H. B. Fuller Company · NYSE:FUL
H. B. Fuller — Investor Day (October 2025)
117 slides from H. B. Fuller's investor day presentation, Oct 20, 2025
Slide 1: 2025 Investor Day: Launching Our New Era
October 20, 2025 H.B. Fuller 2025 Investor Day Launching Our New Era 1200 Willow Lake Blvd, St Paul, Minnesota 55110 www.hbfuller.com
Slide 2: Safe Harbor Statement
October 20, 2025 Safe Harbor Statement Certain statements in this presentation 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 s
Slide 3: Today's speakers
October 20, 2025 Today’s speakers Celeste Mastin John Corkrean Nathan Weaver Brendon Kryzer President and CEO Executive Vice President Executive Vice President, Vice President, Strategy and CFO Business Transformation and Corporate Development © H.B. Fuller Company, 2025 | 3
Slide 4: Agenda
October 20, 2025 Agenda 1:00 PM Opening remarks and keynote: Celeste Mastin 1:45 PM M&A strategy: Brendon Kryzer 2:15 PM Manufacturing footprint optimization plan: Nathan Weaver 2:30 PM Financial update: John Corkrean 3:00 PM Q&A: Celeste Mastin & John Corkrean 3:30 PM Growth market technology break
Slide 5: Today's attendees
October 20, 2025 Today’s attendees © H.B. Fuller Company, 2025 | 5
Slide 6: H.B. Fuller: At a glance
October 20, 2025 H.B. Fuller: At a glance 7,500+ Team members 135+ Years of history $3.6 Billion in revenue FY24 150 Countries with sales 35 Technology centers H.B. Fuller is the largest pureplay adhesives company in the world. Our innovative functional coatings, adhesives, sealants and elastomer (C
Slide 7: Compelling investment thesis
October 20, 2025 Compelling investment thesis Why adhesives and sealants? Why H.B. Fuller? Large $80 billion global industry The largest pureplay adhesive company in the world Represent less than 2% of our customers’ end-product Extensive global footprint and innovation capabilities cost drive deep
Slide 8: Advantaged position in adhesives industry
October 20, 2025 Advantaged position in adhesives industry Industry growth 15% ~2% 2021 – 2024 ~3.5% 2025 – 2030E Source: Markets and Markets 5% Competitive dynamics 4% • Extensive global footprint and strong balance sheet enable us to serve large multinational customers better than our smaller comp
Slide 9: Key takeaways
October 20, 2025 Key takeaways 1 H.B. Fuller is uniquely positioned to capitalize on the fastest growing segments of this $80 billion adhesives industry 2 Our business model and financial characteristics represent a solutions-based, differentiated formulator 3 We have taken and are continuing to tak
Slide 10: Key takeaways
October 20, 2025 Key takeaways 1 H.B. Fuller is uniquely positioned to capitalize on the fastest growing segments in this $80 billion adhesives industry 2 Our business model and financial characteristics represent a solutions-based, differentiated formulator 3 We have taken and are continuing to tak
Slide 11: Significant technology growth with customers
1 2 3 October 20, 2025 Significant technology growth with customers Total addressable market has nearly tripled since the 2000s $80B Market $31B Market 92% 43% Pre-2000 2024 Current product portfolio now addresses 92% of an $80B market, up from 43% of a $31B market pre-2000 © H.B. Fuller Company, 20
Slide 12: Targeting the fastest growing, highest margin subsegments of the adhesives market
1 2 3 October 20, 2025 Targeting the fastest growing, highest margin subsegments of the adhesives market Total addressable market $80B H.B. Fuller currently has 4.5% market share in this large and expanding industry, from 3.9% in 2020 Tech-enabled market $74B H.B. Fuller’s 32 different technology pl
Slide 13: Key takeaways
October 20, 2025 Key takeaways 1 H.B. Fuller is uniquely positioned to capitalize on the fastest growing segments in this $80 billion adhesives industry 2 Our business model and financial characteristics represent a solutions-based, differentiated formulator 3 We have taken and are continuing to tak
Slide 14: Innovating to address customers' most pressing adhesion challenges
1 2 3 October 20, 2025 Innovating to address customers’ most pressing adhesion challenges Manufacturers change Manufacturers materials in a product develop new products H.B. Fuller application Produce most advanced adhesive Specify new adhesive experts solutions for customers Optimize adhesive selec
Slide 15: Uniquely positioned to capitalize on a complex market
1 2 3 October 20, 2025 Uniquely positioned to capitalize on a complex market Bonding Requirements and Specifications <2% of our customers’ end product cost of our customers spend Substrates +93% $500,000 or less on adhesives (78% less than $100,000) >50% different adhesives Unique Manufacturing Equi
Slide 16: Proprietary formulation expertise sits at the top of the raw material value chain
1 2 3 October 20, 2025 H.B. Fuller’s proprietary formulation expertise sits at the top of the raw material value chain H.B. Fuller’s Proprietary Ex. Synthesization, derivatization Formulation Expertise ~11% of Raw Material Spend Basic Specialty Specialty Chemicals VAM Chemicals Adhesives Crude Oil A
Slide 17: Differentiated business model versus the specialty chemical industry
1 2 3 October 20, 2025 Differentiated business model versus the specialty chemical industry Revenue from top 5 Average revenue per Chemical’s % of Number of products customers (%) customer ($) customer’s product cost (SKUs) / $1B Specialty Chemicals 17% $640,000 13.5% 3,400 8% $210,000 1.5% 12,500 S
Slide 18: GBU & Global Market Segment Overview
October 20, 2025 GBU & Global Market Segment Overview © H.B. Fuller Company, 2025 | 18
Slide 19: Highly diverse portfolio of global market segments
October 20, 2025 Highly diverse portfolio of global market segments Our top seven largest market segments account for less than 50% of consolidated revenue HHC EA BAS 45% of consolidated revenue 30% of consolidated revenue 25% of consolidated revenue Overview Overview Overview 1. ACS 1. Aerospace 1.
