Sara Armbruster to Become President and Chief Executive Officer, Effective October 4, 2021GRAND RAPIDS, Mich., April 19, 2021 (GLOBE NEWSWIRE) — Steelcase Inc. (NYSE: SCS) President and CEO Jim Keane, announces he will be retiring on January 7, 2022, after 25 years with the company, including more than seven years as CEO. Keane will remain President and CEO until October 4, 2021, at which time he will become vice chair and will serve in that role until his retirement from the company. Sara Armbruster, who has been appointed Executive Vice President and a member of the Steelcase Board of Directors, will take over as President and CEO on October 4, 2021. Keane, 61, joined the company in 1997. During this time, he held positions including chief operating officer, chief financial officer, president, and chief executive officer. In his time with the company, he led global teams responsible for corporate strategy, IT, research, product development, design, engineering, manufacturing, sales, and distribution. Appointed to Steelcase’s Board of Directors in 2013, Keane also serves on the boards of Rockwell Automation, IDEO, the Economics Club of Grand Rapids, the Business and Institutional Furniture Manufacturer’s Association (BIFMA) and is on the board of trustees of Grand Valley University Foundation. He is both an at-large member and board member of the Business Roundtable – an association of chief executive officers from America’s leading companies. Keane transformed the company into a globally integrated enterprise, curating a strong organizational culture of rapid and decentralized decision-making. He established the Steelcase Learning + Innovation Center in Munich – a global hub where employees, dealers and guests come together to learn and innovate the future of work. His ability to foster creativity and drive innovation has enabled Steelcase to lead the transformation of the office landscape – from places designed solely around efficiency, to dynamic places that support the changing nature of work. Keane’s belief in using business as a force for good is evidenced by the company’s commitment to ESG. Steelcase is an original signatory to the Business Roundtable’s 2019 Statement on the Purpose of a Corporation, where Keane and other signing CEOs committed to lead their companies for the benefit of all stakeholders. ISS, an investor ratings agency that grades companies on their holistic commitment to ESG, ranked Steelcase the highest in its industry, with only two companies rated higher in the July 2020 ISS ESG Corporate Rating. Steelcase was also recognized by the Wall Street Journal as one of “The 100 Most Sustainably Managed Companies in the World.” In 2020, the company achieved carbon neutrality and set ambitious, science-based targets to move beyond net zero emissions by 2030. “The Board of Directors and I would like to thank Jim for his incredible leadership as CEO these past seven years and dedication to Steelcase the past quarter of a century,” said Rob Pew, Chair of the Steelcase Board of Directors. “Under his leadership, the company has experienced tremendous levels of innovation and growth. Jim led the business through the recent global crisis and leaves Steelcase in a strong strategic and financial position. We wish him the best in his retirement.” “I have never been more excited about the future of Steelcase,” said Keane. “Still, after 25 years, it’s the right time for me to move forward, and with the crisis ending, the recovery taking shape, and a number of innovative new products ready to go, it will be the perfect time for the company to welcome a new CEO.” The Steelcase Board of Directors began planning this CEO transition approximately two years ago with a final assessment process taking place over recent months. The rigorous evaluation process included a series of discussions and presentations from multiple candidates. “I want to thank our Board for their attention and commitment to this important decision. Sara excelled through the assessment process, demonstrating her thoughtfulness, collaborative design-thinking capabilities and inclusive mindset,” said Pew. Since joining the company in 2007, Armbruster, 50, has led corporate strategy and acquisition activities. She has additionally led multiple businesses at Steelcase, including Steelcase Education, Steelcase Health and PolyVision Corporation. Her diverse responsibilities include leading information technology, global design research, new business initiatives, and the company’s COVID global crisis response team. Armbruster currently serves on the board of directors of Winnebago Industries and sits on the board of advisors of the Institute of Design at the Illinois Institute of Technology. She is also actively involved with numerous non-profit organizations in West Michigan. Before joining Steelcase, Armbruster