Home Furnishings and Furniture Sector Outlook — September 2026

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CONSUMER DISCRETIONARY › CONSUMER DURABLES AND APPAREL › HOME FURNISHINGS AND FURNITURE

Home Furnishings: Recovery Is Already in the Price

This report shows where forward value sits and which operating evidence can sustain it.

September 2026 · Prepared by NeuraCap AI · Confidential

Market data as of 2026-09-28 · primary valuation basis EV / EBITDA (CY2027E)

Home Furnishings and Furniture Coverage | September 2026 | Confidential | Not investment advice

Sources & methodology

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   CONSUMER DISCRETIONARY › CONSUMER DURABLES AND APPAREL › HOME FURNISHINGS AND FURNITURE

   This cover page identifies the report as a Home Furnishings and Furniture sector outlook dated September 2026.

   This is our Home Furnishings and Furniture sector outlook, built on market data and consensus estimates as of 2026-09-28. It sets up the central finding of the report: forward valuations already price in recovery, and durable earnings evidence will decide who holds the top of the range.

   Everything on this page

   CONSUMER DISCRETIONARY › CONSUMER DURABLES AND APPAREL › HOME FURNISHINGS AND FURNITURE Home Furnishings: Recovery Is Already in the Price This report shows where forward value sits and which operating evidence can sustain it. September 2026 · Prepared by NeuraCap AI · Confidential Market data as of 2026-09-28 · primary valuation basis EV / EBITDA (CY2027E) Home Furnishings and Furniture Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 1

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   CONTENTS

   What This Report Covers

   This page outlines the five report sections and the appendix that follow.

   We lay out the five sections ahead so you can navigate directly to what matters most. Section 01 carries the full bottom line, so even a reader who stops there leaves with the complete argument. The remaining sections build the case through the landscape, valuation and situations, precedent transactions, and strategic implications. So what: you can move straight to the section that answers your specific question without losing the thread.

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   CONTENTS What This Report Covers 01 The Bottom Line Forward Value Is Spread Across Business Models and Operating Profiles 02 The Landscape Similar Products Can Mask Very Different Routes to Value 03 Valuation & Situations The Premium End Retains More Credit for Forecast Performance 04 Precedent Transactions Precedent Transactions Favour Buyers with Conviction on Strategic Fit 05 Strategic Implications Durable Earnings Evidence Matters More as Forecasts Move into the Price 06 Appendix Comparables Detail, Methodology, Sources and Assumptions Home Furnishings and Furniture Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 2

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   01 · THE BOTTOM LINE

   Home Furnishings and Furniture Splits Between Whole-Home Brands and Adjacent Models, with Value Spread Across Operating Profiles

   This page summarizes the report's core finding: the sector splits between whole-home brands and adjacent models, with value spread across operating profiles.

   The sector splits between whole-home brands and adjacent operating models, and that split drives where value concentrates. On an EV / EBITDA (CY2027E) basis across the seven rated companies, the premium end trades well above the discount end, even though the forward multiple already reflects expected recovery. That gap tells us the market is still discriminating on execution quality, not just cycle timing. So what: any capital or strategic decision in this sector should start from which operating profile a company runs, not the sector label alone.

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   01 · THE BOTTOM LINE Home Furnishings and Furniture Splits Between Whole-Home Brands and Adjacent Models, with Value Spread Across Operating Profiles The full story on one page · figures on EV / EBITDA (CY2027E), market data as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Primary valuation basis: EV / EBITDA on CY2027E consensus (7 of 14 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). Qualitative characterisations are NeuraCap views. Home Furnishings and Furniture Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 3 1 Forward Values Already Price Forecast Growth, so a Premium on Top Signals Durability Among the 7 names with a forward estimate, the middle of the range is 7.8x EV / EBITDA. The premium end is 10.3x versus 7.0x at the discount end, even after forecast growth is already reflected. 2 Faster Growth Sits with Higher Forward Values Among the 7 names with a forward estimate, the faster-growth side of the 6% split carries 10.1x versus 7.3x for the slower-growth side. This is an observed association, not evidence that growth alone determines value. 3 Business Model Changes the Buyer Question Whole-home furnishings and fixtures brands represent 86% of the set, while adjacent models represent 14%. Buyers will test showroom economics, floor slots, sourcing flexibility and final-mile delivery differently across those groups. 4 Margin Alone Does Not Secure the Upper Range The valuation and margin map places names on both sides of the profitability line at the upper and lower ends of value. Delivered gross margin, plant absorption and showroom occupancy therefore need to be judged alongside growth durability. 7.8x Sector median EV/EBITDA CY2027E consensus · 7 rated of 14 companies 10.3x Premium end EV/EBITDA vs 7.0x at the discount end top quartile (n=2) against bottom quartile (n=2) on EV/EBITDA — the spread the report explains 16 Transactions with disclosed terms 31 recorded in this tier · 3 told as case studies, the full list in the appendix

