODM") evaluates financial information used to make operating decisions.

Effective as of March 1, 2025, the last day of the third quarter of fiscal 2025, the Company implemented an organizational change that resulted in a change in the reportable segments. The Company has recast historical results to reflect this change.

Below is a description of each reportable segment.

The North America Contract segment includes the operations associated with the design, sourcing, manufacture, and sale of furniture products directly or indirectly through an independent dealership network for office, healthcare, and educational environments throughout the United States and Canada, as well as the global operations of the Spinneybeck|FilzFelt, Maharam, Edelman, and Knoll Textile brands.

The Company also reports a “"Corporate”" category consisting primarily of unallocated expenses related to general corporate functions, including, but not limited to, certain legal, executive, corporate finance, information technology, administrative and acquisition-related costs. For descriptions of each segment, refer to Note 1314 of the Condensed Consolidated Financial Statements.

The charts below present the relative mix of net sales and operating earnings across each of the Company's segments during the three and ~~six~~nine month periods ended ~~November~~February 2928, ~~2025~~2026. This is followed by a discussion of the Company's results, by reportable segment. The amounts presented in the charts are in millions and have been rounded.

North America Contract

	Three Months Ended									~~Six~~Nine Months Ended
(Dollars in millions)	~~November~~February 2928, ~~2025~~2026			~~November~~March 301, ~~2024~~2025			Change			~~November~~February 2928, ~~2025~~2026			~~November~~March 301, ~~2024~~2025			Change
Net sales	$	~~508~~488.56		$	~~524~~468.72		$	~~(16~~20.2)4		$	1,~~042~~531.40		$	1,~~000~~469.91		$	4161.59
Gross margin	~~185~~175.84			~~189~~161.90			(414.1)4			~~381~~557.82			~~361~~522.6			2034.26
Gross margin %	3635.59		%	3634.24		%	01.35		%	36.64		%	3635.16		%	0.58		%
Operating earnings	4441.09			4917.50			(524.5)9			~~100~~142.98			6582.6			3560.32
Operating earnings %	8.76		%	93.46		%	(05.7)0		%	9.73		%	65.6		%	3.17		%

For the three month comparative period, Net sales ~~decreased~~increased 34.4%, or 4.1%~~(*)~~ on ~~both~~an ~~a reported and~~ organic* basis, compared to the prior year period due to:

•~~Decreased~~Price ~~sales volumes within the segment~~increases, ~~contributing~~net ~~approximately~~of ~~$37~~discounting ~~million~~positively toimpacted ~~the~~net ~~decrease;~~sales ~~offset~~by inapproximately ~~part~~$17 bymillion.

•~~Price~~Increased ~~increases,~~sales ~~net~~volumes ofwithin ~~discounting~~the ~~positively~~segment, ~~impacted~~contributed ~~net sales by~~ approximately $212 million. ~~This~~to ~~includes~~ the ~~favorable impact of tariff-related pricing actions~~increase.

•Favorable foreign currency translation, which increased net sales by approximately $1 million.

For the ~~six~~nine month comparative period, Net sales increased 4.2%, or 4.1%~~(*)~~ on ~~both a reported and~~ an organic* basis, compared to the prior year period. This growth was primarily driven by:

•Price increases, net of discounting positively impacted net sales by approximately $2538 million. ~~This includes the favorable impact of tariff-related pricing actions.~~

•Increased sales volumes within the segment, contributing approximately $1723 million ~~to the increase;~~.

~~For~~•Favorable ~~the~~foreign ~~three~~currency ~~month comparative period~~translation, ~~operating~~which ~~earnings~~increased ~~decreased~~net ~~$5.5~~sales ~~million,~~by orapproximately ~~11.~~$1%, ~~over the prior year period due to:~~million.

~~•Decreased~~For ~~Gross margin of $4.1 million due to~~ the ~~decrease~~three inmonth ~~sales~~comparative ~~noted~~period, ~~above~~operating ~~offset~~earnings byincreased an$24.9 ~~increase~~million, inor ~~gross margin percentage of 30 basis points~~146.5%, ~~The~~over ~~increase~~the inprior ~~gross~~year ~~margin~~period ~~percentage was~~ due ~~primarily~~ to:

~~◦Price~~•Increased ~~increases,~~Gross ~~net~~margin of ~~discounting~~$14.4 ~~resulted~~million due to the increase in asales ~~positive~~noted ~~impact~~and ofan ~~approximately~~increase ~~130~~in gross margin percentage of 150 basis points. The increase in gross margin percentage was due primarily to:

◦Favorable product mix ~~which~~and ~~increased~~operational ~~margin~~efficiency bywhich 60increased ~~basis points~~margin. ~~Offset in part by:~~

◦~~Loss~~Price ofincreases, ~~leverage~~net onof ~~fixed~~discounting ~~costs~~resulted ~~due~~in toa ~~lower~~positive ~~sales~~impact ~~volumes, which contributed approximately 80 basis points~~ to ~~gross~~ margin ~~decline~~.

◦~~Tariff-related~~Favorable ~~costs,~~leverage ~~which~~on ~~more~~fixed ~~than~~costs ~~offset~~due ~~pricing actions taken~~ to ~~help~~increased ~~offset~~sales ~~tariffs.~~volumes ~~The~~contributed ~~net impact of tariffs in the quarter as compared~~ to ~~the prior year adversely impacted~~ gross margin ~~by approximately 50 basis points~~improvement.