worked at McKinsey & Company and served as vice president of business development at Banta Corporation, where she led strategy development and managed all merger and acquisition activity. Armbruster holds an MBA from the Amos Tuck School at Dartmouth College, a master’s degree in international relations from the Paul H. Nitze School of Advanced International Studies at Johns Hopkins University, and a bachelor’s degree in Slavic languages and literatures from Yale University. “Sara will be the tenth CEO in our 109-year history,” said Pew. “Her strategy expertise, leadership style and over two decades in executive positions uniquely qualify her to step into this role.” “I’m delighted Sara has been chosen by the Board as our next CEO,” said Keane. “All along, I’ve relied on Sara as my partner in developing strategy, and more recently I turned to her to lead us through crises. She is a well-respected people leader with a deep commitment to the values that make Steelcase a great place to work.” “I am truly honored to accept this new role and grateful for the 14 years I worked closely with Jim Keane,” said Armbruster. “I’m proud to work alongside our strong senior leadership and incredibly talented, committed teams around the world. This is an important moment of growth for our company as the places where people work and learn are being reimagined. Thanks to Jim, Steelcase is tremendously well positioned at a time when leadership in shaping the future of work is critical.” About Steelcase Leading organizations around the world trust Steelcase to help them create workplaces that help people feel safe and are productive, inspiring, and adaptable with our architecture, furniture, and technology solutions – accessible through a network of channels, including over 800 Steelcase dealer locations. Steelcase is a global, industry-leading, and publicly traded company with fiscal year 2021 revenue of $2.6 billion. For more information, visit www.steelcase.com. Investor Contact: Media Contact:Mike O’MearaKatie WoodruffInvestor RelationsCorporate Communications(616) 292-9274(616) 915-8505 Source: SteelcaseSC-GR

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Presentation Times and Weblinks Released for Over 125 Presenting CompaniesWednesday and Thursday, March 24-25, 2021NEW YORK, NY / ACCESSWIRE / March 23, 2021 / Sidoti & Company, LLC proudly releases the presentation schedule, with weblink click-throughs, for its Spring 2021 Virtual Investor Conference to be held on Wednesday, March 24, 2021 and Thursday, March 25, 2021. (KELYA)*****Crawford & Company (CRD) 10:45-11:15Intelligent Systems Corp (INS)Comfort Systems USA (FIX)Transcat, Inc.

Shares of Steelcase (NYSE:SCS) decreased in after-market trading after the company reported Q4 results. Quarterly Results Earnings per share decreased 84.62% year over year to $0.06, which beat the estimate of ($0.01). Revenue of $677,100,000 declined by 28.44% from the same period last year, which beat the estimate of $650,400,000. Looking Ahead Q1 EPS expected to be between ($0.34) and ($0.27). View more earnings on SCS Q1 revenue expected to be between $540,000,000 and $570,000,000. Recent Stock Performance 52-week high: $16.84 52-week low: $7.95 Price action over last quarter: Up 4.56% Company Profile Steelcase Inc is a furniture company primarily based in the United States and has operations in Europe, the Middle East, and Africa. Steelcase markets its products primarily through a network of independent and company-owned dealers. The company operates through the Americas segment, the EMEA segment and the Other category. The Americas segment offers architecture, furniture and technology products is marketed to corporate, government, healthcare, education and retail customers, EMEA segment provides furniture systems, storage and seating solutions. See more from BenzingaClick here for options trades from BenzingaEarnings Scheduled For March 23, 2021Earnings Outlook For Steelcase© 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

Fourth quarter revenue of $677 million and EPS of $0.06 significantly impacted by COVID-19 pandemicActions to reduce fixed costs and discretionary spending supported profitability for fiscal 2021 while protecting investments to drive future growth Increasing customer engagement driven by publication of company research, positive vaccination trends and improved sentiment about returning to officesCompany provides select financial targets for fiscal 2022 GRAND RAPIDS, Mich., March 23, 2021 (GLOBE NEWSWIRE) — Steelcase Inc. (NYSE: SCS) today reported fourth quarter revenue of $677.1 million and net income of $6.6 million, or diluted earnings of $0.06 per share, which included $1.6 million of pre-tax restructuring costs. In the prior year, Steelcase reported $946.2 million of revenue and net income of $66.5 million, or