H.B. Fuller Reports Third Quarter 2026 Results

H.B. Fuller Reports Third Quarter 2026 Results September 23, 2026 Net revenue of $938 million, up 5.2% year-on-year; Organic revenue up 4.4% year-on-year Net income of $79 million; Adjusted EBITDA of $187 million, up 9% year-on-year Adjusted EBITDA margin of 19.9%, up 80 basis points year-on-year Reported EPS (diluted) of $1.44; Adjusted EPS (diluted) of $1.52, up 21% year-on-year H.B. Fuller Company (NYSE: FUL) today reported financial results for its third quarter that ended August 29, 2026. Third Quarter 2026 Noteworthy Items: Net revenue was $938 million, up 5.2% year-on-year; organic revenue was up 4.4% year-on-year, with organic revenue growth in all three global business units;Gross margin was 33.2%; adjusted gross margin of 33.5% increased 120 basis points year-on-year driven mainly by pricing execution and restructuring savings;Net income was $79 million; adjusted EBITDA was $187 million, up 9% versus last year; adjusted EBITDA margin was a record 19.9%, up 80 basis points year-on-year, with adjusted EBITDA growth and margin improvement in all three global business units;Reported EPS (diluted) was $1.44; adjusted EPS (diluted) was $1.52, up 21% year-on-year, driven by higher adjusted net income. Summary of Third Quarter 2026 Results: The Company’s net revenue for the third quarter of fiscal 2026 was $938 million, up 5.2% versus the third quarter of fiscal 2025. Pricing increased net revenue by 7.4%, which more than offset lower volume, resulting in a 4.4% organic revenue increase year-on-year. Foreign currency translation and the impact of acquisitions increased net revenue by 0.7% and 0.1%, respectively. Gross profit in the third quarter of fiscal 2026 was $312 million. Adjusted gross profit was $315 million. Adjusted gross profit margin of 33.5% increased 120 basis points year-on-year. The impact of pricing execution and restructuring savings drove the majority of the year-on-year increase in adjusted gross profit margin. Selling, general and administrative (SG&A) expense was $198 million in the third quarter of fiscal 2026 and adjusted SG&A was $183 million, up 8% year-over-year and down 7% sequentially from the second quarter of 2026, reflecting the timing of certain expenses. Net income attributable to H.B. Fuller for the third quarter of fiscal 2026 was $79 million. Adjusted net income attributable to H.B. Fuller for the third quarter of fiscal 2026 was $83 million. Reported EPS (diluted) was $1.44 and adjusted EPS (diluted) was $1.52, up 21% year-on-year. Adjusted EBITDA in the third quarter of fiscal 2026 was $187 million, up 9% year-on-year, driven principally by the impact of pricing and restructuring savings. Adjusted EBITDA margin increased 80 basis points year-on-year to 19.9%. “Through disciplined execution, we delivered strong revenue, EBITDA, and EPS growth in the quarter and continued to improve profitability and advance toward our EBITDA margin target of greater than 20 percent,” said Celeste Mastin, president and chief executive officer. “Pricing actions are offsetting higher raw material costs, and our restructuring efforts continue to enhance operating leverage. With the anticipated closing of the AMS acquisition before year-end, we remain focused on strengthening our portfolio, executing our Quantum Leap program, and creating long-term value for shareholders.” Balance Sheet and Working Capital: Net debt at the end of the third quarter of fiscal 2026 was $1,957 million, approximately flat year-on-year. Net debt-to-adjusted EBITDA was 3.0X, down from 3.3X at the end of the third quarter of fiscal 2025. Net working capital in the third quarter of fiscal 2026 was 18.5% of annualized net revenue, up 150 basis points year-on-year. The increase was primarily driven by strategic inventory investments to support