~~◦Increased~~•Decreased ~~freight~~Operating ~~and~~expenses ~~product~~of ~~distribution~~$10.5 ~~costs~~million. ~~increased~~The ~~margin~~following byfactors ~~approximately~~contributed 30to ~~basis~~the ~~points.~~change:

~~•Increased~~◦Decreased ~~Operating~~non-cash ~~expenses~~intangible impairment charges of approximately $120 million ~~driven~~as ~~primarily~~compared byto ~~restructuring~~the ~~charges~~prior ~~associated~~year. ~~with~~This ~~facility~~decrease ~~consolidation~~was ~~initiatives~~offset ~~and~~in ~~elevated~~part ~~compensation and benefit expenses.~~by:

~~For~~◦Elevated ~~the~~compensation ~~six~~and ~~month~~benefit ~~comparative~~expenses ~~period,~~of ~~operating~~approximately ~~earnings increased~~ $~~35.3~~7 million, orin ~~53.8%, over~~ the ~~prior~~current year period ~~due to:~~.

~~•Increased~~◦Variable ~~Gross~~selling ~~margin~~costs ofwhich rose by approximately $~~20.~~2 million ~~due~~compared to the ~~increase~~prior inyear ~~sales discussed above and an increase in gross margin percentage of 50 basis points~~period. ~~The increase in gross margin percentage was due primarily to:~~

~~◦The~~For ~~impact~~the ofnine ~~incremental~~month ~~list~~comparative ~~price increases~~period, ~~net~~operating ofearnings ~~contract~~increased ~~price~~$60.2 ~~discounting~~million, ~~that~~or ~~increased~~72.9%, ~~gross~~over ~~margin~~the ~~percentage~~prior byyear ~~approximately~~period 70due ~~basis points.~~to:

~~◦Favorable~~•Increased ~~leverage~~Gross margin of ~~fixed~~$34.6 ~~costs~~million due to ~~increased~~the ~~production~~increase ~~volumes~~in assales ~~well~~discussed asabove ~~favorable~~and ~~product~~an ~~mix~~increase ~~which~~in ~~had~~gross amargin ~~positive~~percentage ~~impact~~of on80 basis points. The increase in gross margin ofpercentage ~~approximately~~was 50due ~~basis~~primarily ~~points.~~to:

◦~~Reduced~~Favorable ~~freight~~product mix and ~~distribution~~operational ~~charges~~efficiency ~~positively~~which ~~impacted~~increased margin ~~by 20 basis points~~. ~~These changes were offset in part by:~~

◦~~Tariff-related~~Price ~~costs~~increases, ~~which more than offset pricing actions taken to help offset tariffs. The~~ net ~~impact~~ of ~~tariffs~~discounting resulted in ~~the~~a ~~current~~positive ~~period~~impact ~~as compared~~ to ~~the prior year adversely impacted gross~~ margin ~~by approximately 90 basis points~~.

~~•Decreased~~◦Favorable ~~Operating~~leverage ~~expenses~~on offixed ~~$15.1~~costs ~~million.~~due ~~The~~to ~~following~~increased ~~factors~~sales volumes contributed to ~~the~~gross ~~change:~~margin improvement.

◦AThese ~~reduction~~increases inwere ~~acquisition~~partially offset by tariff-related ~~integration~~costs, ~~charges~~net of pricing actions taken to help offset costs, ~~which~~incurred ~~totaled~~in ~~approximately~~the ~~$25~~first ~~million.~~half ~~This~~of ~~benefit~~the ~~was~~year ~~partially~~that ~~offset~~adversely ~~by:~~impacted gross margin.

~~◦Increased~~•Decreased ~~variable~~Operating ~~selling~~expenses ~~costs,~~of ~~including~~$25.6 ~~sales-based~~million. ~~commissions~~The ~~and~~following ~~royalty~~factors ~~expenses~~contributed ofto ~~approximately~~the ~~$6 million.~~change:

◦~~Increase~~A ofreduction $2in ~~million~~acquisition-related ~~driven~~integration ~~primarily by restructuring~~ charges, ~~associated~~which ~~with~~totaled ~~facility~~approximately ~~consolidation~~$25 ~~initiatives~~million.

◦~~Increased~~Decreased ~~compensation~~non-cash ~~and~~intangible ~~benefits~~impairment charges of approximately $220 million. These decreases were partially offset by:

◦Increased variable selling costs, including sales-based commissions and royalty expenses of approximately $9 million.

◦Increased compensation and benefits of approximately $9 million.

◦Increase of approximately $1 million driven primarily by restructuring charges associated with facility consolidation initiatives.

(*) Non-GAAP measurements; see accompanying reconciliations and explanations under the heading "Reconciliation of Non-GAAP Financial Measures."

International Contract

	Three Months Ended									Six Months Ended
(Dollars in millions)	November 29, 2025			November 30, 2024			Change			November 29, 2025			November 30, 2024			Change
Net sales	$	170.9		$	182.4		$	(11.5)		$	338.4		$	328.8		$	9.6
Gross margin	61.9			66.5			(4.6)			121.1			120.4			0.7
Gross margin %	36.2		%	36.5		%	(0.3)		%	35.8		%	36.6		%	(0.8)		%
Operating earnings	15.9			22.2			(6.3)			29.4			31.7			(2.3)
Operating earnings %	9.3		%	12.2		%	(2.9)		%	8.7		%	9.6		%	(0.9)		%

International Contract

For the three month comparative period, Net sales decreased 6.3%, or 9.2%(*) on an organic basis, over the prior year period due to:


	Three Months Ended									Nine Months Ended
(Dollars in millions)	February 28, 2026			March 1, 2025			Change			February 28, 2026			March 1, 2025			Change
Net sales	$	156.9		$	145.5		$	11.4		$	495.3		$	474.3		$	21.0
Gross margin	55.5			52.2			3.3			176.6			172.6			4.0
Gross margin %	35.4		%	35.9		%	(0.5)		%	35.7		%	36.4		%	(0.7)		%


Operating earnings	12.1			9.9			2.2			41.5			41.6			(0.1)
Operating earnings %	7.7		%	6.8		%	0.9		%	8.4		%	8.8		%	(0.4)		%

~~•Decreased~~For ~~sales~~the ~~volumes~~three ~~within~~month ~~the~~comparative ~~segment~~period, ~~contributing~~Net ~~approximately~~sales ~~$13~~increased ~~million~~7.8%, toor 1.9% on an organic* basis, over the ~~decrease.~~prior year period due to:

•~~Incremental~~Favorable ~~discounting~~foreign ~~attributable~~currency ~~to regional sales mix~~translation, ~~net of price increases,~~ which ~~adversely~~increased ~~impacted~~ net sales by approximately $48 million.

