H.B. Fuller Reports Second Quarter 2026 Results

H.B. Fuller Reports Second Quarter 2026 Results June 24, 2026 Reported EPS (diluted) of $1.23; Adjusted EPS (diluted) of $1.41, up 19% year-on-year Net income of $68 million; Adjusted EBITDA of $181 million, up 9% year-on-year Record second quarter operating cash flow; Repurchased 750 thousand shares in the quarter Increases midpoint of full-year adjusted EBITDA and adjusted EPS guidance H.B. Fuller Company (NYSE: FUL) today reported financial results for its second quarter that ended May 30, 2026. Second Quarter 2026 Noteworthy Items: Net revenue was $950 million, up 5.8% year-on-year; organic revenue was up 2.6% year-on-year;Gross margin was 33.6%; adjusted gross margin of 34.2% increased 200 basis points year-on-year driven mainly by pricing execution and restructuring savings;Net income was $68 million; adjusted EBITDA was $181 million, up 9% versus last year; adjusted EBITDA margin was 19.1%, up 70 basis points year-on-year;Reported EPS (diluted) was $1.23; adjusted EPS (diluted) was $1.41, up 19% year-on-year, driven by higher adjusted net income;Record second quarter operating cash flow of $121 million dollars, up approximately 10% year-on-year. Summary of Second Quarter 2026 Results: The Company’s net revenue for the second quarter of fiscal 2026 was $950 million, up 5.8% versus the second quarter of fiscal 2025. Pricing increased net revenue by 3.0%, which more than offset slightly lower volume, resulting in a 2.6% organic revenue increase year-on-year. Foreign currency translation and the impact of acquisitions increased net revenue by 3.1% and 0.1%, respectively. Gross profit in the second quarter of fiscal 2026 was $320 million. Adjusted gross profit was $325 million. Adjusted gross profit margin of 34.2% increased 200 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 $202 million in the second quarter of fiscal 2026 and adjusted SG&A was $196 million, up 11% year-on-year. Adjusting for the impact of foreign exchange and variable compensation related to higher projected income for the year, adjusted SG&A was up approximately 3% year-on-year. Net income attributable to H.B. Fuller for the second quarter of fiscal 2026 was $68 million. Adjusted net income attributable to H.B. Fuller for the second quarter of fiscal 2026 was $78 million. Reported EPS (diluted) was $1.23 and adjusted EPS (diluted) was $1.41, up 19% year-on-year. Adjusted EBITDA in the second quarter of fiscal 2026 was $181 million, up 9% year-on-year, driven principally by the impact of pricing execution and restructuring savings. “We executed very well in the second quarter, delivering strong year-on-year revenue, EBITDA, and EPS growth, with results above the midpoint of our EBITDA guidance range,” said Celeste Mastin, president and chief executive officer. “Our global sourcing capabilities and swift pricing actions have enabled us to maintain supply continuity and reliably serve our customers through market disruption. These efforts, combined with our Quantum Leap restructuring initiative, have strengthened our competitive position and we remain confident in our ability to deliver strong financial results.” Mastin continued, “While the external environment remains dynamic, our focus is clear: we are executing on what we can control, leveraging our competitive strengths, and continuing to build a business that is more durable and better positioned to deliver superior long-term growth.” Balance Sheet and Working Capital: Net debt at the end of the second quarter of fiscal 2026 was $1,958 million, down $58 million year-on-year. Net debt-to-adjusted EBITDA was 3.1X, down from 3.4X at the end of the second quarter of fiscal 2025. Net working capital in the second quarter of fiscal 2026 was 16.4% as a percentage of annualized net revenue