Slide 20: Hygiene, Health & Consumable Adhesives (HHC)
October 20, 2025 Hygiene, Health & Consumable Adhesives (HHC) Overview HHC Financial Summary ($M) • Leads in developing nations • Provides regional beachhead as economies grow Revenue Adjusted EBITDA • Experiencing a sustainability renaissance 300 1,600 15.9% 1,550 250 12.6% Market trends 1,500 1,45
Slide 21: Engineering Adhesives (EA)
October 20, 2025 Engineering Adhesives (EA) Overview EA Financial Summary ($M) • Home to the fastest growing, most demanding solution space • Most applications require precision bonding and durability Revenue Adjusted EBITDA • Requires a broad technology portfolio to meet needs 1,200 250 19.9% 1,000
Slide 22: Building Adhesive Solutions (BAS)
October 20, 2025 Building Adhesive Solutions (BAS) Overview BAS Financial Summary ($M) • Created to address market-driven construction demands • New structure allows targeting to multiple stakeholders across Revenue Adjusted EBITDA the value chain, enabling broader access to project-based 15.5% oppo
Slide 23: All three GBUs play a critical role supporting our technology portfolio
October 20, 2025 All three GBUs play a critical role supporting our technology portfolio Hygiene, Health, and Engineering Adhesives Building Adhesive Solutions Consumable Adhesives © H.B. Fuller Company, 2025 | 23
Slide 24: Focusing on the most attractive subsegments designated growth or leverage
October 20, 2025 Focusing on the most attractive subsegments designated growth or leverage Growth Leverage Overview Overview • 13 of our market segments, across all three GBUs • 18 of our market segments, across all 3 GBU’s • Focused on quickly growing high margin segments • Focused on maximizing op
Slide 25: Attractive $56B target market
October 20, 2025 Attractive $56B target market Total addressable market $80B H.B. Fuller currently has 4.5% market share in the $80B adhesives and sealants total addressable market Tech-enabled market $74B H.B. Fuller currently has 6.0% market share in its $56B attractive target market Leverage Grow
Slide 26: Agenda
October 20, 2025 Agenda 1:00 PM Opening remarks and keynote: Celeste Mastin 1:45 PM M&A strategy: Brendon Kryzer 2:15 PM Manufacturing footprint optimization plan: Nathan Weaver 2:30 PM Financial update: John Corkrean 3:00 PM Q&A: Celeste Mastin & John Corkrean 3:30 PM Growth market technology break
Slide 27: Key takeaways
October 20, 2025 Key takeaways 1 H.B. Fuller is uniquely positioned to capitalize on the fastest growing segments in this $80 billion adhesives industry 2 Our business model and financial characteristics represent a solutions-based, differentiated formulator 3 We have taken and are continuing to tak
Slide 28: Clear path to >20% EBITDA margin
1 2 3 October 20, 2025 Clear path to >20% EBITDA margin 25% 24% Path to 20% EBITDA margin is not dependent on volume 23% 22% 21% 20% 19% 18% 17% 16% 2025E Quantum Leap Portfolio Mix Shift Pricing Offset by Pricing/Innovation 2030 Target Volume 2030 Potential Inflation © H.B. Fuller Company, 2025 | 2
Slide 29: Refining pricing to reflect the value of our innovation
1 2 3 October 20, 2025 Refining pricing to reflect the value of our innovation Moving Away From Moving Toward Pricing as a series of events Pricing as a continuous process Pricing as a tactical battlefield activity Pricing as a transformative strategic capability championed by leaders An internally
Slide 30: Project Quantum Leap: Optimizing our global manufacturing footprint
1 2 3 October 20, 2025 Project Quantum Leap: Optimizing our global manufacturing footprint Identified numerous opportunities to eliminate redundancies, increase utilization, and enhance the overall quality and mix of our manufacturing and supply chain assets Five-year target to reduce number of plan
Slide 31: M&A presents a meaningful value creation opportunity
1 2 3 October 20, 2025 M&A presents a meaningful value creation opportunity Supplement and maximize growth potential 15% • Fragmentation provides unique technology and certification access in fast-growing markets 5% 4% H.B. Fuller is the preferred acquirer • H.B. Fuller typically acquires at or near
Slide 32: M&A is a significant part of our EBITDA-compounding strategy
1 2 3 October 20, 2025 M&A is a significant part of our EBITDA-compounding strategy Trailing-12-months EBITDA contribution from M&A 2025 Cohort 75 2024 Cohort 50 2023 Cohort 25 0 Q123 Q223 Q323 Q423 Q124 Q224 Q324 Q424 Q125 Q225 Q325 © H.B. Fuller Company, 2025 | 32
Slide 33: We have meaningfully shifted our portfolio mix toward growth segments
