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® 2025 H.B. Fuller Title Slide Third Quarter 2025 Conference Call September 25, 2025
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® 2025 H.B. Fuller Disclosure Safe Harbor Statement Certain matters discussed today 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 reflect our current expectations, and actual results may differ as they are subject to the kinds of risks that are enumerated in the Company’s Securities and Exchange Commission (SEC) filings. The Company disclaims any obligation to subsequently revise any forward-looking statements to reflect actual events or circumstances after the date of such statements. Regulation G The information presented in this presentation regarding adjusted gross profit and margin, adjusted selling, general and administrative expense, consolidated and segment organic revenue, adjusted income before income taxes and income from equity investments, adjusted income taxes, adjusted effective tax rate, adjusted net income, adjusted diluted earnings per share, and adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA), adjusted EBITDA margin, net debt, and net-debt-to-adjusted-EBITDA margin 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 “Regulation G Reconciliation” tables except for our forward-looking non-U.S. GAAP measures contained in our fiscal 2025 financial guidance, which the company cannot reconcile to forward-looking U.S. GAAP results without unreasonable effort. 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.
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® 2025 H.B. Fuller Third Quarter Highlights Tightened our guidance range for the year to reflect a globally subdued economic backdrop Adjusted EPS $1.26 Up 12% YOY Adjusted EBITDA Margin 19.1% Up 110 bps YOY Adjusted EBITDA $171M Up 3% YOY Remain on track to achieve our greater than 20% EBITDA margin target Delivered a strong quarter evidenced by continued margin expansion and double-digit EPS growth despite the challenging operating environment Delivered positive EBITDA growth and margin expansion in all three GBUs
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® 2025 H.B. Fuller Global Business Unit Update Hygiene, Health, and Consumable Adhesives Engineering Adhesives Building Adhesive Solutions • Organic revenue softened sequentially, as positive pricing actions were offset by weaker volume • Strength in Medical and Tissue and Towel was offset by broad- based end-market softness, particularly in some of our packaging-related market segments • Adjusted EBITDA was up 2% YOY and adjusted EBITDA margin increased 50 bps YOY to 16.9% • Organic revenue increased 2%, driven by positive pricing and volume • Strength in Automotive and Electronics was offset by continued weakness in Solar • Adjusted EBITDA increased 14% YOY and adjusted EBITDA margin increased 190 bps YOY to 23.3% • Organic sales decreased YOY , as positive pricing actions were offset by modest volume declines • Expect a declining interest rate environment will drive an improvement in building conditions and benefit BAS moving forward • Adjusted EBITDA increased 3% YOY and adjusted EBITDA margin expanded 10 bps YOY to 17.7%
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® 2025 H.B. Fuller Regional Perspective Americas • Organic revenue up 1% YOY • Driven by strength in EA which achieved a high-single-digit increase and positive organic growth across most segments EIMEA • Organic revenue decreased 2% YOY as continued weakness in core Europe weighed down the region • EA was flat YOY , while HHC and BAS were both down modestly Asia-Pacific • Organic revenue decreased 4% YOY driven by the significant volume decline in Solar • Excluding Solar, organic revenue for EA in the region was up 7% YOY driven by strong results in Automotive and Electronics
