First Quarter 2026 H.B. Fuller Earnings Conference Call 1200 Willow Lake Blvd, St Paul, Minnesota 55110 www.hbfuller.com March 26, 2026 Disclosure Safe Harbor Statement Certain matters discussed today are forward-looking statements within the meaning of the federal securities laws, including Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such statements reflect our current expectations, and actual results may differ as they are subj ...

Core Insights - H. B. Fuller reported a revenue of $770.84 million for the quarter ended February 2026, reflecting a decrease of 2.3% year-over-year and a revenue surprise of -2.44% compared to the Zacks Consensus Estimate of $790.1 million [1] - The company's EPS for the quarter was $0.57, which is an increase from $0.54 in the same quarter last year, resulting in an EPS surprise of +2.39% against the consensus estimate of $0.56 [1] Revenue Performance - Net Revenue from Hygiene, Health and Consumable Adhesives was $346.53 million, which is below the average estimate of $364.87 million, marking a year-over-year decline of 5.9% [4] - Net Revenue from Building Adhesive Solutions was reported at $181.87 million, slightly above the average estimate of $181.11 million [4] - Net Revenue from Engineering Adhesives reached $242.45 million, compared to the average estimate of $251.05 million, showing a year-over-year increase of 2.4% [4] EBITDA Performance - Adjusted EBITDA for Engineering Adhesives was $48.16 million, exceeding the average estimate of $47.65 million [4] - Adjusted EBITDA for Building Adhesive Solutions was reported at $21.61 million, surpassing the average estimate of $20.88 million [4] - Adjusted EBITDA for Hygiene, Health and Consumable Adhesives was $48.04 million, slightly below the average estimate of $48.19 million [4] Stock Performance - H. B. Fuller shares have declined by 19% over the past month, while the Zacks S&P 500 composite has decreased by 4.7% [3] - The stock currently holds a Zacks Rank 3 (Hold), indicating expected performance in line with the broader market in the near term [3]

Core Viewpoint - Seaport Global Securities upgraded HB Fuller from Neutral to Buy with a price target of $80.00, resulting in a pre-market share increase of over 1% [1] Financial Performance - HB Fuller is expected to achieve strong year-on-year EBITDA growth in fiscal 2025 despite sluggish demand, driven by margin expansion from lower costs and mix improvements [2] - The EBITDA margin increased by 110 basis points year-over-year, even with declining volumes, indicating effective execution in pricing, procurement, portfolio restructuring, and manufacturing optimization [2] Segment Performance - The Engineering Adhesives segment led growth with a 14% EBITDA increase, while Building Adhesive Solutions outperformed underlying markets, benefiting from data center construction demand and growth in the Middle East [3] - The Hygiene, Health & Consumables segment showed weakness but was partially offset by demand from medical applications [3] Future Projections - Seaport projects an additional $25 million in price/cost tailwinds for FY26 and approximately $70 million in optimization benefits through FY30 [4] - The current valuation at 7.8x forward EBITDA is below the 3-year average of 9.0x, supporting the upgrade [4]

Third Quarter 2025 Conference Call September 25, 2025 ® 2025 H.B. Fuller Title Slide Disclosure ® 2025 H.B. Fuller Third Quarter Highlights Adjusted EBITDA $171M Up 3% YOY Adjusted EBITDA Margin 19.1% Up 110 bps YOY Safe Harbor Statement Certain matters discussed today are forward-looking statements within the meaning of the federal securities laws, including Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such statements reflect our ...

Financial Performance - Adjusted EBITDA and Adjusted EPS increased by 5% year-over-year[6] - Adjusted gross margin increased by 110 bps to 32.2% due to cost savings, acquisitions/divestitures, and pricing actions[6] - Adjusted EBITDA margin increased by 130 bps year-over-year to 18.4%[6] - Q2 2025 adjusted EBITDA increased 5% year-over-year to $166 million[16] - Q2 2025 adjusted EPS increased 5% year-over-year to $1.18, driven by higher adjusted net income and lower shares outstanding[16] Revenue and Organic Growth - Organic revenue increased by 0.4% year-over-year[16] - Expect fiscal year 2025 net revenue to be down 2% to 3%[18] - Expect fiscal year 2025 organic revenue to be flat to up 2% year-over-year[18] Segment Performance - Hygiene, Health, and Consumable Adhesives organic revenue increased 1.7% year-over-year, with an adjusted EBITDA margin of 15.6%[9] - Engineering Adhesives organic revenue declined 0.4% year-over-year, but adjusted EBITDA margin increased 310 bps year-over-year to 22.9%[9] - Building Adhesive Solutions organic sales decreased 0.9% year-over-year, but adjusted EBITDA margin expanded 60 bps year-over-year to 16.7%[9] Financial Guidance - Expect fiscal year 2025 adjusted EBITDA to be in the range of $615 million to $630 million, representing a 4% to 6% increase year-over-year[18] - Expect fiscal year 2025 adjusted EPS to be in the range of $4.10 to $4.30, representing growth of 7% to 12% year-over-year[18]

Financial Performance - Adjusted EPS was $0.54[6], down compared to Q1 2024 due to lower operating income[14] - Adjusted EBITDA reached $114 million[6], but was negatively impacted by foreign exchange by approximately $5 million year-over-year[14] - Adjusted EBITDA margin was 14.5%[6], compared to 15.2% in the prior year[24] - Organic revenue increased by 1.9% year-over-year, driven by positive volume and pricing performance[6] - Net revenue decreased by 2.7% year-over-year[36], from $810.419 million to $788.663 million[22] Segment Performance - Hygiene, Health, and Consumable Adhesives saw organic revenue increase by 4% year-over-year[8] - Engineering Adhesives organic revenue declined by 2%[8], but adjusted EBITDA margin increased by 180 basis points year-over-year to 18.7%[8] - Building Adhesive Solutions organic sales increased by 2% year-over-year[8] Regional Performance - Americas organic revenue decreased by 1% year-over-year[12] - EIMEA (Europe, India, Middle East, and Africa) organic revenue increased by 4% year-over-year[12] - Asia-Pacific organic revenue increased by 7% year-over-year[12] 2025 Financial Guidance - The company expects net revenue to be down 2% to 4% year-over-year[16]; excluding the impact of Flooring, net revenue is expected to be up 1% to 2% year-over-year[16] - Adjusted EBITDA is expected to be in the range of $600 million to $625 million[16], representing a 1% to 5% increase year-over-year[16] - Adjusted EPS is expected to be in the range of $3.90 to $4.20[16], representing year-over-year growth of 2% to 9%[16]