Quantum Leap and ensure supply continuity for customers amid ongoing disruption in the Middle East. Year-to-date cash flow from operations was $183 million, up 17% year-on-year. Fiscal 2026 Outlook: As a result of our year-to-date performance, we are updating our previously communicated financial guidance for fiscal 2026: Net revenue for fiscal 2026 is still expected to be up mid-single digits; organic revenue is still expected to be up low-single digits, with pricing up mid-single digits and volume down low-single digits; the impact from foreign exchange is now expected to be approximately 2%;Adjusted EBITDA for fiscal 2026 is now expected to be in the range of $655 million to $670 million;Core tax rate, excluding the impact of discrete items, is now expected to be in the range of 25.5% to 26.0%;Adjusted EPS (diluted) is now expected to be in the range of $4.70 to $4.85;Cash flow from operations for fiscal 2026, excluding the impact of AMS-related items, is still expected to be in the range of $300 million to $325 million. Conference Call: The Company will hold a conference call on September 24, 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 September 24, 2026 to 10:59 p.m. CT on October 1, 2026. To access the telephone replay dial 1-833-309-1852 (toll free) or 1-929-828-5978 and enter the Meeting ID: 835696208. 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 Three Months Ended August 29, 2026 Percent of Net Revenue August 30, 2025 Percent of Net Revenue Net revenue $ 938,175 100.0 % $ 892,043 100.0 % Cost of sales (626,489 ) (66.8 )% (606,929 ) (68.0 )% Gross profit 311,686 33.2 % 285,114 32.0 % Selling, general and administrative expenses (198,481 ) (21.2 )% (174,974 ) (19.6 )% Other income, net 26,429 2.8 % 5,308 0.6 % Interest expense (40,915 ) (4.4 )% (33,630 ) (3.8 )% Interest income 2,489 0.3 % 1,110 0.1 % Income before income taxes and income from equity method investments 101,208 10.8 % 82,928 9.3 % Income taxes (24,656 ) (2.6 )% (16,527 ) (1.9 )% Income from equity method investments 2,630 0.3 % 832 0.1 % Net income including non-controlling interest 79,182 8.4 % 67,233 7.5 % Net income attributable to non-controlling interest - 0.0 % (73 ) (0.0 )% Net income attributable to H.B. Fuller $ 79,182 8.4 % $ 67,160 7.5 % Basic income per common share attributable to H.B. Fuller $ 1.46 $ 1.23 Diluted income per common share attributable to H.B. Fuller $ 1.44 $ 1.22 Weighted-average common shares outstanding: Basic 54,235 54,428 Diluted 54,906 55,162 H.B. FULLER COMPANY AND SUBSIDIARIES CONSOLIDATED FINANCIAL INFORMATION In thousands, except per share amounts (unaudited) Nine Months Ended Nine Months Ended August 29, 2026 Percent of Net Revenue August 30, 2025 Percent of Net Revenue Net revenue $ 2,659,289 100.0 % $ 2,578,801 100.0 % Cost of sales (1,791,902 ) (67.4 )% (1,780,228 ) (69.0 )% Gross profit 867,387 32.6 % 798,573 31.0 % Selling, general and administrative expenses (585,297 ) (22.0 )% (541,942 ) (21.0 )% Other income, net 38,805 1.5 % 15,655 0.6 % Interest expense (106,542 ) (4.0 )% (100,536 ) (3.9 )% Interest income 6,524 0.2 % 3,064 0.1 % Income before income taxes and income from equity method investments 220,877 8.3 % 174,814 6.8 % Income taxes (57,662 ) (2.2 )% (55,198 ) (2.1 )% Income from equity method investments 4,816 0.2 % 2,726 0.1 % Net income including non-controlling interest 168,031 6.3 % 122,342 4.7 % Net income attributable to non-controlling interest - 0.0 % (106 ) (0.0 )% Net income attributable to H.B. Fuller $ 168,031 6.3 % $ 122,236 4.7 % Basic income per common share attributable to H.B. Fuller $ 3.09 $ 2.24 Diluted income per common share attributable to H.B. Fuller $ 3.05 $ 2.21 Weighted-average common shares outstanding: Basic 54,465 54,623 Diluted 55,163 55,381 H.B. FULLER COMPANY AND SUBSIDIARIES REGULATION G RECONCILIATION In