H.B. Fuller Reports Fourth Quarter and Fiscal Year 2025 Results

ST. PAUL, Minn.--( BUSINESS WIRE)--H.B. Fuller Company (NYSE: FUL) today reported financial results for its fourth quarter and fiscal year that ended November 29, 2025.

Fourth Quarter 2025 Noteworthy Items:

Fiscal Year 2025 Noteworthy Items:

Summary of Fourth Quarter 2025 Results:

The company’s net revenue for the fourth quarter of fiscal 2025 was $895 million, down 3.1% versus the fourth quarter of fiscal 2024. Organic revenue was down 1.3% year-on-year, with pricing actions increasing organic revenue by 1.2% and volume decreasing organic revenue by 2.5%. Foreign currency translation increased net revenue by 1.0%, and the net impact of acquisitions and divestitures decreased net revenue by 2.8%.

Gross profit in the fourth quarter of fiscal 2025 was $282 million. Adjusted gross profit was $291 million. Adjusted gross profit margin of 32.5% increased 290 basis points year-on-year. The net impact of pricing and raw material cost actions, the impact of acquisitions and divestitures, and targeted cost reduction efforts drove the year-on-year increase in adjusted gross profit margin.

Selling, general and administrative (SG&A) expense was $184 million in the fourth quarter of fiscal 2025 and adjusted SG&A was $174 million, down modestly year-on-year driven by continued cost saving efforts and lower variable compensation.

Net income attributable to H.B. Fuller for the fourth quarter of fiscal 2025 was $30 million. Adjusted net income attributable to H.B. Fuller for the fourth quarter of fiscal 2025 was $71 million. Adjusted EPS was $1.28 per diluted share, up 39.1% year-on-year.

Adjusted EBITDA in the fourth quarter of fiscal 2025 was $170 million, up 14.6% year-on-year, driven principally by the net impact of pricing and raw material cost actions. Adjusted EBITDA margin increased 290 basis points year-on-year to 19.0%.

“Our execution and agility in the quarter and throughout the year generated double‑digit EPS growth and EBITDA at the top end of our full year guidance range amidst an unpredictable economic backdrop and challenging demand landscape,” said Celeste Mastin, president and CEO. “During this time, we helped our customers navigate this environment successfully—providing them with material optionality and flexibility while ensuring consistent quality and reliable availability wherever in the world they chose to make their products. These efforts, which strengthened our partnerships and enhanced H.B. Fuller’s competitive positioning, are reflected in our improved profitability and sustained margin expansion.

“As a result, we are exiting the fourth quarter with strong momentum heading into 2026 and are firmly on track to achieve our target of greater than 20% EBITDA margin. I am very proud of our team’s resolve, resourcefulness, and the meaningful progress we made in 2025 as we continue transforming H.B. Fuller into a higher‑growth, higher‑margin company.”

Balance Sheet and Working Capital:

Net debt at the end of the fourth quarter of fiscal 2025 was $1,910 million, down $48 million sequentially versus the third quarter and up $68 million year-on-year. Net debt-to-adjusted EBITDA of 3.1X was down sequentially from 3.3X versus the previous quarter, and down from 3.5X in the first quarter.

Net working capital in the fourth quarter of fiscal 2025 declined $41 million sequentially versus the third quarter. As a percentage of annualized net revenue, net working capital decreased 120 basis points versus the third quarter. On a year-on-year basis, net working capital increased 130 basis points to 15.8%, due to slightly higher inventory days on hand as we execute our manufacturing footprint optimization.

Fiscal 2026 Outlook:

Conference Call:

The company will hold a conference call on January 15, 2026, at 9:30 a.m. CT (10:30 a.m. ET) to discuss its results. Interested parties may listen to the conference call on a live webcast. The webcast, along with a supplemental presentation, may be accessed from the company’s website at https://investors.hbfuller.com. Participants must register prior to accessing the webcast using this link and should do so at least 10 minutes prior to the start of the call to install and test any necessary software and audio connections. A telephone replay of the conference call will be available from 12:30 p.m. CT on January 15, 2026, to 10:59 p.m. CT on January 22, 2026. To access the telephone replay dial 1-800-770-2030 (toll free) or 1-609-800-9909, and enter Conference ID: 6370505.

