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2025 Investor Day October 20, 2025 1200 Willow Lake Blvd, St Paul, Minnesota 55110 www.hbfuller.com Launching Our New Era H.B. Fuller
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October 20, 2025 Safe Harbor Statement Certain statements in this presentation are forward-looking statements within the meaning of the federal securities laws, including Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such statements often address expected future business and financial performance, financial condition, and other matters, and often contain words or phrases such as “anticipate,” “believe,” “estimate,” “expect,” “intend,” “may,” “opportunity,” “outlook,” “plan,” “project,” “seek,” “should,” “strategy,” “target,” “will,” “will be,” “will continue,” “will likely result,” “would” and similar expressions, and variations or negatives of these words or phrases. These statements are subject to various risks and uncertainties that could cause our actual results to differ materially from those in the forward-looking statements, including but not limited to the following: the availability and pricing of raw materials; the impact of potential cybersecurity attacks and security breaches; failures in our information technology systems; the impact on the supply chain, raw material costs and pricing of our products due to military conflict, including between Russia and Ukraine and in the Middle East; the impact on our margins and product demand due to inflationary pressures; the substantial amount of debt we have incurred to finance our acquisition of Royal, our ability to repay or refinance our debt or to incur additional debt in the future, our need for a significant amount of cash to service and repay the debt and to pay dividends on our common stock, and the effect of debt covenants that limit the discretion of management in operating the business or in paying dividends; our ability to pay dividends and to pursue growth opportunities if we continue to pay dividends according to our current dividend policy; our ability to effectively manage and realize expected benefits from completed and future mergers, acquisitions, and divestitures; our ability to achieve expected synergies, cost savings and operating efficiencies from our restructuring initiatives and operational improvement projects within the expected time frames or at all; our ability to effectively implement Project ONE; uncertain political and economic conditions; fluctuations in product demand; competing products and pricing; our geographic and product mix; disruptions to our relationships with our major customers and suppliers; regulatory compliance across our global footprint; trade policies and economic sanctions impacting our markets; changes in tax laws and tariffs; devaluations and other foreign exchange rate fluctuations; the impact of litigation and investigations, including for product liability and environmental matters; impairment charges on our goodwill or long-lived assets; the consequences of the COVID-19 outbreak and other pandemics on our operations and financial results; the effect of new accounting pronouncements and accounting charges and credits; and similar matters. Additional information about these various risks and uncertainties can be found in the “Risk Factors” section of our Form 10-K filings, and any updates to the risk factors in our Form 10-Q and 8-K filings with the SEC, but there may be other risks and uncertainties that we are unable to identify at this time or that we do not currently expect to have a material impact on the business. You should not place undue reliance on forward-looking statements, which speak only as of the date they are made. We do not undertake to update or revise any forward-looking statements, except as required by law. Regulation G The information presented in this presentation regarding consolidated and segment organic revenue growth, operating income, adjusted gross profit, adjusted gross profit margin, adjusted diluted earnings per share, adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA), adjusted EBITDA margin, net debt, net debt-to-adjusted EBITDA, trailing twelve months adjusted EBITDA, net working capital, annualized net revenue and net working capital as a percentage of annualized net revenue does not conform to U.S. generally accepted accounting principles (U.S. GAAP) and should not be construed as an alternative to the reported results determined in accordance with U.S. GAAP. Management has included this non-GAAP information to assist in understanding the operating performance of the Company and its operating segments as well as the comparability of results to the results of other companies. The non-GAAP information provided may not be consistent with the methodologies used by other companies. All non-GAAP information is reconciled with reported U.S. GAAP results in the Appendix. Additional Information Please refer to our annual report on Form 10-K, filed with the SEC, and available on our website at www.investors.hbfuller.com. © H.B. Fuller Company, 2025
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October 20, 2025 Today’s speakers © H.B. Fuller Company, 2025 | 3 Celeste Mastin John Corkrean Nathan Weaver Brendon Kryzer President and CEO Executive Vice President and CFO Executive Vice President, Business Transformation Vice President, Strategy and Corporate Development
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October 20, 2025 © H.B. Fuller Company, 2025 | 4 Agenda Opening remarks and keynote: Celeste Mastin 1:00 PM Manufacturing footprint optimization plan: Nathan Weaver 1:45 PM M&A strategy: Brendon Kryzer 2:15 PM Financial update: John Corkrean2:30 PM Q&A: Celeste Mastin & John Corkrean3:00 PM Growth market technology breakouts: Insulated Glass, Medical Adhesive Technologies, Automotive, Electronics 3:30 PM
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October 20, 2025 Today’s attendees © H.B. Fuller Company, 2025 | 5
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October 20, 2025 H.B. Fuller: At a glance H.B. Fuller is the largest pureplay adhesives company in the world. Our innovative functional coatings, adhesives, sealants and elastomer (CASE) solutions are an integral part of nearly every kind of finished good in the marketplace – from electronic devices and building materials to packaging and filters – and so much more. © H.B. Fuller Company, 2025 | 6 7,500+ Team members 135+ Years of history $3.6 Billion in revenue FY24 35 Technology centers 3 Global business units serving 30+ markets 150 Countries with sales
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October 20, 2025 © H.B. Fuller Company, 2025 | 7 Compelling investment thesis Why adhesives and sealants? Represent less than 2% of our customers’ end-product cost Critical in the manufacturability,performance, and functionality of the end-product Fragmented Industry with the top three players comprising 25% of the industry, and the remainder dominated by smaller private companies The largest pureplay adhesive company in the worldLarge $80 billion global industry Why H.B. Fuller? Extensive global footprint and innovation capabilities drive deep relationships with multinational companies Proven track record of growth and margin expansion reinforces confidence in path to >20% Adj. EBITDA margin Strong balance sheet facilitates balanced capital allocation with a focus on growth capex, continued M&A, and share repurchases
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October 20, 2025 Advantaged position in adhesives industry © H.B. Fuller Company, 2025 | 8 15% 5% 4% Others 76% Industry growth Competitive dynamics • Extensive global footprint and strong balance sheet enable us to serve large multinational customers better than our smaller competitors • Sole focus on adhesives and sealants makes us the most focused of the larger players Highly fragmented market • With the top three players holding less than 25% of the market, there are significant long- term consolidation opportunities ~2% 2021 – 2024 ~3.5% 2025 – 2030E Source: Markets and Markets
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October 20, 2025 © H.B. Fuller Company, 2025 | 9 Key takeaways H.B. Fuller is uniquely positioned to capitalize on the fastest growing segments of this $80 billion adhesives industry1 We have taken and are continuing to take meaningful strategic action to transform the portfolio and drive growth and margin expansion 2 Our business model and financial characteristics represent a solutions-based, differentiated formulator 3
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October 20, 2025 © H.B. Fuller Company, 2025 | 9 Key takeaways H.B. Fuller is uniquely positioned to capitalize on the fastest growing segments in this $80 billion adhesives industry1 We have taken and are continuing to take meaningful strategic action to transform the portfolio and drive growth and margin expansion 2 Our business model and financial characteristics represent a solutions-based, differentiated formulator 3
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October 20, 2025 Significant technology growth with customers © H.B. Fuller Company, 2025 | 11 1 2 3 Pre-2000 2024 43% 92% $80B Market $31B Market Total addressable market has nearly tripled since the 2000s Current product portfolio now addresses 92% of an $80B market, up from 43% of a $31B market pre-2000
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October 20, 2025 © H.B. Fuller Company, 2025 | 12 $56B Current market share of 6.0% with significant opportunity to continue increasing share in the faster-growing, higher-margin submarkets of the adhesive industry, while exiting slower growth, lower margin areas H.B. Fuller’s 32 different technology platforms are well suited to address complex bonding challenges in >90% of the total industry H.B. Fuller currently has 4.5% market share in this large and expanding industry, from 3.9% in 2020 Targeting the fastest growing, highest margin subsegments of the adhesives market Total addressable market $80B Tech-enabled market $74B Our target opportunity 1 2 3