and decreased 260 basis points sequentially versus the first quarter. Cash flow from operations improved to $121 million, a record second quarter, driven primarily by higher net income. As previously communicated, cash flow delivery for 2026 is expected to be weighted to the second half of the 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 and the impact from foreign exchange is still expected to be positive 1% to 2%;Adjusted EBITDA for fiscal 2026 is now expected to be in the range of $650 million to $675 million;Adjusted EPS (diluted) is now expected to be in the range of $4.60 to $4.90;Cash flow from operations for fiscal 2026 is now expected to be in the range of $300 million to $325 million;Net revenue for the third quarter of 2026 is expected to be up mid-single digits; adjusted EBITDA for the third quarter of 2026 is expected to be in the range of $180 million to $190 million. Conference Call: The Company will hold a conference call on June 25, 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 June 25, 2026, to 10:59 p.m. CT on July 1, 2026. To access the telephone replay dial 1-800-770-2030 (toll free) or 1-609-800-9909 and enter the 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 Percent of Three Months Ended Percent of May 30, 2026 Net Revenue May 31, 2025 Net Revenue Net revenue $ 950,271 100.0 % $ 898,095 100.0 % Cost of sales (630,617 ) (66.4 )% (611,711 ) (68.1 )% Gross profit 319,654 33.6 % 286,384 31.9 % Selling, general and administrative expenses (202,365 ) (21.3 )% (186,340 ) (20.7 )% Other income, net 5,627 0.6 % 7,141 0.8 % Interest expense (32,756 ) (3.4 )% (34,865 ) (3.9 )% Interest income 1,961 0.2 % 854 0.1 % Income before income taxes and income from equity method investments 92,121 9.7 % 73,174 8.1 % Income taxes (25,584 ) (2.7 )% (32,726 ) (3.6 )% Income from equity method investments 1,268 0.1 % 1,397 0.2 % Net income including non-controlling interest 67,805 7.1 % 41,845 4.7 % Net income attributable to non-controlling interest - 0.0 % (17 ) (0.0 )% Net income attributable to H.B. Fuller $ 67,805 7.1 % $ 41,828 4.7 % Basic income per common share attributable to H.B. Fuller $ 1.25 $ 0.77 Diluted income per common share attributable to H.B. Fuller $ 1.23 $ 0.76 Weighted-average common shares outstanding: Basic 54,430 54,443 Diluted 55,069 54,952 H.B. FULLER COMPANY AND SUBSIDIARIES CONSOLIDATED FINANCIAL INFORMATION In thousands, except per share amounts (unaudited) Six Months Ended Percent of Six Months Ended Percent of May 30, 2026 Net Revenue May 31, 2025 Net Revenue Net revenue $ 1,721,115 100.0 % $ 1,686,758 100.0 % Cost of sales (1,165,413 ) (67.7 )% (1,173,299 ) (69.6 )% Gross profit 555,702 32.3 % 513,459 30.4 % Selling, general and administrative expenses (386,816 ) (22.5 )% (366,968 ) (21.8 )% Other income, net 12,377 0.7 % 10,347 0.6 % Interest expense (65,627 ) (3.8 )% (66,906 ) (4.0 )% Interest income 4,034 0.2 % 1,954 0.1 % Income before income taxes and income from equity method investments 119,670 7.0 % 91,886 5.4 % Income taxes (33,006 ) (1.9 )% (38,671 ) (2.3 )% Income from equity method investments 2,186 0.1 % 1,894 0.1 % Net income including non-controlling interest 88,850 5.2 % 55,109 3.3 % Net income attributable to non-controlling interest - 0.0 % (33 ) (0.0 )% Net income attributable to H.B. Fuller $ 88,850 5.2 % $ 55,076 3.3 % Basic income per common share attributable to H.B. Fuller $ 1.63 $ 1.01 Diluted income per common share attributable to H.B. Fuller $ 1.61 $ 0.99 Weighted-average common shares outstanding: Basic 54,580 54,721 Diluted 55,291 55,490 H.B. FULLER COMPANY AND SUBSIDIARIES REGULATION G RECONCILIATION In thousands, except per share amounts (unaudited) Three Months Ended Six Months Ended May 30, May 31, May 30, May 31, 2026 2025 2026 2025 Net income attributable to