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   SECTION 02

   02

   This divider introduces section 02, on how similar products mask different routes to value.

   Whole-home brands dominate this peer set, while adjacent models bring different showroom and channel economics. The next few pages show how that difference plays out across the landscape.

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   SECTION 02 02 THE LANDSCAPE Similar Products Can Mask Very Different Routes to Value Whole-home brands dominate the set, while adjacent models bring distinct showroom and channel economics. 02 of 06 Home Furnishings and Furniture Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 4

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   02 · MARKET MAP

   Most of the Peer Set Shares a Broad Label, but the Operating Models Differ

   This page groups the 14 approved companies by business segment and shows median EV / EBITDA (CY2027E) per group.

   We group the fourteen approved companies by business segment to see where the broad label hides real operating differences. Median valuation by group shows the market is already pricing those differences rather than treating the sector as one block. This lets us test whether a company's segment, not just its size, explains where it sits on the valuation curve. So what: benchmarking against the wrong segment peer group risks the wrong read on relative value.

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   02 · MARKET MAP Most of the Peer Set Shares a Broad Label, but the Operating Models Differ 14 approved companies grouped by business segment · median EV / EBITDA (CY2027E) per group · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Segment grouping follows the platform's classification; group medians on rated names only. "Why it matters" lines are NeuraCap views. Home Furnishings and Furniture Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 5 WHOLE-HOME FURNISHINGS AND FIXTURES BRANDS 12 cos median 7.7x Somnigroup (SGI) HNI MillerKnoll (MLKN) MasterBrand (MBC) La-Z-Boy (LZB) Ethan Allen (ETD) Flexsteel (FLXS) The Lovesac (LOVE) Purple Innovation (PRPL) Hooker Furnishings (HOFT) Virco Mfg (VIRC) Sleep Number (SNBR) This group carries the broadest exposure to written orders, sourcing, dealer access and delivery execution. ADJACENT MODELS 2 cos 10.3x · 1 rated Arhaus (ARHS) Haverty (HVT) These models bring distinct showroom, retail-channel and customer-acquisition economics.

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   02 · LANDSCAPE

   Whole-Home Brands Dominate the Set, While Adjacent Models Change the Operating Equation

   This page compares whole-home brands and adjacent models across the approved universe using EV / EBITDA (CY2027E) medians.

   Whole-home brands dominate the approved universe, but adjacent models change the operating equation in ways that valuation medians alone don't explain. This segment view gives context for the numbers, showing what each group does and why the difference matters. Full company-level detail sits in the appendix for anyone who wants to trace a specific name. So what: the right comparison set depends on business model, not category label.

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   02 · LANDSCAPE Whole-Home Brands Dominate the Set, While Adjacent Models Change the Operating Equation Segment view of the approved universe · EV / EBITDA (CY2027E) medians on rated names · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. "What they do / why it matters" is a NeuraCap view. Full company-level detail in the appendix and companion tables. Home Furnishings and Furniture Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 6 Segment n Share of universe Median EV/EBITDA Names to know What they do — and why it matters Whole-home furnishings and fixtures brands 12 86% 7.7x Somnigroup International Inc (SGI) · HNI Corporation (HNI) · +10 more Scale meets channel complexity. These businesses compete through brand, product breadth, dealer networks, sourcing and delivery. Written-to-delivered conversion and landed cost can materially shape the quality of reported earnings. Adjacent models 2 14% 10.3x n=1 Arhaus, Inc. (ARHS) · Haverty Furniture Companies, Inc. (HVT) Different channels reshape economics. Specialty retail and home-improvement exposure place more weight on showroom productivity, traffic conversion, average ticket and channel access.