Regulation G:

The information presented in this earnings release regarding consolidated and segment organic revenue growth, operating income, adjusted gross profit, adjusted gross profit margin, adjusted selling, general and administrative expense, 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, 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 “Regulation G Reconciliation” tables in this press release with the exception of our forward-looking non-GAAP measures contained above in our Fiscal 2026 Outlook, which the company cannot reconcile to forward-looking GAAP results without unreasonable effort.

About H.B. Fuller:

As the largest pureplay adhesives company in the world, H.B. Fuller’s (NYSE: FUL) innovative, functional coatings, adhesives and sealants enhance the quality, safety and performance of products people use every day. Founded in 1887, with 2025 revenue of $3.5 billion, our mission to Connect What Matters is brought to life by more than 7,100 global team members who collaborate with customers across more than 30 market segments in 150 countries to develop highly specified solutions that enable customers to bring world-changing innovations to their end markets. Learn more at www.hbfuller.com.

Safe Harbor for Forward-Looking Statements:

Certain statements in this press release 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; 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 catastrophic events 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.

H.B. FULLER COMPANY AND SUBSIDIARIES

CONSOLIDATED FINANCIAL INFORMATION

In thousands, except per share amounts (unaudited)

Three Months

Ended

November 29,

2025

Percent of

Net

Revenue

Three Months

Ended

November 30,

2024

Percent of

Net

Revenue

Net revenue

894,788

100.0

923,284

100.0

Cost of sales

(612,705

)

(68.5

(658,424

)

(71.3

Gross profit

282,083

31.5

264,860

28.7

Selling, general and administrative expenses

(183,643

)

(20.5

(188,453

)

(20.4

Other income, net

(26,782

)

(3.0

(44,396

)

(4.8

Interest expense

(32,809

)

(3.7

(33,621

)

(3.6

Interest income

1,756

0.2

1,084

0.1

Income before income taxes and income from equity method investments

40,605

4.5

(526

)

(0.1

Income taxes

(11,931

)

(1.3

(7,885

)

(0.9

Income from equity method investments

1,058

0.1

1,159

0.1

Net income including non-controlling interest

29,732

3.3

(7,252

)

(0.8

Net income attributable to non-controlling interest

0.0

(107

)

(0.0

Net income attributable to H.B. Fuller

29,732

3.3

(7,359

)

(0.8

Basic income per common share attributable to H.B. Fuller

0.55

(0.13

)

Diluted income per common share attributable to H.B. Fuller

0.54

(0.13

)

Weighted-average common shares outstanding:

Basic

54,541

55,106

Diluted

55,276

56,658

H.B. FULLER COMPANY AND SUBSIDIARIES

CONSOLIDATED FINANCIAL INFORMATION

In thousands, except per share amounts (unaudited)

Year Ended

November 29,

2025

Percent of

Net

Revenue

Year Ended

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

H.B. FULLER COMPANY AND SUBSIDIARIES

REGULATION G RECONCILIATION

In thousands, except per share amounts (unaudited)

Three Months Ended

Year Ended

November

29, 2025

November

30, 2024

November

29, 2025

November

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

Other 5

37,400

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

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) and $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 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 depreciation 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 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.

9 Depreciation and amortization expense added back for EBITDA is adjusted for amounts already included in adjusted net income attributable 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.

H.B. FULLER COMPANY AND SUBSIDIARIES

SEGMENT FINANCIAL INFORMATION

In thousands (unaudited)

Three Months Ended

Year Ended

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

H.B. FULLER COMPANY AND SUBSIDIARIES

REGULATION G RECONCILIATION

In thousands, except per share amounts (unaudited)

Three Months Ended

Year Ended

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

Other 5

37,400

39,155

(1,981

)

Adjusted income before income taxes and income from equity method investments 10

92,957

69,461

311,646

290,865

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 income taxes and income from equity investments, the most directly comparable financial measure determined and reported in accordance with U.S. GAAP.

H.B. FULLER COMPANY AND SUBSIDIARIES

REGULATION G RECONCILIATION

In thousands, except per share amounts (unaudited)

Three Months Ended

Year Ended

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

)

(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

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 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.