H.B. Fuller $ 67,805 $ 41,828 $ 88,850 $ 55,076 Adjustments: Acquisition project costs1 1,395 3,602 2,325 13,430 Organizational realignment2 4,413 6,635 14,435 15,409 Project One3 2,387 2,581 5,440 5,646 Other4 3,024 44 2,929 44 Discrete tax items5 356 13,961 454 14,952 Income tax effect on adjustments6 (1,848 ) (3,999 ) (5,386 ) (9,907 ) Adjusted net income attributable to H.B. Fuller7 77,532 64,652 109,047 94,650 Add: Interest expense 32,584 34,484 64,957 66,514 Interest income (1,961 ) (854 ) (4,030 ) (1,954 ) Adjusted Income taxes 27,075 22,765 37,937 33,626 Depreciation and Amortization expense8 45,815 44,613 91,838 87,180 Adjusted EBITDA7 $ 181,045 $ 165,660 $ 299,749 $ 280,016 Diluted Shares 55,069 54,952 55,291 55,490 Adjusted diluted income per common share attributable to H.B. Fuller7 $ 1.41 $ 1.18 $ 1.97 $ 1.71 Revenue $ 950,271 $ 898,095 $ 1,721,115 $ 1,686,758 Adjusted EBITDA margin6 19.1 % 18.4 % 17.4 % 16.6 % 1 Acquisition project costs include costs related to evaluating, acquiring and integrating business acquisitions. Acquisition project costs include $1,223 and $3,708 in transaction costs (primarily consulting and professional fees) and $172 and ($106) in purchase accounting costs (primarily professional fees for valuation services, interest on holdback liabilities and inventory step-up cost) for the three months ended May 30, 2026 and May 31, 2025, respectively. Acquisition project costs include $1,509 and $12,900 in transaction costs (primarily consulting and professional fees) and $816 and $530 in purchase accounting costs (primarily professional fees for valuation services, interest on holdback liabilities and inventory step-up cost) for the six months ended May 30, 2026 and May 31, 2025, 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 and the impact of accelerated depreciation. Organizational realignment includes $251 and $1,177 in professional fees related to legal entity and business structure changes, $3,012 and $3,320 in employee severance and other related costs, and $1,150 and $2,138 related to facility rationalization costs for the three months ended May 30, 2026 and May 31, 2025, respectively. Organizational realignment includes $611 and $3,416 in professional fees related to legal entity and business structure changes, $5,832 and $4,493 in employee severance and other related costs, and $7,992 and $7,500 related to facility rationalization costs for the six months ended May 30, 2026 and May 31, 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 six months ended May 30, 2026 includes acquired environmental liabilities and ongoing litigation and product claims related to a divested business. 5 Discrete tax items for the three and six months ended May 30, 2026 are related to various U.S. and foreign tax matters. Discrete tax items for the three and six 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. 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 ($237) and ($70) for the three months ended May 30, 2026 and May 31, 2025, respectively and ($579) and ($100) for the six months ended May 30, 2026 and May 31, 2025, respectively. H.B. FULLER COMPANY AND SUBSIDIARIES SEGMENT FINANCIAL INFORMATION In thousands (unaudited) Three Months Ended Six Months Ended May 30, May 31, May 30, May 31, 2026 2025 2026 2025 Net Revenue: Hygiene, Health and Consumable Adhesives $ 421,861 $ 397,475 $ 768,388 $ 765,700 Engineering Adhesives 283,239 276,418 525,688 513,177 Building Adhesive Solutions 245,171 224,202 427,039 407,881 Corporate unallocated - - - - Total H.B. Fuller $ 950,271 $ 898,095 $ 1,721,115 $ 1,686,758 Segment Operating Income: Hygiene, Health and Consumable Adhesives $ 56,370 $ 43,401 $ 85,361 $ 73,349 Engineering Adhesives 46,856 46,977 77,999 75,028 Building Adhesive Solutions 25,013 22,114 30,201 28,691 Corporate