H. B. Fuller Company · NYSE:FUL
H. B. Fuller — Q4 2025 Earnings Presentation
28 slides from H. B. Fuller's earnings presentation, Jan 15, 2026
Slide 1: Fourth Quarter 2025 Earnings Conference Call
January 15, 2026 H.B. Fuller Fourth Quarter 2025 Earnings Conference Call 1200 Willow Lake Blvd, St Paul, Minnesota 55110 www.hbfuller.com
Slide 2: Disclosure
January 15, 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. Suc
Slide 3: Highlights
January 15, 2026 Highlights Q4 Pricing Increased 1.2% Delivered double-digit EPS growth for the year and EBITDA at the top end of our full-year guidance range Q4 Adjusted EBITDA Helped our customers navigate this environment successfully $170M up 15% YOY by providing them with material optionality a
Slide 4: Q4 Global Business Unit Update
January 15, 2026 Q4 Global Business Unit Update Hygiene, Health, and Consumable Adhesives Engineering Adhesives Building Adhesive Solutions Key metrics Key metrics Key metrics • Organic revenue down 1.8% YOY • Organic revenue up 2.2% YOY; excluding • Organic revenue down 4.8% YOY on Solar, EA organi
Slide 5: Regional Perspective
January 15, 2026 Regional Perspective Americas • Organic revenue flat YOY • Solid growth in EA, particularly Aerospace and General Industries was offset by slower results in Packaging and construction-related end markets EIMEA • Organic revenue down 6% YOY • Positive results in Hygiene more than off
Slide 6: 2025 Highlights
January 15, 2026 2025 Highlights FY 2025 Pricing Increased 0.8% • Economic backdrop for the manufacturing sector was weaker than expected • Took proactive steps to overcome these headwinds FY 2025 Adjusted EBITDA • Executed well on pricing and identified meaningful $621M up 5% YOY opportunities to r
Slide 7: 2026 Outlook
January 15, 2026 2026 Outlook • Expect the economic environment to remain challenging, similar to 2025 • Ongoing geopolitical tensions, tariff uncertainty, elevated inflation and interest rates, and continued labor constraints all likely to weigh on manufacturing investment • Anticipate delivering a
Slide 8: Q4 Financial Summary
January 15, 2026 Q4 Financial Summary • Organic revenue declined 1.3% YOY, driven by lower volumes • Adjusted gross profit margin was 32.5%, increased 290 bps YOY • Adjusted SG&A down modestly YOY, driven by continued cost saving efforts and lower variable compensation • Adjusted EBITDA of $170M, up
Slide 9: 2026 Financial Guidance
January 15, 2026 2026 Financial Guidance • Expect net revenue to be flat to up 2% YOY Revenue • Expect organic revenue to be approximately flat • Expect FX translation to positively impact revenue by approximately 1% Adjusted EBITDA • Expect adjusted EBITDA to be in the range of $630M to $660M Core
Slide 10: Acquisition Highlights
January 15, 2026 Acquisition Highlights 2023 & 2024 Acquisition Performance Acquired 8 Companies during 2023 and 2024 • Combined EBITDA at Purchase: $41M; 2025 EBITDA: $73M • 2025 Post Synergy Multiple: 6.7X Medical Adhesives Completed the acquisition of Gem and Medifill in 2025 • Revenue: up 15% ve
Slide 11: Summary
January 15, 2026 Summary We remain committed to advancing our portfolio improvement strategy and executing our long- term strategic plan • Taking necessary actions to manage costs appropriately, execute our global initiatives with discipline, and navigate through this period with focus and resilienc
Slide 12: Q&A
January 15, 2026 Q&A © H.B. Fuller Company, 2025 | 12
Slide 13: Regulation G Reconciliations
January 15, 2026 Regulation G Reconciliations H.B. FULLER COMPANY AND SUBSIDIARIES CONSOLIDATED FINANCIAL INFORMATION In thousands, except per share amounts (unaudited) © H.B. Fuller Company, 2025 | 13
Slide 14: Regulation G Reconciliations
January 15, 2026 Regulation G Reconciliations H.B. FULLER COMPANY AND SUBSIDIARIES CONSOLIDATED FINANCIAL INFORMATION In thousands, except per share amounts (unaudited) Year Ended Year Ended November 29, Percent of November 30, Percent of 2025 Net Revenue 2024 Net Revenue Net revenue $ 3,473,589 100
Slide 15: Regulation G Reconciliations
January 15, 2026 Regulation G Reconciliations H.B. FULLER COMPANY AND SUBSIDIARIES REGULATION G RECONCILIATION In thousands, except per share amounts (unaudited) Three Months Ended Year Ended November November November November 29, 2025 30, 2024 29, 2025 30, 2024 Net income attributable to H.B. Full