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® 2025 H.B. Fuller Q3 Financial Summary • Organic revenue down 0.9% YOY • Adjusted gross profit margin up 190 bps YOY to 32.3% • Adjusted SG&A was up 3% YOY; Adjusting for M&A, FX and variable comp, SG&A was flat YOY • Adjusted EBITDA was up 3% YOY to $171M • Adjusted EPS of $1.26 was up 12% versus Q3 2024, driven by higher adjusted net income and lower shares outstanding • Operating cash flow was up 13% YOY primarily driven by improved profitability • Net-debt-to-EBITDA decreased sequentially from 3.4X to 3.3X, reflecting solid cash flow from operations, growth in adjusted EBITDA, and our intentional slowdown in M&A activity
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® 2025 H.B. Fuller Q3 2025 Financial Guidance Update Revenue Adjusted EPS Adjusted EBITDA • Expect adjusted EBITDA to be in the range of $615M - $625M equating to a 4% - 5% increase YOY • Still expect net revenue to be down 2 - 3% • Expect organic revenue to be flat to up 1% YOY • Expect foreign exchange to adversely impact revenue by approximately 1% YOY • Expect adjusted EPS to be in the range of $4.10 - $4.25 representing YOY growth of 7% - 11% Operating Cash Flow • Expect full-year operating cash flow to be between $275M and $300M • Expect full-year capital expenditures to be approximately $140M Interest Expense and Tax Rate • Expect net interest expense for the year to be approximately $125M - $130M • Expect the full year adjusted tax rate to be between 26.0% and 26.5%
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® 2025 H.B. Fuller Summary Took early and proactive measures delivering strong execution on pricing and raw material management, cost controls, and operational efficiency • Remain focused on providing outstanding service and support to our customers • On track to deliver our long-term EBITDA margin and growth targets 2025 Investor Day – October 20th • Updates on our strategic plan including our M&A strategy, transformational footprint optimization, and roadmap to our greater than 20% EBITDA margin goal
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® 2025 H.B. Fuller Q&A Session
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® 2025 H.B. Fuller Regulation G Reconciliations H.B. FULLER COMPANY AND SUBSIDIARIES CONSOLIDATED FINANCIAL INFORMATION In thousands, except per share amounts (unaudited) Three Months Ended Three Months Ended August 30, 2025 Percent of Net Revenue August 31, 2024 Percent of Net Revenue Net revenue $ 892,043 100.0 % $ 917,927 100.0 % Cost of sales (606,929 ) (68.0 )% (642,198 ) (70.0 )% Gross profit 285,114 32.0 % 275,729 30.0 % Selling, general and administrative expenses (174,974 ) (19.6 )% (171,388 ) (18.7 )% Other income, net 5,308 0.6 % 2,148 0.2 % Interest expense (33,630 ) (3.8 )% (35,288 ) (3.8 )% Interest income 1,110 0.1 % 1,092 0.1 % Income before income taxes and income from equity method investments 82,928 9.3 % 72,293 7.9 % Income taxes (16,527 ) (1.9 )% (18,264 ) (2.0 )% Income from equity method investments 832 0.1 % 1,310 0.1 % Net income including non-controlling interest 67,233 7.5 % 55,339 6.0 % Net (income) loss attributable to non-controlling interest (73 ) (0.0 )% 22 0.0 % Net income attributable to H.B. Fuller $ 67,160 7.5 % $ 55,361 6.0 % Basic income per common share attributable to H.B. Fuller $ 1.23 $ 1.01 Diluted income per common share attributable to H.B. Fuller $ 1.22 $ 0.98 Weighted-average common shares outstanding: Basic 54,428 54,975 Diluted 55,162 56,650