•~~These~~Increased ~~decreases~~sales ~~were~~volumes ~~partially~~within ~~offset~~the ~~by favorable foreign currency translation~~segment, ~~which~~contributing ~~increased net sales by~~ approximately $54 million to the increase.

~~For~~•These ~~the~~increases ~~six~~were ~~month~~partially ~~comparative~~offset ~~period,~~by ~~Net~~incremental ~~sales~~discounting ~~increased~~attributable ~~2.9%~~to ~~and~~product ~~decreased~~mix, ~~0.1%(*)~~net onof anprice ~~organic~~increases, ~~basis~~which ~~compared~~adversely toimpacted ~~the~~net ~~prior~~sales ~~year~~by ~~period.~~approximately ~~This~~$1 ~~growth was primarily driven by:~~million.

~~•Favorable~~For ~~foreign~~the ~~currency~~nine ~~translation~~month comparative period, ~~which~~Net sales increased ~~net~~4.4% ~~sales~~or by0.5% ~~approximately~~on ~~$10~~an ~~million~~organic* basis compared to the prior year period. This growth was primarily driven by:

•~~Higher~~Favorable ~~sales~~foreign ~~volumes~~currency ~~within~~translation, ~~the~~which ~~segment,~~increased ~~contributing~~net sales by approximately $918 million ~~to the increase~~.

•~~These~~Higher ~~gains were partially offset by incremental discounting attributable to regional and product~~ sales ~~mix,~~volumes ~~net~~within ofthe ~~price increases~~segment, ~~which~~contributing ~~adversely impacted net sales by~~ approximately $98 million. to the increase.

~~For~~•These ~~the~~increases ~~three~~were ~~month~~partially ~~comparative~~offset ~~period,~~by ~~operating~~incremental ~~earnings~~discounting ~~decreased~~attributable ~~$6.3~~to ~~million~~regional orand ~~28.4%~~product sales mix, ~~over~~net ~~the~~of ~~prior~~price ~~year~~increases, ~~period~~which ~~due~~adversely ~~to:~~impacted net sales by approximately $5 million.

~~•Decreased~~For ~~Gross margin of $4.6 million driven by~~ the ~~lower~~three ~~sales~~month ~~volumes~~comparative ~~explained~~period, ~~above~~operating ~~and~~earnings aincreased ~~decline~~$2.2 inmillion ~~gross~~or ~~margin percentage of 30 basis points~~22.2%, ~~The~~over ~~decrease~~the inprior ~~gross~~year ~~margin~~period ~~percentage was~~ due ~~primarily~~ to:

~~◦Tariff-related~~•Increased ~~costs~~Gross ~~adversely~~margin ~~impacted~~of $3.3 million driven by the higher sales volumes explained above, partially offset by a decline in gross margin bypercentage ~~approximately~~of 7050 basis points. The decrease in gross margin percentage was due primarily to:

◦Unfavorable foreign currency translation ~~further~~which ~~reduced~~negatively ~~margin~~impacted bygross ~~approximately 40 basis points~~margin.

◦~~These~~Regional ~~pressures~~and ~~were partially offset by favorable~~ product ~~material~~sales ~~performance~~mix which ~~contributed~~had ~~approximately~~an 80unfavorable ~~basis~~impact ~~points~~ to ~~margin~~gross ~~improvement~~margin.

~~•Increased~~◦These ~~Operating~~pressures ~~expenses~~was ofpartially ~~$1.7~~offset ~~million~~by ~~driven~~favorable ~~primarily~~operating byleverage ~~increased~~on fixed ~~and~~costs ~~variable~~resulting ~~compensation~~from ~~costs~~increased sales volumes.

~~For~~•Increased ~~the~~Operating ~~six~~expenses ~~month~~of ~~comparative period, operating earnings decreased~~ $21.31 million, ordriven ~~7.3%,~~primarily ~~over the prior year period due to~~by:

•◦Increased ~~Gross~~compensation ~~margin~~and ofbenefits ~~$0.7 million driven by the higher sales volumes explained above, which more than offset a decline in gross margin percentage~~ of 80approximately ~~basis~~$3 ~~points~~million. ~~The decrease in gross margin percentage was due primarily to:~~

◦~~Tariff-related~~Foreign ~~costs~~currency ~~adversely~~translation ~~impacted~~which ~~gross~~contributed ~~margin~~an byunfavorable impact of approximately 60$2 ~~basis~~million ~~points~~compared to the prior year. These increases were offset in part by decreased restructuring charges and impairment charges as compared to the prior year period.

~~◦Unfavorable~~For ~~foreign~~the ~~currency~~nine ~~translation~~month ~~further~~comparative ~~reduced~~period, ~~margin~~operating byearnings ~~approximately~~decreased 40$0.1 ~~basis~~million, ~~points~~or 0.2%, over the prior year period due to:

~~◦These~~•Increased ~~pressures~~Gross ~~were~~margin ~~partially~~of ~~offset~~$4.0 million driven by ~~favorable~~the ~~operating~~higher ~~leverage~~sales onvolumes ~~fixed~~explained ~~costs~~above, ~~resulting~~and ~~from~~a ~~increased~~decline ~~sales~~in ~~volumes,~~gross ~~which~~margin ~~contributed~~percentage ~~approximately~~of 2070 basis points. toThe decrease in gross margin ~~improvement.~~percentage was due primarily to:

~~•Increased~~◦Unfavorable ~~Operating~~foreign ~~expenses~~currency oftranslation $3which ~~million.~~negatively ~~The~~impacted ~~following~~gross ~~factors contributed to the change:~~margin.