1 2 3 October 20, 2025 We have meaningfully shifted our portfolio mix toward growth segments 100% 2025 Q3 YTD +70 bps EBITDA 90% +70 bps margin improvement from acquiring 80% Leverage medical and selling flooring Leverage 53% 70% 60% Growth segments grow at over 60% + 2X twice the industry rate 50%
Slide 34: Clear path to >20% EBITDA margin
1 2 3 October 20, 2025 Clear path to >20% EBITDA margin 25% Path to 20% EBITDA margin is 24% not dependent on volume 23% 22% 21% 20% 19% 18% 17% 16% 2025E Quantum Leap Portfolio Mix Shift Pricing/Innovation Pricing Offset by 2030 Target Volume 2030 Potential Inflation © H.B. Fuller Company, 2025 | 2
Slide 35: M&A: Strategic overview
October 20, 2025 M&A: Strategic overview The adhesives market: a large and attractive space for M&A How we use M&A to accelerate our strategies Prioritizing the best opportunities for a balanced portfolio Our proven track record of successful integrations Driving profitability and growth through syn
Slide 36: M&A criteria
October 20, 2025 M&A criteria Targeted, disciplined approach to M&A 11 companies acquired since the beginning of 2023 Strategic criteria Financial criteria Accelerate our segment strategies Highly synergistic with post synergy EBITDA multiple typically 3-6 turns lower than the purchase price multipl
Slide 37: M&A presents a meaningful value creation opportunity
October 20, 2025 M&A presents a meaningful value creation opportunity $80B market growing at 3-4% 15% Top 3 players control <25% • The next tier of companies is largely composed of subsidiaries within larger multinational 5% corporations 4% Thousands of specialized, high-performing Thousands of Smal
Slide 38: Constructing a differentiated bottom-up M&A pipeline
October 20, 2025 Constructing a differentiated bottom-up M&A pipeline • Created from a prioritized list of growth accelerators Specified Technology Approved for • Rigorous strategy process performed by Medical Device Manufacturing leaders at the market segment level 5% Global Expansion: Fastener Coa
Slide 39: Prudent, disciplined approach to evaluating >100 deals
October 20, 2025 Prudent, disciplined approach to evaluating >100 deals Pipeline development • Extremely selective in who we pursue • Build company profiles of prospects that match # of companies characteristics of our Top 20 Growth Accelerator ideas 15% • Critically analyze 35-40 deals per year 5%
Slide 40: We have established ourselves as the buyer of choice in the industry
October 20, 2025 We have established ourselves as the buyer of choice in the industry Strong track record of getting deals done Very experienced teams who perform due diligence fast and effectively Founders-focused approach offering a more attractive place for family companies to see their legacy fl
Slide 41: Our integration experience de-risks execution and maximizes value capture
October 20, 2025 Our integration experience de-risks execution and maximizes value capture Focus: Delivering the business model • Synergy capture • Business growth Proven capabilities • Integration lead in place before close, supported by Corporate M&A and Development teams • SAP integration within
Slide 42: Successfully repositioned our portfolio to focus on more specialized, profitable end markets
October 20, 2025 Successfully repositioned our portfolio to focus on more specialized, profitable end markets 2023 2024 2025 Brings only FDA approved Adds extrusion process catheter securement capabilities and vertically Expands in high growth Adds surgical adhesive adhesive and expands integrates i
Slide 43: M&A profile matrix: pursuing a balanced portfolio of deals
October 20, 2025 M&A profile matrix: pursuing a balanced portfolio of deals Commercial Consolidation or Different deals have different risk and reward profiles expansion capacity expansion Current region • Consolidation deals can offer high returns and more immediate synergy realization • New market
Slide 44: Deal financial highlights
October 20, 2025 Deal financial highlights EBITDA ($M) EBITDA Margin (%) $100 35% $90 30% $80 $70 $88 25% 29.1% $60 20% $50 $40 $55 15% 17.6% $30 10% $20 5% $10 $0 0% Upon Acquisition 2025 Projected Results Upon Acquisition 2025 Projected Results Deals since beginning of 2023 (11) Deals since beginn
Slide 45: Deal Snapshots
October 20, 2025 Deal Snapshots ND Industries GEM © H.B. Fuller Company, 2025 | 45
Slide 46: ND Industries