diluted earnings of $0.55 per share and adjusted earnings of $0.39 per share. Revenue decreased 28 percent in the fourth quarter compared to the prior year, or 25 percent on an organic basis, as all segments continued to be impacted by the prolonged economic uncertainty and delay in return-to-office plans across the world. The revenue decrease included a decline of 30 percent in the Americas, 23 percent in EMEA and 28 percent in the Other category. On an organic basis, the Americas revenue declined by 26 percent, EMEA revenue declined by 29 percent and the Other category revenue declined by 12 percent. The company estimates fourth quarter revenue benefited from shipment delays of approximately $50 million in the Americas and approximately $10 million in EMEA due to the temporary operations shutdown in the third quarter. Orders (adjusted for the impact of acquisitions and divestitures, currency translation effects, and the impact of an extra week in the prior year) declined 31 percent in the fourth quarter compared to the prior year, driven by broad-based declines in the Americas and EMEA. The Americas declined 32 percent compared to the prior year, reflecting a 2 percent sequential decline from the third quarter, compared to larger seasonal declines historically. EMEA declined 38 percent compared to the prior year with broad-based declines across all markets. In the fourth quarter of fiscal 2020, EMEA grew 12 percent compared to the prior year. The Other category declined 14 percent compared to the prior year and included growth of 11 percent in China compared to the prior year. Revenue and order decline by segment Q4 2021 vs. Q4 2020 Revenue Decline Organic RevenueDecline Organic Order Decline Americas30 % 26 % 32 % EMEA23 % 29 % 38 % Other category28 % 12 % 14 % Steelcase Inc.28 % 25 % 31 % “We delivered better than expected revenue and earnings per share in the fourth quarter while navigating multiple supply chain challenges in addition to the resurgence of COVID,” said Jim Keane, president and CEO. “As we move through what we believe could be the bottom of this cycle over the next quarter, I’m confident our people will continue to maintain strong cost controls, help our customers design their return to office plans, and position us to lead our industry in the expected recovery.” Operating income of $6.7 million in the fourth quarter included $1.6 million of restructuring costs related to workforce reductions. Adjusted operating income of $8.3 million represented a decrease of $60.7 million compared to operating income of $69.0 million in the prior year which included a $7.6 million net benefit from the sale of PolyVision Corporation. The remaining decrease was driven by lower revenue across all segments, partially offset by approximately $52 million of savings from cost reduction actions, which included reduced discretionary spending and lower employee costs, and $22.7 million of lower variable compensation expense. The Americas reported operating income of $12.1 million, and adjusted operating income of $13.7 million, compared to operating income of $42.6 million in the prior year. EMEA reported an operating loss of $0.5 million compared to operating income of $8.3 million in the prior year. The Other category reported operating income of $2.9 million compared to operating income of $24.9 million in the prior year, which included $20.4 million from the gain on the sale of PolyVision, net of variable compensation expense. Gross margin of 28.4 percent in the fourth quarter represented a 410 basis point decline compared to the prior year, driven by the impact of the lower revenue, higher costs related to container shortages, port congestions and other supply chain challenges, and higher freight and labor costs related to recovering from the temporary operations shutdown in the third quarter, partially offset by lower variable compensation expense and lower overhead costs. “We are managing several supply chain challenges, including the availability of steel and component parts and a recent supply chain disruption in the foam used in the manufacturing of certain of our seating products, which are expected to continue to impact our costs in the near term,” said Dave Sylvester, senior vice president and CFO. “At the same time, we are beginning to experience significant inflation related to steel, component parts, ocean freight, and petroleum-based commodities, which we expect to impact our profitability over the next couple quarters until our recently announced price increase is implemented.” Operating expenses of $185.7 million in the fourth quarter represented a decrease of $52.5 million compared to the prior year, which included an $11.9 million benefit from the sale of PolyVision, net of variable compensation expense, and an estimated $10.4 million due to an extra week