◦~~Increased~~Regional ~~fixed~~ and ~~variable~~product ~~compensation~~sales ~~costs~~mix ofwhich ~~approximately~~had $4an ~~million~~unfavorable impact to gross margin.

◦~~Foreign~~These ~~currency~~pressures ~~translation~~were ~~which~~partially ~~contributed~~offset anby ~~unfavorable~~favorable ~~impact~~operating ofleverage ~~approximately~~on $1fixed ~~million~~costs ~~relative~~resulting tofrom ~~the~~increased ~~prior~~sales ~~year~~volumes and favorable material performance.

~~◦These~~•Increased ~~increases~~Operating ~~were~~expenses ~~partially~~of ~~offset~~$4.1 bymillion adriven ~~reduction~~primarily ~~in acquisition-related integration charges.~~by:

~~(*)~~◦Increased ~~Non-GAAP~~fixed ~~measurements; see accompanying reconciliations~~ and ~~explanations~~variable ~~under~~compensation ~~the~~costs ~~heading "Reconciliation~~ of ~~Non-GAAP~~approximately ~~Financial~~$5 ~~Measures~~million."

◦Foreign currency translation which contributed an unfavorable impact of approximately $2 million compared to the prior year. These increases were offset in part by decreased acquisition-related integration charges and impairment charges during the prior year period.

(*) Non-GAAP measurements; see accompanying reconciliations and explanations under the heading "Reconciliation of Non-GAAP Financial Measures."

Global Retail

	Three Months Ended									~~Six~~Nine Months Ended
(Dollars in millions)	~~November~~February 2928, ~~2025~~2026			~~November~~March 301, ~~2024~~2025			Change			~~November~~February 2928, ~~2025~~2026			~~November~~March 301, ~~2024~~2025			Change
Net sales	$	~~275~~281.81		$	~~263~~262.35		$	1218.56		$	~~530~~811.12		$	~~502~~764.27		$	2746.95
Gross margin	~~124~~122.50			~~120~~119.62			32.98			~~237~~359.4			~~231~~350.35			68.19
Gross margin %	4543.14		%	45.84		%	(02.70)		%	44.83		%	4645.18		%	(1.35)		%
Operating earnings	4.1			8.3			(4.2)			5.5			13.6			(8.1)
Operating earnings (loss)	6.3			(94.4)			100.7			11.8			(80.8)			92.6
Operating earnings %	12.52		%	3(36.20)		%	(138.7)2		%	1.05		%	2(10.76)		%	(112.7)1		%

For the three month comparative period, Net sales increased 4.7.1%, ~~and~~or 34.4%~~(*)~~ on an organic* basis, over the prior year period. This growth was primarily driven by:

•~~Higher~~Price ~~sales volumes within the segment~~increases, ~~supported~~net byof ~~our~~discounting ~~North~~positively ~~America~~impacted ~~retail~~net ~~store~~sales ~~expansion~~by ~~strategy, contributed~~ approximately $7 million ~~to the increase~~.

•Favorable foreign currency translation, which increased net sales by approximately $4 million.

•Price increases, net of discounting positively impacted net sales by approximately $2 million. This includes the favorable impact of pricing actions taken to help offset tariff cost pressures.

For the six month comparative period, Net sales increased 5.6%, and 4.1%(*) on an organic basis compared to the prior year period. This growth was primarily driven by:

•Higher sales volumes within the segment, contributing approximately $15 million to the increase.

•Favorable foreign currency translation, which increased net sales by approximately $7 million.

•~~Price~~Higher ~~increases,~~sales ~~net~~volumes ofwithin ~~discounting~~the ~~positively~~segment, ~~impacted~~supported ~~net sales~~ by ~~approximately~~our $6North ~~million.~~America ~~This~~retail ~~includes~~store ~~the~~expansion ~~favorable~~strategy, ~~impact~~contributed ofapproximately ~~pricing~~$5 ~~actions~~million ~~taken~~ to ~~help~~the ~~offset tariff cost pressures~~increase.

For the ~~three~~nine month comparative period, ~~Operating~~Net ~~earnings~~sales ~~decreased~~increased $46.~~2 million~~1%, or 504.62% ason an organic* basis compared to the prior year period. ~~due~~This togrowth was primarily driven by:

•~~Increased~~Higher ~~Gross margin of $3.9 million driven by the higher~~ sales volumes ~~explained~~within ~~above~~the segment, ~~which~~contributing ~~was~~approximately ~~offset~~$23 bymillion ato ~~decline~~the ~~in gross margin percentage of 70 basis points~~increase. ~~The decrease in gross margin percentage was due primarily to:~~

~~◦Tariff-related~~•Favorable ~~costs,~~foreign ~~net~~currency ~~of pricing actions taken to help offset costs~~translation, which ~~adversely~~increased ~~impacted~~net ~~gross~~sales ~~margin~~ by approximately ~~110~~$14 ~~basis points~~million.

~~◦Unfavorable~~•Price ~~foreign~~increases, ~~currency~~net ~~translation~~of ~~further~~discounting ~~reduced~~positively ~~margin~~impacted net sales by approximately 40$9 ~~basis points~~million.

