H. B. Fuller Company · NYSE:FUL
H. B. Fuller — Fuller H B — Investor Day (April 2022)
136 slides from H. B. Fuller's investor day presentation, Apr 13, 2022
Slide 1: Reaching New Heights Investor Day 2022
REACHING NEW HEIGHTS INVESTOR DAY 2022 April 13, 2022 = HB. Fuller | connecting wnat matters,
Slide 2: Safe Harbor Statement
Safe Harbor Statement Certain matters discussed today may be considered 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 r
Slide 3: Today's Agenda
Today’s Agenda Company Overview and Strategic Update EsG Q&A Session #1 Innovation Hygiene, Health and Consumable Adhesives Construction Adhesives Engineering Adhesives Operational Excellence Financials & Capital Allocation Closing Remarks & Q&A Session #2 REACHING NEW HEIGHTS INVESTOR DAY 2022 ©HB.
Slide 4: Today's Speakers
Today’s Speakers Vd Jim Owens Celeste Mastin John Corkrean Traci Jensen President & CEO EVP & COO EVP & CFO VP, Global Process Improvement 34 y Jim East Boz Malik Zhiwei Cai ‘SVP, Hygiene, Health and ‘SVP, Construction EVP, Engineering ‘Consumable Adhesives Adhesives Adhesives REACHING NEW HEIGHTS I
Slide 5: 2022
2022
Slide 6: H.B. Fuller at a glance
6,500+ employees 130+ years of history $3.3 69 manufacturing facilities 38 technology centers 125 countries with sales 3 global business units 30 market segments 10,000 adhesive solutions 492 patents 53 consecutive year of dividends with annual dividend increases ©HB. Fuller Company, 2022 |
Slide 7: We have strengthened our portfolio through strategic M&A
We have strengthened our portfolio through strategic M&A ... Accelerating New Market Geographic Portfolio Mix Technologies Diversification Expansion TTaMeTormation| < ronan ROYAL sata anus aa <> ADHESNES 4 SEALANTS A . ‘ APOLLO REACHING NEW HEIGHTS INVESTOR DAY 2022 HB. Fuller Company, 2022 | 7
Slide 8: ... and enhance speed and collaboration
... and enhance speed and collaboration Aligned to three Global Business Units (“GBUs”) in 2019 Engineering Hygiene Health & Consumable ae Benefits Realized: ‘Adhesives = Enhanced strategic alignment of market segment strategies = Accelerated global coordination across regions and end markets = Simp
Slide 9: We have delivered strong revenue and earnings growth
We have delivered strong revenue and earnings growth ... Revenue ($ in millions) $3.38 8% CAGR $218 5 | 2010 2016 2021 Adjusted EBITDA ($ in millions) ‘s467™M 10% CAGR ‘s270M st5oM 2021 2010 2016 "Prose see Append for reconctston ofodustenon GAAP eis oe nearest GAAP ensure REACHING NEW HEIGHTS INVES
Slide 10: ... driven by our portfolio of highly specified solutions
... driven by our portfolio of highly specified solutions 2010 2021 $1.4B Revenue | $159M Adjusted EBITDA $3.3B Revenue | $467M Adjusted EBITDA Less “ Specified Specified, 23% Highly Specified, “Hany spectedpphstons nee Engnesrng Adhesives, Construct, and Hes and Sealy oder speciedapicaons cs Hypane
Slide 11: We have built a highly diversified business
We have built a highly diversified business ... End Market Diversity Geographic Diversity Raw Material Diversity Engineering ‘Adhesives. a Top 25 Raw Jy Materials: Europe, India Middle sylene Heath 5 ier stand Aiea ‘saarae 45% REACHING NEW HEIGHTS INVESTOR DAY 2022 ©HB. Fuller Company, 2022 | 11
Slide 12: ... enabling resilience and agility in the face of market turbulence
... enabling resilience and agility in the face of market turbulence of Seed VY. Balanced portfolio ¥ Pricing power Financial performance already ahead of 2019 levels Net Revenue EBITDA ex: 467M, 432M $298 ‘407M, : L 2019 2020 2021 7 2019 " 2020 , 2021 , REACHING NEW HEIGHTS INVESTOR DAY 2022 ©HB. F
Slide 13: Why invest in H.B. Fuller today?
