H. B. Fuller Company · NYSE:FUL

H. B. Fuller — Q4 2021 Earnings Presentation

22 slides from H. B. Fuller's earnings presentation, Jan 20, 2022

  1. Slide 1: Fourth Quarter 2021 Conference Call

    Fourth Quarter 2021 Conference Call Investor Presentation St. Paul, MN January 20, 2022

  2. Slide 2: Safe Harbor & Regulation G

    2 Safe Harbor & Regulation G 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,

  3. Slide 3: Q4 2021 Quarterly Results Highlights

    3 Q4 2021 Quarterly Results Highlights • 15% revenue growth, and adjusted EBITDA at high end of our guidance range ‒ Organic revenues up 15% vs. Q4’20 and up 20% vs. pre-COVID Q4’19 ‒ Adjusted EBITDA of $134M, up 9% year over year ‒ Adjusted EPS of $1.09, up 3% year over year • Significant restorati

  4. Slide 4: Q4 2021 Global Segment Summary

    4 Q4Better 2021 Global Segment accountability Summary Global vision Stronger teamwork Hygiene, Health and Consumables Adhesives (HHC) • 13% organic revenue growth YoY and 18% organic growth vs. pre-COVID Q4’19 • Strong growth across HHC, especially Packaging, Tape & Label, Tissue/Towel, Health/Beaut

  5. Slide 5: Key Financial Results Summary

    5 Key Financial Results Summary ▪ Strong organic year-on-year revenue growth in fourth quarter and full year ‒ Q4 and FY 2021 organic revenues both increased by 15% vs. comparable 2020 periods ‒ ~10% volume growth led a rise in Full Year revenues plus ~6% contribution from pricing ‒ Strong pricing g

  6. Slide 6: 2022 Full Year Financial Guidance

    6 2022 Full Year Financial Guidance • Organic revenue growth of 10% to 15%, excluding 2% to 3% unfavorable FX impact • Adjusted EPS of $4.00 - $4.25, up 15% to 22% year-over-year • Adjusted EBITDA of $515 - $535 million, up 10% to 15% year-over-year • Fiscal 2022 has 53 weeks of activity vs. normal

  7. Slide 7: Wrap Up

    7 Wrap Up • Full year results exceeded the goals we set at the beginning of 2021 • Execution of our strategy, decisive actions and collaborative culture drive our success • Innovation, agility and speed have differentiated our performance – Delivered innovation and supply assurance for customers – D

  8. Slide 8: a =H.B. Fuller

    a =H.B. Fuller

  9. Slide 9: Appendix

    APPENDIX Q4 2021 Investor Presentation

  10. Slide 10: Regulation G – EPS & EBITDA Reconciliation

    10 Regulation G – EPS & EBITDA Reconciliation Three Months Ended Year Ended November 27, November 28, November 27, November 28, 2021 2020 2021 2020 Net income attributable to H.B. Fuller $ 64,741 $ 40,604 $ 175,250 $ 123,719 Adjustments: Acquisition project costs 3,344 1,082 5,622 (502) Organization

  11. Slide 11: Regulation G – EPS & EBITDA Reconciliation cont.

    11 Regulation G – EPS & EBITDA Reconciliation cont. 1 Includes costs incurred as a direct result of the organizational realignment program, including compensation for employees supporting the program, consulting expense and operational inefficiencies related to the closure of production facilities a

  12. Slide 12: Regulation G – Segment Information

    12 Regulation G – Segment Information Three Months Ended Year Ended November 27, November 28, November 27, November 28, 2021 2020 2021 2020 Net Revenue: Hygiene, Health and Consumable Adhesives $ 402,834 $ 355,413 $ 1,472,756 $ 1,332,786 Engineering Adhesives 371,419 327,273 1,371,756 1,088,313 Cons

  13. Slide 13: Regulation G – Adjusted Income Reconciliation

    13 Regulation G – Adjusted Income Reconciliation Three Months Ended Year Ended November 27, November 28, November 27, November 28, 2021 2020 2021 2020 Income before income taxes and income from equity method investments $ 65,999 $ 58,065 $ 216,851 $ 158,356 Adjustments: Acquisition project costs 3,3