~~◦These~~For ~~margin~~the ~~percentage~~three ~~pressures~~month ~~were~~comparative ~~partially~~period, ~~offset~~Operating byearnings ~~favorable operating leverage on fixed costs driven by~~ increased ~~sales~~$100.7 million ~~volumes~~or ~~and~~106.7% acompared ~~more~~to ~~favorable~~the ~~product~~prior ~~mix~~year ~~which~~period ~~added~~due ~~approximately 80 basis points~~ to ~~margin improvement.~~:

•Increased ~~Operating~~Gross ~~expenses~~margin of $82.18 million driven by the higher sales volumes explained above, which was offset by a decline in gross margin percentage of 200 basis points. The ~~following~~decrease ~~factors~~in ~~contributed~~gross tomargin ~~the~~percentage ~~change~~was due primarily to:

◦~~Incremental~~Targeted ~~costs~~incremental ofpromotional $4actions ~~million~~to ~~associated~~offset ~~with~~adverse ~~the~~weather ~~expansion~~conditions ofwhich ~~our~~negatively ~~retail~~impacted ~~store~~gross ~~footprint~~margin.

◦~~Increased~~Unfavorable ~~fixed~~foreign ~~and~~currency ~~variable~~translation ~~compensation~~negatively ~~costs~~impacted ofgross ~~approximately $2 million~~margin.

◦~~Variable~~These ~~selling~~pressures ~~costs,~~were ~~including~~partially ~~sales-based~~offset ~~commissions~~by ~~and~~favorable ~~royalty~~operating ~~expenses~~leverage ~~which~~on ~~increased~~fixed bycosts ~~approximately~~resulting $1from ~~million~~increased ~~compared~~sales ~~to the prior year period~~volumes.

~~◦Unfavorable~~•Decreased ~~foreign~~Operating ~~currency~~expenses ~~translation~~of $97.9 million driven primarily by decreased non-cash intangible impairment charges of $109.0 million compared to the prior year. This decrease was offset in part by:

For the six month comparative period, Operating earnings decreased $8.1 million over the prior year period due to:

•Increased Gross margin of $6.1 million driven by the higher sales volumes explained above, which more than offset a decline in gross margin percentage of 130 basis points. The decrease in gross margin percentage was due primarily to:

◦Tariff-related costs, net of pricing actions taken to help offset costs, which adversely impacted gross margin by approximately 120 basis points.

◦Unfavorable foreign currency translation further reduced margin by approximately 30 basis points.

◦These decreases were offset in part by leverage on fixed costs attributable to higher sales volumes as compared to the prior year which had a favorable impact on gross margin percentage of approximately 20 basis points.

•Increased Operating expenses of $14.2 million. The following factors contributed to the change:

◦Incremental costs of $7 million associated with the expansion of our retail store footprint.

◦Increased fixed and variable compensation costs of approximately $5 million.

◦~~Variable~~Incremental ~~selling~~ costs, ~~including~~of ~~sales-based commissions and royalty expenses which rose by approximately~~ $24 million ~~compared~~associated towith the ~~prior~~impact ~~year~~from ~~period~~opening new stores.

◦Foreign currency translation which contributed an unfavorable impact of approximately $2 million compared to the prior year.

For the nine month comparative period, Operating earnings increased $92.6 million over the prior year period due to:

•Increased Gross margin of $8.9 million driven by the higher sales volumes explained above, which was offset by a decline in gross margin percentage of 150 basis points. The decrease in gross margin percentage was due primarily to:

◦Tariff-related costs, net of pricing actions taken to help offset costs, incurred in the first half of the year that adversely impacted gross margin.

◦Unfavorable foreign currency translation negatively impacted gross margin.

◦These pressures were partially offset by favorable operating leverage on fixed costs resulting from increased sales volumes.

•Decreased Operating expenses of $83.7 million driven primarily by decreased non-cash intangible impairment charges of $109.0 million compared to the prior year. This decrease was offset in part by:

◦Increased fixed and variable compensation costs of approximately $12 million.

◦Incremental costs of $11 million associated with the impact from opening new stores.

◦Foreign currency translation which contributed an unfavorable impact of approximately $4 million compared to the prior year.

(*) Non-GAAP measurements; see accompanying reconciliations and explanations under the heading "Reconciliation of Non-GAAP Financial Measures."

Corporate

Corporate unallocated expenses totaled $15.54 million for the ~~second~~third quarter of fiscal 2026, aan ~~decrease~~increase of $2.0.7 million from the ~~second~~third quarter of fiscal 2025 related primarily to ~~lower~~higher fixed and variable compensation expense.

Corporate unallocated expenses totaled $3349.82 million for the first ~~six~~nine months of fiscal 2026, an increase of $01.63 million from the same period of fiscal 2025 related primarily to higher fixed and variable stock based compensation expense.

Liquidity and Capital Resources

The table below summarizes the net change in Cash and cash equivalents for the ~~six~~nine months ended as indicated.

(In millions)	~~November~~February 2928, ~~2025~~2026		~~November~~March 301, ~~2024~~2025
Cash provided by (used in):
Operating activities	$	74135.01	$	76138.4
Investing activities	(6077.38)		(4460.83)
Financing activities	(2883.68)		(33127.96)
Effect of exchange rate changes	17.64		(711.01)
Net change in Cash and cash equivalents	$	(1319.31)	$	(960.36)

Cash Flows - Operating Activities

Net cash provided by operating activities for the nine months ended February 28, 2026, totaled $135.1 million compared to $138.4 million in the same period of the prior year. The principal source of our operating cash flow is net earnings, meaning cash receipts from the sale of our products, net of costs to manufacture, distribute, and market our products. ~~Net~~and ~~cash~~changes ~~provided~~in byworking ~~operating~~capital. ~~activities~~Working ~~for~~capital ~~the~~remained ~~six~~a ~~months~~use ~~ended~~of ~~November 29,~~cash ~~2025, totaled $74.0 million compared to $76.4 million~~ in the ~~same~~current ~~period of the prior~~ year. ~~The~~but ~~decrease~~decreased incompared ~~cash inflow is due primarily~~ to athe ~~net~~prior ~~increase in working capital~~year. Our working capital consists primarily of receivables from customers, inventory, prepaid expenses, accounts payable, accrued compensation, and accrued other expenses. The following all affect these account balances:

•Fluctuations in inventory levels; and

•The timing of collection of our receivables; and

•Changes in accruals related to variable compensation.

