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Fourth Quarter 2025 January 15, 2026 1200 Willow Lake Blvd, St Paul, Minnesota 55110 www.hbfuller.com Earnings Conference Call H.B. Fuller
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© H.B. Fuller Company, 2025 | 2 Disclosure January 15, 2026 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 2026 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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January 15, 2026 © H.B. Fuller Company, 2025 | 3 Highlights Q4 Adjusted EBITDA Q4 Pricing $170M up 15% YOY Increased 1.2% Q4 Adjusted EBITDA Margin 19% up 290 bps YOY Helped our customers navigate this environment successfully by providing them with material optionality and flexibility while ensuring consistent quality and reliable availability Delivered double-digit EPS growth for the year and EBITDA at the top end of our full-year guidance range Q4 organic sales down slightly; positive YOY pricing in all three GBUs Exiting the fourth quarter with strong momentum heading into 2026 and firmly on track to achieve our target of greater than 20% EBITDA margin Q4 Adjusted EPS $1.28 up 39% YOY
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January 15, 2026 © H.B. Fuller Company, 2025 | 4 Q4 Global Business Unit Update Hygiene, Health, and Consumable Adhesives Engineering Adhesives Building Adhesive Solutions Key metrics Key metrics Key metrics • Organic revenue down 1.8% YOY • Strong growth in Hygiene was more than offset by continued softness in packaging- related end markets • Adjusted EBITDA was up 29% YOY, and EBITDA margin improved 380 basis points to 17.5% • Favorable pricing, raw materials savings, and cost controls more than offset lower volume • Organic revenue up 2.2% YOY; excluding Solar, EA organic revenue up 7% YOY • Automotive, Electronics, and Aerospace market segments showed continued strength • Adjusted EBITDA increased 17% YOY and EBITDA margin improved 260 basis points to 23.5% • Favorable impact from pricing and raw materials and restructuring savings • Organic revenue down 4.8% YOY on broadly lower volume across the portfolio • Although the team is executing well, construction conditions remain muted • Adjusted EBITDA for BAS decreased 7% YOY as pricing gains and restructuring savings were more than offset by lower volume
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© H.B. Fuller Company, 2025 | 5 Regional Perspective Americas • Organic revenue flat YOY • Solid growth in EA, particularly Aerospace and General Industries was offset by slower results in Packaging and construction-related end markets EIMEA • Organic revenue down 6% YOY • Positive results in Hygiene more than offset by lower volume in Packaging and construction-related markets Asia-Pacific • Organic revenue up 3% YOY driven by higher volume • Growth in EA, particularly Automotive and Electronics, more than offset lower year-on- year revenue in Solar • Excluding Solar, Asia-Pacific organic revenue was up 10% YOY January 15, 2026
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© H.B. Fuller Company, 2025 | 6 2025 Highlights • Economic backdrop for the manufacturing sector was weaker than expected • Took proactive steps to overcome these headwinds • Executed well on pricing and identified meaningful opportunities to reduce raw material costs and offset tariff impacts • Continued to reshape our portfolio - Invested in higher margin, faster growing market segments - Selected out of business that didn’t meet our growth or profit criteria • Launched Quantum Leap January 15, 2026 FY 2025 Adjusted EBITDA FY 2025 Pricing $621M up 5% YOY Increased 0.8% FY 2025 Adjusted EBITDA Margin 17.9% up 130 bps YOY FY 2025 Adjusted EPS $4.24 up 10% YOY