October 20, 2025 Investment case ND Industries Description: High-performance structural adhesives and coatings are 30%+ EBITDA margin made and applied directly to fasteners as a service • Low working capital Key industries served: Automotive, Electronics, Heavy Machinery, • Serves critical need at a
Slide 47: M&A roll-up to build Medical Adhesives Technology
October 20, 2025 M&A roll-up to build Medical Adhesives Technology 2016 2021 2023 2025 • Leaders with • Finished • Manufacturing • Manufacturing medical medical device • Global scope • Class III devices Goal: cyanoacrylate • Distributor • Class II devices for internal $100M EBITDA background • US on
Slide 48: GEM
October 20, 2025 Investment case GEM Develops medical adhesives and application devices for internal use 50%+ EBITDA margin Products are used by physicians in surgical and interventional radiology procedures High growth, high EBITDA margin Key indications: business • Surgery: Adhesive, sealant, or h
Slide 49: Key takeaways
October 20, 2025 Key takeaways The adhesives market is a large and attractive market: We can continue our M&A strategy for many years M&A is used to accelerate our strategies: We can reposition our portfolio and make existing businesses grow faster We target a balanced portfolio of deals We are EBIT
Slide 50: Project Quantum Leap: Optimizing our supply chain for the next decade
October 20, 2025 Project Quantum Leap: Optimizing our supply chain for the next decade Key elements of the plan Reduce and optimize manufacturing footprint Implement best practices in total supply chain management Streamline distribution model and footprint Goals • Support revenue growth • Sustain h
Slide 51: 82 manufacturing sites in 2024
October 20, 2025 82 manufacturing sites in 2024 © H.B. Fuller Company, 2025 | 51
Slide 52: This is the right time to execute this initiative
October 20, 2025 This is the right time to execute this initiative Key considerations • A streamlined footprint will drive higher productivity • Unnecessary manufacturing redundancy exists across some technologies • Over 80% of revenue now on SAP • Several proof points for successful consolidation o
Slide 53: Enhances customer service, improves cash flow, and streamlines our cost structure
October 20, 2025 Enhances customer service, improves cash flow, and streamlines our cost structure Estimated cumulative savings by year ($M) $80 $75 $70 $65 $60 $50 Key deliverables $50 • Improve service levels to support consistent revenue growth and retention $40 • Reduce global manufacturing foot
Slide 54: Execution timeline
October 20, 2025 Execution timeline Overview Estimated number of sites operating by year 90 • Current plans will bring our site total 80 to 55 by 2030 70 • Newer high-efficiency sites support 60 footprint reduction 50 • We are creating new manufacturing centers of excellence to support 40 high growt
Slide 55: Proven skillset to achieve our objectives
October 20, 2025 Proven skillset to achieve our objectives Comprehensive program management to ensure consistent approach and accountability • Individual projects are scoped to facilitate manageable change impact • We use a stage-gate method with strong emphasis on planning Moving products from one
Slide 56: Key Takeaways
October 20, 2025 Key Takeaways Project Quantum Leap will deliver significant value • Improved customer experience • Approximately $35M reduction in working capital • Approximately $15M reduction in annual capital expenditures • $75M in annual run-rate cost savings A stronger supply chain supports pr
Slide 57: Agenda
October 20, 2025 Agenda Historical view of financial performance Recent financial results Key financial targets Capital allocation philosophy Margin progression and roadmap Comparisons to peer financial performance and valuation © H.B. Fuller Company, 2025 | 57
Slide 58: Agenda
October 20, 2025 Agenda Historical view of financial performance Recent financial results Key financial targets Capital allocation philosophy Margin progression and roadmap Comparisons to peer financial performance and valuation © H.B. Fuller Company, 2025 | 58
Slide 59: A longer-term view
October 20, 2025 A longer-term view A significant positive change in growth trajectory Revenues ($M)* EBITDA ($M)* 1989-2009 CAGR: 2.5% 2010-2024 CAGR: 7.2% 1989-2009 CAGR: 4.0% 2010-2024 CAGR: 10.6% 4,000 600 3,500 500 3,000 400 2,500 2,000 300 1,500 200 1,000 100 500 - - 1989 1992 1995 1998 2001 2
Slide 60: Historical financial performance — Q3 trailing-12-months