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   SECTION 03

   03

   This divider introduces section 03, on how the premium end retains more credit for forecast performance.

   The forward lens already reflects expected recovery, which raises the bar for durable execution. The next pages test where that credit sits and what separates the top of the range from the bottom.

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   SECTION 03 03 VALUATION & SITUATIONS The Premium End Retains More Credit for Forecast Performance The forward lens already reflects expected recovery, raising the standard for durable execution. 03 of 06 Home Furnishings and Furniture Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 7

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   03 · PUBLIC MARKET VALUATION

   The Premium End Retains More Forward Credit than the Discount End

   This page ranks all seven rated companies by EV / EBITDA (CY2027E), sorted descending, against a sector median of 7.8x.

   Ranking the seven rated companies by EV / EBITDA (CY2027E) shows the premium end trading well above the sector median of 7.8x, with the discount end trading well below it. Because this multiple already prices in forecast growth, that spread means the market is still rewarding something beyond the numbers already in consensus. Every multiple on this page shares the same basis, so the comparison is clean across the rated set. So what: closing that gap requires more than hitting the forecast — it requires evidence the forecast is durable.

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   03 · PUBLIC MARKET VALUATION The Premium End Retains More Forward Credit than the Discount End EV / EBITDA (CY2027E) · all 7 rated companies, sorted descending · sector median 7.8x · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Primary valuation basis: EV / EBITDA on CY2027E consensus (7 of 14 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). Tier zones are NeuraCap groupings cut at the rated set's quartiles; every multiple quoted on this page is a median on the same EV / EBITDA (CY2027E) basis. Panel commentary is a NeuraCap view. Home Furnishings and Furniture Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 8 PREMIUM · median 10.3x CORE · median 7.8x DISCOUNT · median 7.0x Sector median 7.8x WHAT SEPARATES THE TWO ENDS Premium names retain forward credit. The premium tier carries 10.3x EV / EBITDA, despite the forward lens already reflecting expected earnings improvement. Discount names face a gap. The discount tier carries 7.0x EV / EBITDA. The operating task is to identify which mix, pricing, retention or cost actions can narrow that gap. Durability becomes the real test. A forward multiple can fall as forecast earnings rise without any change in market price. Sustaining the upper range therefore calls for evidence that the earnings base can hold through housing, freight and promotional cycles.

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   03 · VALUATION DRIVERS

   Faster Growth Is Associated with Higher Forward Value in the Measured Set

   This page splits the rated names into growth and margin cohorts and compares median EV / EBITDA (CY2027E) across each split.

   Splitting the rated names into faster- and slower-growth cohorts, and into higher- and lower-margin cohorts, lets us test what forward value tracks with in this set. Faster growth sits with a materially higher median multiple than slower growth among names with estimates. That's an observed association in this measured set, not proof that growth alone drives the outcome. So what: growth quality deserves scrutiny in any valuation discussion, but it's one input among several.

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   03 · VALUATION DRIVERS Faster Growth Is Associated with Higher Forward Value in the Measured Set Median EV / EBITDA (CY2027E) by revenue-growth cohort and by EBITDA-margin cohort (each split at its covered median) · rated names with estimates · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Cohort medians on rated names with the required estimates (faster n=4; slower n=3; higher-margin n=4; lower-margin n=3). Driver readings are NeuraCap views on the supplied data — association, not causation. Home Furnishings and Furniture Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 9 EV/EBITDA, median per cohort · growth split at 6% · EBITDA-margin split at 10% The Growth Split Separates the Valuation Range Among the 7 names with a forward estimate, the faster-growth side of the 6% split carries 10.1x EV / EBITDA versus 7.3x for the slower-growth side. Margin Alone Does Not Separate the Range Across the 7 names with a forward estimate, two combine an above-middle multiple with an above-middle margin, while two hold an above-middle multiple with a below-middle margin. Forecast Growth Raises the Durability Test Because the valuation lens is forward, expected improvement is already reflected. Order conversion, delivered gross margin, plant absorption and showroom economics determine whether that forecast looks durable.