in the prior year. Adjusted for these items, operating expenses decreased by $54.0 million, driven by an approximately $24 million reduction in discretionary spending, approximately $18 million of lower wage and benefit expenses as a result of workforce reductions, and $13.5 million of lower variable compensation expense. The company recorded an income tax benefit of $4.5 million in the fourth quarter, which was driven by benefits available under the U.S. Coronavirus Aid, Relief, and Economic Security Act and other discrete tax benefits. In the prior year, income tax expense was $1.3 million and included an $8.7 million tax benefit related to the sale of PolyVision and $3.6 million of other net discrete tax benefits. Total liquidity, comprised of cash, cash equivalents and the cash surrender value of company-owned life insurance, aggregated to $659.3 million at the end of the fourth quarter. Total debt was $483.9 million. There were no borrowings under the company’s $250 million global credit facility during the quarter, and there are currently no restrictions on the company’s ability to borrow under the facility. The Board of Directors has declared a quarterly cash dividend of $0.10 per share, to be paid on or before April 15, 2021, to shareholders of record as of April 5, 2021. Fiscal 2021 Results For fiscal 2021, the company recorded $2.6 billion of revenue and net income of $26.1 million, or diluted earnings per share of $0.22. Adjusted earnings were $0.52 per share. In fiscal 2020, the company recorded $3.7 billion of revenue, net income of $199.7 million, diluted earnings per share of $1.66 and adjusted earnings per share of $1.50. Revenue decreased by 30 percent in fiscal 2021, with a 31 percent decrease in the Americas, a 24 percent decrease in EMEA and a 38 percent decrease in the Other category. On an organic basis, fiscal 2021 revenue represented a decline of 29 percent compared to the prior year, with a 30 percent decline in the Americas, a 26 percent decline in EMEA and a 25 percent decline in the Other category. Operating income for fiscal 2021 of $43.0 million represented a decrease of $214.0 million compared to operating income for fiscal 2020 of $257.0 million. Adjusted operating income of $89.2 million in fiscal 2021 decreased by $167.8 million compared to fiscal 2020. The decrease was driven by the revenue decline, partially offset by an approximately $112 million reduction in discretionary spending, a $104.3 million reduction in variable compensation expense ($13.4 million of which related to the gain on the sale of PolyVision in the prior year) and approximately $69 million of lower wage and benefit expenses. “Fiscal 2021 was clearly an extraordinary year as the COVID-19 pandemic had a significant impact on our revenue,” said Jim Keane, president and CEO. “We took bold and swift actions to protect our employees and our company, which kept our liquidity strong and offset a large portion of the impact from the revenue decline. We also stayed invested for the expected recovery by not reducing our employee base in direct proportion to our revenue decline.” Outlook At the end of the fourth quarter, the company’s backlog of customer orders was approximately $445 million, which was 28 percent lower than the prior year and approximately $102 million, or 19 percent lower than at the end of the third quarter. Supply chain disruptions continue to impact the company, and companies across many industries, and are expected to result in a delay of some revenue from the first quarter of fiscal 2022 to the second quarter. As a result, the company expects first quarter fiscal 2022 revenue to be in the range of $540 to $570 million. The company reported revenue of $482.8 million in the first quarter of fiscal 2021 which was significantly impacted by government mandated restrictions related to the onset of the global pandemic. Adjusted for an acquisition and currency translation effects, the projected revenue translates to expected organic growth of 5 to 11 percent compared to the first quarter of fiscal 2021. The company expects to report a loss per share of between $0.27 to $0.34 for the first quarter of fiscal 2022. The estimate includes: (1) projected inflation, net of pricing benefits, of approximately $6 million, (2) projected operating expenses of between $190 to $195 million, (3) projected interest expense, net of investment income and other income, net, of approximately $5 million, and (4) a projected income tax benefit equal to approximately 28 percent of the projected pre-tax loss. Steelcase reported a loss of $0.33 per share, and an adjusted loss of $0.18 per share, in the first quarter of fiscal 2021. Operating expenses in the first quarter of fiscal 2021 of $157.4 million benefited from significant temporary reductions in pay and hours across most of the