October 20, 2025 Historical financial performance — Q3 trailing-12-months A transformed financial profile 2015 2020 2025 CAGR / % Incr. Revenue $2.1 billion $2.8 billion $3.5 billion +5% Adjusted $235 million $396 million $599 million +10% EBITDA Adjusted 11.2% 14.4% 17.1% +590bps EBITDA % * Please
Slide 61: Agenda
October 20, 2025 Agenda Historical view of financial performance Recent financial results Key financial targets Capital allocation philosophy Margin progression and roadmap Comparisons to peer financial performance and valuation © H.B. Fuller Company, 2025 | 61
Slide 62: Q3 2025 and YTD 2025 operating results
October 20, 2025 Q3 2025 and YTD 2025 operating results Delivering despite challenging operating environment Q3 2025 results 2025 YTD highlights ($M) 2025 % YoY 2024 • Positive organic growth on strong pricing execution • Management of pricing and raws, mix improvement and Revenue $892 -0.9%* restru
Slide 63: 2025 fiscal year guidance
October 20, 2025 2025 fiscal year guidance Increased outlook versus original guidance on strong execution Original 2025 guidance Updated 2025 guidance % YoY vs 2024 Organic revenue growth 0% - +2% 0% - +1% - Adj. EPS* $3.90 - $4.20 $4.10 - $4.25 +7% - 11% Adj EBITDA ($M)* $600 - $625 $615 - $625 +4%
Slide 64: Agenda
October 20, 2025 Agenda Historical view of financial performance Recent financial results Key financial targets Capital allocation philosophy Margin progression and roadmap Comparisons to peer financial performance and valuation © H.B. Fuller Company, 2025 | 64
Slide 65: Key financial objectives
October 20, 2025 Key financial objectives 1 Revenue > 5% annual constant currency revenue growth 2 Pricing Positive pricing every year 3 Profit EBITDA growth > 2x revenue growth 4 EBITDA margin > 20% EBITDA margin 5 Working capital < 15% working capital as a percentage of revenue 6 ROIC ROIC in the
Slide 66: Key financial objectives: Revenue
October 20, 2025 Key financial objectives 1 Revenue > 5% annual constant currency revenue growth Q3 2020 TTM to Q3 2025 TTM ($M) $4,000 +7.1% $257 $3,502 $3,500 constant currency growth $770 $3,000 $2,752 $2,500 $2,475 ($277) $2,000 +5.1% $1,500 organic growth $1,000 $500 $0 FX Organic Q3 2025 TTM Q
Slide 67: Key financial objectives: Pricing
October 20, 2025 Key financial objectives 2 Pricing Positive pricing every year Pricing as a continuous process Enhanced tools and training Reducing the number of index-based pricing arrangements Including pricing metrics in variable compensation programs © H.B. Fuller Company, 2025 | 67
Slide 68: Key financial objectives: Profit and Margin
October 20, 2025 Key financial objectives 3 Profit EBITDA growth > 2x revenue growth 4 Margin > 20% EBITDA margin EBITDA ($M) EBITDA margin (%) $700 18.0 17.5 $650 +12% Constant currency +330 bps Constant currency 0.7 17.1 $27 $599 17.0 $600 $60 16.5 1.7 $550 16.0 $75 $500 15.5 1.6 15.0 $450 $42 14.
Slide 69: Key financial objectives: Working capital
October 20, 2025 Key financial objectives 5 Working capital < 15% working capital as a percentage of revenue Working capital as a % of revenue – 2020 to 2024 20.0% 19.0% 18.0% 17.0% 18.7% 16.0% 17.2% 17.0% 15.0% 16.5% 14.0% 13.0% 15.0% 12.0% 2020 2021 2022 2023 2024 69 61 63 60 54 Cash conversion cy
Slide 70: Key financial objectives: ROIC
October 20, 2025 Key financial objectives 6 ROIC ROIC in the low-teens 30% 25% 20% 15% 10% 5% 0% 2020 2024 Target Return on Invested Capital Return on Tangible Capital Return on Invested Capital = (Adjusted EBITDA - D&A) x (1 – adjusted tax rate) / (invested capital) Return on Tangible Assets = (Adj
Slide 71: Agenda
October 20, 2025 Agenda Historical view of financial performance Recent financial results Key financial targets Capital allocation philosophy Margin progression and roadmap Comparisons to peer financial performance and valuation © H.B. Fuller Company, 2025 | 71
Slide 72: Capital allocation policy
October 20, 2025 Capital allocation policy Focused, disciplined approach Capital Annual capital expenditures of between 3-4% of revenue Expenditures Strategic Investments M&A Strategic M&A to drive shareholder value Dividend 20-25% of average three-year adjusted net income, growing each year Returni
Slide 73: Capital expenditures
October 20, 2025 Capital expenditures Capital light business model with predictable capital requirements Capital expenditures as a % of revenue 4.5% 4.0% 3.5% 3.0% 2.5% 2.0% 2020 2021 2022 2023 2024 SAP ($M) $7 $25 $21 $26 $24 Maintenance ($M) $28 $34 $51 $55 $51 Growth/Efficiency ($M) $43 $38 $55 $
Slide 74: Acquisition criteria