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® 2025 H.B. Fuller Regulation G Reconciliations H.B. FULLER COMPANY AND SUBSIDIARIES CONSOLIDATED FINANCIAL INFORMATION In thousands, except per share amounts (unaudited) Nine Months Ended Nine Months Ended August 30, 2025 Percent of Net Revenue August 31, 2024 Percent of Net Revenue Net revenue $ 2,578,801 100.0 % $ 2,645,452 100.0 % Cost of sales (1,780,228 ) (69.0 )% (1,848,435 ) (69.9 )% Gross profit 798,573 31.0 % 797,017 30.1 % Selling, general and administrative expenses (541,942 ) (21.0 )% (525,204 ) (19.9 )% Other income, net 15,655 0.6 % 7,282 0.3 % Interest expense (100,536 ) (3.9 )% (99,504 ) (3.8 )% Interest income 3,064 0.1 % 3,597 0.1 % Income before income taxes and income from equity method investments 174,814 6.8 % 183,188 6.9 % Income taxes (55,198 ) (2.1 )% (48,496 ) (1.8 )% Income from equity method investments 2,726 0.1 % 2,955 0.1 % Net income including non-controlling interest 122,342 4.7 % 137,647 5.2 % Net (income) loss attributable to non-controlling interest (106 ) (0.0 )% (32 ) (0.0 )% Net income attributable to H.B. Fuller $ 122,236 4.7 % $ 137,615 5.2 % Basic income per common share attributable to H.B. Fuller $ 2.24 $ 2.51 Diluted income per common share attributable to H.B. Fuller $ 2.21 $ 2.43 Weighted-average common shares outstanding: Basic 54,623 54,874 Diluted 55,381 56,620
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® 2025 H.B. Fuller Regulation G Reconciliations H.B. FULLER COMPANY AND SUBSIDIARIES REGULATION G RECONCILIATION In thousands, except per share amounts (unaudited) Three Months Ended Nine Months Ended August 30, August 31, August 30, August 31, 2025 2024 2025 2024 Net income attributable to H.B. Fuller $ 67,160 $ 55,361 $ 122,236 $ 137,615 Adjustments: Acquisition project costs1 518 3,474 13,948 6,984 Organizational realignment2 4,620 9,471 20,028 24,038 Project One3 2,499 3,154 8,146 9,213 Other4 1,711 (2,904 ) 1,755 (2,021 ) Discrete tax items5 (3,742 ) (2,937 ) 11,210 (4,147 ) Income tax effect on adjustments6 (3,402 ) (1,624 ) (13,309 ) (6,472 ) Adjusted net income attributable to H.B. Fuller7 69,364 63,995 164,014 165,210 Add: Interest expense 33,369 35,287 99,884 99,502 Interest income (1,110 ) (1,090 ) (3,064 ) (3,594 ) Adjusted Income taxes 23,671 22,825 57,297 59,114 Depreciation and Amortization expense8 45,298 44,235 132,477 125,288 Adjusted EBITDA7 170,592 165,252 450,608 445,520 Diluted Shares 55,162 56,650 55,381 56,620 Adjusted diluted income per common share attributable to H.B. Fuller7 $ 1.26 $ 1.13 $ 2.96 $ 2.92 Revenue $ 892,043 $ 917,927 $ 2,578,801 $ 2,645,452 Adjusted EBITDA margin7 19.1 % 18.0 % 17.5 % 16.8 %
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® 2025 H.B. Fuller Regulation G Reconciliations H.B. FULLER COMPANY AND SUBSIDIARIES SEGMENT FINANCIAL INFORMATION In thousands (unaudited) Three Months Ended Nine Months Ended August 30, August 31, August 30, August 31, 2025 2024 2025 2024 Net Revenue: Hygiene, Health and Consumable Adhesives $ 386,068 $ 389,980 $ 1,151,768 $ 1,151,371 Engineering Adhesives 272,297 260,038 785,474 743,726 Building Adhesive Solutions 233,678 228,408 641,559 630,558 Corporate unallocated - 39,501 - 119,797 Total H.B. Fuller $ 892,043 $ 917,927 $ 2,578,801 $ 2,645,452 Segment Operating Income (Loss): Hygiene, Health and Consumable Adhesives $ 46,491 $ 48,677 $ 119,840 $ 145,910 Engineering Adhesives 46,852 40,087 121,880 104,894 Building Adhesive Solutions 25,859 25,976 54,550 55,102 Corporate unallocated (9,062 ) (10,399 ) (39,639 ) (34,093 ) Total H.B. Fuller $ 110,140 $ 104,341 $ 256,631 $ 271,813 Adjusted EBITDA7 Hygiene, Health and Consumable Adhesives $ 65,324 $ 63,953 $ 174,178 $ 191,493 Engineering Adhesives 63,427 55,631 170,956 144,944 Building Adhesive Solutions 41,473 40,242 100,810 97,515 Corporate unallocated 368 5,426 4,664 11,568 Total H.B. Fuller $ 170,592 $ 165,252 $ 450,608 $ 445,520 Adjusted EBITDA Margin7 Hygiene, Health and Consumable Adhesives 16.9 % 16.4 % 15.1 % 16.6 % Engineering Adhesives 23.3 % 21.4 % 21.8 % 19.5 % Building Adhesive Solutions 17.7 % 17.6 % 15.7 % 15.5 % Corporate unallocated 0.0 % 13.7 % NMP NMP Total H.B. Fuller 19.1 % 18.0 % 17.5 % 16.8 % NMP = non-meaningful percentage