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October 20, 2025 © H.B. Fuller Company, 2025 | 13 Key takeaways H.B. Fuller is uniquely positioned to capitalize on the fastest growing segments in this $80 billion adhesives industry1 We have taken and are continuing to take meaningful strategic action to transform the portfolio and drive growth and margin expansion 2 Our business model and financial characteristics represent a solutions-based, differentiated formulator 3
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October 20, 2025 © H.B. Fuller Company, 2025 | 14 Innovating to address customers’ most pressing adhesion challenges 1 2 3 H.B. Fuller application experts Optimize adhesive selection for customer-specific changes and market trends Specify new adhesive Manufacturers change materials in a product Manufacturers develop new products Manufacturers optimize production processes: speed, equipment, spray pattern, et al. Produce most advanced adhesive solutions for customers
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October 20, 2025 Uniquely positioned to capitalize on a complex market © H.B. Fuller Company, 2025 | 15 Bonding Requirements and Specifications Substrates Unique Manufacturing Equipment and Line Speed Application Style Aesthetics >50% Custom Tailored 1 SKU: 1 Customer 10-100 different adhesives purchased per customer spending over $100K +93% of our customers spend $500,000 or less on adhesives (78% less than $100,000) <2% of our customers’ end product cost <5% of revenue is represented by our largest customers $41k average spend per SKU per customer ($100K to $10M customer spend) 1 2 3
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October 20, 2025 © H.B. Fuller Company, 2025 | 16 Specialty Adhesives Approximately 87% of our raw material spend consists of specialty chemicals, typically 5-8 processing steps downstream and comprising less than 0.5% of the core feedstock Crude Oil Natural Gas Coal Biomass Core Feedstock Benzene Ethylene Isoprene Methanol Propylene Basic Chemicals VAM Acrylates Waxes Styrene EVA Intermediate Chemicals VAE Polyols Polyolefins Isocyanate Epoxy Resins Specialty Chemicals Specialty Adhesives ~87% of Raw Material Spend ~11% of Raw Material Spend ~2% of Raw Material SpendEx. Steam cracking, distillation Ex. Synthesization, derivatization Ex. Polymerization, emulsification, functionalization H.B. Fuller’s Proprietary Formulation Expertise H.B. Fuller’s proprietary formulation expertise sits at the top of the raw material value chain 1 2 3 Specialty Adhesives
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Revenue from top 5 customers (%) Average revenue per customer ($) Chemical’s % of customer’s product cost Number of products (SKUs) / $1B 17% $640,000 13.5% 3,400 8% $210,000 1.5% 12,500 October 20, 2025 Differentiated business model versus the specialty chemical industry © H.B. Fuller Company, 2025 | 17 Specialty Chemicals 1 2 3 Source: Markets and Markets Specialty Chemical Group: ASH, HUN, CE, EMN, AVNT, CC, NGVT, SCL, WLK, OLN
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October 20, 2025 © H.B. Fuller Company, 2025 | 18 GBU & Global Market Segment Overview
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October 20, 2025 Highly diverse portfolio of global market segments © H.B. Fuller Company, 2025 | 19 Overview HHC Overview EA Overview BAS 45% of consolidated revenue 25% of consolidated revenue30% of consolidated revenue Our top seven largest market segments account for less than 50% of consolidated revenue 1. Composites 2. Glass 3. Infrastructure and Mechanical (I&M) 4. Roofing 5. Wood 1. ACS 2. Beauty 3. Beverage Labeling 4. EOL Packaging 5. Flexible Packaging 6. Graphic Arts 7. Hygiene 8. Medical Adhesive Technologies 9. Packaging Makers & Multiwall Bag 10. Paper Converting RPT 11. Polymer and Coatings 12. Tape and Label 13. Tissue and Towel 1. Aerospace 2. Automotive 3. Bonding Agents 4. Bus, Truck, Rail, Specialty Vehicle 5. Clean Energy 6. E-Power and Storage 7. Electronics 8. Fastener Coating Solutions 9. Filter 10. Footwear 11. General Industries 12. Recreational Vehicles 13. Textile
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October 20, 2025 © H.B. Fuller Company, 2025 | 20 Hygiene, Health & Consumable Adhesives (HHC) Overview • Leads in developing nations • Provides regional beachhead as economies grow • Experiencing a sustainability renaissance Market trends • Increasing demand for more sustainable, lighter, and efficient packaging designed for a circular economy • Population aging driving high demand for medical and adult incontinence products • Food packaging evolution 1,329 1,547 1,200 1,250 1,300 1,350 1,400 1,450 1,500 1,550 1,600 2019 2024 Revenue 167 246 12.6% 15.9% - 50 100 150 200 250 300 2019 2024 Adjusted EBITDA HHC Financial Summary ($M)
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October 20, 2025 © H.B. Fuller Company, 2025 | 21 Engineering Adhesives (EA) • Home to the fastest growing, most demanding solution space • Most applications require precision bonding and durability • Requires a broad technology portfolio to meet needs Market trends • Global supply chain disruption and uncertainty increase demand for partners with scale and reach • Rapid tech evolution drives need for innovation and speed to market • Sustainability and emerging sectors are reshaping the industry (EV, Space, Robotics, Semiconductors) EA Financial Summary ($M) 780 1,009 - 200 400 600 800 1,000 1,200 2019 2024 Revenue 152 201 19.5% 19.9% - 50 100 150 200 250 2019 2024 Adjusted EBITDA Overview
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October 20, 2025 © H.B. Fuller Company, 2025 | 22 Building Adhesive Solutions (BAS) • Created to address market-driven construction demands • New structure allows targeting to multiple stakeholders across the value chain, enabling broader access to project-based opportunities Market trends • Increased need for installation speed and ease • Data centers and Middle East infrastructure buildout • Energy efficiency, improved air quality, recyclability, and functional performance/design improvement Overview BAS Financial Summary ($M) 775 857 720 740 760 780 800 820 840 860 880 2019 2024 Revenue 102 133 13.1% 15.5% - 20 40 60 80 100 120 140 2019 2024 Adjusted EBITDA
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October 20, 2025 © H.B. Fuller Company, 2025 | 23 All three GBUs play a critical role supporting our technology portfolio Engineering Adhesives Hygiene, Health, and Consumable Adhesives Building Adhesive Solutions
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October 20, 2025 © H.B. Fuller Company, 2025 | 24 Overview • 13 of our market segments, across all three GBUs • Focused on quickly growing high margin segments Key characteristics • Fast-growing markets that benefit from global megatrends • Rapidly evolving product design requires innovation Financial expectations • Expected to realize outsized revenue growth • Adjusted EBITDA margin greater than 25% Overview • 18 of our market segments, across all 3 GBU’s • Focused on maximizing operating efficiency and cash flow Key characteristics • Provide enterprise-wide raw materials scale • Existing global network of plants and people • Early opportunity in developing nations Financial expectations • Expected to generate greater than 15% EBITDA Margin and grow EBITDA faster than revenue Growth Leverage Focusing on the most attractive subsegments designated growth or leverage
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October 20, 2025 © H.B. Fuller Company, 2025 | 25 Our Target Opportunity $X Billion • The Growth target market averages 7% revenue CAGR • The Leverage target market averages 4% revenue CAGR • Gross margins in the attractive growth market are +3,000 bps greater than the industry average Our $56B target market is focused on the most desirable areas of the market, and excludes markets where we intentionally choose not to play (Captive and Commodity Tape, etc.) Attractive $56B target market Leverage $17B Growth $39B Total addressable market $80B Tech-enabled market $74B Our target opportunity $56B H.B. Fuller currently has 6.0% market share in its $56B attractive target market H.B. Fuller currently has 4.5% market share in the $80B adhesives and sealants total addressable market
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October 20, 2025 © H.B. Fuller Company, 2025 | 26 Agenda Opening remarks and keynote: Celeste Mastin 1:00 PM Manufacturing footprint optimization plan: Nathan Weaver 1:45 PM M&A strategy: Brendon Kryzer 2:15 PM Financial update: John Corkrean2:30 PM Q&A: Celeste Mastin & John Corkrean3:00 PM Growth market technology breakouts: Insulated Glass, Medical Adhesive Technologies, Automotive, Electronics 3:30 PM
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October 20, 2025 © H.B. Fuller Company, 2025 | 27 Key takeaways H.B. Fuller is uniquely positioned to capitalize on the fastest growing segments in this $80 billion adhesives industry1 We have taken and are continuing to take meaningful strategic action to transform the portfolio and drive growth and margin expansion 2 Our business model and financial characteristics represent a solutions-based, differentiated formulator 3
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October 20, 2025 Clear path to >20% EBITDA margin © H.B. Fuller Company, 2025 | 28 1 2 3 2025E Quantum Leap Portfolio Mix Shift Pricing/Innovation 2030 Target Volume 2030 Potential 16% 17% 18% 19% 20% 21% 22% 23% 24% 25% Pricing Offset by Inflation Path to 20% EBITDA margin is not dependent on volume
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October 20, 2025 Refining pricing to reflect the value of our innovation © H.B. Fuller Company, 2025 | 29 Moving Away From Pricing as a series of events Pricing as a tactical battlefield activity An internally focused cost-based approach to pricing Manual pricing process Fear-based decisions which undervalue our specialty adhesive solutions Pricing as a continuous process Pricing as a transformative strategic capability championed by leaders An externally focused customer value management mindset Automated tools, process and stronger pricing governance Courage and collective organizational confidence in the value we create for our customers Moving Toward 1 2 3