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© H.B. Fuller Company, 2025 | 7 2026 Outlook • Expect the economic environment to remain challenging, similar to 2025 • Ongoing geopolitical tensions, tariff uncertainty, elevated inflation and interest rates, and continued labor constraints all likely to weigh on manufacturing investment • Anticipate delivering another year of profit growth and margin expansion in 2026 • On track to achieve our target of greater than 20 percent EBITDA margin January 15, 2026
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© H.B. Fuller Company, 2025 | 8 Q4 Financial Summary • Organic revenue declined 1.3% YOY, driven by lower volumes • Adjusted gross profit margin was 32.5%, increased 290 bps YOY • Adjusted SG&A down modestly YOY, driven by continued cost saving efforts and lower variable compensation • Adjusted EBITDA of $170M, up 14.6% YOY, Adjusted EBITDA margin increased 290 bps YOY to 19% • Adjusted EPS of $1.28, up 39% vs Q4 2024 driven by higher operating income and lower shares outstanding • Q4 operating cash flow of $107M up 25% YOY driven by higher net income • Networking capital as a percentage of annualized net revenue increased 130 bps YOY to 15.8% • Net-debt-to-adjusted EBITDA of 3.1X was down sequentially from 3.3X versus the previous quarter and down from 3.5X at the end of the first quarter January 15, 2026
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Adjusted EPS and share count Revenue © H.B. Fuller Company, 2025 | 9 2026 Financial Guidance Adjusted EBITDA Core tax rate Interest expense Q1 2026 guidance • Expect net revenue to be flat to up 2% YOY • Expect organic revenue to be approximately flat • Expect FX translation to positively impact revenue by approximately 1% • Expect adjusted EBITDA to be in the range of $630M to $660M • Expect core tax rate to be between 26% and 27% compared to 2025 core tax rate of 25.9% • Expect full year interest expense to be approximately $120M • Expect adjusted EPS to be in the range of $4.35 to $4.70 • Expect FD share count to be between 55M and 56M shares • Expect net revenue to be down low single digits • Expect adjusted EBITDA to be between $110M and $120M D&A • Expect depreciation and amortization to be approximately $185M Operating cash flow • Expect full year operating cash flow to be between $275 and $300 before approximately $160M of capital expenditures January 15, 2026
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© H.B. Fuller Company, 2025 | 10 Acquisition Highlights Medical Adhesives Completed the acquisition of Gem and Medifill in 2025 • Revenue: up 15% versus pre-acquisition 2024 • EBITDA: up almost 30%, consistent with deal model Fastener Coating Systems Completed 3 strategic acquisitions in 2025 • Taiwan and Shanghai: access to fastener coating markets in Asia • Turkey: access to European and Middle Eastern markets • Combined purchase price: $17M • Expected EBITDA in 2026: $3M January 15, 2026 2023 & 2024 Acquisition Performance Acquired 8 Companies during 2023 and 2024 • Combined EBITDA at Purchase: $41M; 2025 EBITDA: $73M • 2025 Post Synergy Multiple: 6.7X
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January 15, 2026 © H.B. Fuller Company, 2025 | 11 Summary • Taking necessary actions to manage costs appropriately, execute our global initiatives with discipline, and navigate through this period with focus and resilience • Firmly on track to achieve our target of greater than 20% EBITDA margin We remain committed to advancing our portfolio improvement strategy and executing our long- term strategic plan
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January 15, 2026 © H.B. Fuller Company, 2025 | 12 Q&A