invest in H.B. Fuller today? Gaining market share in attractive specialized adhesives market Driving higher margins through portfolio transformation and operational efficiencies Generating strong cash flow across business cycles Why i & Delivering faster organic growth than competition through innov
Slide 14: Adhesives are a critical part of everyday products
Adhesives are a critical part of everyday products ... Food Safe Packaging Building & Construction Medical Devices REACHING NEW HEIGHTS INVESTOR DAY 2022 HB. Fuller Company, 2022 | 14
Slide 15: ... and help to facilitate key megatrends
... and help to facilitate key megatrends isos <- Clean Energy Hygiene and Health REACHING NEW HEIGHTS INVESTOR DAY 2022 ©HB. Fuller Company, 2022 | 15
Slide 16: The global adhesives market continues to grow rapidly
The global adhesives market continues to grow rapidly ... Global Adhesives Market*: iar ‘$688 3.7% as 1300-20008 tar os $398 $316 $278 1200 $198 i f |] I nae fos 2900S aN. 20S MAL E2890 ‘oneness mae Peon ate Fra nhs a xc ene REACHING NEW HEIGHTS INVESTOR DAY 2022 ©HB. Fuller Company, 2022 | 16
Slide 17: ... and has attractive industry dynamics
... and has attractive industry dynamics v Opportunities for v Favorable competitive Diversity of customers specialization dynamics and materials * FUL consistently leading player = Global competitors are not as * Top 10 customers comprise less in some of the most specialized focused and well coordi
Slide 18: H.B. Fuller has significant competitive advantages today
H.B. Fuller has significant competitive advantages today Global + Allows us to be where our customers need.us and supports business continuity Footprint + Strong global supply chain provides assurance for world's largest brand owners Apokeaticnss * Diversified portfolioof available adhesive chemistr
Slide 19: We are setting clear financial objectives moving forward
We are setting clear financial objectives moving forward Volume 3% to 5% annual organic volume growth Pricing to more than offset raw material, wage and other inflation Profit Double-digit organic EBITDA growth Cash Flow > 100% free cash flow conversion REACHING NEW HEIGHTS INVESTOR DAY 2022 ©HB. Fu
Slide 20: Leveraging GBUs for Growth
® Leveraging GBUs for Growth Increased speed and agility through streamlined organization, improved Visibility with directline of sight to end market trends and customers, and leaders with end market and industry experience ) Innovation Identifying key market trends early and developing the most adv
Slide 21: We have key strategic actions in place: Leveraging GBUs for Growth
We have key strategic actions in place to achieve them ... ® Leveraging GBUs for Growth Increased speed and agility through streamlined organization, improved Visibility with directline of sight to end market trends and customers, and leaders with end market and industry experience 2022 | 24 REACHIN
Slide 22: We have key strategic actions in place: Operating Excellence
We have key strategic actions in place to achieve them ... gt Operating Excellence REACHING NEW HEIGHTS INVESTOR DAY 2022 Leveraging our cultural alignment as a competitive advantage. Deepening core competencies and enhancing operating efficiencies through use of standardized performancemetrics and
Slide 23: We have key strategic actions in place: Innovation
We have key strategic actions in place to achieve them ... -) Innovation Identifying key market trends early and developing the most advanced adhesive solutions for our customers to continue gaining market share REACHING NEW HEIGHTS INVESTOR DAY 2022 H.B. Fuller Company, 2022 | 23
Slide 24: We have key strategic actions in place: Opportunistic M&A
We have key strategic actions in place to achieve them ... REACHING NEW HEIGHTS INVESTOR DAY 2022 1 Opportunistic M&A Looking for unique bolt-on assets that provide access to new technology or facilitate entry to new markets / geographies HB. Fuller Compan ny, 2022 | 24
