H. B. Fuller Company · NYSE:FUL
H. B. Fuller — Q2 2026 Earnings Presentation
45 slides from H. B. Fuller's earnings presentation, Jun 25, 2026
Slide 1: Second Quarter 2026 Earnings Conference Call
H.B. Fuller Second Quarter 2026 Earnings Conference Call 1200 Willow Lake Blvd, St Paul, Minnesota 55110 www.hbfuller.com June 25, 2026
Slide 2: Disclosure
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 refl
Slide 3: Q2 Overview
Q2 Overview Total Revenue increased 5.8% YOY Organic Revenue increased 2.6% YOY • Positive pricing more than offset slightly lower volume Adjusted EBITDA increased 9% year-on-year to $181 million • Above the midpoint of our Q2 guidance range Adjusted EBITDA Margin increased 70 basis points YOY to 19
Slide 4: Global Business Unit Update
Global Business Unit Update Hygiene, Health, and Consumable Adhesives Engineering Adhesives Building Adhesive Solutions Key Metrics Key Metrics Key Metrics • Organic revenue up 3% YOY driven by • Organic revenue up 5% YOY, excluding • Organic revenue up 6% YOY, strong pricing execution Solar; organi
Slide 5: Regional Perspective
Regional Perspective Americas • Organic revenue increased 1% YOY • Strength in EA and BAS, which both achieved organic revenue growth of 4% YOY, more than offset declines in HHC EIMEA • Organic revenue increased 8% YOY with positive price and volume growth in all three GBUs • Our strategic footprint
Slide 6: Supply Chain Disruption Update
Supply Chain Disruption Update • Events are playing out in line with our expectations and consistent with what we shared in Q1 • Our global sourcing organization continues to lead the industry in maintaining supply continuity for our customers • We expect the aftershocks of this dislocation to persi
Slide 7: Q2 Financial Summary
Q2 Financial Summary • Organic revenue increased 2.6% YOY • Adjusted gross profit margin increased 200 bps YOY to 34.2% driven by pricing execution and restructuring savings • Adjusted SG&A increased 11% YOY, adjusting for the impact of foreign exchange and variable compensation, adjusted SG&A was u
Slide 8: 2026 Financial Guidance Update
2026 Financial Guidance Update Revenue • Still expect net revenue to be up mid-single digits YOY • Still expect organic revenue to be up low-single digits YOY • Still expect FX translation to positively impact revenue by approximately 1% to 2% Adjusted EBITDA • Now expect adjusted EBITDA to be in th
Slide 9: Q2 Summary
Q2 Summary Our actions are driving strong performance, demonstrating our ability to deliver superior financial results • Strong year-on-year growth in revenue and profit, with expanded margins • Volume trends improved sequentially from the first quarter • Pricing actions are gaining traction • Deliv
Slide 10: H.B. Fuller Announces Offer to Acquire Advanced Medical Solutions
H.B. Fuller Announces Offer to Acquire Advanced Medical Solutions
Slide 11: Disclaimer
Disclaimer Safe Harbor Statement Certain matters discussed today are forward-looking statements within the meaning of the federal securities laws, including the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act
Slide 12: Accelerating Portfolio Evolution Through Medical Expansion
Accelerating Portfolio Evolution Through Medical Expansion Establishes a scaled, innovation-led global medical platform, TRANSACTION HIGHLIGHTS advancing us toward our near term $100M EBITDA target £2.85 All Cash Offer, Per Share Accelerates our portfolio mix shift towards higher-growth, higher-marg