company’s global salaried workforce. Beyond the first quarter, the company is targeting seasonally higher revenue in the second quarter, but a decline compared to the prior year which benefited from a strong beginning backlog as a result of the government mandated shutdowns in the first quarter of fiscal 2021. The company is targeting net income in the second quarter that would approximately offset the first quarter net loss and includes a $15 million gain from an expected land sale. For the second half of fiscal 2022, the company is targeting double-digit revenue growth compared to fiscal 2021, due to higher vaccination levels that are expected to support workers returning to the office more broadly, increased capital spending, and corporate C-suites prioritizing their workplaces as they focus on improving productivity, collaboration, and company culture. “As the pace of COVID vaccinations increases, many company leaders are confirming their plans to begin bringing their employees back to the office,” said Jim Keane. “We’re working with many of our customers to re-start paused projects and to engage in new opportunities by sharing what we’ve learned about how to make their spaces safer, more flexible and more productive. We saw strong double-digit increases in new project opportunities and customer requests for proposals in the Americas, as well as customer visits to our Grand Rapids location (both physical and virtual), in February compared to January, which supports our expectations for a strong recovery in the second half of the year.” Business Segment Results (in millions) (Unaudited) (Unaudited) Three Months Ended Twelve Months Ended February 26,2021 February 28,2020 % Change February 26,2021 February 28,2020 % Change Revenue Americas (1)$467.0 $666.2 (29.9)% $1,848.5 $2,672.9 (30.8)%EMEA (2)142.6 185.7 (23.2)% 511.3 669.6 (23.6)%Other (3)67.5 94.3 (28.4)% 236.4 381.2 (38.0)%Consolidated revenue$677.1 $946.2 (28.4)% $2,596.2 $3,723.7 (30.3)% Operating income (loss) Americas$12.1 $42.6 $97.0 $240.0 EMEA(0.5) 8.3 (32.3) 9.9 Other2.9 24.9 0.2 39.4 Corporate (4)(7.8) (6.8) (21.9) (32.3) Consolidated operating income$6.7 $69.0 $43.0 $257.0 Operating income percent1.0 % 7.3 % 1.7 % 6.9 % Revenue mix Americas 69.0% 70.4% 71.2% 71.8% EMEA 21.1% 19.6% 19.7% 18.0% Other 9.9% 10.0% 9.1% 10.2% Business Segment Footnotes The Americas segment serves customers in the U.S., Canada, the Caribbean Islands and Latin America, with a comprehensive portfolio of furniture, architectural and technology products marketed to corporate, government, healthcare, education and retail customers through the Steelcase, Coalesse, Smith System, AMQ and Orangebox brands.The EMEA segment serves customers in Europe, the Middle East and Africa primarily under the Steelcase, Orangebox and Coalesse brands, with a comprehensive portfolio of furniture, architectural and technology products.The Other category includes Asia Pacific and Designtex. In 2020, the Other category also included PolyVision, which was sold in February 2020.Corporate costs include unallocated portions of shared service functions, such as information technology, corporate facilities, finance, research, human resources, legal and customer aviation, plus deferred compensation expense and income or losses associated with company-owned life insurance. QUARTER OVER QUARTER ORGANIC REVENUE DECLINE BY SEGMENT Q4 2021 vs. Q4 2020 Steelcase Inc. Americas EMEA Other category Q4 2020 revenue$946.2 $666.2 $185.7 $94.3 PolyVision divestiture (13.3) — — (13.3)Dealer acquisition 2.2 2.2 — — Impact of additional week (48.4) (42.7) — (5.7)Currency translation effects* 18.9 1.3 16.3 1.3 Q4 2020 revenue, adjusted 905.6 627.0 202.0 76.6 Q4 2021 revenue 677.1 467.0 142.6 67.5 Organic decline $$(228.5) $(160.0) $(59.4) $(9.1)Organic decline % (25)% (26)% (29)% (12)% * Currency translation effects represent the estimated net effect of translating Q4 2020 foreign currency revenues using the average exchange rates during Q4 2021. YEAR OVER YEAR ORGANIC REVENUE DECLINE BY SEGMENT2021 vs. 2020 Steelcase Inc. Americas EMEA Other category 2020 revenue$3,723.7 $2,672.9 $669.6 $381.2 PolyVision divestiture (61.5) — — (61.5)Dealer acquisition 2.2 2.2 — — Impact of additional week (48.4) (42.7) — (5.7)Currency translation effects* 23.0 (0.8) 24.3 (0.5)2020 revenue, adjusted 3,639.0 2,631.6 693.9 313.5 2021 revenue 2,596.2 1,848.5 511.3 236.4 Organic decline $$(1,042.8) $(783.1) $(182.6) $(77.1)Organic decline % (29)% (30)% (26)% (25)% * Currency translation effects represent the estimated net effect of translating 2020 foreign currency revenues using the average exchange rates during 2021. PROJECTED ORGANIC REVENUE GROWTHQ1 2022 vs. Q1 2021 Steelcase Inc. Q1 2021 revenue$ 482.8Dealer acquisition 18.3Currency translation effects* 12.3Q1 2021 revenue, adjusted$ 513.4 Q1 2022 