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© H.B. Fuller Company, 2025 | 13 Regulation G Reconciliations January 15, 2026 H.B. FULLER COMPANY AND SUBSIDIARIES CONSOLIDATED FINANCIAL INFORMATION In thousands, except per share amounts (unaudited)
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© H.B. Fuller Company, 2025 | 14 Regulation G Reconciliations January 15, 2026 H.B. FULLER COMPANY AND SUBSIDIARIES CONSOLIDATED FINANCIAL INFORMATION In thousands, except per share amounts (unaudited) Year Ended Year Ended November 29, 2025 Percent of Net Revenue November 30, 2024 Percent of Net Revenue Net revenue $ 3,473,589 100.0 % $ 3,568,736 100.0 % Cost of sales (2,392,934 ) (68.9 )% (2,506,859 ) (70.2 )% Gross profit 1,080,655 31.1 % 1,061,877 29.8 % Selling, general and administrative expenses (725,585 ) (20.9 )% (713,657 ) (20.0 )% Other income, net (11,126 ) (0.3 )% (37,115 ) (1.0 )% Interest expense (133,346 ) (3.8 )% (133,124 ) (3.7 )% Interest income 4,820 0.1 % 4,682 0.1 % Income before income taxes and income from equity method investments 215,418 6.2 % 182,663 5.1 % Income taxes (67,129 ) (1.9 )% (56,381 ) (1.6 )% Income from equity method investments 3,784 0.1 % 4,113 0.1 % Net income including non-controlling interest 152,073 4.4 % 130,395 3.7 % Net income attributable to non-controlling interest (106 ) (0.0 )% (139 ) (0.0 )% Net income attributable to H.B. Fuller $ 151,967 4.4 % $ 130,256 3.6 % Basic income per common share attributable to H.B. Fuller $ 2.78 $ 2.37 Diluted income per common share attributable to H.B. Fuller $ 2.75 $ 2.30 Weighted-average common shares outstanding: Basic 54,602 54,932 Diluted 55,355 56,629
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© H.B. Fuller Company, 2025 | 15 Regulation G Reconciliations January 15, 2026 H.B. FULLER COMPANY AND SUBSIDIARIES REGULATION G RECONCILIATION In thousands, except per share amounts (unaudited) Three Months Ended Year Ended November November November November 29, 2025 30, 2024 29, 2025 30, 2024 Net income attributable to H.B. Fuller $ 29,732 $ (7,359 ) $ 151,967 $ 130,256 Adjustments: Acquisition project costs 1 1,465 4,051 15,412 11,035 Organizational realignment 2 11,396 15,958 31,424 39,996 Project One 3 2,091 2,672 10,237 11,885 Business divestiture 4 - 47,267 - 47,267 Other 5 37,400 39 39,155 (1,981 ) Discrete tax items 6 (3,743 ) (1,322 ) 7,467 (5,469 ) Income tax effect on adjustments 7 (7,745 ) (9,339 ) (21,054 ) (15,811 ) Adjusted net income attributable to H.B. Fuller 8 70,596 51,967 234,608 217,178 Add: Interest expense 32,547 33,621 132,431 133,122 Interest income (1,756 ) (1,084 ) (4,820 ) (4,679 ) Income taxes 23,420 18,546 80,717 77,661 Depreciation and Amortization expense 9 45,246 45,286 177,724 170,573 Adjusted EBITDA 8 170,053 148,336 620,660 593,855 Diluted Shares 55,276 56,658 55,355 56,629 Adjusted diluted income per common share attributable to H.B. Fuller 8 $ 1.28 $ 0.92 $ 4.24 $ 3.84 Net revenue $ 894,788 $ 923,284 $ 3,473,589 $ 3,568,736 Adjusted EBITDA margin 8 19.0 % 16.1 % 17.9 % 16.6 %
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© H.B. Fuller Company, 2025 | 16 Regulation G Reconciliations January 15, 2026 H.B. FULLER COMPANY AND SUBSIDIARIES SEGMENT FINANCIAL INFORMATION In thousands (unaudited) Three Months Ended Year Ended November November November November 29, 2025 30, 2024 29, 2025 30, 2024 Net Revenue: Hygiene, Health and Consumable Adhesives $ 400,021 $ 395,174 $ 1,551,789 $ 1,546,545 Engineering Adhesives 276,305 265,305 1,061,779 1,009,031 Building Adhesive Solutions 218,462 225,945 860,021 856,503 Corporate unallocated - 36,860 - 156,657 Total H.B. Fuller $ 894,788 $ 923,284 $ 3,473,589 $ 3,568,736 Segment Operating Income: Hygiene, Health and Consumable Adhesives $ 51,283 $ 38,821 $ 171,123 $ 184,731 Engineering Adhesives 48,415 39,597 170,295 144,491 Building Adhesive Solutions 17,745 20,841 72,295 75,943 Corporate unallocated (19,003 ) (22,851 ) (58,642 ) (56,945 ) Total H.B. Fuller $ 98,440 $ 76,408 $ 355,071 $ 348,220 Adjusted EBITDA 8 Hygiene, Health and Consumable Adhesives $ 70,202 $ 54,257 $ 244,381 $ 245,750 Engineering Adhesives 65,013 55,569 235,969 200,512 Building Adhesive Solutions 33,202 35,656 134,013 133,171 Corporate unallocated 1,636 2,854 6,297 14,422 Total H.B. Fuller $ 170,053 $ 148,336 $ 620,660 $ 593,855 Adjusted EBITDA Margin 8 Hygiene, Health and Consumable Adhesives 17.5 % 13.7 % 15.7 % 15.9 % Engineering Adhesives 23.5 % 20.9 % 22.2 % 19.9 % Building Adhesive Solutions 15.2 % 15.8 % 15.6 % 15.5 % Corporate unallocated 0.0 % 7.7 % 0.0 % 9.2 % Total H.B. Fuller 19.0 % 16.1 % 17.9 % 16.6 % NMP = non-meaningful percentage
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© H.B. Fuller Company, 2025 | 17 Regulation G Reconciliations January 15, 2026 H.B. FULLER COMPANY AND SUBSIDIARIES REGULATION G RECONCILIATION In thousands, except per share amounts (unaudited) Three Months Ended Year Ended November November November November 29, 2025 30, 2024 29, 2025 30, 2024 Income before income taxes and income from equity method investments $ 40,605 $ (526 ) $ 215,418 $ 182,663 Adjustments: Acquisition project costs 1 1,465 4,051 15,412 11,035 Organizational realignment 2 11,396 15,958 31,424 39,996 Project One 3 2,091 2,672 10,237 11,885 Business divestiture 4 - 47,267 - 47,267 Other 5 37,400 39 39,155 (1,981 ) Adjusted income before income taxes and income from equity method investments 10 $ 92,957 $ 69,461 $ 311,646 $ 290,865 Three Months Ended Year Ended November November November November 29, 2025 30, 2024 29, 2025 30, 2024 Income Taxes $ (11,931 ) $ (7,885 ) $ (67,129 ) $ (56,381 ) Adjustments: Acquisition project costs 1 (217 ) (77 ) (4,205 ) (1,125 ) Organizational realignment 2 (1,686 ) (305 ) (7,822 ) (4,350 ) Project One 3 (309 ) (51 ) (2,857 ) (1,669 ) Business divestiture 4 - (8,905 ) - (8,905 ) Other 5 (5,534 ) (1 ) (6,171 ) 238 Discrete tax items 6 (3,743 ) (1,322 ) 7,467 (5,469 ) Adjusted income taxes $ (23,420 ) $ (18,546 ) $ (80,717 ) $ (77,661 ) Adjusted income before income taxes and income from equity method investments 10 $ 92,957 $ 69,461 $ 311,646 $ 290,865 Adjusted effective income tax rate 11 25.2 % 26.7 % 25.9 % 26.7 %
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© H.B. Fuller Company, 2025 | 18 Regulation G Reconciliations January 15, 2026 H.B. FULLER COMPANY AND SUBSIDIARIES REGULATION G RECONCILIATION In thousands, except per share amounts (unaudited) Three Months Ended Year Ended November November November November 29, 2025 30, 2024 29, 2025 30, 2024 Net revenue $ 894,788 $ 923,284 $ 3,473,589 $ 3,568,736 Gross profit $ 282,083 $ 264,860 $ 1,080,655 $ 1,061,877 Gross profit margin 31.5 % 28.7 % 31.1 % 29.8 % Adjustments: Acquisition project costs 1 - 1 764 1,001 Organizational realignment 2 8,292 8,035 19,432 18,714 Project One 3 - 24 - 37 Other 5 858 - 858 (1 ) Adjusted gross profit 12 $ 291,233 $ 272,920 $ 1,101,709 $ 1,081,628 Adjusted gross profit margin 12 32.5 % 29.6 % 31.7 % 30.3 % Three Months Ended Year Ended November November November November 29, 2025 30, 2024 29, 2025 30, 2024 Selling, general and administrative expenses $ (183,643 ) $ (188,453 ) $ (725,585 ) $ (713,657 ) Adjustments: Acquisition project costs 1 389 4,558 11,917 10,519 Organizational realignment 2 5,633 7,031 11,935 19,354 Project One 3 2,091 2,648 10,237 11,847 Other 5 1,743 41 3,498 (3,946 ) Adjusted selling, general and administrative expenses 13 $ (173,787 ) $ (174,175 ) $ (687,998 ) $ (675,883 )