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    03 · SITUATION MAP

    The Operating Agenda Changes When Valuation and Margin Diverge

    This page maps companies on EV / EBITDA versus the sector median and EBITDA margin versus the covered median to characterize situations, not recommendations.

    Cutting the set on valuation against the sector median and margin against the covered median produces four situations, each with a different operating story. This is a characterization exercise — we're describing where companies sit, not recommending action on any name. The boundaries are the cohort's own medians, so the map reflects this sample rather than an external benchmark. So what: the right next step depends on which quadrant a company occupies, and that's the subject of the following page.

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    03 · SITUATION MAP The Operating Agenda Changes When Valuation and Margin Diverge Cut on EV / EBITDA vs the sector median (7.8x) (rows) and EBITDA margin vs the covered median (10%) (columns) · observations, not recommendations Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Situation boundaries are the cohort's own medians (Directional, NeuraCap view). This page characterises situations; it does not recommend buying or selling any security. Home Furnishings and Furniture Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 10 Valuation and Margin Aligned Above-median multiple · above-median EBITDA margin 2 names Somnigroup International Inc (SGI) · Arhaus, Inc. (ARHS) Somnigroup International Inc (SGI) and Arhaus, Inc. (ARHS) pair above-middle valuation with above-middle EBITDA margin. The priority is sustaining growth quality, pricing and operating discipline already reflected in their standing. Valuation Ahead of Margin Above-median multiple · below-median EBITDA margin 2 names La-Z-Boy Incorporated (LZB) · The Lovesac Company (LOVE) La-Z-Boy Incorporated (LZB) and The Lovesac Company (LOVE) hold above-middle valuation despite below-middle EBITDA margin. Their position places more weight on growth durability, mix improvement and a credible path to better unit economics. Margin Ahead of Valuation Below-median multiple · above-median EBITDA margin 2 names HNI Corporation (HNI) · MillerKnoll, Inc. (MLKN) HNI Corporation (HNI) and MillerKnoll, Inc. (MLKN) show above-middle EBITDA margin but below-middle valuation. The strategic question is whether revenue quality, end-market exposure or forecast durability is limiting forward credit. Both Measures Below the Middle Below-median multiple · below-median EBITDA margin 1 names Purple Innovation, Inc. (PRPL) Purple Innovation, Inc. (PRPL) sits below the middle on both valuation and EBITDA margin. Improvement depends on tighter customer acquisition economics, pricing discipline and a more durable earnings base.

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    03 · THE AGENDA

    The Next Move Should Match the Source of the Valuation Gap

    This page frames the questions an owner or acquirer should resolve based on the source of the valuation gap.

    The next move should match the source of the valuation gap, not a generic playbook. We frame this as the questions an owner or acquirer needs to resolve, grounded in the cohort data on the prior pages. These are observations to work through, not recommendations to act on any specific security. So what: matching the diagnosis to the right fix is what separates a durable re-rating from a temporary one.

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    03 · THE AGENDA The Next Move Should Match the Source of the Valuation Gap NeuraCap view · framed as the questions an owner or acquirer should resolve · observations, not recommendations Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. All content on this page is Directional — NeuraCap advisory judgment grounded in the cohort data shown earlier. It does not constitute investment advice. Home Furnishings and Furniture Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 11 Strengthen Revenue Quality Prioritise repeatable written orders, healthier mix and replacement-cycle demand over volume that depends on promotions or housing turnover. What changes the answer: The answer changes when written-to-delivered conversion and retention show durable improvement. Build Sourcing Flexibility Reduce dependence on a single origin and protect quick-ship capability where lead time and landed cost influence customer choice. What changes the answer: The answer changes when alternative origins can hold service, quality and delivered margin. Improve Channel Economics Focus capital on showrooms, dealer relationships and floor slots that support stronger conversion and contribution after delivery costs. What changes the answer: The answer changes when four-wall economics and channel productivity clear internal return standards. Test Build Versus Buy Compare organic expansion with acquiring product adjacency, customer access, domestic capacity or final-mile infrastructure. What changes the answer: The answer changes when speed, integration risk and capital needs favour an established platform.