revenue, projected$540 – 570Organic growth $$27 – 57Organic growth % 5% – 11% * Currency translation effects represent the estimated net effect of translating Q1 2022 foreign currency revenues using the exchange rates at the end of Q4 2021. ADJUSTED EARNINGS (LOSS) PER SHARE (Unaudited) (Unaudited) Three Months Ended Twelve Months Ended February 26,2021 February 28,2020 February 26,2021 February 28,2020Diluted earnings (loss) per share$0.06 $0.55 $0.22 $1.66 Goodwill impairment charge, per share— — 0.15 — Restructuring costs, per share0.01 — 0.24 — Income tax effect of restructuring costs, per share(0.01) — (0.09) — Gain on sale of PolyVision, per share— (0.17) — (0.17)Variable compensation impact of sale of PolyVision, per share— 0.11 — 0.11 Income tax effect of sale of PolyVision, per share— (0.10) — (0.10)Adjusted earnings (loss) per share$0.06 $0.39 $0.52 $1.50 PROJECTED ADJUSTED EARNINGS (LOSS) PER SHARE (Unaudited) Three Months Ended May 28,2021(Projected) May 29,2020Diluted earnings (loss) per share$(0.27) – (0.34) $(0.33)Goodwill impairment charge, per share — 0.15 Adjusted earnings (loss) per share$(0.27) – (0.34) $(0.18) IMPACT OF SALE OF POLYVISION ON Q4 AND FISCAL YEAR 2020 Americas EMEA Other category Corporate TotalCost of sales Variable compensation expense$3.5 $0.6 $0.2 $— $4.3 Total impact on cost of sales3.5 0.6 0.2 — 4.3 Operating expenses Gain on sale— — (21.0) — (21.0)Variable compensation expense6.8 1.2 0.4 0.7 9.1 Total impact on operating expenses$6.8 $1.2 $(20.6) $0.7 $(11.9) Total impact on operating income$(10.3) $(1.8) $20.4 $(0.7) $7.6 Tax expense (benefit), net $(12.1)Total impact on net income $19.7 Steelcase Inc. (Unaudited) (Unaudited) Three Months Ended Twelve Months Ended February 26,2021 February 28,2020 February 26,2021 February 28,2020Revenue$677.1 100.0 % $946.2 100.0 % $2,596.2 100.0 % $3,723.7 100.0 %Cost of sales483.1 71.4 639.0 67.5 1,822.8 70.2 2,508.5 67.4 Restructuring costs1.4 0.2 — — 10.6 0.4 — — Gross profit192.6 28.4 307.2 32.5 762.8 29.4 1,215.2 32.6 Operating expenses185.7 27.4 238.2 25.2 684.2 26.4 958.2 25.7 Goodwill impairment charge— — — — 17.6 0.6 — — Restructuring costs0.2 — — — 18.0 0.7 — — Operating income$6.7 1.0 % $69.0 7.3 % $43.0 1.7 % $257.0 6.9 Interest expense(6.4) (0.9) (7.2) (0.7) (27.1) (1.1) (27.3) (0.7)Investment income0.2 — 1.6 0.2 1.4 0.1 5.4 0.1 Other income, net1.6 0.2 1.8 0.3 8.6 0.3 10.1 0.3 Income before income tax expense (benefit)2.1 0.3 65.2 6.9 25.9 1.0 245.2 6.6 Income tax expense(4.5) (0.7) (1.3) (0.1) (0.2) — 45.5 1.2 Net income$6.6 1.0 % $66.5 7.0 % $26.1 1.0 % $199.7 5.4 % Operating income$6.7 1.0 % $69.0 7.3 % $43.0 1.7 % $257.0 6.9 %Add: goodwill impairment charge— — — — 17.6 0.6 — — Add: restructuring costs1.6 0.2 — — 28.6 1.1 — — Adjusted operating income$8.3 1.2 % $69.0 7.3 % $89.2 3.4 % $257.0 6.9 % Americas (Unaudited) (Unaudited) Three Months Ended Twelve Months Ended February 26,2021 February 28,2020 February 26,2021 February 28,2020Revenue$467.0 100.0% $666.2 100.0% $1,848.5 100.0% $2,672.9 100.0%Cost of sales334.3 71.6 450.1 67.6 1,285.1 69.5 1,789.1 66.9 Restructuring costs1.4 0.3 — — 10.6 0.6 — — Gross profit131.3 28.1 216.1 32.4 552.8 29.9 883.8 33.1 Operating expenses119.0 25.5 173.5 26.0 437.8 23.7 643.8 24.1 Goodwill impairment charge— — — — — — — — Restructuring costs0.2 — — — 18.0 1.0 — — Operating income$12.1 2.6% $42.6 6.4% $97.0 5.2% $240.0 9.0%Add: goodwill impairment charge— — — — — — — — Add: restructuring costs1.6 0.3 — — 28.6 1.6 — — Adjusted operating income$13.7 2.9% $42.6 6.4% $125.6 6.8% $240.0 9.0% EMEA (Unaudited) (Unaudited) Three Months Ended Twelve Months Ended February 26,2021 February 28,2020 February 26,2021 February 28,2020Revenue$142.6 100.0 % $185.7 100.0% $511.3 100.0 % $669.6 100.0%Cost of sales104.0 72.9 128.2 69.0 380.4 74.4 473.2 70.7 Restructuring costs— — — — — — — — Gross profit38.6 27.1 57.5 31.0 130.9 25.6 196.4 29.3 Operating expenses39.1 27.5 49.2 26.5 145.6 28.5 186.5 27.8 Goodwill impairment charge— — — — 17.6 3.4 — — Restructuring costs— — — — — — — — Operating income (loss)$(0.5) (0.4)% $8.3 4.5% $(32.3) (6.3)% $9.9 1.5%Add: goodwill impairment charge— — — — 17.6 3.4 — — Add: restructuring costs— — — — — — — — Adjusted operating income (loss)$(0.5) (0.4)% $8.3 4.5% $(14.7) (2.9)% $9.9 1.5% Other category (Unaudited) (Unaudited) Three Months Ended Twelve Months Ended February 26,2021 February 28,2020 February 26,2021 February 28,2020Revenue$67.5 100.0% $94.3 100.0% $236.4 100.0% $381.2 100.0%Cost of sales44.8 66.4 60.7 64.4 157.3 66.5 246.2 64.6 Restructuring costs— — — — — — — — Gross profit22.7 33.6 33.6 35.6 79.1 33.5 135.0 35.4 Operating expenses19.8 29.3 8.7 9.2 78.9 33.4 95.6 25.1 Goodwill impairment charge— — — — — — — — Restructuring costs— — — — — — — — Operating income$2.9 4.3% $24.9 26.4% $0.2 0.1% $39.4 10.3%Add: goodwill