thousands, except per share amounts (unaudited) Three Months Ended Nine Months Ended August 29, August 30, August 29, August 30, 2026 2025 2026 2025 Net income attributable to H.B. Fuller $ 79,182 $ 67,160 $ 168,031 $ 122,236 Adjustments: Acquisition project costs1 (10,358 ) 518 (8,033 ) 13,948 Organizational realignment2 5,834 4,620 20,269 20,028 Project One3 2,700 2,499 8,140 8,146 Other4 8,387 1,711 11,317 1,755 Discrete tax items5 (2,075 ) (3,742 ) (1,621 ) 11,210 Income tax effect on adjustments6 (242 ) (3,402 ) (5,628 ) (13,309 ) Adjusted net income attributable to H.B. Fuller7 83,428 69,364 192,475 164,014 Add: Interest expense 32,953 33,369 97,910 99,884 Interest income (2,489 ) (1,110 ) (6,519 ) (3,064 ) Adjusted Income taxes 26,973 23,671 64,910 57,297 Depreciation and Amortization expense8 45,844 45,298 137,682 132,477 Adjusted EBITDA7 $ 186,709 $ 170,592 $ 486,458 $ 450,608 Diluted Shares 54,906 55,162 55,163 55,381 Adjusted diluted income per common share attributable to H.B. Fuller7 $ 1.52 $ 1.26 $ 3.49 $ 2.96 Revenue $ 938,175 $ 892,043 $ 2,659,289 $ 2,578,801 Adjusted EBITDA margin7 19.9 % 19.1 % 18.3 % 17.5 % 1 Acquisition project costs include costs related to evaluating, acquiring and integrating business acquisitions. Acquisition project costs include $9,152 and $168 in transaction costs (primarily consulting and professional fees) and $203 and $350 in purchase accounting costs (primarily professional fees for valuation services, interest on holdback liabilities and inventory step-up cost) for the three months ended August 29, 2026 and August 30, 2025, respectively. Acquisition project costs include $10,661 and $13,068 in transaction costs (primarily consulting and professional fees) and $1,019 and $880 in purchase accounting costs (primarily professional fees for valuation services, interest on holdback liabilities and inventory step-up cost) for the nine months ended August 29, 2026 and August 30, 2025, respectively. Additionally, for the three and nine months ended August 29, 2026, acquisition project costs include a ($19,713) unrealized gain on a foreign exchange forward contract related to a pending acquisition. 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 and the impact of accelerated depreciation. Organizational realignment includes $307 and $1,174 in professional fees related to legal entity and business structure changes, $4,478 and $478 in employee severance and other related costs, and $1,049 and $2,968 related to facility rationalization costs for the three months ended August 29, 2026 and August 30, 2025, respectively. Organizational realignment includes $918 and $3,893 in professional fees related to legal entity and business structure changes, $10,311 and $5,667 in employee severance and other related costs, and $9,040 and $10,468 related to facility rationalization costs for the nine months ended August 29, 2026 and August 30, 2025, 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 for the three and nine months ended August 29, 2026 includes debt extinguishment and bridge financing costs related to an acquisition of $7,791. Additionally, it includes acquired environmental liabilities and ongoing litigation and product claims related to a divested business. 5 Discrete tax items for the three and nine months ended August 29, 2026 are related to 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. 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. 