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® 2025 H.B. Fuller Regulation G Reconciliations H.B. FULLER COMPANY AND SUBSIDIARIES REGULATION G RECONCILIATION In thousands, except per share amounts (unaudited) H.B. FULLER COMPANY AND SUBSIDIARIES REGULATION G RECONCILIATION In thousands, except per share amounts (unaudited) Three Months Ended Nine Months Ended August 30, August 31, August 30, August 31, 2025 2024 2025 2024 Income before income taxes and income from equity method investments $ 82,928 $ 72,293 $ 174,814 $ 183,188 Adjustments: Acquisition project costs1 518 3,474 13,948 6,984 Organizational realignment2 4,620 9,471 20,028 24,038 Project One3 2,499 3,154 8,146 9,213 Other4 1,711 (2,904 ) 1,755 (2,021 ) Adjusted income before income taxes and income from equity method investments9 $ 92,276 $ 85,488 $ 218,691 $ 221,402 Three Months Ended Nine Months Ended August 30, August 31, August 30, August 31, 2025 2024 2025 2024 Income Taxes $ (16,527 ) $ (18,264 ) $ (55,198 ) $ (48,496 ) Adjustments: Acquisition project costs1 (188 ) (428 ) (3,988 ) (1,147 ) Organizational realignment2 (1,681 ) (1,166 ) (6,136 ) (3,985 ) Project One3 (910 ) (388 ) (2,548 ) (1,587 ) Other4 (623 ) 358 (637 ) 248 Discrete tax items5 (3,742 ) (2,937 ) 11,210 (4,147 ) Adjusted income taxes10 $ (23,671 ) $ (22,825 ) $ (57,297 ) $ (59,114 ) Adjusted income before income taxes and income from equity method investments $ 92,276 $ 85,488 $ 218,691 $ 221,402 Adjusted effective income tax rate10 25.7 % 26.7 % 26.2 % 26.7 %
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® 2025 H.B. Fuller Regulation G Reconciliations H.B. FULLER COMPANY AND SUBSIDIARIES REGULATION G RECONCILIATION In thousands (unaudited) H.B. FULLER COMPANY AND SUBSIDIARIES REGULATION G RECONCILIATION In thousands (unaudited) Three Months Ended Nine Months Ended 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 costs1 89 927 764 1,000 Organizational realignment2 3,216 2,799 11,140 10,679 Project One3 - - - 13 Adjusted gross profit11 $ 288,419 $ 279,455 $ 810,477 $ 808,709 Adjusted gross profit margin11 32.3 % 30.4 % 31.4 % 30.6 % Three Months Ended Nine Months Ended August 30, August 31, August 30, August 31, 2025 2024 2025 2024 Selling, general and administrative expenses $ (174,974 ) $ (171,388 ) $ (541,942 ) $ (525,204 ) Adjustments: Acquisition project costs1 168 2,524 11,528 5,962 Organizational realignment2 1,373 6,307 6,302 12,322 Project One3 2,500 3,154 8,146 9,200 Other4 1,711 (4,871 ) 1,755 (3,988 ) Adjusted selling, general and administrative expenses12 $ (169,222 ) $ (164,274 ) $ (514,211 ) $ (501,708 )
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® 2025 H.B. Fuller Regulation G Reconciliations H.B. FULLER COMPANY AND SUBSIDIARIES REGULATION G RECONCILIATION In thousands (unaudited) Hygiene, Health Building Three Months Ended: and Consumable Engineering Adhesive Corporate H.B. Fuller August 30, 2025 Adhesives Adhesives Solutions Total Unallocated Consolidated Net income attributable to H.B. Fuller $ 48,697 $ 47,820 $ 28,409 $ 124,926 $ (57,766 ) $ 67,160 Adjustments: Acquisition project costs1 - - - - 518 518 Organizational realignment2 - - - - 4,620 