LEGGETT & PLATT INC

Leggett & Platt shareholders approved the amendment and restatement of the Company's Flexible Stock Plan at the Annual Meeting on May 21, 2026. The amended plan increases shares available for future grants by 4.0 million, extends the term to 2036, adds a $750,000 annual compensation limit for non-employee directors, and requires the CEO to hold net shares from stock option exercises for at least one year. Additionally, the Aircraft Time Sharing Agreement with CEO Karl G. Glassman was terminated, effective May 30, 2026. Shareholders also elected eight directors and ratified PricewaterhouseCoopers LLP as the independent auditor.

Leggett & Platt reported a decline in Q1 2026 financial performance, with net earnings falling to $20.0 million from $30.6 million in the prior year, and net trade sales decreasing to $918.2 million. The company incurred $3.5 million in costs related to the Somnigroup International Inc. merger and initiated a new 2026 Restructuring Plan, consolidating three manufacturing facilities with expected costs of $15.0 million. Operating activities shifted from providing cash to using $56.1 million during the quarter.

Leggett & Platt announced its Q1 2026 financial results, reporting sales of $918 million, a 10% decrease year-over-year, and adjusted EPS of $0.15, down $0.09 from the prior year. The company also confirmed its pending acquisition by Somnigroup International, which was announced on April 13, 2026, and is expected to close by year-end 2026. Due to this merger agreement, Leggett & Platt has withdrawn its previously issued 2026 guidance and will not host a conference call.

Leggett & Platt, Incorporated has entered into a definitive Agreement and Plan of Merger with Somnigroup International Inc. and its subsidiary, Sparrow Unity Corporation. Under the agreement, Sparrow Unity Corporation will merge into Leggett & Platt, with Leggett & Platt surviving as a direct, wholly-owned subsidiary of Somnigroup International Inc. Each outstanding share of Leggett & Platt common stock will be converted into the right to receive 0.1455 shares of Somnigroup International Inc. common stock, along with cash for any fractional shares. The boards of directors of both companies have unanimously approved the Merger Agreement.