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    SECTION 04

    04

    This divider introduces section 04, on precedent transactions and what they favor.

    Precedent transactions favour buyers with conviction on strategic fit. The next pages walk through the record, spanning sector buyers, investment firms and undisclosed parties.

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    SECTION 04 04 PRECEDENT TRANSACTIONS Precedent Transactions Favour Buyers with Conviction on Strategic Fit The transaction record spans established sector buyers, investment firms and undisclosed parties. 04 of 06 Home Furnishings and Furniture Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 12

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    04 · DEAL CASE STUDIES

    Precedent Transactions Suggest Buyers Are Reaching for Brands, Capacity and Channel Access

    This page presents three case studies from the transactions with disclosed terms, showing multiples on LTM financials at announcement.

    These case studies, drawn from transactions with disclosed terms, show buyers reaching for brands, capacity and channel access rather than scale alone. Multiples here are LTM at announcement, a different basis from the CY2027E public multiples elsewhere in this report, so no spread should be drawn between them. The complete transaction list, including records with data-quality flags, sits in the appendix for full traceability. So what: the pattern in what buyers pay for tells us what capability gaps are worth closing before a conversation starts.

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    04 · DEAL CASE STUDIES Precedent Transactions Suggest Buyers Are Reaching for Brands, Capacity and Channel Access 3 of 16 transactions with disclosed terms, told as case studies · multiples on LTM financials at announcement where disclosed · the complete list is in the appendix · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. 37 precedent record(s) carry data-quality flags (deal value unit unresolved; divestiture roles reassigned; duplicate precedent id); figures are shown as recorded in the filing. 15 recorded transactions with neither a disclosed value nor a multiple are omitted from the precedent list and the case studies (kept in the companion workbook). Deal multiples are LTM at announcement (Definitive, from filings); they are not directly comparable to the CY2027E public basis and no spread is claimed. "Why the deal happened" is a NeuraCap read of the recorded evidence. Home Furnishings and Furniture Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 13 Aug-2025 $2.6B HNI Corporation HNI Corporation (HNI) added Steelcase Inc. through a scaled sector transaction. EV / LTM revenue 0.8x EV / LTM EBITDA 9.7x WHY THE DEAL HAPPENED The pairing suggests an established sector buyer preferred an existing platform to building additional reach and infrastructure organically. The fit centres on category presence, customer access and operating capacity. HOW THE TARGET WAS VALUED The disclosed value was $2.6B, equal to 0.8x EV / Revenue and 9.7x EV / EBITDA. The profit multiple sits within the range shown by the broader transaction record. Dec-2017 $1.1B December 2017 acquires American Woodmark Corporation EV / LTM revenue n/a EV / LTM EBITDA 8.7x WHY THE DEAL HAPPENED The strategic test is whether established products, channel access and delivery infrastructure offer a better fit than organic expansion. Buyer conviction should be assessed against those operating advantages. HOW THE TARGET WAS VALUED Read the case against the disclosed precedent transactions using EV / EBITDA, with EV / Revenue as a cross-check where near-term earnings understate the operating model. Feb-2014 $654M Haworth, Inc. acquires Poltrona Frau EV / LTM revenue n/a EV / LTM EBITDA 15.1x WHY THE DEAL HAPPENED The relevant buyer logic centres on product adjacency, dealer access, floor slots and infrastructure that would otherwise take time to build. The transaction should be judged on the durability of those advantages. HOW THE TARGET WAS VALUED Benchmark the case against the transaction record on EV / EBITDA and use EV / Revenue only where the earnings base does not yet reflect steady-state economics.

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    SECTION 05

    05

    This divider introduces section 05, on why durable earnings evidence matters more as forecasts move into the price.

    Durable earnings evidence matters more as forecasts move into the price. The next page turns that into a set of practical priorities for owners.

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    SECTION 05 05 STRATEGIC IMPLICATIONS Durable Earnings Evidence Matters More as Forecasts Move into the Price Owners can strengthen their standing through revenue quality, sourcing flexibility and disciplined channel economics. 05 of 06 Home Furnishings and Furniture Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 14

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    05 · STRATEGIC IMPLICATIONS

    Making Forecast Earnings More Durable Is Associated with Standing at the Top of the Range

    This page frames the questions the data puts on the table for the next twelve months, organized as observations.