impairment charge— — — — — — — — Add: restructuring costs— — — — — — — — Adjusted operating income (loss)$2.9 4.3% $24.9 26.4% $0.2 0.1% $39.4 10.3% Corporate (Unaudited) (Unaudited) Three Months Ended Twelve Months Ended February 26,2021 February 28,2020 February 26,2021 February 28,2020Operating loss$(7.8) $(6.8) $(21.9) $(32.3)Add: goodwill impairment charge— — — — Add: restructuring costs— — — — Adjusted operating loss$(7.8) $(6.8) $(21.9) $(32.3) Webcast Steelcase will discuss fourth quarter results and business outlook on a conference call at 8:30 a.m. Eastern time tomorrow. Non-GAAP Financial MeasuresThis earnings release contains non-GAAP financial measures. A “non-GAAP financial measure” is defined as a numerical measure of a company’s financial performance that excludes or includes amounts so as to be different than the most directly comparable measure calculated and presented in accordance with GAAP in the condensed consolidated statements of income, balance sheets or statements of cash flows of the company. Pursuant to the requirements of Regulation G, the company has provided a reconciliation above of the non-GAAP financial measures to the most directly comparable GAAP financial measures. The non-GAAP financial measures used within this earnings release are: (1) organic revenue growth (decline), which represents the change in revenue excluding estimated currency translation effects, the impacts of acquisitions and divestitures and the impact of the additional week in fiscal year 2020; (2) adjusted earnings (loss) per share, which represents earnings (loss) per share excluding (a) goodwill impairment charges, (b) restructuring costs and related tax benefits, (c) the gain on the sale of PolyVision Corporation and the related variable compensation and income tax effects; and (3) adjusted operating income (loss), which represents operating income (loss) excluding goodwill impairment charges and restructuring costs. These measures are presented because management uses this information to monitor and evaluate financial results and trends. Therefore, management believes this information is also useful for investors. Forward-looking Statements From time to time, in written and oral statements, the company discusses its expectations regarding future events and its plans and objectives for future operations. These forward-looking statements discuss goals, intentions and expectations as to future trends, plans, events, results of operations or financial condition, or state other information relating to us, based on current beliefs of management as well as assumptions made by, and information currently available to, the company. Forward-looking statements generally are accompanied by words such as “anticipate,” “believe,” “could,” “estimate,” “expect,” “forecast,” “intend,” “may,” “possible,” “potential,” “predict,” “project,” “targets,” or other similar words, phrases or expressions. Although we believe these forward-looking statements are reasonable, they are based upon a number of assumptions concerning future conditions, any or all of which may ultimately prove to be inaccurate. Forward-looking statements involve a number of risks and uncertainties that could cause actual results to vary from the company’s expectations because of factors such as, but not limited to, competitive and general economic conditions domestically and internationally; acts of terrorism, war, governmental action, natural disasters, pandemics and other Force Majeure events; the COVID-19 pandemic and the actions taken by various governments and third parties to combat the pandemic; changes in the legal and regulatory environment; changes in raw material, commodity and other input costs; currency fluctuations; changes in customer demand; and the other risks and contingencies detailed in the company’s most recent Annual Report on Form 10-K and its other filings with the Securities and Exchange Commission. Steelcase undertakes no obligation to update, amend or clarify forward-looking statements, whether as a result of new information, future events or otherwise. About Steelcase Inc.Leading organizations around the world trust Steelcase to help them create workplaces that help people feel safe and are productive, inspiring and adaptable with our architecture, furniture and technology solutions – accessible through a network of channels, including over 800 Steelcase dealer locations. Steelcase is a global, industry-leading, and publicly traded company with fiscal 2021 revenue of $2.6 billion. For more information, visit www.steelcase.com. STEELCASE INC.CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited)(in millions, except per share data) Three Months Ended Twelve Months Ended February 26,2021 February 28,2020 February 26,2021 February 28,2020Revenue$677.1 $946.2 $2,596.2 $3,723.7 Cost of