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 ($199) and ($261) for the three months ended August 29, 2026 and August 30, 2025, respectively and ($778) and ($362) for the nine months ended August 29, 2026 and August 30, 2025, respectively. H.B. FULLER COMPANY AND SUBSIDIARIES SEGMENT FINANCIAL INFORMATION In thousands (unaudited) Three Months Ended Nine Months Ended August 29, August 30, August 29, August 30, 2026 2025 2026 2025 Net Revenue: Hygiene, Health and Consumable Adhesives $ 412,965 $ 386,068 $ 1,181,353 $ 1,151,768 Engineering Adhesives 278,700 272,297 804,387 785,474 Building Adhesive Solutions 246,510 233,678 673,549 641,559 Corporate unallocated - - - - Total H.B. Fuller $ 938,175 $ 892,043 $ 2,659,289 $ 2,578,801 Segment Operating Income (Loss): Hygiene, Health and Consumable Adhesives $ 53,592 $ 46,491 $ 138,953 $ 119,840 Engineering Adhesives 49,728 46,852 127,727 121,880 Building Adhesive Solutions 28,354 25,859 58,555 54,550 Corporate unallocated (18,469 ) (9,062 ) (43,145 ) (39,639 ) Total H.B. Fuller $ 113,205 $ 110,140 $ 282,090 $ 256,631 Adjusted EBITDA7 Hygiene, Health and Consumable Adhesives $ 72,773 $ 65,324 $ 196,374 $ 174,178 Engineering Adhesives 66,447 63,427 178,150 170,956 Building Adhesive Solutions 44,760 41,473 107,784 100,810 Corporate unallocated 2,729 368 4,150 4,664 Total H.B. Fuller $ 186,709 $ 170,592 $ 486,458 $ 450,608 Adjusted EBITDA Margin7 Hygiene, Health and Consumable Adhesives 17.6 % 16.9 % 16.6 % 15.1 % Engineering Adhesives 23.8 % 23.3 % 22.1 % 21.8 % Building Adhesive Solutions 18.2 % 17.7 % 16.0 % 15.7 % Corporate unallocated NMP NMP NMP NMP Total H.B. Fuller 19.9 % 19.1 % 18.3 % 17.5 % NMP = non-meaningful percentage H.B. FULLER COMPANY AND SUBSIDIARIES REGULATION G RECONCILIATION In thousands, except per share amounts (unaudited) Three Months Ended Nine Months Ended August 29, August 30, August 29, August 30, 2026 2025 2026 2025 Income before income taxes and income from equity method investments $ 101,208 $ 82,928 $ 220,877 $ 174,814 Adjustments: Acquisition project costs1 (10,358 ) 518 (8,033 ) 13,948 Organizational realignment2 5,834 4,620 20,269 20,028 Project One3 2,700 2,499 8,140 8,146 Other4 8,387 1,711 11,317 1,755 Adjusted income before income taxes and income from equity method investments9 $ 107,771 $ 92,276 $ 252,570 $ 218,691 9 Adjusted income before income taxes and income from equity method investments is a non-GAAP financial measure. Adjusted income before income taxes and income from equity method investments is defined as income before income taxes and income from equity method investments before the specific adjustments shown above. The table above provides a reconciliation of adjusted income before income taxes and income from equity method investments to income before income taxes and income from equity method 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 Nine Months Ended August 29, August 30, August 29, August 30, 2026 2025 2026 2025 Income Taxes $ (24,656 ) $ (16,527 ) $ (57,662 ) $ (55,198 ) Adjustments: Acquisition project costs1 381 (188 ) (85 ) (3,988 ) Organizational realignment2 (215 ) (1,681 ) (3,491 ) (6,136 ) Project One3 (99 ) (910 ) (1,269 ) (2,548 ) Other4 (309 ) (623 ) (782 ) (637 ) Discrete tax items5 (2,075 ) (3,742 ) (1,621 ) 11,210 Adjusted income taxes10 $ (26,973 ) $ (23,671 ) $ (64,910 ) $ (57,297 ) Adjusted income before income taxes and income from equity method investments $ 107,771 $ 92,276 $ 252,570 $ 218,691 Adjusted effective income tax rate10 25.0 % 25.7 % 25.7 % 26.2 % 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. H.B. FULLER COMPANY AND SUBSIDIARIES REGULATION G RECONCILIATION In thousands (unaudited) Three Months Ended Nine Months Ended August 29, August 30, August 29, August 30, 2026 2025 2026 2025 Net revenue $ 938,175 $ 892,043 $ 2,659,289 $ 2,578,801 Gross profit $ 311,686 $ 285,114 $ 867,387 $ 798,573 Gross profit margin 33.2 % 32.0 % 32.6 % 31.0 % Adjustments: Acquisition project costs1 - 89 - 764 Organizational realignment2 2,952 3,216 10,475 11,140 Project One3 - - - - Other4 - - 2,501 - Adjusted gross profit11 $ 314,638 $ 288,419 $ 880,363 $ 810,477 Adjusted gross profit margin11 33.5 % 32.3 % 33.1 % 31.4 % 11 Adjusted gross