4,620 Project One3 - - - - 2,499 2,499 Other4 - - - - 1,711 1,711 Discrete tax items5 - - - - (3,742 ) (3,742 ) Income tax effect on adjustments6 - - - - (3,402 ) (3,402 ) Adjusted net income attributable to H.B. Fuller7 48,697 47,820 28,409 124,926 (55,562 ) 69,364 Add: Interest expense - - - - 33,369 33,369 Interest income - - - - (1,110 ) (1,110 ) Adjusted Income taxes - - - - 23,671 23,671 Depreciation and amortization expense8 16,627 15,607 13,064 45,298 - 45,298 Adjusted EBITDA7 $ 65,324 $ 63,427 $ 41,473 $ 170,224 $ 368 $ 170,592 Revenue $ 386,068 $ 272,297 $ 233,678 $ 892,043 - $ 892,043 Adjusted EBITDA Margin7 16.9 % 23.3 % 17.7 % 19.1 % NMP 19.1 %
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® 2025 H.B. Fuller Regulation G Reconciliations H.B. FULLER COMPANY AND SUBSIDIARIES REGULATION G RECONCILIATION In thousands (unaudited) Hygiene, Health Building Nine Months Ended and Consumable Engineering Adhesive Corporate H.B. Fuller August 30, 2025 Adhesives Adhesives Solutions Total Unallocated Consolidated Net income attributable to H.B. Fuller $ 126,467 $ 124,791 $ 62,209 $ 313,467 $ (191,231 ) $ 122,236 Adjustments: Acquisition project costs1 - - - - 13,948 13,948 Organizational realignment2 - - - - 20,028 20,028 Project One3 - - - - 8,146 8,146 Other4 - - - - 1,755 1,755 Discrete tax items5 - - - - 11,210 11,210 Income tax effect on adjustments6 - - - - (13,309 ) (13,309 ) Adjusted net income attributable to H.B. Fuller7 126,467 124,791 62,209 313,467 (149,453 ) 164,014 Add: Interest expense - - - - 99,884 99,884 Interest income - - - - (3,064 ) (3,064 ) Adjusted Income taxes - - - - 57,297 57,297 Depreciation and amortization expense8 47,711 46,165 38,601 132,477 - 132,477 Adjusted EBITDA7 $ 174,178 $ 170,956 $ 100,810 $ 445,944 $ 4,664 $ 450,608 Revenue 1,151,768 785,474 641,559 2,578,801 - 2,578,801 Adjusted EBITDA Margin7 15.1 % 21.8 % 15.7 % 17.3 % NMP 17.5 %
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® 2025 H.B. Fuller Regulation G Reconciliations H.B. FULLER COMPANY AND SUBSIDIARIES REGULATION G RECONCILIATION In thousands (unaudited) Hygiene, Health Building Three Months Ended: and Consumable Engineering Adhesive Corporate H.B. Fuller August 31, 2024 Adhesives Adhesives Solutions Total Unallocated Consolidated Net income attributable to H.B. Fuller $ 50,176 $ 40,742 $ 27,804 $ 118,722 $ (63,361 ) $ 55,361 Adjustments: Acquisition project costs1 - - - - 3,474 3,474 Organizational realignment2 - - - - 9,471 9,471 Project One3 - - - - 3,154 3,154 Other4 - - - - (2,904 ) (2,904 ) Discrete tax items5 - - - - (2,937 ) (2,937 ) Income tax effect on adjustments6 - - - - (1,624 ) (1,624 ) Adjusted net income attributable to H.B. Fuller7 50,176 40,742 27,804 118,722 (54,727 ) 63,995 Add: Interest expense - - - - 35,287 35,287 Interest income - - - - (1,090 ) (1,090 ) Adjusted Income taxes - - - - 22,825 22,825 Depreciation and amortization expense8 13,777 14,889 12,438 41,104 3,131 44,235 Adjusted EBITDA7 $ 63,953 $ 55,631 $ 40,242 $ 159,826 $ 5,426 $ 165,252 Revenue $ 389,980 $ 260,038 $ 228,408 $ 878,426 39,501 $ 917,927 Adjusted EBITDA Margin7 16.4 % 21.4 % 17.6 % 18.2 % 13.7 % 18.0 %