H.B. FULLER COMPANY AND SUBSIDIARIES

REGULATION G RECONCILIATION

In thousands (unaudited)

Three Months Ended

Year Ended

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

764

1,001

Organizational realignment 2

8,292

8,035

19,432

18,714

Project One 3

Other 5

858

)

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

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.

H.B. FULLER COMPANY AND SUBSIDIARIES

REGULATION G RECONCILIATION

In thousands (unaudited)

Three Months Ended

Year Ended

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

3,498

(3,946

)

Adjusted selling, general and administrative expenses 13

(173,787

)

(174,175

)

(687,998

)

(675,883

)

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 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.

H.B. FULLER COMPANY AND SUBSIDIARIES

REGULATION G RECONCILIATION

In thousands (unaudited)

Three Months Ended:

Hygiene,

Health and

Consumable

Engineering

Building

Adhesive

Corporate

H.B. Fuller

November 29, 2025

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

Organizational realignment 2

11,396

Project One 3

2,091

Other 5

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

Interest income

(1,756

)

(1,756

)

Income taxes

23,420

Depreciation and amortization expense 9

16,712

15,629

12,905

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

Adjusted EBITDA margin 8

17.5

23.5

15.2

18.8

NMP

19.0

Year Ended

Hygiene,

Health and

Consumable

Engineering

Building Adhesive

Corporate

H.B. Fuller

November 29, 2025

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

Organizational realignment 2

31,424

Project One 3

10,237

Other 5

39,155

Discrete tax items 6

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

Interest income

(4,820

)

(4,820

)

Income taxes

80,717

Depreciation and amortization expense 9

64,423

61,794

51,507

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

Adjusted EBITDA margin 8

15.7

22.2

15.6

17.7

NMP

17.9

Note: Adjusted EBITDA is a non-GAAP financial measure. The table above provides a reconciliation of adjusted EBITDA for each segment to net income attributable to H.B. Fuller for each segment, the most directly comparable financial measure determined and reported in accordance with U.S. GAAP.

NMP = Non-meaningful percentage

H.B. FULLER COMPANY AND SUBSIDIARIES

REGULATION G RECONCILIATION

In thousands (unaudited)

Three Months Ended:

Hygiene,

Health and

Consumable

Engineering

Building Adhesive

Corporate

H.B. Fuller

November 30, 2024

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

Organizational realignment 2

15,958

Project One 3

2,672

Business divestiture 4

47,267

Other 5

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

Interest income

(1,084

)

(1,084

)

Income taxes

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

Year Ended

Hygiene,

Health and

Consumable

Engineering

Building Adhesive

Corporate

H.B. Fuller

November 30, 2024

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

Organizational realignment 2

39,996

Project One 3

11,885

Business divestiture 4

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

Interest income

(4,679

)

(4,679

)

Income taxes

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

NMP = Non-meaningful percentage

H.B. FULLER COMPANY AND SUBSIDIARIES

SEGMENT FINANCIAL INFORMATION

NET REVENUE GROWTH (DECLINE)

(unaudited)

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

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

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

1.5

(1.3

Corporate Unallocated 15

(100.0

0.0

(100.0

0.0

Total H.B. Fuller

(2.7

(0.6

(2.1

0.0

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.

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

Other 5

914

(2,904

)

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

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 attributable 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 months ended August 31, 2024, ($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.

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

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.

H.B. FULLER COMPANY AND SUBSIDIARIES

REGULATION G RECONCILIATION

In thousands (unaudited)

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

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.