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2022
Slide 26: H.B. Fuller's ESG philosophy is deeply embedded in our culture
H.B. Fuller’s ESG philosophy is deeply embedded in our culture and processes H.B. Fuller's strategy is to be the best adhesives company in the world as a responsible corporate citizen that: = creates a safe and respectful working environment for all employees = improves communities where we live and
Slide 27: We remain focused on two environmental priorities
We remain focused on two environmental priorities & Fi, ENABLING CUSTOMERS REDUCING THE TO REACH THEIR ENVIRONMENTAL IMPACT SUSTAINABILITY GOALS OF OUR OPERATIONS REACHING NEW HEIGHTS R 2022
Slide 28: We have made significant progress toward our goals
We have made significant progress toward our goals ENERGY GREENHOUSE GAS WASTE WATER Reduce energy Reduce scope 1 and Reduce solid waste Reduce water intensity 20% 2 GHG emissions intensity 10% withdrawal intensity between 2014-2025 intensity 20% between 2014-2025 10% between 2014- between 2014-2025
Slide 29: Reducing carbon footprint with strategic initiatives
Reducing carbon footprint with strategic initiatives Installed solar Converted forklifts to panels, for energy electric, resulting in and cost savings, a CO, reduction of and EV charging 453,000 pounds stations REACHING NEW HEIGHTS INVESTOR DAY 2022 Invested in a new air leakage detection system, co
Slide 30: Enhancing the environmental impact of our facilities
Enhancing the environmental impact of our faci " al Rionegro, Colombia * Skylights throughout building used in . place of lighting Rainwater captured and re-used for production, irrigation, and recycled wastewater REACHING NEW HEIGHTS INVESTOR DAY 2022 ities f Liineburg, Germany First lab building i
Slide 31: Our path to sustainable innovations
Our path to sustainable innovations A Recycle Regenerate Reduce + Strategic partnerships with suppliers and customers REACHING NEW HEIGHTS INVESTOR DAY 2022 31
Slide 32: Our responsible adhesives support a circular economy
Our responsible adhesives support a circular economy 53% of new product introductions with primary focus on helping customers achieve their sustainability objectives REACHING NEW HEIGHTS INVESTOR DAY 2022
Slide 33: Cultivating an environment of integrity, diversity and equity
Cultivating an environment of integrity, diversity and equity OUR CULTURALLY DIVERSE WORKFORCE IN 2020 38% 30% i 0) North America (EMEA, 23% sstetates) Asa Pacific 9% Latin America OVER 6,400 EMPLOYEES IN 35 COUNTRIES 33,700+ HOURS OF TRAINING REACHING NEW HEIGHTS INVESTOR DAY 2022 Medical plan prem
Slide 34: Making a difference in our communities
Making a difference in our communities 2021 H.B. Fuller Philanthropy and Volunteerism Donations Made Employee Volunteers Organizations Supported 25 COUNTRIES REACHED: FE Agentina GE China ME Germany ES Malaysia BPE Metco Tukey Philippines $B United Kingdom Portugal SEES. United States Hew Chile BB F
Slide 35: Best-in-class corporate governance
Best-in-class corporate governance V8 out of 9 independent directors Balanced board tenure with 50% of directors joined within the last 5 years 33% female directors, compared to 24% for Russell 3000 and 29% for S&P 5001 Vv Diverse representation of backgrounds, skills and expertise A Actively engage
Slide 36: Key Takeaways
Key Takeaways We have dramatically transformed the company over the last 10 years — strengthening our portfolio and optimizing our structure and business model: Nimble, cost-effective commercial organization Capital-light, highly cash generative business model Focused, disciplined approach to capita
Slide 37: 2022
2022
Slide 38: REACHING NEW HEIGHTS INVESTOR DAY 2022
REACHING NEW HEIGHTS INVESTOR DAY 2022
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2022
Slide 40: Innovating to address customers' most pressing adhesion challenges