October 20, 2025 Acquisition criteria Targeted, disciplined approach to M&A Strategic criteria Financial criteria Accelerate our segment strategies Highly synergistic Unique technology IRR exceeds 20% Fill geographic gaps Accretive to EPS in year 1 or 2 Highly specified and/or sustainable market opp
Slide 75: Dividends per share
October 20, 2025 Dividends per share Extensive track record of increasing dividends to shareholders $1.00 $0.90 $0.928 $0.80 $0.70 $0.60 $0.50 $0.40 $0.30 $0.20 $0.10 $0.00 2025 1970 1972 1974 1976 1978 1980 1982 1984 1986 1988 1990 1992 1994 1996 1998 2000 2002 2004 2006 2008 2010 2012 2014 2016 20
Slide 76: Leverage and cash return to shareholders
October 20, 2025 Leverage and cash return to shareholders Significantly increased cash returned to shareholders Net Debt-to-EBITDA Dividends and Share Repurchase ($M) 5.0x $120 4.7x $105 4.5x $100 4.2x 4.1x 4.0x $80 $75 3.5x 3.3x $60 3.2x 3.1x 2.9x $39 3.0x $40 $32 $34 $35 $31 2.5x $20 2.0x $0 2018
Slide 77: Agenda
October 20, 2025 Agenda Historical view of financial performance Recent financial results Key financial targets Capital allocation philosophy Margin progression and roadmap Comparisons to peer financial performance and valuation © H.B. Fuller Company, 2025 | 77
Slide 78: Margin progression
October 20, 2025 Margin progression Clear, deliverable levers to > 20% EBITDA margin 25% Path to 20% EBITDA margin is 24% not dependent on volume 23% 22% 21% 20% 19% 18% 17% 16% 2025E Quantum Leap Portfolio Mix Shift Pricing Offset by Pricing/Innovation 2030 Target Volume 2030 Potential Inflation ©
Slide 79: Margin progression
October 20, 2025 Margin progression Consistent, annual margin improvement 22% 21% 20% 19% 18% 17% 16% 2025E 2026 2027 2028 2029 2030 20302030 Target Before Volume Quantum Leap Global Footprint Mix Shift Pricing/Innovation Pricing Offset by Inflation © H.B. Fuller Company, 2025 | 79
Slide 80: Agenda
October 20, 2025 Agenda Historical view of financial performance Recent financial results Key financial targets Capital allocation philosophy Margin progression and roadmap Comparisons to peer financial performance and valuation © H.B. Fuller Company, 2025 | 80
Slide 81: Comparable business models
October 20, 2025 Comparable business models Business model is significantly different from specialty chemicals Chemical’s % of Revenue from Avg. revenue per Number of products customer’s product top 5 customers (%) customer ($) (SKUs) / $1B cost Specialty Chemicals 17% $640,000 13.5% 3,400 8% $210,0
Slide 82: Comparable business model
October 20, 2025 Comparable business model More closely tracks with differentiated formulators Chemical’s % of % Revenue from Avg. revenue per Number of products customer’s product top 5 customers customer ($) (SKUs) / $1B cost Flavors & Fragrances 22% $790,000 2.0% 8,700 + Industrial Coatings 14% $
Slide 83: FUL vs. differentiated formulators and specialty chemicals
October 20, 2025 FUL vs. differentiated formulators and specialty chemicals Driving profitable growth in a challenging market environment EBITDA growth (indexed to 100) EBITDA margin 25% 160 146 (30) bps 140 19.7% 19.4% 20% +200 bps (130) bps 119 120 16.6% 16.1% 100 100 100 102 14.8% 14.6% 100 15% 8
Slide 84: FUL vs. differentiated formulators
October 20, 2025 FUL vs. differentiated formulators Differentiated financial performance yet undervalued vs. peers Gaining ground Cap Ex % of Revenue CAGR EBITDA CAGR EBITDA Margin EV / EBITDA Revenue Company '21 - ’25E '21 - ’25E 2025E 2025E FY1 H.B. Fuller 4.5% 8.7% 17.8% 3.9% 8.3x Axalta 6.8% 8.5
Slide 85: Key Takeaways
October 20, 2025 Key Takeaways 1 Strong Long-Term Performance 2 Clear, Achievable Financial Targets 3 Focused, Disciplined Capital Deployment Philosophy 4 Straightforward Roadmap to EBITDA Margin Improvement © H.B. Fuller Company, 2025 | 85
Slide 86: Key Takeaways
October 20, 2025 Key Takeaways 1 H.B. Fuller is uniquely positioned to capitalize on the fastest growing segments in this $80 billion adhesives industry 2 Our business model and financial characteristics represent a solutions-based, differentiated formulator 3 We have taken and are continuing to tak
Slide 87: Compelling investment thesis
October 20, 2025 Compelling investment thesis Why Adhesives and Sealants? Why H.B. Fuller? Large $80 billion global industry The largest pureplay adhesive company in the world Represent less than 2% of our customers’ end-product Extensive global footprint and innovation capabilities cost drive deep
Slide 88: Growth Market Technology Breakouts
October 20, 2025 Growth Market Technology Breakouts © H.B. Fuller Company, 2025