CONSOLIDATED BALANCE SHEETS

H.B. Fuller Company and Subsidiaries

(In thousands, except share and per share amounts)

November 29,

November 30,

2025

2024

Assets

Current assets:

Cash and cash equivalents

107,213

169,352

Trade receivables, net

564,339

558,336

Inventories

471,963

467,498

Other current assets

119,750

104,019

Total current assets

1,263,265

1,299,205

Property, plant and equipment, net

935,261

881,927

Goodwill

1,680,059

1,532,221

Other intangibles, net

805,867

770,226

Other assets

498,254

449,665

Total assets

5,182,706

4,933,244

Liabilities, non-controlling interest and total equity

Current liabilities:

Notes payable

587

Trade payables

470,132

491,435

Accrued compensation

114,302

106,005

Income taxes payable

25,018

24,225

Other accrued expenses

133,907

97,038

Total current liabilities

743,359

719,290

Long-term debt, net of current maturities

2,016,937

2,010,052

Accrued pension liabilities

51,317

51,755

Other liabilities

367,899

322,299

Total liabilities

3,179,512

3,103,396

Commitments and contingencies

Equity:

H.B. Fuller stockholders' equity:

Preferred stock (no shares outstanding) Shares authorized – 10,045,900

Common stock, par value $1.00 per share, Shares authorized – 160,000,000, Shares outstanding – 54,174,963 and 54,657,103 for 2025 and 2024, respectively

54,175

54,657

Additional paid-in capital

298,017

322,636

Retained earnings

2,026,071

1,924,761

Accumulated other comprehensive loss

(375,045

)

(473,395

)

Total H.B. Fuller stockholders' equity

2,003,218

1,828,659

Non-controlling interest

(24

)

1,189

Total equity

2,003,194

1,829,848

Total liabilities, non-controlling interest and total equity

5,182,706

4,933,244

CONSOLIDATED STATEMENTS of CASH FLOWS

H.B. Fuller Company and Subsidiaries

(In thousands)

Fiscal Years

November 29,

November 30,

2025

2024

Cash flows from operating activities:

Net income including non-controlling interest

152,073

130,395

Adjustments to reconcile net income including non-controlling interest to net cash provided by operating activities:

Depreciation

91,774

91,054

Amortization

86,546

83,656

Deferred income taxes

(50,094

)

(36,186

)

Income from equity method investments, net of dividends received

(13

)

(537

)

Gain on disposal of assets

(3,702

)

(501

)

Share-based compensation

22,055

21,914

Loss on the sale of a business

2,327

Loss on impairment of intangible asset

924

Pension and other postretirement benefit plan contributions

(3,267

)

(2,909

)

Pension and other postretirement benefit plan benefit

(21,240

)

(14,444

)

Loss on impairment of assets held for sale

47,267

Loss on impairment of equity investment

1,966

Gain from insurance proceeds

(4,871

)

Gain on fair value adjustment on contingent consideration liabilities

(500

)

Change in assets and liabilities, net of effects of acquisitions:

Trade receivables, net

(3,435

)

10,749

Inventories

(10,318

)

(30,099

)

Other assets

(28,709

)

(17,465

)

Trade payables

(38,164

)

47,915

Accrued compensation

4,906

12,653

Other accrued expenses

35,534

6,008

Income taxes payable

(6,090

)

(23,090

)

Other liabilities

34,877

(30,262

)

Foreign currency remeasurement

(2,491

)

9,724

Net cash provided by operating activities

263,493

302,437

Cash flows from investing activities:

Purchased property, plant and equipment

(142,275

)

(139,238

)

Purchased businesses, net of cash acquired

(167,007

)

(273,863

)

Proceeds from the sale of a business

75,727

Purchase of cost method investment

(2,549

)

Purchase of non-controlling interest

(1,170

)

Proceeds from sale of property, plant and equipment

5,025

1,152

Proceeds from insurance recoveries

4,871

Net cash used in investing activities

(232,249

)

(407,078

)

Cash flows from financing activities:

Proceeds from issuance of long-term debt

1,300,300

1,932,900

Repayment of long-term debt

(1,305,434

)

(1,764,870

)

Payment of debt issue costs

(1,047

)

(3,493

)

Net payment on notes payable

(587

)

(1,219

)

Dividends paid

(50,271

)

(47,598

)

Proceeds from stock options exercised

9,848

35,927

Repurchases of common stock

(60,713

)

(39,558

)

Net cash (used in) provided by financing activities

(107,904

)

112,089

Effect of exchange rate changes on cash and cash equivalents

14,521

(17,549

)

Net change in cash and cash equivalents

(62,139

)

(10,101

)

Cash and cash equivalents at beginning of year

169,352

179,453

Cash and cash equivalents at end of year

107,213

169,352