Cash Flows - Investing Activities

Cash used in investing activities for the ~~six~~nine months ended ~~November~~February 2928, ~~2025~~2026, was $6077.38 million, as compared to $4460.83 million in the same period of the prior year. The increase was primarily driven by higher capital expenditures in the current year.

At the end of the ~~second~~third quarter of fiscal 2026, there were outstanding commitments for capital purchases of $1722.67 million. The Company plans to fund these commitments through a combination of cash on hand and cash flows from operations. The Company expects full-year capital purchases to be between $120 million and $130 million which will be primarily related to investments in the Company's facilities, (including manufacturing, showrooms, and retail stores) and equipment as well as investments associated with achieving the Company's sustainability goals. This compares to full-year capital spending of $107.6 million in fiscal 2025. Capital expenditures for the first ~~six~~nine months of fiscal 2026 were $6183.34 million compared to $4468.91 million for the ~~six~~nine months ended ~~November~~March 301, ~~2024~~2025.

Cash Flows - Financing Activities

Cash used in financing activities for the ~~six~~nine months ended ~~November~~February 2928, ~~2025~~2026, was $2883.68 million, as compared to $33127.96 million in the same period of the prior year. The decrease in cash used in the current year, compared to the prior year, was primarily due to:

•The Company repurchased ~~698~~705,~~514~~141 shares, including shares withheld to satisfy tax withholdings, at a cost of $12.23 million in the current period as compared to 23,~~500~~286,~~379~~029 share repurchases, including shares withheld to satisfy tax withholding totaling $6684.98 million in the same period of the prior year.

•During the current period the Company entered into a three-year accounts receivable securitization facility. Net proceeds from the facility totaled $5470.32 million in the current period. This was offset in part by:

•Net ~~borrowings~~payments on the credit agreement of $1437.23 million in the current period compared to net borrowings of $7324.10 million in the same period of the prior year.

•The refinancing of Term Loan B resulted in a net cash outflow of $6165.26 million in the current period. In the prior year, term loan debt was reduced by $1829.17 million through scheduled principal payments.

•Deferred financing costs of $12.42 million were incurred in the current period in connection with the refinancing of Term Loan B.

Sources of Liquidity

The Company maintains an open market share repurchase program under our existing share repurchase authorization and may repurchase shares from time to time based on management’s evaluation of market conditions, share price and other factors.

At the end of the ~~second~~third quarter of fiscal 2026, the Company had a well-positioned balance sheet and liquidity profile. The Company has access to liquidity through credit facilities as well as cash and cash equivalents. These sources have been summarized below. For additional information, refer to Note 1112 to the Condensed Consolidated Financial Statements.

(In millions)	~~November~~February 2928, ~~2025~~2026		May 31, 2025
Cash and cash equivalents	$	~~180~~174.46	$	193.7
Availability under syndicated revolving line of credit	~~367~~419.94		382.2
Total liquidity	$	~~548~~594.30	$	575.9

Of the Cash and cash equivalents noted above at the end of the ~~second~~third quarter of fiscal 2026, the Company had $~~173~~161.24 million of Cash and cash equivalents held outside the United States.

The Company’s syndicated revolving line of credit, which matures in April 2030, provides the Company with up to $725 million in revolving variable interest borrowing capacity and allows the Company to borrow incremental amounts, at its option, subject to negotiated terms as outlined in the agreement. Outstanding borrowings bear interest at rates based on the prime rate, federal funds rate, SOFR or negotiated terms as outlined in the agreement.

As of ~~November~~February 2928, ~~2025~~2026, the total debt outstanding related to borrowings under the syndicated revolving line of credit was $~~345~~293.05 million with available borrowings on this facility of $~~367~~419.94 million.

The Company intends to repatriate $137.3 million of undistributed foreign earnings all of which is held in cash in certain foreign jurisdictions with the remainder of undistributed earnings outside the U.S. recorded in working capital. The Company has recorded a $3.5 million deferred tax liability related to foreign withholding taxes on these future dividends received in the U.S. from foreign subsidiaries. A significant portion of the $137.3 million of undistributed foreign earnings was previously taxed under the U.S. Tax Cut and Jobs Act (TCJA). The Company intends to remain indefinitely reinvested in the remaining undistributed earnings outside the U.S. which is estimated to be approximately $382.9 million on ~~November~~February 2928, ~~2025~~2026.

The Company believes cash on hand, cash generated from operations, and borrowing capacity will provide adequate liquidity to fund near term and foreseeable future business operations, capital needs, upcoming debt maturities, future dividends and share repurchases, subject to financing availability in the marketplace.

Contractual Obligations

Contractual obligations associated with ongoing business and financing activities will require cash payments in future periods. A table summarizing the amounts and estimated timing of these future cash payments as of May 31, 2025, was provided in the Company's Annual Report on Form 10-K for the year ended May 31, 2025. There have been no material changes in such obligations since that date.

Guarantees

See Note 1011 to the Condensed Consolidated Financial Statements.

Variable Interest Entities

See Note 1516 to the Condensed Consolidated Financial Statements.

Contingencies

See Note 1011 to the Condensed Consolidated Financial Statements.