sales483.1 639.0 1,822.8 2,508.5 Restructuring costs1.4 — 10.6 — Gross profit192.6 307.2 762.8 1,215.2 Operating expenses185.7 238.2 684.2 958.2 Goodwill impairment charge— — 17.6 — Restructuring costs0.2 — 18.0 — Operating income6.7 69.0 43.0 257.0 Interest expense(6.4) (7.2) (27.1) (27.3)Investment income0.2 1.6 1.4 5.4 Other income, net1.6 1.8 8.6 10.1 Income before income tax expense (benefit)2.1 65.2 25.9 245.2 Income tax expense (benefit)(4.5) (1.3) (0.2) 45.5 Net income$6.6 $66.5 $26.1 $199.7 Earnings per share: Basic$0.06 $0.56 $0.22 $1.67 Diluted$0.06 $0.55 $0.22 $1.66 Weighted average shares outstanding – basic117.8 119.6 117.5 119.6 Weighted average shares outstanding – diluted118.2 120.2 117.8 120.2 Dividends declared and paid per common share$0.100 $0.145 $0.370 $0.580 STEELCASE INC.CONDENSED CONSOLIDATED BALANCE SHEETS(in millions) February 26,2021 February 28,2020ASSETSCurrent assets: Cash and cash equivalents$489.8 $541.0 Accounts receivable279.0 381.8 Allowance for doubtful accounts(8.7) (9.4)Inventories193.5 215.0 Prepaid expenses20.9 21.6 Other current assets70.9 38.8 Total current assets1,045.4 1,188.8 Property, plant and equipment, net of accumulated depreciation of $1,063.2 and $977.7410.8 426.3 Company-owned life insurance (“COLI”)169.5 160.0 Deferred income taxes113.3 124.6 Goodwill218.1 233.6 Other intangible assets, net of accumulated amortization of $73.3 and $56.790.4 102.9 Investments in unconsolidated affiliates51.5 52.3 Right-of-use operating lease assets225.4 237.9 Other assets29.6 39.0 Total assets$2,354.0 $2,565.4 LIABILITIES AND SHAREHOLDERS’ EQUITYCurrent liabilities: Accounts payable$181.3 $244.3 Short-term borrowings and current portion of long-term debt4.7 2.9 Current operating lease obligations43.8 43.1 Accrued expenses: Employee compensation90.1 191.7 Employee benefit plan obligations24.9 44.7 Accrued promotions27.8 35.3 Customer deposits33.7 28.6 Other108.7 100.3 Total current liabilities515.0 690.9 Long-term liabilities: Long-term debt less current maturities479.2 481.4 Employee benefit plan obligations152.9 148.3 Long-term operating lease obligations199.5 214.0 Other long-term liabilities46.9 60.4 Total long-term liabilities878.5 904.1 Total liabilities1,393.5 1,595.0 Shareholders’ equity: Additional paid-in capital12.5 28.4 Accumulated other comprehensive income (loss)(40.0) (69.3)Retained earnings988.0 1,011.3 Total shareholders’ equity960.5 970.4 Total liabilities and shareholders’ equity$2,354.0 $2,565.4 STEELCASE INC.CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOW (Unaudited)(in millions) Twelve Months Ended February 26,2021 February 28,2020OPERATING ACTIVITIES Net income$26.1 $199.7 Depreciation and amortization85.2 85.6 Goodwill impairment charge17.6 — Restructuring costs28.6 — (Gain)/loss on business divestitures— (19.6)Deferred income taxes15.9 12.1 Non-cash stock compensation20.9 16.7 Equity in income of unconsolidated affiliates(9.3) (12.2)Dividends received from unconsolidated affiliates8.1 12.5 Other(13.3) (0.2)Changes in operating assets and liabilities: Accounts receivable120.9 7.2 Inventories27.1 (6.2)Other assets(22.9) (1.9)Accounts payable(69.0) 10.8 Employee compensation liabilities(138.7) 36.7 Employee benefit obligations(22.6) (3.1)Accrued expenses and other liabilities(9.8) 22.7 Net cash provided by operating activities64.8 360.8 INVESTING ACTIVITIES Capital expenditures(41.3) (73.4)Proceeds from disposal of fixed assets7.4 1.8 Proceeds from COLI policies2.2 4.2 Proceeds from business divestitures, net of costs to sell— 72.6 Acquisitions, net of cash acquired(3.8) (3.7)Other4.9 3.0 Net cash (used in) provided by investing activities(30.6) 4.5 FINANCING ACTIVITIES Dividends paid(43.5) (69.1)Common stock repurchases(42.7) (8.7)Borrowings on lines of credit250.0 — Repayments on lines of credit(250.0) — Repayments of long-term debt(2.4) (2.9)Other0.8 (1.2)Net cash used in financing activities(87.8) (81.9)Effect of exchange rate changes on cash and cash equivalents2.1 (1.1)Net increase (decrease) in cash, cash equivalents and restricted cash(51.5) 282.3 Cash and cash equivalents and restricted cash, beginning of period1547.1 264.8 Cash and cash equivalents and restricted cash, end of period2$495.6 $547.1 (1) These amounts include restricted cash of $6.1 and $3.5 as of February 28, 2020 and February 22, 2019, respectively. (2) These amounts include restricted cash of $5.8 and $6.1 as of February 26, 2021 and February 28, 2020, respectively. Restricted cash primarily represents funds held in escrow for potential future workers’ compensation and product liability claims. Restricted cash is included as part of Other assets in the Condensed Consolidated Balance Sheets. CONTACT:Investor Contact: Michael O’Meara Investor Relations (616) 246 – 4251 Media Contact: Katie Woodruff Corporate Communications (616) 915 – 8505