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® 2025 H.B. Fuller Regulation G Reconciliations H.B. FULLER COMPANY AND SUBSIDIARIES REGULATION G RECONCILIATION In thousands (unaudited) Hygiene, Health Building Nine Months Ended and Consumable Engineering Adhesive Corporate H.B. Fuller August 31, 2024 Adhesives Adhesives Solutions Total Unallocated Consolidated Net income attributable to H.B. Fuller $ 150,399 $ 106,861 $ 60,586 $ 317,846 $ (180,231 ) $ 137,615 Adjustments: Acquisition project costs1 - - - - 6,984 6,984 Organizational realignment2 - - - - 24,038 24,038 Project One3 - - - - 9,213 9,213 Other4 - - - - (2,021 ) (2,021 ) Discrete tax items5 - - - - (4,147 ) (4,147 ) Income tax effect on adjustments6 - - - - (6,472 ) (6,472 ) Adjusted net income attributable to H.B. Fuller7 150,399 106,861 60,586 317,846 (152,636 ) 165,210 Add: Interest expense - - - - 99,502 99,502 Interest income - - - - (3,594 ) (3,594 ) Adjusted Income taxes - - - - 59,114 59,114 Depreciation and amortization expense8 41,094 38,083 36,929 116,106 9,182 125,288 Adjusted EBITDA7 $ 191,493 $ 144,944 $ 97,515 $ 433,952 $ 11,568 $ 445,520 Revenue $ 1,151,371 $ 743,726 $ 630,558 $ 2,525,655 119,797 $ 2,645,452 Adjusted EBITDA Margin7 16.6 % 19.5 % 15.5 % 17.2 % NMP 16.8 %
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® 2025 H.B. Fuller Regulation G Reconciliations H.B. FULLER COMPANY AND SUBSIDIARIES SEGMENT FINANCIAL INFORMATION NET REVENUE GROWTH (DECLINE) (unaudited) Three Months Ended Nine Months Ended August 30, 2025 August 30, 2025 Price 1.0 % 0.6 % Volume (1.9 )% (0.2 )% Organic Growth13 (0.9 )% 0.4 % M&A (2.9 )% (1.8 )% Constant currency (3.8 )% (1.4 )% F/X 1.0 % (1.1 )% Total H.B. Fuller Net Revenue (2.8 )% (2.5 )% Revenue growth versus 2024 Three Months Ended August 30, 2025 Net Revenue F/X Currency M&A Organic Growth13 Hygiene, Health and Consumable Adhesives (1.0 )% 0.6 % (1.6 )% 1.5 % (3.1 )% Engineering Adhesives 4.7 % 1.2 % 3.5 % 1.3 % 2.2 % Building Adhesive Solutions 2.3 % 1.6 % 0.7 % 1.7 % (1.0 )% Corporate Unallocated14 (100.0 )% 0.0 % (100.0 )% (100.0 )% 0.0 % Total H.B. Fuller (2.8 )% 1.0 % (3.8 )% (2.9 )% (0.9 )% Revenue growth versus 2024 Nine Months Ended August 30, 2025 Net Revenue F/X Constant Currency M&A Organic Growth13 Hygiene, Health and Consumable Adhesives 0.0 % (2.1 )% 2.1 % 1.3 % 0.8 % Engineering Adhesives 5.6 % (0.5 )% 6.1 % 6.0 % 0.1 % Building Adhesive Solutions 1.7 % (0.3 )% 2.0 % 2.0 % 0.0 % Corporate Unallocated14 (100.0 )% 0.0 % (100.0 )% (100.0 )% 0.0 % Total H.B. Fuller (2.5 )% (1.1 )% (1.4 )% (1.8 )% 0.4 %
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® 2025 H.B. Fuller Regulation G Reconciliations H.B. FULLER COMPANY AND SUBSIDIARIES REGULATION G RECONCILIATION In thousands (unaudited) Trailing Twelve Three Months Ended Months18 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 costs1 4,051 9,828 3,602 518 17,999 Organizational realignment2 15,958 8,774 6,635 4,620 35,987 Project One3 2,672 3,064 2,581 2,499 10,816 Business divestiture15 47,267 - - - 47,267 Other4 39 - 44 1,711 1,794 Discrete tax items16 (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 expense17 45,286 42,567 44,613 45,298 177,764 Adjusted EBITDA7 $ 148,336 $ 114,356 $ 165,660 $ 170,592 $ 598,944
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® 2025 H.B. Fuller Regulation G Reconciliations H.B. FULLER COMPANY AND SUBSIDIARIES REGULATION G RECONCILIATION In thousands (unaudited) H.B. FULLER COMPANY AND SUBSIDIARIES REGULATION G RECONCILIATION In thousands (unaudited) August 30, 2025 May 31, 2025 August 31, 2024 Total debt $ 2,080,470 $ 2,112,428 $ 2,021,070 Less: Cash and cash equivalents 122,458 96,785 131,412 Net debt19 $ 1,958,012 $ 2,015,643 $ 1,889,658 Trailing twelve months18 / Year ended Adjusted EBITDA $ 598,944 $ 593,604 $ 618,122 Net Debt-to-Adjusted EBITDA19 3.3 3.4 3.1 August 30, 2025 August 31, 2024 November 30, 2024 Trade receivables, net $ 563,579 $ 574,781 $ 558,336 Inventory 502,956 509,029 467,498 Trade payables 459,409 493,550 491,435 Net working capital20 $ 607,126 $ 590,260 $ 534,399 Net revenue three months ended $ 892,043 $ 917,927 Annualized net revenue20 3,568,172 3,671,708 Net working capital as a percentage of annualized revenue20 17.0 % 16.1 %