Slide 89: Medical Adhesive Technologies
H.B. Fuller 2025 Investor Day Medical Adhesive Technologies 1200 Willow Lake Blvd, St Paul, Minnesota 55110 www.hbfuller.com
Slide 90: The Structure of our Business
The Structure of our Business For Medical Professionals For Medical Manufacturers Topical Use Internal Use Med Device Stick to Skin Personal Protective Assembly Equipment (PPE) Vascular Access Surgical Adhesives Skin Attachments SecurePortIV® Glubran® 2 Surgery Medical Filtration Surgical Gowns Medi
Slide 91: Market Overview
Market Overview Medical Professionals (Finished Medical Devices) For Medical Manufacturers (Components) Market Size Market Size $1.5B 5-8% CAGR $2B 4-7% CAGR Competitors Competitors AMS, B Braun, Johnson & Johnson, Chemence, Balt Henkel, Dymax, Delo, Bostik Performance needs and Trends Performance n
Slide 92: Medical Professional Growth Focus
Medical Professional Growth Focus Core Strategic Focus Medical Professionals Target high value-add solutions (surgical, interventional radiology, vascular access) Market Growth Rate +5-8% H.B. Fuller Growth High-teens % Target Business Profile > 70% Gross Margins © H.B. Fuller Company, 2025 | 3
Slide 93: Product Applications
Product Applications Hernia Mesh Fixation Interventional Radiology Catheter Securement • Atraumatic fixation • Less invasive procedures • Infection prevention (better patient outcomes) • Speed and ease of use for (better patient outcomes) physician © H.B. Fuller Company, 2025 | 4
Slide 94: Insulated Glass: 4SG – The Next Step in Insulated Glass Evolution
Insulated Glass H.B. Fuller 2025 Investor Day 4SG – The Next Step in Insulated Glass Evolution 1200 Willow Lake Blvd, St Paul, Minnesota 55110 www.hbfuller.com ® 2025 H.B. Fuller
Slide 95: Understanding Window Spacers: Why They Matter
Insulated Glass Understanding Window Spacers: Why They Matter TAM Warm Edge Spacer $650M 4SG 8% Fenzi TPS 1% TAM Glass Applications $2.3B Foam Hybrid & Spacer Structural Glazing Warm Edge 17% Spacer Intercept Spacer Direct 74% Glazing Wrapping Primary Sealing Secondary Sealing Product Overview Marke
Slide 96: Redefining Performance and Sustainability
Insulated Glass Redefining Performance and Sustainability Why We Win – Outperforming all other spacer systems What’s Driving Change • From architects to homeowners, customers want more from their glass systems • Demand for better Traditional H.B. Fuller Traditional H.B. Fuller insulation, longer ser
Slide 97: Driving the Future of Building Design
Insulated Glass Driving the Future of Building Design Leading Performance – EN 1279-3 Testing Enabling Next-Generation Glass Systems • Supports market trends: thing triples, smart glass, daylighting, and design flexibility • Works for commercial towers and residential retrofits • Delivers comfort, e
Slide 98: Scaling a Proven, Global Platform
Insulated Glass Scaling a Proven, Global Platform Outperforming Industry Growth 4SG Growth (US) Housing Growth (US) TPS Growth YOY – Operating Lines 18.9% (5%) – (10%) 330 4SG Growth (EU) Housing Growth (EU) 14.6% (5.5%) 265 ~5X Growth Since 2015: TPS adoption has 203 expanded from 67 to 330 operati
Slide 99: Electronics
Electronics H.B. Fuller 2025 Investor Day Electronics 1200 Willow Lake Blvd, St Paul, Minnesota 55110 www.hbfuller.com ® 2024 H.B. Fuller
Slide 100: Significant growth potential
Electronics Significant growth potential Electronic adhesives market size ($B) Market overview $16 Electronics target global market value of $6B growing $14 13.7 to $13B 12.5 CAGR: 9% $2.5B Consumer Electronics $12 11.5 10.5 9.6 $1.5B Auto Electronics $10 8.8 $1.0B Medical Electronics 8.1 $8 7.4 6.8
Slide 101: Strong track record of growth in global electronics business
Electronics Strong track record of growth in global electronics business Global smartphone shipments (M Units) H.B. Fuller Electronics segment revenue ($M) 1,800 $120 1,600 Long-term target: $100 $200M Revenue 1,400 -21% EBITDA Margin: ~40% +3% 1,200 $80 +17% +5% 1,000 HBF Electronics CAGR: 18% over
Slide 102: Enabling performance across markets
Electronics Enabling performance across markets Key applications Fast-moving product cycles: 1-2 year horizon for evolution and phase-out Solution-driven approach: tailor chemistry solutions to meet precise customer requirements Focus on engineering & design integration: packing complex systems into
Slide 103: Deep, diverse technology toolbox