    Making forecast earnings more durable is associated with standing at the top of the valuation range in this sample. We translate that association into the questions this data puts on the table for the next twelve months. These are observations grounded in the analysis shown earlier, not recommendations to buy or sell any security. So what: the operating priorities that follow are the ones most likely to protect or improve standing in this range.

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    05 · STRATEGIC IMPLICATIONS Making Forecast Earnings More Durable Is Associated with Standing at the Top of the Range NeuraCap view · the questions this data puts on the table for the next twelve months Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. This page is Directional — NeuraCap views drawn from the analysis in this report. Observations, not recommendations. Home Furnishings and Furniture Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 15 FOR OWNERS Protect the Quality of Growth Prioritise mix, pricing, retention and replacement demand that can hold through promotional and housing cycles. FOR MANAGEMENT TEAMS Turn Operations into Durable Earnings Improve delivered gross margin, plant absorption, showroom productivity and final-mile execution rather than relying on forecast volume alone. FOR BOARDS Match Capital to the Real Constraint Direct capital toward sourcing flexibility, channel productivity or build-versus-buy choices based on the source of the valuation gap.

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    SECTION 06

    06

    This divider introduces the final section covering the full comparables universe, methodology and sources.

    This closing section carries the comparables detail behind every figure in the body, the valuation basis, and where each underlying disclosure lives. Use it to trace any number back to its source.

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    SECTION 06 06 APPENDIX The Full Universe, Methodology and Sources Comparables detail behind every figure in the body, the valuation basis, and where each underlying disclosure lives. 06 of 06 Home Furnishings and Furniture Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 16

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    06 · PUBLIC COMPARABLES (1 OF 1)

    Public Comparables on EV / EBITDA (CY2027E), Grouped by Valuation Tier

    This page lists all rated and unrated public comparables, grouped by valuation tier against the 7.8x sector median.

    This table carries all seven rated companies plus the seven names without an eligible multiple, so the full universe is visible in one place. Shading marks whether each rated name sits above or below the 7.8x sector median. Every row here also appears in the companion workbook, which carries the complete field set. So what: this is the reference page for tracing any comparable figure used elsewhere in the report.

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    06 · PUBLIC COMPARABLES (1 OF 1) Public Comparables on EV / EBITDA (CY2027E), Grouped by Valuation Tier Teal shading marks a EV/EBITDA above the sector median (7.8x); amber marks below · 7 rated companies; 7 not rated (no eligible EV/EBITDA) · tickers link to the underlying source · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. All 7 rated rows are in this appendix and in the companion workbook, which carries the complete field set. Names without an eligible multiple are listed in the companion workbook. Home Furnishings and Furniture Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 17 Company Ticker Segment EV EV/EBITDA (CY2027E) Rev growth EBITDA margin Rule of 40 PREMIUM — ≥10.1x · median 10.3x · 2 companies Arhaus, Inc. ARHS Specialty home furnishings retail $1.8B 10.3x 6% 11% 18 The Lovesac Company LOVE Whole-home furnishings and fixtures brands $360M 10.2x 8% 4% 13 CORE — 7.4x–10.1x · median 7.8x · 3 companies Somnigroup International Inc SGI Whole-home furnishings and fixtures brands $19.5B 10.0x 31% 17% 48 La-Z-Boy Incorporated LZB Whole-home furnishings and fixtures brands $1.5B 7.8x 3% 9% 12 Purple Innovation, Inc. PRPL Whole-home furnishings and fixtures brands $190M 7.5x 6% 4% 11 DISCOUNT — <7.4x · median 7.0x · 2 companies MillerKnoll, Inc. MLKN Whole-home furnishings and fixtures brands $3.1B 7.3x 6% 10% 16 HNI Corporation HNI Whole-home furnishings and fixtures brands $5.0B 6.8x 4% 12% 16

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    06 · PRECEDENT TRANSACTIONS (1 OF 2)

    All Precedent Transactions with Disclosed Terms, Newest First

    This page lists precedent transactions with disclosed terms, newest first, with multiples on LTM financials at announcement.