Critical Accounting Policies

The Company strives to report financial results clearly and understandably. The Company follows accounting principles generally accepted in the United States in preparing its consolidated financial statements, which require certain estimates and judgments that affect the financial position and results of operations for the Company. The Company continually reviews the accounting policies and financial information disclosures. A summary of the more significant accounting policies that require the use of estimates and judgments in preparing the financial statements is provided in the Company's Annual Report on Form 10-K for the year ended May 31, 2025.

New Accounting Standards

See Note 2 to the Condensed Consolidated Financial Statements.

Cautionary Note Regarding Forward-Looking Statements

This communication includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements include those relating to future events, anticipated results of operations, our expectations regarding future market conditions, our business strategies, our assessment of risks we face, and other aspects of our operations or operating results. These forward-looking statements generally can be identified by phrases such as “"will,”" “"expects,”" “"anticipates,”" “"foresees,”" “"forecasts,”" “"estimates”" or other words or phrases of similar import. It is uncertain whether any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do, what impact they will have on our results of operations or financial condition or the price of our stock. These forward-looking statements involve certain risks and uncertainties, many of which are beyond our control, that could cause actual results to differ materially from those indicated in such forward-looking statements, including, but not limited to:

•The effects of the ongoing conflict and broader geopolitical instability in the Middle East, including with respect to negative impacts on our supply chain, decreased sales within the region or beyond due to supply chain constraints, and broader inflationary and macroeconomic effects;

•Changes to U.S. and international trade policies, including new or increased tariffs and changing import/export regulations, which impact both the cost and availability of materials and components used to manufacture our products as well as demand for our products;

•Challenges in implementing our growth strategy and the possibility that the assumptions on which that strategy was built prove inaccurate;

•Consumer spending levels, which have a significant impact on demand for our products within our Global Retail segment;

•Global and national economic conditions such as heightened inflation, uncertainty regarding future interest rates, foreign currency exchange rate fluctuations, the escalating ~~tensions~~conflict in the Middle East, the continuation of the Russia-Ukraine war, and potential governmental responses to these events;

•Cybersecurity threats and risks;

•Public health crises, such as pandemics and epidemics, and governmental policies and actions to protect the health and safety of individuals or to maintain the functioning of national or global economies;

•Risks related to the additional debt incurred in connection with our acquisition of Knoll, including increased interest expense, our ability to comply with our debt covenants and obligations, and limitations on certain business activities imposed by our credit agreement;

•Availability and pricing of raw materials;

•Financial strength of our dealers and customers;

•Pace and level of government procurement; and

•Outcome of pending litigation or governmental audits or investigations.

For additional information about other factors that could cause actual results to differ materially from those described in the forward-looking statements, please refer to MillerKnoll’s periodic reports and other filings with the SEC, including the risk factors identified in our most recent Quarterly Reports on Form 10-Q and Annual Report on Form 10-K for the year ended May 31, 2025. The forward-looking statements included in this report are made only as of the date hereof. MillerKnoll does not undertake any obligation to update any forward-looking statements to reflect subsequent events or circumstances, except as required by law.

Item 3: Quantitative and Qualitative Disclosures About Market Risk

The information concerning quantitative and qualitative disclosures about market risk contained in the Company’s Annual Report on Form 10-K for the year ended May 31, 2025, has not changed materially. The nature of market risks from interest rates and commodity prices has not changed materially during the first ~~six~~nine months of fiscal 2026.

Foreign Exchange Risk

The Company primarily manufactures its products in the United States, United Kingdom, Canada, China, Italy, India, Mexico, and Brazil. It also sources completed products and product components from outside the United States. The Company's completed products are sold in numerous countries around the world. Sales in foreign countries as well as certain expenses related to those sales are transacted in currencies other than the Company's reporting currency, the U.S. dollar. Accordingly, production costs and profit margins related to these sales are affected by the currency exchange relationship between the

~~countries~~Foreign ~~where~~Exchange ~~the sales take place and the countries where the products are sourced or manufactured. These currency exchange relationships can also impact the Company's competitive positions within these markets.~~Risk

In the normal course of business, the Company enters into contracts denominated in foreign currencies. The principal foreign currencies in which the Company conducts its business are the British pound sterling, Euro, Canadian dollar, Japanese yen, Mexican peso, Hong Kong dollar, Chinese renminbi, and the Danish krone. Changes in the fair value of such contracts are reported in earnings in the period the value of the contract changes. The net gain or loss upon settlement and the change in fair value of outstanding contracts is recorded as a component of Other (income) expense.

Item 4: Controls and Procedures

Evaluation of Disclosure Controls and Procedures

Under the supervision and with the participation of management, including the Company's Chief Executive Officer and Chief Financial Officer, management has evaluated the effectiveness of the Company's disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) as of ~~November~~February 2928, ~~2025~~2026, and the Company's Chief Executive Officer and Chief Financial Officer have concluded that, as of that date, the Company's disclosure controls and procedures are effective.

Changes in Internal Control Over Financial Reporting

There were no changes in the Company's internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) during the quarterly period ended ~~November~~February 2928, ~~2025~~2026, that have materially affected, or are reasonably likely to materially affect, the Company's internal control over financial reporting.

PART II - OTHER INFORMATION

Item 1: Legal Proceedings

There have been no material changes in the Company's legal proceedings from those set forth in the Company's Annual Report on Form 10-K for the year ended May 31, 2025.

Item 1A: Risk Factors

~~There~~Other than the risk factor noted below, there have been no material changes in the Company's risk factors from those set forth in the Company's Annual Report on Form 10-K for the year ended May 31, 2025.

Our business is exposed to risks related to the current and potential future conflicts in the Middle East

Current and potential future developments related to the conflicts in the Middle East have had, and could continue to have, a broader impact on the global markets in which we do business. These conflicts are expected to cause decreased sales within the region, disruptions in our supply chain, and broader inflationary and macroeconomic effects.