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© H.B. Fuller Company, 2025 | 19 Regulation G Reconciliations January 15, 2026 H.B. FULLER COMPANY AND SUBSIDIARIES REGULATION G RECONCILIATION In thousands (unaudited) Hygiene, Three Months Ended: Health and Consumable Engineering Building Adhesive Corporate H.B. Fuller November 29, 2025 Adhesives Adhesives Solutions Total Unallocated Consolidated Net income attributable to H.B. Fuller $ 53,490 $ 49,384 $ 20,297 $ 123,171 $ (93,439 ) $ 29,732 Adjustments: Acquisition project costs 1 - - - - 1,465 1,465 Organizational realignment 2 - - - - 11,396 11,396 Project One 3 - - - - 2,091 2,091 Other 5 37,400 37,400 Discrete tax items 6 - - - - (3,743 ) (3,743 ) Income tax effect on adjustments 7 - - - - (7,745 ) (7,745 ) Adjusted net income attributable to H.B. Fuller 8 53,490 49,384 20,297 123,171 (52,575 ) 70,596 Add: Interest expense - - - - 32,547 32,547 Interest income - - - - (1,756 ) (1,756 ) Income taxes - - - - 23,420 23,420 Depreciation and amortization expense 9 16,712 15,629 12,905 45,246 - 45,246 Adjusted EBITDA 8 $ 70,202 $ 65,013 $ 33,202 $ 168,417 $ 1,636 $ 170,053 Net revenue $ 400,021 $ 276,305 $ 218,462 $ 894,788 - $ 894,788 Adjusted EBITDA margin 8 17.5 % 23.5 % 15.2 % 18.8 % NMP 19.0 %
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© H.B. Fuller Company, 2025 | 20 Regulation G Reconciliations January 15, 2026 H.B. FULLER COMPANY AND SUBSIDIARIES REGULATION G RECONCILIATION In thousands (unaudited) Hygiene, Year Ended Health and Consumable Engineering Building Adhesive Corporate H.B. Fuller November 29, 2025 Adhesives Adhesives Solutions Total Unallocated Consolidated Net income attributable to H.B. Fuller $ 179,958 $ 174,175 $ 82,506 $ 436,639 $ (284,672 ) $ 151,967 Adjustments: Acquisition project costs 1 - - - - 15,412 15,412 Organizational realignment 2 - - - - 31,424 31,424 Project One 3 - - - - 10,237 10,237 Other 5 39,155 39,155 Discrete tax items 6 - - - - 7,467 7,467 Income tax effect on adjustments 7 - - - - (21,054 ) (21,054 ) Adjusted net income attributable to H.B. Fuller 8 179,958 174,175 82,506 436,639 (202,031 ) 234,608 Add: Interest expense - - - - 132,431 132,431 Interest income - - - - (4,820 ) (4,820 ) Income taxes - - - - 80,717 80,717 Depreciation and amortization expense 9 64,423 61,794 51,507 177,724 - 177,724 Adjusted EBITDA 8 $ 244,381 $ 235,969 $ 134,013 $ 614,363 $ 6,297 $ 620,660 Net revenue 1,551,789 1,061,779 860,021 $ 3,473,590 - 3,473,590 Adjusted EBITDA margin 8 15.7 % 22.2 % 15.6 % 17.7 % NMP 17.9 %
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© H.B. Fuller Company, 2025 | 21 Regulation G Reconciliations January 15, 2026 H.B. FULLER COMPANY AND SUBSIDIARIES REGULATION G RECONCILIATION In thousands (unaudited) Hygiene, Three Months Ended: Health and Consumable Engineering Building Adhesive Corporate H.B. Fuller November 30, 2024 Adhesives Adhesives Solutions Total Unallocated Consolidated Net income attributable to H.B. Fuller $ 40,322 $ 40,250 $ 22,667 $ 103,239 $ (110,598 ) $ (7,359 ) Adjustments: Acquisition project costs 1 - - - - 4,051 4,051 Organizational realignment 2 - - - - 15,958 15,958 Project One 3 - - - - 2,672 2,672 Business divestiture 4 47,267 47,267 Other 5 - - - - 39 39 Discrete tax items 6 - - - - (1,322 ) (1,322 ) Income tax effect on adjustments 7 - - - - (9,339 ) (9,339 ) Adjusted net income attributable to H.B. Fuller 8 40,322 40,250 22,667 103,239 (51,272 ) 51,967 Add: Interest expense - - - - 33,621 33,621 Interest income - - - - (1,084 ) (1,084 ) Income taxes - - - - 18,546 18,546 Depreciation and amortization expense 9 13,935 15,319 12,989 42,243 3,043 45,286 Adjusted EBITDA 8 $ 54,257 $ 55,569 $ 35,656 $ 145,482 $ 2,854 $ 148,336 Net revenue $ 395,174 $ 265,305 $ 225,945 $ 886,424 36,860 $ 923,284 Adjusted EBITDA margin 8 13.7 % 20.9 % 15.8 % 16.4 % 7.74 % 16.1 %