Electronics Deep, diverse technology toolbox Resin chemistry Adhesive format Curing option Functional • Urethane • 1K & 2K • Heat • Mechanical • Silicone • Hot melt • Moisture attachment • Epoxy • Reactive hot melt • UV UV+Moisture • Electrical conductivity • Acrylic • PSA • UV+heat • Thermal conduc
Slide 104: How we win
Electronics How we win • Global brand name established as a problem solver • Positioned with a comprehensive toolbox and experts to formulate the right product and process • Positioned globally to influence decision makers where the designs are made and manufacturing occurs • A mission to Connect Wh
Slide 105: Automotive
Automotive H.B. Fuller 2025 Investor Day Automotive 1200 Willow Lake Blvd, St Paul, Minnesota 55110 www.hbfuller.com ® 2024 H.B. Fuller
Slide 106: Market Overview
Automotive Market Overview Global Automotive Adhesive Total Addressable Market Forecast* Competitors +5.5% Value ($B) +6% $11.5 $8.3 $6.2 2014 2019 2025 Interior Trim Exterior Trim Powertrain and Chassis Body in White Others Target Market Segments Gates Windshield ICE EV Intelligent NVH Structure NV
Slide 107: Intelligent cockpit and hybrid powertrain trends
Automotive Intelligent cockpit Smart Sunroof Interior Trim HUD, Display, Hybrid Powertrain More Fabric to Carrier Lamination Increased Sensor, AI Battery Perspective • Low VOC, Odor (SB->WB->HM). Plug-In Hybrid 18% 40% 28% • Recycling and Bio-based substrates. 57% • Durability, High-temperature resi
Slide 108: Profitable Business Growth Faster than the Market
Automotive Profitable Business Growth Faster than the Market H.B. Fuller Automotive Business Performance 300 300 World Passenger Production (M Vehicles) Automotive Segment Revenue ($M) 250 250 200 200 150 150 220 234 100 204 100 144 50 118 50 56 57 62 68 68 0 0 2020 2021 2022 2023 2024 H.B. Fuller A
Slide 109: Winning Strategy for the Future
Automotive Winning Strategy for the Future Sales Revenue by Market Segments ($M) Technology Innovation 250 225 • Localized solution with global scalability 200 • 6M-8M vehicle capacity of EV and PHEV will be expanded outside of China in 2025 175 • New technologies: single side solution for interior
Slide 110: Appendix
October 20, 2025 H.B. Fuller 2025 Investor Day APPENDIX 1200 Willow Lake Blvd, St Paul, Minnesota 55110 www.hbfuller.com
Slide 111: Safe Harbor Statement
October 20, 2025 Safe Harbor Statement Certain statements in this presentation 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 s
Slide 112: Regulation G - Adjusted EBITDA Reconciliation
October 20, 2025 Regulation G - Adjusted EBITDA Reconciliation Three Months Nine Months Year Ended Ended Ended 2017 2018 2019 2020 2021 2022 2023 2024 August 30, 2025 August 30, 2025 Net income attributable to H.B. Fuller $ 59,418 $ 171,208 $ 130,817 $ 123,719 $ 175,250 $ 180,313 $ 144,906 $ 130,256
Slide 113: Regulation G - Adjusted EBITDA Reconciliation - GBU
October 20, 2025 Regulation G - Adjusted EBITDA Reconciliation - GBU Hygiene, Health Building Hygiene, Health Building Year Ended and Consumable Engineering Adhesive Corporate H.B. Fuller Year Ended and Consumable Engineering Adhesive Corporate H.B. Fuller November 30, 2024 Adhesives Adhesives Solut
Slide 114: Regulation G - Q3 Trailing-12-Months Adjusted EBITDA
October 20, 2025 Regulation G - Q3 Trailing-12-Months Adjusted EBITDA Trailing Twelve Trailing Twelve Three Months Ended Months9 Ended Three Months Ended Months9 Ended November 29, 2014 February 28, 2015 May 30, 2015 August 29, 2015 August 29, 2015 November 30, 2019 February 29, 2020 May 30, 2020 Au
Slide 115: Regulation G - Q3 Trailing-12-Months Adjusted EBITDA
October 20, 2025 Regulation G - Q3 Trailing-12-Months Adjusted EBITDA Trailing Twelve Three Months Ended Months9 Ended November 30, 2024 March 1, 2025 May 31, 2025 August 30, 2025 August 30, 2025 Net income attributable to H.B. Fuller $ (7,359) $ 13,248 $ 41,828 $ 67,160 $ 114,877 Adjustments: Acqui
Slide 116: Regulation G - Working Capital and Adjusted Gross Margin
October 20, 2025 Regulation G – Working Capital Regulation G – Adjusted Gross Margin Three Months Ended Nine Months Ended August 30, August 31, August 30, August 31, 2020 2021 2022 2023 2024 2025 2024 2025 2024 Trade receivables, net $ 514,916 $ 614,645 $ 607,365 $ 577,932 $ 558,336 Inventory 323,21
Slide 117: Regulation G - Footnotes
October 20, 2025 Regulation G - Footnotes 1 Adjustments prior to 2021 were recorded net of income taxes. 2 Acquisition project costs include costs related to evaluating, acquiring and integrating business acquisitions including transaction costs (primarily consulting and professional fees, represent