Slide 13: Medical is One of the Most Attractive End Markets in Our Industry
Medical is One of the Most Attractive End Markets in Our Industry DURABLE TAILWINDS COMPELLING ECONOMICS Aging Population Driving Procedure Growth Procedure-Driven, Non-Discretionary Demand Rising chronic conditions supporting sustained increases in Recurring procedure volumes supporting consistent
Slide 14: H.B. Fuller's Medical Platform is Positioned for Growth
H.B. Fuller’s Medical Platform is Positioned for Growth FOR MEDICAL PROFESSIONALS FOR MEDICAL MANUFACTURERS Med Device Topical Use Internal Use Stick to Skin PPE Assembly Vascular Access Surgical Adhesives Medical Filtration Skin Attachments Surgical Gowns Microbial Sealant Phlebology Syringe Assemb
Slide 15: Advanced Medical Solutions at a Glance
Advanced Medical Solutions at a Glance CORE BUSINESS STRENGTHS KEY METRICS SEGMENT BREAKDOWN Adhesive Offerings ✓ Global Commercial Network & Formulated Polymer Go-to-Market Know-How $302M $54M Based-Solutions Surgical 2025A Revenue Adj. 2025A EBITDA Adhesives (GAAP) Mechanical ✓ World-Class Operati
Slide 16: AMS' Product Portfolio Serves Attractive & Growing End Markets
AMS’ Product Portfolio Serves Attractive & Growing End Markets SURGICAL TAPES & FORMULATED MECHANICAL ADHESIVES DRESSINGS BIOSURGICALS CLOSURES 2025A Revenue: ~$98M 2025A Revenue: ~$58M 2025A Revenue: ~$37M 2025A Revenue: ~$110M TAM: $4.6B TAM: $4.9B TAM: $5.2B TAM: $4.8B Market CAGR: ~8% Market CAG
Slide 17: Expands TAM via a Highly Complementary Medical Portfolio
Expands TAM via a Highly Complementary Medical Portfolio Portfolio Strategic Fit PF Company TAM Growth • Reinforces H.B. Fuller’s leadership in core surgical adhesives SURGICAL ADHESIVES ✓ ✓ • Deepens and expands participation in high-growth surgical applications and topical skin bonding ~$80B TAM T
Slide 18: Complementary Capabilities Accelerate Scale & Execution
Complementary Capabilities Accelerate Scale & Execution Pro Forma Company • Scaled global medical sales platform • U.S. & Italy direct salesforce • Europe & India direct salesforce • Enhanced direct and distributor coverage driving SALESFORCE • Deep OEM relationships in medical devices • Strong OEM
Slide 19: Improves the Financial Profile of H.B. Fuller's Medical Segment
Improves the Financial Profile of H.B. Fuller’s Medical Segment 2025 Pro Forma Medical Medical Manufacturers Mechanical Surgical Mechanical 7% Professionals Closure Adhesives Closure 30% 36% 32% 16% Tapes & 39% Dressings $68M $302M $370M FY2025A CY2025A PF FY2025A Revenue Revenue (4) Medical Revenue
Slide 20: Medical Adds a Fourth, Distinct Growth Segment to the Portfolio
Medical Adds a Fourth, Distinct Growth Segment to the Portfolio AMS Up Tiers the Overall Medical Portfolio & Creates a New Segment Comprising 10% of the Total Pro Forma Company EA EA Mechanical Surgical 30% Closure Adhesives 28% 32% 36% BAS 23% $3,474M $302M $3,776M FY2025 CY2025 PF FY2025 Revenue 2
Slide 21: Unlocking Value Through Synergies
Unlocking Value Through Synergies IDENTIFIED OPPORTUNITIES EXPECTED SYNERGY BREAKDOWN • Rationalization of overlapping back-office functions Cost • Vertical integration of key raw materials and adhesives Cost Commercial Synergies • Application of H.B. Fuller indirect sourcing capabilities across AMS
Slide 22: H.B. Fuller Will Deliver on Quantum Leap & AMS Integration
H.B. Fuller Will Deliver on Quantum Leap & AMS Integration PROJECT QUANTUM LEAP AMS INTEGRATION DUAL PROJECT EXECUTION • Plant and warehouse • Expected to actualize ✓ Parallel Execution Across facility optimization ~$55M in total commercial Tracks and cost synergies • Potential $75M run-rate ✓ Dedic