  14. Slide 14: Regulation G – Adjusted Income Tax Reconciliation

    14 Regulation G – Adjusted Income Tax Reconciliation Three Months Ended Year Ended November 27, November 28, November 27, November 28, 2021 2020 2021 2020 Income Taxes $ (2,814) $ (19,727) $ (49,176) $ (41,921) Adjustments: Acquisition project costs (1,064) (82) (1,559) 340 Organizational realignmen

  15. Slide 15: Regulation G – Adjusted Gross Margin Reconciliation

    15 Regulation G – Adjusted Gross Margin Reconciliation Three Months Ended Year Ended November 27, November 28, November 27, November 28, 2021 2020 2021 2020 Net revenue $ 897,424 $ 777,640 $ 3,278,031 $ 2,790,269 Gross profit $ 241,459 $ 213,642 $ 845,322 $ 756,649 Gross profit margin 26.9% 27.5% 25

  16. Slide 16: Regulation G – Adjusted SG&A Reconciliation

    16 Regulation G – Adjusted SG&A Reconciliation Three Months Ended Year Ended November 27, November 28, November 27, November 28, 2021 2020 2021 2020 Selling, general and administrative expenses $ (165,789) $ (139,712) $ (592,710) $ (538,332) Adjustments: Acquisition project costs 3,189 997 5,402 (58

  17. Slide 17: Regulation G – Q4'21 Segment EBITDA Reconciliation

    17 Regulation G – Q4’21 Segment EBITDA Reconciliation Hygiene, Health Three Months Ended: and Consumable Engineering Construction Corporate H.B. Fuller November 27, 2021 Adhesives Adhesives Adhesives Total Unallocated Consolidated Net income attributable to H.B. Fuller $ 43,269 $ 41,950 $ 11,384 $ 9

  18. Slide 18: Regulation G – FY2021 Segment EBITDA Reconciliation

    18 Regulation G – FY2021 Segment EBITDA Reconciliation Hygiene, Health Year Ended: and Consumable Engineering Construction Corporate H.B. Fuller November 27, 2021 Adhesives Adhesives Adhesives Total Unallocated Consolidated Net income attributable to H.B. Fuller $ 151,560 $ 146,050 $ 22,887 $ 320,49

  19. Slide 19: Regulation G – Q4'20 Segment EBITDA Reconciliation

    19 Regulation G – Q4’20 Segment EBITDA Reconciliation Hygiene, Health Three Months Ended: and Consumable Engineering Construction Corporate H.B. Fuller November 28, 2020 Adhesives Adhesives Adhesives Total Unallocated Consolidated Net income attributable to H.B. Fuller $ 43,140 $ 40,046 $ 2,894 $ 86

  20. Slide 20: Regulation G – FY2020 Segment EBITDA Reconciliation

    20 Regulation G – FY2020 Segment EBITDA Reconciliation Hygiene, Health Year Ended: and Consumable Engineering Construction Corporate H.B. Fuller November 28, 2020 Adhesives Adhesives Adhesives Total Unallocated Consolidated Net income attributable to H.B. Fuller $ 138,119 $ 109,813 $ 15,881 $ 263,81

  21. Slide 21: Revenue Performance

    21 Revenue Performance Three Months Ended Year Ended November 27, November 27, 2021 2021 Price 13.5% 5.6% Volume 1.4% 9.6% 12 Organic Growth 14.9% 15.2% M&A 0.0% 0.0% F/X 0.5% 2.3% Total H.B. Fuller Net Revenue Growth 15.4% 17.5% Revenue growth versus 2020 Three Months Ended Year Ended November 27,

  22. Slide 22: Investor contact

    Investor contact: Vice President, Investor Relations H.B. Fuller Barbara Doyle (651) 236-5023 Q4 2021 Investor Presentation

H.B. Fuller Company — Q4 2021 Earnings Presentation on 6ix