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© H.B. Fuller Company, 2025 | 22 Regulation G Reconciliations January 15, 2026 H.B. FULLER COMPANY AND SUBSIDIARIES REGULATION G RECONCILIATION In thousands (unaudited) Hygiene, Year Ended Health and Consumable Engineering Building 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 1 - - - - 11,035 11,035 Organizational realignment 2 - - - - 39,996 39,996 Project One 3 - - - - 11,885 11,885 Business divestiture 4 47,267 47,267 Other 5 - - - - (1,981 ) (1,981 ) Discrete tax items 6 - - - - (5,469 ) (5,469 ) Income tax effect on adjustments 7 - - - - (15,811 ) (15,811 ) Adjusted net income attributable to H.B. Fuller 8 190,721 147,111 83,253 421,085 (203,907 ) 217,178 Add: Interest expense - - - - 133,122 133,122 Interest income - - - - (4,679 ) (4,679 ) Income taxes - - - - 77,661 77,661 Depreciation and amortization expense 9 55,029 53,401 49,918 158,348 12,225 170,573 Adjusted EBITDA 8 $ 245,750 $ 200,512 $ 133,171 $ 579,433 $ 14,422 $ 593,855 Net revenue $ 1,546,545 $ 1,009,031 $ 856,503 $ 3,412,079 156,657 $ 3,568,736 Adjusted EBITDA margin 8 15.9 % 19.9 % 15.5 % 17.0 % 9.2 % 16.6 %
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© H.B. Fuller Company, 2025 | 23 Regulation G Reconciliations January 15, 2026 H.B. FULLER COMPANY AND SUBSIDIARIES SEGMENT FINANCIAL INFORMATION NET REVENUE GROWTH (DECLINE) (unaudited) Net revenue growth (decline) versus 2024 Three Months Ended Year Ended November 29, 2025 November 29, 2025 Price 1.2 % 0.8 % Volume (2.5 )% (0.8 )% Organic growth (decline) 14 (1.3 )% 0.0 % M&A (2.8 )% (2.1 )% Constant currency (4.1 )% (2.1 )% F/X 1.0 % (0.6 )% Total H.B. Fuller net revenue growth (decline) (3.1 )% (2.7 )%
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© H.B. Fuller Company, 2025 | 24 Regulation G Reconciliations January 15, 2026 H.B. FULLER COMPANY AND SUBSIDIARIES SEGMENT FINANCIAL INFORMATION NET REVENUE GROWTH (DECLINE) (unaudited) Net revenue growth (decline) versus 2024 Three Months Ended November 29, 2025 Net Revenue F/X Constant Currency M&A Organic Growth 14 Hygiene, Health and Consumable Adhesives 1.2 % 1.0 % 0.2 % 2.0 % (1.8 )% Engineering Adhesives 4.1 % 0.8 % 3.3 % 1.1 % 2.2 % Building Adhesive Solutions (3.3 )% 1.5 % (4.8 )% 0.0 % (4.8 )% Corporate Unallocated 15 (100.0 )% 0.0 % (100.0 )% (100.0 )% 0.0 % Total H.B. Fuller (3.1 )% 1.0 % (4.1 )% (2.8 )% (1.3 )% Net revenue growth (decline) versus 2024 Year Ended November 29, 2025 Net Revenue F/X Constant Currency M&A Organic Growth 14 Hygiene, Health and Consumable Adhesives 0.3 % (1.3 )% 1.6 % 1.5 % 0.1 % Engineering Adhesives 5.2 % (0.2 )% 5.4 % 4.7 % 0.7 % Building Adhesive Solutions 0.4 % 0.2 % 0.2 % 1.5 % (1.3 )% Corporate Unallocated 15 (100.0 )% 0.0 % (100.0 )% (100.0 )% 0.0 % Total H.B. Fuller (2.7 )% (0.6 )% (2.1 )% (2.1 )% 0.0 %
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© H.B. Fuller Company, 2025 | 25 Regulation G Reconciliations January 15, 2026 H.B. FULLER COMPANY AND SUBSIDIARIES REGULATION G RECONCILIATION In thousands (unaudited) Trailing Twelve Three Months Ended Months 18 Ended June 1, 2024 August 31, 2024 November 30, 2024 March 1, 2025 May 31, 2025 August 30, 2025 March 1, 2025 August 30, 2025 Net income attributable to H.B. Fuller $ 51,264 $ 55,361 $ (7,359 ) $ 13,248 $ 41,828 $ 67,160 $ 112,514 $ 114,877 Adjustments: Acquisition project costs 1 1,467 3,474 4,051 9,828 3,602 518 18,820 17,999 Organizational realignment 2 7,275 9,471 15,958 8,774 6,635 4,620 41,478 35,987 Project One 3 2,845 3,154 2,672 3,064 2,581 2,499 11,735 10,816 Business divestiture 4 - - 47,267 - - - 47,267 47,267 