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® 2025 H.B. Fuller Regulation G Reconciliations 1 Acquisition project costs include costs related to evaluating, acquiring and integrating business acquisitions. Acquisition project costs include $1,870 and $2,457 in transaction costs (primarily consulting and professional fees, representations and warranties insurance premiums an d employee acquisition-related travel expenses) and $350 and $1,017 in purchase accounting costs (primarily professional fees for valuation services, invent ory step-up cost and the impact of changes to contingent consideration liabilities after the completion of the purchase price allocation) for the three months ended August 30, 2025 and August 31, 2024, respectively. Acquisition project costs include $14,770 and $5,135 in transaction costs (primarily consulting and professional fees, representations and warranties insurance premiums and employee acquisition-related travel expenses) and $880 and $1,272 in 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) and $0 and $577 in business integration costs (primarily costs of transition services agreements and for the three months ended March 2, 2024, retention bonuses paid to employees of the acquired entities) for the nine months ended August 30, 2025 and August 31, 2024, respectively. 2 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. Facility rationalization costs include plant closure costs, the impact of accelerated d epreciation and for the three months ended March 2, 2024, operational inefficiencies. Organizational realignment includes $1,174 and $2,939 in professional fees related to legal entity and business structure changes, $478 and $5,363 in employee severance and other related costs, and $2,968 and $1,169 related to facility rationalization costs for the three months ended August 30, 2025 and August 31, 2024, respectively. Organizational realignment includes $3,893 and $6,915 in professional fees related to legal entity and business structure changes, $5,667 and $9,721 in employee severance and other related costs, and $10,468 and $7,402 related to facility rationalization costs for the nine months ended August 30, 2025 and August 31, 2024, respectively. 3 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. 4 Other includes product claims related to a divested business for the three and nine months ended August 30, 2025. Other includes a gain from insurance recoveries and a loss from the write-off of a cost method investment for the three and nine months ended August 31, 2024. 5 Discrete tax benefit for the three months ended August 30, 2025 relates to various U.S. and foreign tax matters. Discrete tax expense for the nine months ended August 30, 2025 relates to the impact of withholding tax recorded on earnings that are no longer permanently reinvested, offset by various U.S. and foreign tax matters. Discrete tax items for the three and nine months ended August 31, 2024 are related to various foreign tax matters as well as excess tax benefit related to U.S. stock compensation. 6 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 totaling ($261) and $194 for the three months ended August 30, 2025 and August 31, 2024, respectively and. ($362) and ($3,425 ) for the nine months ended August 30, 2025 and August 31, 2024, respectively. 9 Adjusted income before income taxes and income from equity investments is a non-GAAP financial measure. Adjusted income before income taxes and income from equity investments is defined as income before income taxes and income from equity investments before the specific adjustments shown above. The table above provides a reconciliation of adjusted income before income taxes and income from equity investments to income before income taxes and income from equity investments, the most directly comparable financial measure determined and reported in accordance with U.S. GAAP.