profit and adjusted gross profit margin are non-GAAP financial measures. Adjusted gross profit and adjusted gross profit margin are 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 Nine Months Ended August 29, August 30, August 29, August 30, 2026 2025 2026 2025 Selling, general and administrative expenses $ (198,481 ) $ (174,974 ) $ (585,297 ) $ (541,942 ) Adjustments: Acquisition project costs1 9,182 168 10,841 11,528 Organizational realignment2 3,024 1,373 8,647 6,302 Project One3 2,701 2,500 8,141 8,146 Other4 597 1,711 2,522 1,755 Adjusted selling, general and administrative expenses12 $ (182,977 ) $ (169,222 ) $ (555,146 ) $ (514,211 ) 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. H.B. FULLER COMPANY AND SUBSIDIARIES REGULATION G RECONCILIATION In thousands (unaudited) Hygiene, Health Building Three Months Ended: and Consumable Engineering Adhesive Segment Corporate H.B. Fuller August 29, 2026 Adhesives Adhesives Solutions Total Unallocated Consolidated Net income attributable to H.B. Fuller $ 56,083 $ 50,825 $ 31,228 $ 138,136 $ (58,954 ) $ 79,182 Adjustments: Acquisition project costs1 - - - - (10,358 ) (10,358 ) Organizational realignment2 - - - - 5,834 5,834 Project One3 - - - - 2,700 2,700 Other4 - - - - 8,387 8,387 Discrete tax items5 - - - - (2,075 ) (2,075 ) Income tax effect on adjustments6 - - - - (242 ) (242 ) Adjusted net income attributable to H.B. Fuller7 56,083 50,825 31,228 138,136 (54,708 ) 83,428 Add: Interest expense - - - - 32,953 32,953 Interest income - - - - (2,489 ) (2,489 ) Adjusted Income taxes - - - - 26,973 26,973 Depreciation and amortization expense8 16,690 15,622 13,532 45,844 - 45,844 Adjusted EBITDA7 $ 72,773 $ 66,447 $ 44,760 $ 183,980 $ 2,729 $ 186,709 Revenue $ 412,965 $ 278,700 $ 246,510 $ 938,175 - $ 938,175 Adjusted EBITDA Margin7 17.6 % 23.8 % 18.2 % 19.6 % NMP 19.9 % Hygiene, Health Building Nine Months Ended and Consumable Engineering Adhesive Segment Corporate H.B. Fuller August 29, 2026 Adhesives Adhesives Solutions Total Unallocated Consolidated Net income attributable to H.B. Fuller $ 146,429 $ 131,020 $ 67,177 $ 344,626 $ (176,595 ) $ 168,031 Adjustments: Acquisition project costs1 - - - - (8,033 ) (8,033 ) Organizational realignment2 - - - - 20,269 20,269 Project One3 - - - - 8,140 8,140 Other4 - - - - 11,317 11,317 Discrete tax items5 - - - - (1,621 ) (1,621 ) Income tax effect on adjustments6 - - - - (5,628 ) (5,628 ) Adjusted net income attributable to H.B. Fuller7 146,429 131,020 67,177 344,626 (152,151 ) 192,475 Add: Interest expense - - - - 97,910 97,910 Interest income - - - - (6,519 ) (6,519 ) Adjusted Income taxes - - - - 64,910 64,910 Depreciation and amortization expense8 49,945 47,130 40,607 137,682 - 137,682 Adjusted EBITDA7 $ 196,374 $ 178,150 $ 107,784 $ 482,308 $ 4,150 $ 486,458 Revenue 1,181,353 804,387 673,549 2,659,289 - 2,659,289 Adjusted EBITDA Margin7 16.6 % 22.1 % 16.0 % 18.1 % NMP 18.3 % 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) Hygiene, Health Building Three Months Ended: and Consumable Engineering Adhesive Segment 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 % Hygiene, Health Building Nine Months Ended and Consumable Engineering Adhesive Segment 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 % 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 SEGMENT FINANCIAL INFORMATION NET REVENUE GROWTH (unaudited) Three Months Ended Nine Months Ended August 29, 2026 August 29, 2026 Price 7.4 % 3.7 % Volume (3.0 )% (3.3 )% Organic Growth13 4.4 % 0.4 % M&A 0.1 % 0.3 % Constant currency 4.5 % 0.7 % F/X 0.7 % 2.4 % Total H.B. Fuller Net Revenue 5.2 % 3.1 % Revenue growth versus 2025 Three Months Ended August 29, 2026 Net Revenue F/X Constant Currency M&A Organic Growth13 Hygiene, Health and Consumable Adhesives 7.0 % 0.6 % 6.4 % 0.0 % 6.4 % Engineering Adhesives 2.4 % 1.3 % 