Innovating to address customers’ most pressing adhesion challenges Manufacturers Manufacturers developnew developnew products processes Nv "ee Produce most advanced adhesive (Specify a rrarineaice solutions for customers H.B. Fuller market- » = specific application ae | i experts identify key i | it
Slide 41: Helping our customers meet demands of global trends
Helping our customers meet demands of global trends RECYCLABLE Industry trend Shift from fasteners to adhesives Increased use of composites Demand for alternative, sustainable energy sources Globally aging population Electric vehicles and vehicle light-weighting Demand for energy efficient buildings
Slide 42: Our people are the core of our culture of innovation
Our people are the core of our culture of innovation = Globally connected team: Our team collaborates across business units and country lines. * Innovation is in our DNA: Itis embedded in our culture. We stay on top of evolving market trends and opportunities. = Problem solvers: We solve our custome
Slide 43: Technology Centers of Excellence support innovation around the world
Technology Centers of Excellence support innovation around the world Includes a showroom for customers to experience innovations in-person Houses the Insulating Glass Technical Center of Excellence REACHING NEW HEIGHTS INVESTOR DAY 2022 Automotive Competence Center formulates and tests automotive ad
Slide 44: Innovating sustainable solutions
Innovating sustainable solutions Range of bonding solutions for automobiles provide improved fuel nB Ughiweighting: efficiency and safety Innovative rigid paper fastener that replaces plastic rings, tops and Recyclable shrink wrap on aluminum can multi-packs 2 Compostability Compostable adhesive sol
Slide 45: Innovating sustainable solutions
Innovating sustainable solutions Lightweighting Range of bonding solutions for automobiles provide improved fuel Recyclable Compostability ral Lower VOC Sustainable Packaging REACHING NEW HEIGHTS INVESTOR DAY 2022 efficiency and safety Innovative rigid paper fastener that replaces plastic rings, top
Slide 46: Innovating sustainable solutions
Innovating sustainable solutions Lighiwelgiitin Range of bonding solutions for automobiles provide improved fuel ig so g efficiency and safety Innovative rigid paper fastener that replaces plastic rings, tops and shrink wrap on aluminum can multi-packs Recyclable Compostability Compostable adhesive
Slide 47: Innovating sustainable solutions
Innovating sustainable solutions Range of bonding solutions for automobiles provide improved fuel Ughiweighting: efficiency and safety Innovative rigid paper fastener that replaces plastic rings, tops and Recyclable shrink wrap on aluminum can multi-packs 2 Compostability Compostable adhesive soluti
Slide 48: Enabling tamper-proof, easy to use, sustainable packaging
Enabling tamper-proof, easy to use, sustainable packaging H.B. Fullerdesigns and develops adhesive solutions specifically forthe e-commerce industry “= + Experts at navigating the demanding e-commerce ‘supply chain and enhancing fulfillment efficiency + Certified member ofthe Amazon Packaging Suppor
Slide 49: Connecting the vehicles of tomorrow
Connecting the vehicles of tomorrow High bond acc tapes and sealants bel emblems, mouldings Reveal molding acheshes, )ass molding atheshes, fred ass achesies Door water stild Lens bonding mal management materi, butler pack re retardant Weather stipning encapsulant, structural boning ‘accessdrain hol
Slide 50: Key Takeaways
Key Takeaways * Innovation is a core value at H.8. Fuller and critical to continuing to win in the global adhesives market. * The three key parts of our approach are: our segment-driven business; our drive to be “first and fastest”; and our people. * Outsized percentage of new product pipeline is fo
Slide 51: REACHING NEW HEIGHTS INVESTOR DAY 2022
REACHING NEW HEIGHTS INVESTOR DAY 2022
Slide 52: 2022
2022
Slide 53: Hygiene, Health and Consumable Adhesives At-a-Glance