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October 20, 2025 © H.B. Fuller Company, 2025 | 30 Project Quantum Leap: Optimizing our global manufacturing footprint Identified numerous opportunities to eliminate redundancies, increase utilization, and enhance the overall quality and mix of our manufacturing and supply chain assets Five-year target to reduce number of plants from 82 to 55 Already announced and in many cases completed reduction of 16 closures by end 2025 Two-year plan to reduce number of warehouses in North America from 55 to 10 Expected to generate $75M run-rate savings by 2030 The objective will achieve at least +200 bps savings in conversion costs, important for progression to our 20% EBITDA margin target 1 2 3
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October 20, 2025 M&A presents a meaningful value creation opportunity © H.B. Fuller Company, 2025 | 31 • Fragmentation provides unique technology and certification access in fast-growing markets • H.B. Fuller typically acquires at or near our current trading multiple and reduces post- synergy multiples by 3-6 turns • Prioritized to our top 20 Strategic Growth Accelerators 1 2 3 Supplement and maximize growth potential H.B. Fuller is the preferred acquirer 15% 5% 4% Others 76%
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0 25 50 75 Q123 Q223 Q323 Q423 Q124 Q224 Q324 Q424 Q125 Q225 Q325 Trailing-12-months EBITDA contribution from M&A October 20, 2025 M&A is a significant part of our EBITDA-compounding strategy © H.B. Fuller Company, 2025 | 32 1 2 3 2023 Cohort 2024 Cohort 2025 Cohort
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40% 47% 60% 53% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% 2020 2025 October 20, 2025 We have meaningfully shifted our portfolio mix toward growth segments © H.B. Fuller Company, 2025 | 33 Selecting out of existing business that does not meet our profitability requirements 1 2 3 Leverage Leverage Growth Growth +70 bps 2025 Q3 YTD +70 bps EBITDA margin improvement from acquiring medical and selling flooring + 2X Growth segments grow at over twice the industry rate
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October 20, 2025 Clear path to >20% EBITDA margin © H.B. Fuller Company, 2025 | 28 1 2 3 2025E Quantum Leap Portfolio Mix Shift Pricing/Innovation 2030 Target Volume 2030 Potential 16% 17% 18% 19% 20% 21% 22% 23% 24% 25% Pricing Offset by Inflation Path to 20% EBITDA margin is not dependent on volume
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October 20, 2025 © H.B. Fuller Company, 2025 | 35 M&A: Strategic overview The adhesives market: a large and attractive space for M&A How we use M&A to accelerate our strategies Prioritizing the best opportunities for a balanced portfolio Our proven track record of successful integrations Driving profitability and growth through synergies and scale
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October 20, 2025 © H.B. Fuller Company, 2025 | 36 M&A criteria Targeted, disciplined approach to M&A Strategic criteria Highly synergistic with post synergy EBITDA multiple typically 3-6 turns lower than the purchase price multiple Accelerate our segment strategies Financial criteria IRR exceeds 20% Accretive to EPS in year 1 or 2 Unique technology Fill geographic gaps Highly specified and/or sustainable market opportunities Fast growing, large, and highly profitable segments 11 companies acquired since the beginning of 2023
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October 20, 2025 © H.B. Fuller Company, 2025 | 37 $80B market growing at 3-4% 11% Thousands of Small and Mid-sized Companies 65% Top 3 players control <25% • The next tier of companies is largely composed of subsidiaries within larger multinational corporations Thousands of specialized, high-performing small and mid-sized companies present significant acquisition opportunities • Opportunity to selectively acquire highly strategic, synergistic assets We have a unique competitive advantage as an acquirer • Proven EBITDA compounder, leverage scale to lower costs and accelerate growth M&A presents a meaningful value creation opportunity 5% 4% 15% Next 10 largest suppliers
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October 20, 2025 Constructing a differentiated bottom-up M&A pipeline © H.B. Fuller Company, 2025 | 38 5% 4% • Created from a prioritized list of growth accelerators • Rigorous strategy process performed by leaders at the market segment level • Identify where M&A can accelerate plan execution • Approximately 250 ideas were presented during most recent strategy reviews; opportunities are prioritized to a Top 20 • M&A team, along with the business leaders, identifies and pursues companies in the prioritized Top 20 Specified Technology Approved for Medical Device Manufacturing Global Expansion: Fastener Coating Solutions
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October 20, 2025 Prudent, disciplined approach to evaluating >100 deals © H.B. Fuller Company, 2025 | 39 5% 4% 15% Pipeline development Process discipline • Build vs. buy analysis done on all potential acquistions • Seek to acquire a balanced portfolio of deals • Focus on smaller, proprietary, tuck-in acquisitions • Ideas come from our business leaders and are seen as lever to execute their strategy • Extremely selective in who we pursue • Build company profiles of prospects that match characteristics of our Top 20 Growth Accelerator ideas • Critically analyze 35-40 deals per year • Prioritize fostering proprietary deals • Current pipeline is concentrated in EA, but spread across all GBUs BAS EA HHC # of companies Prospect Active Discussion Monitor Passed
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October 20, 2025 We have established ourselves as the buyer of choice in the industry © H.B. Fuller Company, 2025 | 40 Strong track record of getting deals done Very experienced teams who perform due diligence fast and effectively Founders-focused approach offering a more attractive place for family companies to see their legacy flourish We value acquired talent: 21% of our Global Leadership Team came to us through acquisition High assurance of closure Entrepreneurial culture that stands out
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October 20, 2025 Our integration experience de-risks execution and maximizes value capture © H.B. Fuller Company, 2025 | 41 • Synergy capture • Business growth Focus: Delivering the business model • Integration lead in place before close, supported by Corporate M&A and Development teams • SAP integration within 12 months; cybersecurity added pre-announcement • EHS and back-office aligned to H.B. Fuller standards and Centers of Excellence • CEO/CFO reviews ensure accountability and synergy capture • Outcome: Consistent, accelerated realization of deal value and performance goals Proven capabilities
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October 20, 2025 Successfully repositioned our portfolio to focus on more specialized, profitable end markets © H.B. Fuller Company, 2025 | 42 Expands sprayable roofing and industrial adhesive capabilities into UK/ EU Consolidation play in end of line packaging. Brings sustainable new packaging adhesives Geo expansion into MENA for Building Adhesive Solutions Brings only FDA approved catheter securement adhesive and expands topical skin adhesive line Adds sustainable cardboard/plywood adhesive coated string, strengthens EU presence Adds extrusion process capabilities and vertically integrates innovative insulating glass spacer technology 2023 2024 2025 Expands in high growth pre-applied fasteners market SHANGHAI Geographic expansion into China pre-applied market UK’s largest butyl-tape manufacturer, strengthens construction tapes Adds surgical adhesive with the largest number of approved indications Adds medical-grade cyanoacrylate adhesives
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October 20, 2025 © H.B. Fuller Company, 2025 | 43 • Consolidation deals can offer high returns and more immediate synergy realization • New market entry deals are in higher margin segments and faster growing markets than our base, which will accelerate our portfolio reorientation efforts We will continue to pursue deals in every quadrant Current technology New region Current region New technology Commercial expansion Consolidation or capacity expansion New market entry Geo expansion Shanghai M&A profile matrix: pursuing a balanced portfolio of deals Different deals have different risk and reward profiles
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October 20, 2025 © H.B. Fuller Company, 2025 | 44 Deal financial highlights EBITDA ($M) EBITDA Margin (%) $0 $10 $20 $30 $40 $50 $60 $70 $80 $90 $100 Upon Acquisition 2025 Projected Results Deals since beginning of 2023 (11) $55 $88 0% 5% 10% 15% 20% 25% 30% 35% Upon Acquisition 2025 Projected Results Deals since beginning of 2023 (11) 17.6% 29.1%
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October 20, 2025 © H.B. Fuller Company, 2025 | 45 Deal Snapshots ND Industries GEM
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October 20, 2025 © H.B. Fuller Company, 2025 | 46 ND Industries 2022 2023 2024 2025E 2026E Base Case Synergy Expansion Description: High-performance structural adhesives and coatings are made and applied directly to fasteners as a service Key industries served: Automotive, Electronics, Heavy Machinery, Aerospace and Defense ND Industries EBITDA Growth Investment case 30%+ EBITDA margin • Low working capital • Serves critical need at a relatively low cost to the end-product • Substantial cost synergies • Significant expansion opportunities • Leverage H.B. Fuller’s global network • Additional M&A rollup opportunity Pre-acquisition capacity & resource constraints
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October 20, 2025 © H.B. Fuller Company, 2025 | 47 M&A roll-up to build Medical Adhesives Technology 2016 • Leaders with medical cyanoacrylate background • Finished medical device • Distributor • US only • Manufacturing • Global scope • Class II devices • Manufacturing • Class III devices for internal indications 2021 2023 2025 Goal: $100M EBITDA