unallocated (10,950 ) (12,448 ) (24,675 ) (30,577 ) Total H.B. Fuller $ 117,289 $ 100,044 $ 168,886 $ 146,491 Adjusted EBITDA7 Hygiene, Health and Consumable Adhesives $ 75,564 $ 61,963 $ 123,601 $ 108,854 Engineering Adhesives 63,544 63,341 111,703 107,529 Building Adhesive Solutions 41,414 37,535 63,024 59,337 Corporate unallocated 523 2,821 1,421 4,296 Total H.B. Fuller $ 181,045 $ 165,660 $ 299,749 $ 280,016 Adjusted EBITDA Margin7 Hygiene, Health and Consumable Adhesives 17.9 % 15.6 % 16.1 % 14.2 % Engineering Adhesives 22.4 % 22.9 % 21.2 % 21.0 % Building Adhesive Solutions 16.9 % 16.7 % 14.8 % 14.5 % Corporate unallocated NMP NMP NMP NMP Total H.B. Fuller 19.1 % 18.4 % 17.4 % 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 Six Months Ended May 30, May 31, May 30, May 31, 2026 2025 2026 2025 Income before income taxes and income from equity method investments $ 92,121 $ 73,174 $ 119,670 $ 91,886 Adjustments: Acquisition project costs1 1,395 3,602 2,325 13,430 Organizational realignment2 4,413 6,635 14,435 15,409 Project One3 2,387 2,581 5,440 5,646 Other4 3,024 44 2,929 44 Adjusted income before income taxes and income from equity method investments9 $ 103,340 $ 86,036 $ 144,799 $ 126,415 9 Adjusted income before income taxes and income from equity investments is a non-GAAP financial measure. Adjusted income before income taxes and income from equity investments is defined as income before income taxes and income from equity investments before the specific adjustments shown above. The table above provides a reconciliation of adjusted income before income taxes and income from equity investments to income before income taxes and income from equity investments, the most directly comparable financial measure determined and reported in accordance with U.S. GAAP. H.B. FULLER COMPANY AND SUBSIDIARIES REGULATION G RECONCILIATION In thousands, except per share amounts (unaudited) Three Months Ended Six Months Ended May 30, May 31, May 30, May 31, 2026 2025 2026 2025 Income Taxes $ (25,584 ) $ (32,726 ) $ (33,006 ) $ (38,671 ) Adjustments: Acquisition project costs1 (230 ) (1,120 ) (466 ) (3,800 ) Organizational realignment2 (727 ) (2,063 ) (3,276 ) (4,455 ) Project One3 (393 ) (803 ) (1,170 ) (1,638 ) Other4 (497 ) (14 ) (473 ) (14 ) Discrete tax items5 356 13,961 454 14,952 Adjusted income taxes10 $ (27,075 ) $ (22,765 ) $ (37,937 ) $ (33,626 ) Adjusted income before income taxes and income from equity method investments $ 103,340 $ 86,036 $ 144,799 $ 126,415 Adjusted effective income tax rate10 26.2 % 26.5 % 26.2 % 26.6 % 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 Six Months Ended May 30, May 31, May 30, May 31, 2026 2025 2026 2025 Net revenue $ 950,271 $ 898,095 $ 1,721,115 $ 1,686,758 Gross profit $ 319,654 $ 286,384 $ 555,702 $ 513,459 Gross profit margin 33.6 % 31.9 % 32.3 % 30.4 % Adjustments: Acquisition project costs1 - 68 - 675 Organizational realignment2 2,583 2,467 7,521 7,923 Project One3 - (94 ) - 1 Other4 2,500 - 2,501 - Adjusted gross profit11 $ 324,737 $ 288,825 $ 565,724 $ 522,058 Adjusted gross profit margin11 34.2 % 32.2 % 32.9 % 31.0 % 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 Six Months Ended May 30, May 31, May 30, May 31, 2026 2025 2026 2025 Selling, general and administrative expenses $ (202,365 ) $ (186,340 ) $ (386,816 ) $ (366,968 ) Adjustments: Acquisition project costs1 1,223 3,654 1,660 11,360 Organizational realignment2 1,734 3,633 5,623 4,929 Project One3 2,387 2,676 5,440 5,646 Other4 523 44 1,925 44 Adjusted selling, general and administrative expenses12 $ (196,498 ) $ (176,333 ) $ (372,168 ) $ (344,989 ) 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 May 30, 2026 Adhesives Adhesives Solutions Total Unallocated Consolidated Net income attributable to H.B. Fuller $ 58,862 $ 47,958 $ 27,887 $ 