Q4 2025 Net income of $30 million; Adjusted EBITDA of $170 million, up 15% year-on-year

Q4 2025 Adjusted EBITDA margin of 19.0%, up 290 basis points year-on-year

Q4 2025 EPS (diluted) of $0.54; Adjusted EPS of $1.28, up 39% year-on-year

FY 2025 Net income of $152 million; Adjusted EBITDA of $621 million

FY 2025 Adjusted EBITDA margin of 17.9%, up 130 basis points year-on-year

H.B. Fuller Company (NYSE:FUL) today reported financial results for its fourth quarter and fiscal year that ended November 29, 2025.

Fourth Quarter 2025 Noteworthy Items:

Net revenue was $895 million, down 3.1% year-on-year; adjusting for the flooring divestiture, net revenue was up 0.9% year-on-year;
Gross margin was 31.5%; adjusted gross margin of 32.5% increased 290 basis points year-on-year driven by favorable pricing and raw material cost actions, the impact of acquisitions and divestitures, and restructuring benefits;
Net income was $30 million; adjusted EBITDA was $170 million, up 14.6% year-on-year; adjusted EBITDA margin was 19.0%, up 290 basis points year-on-year;
Reported EPS (diluted) was $0.54; adjusted EPS (diluted) was $1.28, up 39.1% versus the prior year, driven by higher operating income and lower shares outstanding.

Fiscal Year 2025 Noteworthy Items:

Net revenue was $3.47 billion, down 2.7% year-on-year; adjusting for the flooring divestiture, net revenue was up 1.8% year-on-year;
Organic revenue was flat year-on-year, driven by 0.8% favorable pricing, offset by 0.8% lower volume;
Gross margin was 31.1%; adjusted gross margin of 31.7% increased 140 basis points year-on-year, driven by pricing and raw material cost actions, the impact of acquisitions and divestitures, and restructuring benefits;
Net income was $152 million; adjusted EBITDA was $621 million, up 4.5% year-on-year; adjusted EBITDA margin expanded year-on-year to 17.9%;
Reported EPS (diluted) was $2.75; adjusted EPS (diluted) was $4.24, up 10.4% year-on-year, driven by higher operating income and lower shares outstanding;
Net working capital, as a percentage of annualized net revenue, increased 130 basis points year-on-year to 15.8%; cash flow from operations was $263 million.

Summary of Fourth Quarter 2025 Results:

The company's net revenue for the fourth quarter of fiscal 2025 was $895 million, down 3.1% versus the fourth quarter of fiscal 2024. Organic revenue was down 1.3% year-on-year, with pricing actions increasing organic revenue by 1.2% and volume decreasing organic revenue by 2.5%. Foreign currency translation increased net revenue by 1.0%, and the net impact of acquisitions and divestitures decreased net revenue by 2.8%.

Gross profit in the fourth quarter of fiscal 2025 was $282 million. Adjusted gross profit was $291 million. Adjusted gross profit margin of 32.5% increased 290 basis points year-on-year. The net impact of pricing and raw material cost actions, the impact of acquisitions and divestitures, and targeted cost reduction efforts drove the year-on-year increase in adjusted gross profit margin.

Selling, general and administrative (SG&A) expense was $184 million in the fourth quarter of fiscal 2025 and adjusted SG&A was $174 million, down modestly year-on-year driven by continued cost saving efforts and lower variable compensation.

Net income attributable to H.B. Fuller for the fourth quarter of fiscal 2025 was $30 million. Adjusted net income attributable to H.B. Fuller for the fourth quarter of fiscal 2025 was $71 million. Adjusted EPS was $1.28 per diluted share, up 39.1% year-on-year.

Adjusted EBITDA in the fourth quarter of fiscal 2025 was $170 million, up 14.6% year-on-year, driven principally by the net impact of pricing and raw material cost actions. Adjusted EBITDA margin increased 290 basis points year-on-year to 19.0%.

"Our execution and agility in the quarter and throughout the year generated double‑digit EPS growth and EBITDA at the top end of our full year guidance range amidst an unpredictable economic backdrop and challenging demand landscape," said Celeste Mastin, president and CEO. "During this time, we helped our customers navigate this environment successfully—providing them with material optionality and flexibility while ensuring consistent quality and reliable availability wherever in the world they chose to make their products. These efforts, which strengthened our partnerships and enhanced H.B. Fuller's competitive positioning, are reflected in our improved profitability and sustained margin expansion.