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® 2025 H.B. Fuller Regulation G Reconciliations 10 Adjusted income taxes and adjusted effective income tax rate are non-GAAP financial measures. Adjusted income taxes is defined as income taxes before the specific adjustments shown above. Adjusted effective income tax rate is defined as income taxes divided by adjusted income before income taxes and income from equity method investments. The table above provides a reconciliation of adjusted income taxes and adjusted effective income tax rate to income taxes, the most directly comparable financial measure determined and reported in accordance with U.S. GAAP. 11 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. 12 Adjusted selling, general and administrative expenses is a non-GAAP financial measure. Adjusted selling, general and administrative expenses is defined as selling, general and administrative expenses excluding the specific adjustments shown above. The table above provides a reconciliation of adjusted selling, general and administrative expenses to selling, general and administrative expenses, the most directly comparable financial measure determined and reported in accordance with U.S. GAAP. 13 We use the term “organic revenue” to refer to net revenue, excluding the effect of foreign currency changes and acquisitions and divestitures. Organic growth reflects adjustments for the impact of period-over-period changes in foreign currency exchange rates on revenues and the revenues associated with acquisitions and divestitures. 14 Corporate Unallocated includes revenue for the North America Flooring business for the nine months ended August 31, 2024. This business was sold in the first quarter of 2025 and as a result all activity for prior years was moved to Corporate Unallocated. 15 Business divestiture for the three months and year ended November 30, 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. 16 Discrete tax items for the three months ended November 30, 2024 are related to various foreign tax matters. Discrete tax items for the three months ended March 1, 2025 are related to various foreign tax matters. Discrete tax items for the three months ended May 31, 2025 are primarily related to the impact of withholding tax recorded on earnings that are no longer permanently reinvested, as well as other various U.S. and foreign tax matters. Discrete tax benefit for the three months ended August 30, 2025 relates to various U.S. and foreign tax matters. 17 Depreciation and amortization expense added back for EBITDA is adjusted for amounts already included in adjusted net income attributable to H.B. Fuller. Depreciation and amortization expense added back was ($711) for the three months ended November 30, 2024, ($30) for the three months ended March 1, 2025, ($70) for the three months ended May 31, 2025 and ($261) for the three months ended August 30, 2025.. 18 Trailing twelve months adjusted EBITDA is a non-GAAP financial measure and is defined as adjusted EBITDA for the twelve-month period ended on the date presented. The table above provides a reconciliation of trailing twelve month adjusted EBITDA to net income attributable to H.B. Fuller for the trailing twelve-month period presented, the most directly comparable financial measure determined and reported in accordance with U.S. GAAP. 19 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. 20 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.