Slide 23: H.B. Fuller has a Proven Playbook for Successful M&A Integration
H.B. Fuller has a Proven Playbook for Successful M&A Integration TOTAL ACQUISITIONS SINCE 2023 UK ACQUISITIONS SINCE 2022 RECENT MEDICAL ACQUISTIONS EBITDA ($mm) EBITDA ($mm) EBITDA ($mm) +70% +55% +103% $18 $85 $61 $11 $55 $30 At Acquisition 2025 Results At Acquisition 2025 Results At Acquistion Q2
Slide 24: Announced Offer
Announced Offer • Offer to acquire 100% of AMS plc stock for £2.85 100% in cash • 2025CY revenue of ~£229M and reported adj. EBITDA of ~£50M (IFRS) TRANSACTION • All-cash acquisition at £2.85 per share implies total enterprise value of ~£715M DETAIL • 2026E adj. EBITDA multiple of 12.9x; <8x 2026E a
Slide 25: H.B. Fuller Achieves Target Leverage Post-AMS Acquisition
H.B. Fuller Achieves Target Leverage Post-AMS Acquisition FINANCIAL PLAN NET LEVERAGE WITHIN TARGET TWO YEARS OF CLOSE • Fully committed acquisition debt financing (Net Debt / Adjusted EBITDA) • Acquisition to be funded with incremental debt financing ~4.0x • Path to rapid de-leveraging 3.1x 2.5x -
Slide 26: AMS Accelerates H.B. Fuller's Stated, Long-Term Strategic Priorities
AMS Accelerates H.B. Fuller’s Stated, Long-Term Strategic Priorities Establishes a scaled, innovation-led global medical platform, advancing us toward our near term $100M EBITDA target Accelerates our portfolio mix shift toward higher-growth, higher-margin medical end markets toward our >20% EBITDA
Slide 27: Q&A
Q&A
Slide 28: Reconciliation of AMS EBITDA (IFRS to Non-US GAAP)
Reconciliation of AMS EBITDA (IFRS 16 to Non-US GAAP) Estimated IFRS to Non-US GAAP Reconciliation Advanced Medical s Group plc (Unaudited) Twelve Months Ended (£ in Millions) December 31, 2024 December 31, 2025 Net Sales £178 £229 Cost of Sales (85) (107) SG&A (71) (94) Depreciation and Amortizatio
Slide 29: Reconciliation of AMS' 2025 EBITDA (IFRS to Non-US GAAP)
Reconciliation of AMS’ 2025 EBITDA (IFRS 16 to Non-US GAAP) (£ Millions) IFRS Operating Leases(1) Capitalized R&D(1) GAAP EBITDA £49.9 £(4.6) £(4.1) £41.1 Interest and Taxes (13.8) - - (13.8) Other Cash Flow Items (3.5) 4.6 - 1.1 Operating Cash Flow £32.6 - £(4.1) £28.5 Capex (12.6) - 4.1 (8.5) Free
Slide 30: Regulation G Reconciliations
Regulation G Reconciliations H.B. FULLER COMPANY AND SUBSIDIARIES CONSOLIDATED FINANCIAL INFORMATION In thousands, except per share amounts (unaudited) Three Months Three Months Ended Percent of Ended Percent of May 30, 2026 Net Revenue May 31, 2025 Net Revenue Net revenue $ 950,271 100.0 % $ 898,09
Slide 31: Regulation G Reconciliations
Regulation G Reconciliations H.B. FULLER COMPANY AND SUBSIDIARIES REGULATION G RECONCILIATION In thousands, except per share amounts (unaudited) Six Months Six Months Ended Percent of Ended Percent of May 30, 2026 Net Revenue May 31, 2025 Net Revenue Net revenue $ 1,721,115 100.0 % $ 1,686,758 100.0
Slide 32: Regulation G Reconciliations
Regulation G Reconciliations H.B. FULLER COMPANY AND SUBSIDIARIES REGULATION G RECONCILIATION In thousands, except per share amounts (unaudited) Three Months Ended Six Months Ended May 30, May 31, May 30, May 31, 2026 2025 2026 2025 Net income attributable to H.B. Fuller $ 67,805 $ 41,828 $ 88,850 $
Slide 33: Regulation G Reconciliations