Slide 16: Regulation G Reconciliations
January 15, 2026 Regulation G Reconciliations H.B. FULLER COMPANY AND SUBSIDIARIES SEGMENT FINANCIAL INFORMATION In thousands (unaudited) Three Months Ended Year Ended November November November November 29, 2025 30, 2024 29, 2025 30, 2024 Net Revenue: Hygiene, Health and Consumable Adhesives $ 400,
Slide 17: Regulation G Reconciliations
January 15, 2026 Regulation G Reconciliations H.B. FULLER COMPANY AND SUBSIDIARIES REGULATION G RECONCILIATION In thousands, except per share amounts (unaudited) Three Months Ended Year Ended November November November November 29, 2025 30, 2024 29, 2025 30, 2024 Income before income taxes and incom
Slide 18: Regulation G Reconciliations
January 15, 2026 Regulation G Reconciliations H.B. FULLER COMPANY AND SUBSIDIARIES REGULATION G RECONCILIATION In thousands, except per share amounts (unaudited) Three Months Ended Year Ended November November November November 29, 2025 30, 2024 29, 2025 30, 2024 Net revenue $ 894,788 $ 923,284 $ 3,
Slide 19: Regulation G Reconciliations
January 15, 2026 Regulation G Reconciliations H.B. FULLER COMPANY AND SUBSIDIARIES REGULATION G RECONCILIATION In thousands (unaudited) Hygiene, Health and Building Three Months Ended: Consumable Engineering Adhesive Corporate H.B. Fuller November 29, 2025 Adhesives Adhesives Solutions Total Unalloc
Slide 20: Regulation G Reconciliations
January 15, 2026 Regulation G Reconciliations H.B. FULLER COMPANY AND SUBSIDIARIES REGULATION G RECONCILIATION In thousands (unaudited) Hygiene, Health and Building Year Ended Consumable Engineering Adhesive Corporate H.B. Fuller November 29, 2025 Adhesives Adhesives Solutions Total Unallocated Cons
Slide 21: Regulation G Reconciliations
January 15, 2026 Regulation G Reconciliations H.B. FULLER COMPANY AND SUBSIDIARIES REGULATION G RECONCILIATION In thousands (unaudited) Hygiene, Health and Building Three Months Ended: Consumable Engineering Adhesive Corporate H.B. Fuller November 30, 2024 Adhesives Adhesives Solutions Total Unalloc
Slide 22: Regulation G Reconciliations
January 15, 2026 Regulation G Reconciliations H.B. FULLER COMPANY AND SUBSIDIARIES REGULATION G RECONCILIATION In thousands (unaudited) Hygiene, Health and Building Year Ended Consumable Engineering Adhesive Corporate H.B. Fuller November 30, 2024 Adhesives Adhesives Solutions Total Unallocated Cons
Slide 23: Regulation G Reconciliations
January 15, 2026 Regulation G Reconciliations H.B. FULLER COMPANY AND SUBSIDIARIES SEGMENT FINANCIAL INFORMATION NET REVENUE GROWTH (DECLINE) (unaudited) Three Months Net revenue growth (decline) versus 2024 Ended Year Ended November 29, November 29, 2025 2025 Price 1.2 % 0.8 % Volume (2.5 )% (0.8 )
Slide 24: Regulation G Reconciliations
January 15, 2026 Regulation G Reconciliations H.B. FULLER COMPANY AND SUBSIDIARIES SEGMENT FINANCIAL INFORMATION NET REVENUE GROWTH (DECLINE) (unaudited) Net revenue growth (decline) versus 2024 Three Months Ended November 29, 2025 Net Constant Organic Revenue F/X Currency M&A Growth 14 Hygiene, Hea
Slide 25: Regulation G Reconciliations
January 15, 2026 Regulation G Reconciliations H.B. FULLER COMPANY AND SUBSIDIARIES REGULATION G RECONCILIATION In thousands (unaudited) Trailing Twelve Three Months Ended Months 18 Ended June 1, August November March 1, May 31, August March 1, August 2024 31, 2024 30, 2024 2025 2025 30, 2025 2025 30
Slide 26: Regulation G Reconciliations
January 15, 2026 Regulation G Reconciliations H.B. FULLER COMPANY AND SUBSIDIARIES REGULATION G RECONCILIATION In thousands (unaudited) August 30, November 29, November 30, March 1, 2025 2025 2025 2024 Total debt $ 2,179,997 $ 2,080,470 $ 2,016,937 $ 2,010,639 Less: Cash and cash equivalents 105,743
Slide 27: Regulation G Reconciliations
January 15, 2026 Regulation G Reconciliations 1 Acquisition project costs include costs related to evaluating, acquiring and integrating business acquisitions. Acquisition project costs include $1,202 and $4,583 in transaction costs (primarily consulting and professional fees, representations and wa
Slide 28: Regulation G Reconciliations
January 15, 2026 Regulation G Reconciliations 10 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