Hygiene, Health and Consumable Adhesives At-a-Glance Market position in HHC popdia TOile tussles — 2021 revenue Facilities Patents and patents pending REACHING NEW HEIGHTS INVESTOR DAY 2022 ©HB. Fuller Company, 2022 | 53
Slide 54: Market Overview
Market Overview Addressable Market Size* Market Trends $138 = Increasing demand for more sustainable, lighter and efficient packaging 08 designed fora circular economy z Heightened adoption of e-commerce Rising disposable hygiene product use in emerging markets Population aging driving higher demand
Slide 55: HHC Financial Summary
HHC Financial Summary Revenue ($ in billions) Adj. EBITDA ($ in millions) CAGR 5% $197 $15 a 5 2019 Revenue 2021 Revenue 2019 EBITDA 2021 EBITDA 1K Tai Revenue: Low- to mid-single digits EBITDA: Mid teens REACHING NEW HEIGHTS INVESTOR DAY 2022 “Pease see Append orreconcsaons of aust non-GAAPmetis to
Slide 56: How FUL wins in the market
How FUL wins in the market Competitive Advantages Innovation pipeline focused on high value product development projects Global sourcing network to provide secure supply to multinational customers First-to-market with new and unique materials (supplier innovations) Deep and wide relationships across
Slide 57: Superior technical service and customer training
Superior technical service and customer training REACHING NEW HEIGHTS INVESTOR DAY 2022 H.B. Fuller Company, 2022 | 57
Slide 58: How FUL wins in the market
How FUL wins in the market Competitive Advantages & Innovation pipeline focused on high value product development projects Global sourcing network to provide secure supply to multinational customers 2 First-to-market with new and unique &X@ materials (supplier innovations) £8 Deep and wide relations
Slide 59: Innovation Approach
Innovation Approach ~$500mm innovation pipeline, with 44% of pipeline made up of sustainable solutions Reduce, recycle, and Flexible packaging Sustainable and low SOI fossil-free rigid packaging compostability and technologies to meet emerging alternatives mechanical recycling market personal care n
Slide 60: Innovative Sustainable Solutions
Innovative Sustainable Solutions Full-Care™ 6222 positioning adhesive reduces adhesive by 20% Sesame® Reinforcement Tapes enable lightweight packages Swift@therm 1838 adhesive makes e-commerce packages returnable LED curable adhesives reduce ozone and energy consumption Palletizing adhesives decreas
Slide 61: Innovative Sustainable Solutions
Innovative Sustainable Solutions Full-Care™ 6222 positioning adhesive reduces adhesive by 20% REACHING NEW HEIGHTS INVESTOR DAY 2022 61
Slide 62: Innovative Sustainable Solutions
Innovative Sustainable Solutions Full-Care™ 6222 positioning Advantra® product line is adhesive reduces adhesive by designed to release readily from 20% Paper fibers facilitating the recycling of fiber-based packaging REACHING NEW HEIGHTS INVESTOR DAY 2022 62
Slide 63: Innovative Sustainable Solutions
Innovative Sustainable Solutions Full-Care™ 6222 positioning Advantra® product line is KHS Nature MultipackTM holds adhesive reduces adhesive by designed to release readily from cans and PET containers together 20% paper fibers facilitating the with just a few dots of adhesive recycling of fiber-bas
Slide 64: Key Takeaways
Key Takeaways REACHING NEW HEIGHTS INVESTOR DAY 2022 #2 position in Hygiene, Health, and Consumables due to longstanding, proven innovation leadership and customer care Expertise in adhesive formulation, through established collaboration with raw material suppliers across the globe and best-in-class
Slide 65: REACHING NEW HEIGHTS INVESTOR DAY 2022
REACHING NEW HEIGHTS INVESTOR DAY 2022
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2022
Slide 67: Construction Adhesives At-a-Glance
Construction Adhesives At-a-Glance Market position in Roofing Industry leader in Flooring Developing U&l opportunity 2021 revenue Facilities and 6 dedicated technology centers Patents REACHING NEW HEIGHTS INVESTOR DAY 2022 ©HB. Fuller Company, 2022 | 67
Slide 68: Market Overview