    This table lists the transactions with disclosed terms, ordered newest first, with multiples calculated on LTM financials at announcement. Some records carry data-quality flags noted in the source filings, and those figures are shown as recorded. Transactions without a disclosed value or multiple are held in the companion workbook rather than shown here. So what: this is the full record behind the case studies, available for anyone who wants to check a specific deal.

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    06 · PRECEDENT TRANSACTIONS (1 OF 2) All Precedent Transactions with Disclosed Terms, Newest First 16 transactions with disclosed terms in this tier (31 recorded) · multiples on LTM financials at announcement where disclosed · deal values link to the underlying filing · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. 37 precedent record(s) carry data-quality flags (deal value unit unresolved; divestiture roles reassigned; duplicate precedent id); figures are shown as recorded in the filing. 15 recorded transactions with neither a disclosed value nor a multiple are omitted from the precedent list and the case studies (kept in the companion workbook). Deal multiples are LTM at announcement (Definitive, from filings); they are not directly comparable to the CY2027E public basis and no spread is claimed. Home Furnishings and Furniture Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 18 Date Transaction EV EV/LTM Rev EV/LTM EBITDA Why it matters Aug-2026 Undisclosed buyer → La-Z-Boy Incorporated $2.2B 1.0x 12.1x The announced transaction involving La-Z-Boy Incorporated (LZB) was recorded at $2.2B, 1.0x EV / Revenue and 12.1x EV / EBITDA. Oct-2025 n/a → Ethan Allen Interiors Inc. n/a n/a 13.9x The announced transaction involving Ethan Allen Interiors Inc. (ETD) was benchmarked at 13.9x EV / EBITDA. Aug-2025 HNI Corporation → Steelcase Inc. $2.6B 0.8x 9.7x HNI Corporation (HNI) acquired Steelcase Inc. in a $2.6B transaction valued at 0.8x EV / Revenue and 9.7x EV / EBITDA. Mar-2023 HNI Corporation → Kimball International n/a n/a 10.1x HNI Corporation (HNI) paired with Kimball International, reinforcing the relevance of category reach, dealer access and operating infrastructure. Sep-2022 Coliseum Capital Management, LLC → Purple Innovation, Inc. $470M 0.7x n/a Coliseum Capital Management, LLC pursued Purple Innovation, Inc. (PRPL) in a $470M transaction valued at 0.7x EV / Revenue. Aug-2022 CSC Generation Holdings, Inc. → Flexsteel Industries, Inc. $187M n/a n/a CSC Generation Holdings, Inc. pursued Flexsteel Industries, Inc. (FLXS) in a transaction recorded at $187M. Apr-2021 Herman Miller, Inc. → Knoll, Inc. n/a n/a 14.2x Herman Miller, Inc. paired with Knoll, Inc. at 14.2x EV / EBITDA, providing a benchmark for established design-led platforms. Oct-2019 Herman Miller, Inc. → HAY A/S n/a n/a 13.8x Herman Miller, Inc. acquired HAY A/S at 13.8x EV / EBITDA, suggesting value was placed on extending a design portfolio. May-2018 QuMei Home Furnishings → Ekornes n/a n/a 11.6x QuMei Home Furnishings acquired Ekornes at 11.6x EV / EBITDA, suggesting a strategic fit around brand and market access.

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    06 · PRECEDENT TRANSACTIONS (2 OF 2)

    All Precedent Transactions with Disclosed Terms, Newest First

    This page continues the list of precedent transactions with disclosed terms, newest first.

    This continues the transaction list, keeping the same ordering and the same LTM-at-announcement basis as the prior page. As before, flagged records are shown as recorded in the filing, and transactions without a disclosed value or multiple sit in the companion workbook. So what: together, these two pages give a complete, traceable record of disclosed deal activity in this sector.