Regulation G Reconciliations H.B. FULLER COMPANY AND SUBSIDIARIES SEGMENT FINANCIAL INFORMATION In thousands (unaudited) Three Months Ended Six Months Ended May 30, May 31, May 30, May 31, 2026 2025 2026 2025 Net Revenue: Hygiene, Health and Consumable Adhesives $ 421,861 $ 397,475 $ 768,388 $ 765,7
Slide 34: Regulation G Reconciliations
Regulation G Reconciliations H.B. FULLER COMPANY AND SUBSIDIARIES REGULATION G RECONCILIATION In thousands, except per share amounts (unaudited) Three Months Ended Six Months Ended May 30, May 31, May 30, May 31, 2026 2025 2026 2025 Income before income taxes and income from equity method investment
Slide 35: Regulation G Reconciliations
Regulation G Reconciliations H.B. FULLER COMPANY AND SUBSIDIARIES REGULATION G RECONCILIATION In thousands (unaudited) Three Months Ended Six Months Ended May 30, May 31, May 30, May 31, 2026 2025 2026 2025 Net revenue $ 950,271 $ 898,095 $ 1,721,115 $ 1,686,758 Gross profit $ 319,654 $ 286,384 $ 55
Slide 36: Regulation G Reconciliations
Regulation G Reconciliations 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 May 30, 2026 Adhesives Adhesives Solutions Total Unallocated Consolida
Slide 37: Regulation G Reconciliations
Regulation G Reconciliations H.B. FULLER COMPANY AND SUBSIDIARIES REGULATION G RECONCILIATION In thousands (unaudited) Hygiene, Health Building Six Months Ended and Consumable Engineering Adhesive Segment Corporate H.B. Fuller May 30, 2026 Adhesives Adhesives Solutions Total Unallocated Consolidated
Slide 38: Regulation G Reconciliations
Regulation G Reconciliations 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 May 31, 2025 Adhesives Adhesives Solutions Total Unallocated Consolida
Slide 39: Regulation G Reconciliations
Regulation G Reconciliations H.B. FULLER COMPANY AND SUBSIDIARIES REGULATION G RECONCILIATION In thousands (unaudited) Hygiene, Health Building Six Months Ended and Consumable Engineering Adhesive Segment Corporate H.B. Fuller May 31, 2025 Adhesives Adhesives Solutions Total Unallocated Consolidated
Slide 40: Regulation G Reconciliations
Regulation G Reconciliations H.B. FULLER COMPANY AND SUBSIDIARIES SEGMENT FINANCIAL INFORMATION NET REVENUE GROWTH (DECLINE) (unaudited) Three Months Six Months Ended Ended May 30, 2026 May 30, 2026 Price 3.0 % 1.8 % Volume (0.4 )% (3.5 )% Organic Growth13 2.6 % (1.7 )% M&A 0.1 % 0.4 % Constant curr
Slide 41: Regulation G Reconciliations
Regulation G Reconciliations H.B. FULLER COMPANY AND SUBSIDIARIES REGULATION G RECONCILIATION In thousands (unaudited) Trailing 12 Months14 Three Months Ended Ended August 30, November February 28, May 30, May 30, 2025 29, 2025 2026 2026 2026 Net income attributable to H.B. Fuller $ 67,160 $ 29,732
Slide 42: Regulation G Reconciliations
Regulation G Reconciliations H.B. FULLER COMPANY AND SUBSIDIARIES REGULATION G RECONCILIATION In thousands (unaudited) November 29, May 30, 2026 2025 May 31, 2025 Total debt $ 2,072,151 $ 2,016,937 $ 2,112,428 Less: Cash and cash equivalents 114,102 107,213 96,785 Net debt18 $ 1,958,049 $ 1,909,724
Slide 43: Regulation G Reconciliations
Regulation G Reconciliations 1 Acquisition project costs include costs related to evaluating, acquiring and integrating business acquisitions. Acquisition project costs include $1,223 and $3,708 in transaction costs (primarily consulting and professional fees) and $172 and ($106) in purchase account
Slide 44: Regulation G Reconciliations
Regulation G Reconciliations 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 adjuste
Slide 45: Transition Slide
Transition Slide Insert subtitle if needed