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October 20, 2025 © H.B. Fuller Company, 2025 | 48 GEM Develops medical adhesives and application devices for internal use Products are used by physicians in surgical and interventional radiology procedures Key indications: • Surgery: Adhesive, sealant, or hemostatic agent Example procedures: hernia mesh attachment, liver resection, stomach tumor removal • Interventional Radiology: Liquid embolic agent to block veins or arteries Example procedures: prostate artery embolization Investment case High growth, high EBITDA margin business • Broad geographic reach (60+ countries) but large geographies still untapped – North America, Asia Pacific • Products aligned with medical megatrends • Significant expansion opportunities that we’re pursuing through our investment and strategic focus 50%+ EBITDA margin
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October 20, 2025 © H.B. Fuller Company, 2025 | 49 Key takeaways The adhesives market is a large and attractive market: We can continue our M&A strategy for many years M&A is used to accelerate our strategies: We can reposition our portfolio and make existing businesses grow faster We target a balanced portfolio of deals We are EBITDA compounders: We make acquired companies more profitable by capturing cost synergies and growing them faster by leveraging our scale We have a proven track record of fully integrating companies and are getting great results
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October 20, 2025 © H.B. Fuller Company, 2025 | 50 Project Quantum Leap: Optimizing our supply chain for the next decade Reduce and optimize manufacturing footprint Implement best practices in total supply chain management Streamline distribution model and footprint Key elements of the plan Goals • Support revenue growth • Sustain high levels of customer satisfaction • Improve profitability • Deliver optimal working capital levels • Improved return on capital deployment • Increase value for shareholders
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October 20, 2025 © H.B. Fuller Company, 2025 | 51 82 manufacturing sites in 2024
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October 20, 2025 © H.B. Fuller Company, 2025 | 52 This is the right time to execute this initiative Key considerations • A streamlined footprint will drive higher productivity • Unnecessary manufacturing redundancy exists across some technologies • Over 80% of revenue now on SAP • Several proof points for successful consolidation of manufacturing • Talent in place that has proven to be capable of this work • Broad internal alignment across the GBUs
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October 20, 2025 © H.B. Fuller Company, 2025 | 53 Enhances customer service, improves cash flow, and streamlines our cost structure Key deliverables • Improve service levels to support consistent revenue growth and retention • Reduce global manufacturing footprint from 82 sites in 2024 to 55by 2030 • Streamline logistics by consolidating warehouse network in North Americafrom 55 to 10 • Optimize working capital to improve cash flow by $35M • Reduce annual capital spend by approximately $15M • Generate $75M in annual cost saving $15 $25 $50 $65 $75 $0 $10 $20 $30 $40 $50 $60 $70 $80 2025 2026 2027 2028 2029 Estimated cumulative savings by year ($M)
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October 20, 2025 © H.B. Fuller Company, 2025 | 54 Execution timeline Overview *All site closures occurring in 2025 have been announced **Specific timing may vary slightly, not impacting our overall target ***The number of sites consolidated may fluctuate as plans evolve • Current plans will bring our site total to 55 by 2030 • Newer high-efficiency sites support footprint reduction • We are creating new manufacturing centers of excellence to support high growth segments • Active work streams for nine closures • We will invest $150M in capital 0 10 20 30 40 50 60 70 80 90 2024 2025 2026 2027 2028 2029 2030 Estimated number of sites operating by year
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October 20, 2025 © H.B. Fuller Company, 2025 | 55 Proven skillset to achieve our objectives Comprehensive program management to ensure consistent approach and accountability • Individual projects are scoped to facilitate manageable change impact • We use a stage-gate method with strong emphasis on planning Moving products from one site to another is a sensitive task that can require customer approvals • Qualifying change with customers is something we do frequently We will find every opportunity to accelerate, but we will not risk business disruption
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October 20, 2025 © H.B. Fuller Company, 2025 | 56 Key Takeaways Project Quantum Leap will deliver significant value • Improved customer experience • Approximately $35M reduction in working capital • Approximately $15M reduction in annual capital expenditures • $75M in annual run-rate cost savings A stronger supply chain supports profitable growth We are on track and confident that we will deliver
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October 20, 2025 © H.B. Fuller Company, 2025 | 57 Agenda Historical view of financial performance Recent financial results Key financial targets Capital allocation philosophy Margin progression and roadmap Comparisons to peer financial performance and valuation
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October 20, 2025 © H.B. Fuller Company, 2025 | 58 Agenda Historical view of financial performance Recent financial results Key financial targets Capital allocation philosophy Margin progression and roadmap Comparisons to peer financial performance and valuation
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October 20, 2025 © H.B. Fuller Company, 2025 | 59 A longer-term view A significant positive change in growth trajectory Revenues ($M)* EBITDA ($M)* *Source: FactSet Research Systems, Inc (GAAP 1989 – 2013, Adjusted 2014-2024) - 500 1,000 1,500 2,000 2,500 3,000 3,500 4,000 1989 1992 1995 1998 2001 2004 2007 2010 2013 2016 2019 20222024 Annual 3 Year Average 1989-2009 CAGR: 2.5% 2010-2024 CAGR: 7.2% - 100 200 300 400 500 600 1989 1992 1995 1998 2001 2004 2007 2010 2013 2016 2019 2022 2024 Annual 3 Year Average 1989-2009 CAGR: 4.0% 2010-2024 CAGR: 10.6%
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October 20, 2025 © H.B. Fuller Company, 2025 | 60 Historical financial performance — Q3 trailing-12-months A transformed financial profile Revenue $2.1 billion $2.8 billion $3.5 billion +5% Adjusted EBITDA $235 million $396 million $599 million +10% Adjusted EBITDA % 11.2% 14.4% 17.1% +590bps 2015 2020 2025 CAGR / % Incr. * Please see Appendix for reconciliations of adjusted non-GAAP metrics to the nearest GAAP measure
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October 20, 2025 © H.B. Fuller Company, 2025 | 61 Agenda Historical view of financial performance Recent financial results Key financial targets Capital allocation philosophy Margin progression and roadmap Comparisons to peer financial performance and valuation
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October 20, 2025 © H.B. Fuller Company, 2025 | 62 Q3 2025 and YTD 2025 operating results Delivering despite challenging operating environment * Please see Appendix for reconciliations of adjusted non-GAAP metrics to the nearest GAAP measure Q3 2025 results ($M) 2025 % YoY 2024 Revenue $892 -0.9%* Adj gross margin* 32.3% +190bps Adj EBITDA* $171 +3% Adj EBITDA margin* 19.1% +110bps Adj. EPS* $1.26 +12% 2025 YTD highlights • Positive organic growth on strong pricing execution • Management of pricing and raws, mix improvement and restructuring savings resulted in +80bp improvement in gross profit margin and +70bp improvement in adjusted EBITDA margin • EPS growth year-on-year driven by income growth and lower shares as a result of repurchasing approximately 1 million shares in 2025 YTD • Divested Flooring business and acquired GEM and Medifill, further enhancing our Medical Adhesives platform
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October 20, 2025 © H.B. Fuller Company, 2025 | 63 2025 fiscal year guidance Increased outlook versus original guidance on strong execution Original 2025 guidance Updated 2025 guidance % YoY vs 2024 Organic revenue growth 0% - +2% 0% - +1% - Adj. EPS* $3.90 - $4.20 $4.10 - $4.25 +7% - 11% Adj EBITDA ($M)* $600 - $625 $615 - $625 +4% - 5% • Improved outlook reflects H.B. Fuller’s solid year-to-date performance, strong pricing and raw material execution and restructuring savings • Underscores H.B. Fuller’s continued ability to successfully execute and achieve strong results despite persisting macroeconomic uncertainties * Please see Appendix for reconciliations of adjusted non-GAAP metrics to the nearest GAAP measure
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October 20, 2025 © H.B. Fuller Company, 2025 | 64 Agenda Historical view of financial performance Recent financial results Key financial targets Capital allocation philosophy Margin progression and roadmap Comparisons to peer financial performance and valuation
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October 20, 2025 Key financial objectives EBITDA growth > 2x revenue growthProfit > 20% EBITDA marginEBITDA margin > 5% annual constant currency revenue growthRevenue 1 Positive pricing every yearPricing 2 3 4 < 15% working capital as a percentage of revenueWorking capital 5 ROIC in the low-teensROIC 6 © H.B. Fuller Company, 2025 | 65
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October 20, 2025 © H.B. Fuller Company, 2025 | 66 Key financial objectives Q3 2020 TTM to Q3 2025 TTM ($M) > 5% annual constant currency revenue growthRevenue 1 $2,752 ($277) $2,475 $770 $257 $3,502 Q3 2020 TTM FX Q3 2020 TTM FX Neutral Organic Acquisition + Divestitures Q3 2025 TTM $0 $500 $1,000 $1,500 $2,000 $2,500 $3,000 $3,500 $4,000 +7.1% constant currency growth +5.1% organic growth
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October 20, 2025 © H.B. Fuller Company, 2025 | 67 Positive pricing every yearPricing 2 Key financial objectives Pricing as a continuous process Enhanced tools and training Reducing the number of index-based pricing arrangements Including pricing metrics in variable compensation programs
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$396 ($55) $341 $54 $42 $75 $60 $27 $599 $300 $350 $400 $450 $500 $550 $600 $650 $700 October 20, 2025 © H.B. Fuller Company, 2025 | 68 EBITDA growth > 2x revenue growthProfit 3 > 20% EBITDA marginMargin 4 Key financial objectives EBITDA ($M) EBITDA margin (%) +12% Constant currency 14.4 (0.6) 13.8 1.6 (0.7) 1.7 0.7 17.1 13.0 13.5 14.0 14.5 15.0 15.5 16.0 16.5 17.0 17.5 18.0 +330 bps Constant currency