Other 5 914 (2,904 ) 39 - 44 1,711 (1,951 ) 1,794 Discrete tax items 16 1,317 (2,937 ) (1,322 ) 992 13,961 (3,742 ) (1,950 ) 9,889 Income tax effect on adjustments 7 (1,558 ) (1,624 ) (9,339 ) (5,909 ) (3,999 ) (3,402 ) (18,430 ) (22,649 ) Adjusted net income attributable to H.B. Fuller 8 63,524 63,995 51,967 29,997 64,652 69,364 209,483 215,980 Add: Interest expense 32,313 35,287 33,621 32,030 34,484 33,369 133,251 133,504 Interest income (1,197 ) (1,090 ) (1,084 ) (1,100 ) (854 ) (1,110 ) (4,471 ) (4,148 ) Adjusted income taxes 22,658 22,825 18,546 10,862 22,765 23,671 74,891 75,844 Depreciation and Amortization expense 17 39,952 44,235 45,286 42,567 44,613 45,298 172,040 177,764 Adjusted EBITDA 8 $ 157,250 $ 165,252 $ 148,336 $ 114,356 $ 165,660 $ 170,592 $ 585,194 $ 598,944
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© H.B. Fuller Company, 2025 | 26 Regulation G Reconciliations January 15, 2026 H.B. FULLER COMPANY AND SUBSIDIARIES REGULATION G RECONCILIATION In thousands (unaudited) H.B. FULLER COMPANY AND SUBSIDIARIES REGULATION G RECONCILIATION In thousands (unaudited) March 1, 2025 August 30, 2025 November 29, 2025 November 30, 2024 Total debt $ 2,179,997 $ 2,080,470 $ 2,016,937 $ 2,010,639 Less: Cash and cash equivalents 105,743 122,458 107,213 169,352 Net debt 19 $ 2,074,254 $ 1,958,012 $ 1,909,724 $ 1,841,287 Trailing twelve months 19 / Year ended Adjusted EBITDA 585,194 598,944 620,660 593,855 Net Debt-to-Adjusted EBITDA 19 3.5 3.3 3.1 3.1 August 30, 2025 November 29, 2025 November 30, 2024 Trade receivables, net 563,579 $ 564,339 $ 558,336 Inventory 502,956 471,963 467,498 Trade payables 459,409 470,132 491,435 Net working capital 20 $ 607,126 $ 566,169 $ 534,399 Net revenue three months ended 892,043 $ 894,788 $ 923,284 Annualized net revenue 20 3,568,172 3,579,151 3,693,136 Net working capital as a percentage of annual net revenue 20 17.0 % 15.8 % 14.5 %
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© H.B. Fuller Company, 2025 | 27 Regulation G Reconciliations January 15, 2026 1 Acquisition project costs include costs related to evaluating, acquiring and integrating business acquisitions. Acquisition project costs include $1,202 and $4,583 in transaction costs (primarily consulting and professional fees, representations and warranties insurance premiums) a nd $263 and $(532) 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) for the three months ended November 29, 2025 and November 30, 2024, respectively. Acquisition project costs include $14,269 and $9,718 in transaction costs (primarily consulting and professional fees, representations and warranties insurance premiums and employee acquisition-related travel expenses) and $1,143 and $740 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 retention bonuses paid to employees of the acquired entities) for the year ended November 29, 2025 and November 30, 2024, respectively. 2 Organizational realignment includes costs incurred as a direct result of the organizational realignment program, including pr ofessional 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 $558 and $2,169 in professional fees related to legal entity and business structure changes, $9,677 and $6,832 in employee severance and other related costs, and $1,161 and $6,957 related to facility rationalization costs for the three months ended November 29, 2025 and November 30, 2024, respectively. Organizational realignment includes $4,452 and $9,084 in professional fees related to legal entity and business structure changes, $15,344 and $16,553 in employee severance and other related costs, and $11,629 and $14,359 related to facility rationalization costs for the year ended November 29, 2025 and November 30, 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 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 sale of the North American Flooring business, which occurred in the first quarter of 2025. Impairment losses represent the difference between book value of the assets held for sale at November 20, 2024 and their net realizable value. 