In particular, continued or intensifying conflicts in the Middle East are expected to limit our ability to serve customers within the broader region, cause disruption to global supply chains, increase volatility in energy prices, and create constraint on the availability of petroleum based products, which may increase costs of raw materials, including manufacturing, transportation, and distribution inputs.

The duration, severity, and ultimate impact of these conflicts, as well as any resulting geopolitical instability, cannot be predicted with any reasonable degree of certainty. Accordingly, the extent to which these events may continue to affect our business, financial condition, results of operations, cash flows, and operational strategies remain uncertain, and such effects could be material.

Item 2: Unregistered Sales of Equity Securities and Use of Proceeds

Issuer Purchases of Equity Securities

The Company has one share repurchase plan authorized by the Board of Directors on January 16, 2019, which provides a share repurchase authorization of $250.0 million with no specified expiration date. On July 16, 2024, the Company announced that the Board of Directors approved an increase to this repurchase plan to authorize an additional $200 million to fund share repurchases. The approximate dollar value of shares available for purchase under the plan at ~~November~~February 2928, ~~2025~~2026, was $169.20 million.

The following is a summary of share repurchase activity during the fiscal quarter ended ~~November~~February 2928, ~~2025~~2026.

Period	(a) Total Number of Shares Purchased (1)	(b) Average Price Paid per Share		(c) Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs	(d) Approximate Dollar Value of Shares that may yet be Purchased Under the Plans or Programs (in millions) (2)
8/31/2025 - 9/27/2025	1,469	$	20.79	—	$	174.2
11/30/2025 - 12/27/2025	—	$	—	—	$	169.2
9/28/2025 - 10/25/2025	182,974	$	16.49	181,739	$	171.2
12/28/2025 - 1/24/2026	2,555	$	18.26	2,555	$	169.1
10/26/2025 - 11/29/2025	136,076	$	14.83	134,823	$	169.2
1/25/2026 - 2/28/2026	4,072	$	22.28	4,072	$	169.0
Total	~~320~~6,~~519~~627			~~316~~6,~~562~~627

(1) Includes shares withheld, at the election of participants, to satisfy tax withholding obligations incurred upon the vesting of restricted stock.

(2) Amounts are as of the end of the period indicated.

The Company may repurchase shares from time to time in open market transactions, privately negotiated transactions, pursuant to accelerated share repurchase programs or otherwise in accordance with applicable federal securities laws. The timing and amount of the repurchases will be determined by the Company's management based on their evaluation of market conditions, share price and other factors. The share repurchase program may be suspended or discontinued at any time.

During the period covered by this report, the Company did not sell any shares of common stock that were not registered under the Securities Act of 1933.

Item 5: Other Information

On January 29, 2026 Andrea R. Owen, President and Chief Executive Officer, adopted a trading arrangement intended to satisfy the affirmative defense of SEC Rule 10b5-1(c). The trading arrangement provides for the sale of up to 142,657 of shares of the Company's common stock and has a duration that expires on February 1, 2027. During the period covered by this Quarterly Report on Form 10-Q, no other director or officer of the Company adopted or terminated a "Rule 10b5-1 Trading Arrangement" or "Non-Rule 10b5-1 Trading Arrangement," as each term is defined in Item 408(a) of Regulation S-K.

Item 6: Exhibits

The following exhibits (listed by number corresponding to the Exhibit table as Item 601 in Regulation S-K) are filed with this Report:

4849

Exhibit Number Document

410.1 ~~Credit~~Amendment ~~and~~No. ~~Security~~5 to Credit Agreement, dated as of ~~September~~February 10, ~~2025~~2026, by and among MillerKnoll ~~Receivables~~, ~~LLC~~Inc., ascertain ~~borrower,~~subsidiaries of MillerKnoll, Inc., ~~as servicer, the lenders from time to time party thereto, and~~ Wells Fargo Bank, National Association, asand ~~administrative~~the ~~agent~~lenders and other parties thereto (incorporated by reference to Exhibit 4.1 to the Form 8-K filed ~~September~~by 12the registrant on February 11, ~~2025~~2026)

4.2 Receivables Sale Agreement, dated as of September 10, 2025, among MillerKnoll Receivables, LLC, as company, MillerKnoll, Inc. and certain subsidiaries thereof party thereto from time to time, as originators, and MillerKnoll, Inc., as servicer (incorporated by reference to Exhibit 4.2 to the Form 8-K filed September 12, 2025)

4.3 Performance Undertaking, dated as of September 10, 2025, by MillerKnoll, Inc., as performance guarantor, in favor of Wells Fargo Bank, National Association, as administrative agent (incorporated by reference to Exhibit 4.3 to the Form 8-K filed September 12, 2025)

10.1 MillerKnoll, Inc. 2025 Long-Term Incentive Plan (incorporated by reference to Appendix B to the proxy statement filed August 29, 2025)*

10.2 Offer Letter Agreement between MillerKnoll, Inc. and Jeffrey M. Stutz dated September 2, 2025*

10.3 Offer Letter Agreement between MillerKnoll, Inc. and Kevin Veltman dated October 15, 2025*

31.1 Certificate of the Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

31.2 Certificate of the Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

32.1 Certificate of the Chief Executive Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

32.2 Certificate of the Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

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* Denotes compensatory plan or arrangement.

4950

Signatures

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

MillerKnoll, Inc.

January 5, 2026

/s/ Andrea R. Owen

March 30, 2026

/s/ Andrea R. Owen

Andrea R. Owen

President and Chief Executive Officer

(Duly Authorized Signatory for Registrant)

January 5, 2026

/s/ Kevin J. Veltman

March 30, 2026

/s/ Kevin J. Veltman

Kevin J. Veltman

Chief Financial Officer

(Duly Authorized Signatory for Registrant)

5051

Filing Compare · MILLERKNOLL, INC.