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< 15% working capital as a percentage of revenueWorking capital 5 October 20, 2025 © H.B. Fuller Company, 2025 | 69 Working capital as a % of revenue – 2020 to 2024 12.0% 13.0% 14.0% 15.0% 16.0% 17.0% 18.0% 19.0% 20.0% 2020 2021 2022 2023 2024 18.7% 17.2% 17.0% 16.5% 15.0% 69 61 63 60 54 Cash conversion cycle = DSO + DOH - DPO Key financial objectives
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0% 5% 10% 15% 20% 25% 30% 2020 2024 Target Return on Invested Capital Return on Tangible Capital October 20, 2025 © H.B. Fuller Company, 2025 | 70 ROIC in the low-teensROIC 6 Key financial objectives Return on Invested Capital = (Adjusted EBITDA - D&A) x (1 – adjusted tax rate) / (invested capital) Return on Tangible Assets = (Adjusted EBITDA - D&A) x (1 –tax rate) / (net working capital + net PP&E)
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October 20, 2025 © H.B. Fuller Company, 2025 | 71 Agenda Historical view of financial performance Recent financial results Key financial targets Capital allocation philosophy Margin progression and roadmap Comparisons to peer financial performance and valuation
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October 20, 2025 © H.B. Fuller Company, 2025 | 72 Capital allocation policy Focused, disciplined approach Annual capital expenditures of between 3-4% of revenueCapital Expenditures Strategic M&A to drive shareholder valueM&A Strategic share repurchases, including to offset dilution from equity compensation Share Repurchases 20-25% of average three-year adjusted net income, growing each yearDividend Strategic Investments Returning Capital to Shareholders Targeting Net-Debt-to-EBITDA between 2.5x and 3.0x
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October 20, 2025 © H.B. Fuller Company, 2025 | 73 Capital expenditures Capital light business model with predictable capital requirements 2.0% 2.5% 3.0% 3.5% 4.0% 4.5% 2020 2021 2022 2023 2024 Capital expenditures as a % of revenue SAP ($M) $7 $25 $21 $26 $24 Maintenance ($M) $28 $34 $51 $55 $51 Growth/Efficiency ($M) $43 $38 $55 $38 $65 Total ($M) $78 $97 $127 $119 $140
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October 20, 2025 © H.B. Fuller Company, 2025 | 74 Acquisition criteria Targeted, disciplined approach to M&A Strategic criteria Highly synergistic Accelerate our segment strategies Financial criteria IRR exceeds 20% Accretive to EPS in year 1 or 2 Unique technology Fill geographic gaps Highly specified and/or sustainable market opportunities Fast growing, large, and highly profitable segments
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October 20, 2025 © H.B. Fuller Company, 2025 | 75 Dividends per share Extensive track record of increasing dividends to shareholders $0.00 $0.10 $0.20 $0.30 $0.40 $0.50 $0.60 $0.70 $0.80 $0.90 $1.00 1970 1972 1974 1976 1978 1980 1982 1984 1986 1988 1990 1992 1994 1996 1998 2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 2020 2022 2024 consecutive years of dividend increases57 2025 $0.928
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October 20, 2025 © H.B. Fuller Company, 2025 | 76 Leverage and cash return to shareholders Significantly increased cash returned to shareholders Net Debt-to-EBITDA Dividends and Share Repurchase ($M) $31 $32 $34 $35 $39 $75 $105 $0 $20 $40 $60 $80 $100 $120 2018 2019 2020 2021 2022 2023 2024 Dividends Share Repurchase 4.7x 4.2x 4.1x 3.3x 3.2x 2.9x 3.1x 2.0x 2.5x 3.0x 3.5x 4.0x 4.5x 5.0x 2018 2019 2020 2021 2022 2023 2024
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October 20, 2025 © H.B. Fuller Company, 2025 | 77 Agenda Historical view of financial performance Recent financial results Key financial targets Capital allocation philosophy Margin progression and roadmap Comparisons to peer financial performance and valuation
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October 20, 2025 © H.B. Fuller Company, 2025 | 78 Margin progression Clear, deliverable levers to > 20% EBITDA margin 2025E Quantum Leap Portfolio Mix Shift Pricing/Innovation 2030 Target Volume 2030 Potential 16% 17% 18% 19% 20% 21% 22% 23% 24% 25% Path to 20% EBITDA margin is not dependent on volume Pricing Offset by Inflation
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16% 17% 18% 19% 20% 21% 22% 2025E 2026 2027 2028 2029 2030 2030 Before Volume Global Footprint Mix Shift Pricing/InnovationQuantum Leap 2030 Target October 20, 2025 © H.B. Fuller Company, 2025 | 79 Margin progression Consistent, annual margin improvement Pricing Offset by Inflation
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October 20, 2025 © H.B. Fuller Company, 2025 | 80 Agenda Historical view of financial performance Recent financial results Key financial targets Capital allocation philosophy Margin progression and roadmap Comparisons to peer financial performance and valuation
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October 20, 2025 © H.B. Fuller Company, 2025 | 81 Comparable business models Business model is significantly different from specialty chemicals Specialty Chemicals Revenue from top 5 customers (%) Avg. revenue per customer ($) Chemical’s % of customer’s product cost Number of products (SKUs) / $1B 17% $640,000 13.5% 3,400 8% $210,000 1.5% 12,500 Source: Markets and Markets Specialty Chemical Group: ASH, HUN, CE, EMN, AVNT, CC, NGVT, SCL, WLK, OLN
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October 20, 2025 © H.B. Fuller Company, 2025 | 82 Comparable business model More closely tracks with differentiated formulators % Revenue from top 5 customers Avg. revenue per customer ($) Chemical’s % of customer’s product cost Number of products (SKUs) / $1B 22% $790,000 2.0% 8,700 14% $440,000 4.2% 13,500 17% $540,000 3.6% 12,000 8% $210,000 1.5% 12,500 Flavors & Fragrances Industrial Coatings Differentiated Formulators Source: Markets and Markets Flavors & Fragrances: GIVN-SWX, SY1-ETR, IFF Industrial Coatings: RPM, PPG, AXTA, ROG, CRDA-LON, ESI, KWR + =
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14.6% 19.7% 16.1%16.6% 19.4% 14.8% 0% 5% 10% 15% 20% 25% FUL Differentiated Formulators Specialty Chemicals EBITDA margin 2020 2024 October 20, 2025 © H.B. Fuller Company, 2025 | 83 FUL vs. differentiated formulators and specialty chemicals Driving profitable growth in a challenging market environment +200 bps (30) bps (130) bps Differentiated Formulators: AXTA, CRDA, ESI, GIVN, IFF, KWR, PPG, ROG, RPM, SY1 Specialty Chemicals: ASH, AVNT, CC, EMN, HUN, NGVT, SCL 100 100 100 146 119 102 - 20 40 60 80 100 120 140 160 FUL Differentiated Formulators Specialty Chemicals EBITDA growth (indexed to 100) 2020 2024 *Source: FactSet Research Systems, Inc
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October 20, 2025 © H.B. Fuller Company, 2025 | 84 FUL vs. differentiated formulators Differentiated financial performance yet undervalued vs. peers Revenue CAGR EBITDA CAGR EBITDA Margin Cap Ex % of Revenue EV / EBITDA Company '21 - ’25E '21 - ’25E 2025E 2025E FY1 H.B. Fuller 4.5% 8.7% 17.8% 3.9% 8.3x Axalta 6.8% 8.5% 22.0% 3.5% 7.6x Croda 3.8% 0.2% 23.4% 8.0% 11.1x Element Solutions 6.1% 5.2% 21.8% 2.6% 13.2x Givaudan 3.5% 4.9% 24.4% 4.1% 19.8x IFF 0.3% (2.4%) 19.1% 5.7% 10.4x PPG 2.6% 3.4% 18.0% 4.6% 10.2x Quaker Houghton 5.7% 6.5% 16.3% 2.6% 10.0x Rogers (0.2%) (10.5%) 12.8% 5.0% 14.1x RPM 5.0% 6.3% 16.2% 3.0% 13.5x Symrise 7.2% 7.6% 21.4% 5.1% 11.9x Peer Average 4.1% 3.0% 19.5% 4.4% 12.2x Gaining ground *Source: FactSet Research Systems, Inc
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October 20, 2025 © H.B. Fuller Company, 2025 | 85 Key Takeaways Strong Long-Term Performance1 2 Clear, Achievable Financial Targets 3 Focused, Disciplined Capital Deployment Philosophy 4 Straightforward Roadmap to EBITDA Margin Improvement
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October 20, 2025 © H.B. Fuller Company, 2025 | 86 Key Takeaways H.B. Fuller is uniquely positioned to capitalize on the fastest growing segments in this $80 billion adhesives industry1 We have taken and are continuing to take meaningful strategic action to transform the portfolio and drive growth and margin expansion 2 Our business model and financial characteristics represent a solutions-based, differentiated formulator 3
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October 20, 2025 © H.B. Fuller Company, 2025 | 87 Compelling investment thesis Why Adhesives and Sealants? Represent less than 2% of our customers’ end-product cost Critical in the manufacturability,performance, and functionality of the end-product Fragmented Industry with the top three players comprising 25% of the industry, and the remainder dominated by smaller private companies The largest pureplay adhesive company in the worldLarge $80 billion global industry Why H.B. Fuller? Extensive global footprint and innovation capabilities drive deep relationships with multinational companies Proven track record of growth and margin expansion reinforces confidence in path to >20% Adj. EBITDA margins Strong balance sheet facilitates balanced capital allocation with a focus on growth capex, continued M&A, and share repurchases
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October 20, 2025 © H.B. Fuller Company, 2025 Growth Market Technology Breakouts
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2025 Investor Day 1200 Willow Lake Blvd, St Paul, Minnesota 55110 www.hbfuller.com Medical Adhesive Technologies H.B. Fuller
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Topical Use Vascular Access SecurePortIV® Wound Closure SurgiSeal ® Glubran ® Tiss 2 Microbial Sealant FloraSeal ® © H.B. Fuller Company, 2025 | 1 The Structure of our Business For Medical Professionals For Medical Manufacturers Internal Use Surgical Adhesives Glubran ® 2 Surgery Interventional Radiology Glubran ® 2 Radiology Phlebology Glubran ® 2 Phlebology Application Devices Glutak ® Nebulizing devices Finished medical devices Med Device Assembly Medical Filtration Syringe Assembly Catheter Assembly Stick to Skin Skin Attachments Medical Wearables Medical Tapes Kinesiology Personal Protective Equipment (PPE) Surgical Gowns Surgical Drapes Face Shield Assembly Components in medical device manufacturing
