Page 1

H.B. Fuller Worldwide Headquarters 1200 Willow Lake Boulevard St. Paul , Minnesota 55110-5101 NEWS ■ Barbara Doyle Vice President , Investor Relations 651-236-5023 June 23 , 2021 H.B. Fuller Reports Second Quarter Fiscal 2021 Results Net revenue growth of 23 % and organic revenue growth of 19 % driven by share gains and strong demand Net income of $ 49 million and EPS of $ 0.90 ; adjusted EPS of $ 0.94 up 38 % year over year Adjusted EBITDA of $ 122 million up 21 % year over year ST . PAUL , Minn . - H.B. Fuller Company ( NYSE : FUL ) today reported financial results for its second quarter ended May 29 , 2021 . Items of Note for Second Quarter 2021 Strong operational execution , benefits from restructuring efficiencies and improved global industrial demand drove significant revenue and earnings growth versus the second quarter of fiscal 2020 . Revenue was up 22.7 % versus the second quarter of last year . Organic revenue increased 18.8 % versus the second quarter last year . Organic revenue was up 9.5 % when compared with the non COVID - impacted second quarter of 2019 . Net income increased to $ 49 million ; volume leverage , pricing and operational efficiencies offset higher raw material costs and drove a 21 % year - over - year increase in adjusted EBITDA to $ 122 million . Earnings per diluted share ( EPS ) were $ 0.90 ; adjusted EPS of $ 0.94 increased 38 % year over year , driven primarily by strong operating income growth and lower interest expense associated with reduced debt . Year - to - date debt paydown of $ 61.5 million was 20 % higher than the same period last year . The company remains on track to its $ 200 million debt reduction target for the full year . 1 Summary of Second Quarter 2021 Results Net revenue of $ 828 million increased 22.7 % compared with the second quarter of 2020. Foreign currency exchange rates favorably impacted revenue by 3.9 % . Organic revenue , which excludes impacts from foreign currency translation , increased 18.8 % versus last year , with organic growth in all three Global Business Units ( GBUs ) including strong , double - digit growth in Engineering Adhesives and