134,707 $ (66,902 ) $ 67,805 Adjustments: Acquisition project costs1 - - - - 1,395 1,395 Organizational realignment2 - - - - 4,413 4,413 Project One3 - - - - 2,387 2,387 Other4 - - - - 3,024 3,024 Discrete tax items5 - - - - 356 356 Income tax effect on adjustments6 - - - - (1,848 ) (1,848 ) Adjusted net income attributable to H.B. Fuller7 58,862 47,958 27,887 134,707 (57,175 ) 77,532 Add: Interest expense - - - - 32,584 32,584 Interest income - - - - (1,961 ) (1,961 ) Adjusted Income taxes - - - - 27,075 27,075 Depreciation and amortization expense8 16,702 15,586 13,527 45,815 - 45,815 Adjusted EBITDA7 $ 75,564 $ 63,544 $ 41,414 $ 180,522 $ 523 $ 181,045 Revenue $ 421,861 $ 283,239 $ 245,171 $ 950,271 - $ 950,271 Adjusted EBITDA Margin7 17.9 % 22.4 % 16.9 % 19.0 % NMP 19.1 % Hygiene, Health Building Six Months Ended and Consumable Engineering Adhesive Segment Corporate H.B. Fuller May 30, 2026 Adhesives Adhesives Solutions Total Unallocated Consolidated Net income attributable to H.B. Fuller $ 90,346 $ 80,195 $ 35,949 $ 206,490 $ (117,640 ) $ 88,850 Adjustments: Acquisition project costs1 - - - - 2,325 2,325 Organizational realignment2 - - - - 14,435 14,435 Project One3 - - - - 5,440 5,440 Other4 - - - - 2,929 2,929 Discrete tax items5 - - - - 454 454 Income tax effect on adjustments6 - - - - (5,386 ) (5,386 ) Adjusted net income attributable to H.B. Fuller7 90,346 80,195 35,949 206,490 (97,443 ) 109,047 Add: Interest expense - - - - 64,957 64,957 Interest income - - - - (4,030 ) (4,030 ) Adjusted Income taxes - - - - 37,937 37,937 Depreciation and amortization expense8 33,255 31,508 27,075 91,838 - 91,838 Adjusted EBITDA7 $ 123,601 $ 111,703 $ 63,024 $ 298,328 $ 1,421 $ 299,749 Revenue 768,388 525,688 427,039 1,721,115 - 1,721,115 Adjusted EBITDA Margin7 16.1 % 21.2 % 14.8 % 17.3 % NMP 17.4 % 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 May 31, 2025 Adhesives Adhesives Solutions Total Unallocated Consolidated Net income attributable to H.B. Fuller $ 45,610 $ 47,948 $ 24,668 $ 118,226 $ (76,398 ) $ 41,828 Adjustments: Acquisition project costs1 - - - - 3,602 3,602 Organizational realignment2 - - - - 6,635 6,635 Project One3 - - - - 2,581 2,581 Other4 - - - - 44 44 Discrete tax items5 - - - - 13,961 13,961 Income tax effect on adjustments6 - - - - (3,999 ) (3,999 ) Adjusted net income attributable to H.B. Fuller7 45,610 47,948 24,668 118,226 (53,574 ) 64,652 Add: Interest expense - - - - 34,484 34,484 Interest income - - - - (854 ) (854 ) Adjusted Income taxes - - - - 22,765 22,765 Depreciation and amortization expense8 16,353 15,393 12,867 44,613 - 44,613 Adjusted EBITDA7 $ 61,963 $ 63,341 $ 37,535 $ 162,839 $ 2,821 $ 165,660 Revenue $ 397,475 $ 276,418 $ 224,202 $ 898,095 - $ 898,095 Adjusted EBITDA Margin7 15.6 % 22.9 % 16.7 % 18.1 % NMP 18.4 % Hygiene, Health Building Six Months Ended and Consumable Engineering Adhesive Segment Corporate H.B. Fuller May 31, 2025 Adhesives Adhesives Solutions Total Unallocated Consolidated Net income attributable to H.B. Fuller $ 77,771 $ 76,970 $ 33,799 $ 188,540 $ (133,464 ) $ 55,076 Adjustments: Acquisition project costs1 - - - - 13,430 13,430 Organizational realignment2 - - - - 15,409 15,409 Project One3 - - - - 5,646 5,646 Other4 - - - - 44 44 Discrete tax items5 - - - - 14,952 14,952 Income tax effect on adjustments6 - - - - (9,907 ) (9,907 ) Adjusted net income attributable to H.B. Fuller7 77,771 76,970 33,799 188,540 (93,890 ) 94,650 Add: Interest expense - - - - 66,514 66,514 Interest income - - - - (1,954 ) (1,954 ) Adjusted Income taxes - - - - 33,626 33,626 Depreciation and amortization expense8 31,083 30,559 25,538 87,180 - 87,180 Adjusted EBITDA7 $ 108,854 $ 107,529 $ 59,337 $ 275,720 $ 4,296 $ 280,016 Revenue $ 765,700 $ 513,177 $ 407,881 $ 1,686,758 - $ 1,686,758 Adjusted EBITDA Margin7 14.2 % 21.0 % 14.5 % 16.3 % NMP 16.6 % 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 (DECLINE) (unaudited) Three Months Ended Six Months Ended May 30, 2026 May 30, 2026 Price 3.0 % 1.8 % Volume (0.4 )% (3.5 )% Organic Growth13 2.6 % (1.7 )% M&A 0.1 % 0.4 % Constant currency 2.7 % (1.3 )% F/X 3.1 % 3.3 % Total H.B. Fuller Net Revenue 5.8 % 2.0 % Revenue growth versus 2025 Three Months Ended May 30, 2026 Net Revenue F/X Constant Currency M&A Organic Growth13 Hygiene, Health and Consumable Adhesives 6.1 % 3.1 % 3.0 % 0.0 % 3.0 % Engineering Adhesives 2.5 % 3.2 % (0.7 )% 0.3 % (1.0 )% Building Adhesive Solutions 9.4 % 3.2 % 6.2 % 0.0 % 6.2 % Corporate Unallocated 0.0 % 0.0 % 0.0 % 0.0 % 0.0 % Total H.B. Fuller 5.8 % 3.1 % 2.7 % 0.1 % 2.6 % Revenue growth versus 2025 Six Months Ended May 30, 2026 Net Revenue F/X Constant Currency M&A Organic Growth13 Hygiene, Health and Consumable Adhesives 0.4 % 3.2 % (2.8 )% 0.4 % (3.2 )% Engineering Adhesives 2.4 % 3.2 % (0.8 )% 0.6 % (1.4 )% Building Adhesive Solutions 4.7 % 3.6 % 1.1 % 0.0 % 1.1 % Corporate Unallocated 0.0 % 0.0 % 0.0 % 0.0 % 0.0 % Total H.B. Fuller 2.0 % 3.3 % (1.3 )% 0.4 % (1.7 )% 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 12 Months14 Ended August 30, 2025 November 29, 2025 February 28, 2026 May 30, 2026 May 30, 2026 Net income attributable to H.B. Fuller $ 67,160 $ 29,732 $ 21,045 $ 67,805 $ 185,742 Adjustments: Acquisition project costs1 518 1,465 931 1,395 4,309 Organizational realignment2 4,620 11,396 10,022 4,413 30,451 Project One3 2,499 2,091 3,053 2,387 10,030 Other15 1,711 37,400 (95 ) 3,024 42,040 Discrete tax items16 (3,742 ) (3,743 ) 98 356 (7,031 ) Income tax effect on adjustments6 (3,402 ) (7,745 ) (3,539 ) (1,848 ) (16,534 ) Adjusted net income attributable to H.B. Fuller7 69,364 70,596 31,515 77,532 249,007 Add: Interest expense 33,369 32,547 32,373 32,584 130,873 Interest income (1,110 ) (1,756 ) (2,069 ) (1,961 ) (6,896 ) Adjusted Income taxes 23,671 23,420 10,862 27,075 85,028 Depreciation and Amortization expense17 45,298 45,246 46,023 45,815 182,382 Adjusted EBITDA7 $ 170,592 $ 170,053 $ 118,704 $ 181,045 $ 640,394 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. 16 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 three months ended November 29, 2025 relate to various U.S. and foreign tax matters. Discrete tax items for the three months ended February 28, 2026 are related to various U.S. and foreign tax matters. Discrete tax items for the three months ended May 30, 2026 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 ($261) for the three months ended August 30, 2025, ($234) for the three months ended November 29, 2025, ($342) for the three months ended February 28, 2026 and ($237) for the three months ended May 30, 2026. H.B. FULLER COMPANY AND SUBSIDIARIES REGULATION G RECONCILIATION In thousands (unaudited) May 30, 2026 November 29, 2025 May 31, 2025 Total debt $ 2,072,151 $ 2,016,937 $ 2,112,428 Less: Cash and cash equivalents 114,102 107,213 96,785 Net debt18 $ 1,958,049 $ 1,909,724 $ 2,015,643 Trailing twelve months14 / Year ended Adjusted EBITDA $ 640,394 $ 620,660 $ 593,604 Net Debt-to-Adjusted EBITDA18 3.1 3.1 3.4 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) May 30, 2026 February 28, 2026 May 31, 2025 Accounts receivable, net $ 622,745 $ 532,180 $ 584,026 Inventories 526,737 506,776 495,588 Accounts payable (526,321 ) (453,035 ) (481,957 ) Net working capital19 $ 623,161 $ 585,921 $ 597,657 Net revenue three months ended $ 950,271 $ 770,844 $ 898,095 Annualized net revenue19 3,801,084 3,083,376 3,592,379 Net working capital as a percentage of annualized revenue19 16.4 % 19.0 % 16.6 % 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) May 30, November 29, 2026 2025 Assets Current assets: Cash and cash equivalents $ 114,102 $ 107,213 Accounts