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© H.B. Fuller Company, 2025 | 2 Market Overview Medical Professionals (Finished Medical Devices) Market Size $1.5B 5-8% CAGR Competitors AMS, B Braun, Johnson & Johnson, Chemence, Balt Performance needs and Trends Less invasive procedures (better patient outcomes) Infection prevention For Medical Manufacturers (Components) Market Size $2B 4-7% CAGR Competitors Henkel, Dymax, Delo, Bostik Performance needs and Trends Biocompatibility, sterilization resistance, line speed
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Medical Professional Growth Focus © H.B. Fuller Company, 2025 | 3 Core Strategic Focus Market Growth Rate H.B. Fuller Growth Medical Professionals Target high value-add solutions (surgical, interventional radiology, vascular access) +5-8% High-teens % Target Business Profile > 70% Gross Margins
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© H.B. Fuller Company, 2025 | 4 Product Applications Hernia Mesh Fixation • Atraumatic fixation (better patient outcomes) Interventional Radiology • Less invasive procedures • Speed and ease of use for physician Catheter Securement • Infection prevention (better patient outcomes)
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® 2025 H.B. Fuller 2025 Investor Day 1200 Willow Lake Blvd, St Paul, Minnesota 55110 www.hbfuller.com 4SG – The Next Step in Insulated Glass Evolution H.B. Fuller Insulated Glass
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© H.B. Fuller Company, 2025 | 1 Understanding Window Spacers: Why They Matter Insulated Glass Product Overview Market Overview 4SG 8% Fenzi TPS 1% Foam Spacer 17%Hybrid & Intercept Spacer 74% TAM Warm Edge Spacer $650M Warm Edge Spacer Primary Sealing Secondary Sealing Wrapping Direct Glazing Structural Glazing TAM Glass Applications $2.3B • Total Addressable Market: $2.3B (Glass Applications), growing at ~7.0% CAGR, $650M (Warm Edge Spacer) • Focus on 4SG: fastest-growing niche, changing customer demands, energy regulations, and automation • Combines spacer, desiccant, and primary sealant in one solution • Automatically applied to complex or large glass formats • Delivers warm-edge performance and compatibility with most secondary sealants
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© H.B. Fuller Company, 2025 | 2 Redefining Performance and Sustainability Insulated Glass • From architects to homeowners, customers want more from their glass systems • Demand for better insulation, longer service life, and sustainable materials • Need for daylighting, design flexibility, and lasting performance What’s Driving Change Why We Win – Outperforming all other spacer systems • Significantly extended IGU service life reduces long-term replacement costs and carbon impact • Better insulation at the edge improves energy savings over decades of use • Fully automated application reduces labor costs, minimizes failures and improves brand reputation Traditional Spacer H.B. Fuller Ködispace 4SG Traditional Spacer H.B. Fuller Ködispace 4SG
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© H.B. Fuller Company, 2025 | 3 Driving the Future of Building Design Insulated Glass • Supports market trends: thing triples, smart glass, daylighting, and design flexibility • Works for commercial towers and residential retrofits • Delivers comfort, energy savings, and clean sightlines Enabling Next-Generation Glass Systems Leading Performance – EN 1279-3 Testing Industry-leading Performance • Outperforms traditional aluminum, foam, and hybrid spacers • Retains 93%+ argon (or other noble gases) after 10 progressive weathering cycles, twice the industry standard • Maintains thermal efficiency and reduces condensation Why it Matters? • Argon is inert, non-toxic, and an excellent insulator • Slows heat transfer for year-round comfort • Ensures long-lasting, energy-efficient windows
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© H.B. Fuller Company, 2025 | 4 Scaling a Proven, Global Platform Insulated Glass 67 70 76 95 125 144 166 173 203 265 330 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TPS Growth YOY – Operating Lines Outperforming Industry Growth 4SG Growth (US) 18.9% Housing Growth (US) (5%) – (10%) 4SG Growth (EU) 14.6% Housing Growth (EU) (5.5%) ~5X Growth Since 2015: TPS adoption has expanded from 67 to 330 operating lines worldwide Engineered for Performance: Our Reactive Thermoplastic Spacer forms a true chemical bond to glass and silicone, ensuring long-term gas retention and durability Automated and Trusted: Fully automatable with leading equipment manufacturers, operators value its ease, consistency, and reliability Globally Scalable: Manufactured in the USA, Germany, and China for faster delivery, lower emissions, and supply chain resilience
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® 2024 H.B. Fuller 2025 Investor Day 1200 Willow Lake Blvd, St Paul, Minnesota 55110 www.hbfuller.com Electronics H.B. Fuller Electronics
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© H.B. Fuller Company, 2025 | 1 Significant growth potential Electronics Market overview Electronics target global market value of $6B growing to $13B 6.2 6.8 7.4 8.1 8.8 9.6 10.5 11.5 12.5 13.7 $0 $2 $4 $6 $8 $10 $12 $14 $16 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 Electronic adhesives market size ($B) *Source: Precedence Research CAGR: 9% Consumer Electronics Auto Electronics Medical Electronics Space Defense Other Electronics $2.5B $1.5B $1.0B $0.3B $0.5B Competitors
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$0 $20 $40 $60 $80 $100 $120 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025E H.B. Fuller Electronics segment revenue ($M) +17% +5% -21% +3% 0 200 400 600 800 1,000 1,200 1,400 1,600 1,800 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025E Global smartphone shipments (M Units) COVID Impact HBF Electronics CAGR: 56% from FY2013 to FY2019 HBF Electronics CAGR: 18% over last 10 years © H.B. Fuller Company, 2025 | 2 Strong track record of growth in global electronics business Electronics Long-term target: $200M Revenue EBITDA Margin: ~40% Source: Counterpoint Market Outlook
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© H.B. Fuller Company, 2025 | 3 Enabling performance across markets Electronics Key applications Fast-moving product cycles: 1-2 year horizon for evolution and phase-out Solution-driven approach: tailor chemistry solutions to meet precise customer requirements Focus on engineering & design integration: packing complex systems into extremely small volumes
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© H.B. Fuller Company, 2025 | 4 Deep, diverse technology toolbox Electronics Resin chemistry Adhesive format Curing option Functional • Urethane • Silicone • Epoxy • Acrylic • Polysulfide • Polyolefin • Butyl • Water-base • Solvent-base • 1K & 2K • Hot melt • Reactive hot melt • PSA • Reactive film • Tape • Heat • Moisture • UV UV+Moisture • UV+heat • Anaerobic • Activator • PSA • Mechanical attachment • Electrical conductivity • Thermal conductivity • Stress dissipation • Optical properties • Coating
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© H.B. Fuller Company, 2025 | 5 How we win Electronics • Global brand name established as a problem solver • Positioned with a comprehensive toolbox and experts to formulate the right product and process • Positioned globally to influence decision makers where the designs are made and manufacturing occurs • A mission to Connect What Matters
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® 2024 H.B. Fuller 2025 Investor Day 1200 Willow Lake Blvd, St Paul, Minnesota 55110 www.hbfuller.com Automotive H.B. Fuller Automotive
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Interior Trim Exterior Trim Powertrain and Chassis Body in White Others CIT AST Lighting Gates Covering Windshield Sunroof ICE Powertrain EV Powertrain Intelligent Chassis NVH Sealant Structure Bonding NVH Tire Airbag TAM=$4.4B $500 $680 $130 $55 $700 $120 $560 $80 $1,200 $200 $120 $70 © H.B. Fuller Company, 2025 | 1 Market Overview Automotive Competitors Target Market Segments Fast Medium SlowMarket Growth Rate 2014 2019 2025 Global Automotive Adhesive Total Addressable Market Forecast* Value ($B) +6% +5.5% $6.2 $8.3 $11.5 *Source: Lucintel
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© H.B. Fuller Company, 2025 | 2 Automotive Technology Driver Smart Sunroof Interior Trim More Fabric to Carrier Lamination • Low VOC, Odor (SB->WB->HM). • Recycling and Bio-based substrates. • Durability, High-temperature resistance. • Transparent solution for atmosphere lighting interior NVH Tyer • Foam to tyer skin bonding Airbags • Fabric coating • Sew sealing Intelligent Chassis From mechanical control to Elec. control, more ECU, DCU, Actuator • Sealing, Potting, Thermal conductive, conformal coating Hybrid Powertrain 18% 11% 9% 5% 57% 2024 Battery Plug-In Hybrid Full-Hybrid EV Fuel Cell Mild-Hybrid Internal Combustion Engine 28% 8% 9%15% 40% 2030E Exterior Trim Increasing lightweight material structural bonding • Lift gate • Fender • SpoilerInteractive Lighting • Headlamp housing sealing • LED control module thermal management • Lighting griller assembly Fastener Pre-applied sealing, locking, lubrication, masking Intelligent cockpit HUD, Display, Increased Sensor, AI Perspective Body in White Increased used of adhesives for joining mixed-material body structures Fuel Economy Regulations Powertrain Type ADAS and Added Features Safety Innovative Manufacturing Cost Generative AI Adoption
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© H.B. Fuller Company, 2025 | 3 Profitable Business Growth Faster than the Market Automotive 118 144 204 220 234 56 57 62 68 68 0 50 100 150 200 250 300 0 50 100 150 200 250 300 2020 2021 2022 2023 2024 World Passenger Production (M Vehicles) Automotive Segment Revenue ($M) H.B. Fuller Automotive Business Performance H.B. Fuller Automotive Revenue World Passenger Car Production