1.1 % 0.4 % 0.7 % Building Adhesive Solutions 5.5 % 0.3 % 5.2 % 0.0 % 5.2 % Corporate Unallocated 0.0 % 0.0 % 0.0 % 0.0 % 0.0 % Total H.B. Fuller 5.2 % 0.7 % 4.5 % 0.1 % 4.4 % Revenue growth versus 2025 Nine Months Ended August 29, 2026 Net Revenue F/X Constant Currency M&A Organic Growth13 Hygiene, Health and Consumable Adhesives 2.6 % 2.4 % 0.2 % 0.3 % (0.1 )% Engineering Adhesives 2.4 % 2.6 % (0.2 )% 0.5 % (0.7 )% Building Adhesive Solutions 5.0 % 2.4 % 2.6 % 0.0 % 2.6 % Corporate Unallocated 0.0 % 0.0 % 0.0 % 0.0 % 0.0 % Total H.B. Fuller 3.1 % 2.4 % 0.7 % 0.3 % 0.4 % 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. H.B. FULLER COMPANY AND SUBSIDIARIES REGULATION G RECONCILIATION In thousands (unaudited) Three Months Ended Trailing Twelve Months14 Ended November 29, 2025 February 28, 2026 May 30, 2026 August 29, 2026 August 29, 2026 Net income attributable to H.B. Fuller $ 29,732 $ 21,045 $ 67,805 $ 79,182 $ 197,764 Adjustments: Acquisition project costs1 1,465 931 1,395 (10,358 ) (6,567 ) Organizational realignment2 11,396 10,022 4,413 5,834 31,665 Project One3 2,091 3,053 2,387 2,700 10,231 Other15 37,400 (95 ) 3,024 8,387 48,716 Discrete tax items16 (3,743 ) 98 356 (2,075 ) (5,364 ) Income tax effect on adjustments6 (7,745 ) (3,539 ) (1,848 ) (242 ) (13,374 ) Adjusted net income attributable to H.B. Fuller7 70,596 31,515 77,532 83,428 263,071 Add: Interest expense 32,547 32,373 32,584 32,953 130,457 Interest income (1,756 ) (2,069 ) (1,961 ) (2,489 ) (8,275 ) Adjusted Income taxes 23,420 10,862 27,075 26,973 88,330 Depreciation and Amortization expense17 45,246 46,023 45,815 45,844 182,928 Adjusted EBITDA7 $ 170,053 $ 118,704 $ 181,045 $ 186,709 $ 656,511 14 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. 15 Other for the three months ended November 29, 2025 includes losses associated with ongoing litigation and product claims related to a divested business and costs associated with the exit of a product line. Other for the three months ended May 30, 2026 includes acquired environmental liabilities and ongoing litigation and product claims related to a divested business. Other for the three months ended August 29, 2026 includes debt issuance fees related to an acquisition, acquired environmental liabilities and ongoing litigation and product claims related to a divested business. 16 Discrete tax items are related 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 ($234) for the three months ended November 29, 2025, ($342) for the three months ended February 28, 2026, ($237) for the three months ended May 30, 2026 and ($199) for the three months ended August 29, 2026 H.B. FULLER COMPANY AND SUBSIDIARIES REGULATION G RECONCILIATION In thousands (unaudited) August 29, 2026 November 29, 2025 August 30, 2025 Total debt $ 2,054,547 $ 2,016,937 $ 2,080,470 Less: Cash and cash equivalents 97,230 107,213 122,458 Net debt18 $ 1,957,317 $ 1,909,724 $ 1,958,012 Trailing twelve months14 / Year ended Adjusted EBITDA $ 656,511 $ 620,660 $ 598,944 Net Debt-to-Adjusted EBITDA18 3.0 3.1 3.3 18 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 29, 2026 May 30, 2026 August 30, 2025 Trade receivables, net $ 648,012 $ 622,745 $ 563,579 Inventory 582,645 526,737 502,956 Trade payables (537,126 ) (526,321 ) (459,409 ) Net working capital19 $ 693,531 $ 623,161 $ 607,126 Net revenue three months ended $ 938,175 $ 950,271 $ 892,043 Annualized net revenue19 3,752,700 3,801,084 3,568,172 Net working capital as a percentage of annualized revenue19 18.5 % 16.4 % 17.0 % 19 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) August 29, November 29, 2026 2025 Assets Current assets: Cash and cash equivalents $ 97,230 $ 107,213 Accounts receivable (net of allowances of $13,265 and $11,922, as of August 29, 2026 and November 29, 2025, respectively) 648,012 564,339 Inventory 582,645 471,963 