H.B. Fuller Reports Third Quarter 2026 Results

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Price: $50.21 -1.68%

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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

ST. PAUL, Minn.--(BUSINESS WIRE)-- 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	%

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