5 Other includes losses associated with ongoing litigation and product claims related to a divested business and costs associated with the exit of a product line for the three months and year ended November 29, 2025. Other includes a gain from insurance recoveries and a loss from the write-off of a cost method investment for the year ended November 30, 2024. 6 Discrete tax items for the three months ended November 29, 2025 relate to various U.S. and foreign tax matters. Discrete tax items for the year ended November 30, 2025 primarily relate 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 months ended November 30, 2024 are related to various foreign tax matters and for the year ended November 30, 2024 are related to various foreign tax matters as well as excess tax benefit related to U.S. stock compensation. 7 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. 8 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 adjustmen ts 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. 9 Depreciation and amortization expense added back for EBITDA is adjusted for amounts already included in adjusted net income a ttributable to H.B. Fuller totaling ($234) and ($711) for the three months ended November 29, 2025 and November 30, 2024, respectively and. ($596) and ( $4,137) for the year ended November 29, 2025 and November 30, 2024, respectively.
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© H.B. Fuller Company, 2025 | 28 Regulation G Reconciliations January 15, 2026 10 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 in come taxes and income from equity investments, the most directly comparable financial measure determined and reported in accordance with U.S. GAAP. 11 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 be fore 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. 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. 13 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 recon ciliation 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. 14 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. 15 Corporate Unallocated includes revenue for the North America Flooring business for the twelve months ended November 30, 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. 16 Discrete tax items for the three months ended June 1, 2024 and for the three months ended August 31, 2024 are related to various foreign tax matters as well as excess tax benefit related to U.S. stock compensation. Discrete tax items for the three months ended November 30, 2024 and 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 items for the three months ended August 30, 2025 are related to various U.S. and foreign tax matters. Discrete tax items for the year ended November 30, 2025 primarily relate 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 year ended November 30, 2024 are related to various foreign tax matters as well as excess tax benefit related to U.S. stock compensation. 17 Depreciation and amortization expense added back for EBITDA is adjusted for amounts already included in adjusted net income a ttributable to H.B. Fuller. Depreciation and amortization expense added back was ($1,198) for the three months ended June 1, 2024, $194 for the three mon ths ended August 31, 2024, ($711) for the three months ended November 30, 2024, ($30) for the three months ended March 1, 2025, ($7 0) 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.