Other current assets 157,985 119,750 Total current assets 1,485,872 1,263,265 Property, plant and equipment 2,061,887 1,956,209 Accumulated depreciation (1,083,003 ) (1,020,948 ) Property, plant and equipment, net 978,884 935,261 Goodwill 1,698,216 1,680,059 Other intangibles, net 748,693 805,867 Other assets 515,383 498,254 Total assets $ 5,427,048 $ 5,182,706 Liabilities, non-controlling interest and total equity Current liabilities: Accounts payable $ 537,126 $ 470,132 Accrued compensation 100,075 114,302 Income taxes payable 33,078 25,018 Other accrued expenses 147,782 133,907 Total current liabilities 818,061 743,359 Long-term debt 2,054,547 2,016,937 Accrued pension liabilities 51,525 51,317 Other liabilities 334,898 367,899 Total liabilities $ 3,259,031 $ 3,179,512 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 issued and outstanding – 53,818,019 and 54,174,963 as of August 29, 2026 and November 29, 2025, respectively $ 53,818 $ 54,175 Additional paid-in capital 285,521 298,017 Retained earnings 2,154,643 2,026,071 Accumulated other comprehensive loss (325,965 ) (375,045 ) Total H.B. Fuller stockholders' equity 2,168,017 2,003,218 Non-controlling interest - (24 ) Total equity 2,168,017 2,003,194 Total liabilities, non-controlling interest and total equity $ 5,427,048 $ 5,182,706 CONSOLIDATED STATEMENTS of CASH FLOWS H.B. Fuller Company and Subsidiaries (In thousands) Nine Months Ended August 29, 2026 August 30, 2025 Cash flows from operating activities: Net income including non-controlling interest $ 168,031 $ 122,342 Adjustments to reconcile net income including non-controlling interest to net cash provided by operating activities: Depreciation 73,278 68,314 Amortization 65,182 64,525 Deferred income taxes (15,478 ) (39,227 ) Loss from equity method investments, net of dividends received 1,422 1,045 Loss on the sale of business - 1,515 Loss on impairment of intangible asset - 478 Gain on sale or disposal of assets (1,025 ) (178 ) Share-based compensation 20,144 18,170 Pension and other post-retirement plan benefit (18,301 ) (16,393 ) Loss on debt extinguishment 6,598 - Unrealized gain on foreign exchange forward contract related to acquisition (19,713 ) - Change in assets and liabilities, net of effects of acquisitions: Accounts receivable, net (78,868 ) (3,336 ) Inventory (106,440 ) (42,095 ) Other assets (4,825 ) 2,176 Accounts payable 93,622 (25,764 ) Accrued compensation (15,184 ) (19,230 ) Other accrued expenses 21,131 6,856 Income taxes payable (3,409 ) (12,993 ) Pension plan assets and liabilities 1,385 (177 ) Other liabilities (5,110 ) 28,622 Foreign currency remeasurement 189 2,106 Net cash provided by operating activities 182,629 156,756 Cash flows from investing activities: Purchased property, plant and equipment (141,653 ) (94,593 ) Purchased businesses, net of cash acquired (3,817 ) (162,095 ) Payment of holdback on acquisitions (11,627 ) - Proceeds from sale of property, plant and equipment 4,638 843 Purchase of cost method investment - (2,549 ) Proceeds from the sale of a business - 75,727 Net cash used in investing activities (152,459 ) (182,667 ) Cash flows from financing activities: Proceeds from issuance of long-term debt 1,643,500 1,114,300 Repayment of long-term debt (1,603,993 ) (1,053,593 ) Payment of debt issuance costs (15,067 ) (1,047 ) Net payment of notes payable - (585 ) Dividends paid (39,149 ) (37,559 ) Proceeds from stock options exercised 12,177 5,519 Repurchases of common stock (48,862 ) (60,728 ) Net cash used in financing activities (51,394 ) (33,693 ) Effect of exchange rate changes on cash and cash equivalents 11,241 12,710 Net change in cash and cash equivalents (9,983 ) (46,894 ) Cash and cash equivalents at beginning of period 107,213 169,352 Cash and cash equivalents at end of period $ 97,230 $ 122,458 Source: H.B. Fuller Company