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© H.B. Fuller Company, 2025 | 4 Winning Strategy for the Future Automotive Technology Innovation OEM Drive Business Model • Localized solution with global scalability • 6M-8M vehicle capacity of EV and PHEV will be expanded outside of China in 2025 • New technologies: single side solution for interior trim, Epoxy structural bonding for BIW, Thermal conductive solution, etc. • Accelerate speed to the market • Building relationships with OEM design teams to capture new opportunities • Fast understanding of supply chain tiers for new car models • Continue to build global reach, local expertise 0 25 50 75 100 125 150 175 200 225 250 2021 2022 2023 2024 Interior Trim 78% Interior Trim 67% Sales Revenue by Market Segments ($M)
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2025 Investor Day October 20, 2025 1200 Willow Lake Blvd, St Paul, Minnesota 55110 www.hbfuller.com APPENDIX H.B. Fuller
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October 20, 2025 Safe Harbor Statement Certain statements in this presentation are forward-looking statements within the meaning of the federal securities laws, including Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such statements often address expected future business and financial performance, financial condition, and other matters, and often contain words or phrases such as “anticipate,” “believe,” “estimate,” “expect,” “intend,” “may,” “opportunity,” “outlook,” “plan,” “project,” “seek,” “should,” “strategy,” “target,” “will,” “will be,” “will continue,” “will likely result,” “would” and similar expressions, and variations or negatives of these words or phrases. These statements are subject to various risks and uncertainties that could cause our actual results to differ materially from those in the forward-looking statements, including but not limited to the following: the availability and pricing of raw materials; the impact of potential cybersecurity attacks and security breaches; failures in our information technology systems; the impact on the supply chain, raw material costs and pricing of our products due to military conflict, including between Russia and Ukraine and in the Middle East; the impact on our margins and product demand due to inflationary pressures; the substantial amount of debt we have incurred to finance our acquisition of Royal, our ability to repay or refinance our debt or to incur additional debt in the future, our need for a significant amount of cash to service and repay the debt and to pay dividends on our common stock, and the effect of debt covenants that limit the discretion of management in operating the business or in paying dividends; our ability to pay dividends and to pursue growth opportunities if we continue to pay dividends according to our current dividend policy; our ability to effectively manage and realize expected benefits from completed and future mergers, acquisitions, and divestitures; our ability to achieve expected synergies, cost savings and operating efficiencies from our restructuring initiatives and operational improvement projects within the expected time frames or at all; our ability to effectively implement Project ONE; uncertain political and economic conditions; fluctuations in product demand; competing products and pricing; our geographic and product mix; disruptions to our relationships with our major customers and suppliers; regulatory compliance across our global footprint; trade policies and economic sanctions impacting our markets; changes in tax laws and tariffs; devaluations and other foreign exchange rate fluctuations; the impact of litigation and investigations, including for product liability and environmental matters; impairment charges on our goodwill or long-lived assets; the consequences of the COVID-19 outbreak and other pandemics on our operations and financial results; the effect of new accounting pronouncements and accounting charges and credits; and similar matters. Additional information about these various risks and uncertainties can be found in the “Risk Factors” section of our Form 10-K filings, and any updates to the risk factors in our Form 10-Q and 8-K filings with the SEC, but there may be other risks and uncertainties that we are unable to identify at this time or that we do not currently expect to have a material impact on the business. You should not place undue reliance on forward-looking statements, which speak only as of the date they are made. We do not undertake to update or revise any forward-looking statements, except as required by law. Regulation G The information presented in this presentation regarding consolidated and segment organic revenue growth, operating income, adjusted gross profit, adjusted gross profit margin, adjusted diluted earnings per share, adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA), adjusted EBITDA margin, net debt, net debt-to-adjusted EBITDA, trailing twelve months adjusted EBITDA, net working capital, annualized net revenue and net working capital as a percentage of annualized net revenue does not conform to U.S. generally accepted accounting principles (U.S. GAAP) and should not be construed as an alternative to the reported results determined in accordance with U.S. GAAP. Management has included this non-GAAP information to assist in understanding the operating performance of the Company and its operating segments as well as the comparability of results to the results of other companies. The non-GAAP information provided may not be consistent with the methodologies used by other companies. All non-GAAP information is reconciled with reported U.S. GAAP results in the Appendix. Additional Information Please refer to our annual report on Form 10-K, filed with the SEC, and available on our website at www.investors.hbfuller.com. © H.B. Fuller Company, 2025
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October 20, 2025 Regulation G - Adjusted EBITDA Reconciliation Please refer to our annual report on Form 10-K, filed with the SEC, and available on our website at www.investors.hbfuller.com. © H.B. Fuller Company, 2025 Three Months Nine Months Ended Ended 2017 2018 2019 2020 2021 2022 2023 2024 August 30, 2025 August 30, 2025 Net income attributable to H.B. Fuller $ 59,418 $ 171,208 $ 130,817 $ 123,719 $ 175,250 $ 180,313 $ 144,906 $ 130,256 $ 67,160 $ 122,236 Adjustments1: Acquisition project costs 2 5,258 2,833 2,204 (162) 5,622 10,830 16,874 11,035 518 13,948 Organizational realignment3 15,620 2,836 7,647 11,449 12,699 6,386 29,900 39,996 4,620 20,028 Project One 4 - - 4,115 4,265 9,426 9,885 9,815 11,885 2,499 8,146 Royal restructuring and integration 47,423 20,351 787 7,396 4,195 2,474 - - - - Tax reform - (43,276) 132 - - - - - - - Business divestiture5 - - - - - - - 47,267 - - Other (1,159) 2,010 7,964 2,242 (146) 12,791 (611) (1,981) 1,711 1,755 Discrete tax items 6 - - - - (9,586) 9,308 26,085 (5,469) (3,742) 11,210 Income tax effect on adjustments6 - - - - (8,871) (10,699) (10,604) (15,811) (3,402) (13,309) Adjusted net income attributable to H.B. Fuller7 126,560 155,962 153,666 148,909 188,589 221,288 216,365 217,178 69,364 164,014 Add: Interest expense 42,365 110,624 103,287 84,619 78,175 91,547 131,913 133,122 33,369 99,884 Interest income (2,886) (11,774) (12,178) (11,417) (9,476) (7,790) (3,943) (4,679) (1,110) (3,064) Adjusted Income taxes 46,200 49,541 47,465 46,456 67,632 78,576 78,047 77,661 23,671 57,297 Depreciation and Amortization expense8 86,802 144,400 140,105 138,242 142,003 146,394 158,456 170,573 45,298 132,477 Adjusted EBITDA7 $ 299,041 $ 448,753 $ 432,345 $ 406,809 $ 466,923 $ 530,015 $ 580,838 $ 593,855 $ 170,592 $ 450,608 Revenue $2,306,043 $3,041,002 $2,897,000 $2,790,269 $3,278,031 $3,749,183 $3,510,934 $3,568,736 $ 892,043 $ 2,578,801 Adjusted EBITDA margin7 13.0% 14.8% 14.9% 14.6% 14.2% 14.1% 16.5% 16.6% 19.1% 17.5% Year Ended Three Months Nine Months Ended Ended August 30, 2025 August 30, 2025 Adjusted net income attributable to H.B. Fuller7 $ 69,364 $ 164,014 Diluted Shares 55,162 55,381 Adjusted diluted income per common share attributable to H.B. Fuller7 $ 1.26 $ 2.96
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October 20, 2025 Regulation G - Adjusted EBITDA Reconciliation - GBU Please refer to our annual report on Form 10-K, filed with the SEC, and available on our website at www.investors.hbfuller.com. © H.B. Fuller Company, 2025 Hygiene, Health Building Year Ended and Consumable Engineering Adhesive Corporate H.B. Fuller November 30, 2024 Adhesives Adhesives Solutions Total Unallocated Consolidated Net income attributable to H.B. Fuller $ 190,721 $ 147,111 $ 83,253 $ 421,085 $ (290,829) $ 130,256 Adjustments: Acquisition project costs 2 - - - - 11,035 11,035 Organizational realignment3 - - - - 39,996 39,996 Project One 4 - - - - 11,885 11,885 Business divestiture5 - - - - 47,267 47,267 Other - - - - (1,981) (1,981) Discrete tax items 6 - - - - (5,469) (5,469) Income tax effect on adjustments6 - - - - (15,811) (15,811) Adjusted net income attributable to H.B. Fuller7 190,721 147,111 83,253 421,085 (203,907) 217,178 Add: Interest expense - - - - 133,122 133,122 Interest income - - - - (4,679) (4,679) Adjusted Income taxes - - - - 77,661 77,661 Depreciation and amortization expense8 55,029 53,401 49,918 158,348 12,225 170,573 Adjusted EBITDA7 $ 245,750 $ 200,512 $ 133,171 $ 579,433 $ 14,422 $ 593,855 Revenue $ 1,546,545 $ 1,009,031 $ 856,503 $ 3,412,079 $ 156,657 $ 3,568,736 Adjusted EBITDA Margin7 15.9% 19.9% 15.5% 17.0% NMP 16.6% Hygiene, Health Building Year Ended and Consumable Engineering Adhesive Corporate H.B. Fuller November 30, 2019 Adhesives Adhesives Solutions Total Unallocated Consolidated Net income attributable to H.B. Fuller $ 121,398 $ 113,295 $ 47,153 $ 281,846 $ (151,029) $ 130,817 Adjustments: Acquisition project costs 2 - - - - 2,204 2,204 Organizational realignment3 - - - - 7,647 7,647 Project One 4 - - - - 4,115 4,115 Royal restructuring and integration 787 787 Tax reform 132 132 Other - - - - 7,964 7,964 Adjusted net income attributable to H.B. Fuller7 121,398 113,295 47,153 281,846 (128,180) 153,666 Add: Interest expense - - - - 103,287 103,287 Interest income - - - - (12,178) (12,178) Adjusted Income taxes - - - - 47,465 47,465 Depreciation and amortization expense8 45,456 38,635 54,395 138,486 1,618 140,104 Adjusted EBITDA7 $ 166,854 $ 151,930 $ 101,548 $ 420,332 $ 12,012 $ 432,344 Revenue $ 1,328,689 $ 779,723 $ 775,261 $ 2,883,673 $ 13,327 $ 2,897,000 Adjusted EBITDA Margin7 12.6% 19.5% 13.1% 14.6% NMP 14.9%