    Everything on this page

    06 · PRECEDENT TRANSACTIONS (2 OF 2) All Precedent Transactions with Disclosed Terms, Newest First 16 transactions with disclosed terms in this tier (31 recorded) · multiples on LTM financials at announcement where disclosed · deal values link to the underlying filing · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. 37 precedent record(s) carry data-quality flags (deal value unit unresolved; divestiture roles reassigned; duplicate precedent id); figures are shown as recorded in the filing. 15 recorded transactions with neither a disclosed value nor a multiple are omitted from the precedent list and the case studies (kept in the companion workbook). Deal multiples are LTM at announcement (Definitive, from filings); they are not directly comparable to the CY2027E public basis and no spread is claimed. Home Furnishings and Furniture Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 19 Date Transaction EV EV/LTM Rev EV/LTM EBITDA Why it matters Dec-2017 December 2017 → American Woodmark Corporation $1.1B n/a 8.7x Value shown as recorded in the filing; deal value unit unresolved. Dec-2017 Knoll, Inc. → Muuto n/a n/a 14.5x Dec-2017 Lifetime Brands, Inc. → Filament Brands n/a n/a 6.3x Value shown as recorded in the filing; deal value unit unresolved. Nov-2017 Global Partner Acquisition Corp. → Purple Innovation, LLC n/a 5.6x n/a Value shown as recorded in the filing; deal value unit unresolved. Feb-2014 Haworth, Inc. → Poltrona Frau $654M n/a 15.1x Feb-2014 Haworth Inc. → Poltrana Frau Group n/a n/a 15.1x n/a n/a → Ethan Allen Interiors Inc. n/a n/a 7.8x Value shown as recorded in the filing; status defaulted announced.

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    06 · METHODOLOGY

    Sources, Assumptions and Data Quality

    Sources, Assumptions and Data Quality.

    Sources, Assumptions and Data Quality How this report was built, what was excluded, and where every underlying disclosure lives · as of 2026-09-28 Every figure in this report links to the record it was taken from. Where a figure has no link, the appendix names its source and the basis on which it was read. 20

    Everything on this page

    06 · METHODOLOGY Sources, Assumptions and Data Quality How this report was built, what was excluded, and where every underlying disclosure lives · as of 2026-09-28 Every figure in this report links to the record it was taken from. Where a figure has no link, the appendix names its source and the basis on which it was read. Home Furnishings and Furniture Coverage | September 2026 | Confidential | Not investment advice 20 VALUATION BASIS Primary valuation basis: EV / EBITDA on CY2027E consensus (7 of 14 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). EV / EBITDA on CY2027E is the lead convention: it is the sector-appropriate prior for Home Furnishings and Furniture and it clears the coverage gate with 8 of 14 companies (57%). EV / Revenue, P / E are carried as a cross-check. The set earns: 8 of the 8 companies with a reported forward EBITDA carry a meaningful one, so the profit multiple leads and a revenue multiple would understate what the market is pricing. DATA QUALITY & EXCLUSIONS 13 records were excluded or quarantined by the platform's validation gates (unit errors, implausible ratios, ineligible securities and classification failures); the full ledger ships in the companion tables and never feeds a statistic in this report. DEFINITIVE VS DIRECTIONAL Definitive content is disclosed or consensus data passed through stated arithmetic. Directional content — tier boundaries, situation cuts, "why it matters" commentary, the agenda pages — is NeuraCap analyst judgment and is labeled as such where it appears. WHAT THIS REPORT IS NOT This report characterises a sector. It does not recommend buying, selling or holding any security, and no statement in it should be read as investment advice or a price target. WHERE THE DATA LIVES 630 registered source documents stand behind the figures in this report. Metric hyperlinks throughout the deck open the specific filing or data record; by publisher: sec.gov (629) · home.treasury.gov (1). The companion workbook beside this deck carries the complete source index.

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    Higher Forward Values Sit with Growth and Durable Earnings Evidence in This Sample.

    This closing page restates the report's conclusion: higher forward values sit with growth and durable earnings evidence in this sample.

    Higher forward values sit with growth and durable earnings evidence in this sample. The companion tables carry the full universe and source index for anyone who wants to trace a specific figure.

    Everything on this page

    Higher Forward Values Sit with Growth and Durable Earnings Evidence in This Sample. NeuraCap AI — Home Furnishings and Furniture Coverage September 2026 · Prepared by NeuraCap AI · Confidential Home Furnishings and Furniture Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 21

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