Market Overview Addressable Market Size* $158 $118 2024 ; 2030E Key End Markets Flooring Roofing oi 1 AN REACHING NEW HEIGHTS INVESTOR DAY 2022 Utilities & Infrastructure Market Trends Recovering commercial activity and solid residential activity Increasing demand in Commercial Roofing and U&l Contr
Slide 69: CA Financial Summary
CA Financial Summary Revenue ($ in millions) Adj. EBITDA* ($ in millions) CAGR 5% $434 $58 ‘$57 ‘$397 2019 Revenue 2021 Revenue 2019 EBITDA 2021 EBITDA Growth Targets Revenue: Mid to high single digits EBITDA Margins: High teens REACHING NEW HEIGHTS INVESTOR DAY 2022 “Pease see Append orreconcsaons
Slide 70: How FUL wins in the market
How FUL wins in the market Competitive Advantages Purchasing power to compete for supply of materials and transportation versus smaller niche competitors Strong innovation pipeline in all business segments- targeting easier and faster installation with high performance and greater sustainability. Su
Slide 71: How FUL wins in the market
How FUL wins in the market Competitive Advantages Purchasing power to compete for supply of materials and transportation versus smaller niche competitors Strong innovation pipeline in all © business segments- targeting easier and faster installation with high performance and greater sustainability.
Slide 72: Innovation Approach
Innovation Approach >$100 million innovation pipeline, with 64% of pipeline made up of sustainable solutions Innovation Flexibility of products for Priorities easier installation High-performance Heavy infrastructure and applications with faster building envelope install time and higher sustainabili
Slide 73: Innovative Solutions
Innovative Solutions Fast 2K™ * Replaces concretewhen setting poles for fences, rails, and decks * Patented, lightweight product for easy handling, fast setting, with ess material = 1-kilogram bag of Fast 2K™ replacesa 40-kilogram bag of concrete- 90% reduction in CO2 from transportation * Can start
Slide 74: Innovative Solutions
Innovative Solutions Fast 2K™ Sprayable Bonding Adhesive * Replaces concretewhen setting poles . for fences, rails, and decks * Patented, lightweight product for easy handling, fast setting, with ess material . = 1-kilogram bag of Fast 2K™ replacesa 40-kilogram bag of concrete- 90% reduction in CO2
Slide 75: Innovative Solutions
Innovative Solutions Es Bonding Adhesive Tile Setting & Floor Prep Replaces concrete when setting poles . for fences, rails, and decks * Patented, lightweight product for easy handling, fast setting, with ess material . + 1-kilogram bag of Fast 2K™ replacesa 40-kilogram bag of concrete- 90% . reduct
Slide 76: Key Takeaways
Key Takeaways W | NZ | ONE | RZ REACHING NEW HEIGHTS INVESTOR DAY 2022 Targeting double digit growth this year through North America core growth, more agile capacity/supply chain, pricing and global expansion; targeting mid to high single digits longer term Strong R&D pipeline addressing installatio
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Slide 78: Engineering Adhesives At-a-Glance
Engineering Adhesives At-a-Glance 2021 Revenue Facilities Polymer Technology Platforms New Energy - Solar Insulating Glass Electronics REACHING NEW HEIGHTS INVESTOR DAY 2022 ©HB. Fuller Company, 2022 | 78
Slide 79: Market Overview
Market Overview Addressable Market Size* Market Trends ee Shift toward sustainable markets, including energy- He efficient insulated glass, EV, automotive electronics and solar panels Pent-up consumer demand for electronics, vehicles and durable goods Continued technology convergence driving growth
Slide 80: EA Financial Summary
EA Financial Summary Revenue ($ in billions) Adj. EBITDA* ($ in millions) CAGR 9% $14 ‘$207 ; 7 ; 2019 Revenue 2021 Revenue 2019 EBITDA 2021 EBITDA Growth Targets Revenue: High single digits to low double digits EBITDA Margins: High teens, eventually above 20% REACHING NEW HEIGHTS INVESTOR DAY 2022
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