receivable (net of allowances of $12,712 and $11,922, as of May 30, 2026 and November 29, 2025, respectively) 622,745 564,339 Inventories 526,737 471,963 Other current assets 135,836 119,750 Total current assets 1,399,420 1,263,265 Property, plant and equipment 2,034,140 1,956,209 Accumulated depreciation (1,066,347 ) (1,020,948 ) Property, plant and equipment, net 967,793 935,261 Goodwill 1,693,481 1,680,059 Other intangibles, net 766,626 805,867 Other assets 501,473 498,254 Total assets $ 5,328,793 $ 5,182,706 Liabilities, non-controlling interest and total equity Current liabilities: Accounts payable $ 526,321 $ 470,132 Accrued compensation 95,728 114,302 Income taxes payable 19,909 25,018 Other accrued expenses 137,103 133,907 Total current liabilities 779,061 743,359 Long-term debt 2,072,151 2,016,937 Accrued pension liabilities 51,281 51,317 Other liabilities 343,836 367,899 Total liabilities $ 3,246,329 $ 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 – 53,785,879 and 54,174,963 as of May 30, 2026 and November 29, 2025, respectively $ 53,786 $ 54,175 Additional paid-in capital 275,507 298,017 Retained earnings 2,088,749 2,026,071 Accumulated other comprehensive loss (335,578 ) (375,045 ) Total H.B. Fuller stockholders' equity 2,082,464 2,003,218 Non-controlling interest - (24 ) Total equity 2,082,464 2,003,194 Total liabilities, non-controlling interest and total equity $ 5,328,793 $ 5,182,706 CONSOLIDATED STATEMENTS of CASH FLOWS H.B. Fuller Company and Subsidiaries (In thousands) Six Months Ended May 30, 2026 May 31, 2025 Cash flows from operating activities: Net income including non-controlling interest $ 88,850 $ 55,109 Adjustments to reconcile net income including non-controlling interest to net cash provided by operating activities: Depreciation 48,772 44,837 Amortization 43,646 42,443 Deferred income taxes (9,098 ) (14,068 ) Income from equity method investments, net of dividends received (2,186 ) (1,894 ) Loss on the sale of business - 1,515 Loss on impairment of intangible asset - 478 Gain on sale or disposal of assets (833 ) (101 ) Share-based compensation 12,580 12,003 Pension and other post-retirement plan benefit (12,239 ) (11,039 ) Change in assets and liabilities, net of effects of acquisitions: Accounts receivable, net (53,893 ) (28,942 ) Inventories (51,313 ) (40,182 ) Other assets (9,291 ) 2,364 Accounts payable 80,473 11,602 Accrued compensation (19,643 ) (23,494 ) Other accrued expenses 13,522 1,097 Income taxes payable (10,287 ) (10,587 ) Pension plan assets and liabilities 698 76 Other liabilities (6,052 ) 24,804 Foreign currency remeasurement 3,463 (8,252 ) Net cash provided by operating activities 117,169 57,769 Cash flows from investing activities: Purchased property, plant and equipment (104,380 ) (64,534 ) Proceeds from sale of property, plant and equipment 4,408 1,438 Payment of holdback on acquisitions (11,627 ) - Purchased businesses, net of cash acquired - (162,032 ) Purchase of cost method investment - (2,549 ) Proceeds from the sale of a business - 75,727 Net cash used in investing activities (111,599 ) (151,950 ) Cash flows from financing activities: Proceeds from issuance of long-term debt 627,000 784,900 Repayment of long-term debt (571,683 ) (687,751 ) Payment of debt issuance costs - (1,047 ) Net payment of notes payable - (588 ) Dividends paid (25,970 ) (24,864 ) Proceeds from stock options exercised 10,266 2,475 Repurchases of common stock (48,771 ) (60,664 ) Net cash (used in) provided by financing activities (9,158 ) 12,461 Effect of exchange rate changes on cash and cash equivalents 10,477 9,153 Net change in cash and cash equivalents 6,889 (72,567 ) Cash and cash equivalents at beginning of period 107,213 169,352 Cash and cash equivalents at end of period $ 114,102 $ 96,785 Source: H.B. Fuller Company