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October 20, 2025 Regulation G - Q3 Trailing-12-Months Adjusted EBITDA Please refer to our annual report on Form 10-K, filed with the SEC, and available on our website at www.investors.hbfuller.com. © H.B. Fuller Company, 2025 T railing T welve Months9 Ended November 30, 2019 February 29, 2020 May 30, 2020 August 29, 2020 August 29, 2020 Net income attributable to H.B. Fuller $ 32,214 $ 9,895 $ 31,613 $ 41,607 115,329$ Adjustments1: Acquisition project costs 2 45 268 (1,266) (55) (1,008) Organizational realignment3 6,535 3,604 1,550 2,511 14,200 Project One 4 937 1,727 855 1,216 4,735 Other 4,596 (1,454) 484 (6,687) (3,061) Royal restructuring and integration 1,957 3,750 1,910 1,358 8,975 Adjusted net income attributable to H.B. Fuller7 46,284 17,790 35,146 39,950 139,170 Add: Interest expense 23,933 22,761 21,670 20,220 88,584 Interest income (2,987) (2,918) (2,898) (2,945) (11,748) Adjusted Income taxes 10,246 5,592 12,692 14,050 42,580 Depreciation and Amortization expense8 34,702 34,552 34,009 34,432 137,695 Adjusted EBITDA7 $ 112,178 $ 77,777 $ 100,619 $ 105,707 $ 396,281 Revenue $ 739,106 $ 646,564 $ 674,602 $ 691,463 2,751,735$ Adjusted EBITDA margin7 15.2% 12.0% 14.9% 15.3% 14.4% Three Months Ended T railing T welve Months9 Ended November 29, 2014 February 28, 2015 May 30, 2015 August 29, 2015 August 29, 2015 Net income attributable to H.B. Fuller $ 10,761 $ 9,710 $ 24,615 $ 26,807 71,893$ Adjustments1: Special charges and non-recurring costs9 (2,804) 3,913 6,950 4,054 12,113 Adjusted net income attributable to H.B. Fuller7 7,957 13,623 31,565 30,861 84,006 Add: Interest expense 5,566 6,002 5,985 6,594 24,147 Adjusted Income taxes 14,961 5,736 17,012 15,940 53,649 Depreciation and amortization expense8 17,420 17,726 18,820 18,810 72,776 Adjusted EBITDA7 $ 45,904 $ 43,087 $ 73,382 $ 72,205 $ 234,578 Revenue $ 547,674 $ 470,661 $ 540,762 $ 534,133 2,093,230$ Adjusted EBITDA margin7 8.4% 9.2% 13.6% 13.5% 11.2% Three Months Ended
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October 20, 2025 Regulation G - Q3 Trailing-12-Months Adjusted EBITDA Please refer to our annual report on Form 10-K, filed with the SEC, and available on our website at www.investors.hbfuller.com. © H.B. Fuller Company, 2025 T railing T welve Months9 Ended November 30, 2024 March 1, 2025 May 31, 2025 August 30, 2025 August 30, 2025 Net income attributable to H.B. Fuller $ (7,359) $ 13,248 $ 41,828 $ 67,160 114,877$ Adjustments: Acquisition project costs 2 4,051 9,828 3,602 518 17,999 Organizational realignment3 15,958 8,774 6,635 4,620 35,987 Project One 4 2,672 3,064 2,581 2,499 10,816 Business divestiture5 47,267 - - - 47,267 Other 39 - 44 1,711 1,794 Discrete tax items 6 (1,322) 992 13,961 (3,742) 9,889 Income tax effect on adjustments6 (9,339) (5,909) (3,999) (3,402) (22,649) Adjusted net income attributable to H.B. Fuller7 51,967 29,997 64,652 69,364 215,980 Add: Interest expense 33,621 32,030 34,484 33,369 133,504 Interest income (1,084) (1,100) (854) (1,110) (4,148) Adjusted Income taxes 18,546 10,862 22,765 23,671 75,844 Depreciation and Amortization expense8 45,286 42,567 44,613 45,298 177,764 Adjusted EBITDA7 $ 148,336 $ 114,356 $ 165,660 $ 170,592 $ 598,944 Revenue $ 923,284 $ 788,663 $ 898,095 $ 892,043 3,502,085$ Adjusted EBITDA margin7 16.1% 14.5% 18.4% 19.1% 17.1% Three Months Ended
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October 20, 2025 Regulation G – Working Capital Please refer to our annual report on Form 10-K, filed with the SEC, and available on our website at www.investors.hbfuller.com. © H.B. Fuller Company, 2025 Regulation G – Net Debt Total debt Less: Cash and cash equivalents Net debt11 Adjusted EBITDA7 Net Debt-to-Adjusted EBITDA11 Regulation G – Adjusted Gross Margin August 30, August 31, August 30, August 31, 2025 2024 2025 2024 Net revenue $ 892,043 $ 917,927 $ 2,578,801 $ 2,645,452 Gross profit $ 285,114 $ 275,729 $ 798,573 $ 797,017 Gross profit margin 32.0% 30.0% 31.0% 30.1% Adjustments: Acquisition project costs 2 89 927 764 1,000 Organizational realignment3 3,216 2,799 11,140 10,679 Project One 4 - - - 13 Adjusted gross profit12 $ 288,419 $ 279,455 $ 810,477 $ 808,709 Adjusted gross profit margin12 32.3% 30.4% 31.4% 30.6% Three Months Ended Nine Months Ended 2020 2021 2022 2023 2024 Trade receivables, net $ 514,916 $ 614,645 $ 607,365 $ 577,932 $ 558,336 Inventory 323,213 448,404 491,781 442,040 467,498 Trade payables 316,460 500,321 460,669 439,700 491,435 Net working capital10 $ 521,669 $ 562,728 $ 638,477 $ 580,272 $ 534,399 Net revenue $ 2,790,269 $ 3,278,031 $ 3,749,183 $ 3,510,934 $ 3,568,736 Net working capital as a percentage of net revenue 18.7% 17.2% 17.0% 16.5% 15.0% 2018 2019 2020 2021 2022 2023 2024 $ 2,247,527 $ 1,914,116 $ 1,773,910 $ 1,616,462 $ 1,765,116 $ 1,838,431 $ 2,010,639 150,793 112,191 100,534 61,786 79,910 179,453 169,352 $ 2,096,734 $ 1,801,925 $ 1,673,376 $ 1,554,676 $ 1,685,206 $ 1,658,978 $ 1,841,287 $ 448,753 $ 432,345 $ 406,809 $ 466,923 $ 530,015 $ 580,838 $ 593,855 4.7 4.2 4.1 3.3 3.2 2.9 3.1
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October 20, 2025 Regulation G - Footnotes Please refer to our annual report on Form 10-K, filed with the SEC, and available on our website at www.investors.hbfuller.com. © H.B. Fuller Company, 2025 1 Adjustments prior to 2021 were recorded net of income taxes. 2 Acquisition project costs include costs related to evaluating, acquiring and integrating business acquisitions including transaction costs (primarily consulting and professional fees, representations and warranties insurance premiums and employee acquisition-related travel expenses) and purchase accounting costs (primarily professional fees for valuation services, inventory step-up cost and the impact of changes to contingent consideration liabilities after the completion of the purchase price allocation). 3 Organizational realignment includes costs incurred as a direct result of the organizational realignment program, including professional fees related to legal entity and business structure changes, employee retention and severance costs, and facility rationalization costs related to the closure of production facilities and consolidation of business activities. 4 Project One includes non-capitalizable project costs related to implementing our global Enterprise Resource Planning system, including upgrading to SAP S/4HANA®, which has upgraded and standardized our information system. 5 Business divestiture for 2024 includes impairment losses for goodwill and long-lived assets, and project costs incurred as a direct result of the pending sale of the North America Flooring business. Impairment losses represent the difference between the book value of the assets held for sale and their net realizable value. 6 Discrete tax items generally relate to various U.S. and foreign tax matters, withholding tax recorded on earnings that are no longer permanently reinvested and excess tax benefit related to U.S. stock compensation. The income tax effect on adjustments represents the difference between income taxes on net income before income taxes and income from equity method investments reported in accordance with U.S. GAAP and adjusted net income before income taxes and income from equity method investments. 7 Adjusted net income attributable to H.B. Fuller, adjusted diluted income per common share attributable to H.B. Fuller, adjusted EBITDA and adjusted EBITDA margin are non-GAAP financial measures. Adjusted net income attributable to H.B. Fuller is defined as net income before the specific adjustments shown above. Adjusted diluted income per common share is defined as adjusted net income attributable to H.B. Fuller divided by the number of diluted common shares. Adjusted EBITDA is defined as net income before interest, income taxes, depreciation, amortization and the specific adjustments shown above. Adjusted EBITDA margin is defined as adjusted EBITDA divided by net revenue. The table above provides a reconciliation of adjusted net income attributable to H.B. Fuller, adjusted diluted income per common share attributable to H.B. Fuller, adjusted EBITDA and adjusted EBITDA margin to net income attributable to H.B. Fuller, the most directly comparable financial measure determined and reported in accordance with U.S. GAAP. 8 Depreciation and amortization expense added back for EBITDA is adjusted for amounts already included in adjusted net income attributable to H.B. Fuller. 9 Adjustments for 2015 were presented in total as special charges and non-recurring costs and were not presented in individual categories as presented in later years. 10 Net working capital, annualized net revenue and net working capital as a percentage of annualized net revenue are non-GAAP financial measures. Net working capital is defined as trade receivables, net plus inventory less trade payables. Annualized net revenue is defined as net revenue for the three months ended on the date presented multiplied by four. Net working capital as a percentage of annualized net revenue is net working capital divided by annualized net revenue. The calculations of these non-GAAP financial measures are shown in the table above. The table above provides a reconciliation of each of these non-GAAP financial measures to the most directly comparable financial measure determined and reported in accordance with U.S. GAAP. 11 Net debt and net debt-to-adjusted EBITDA are non-GAAP financial measures. Net debt is defined as total debt less cash and cash equivalents. Net debt-to-adjusted EBITDA is defined as net debt divided by trailing twelve months adjusted EBITDA. The calculations of these non-GAAP financial measures are shown in the table above. The table above provides a reconciliation of each of these non-GAAP financial measures to total debt, the most directly comparable financial measure determined and reported in accordance with U.S. GAAP. 12 Adjusted gross profit and adjusted gross profit margin are non-GAAP financial measures. Adjusted gross profit and adjusted gross profit margin is defined as gross profit and gross profit margin excluding the specific adjustments shown above. The table above provides a reconciliation of adjusted gross profit and gross profit margin to gross profit and gross profit margin, the most directly comparable financial measure determined and reported in accordance with U.S. GAAP.