"As a result, we are exiting the fourth quarter with strong momentum heading into 2026 and are firmly on track to achieve our target of greater than 20% EBITDA margin. I am very proud of our team's resolve, resourcefulness, and the meaningful progress we made in 2025 as we continue transforming H.B. Fuller into a higher‑growth, higher‑margin company."

Balance Sheet and Working Capital:

Net debt at the end of the fourth quarter of fiscal 2025 was $1,910 million, down $48 million sequentially versus the third quarter and up $68 million year-on-year. Net debt-to-adjusted EBITDA of 3.1X was down sequentially from 3.3X versus the previous quarter, and down from 3.5X in the first quarter.

Net working capital in the fourth quarter of fiscal 2025 declined $41 million sequentially versus the third quarter. As a percentage of annualized net revenue, net working capital decreased 120 basis points versus the third quarter. On a year-on-year basis, net working capital increased 130 basis points to 15.8%, due to slightly higher inventory days on hand as we execute our manufacturing footprint optimization.

Fiscal 2026 Outlook:

Net revenue for fiscal 2026 is expected to be flat to up 2%, with organic revenue expected to be approximately flat versus fiscal 2025;
Adjusted EBITDA for fiscal 2026 is expected to be in the range of $630 million to $660 million;
Net revenue for the first quarter of 2026 is expected to be down low single digits; adjusted EBITDA for the first quarter of 2026 is expected to be in the range of $110 million to $120 million;
Depreciation and amortization expense is expected to be approximately $185 million;
Net interest expense for fiscal 2026 is expected to be approximately $120 million;
The core tax rate, excluding the impact of discrete items, is anticipated to be between 26% and 27% in fiscal year 2026;
Adjusted EPS (diluted) is expected to be in the range of $4.35 to $4.70;
Fully diluted average share count is expected to be between 55 million and 56 million shares;
Operating cash flow in fiscal year 2026 is expected to be between $275 million and $300 million;
Capital expenditures of approximately $160 million are expected in fiscal 2026, which includes approximately $50 million related to the company's manufacturing footprint consolidation initiative.

Conference Call:

The company will hold a conference call on January 15, 2026, at 9:30 a.m. CT (10:30 a.m. ET) to discuss its results. Interested parties may listen to the conference call on a live webcast. The webcast, along with a supplemental presentation, may be accessed from the company's website at https://investors.hbfuller.com. Participants must register prior to accessing the webcast using this link and should do so at least 10 minutes prior to the start of the call to install and test any necessary software and audio connections. A telephone replay of the conference call will be available from 12:30 p.m. CT on January 15, 2026, to 10:59 p.m. CT on January 22, 2026. To access the telephone replay dial 1-800-770-2030 (toll free) or 1-609-800-9909, and enter Conference ID: 6370505.

Regulation G:

The information presented in this earnings release regarding consolidated and segment organic revenue growth, operating income, adjusted gross profit, adjusted gross profit margin, adjusted selling, general and administrative expense, adjusted income before income taxes and income from equity investments, adjusted income taxes, adjusted effective tax rate, adjusted net income, adjusted diluted earnings per share, adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA), adjusted EBITDA margin, net debt, net debt-to-adjusted EBITDA, trailing twelve months adjusted EBITDA, net working capital, annualized net revenue and net working capital as a percentage of annualized net revenue does not conform to U.S. generally accepted accounting principles (U.S. GAAP) and should not be construed as an alternative to the reported results determined in accordance with U.S. GAAP. Management has included this non-GAAP information to assist in understanding the operating performance of the company and its operating segments as well as the comparability of results to the results of other companies. The non-GAAP information provided may not be consistent with the methodologies used by other companies. All non-GAAP information is reconciled with reported U.S. GAAP results in the "Regulation G Reconciliation" tables in this press release with the exception of our forward-looking non-GAAP measures contained above in our Fiscal 2026 Outlook, which the company cannot reconcile to forward-looking GAAP results without unreasonable effort.

About H.B. Fuller:

As the largest pureplay adhesives company in the world, H.B. Fuller's (NYSE:FUL) innovative, functional coatings, adhesives and sealants enhance the quality, safety and performance of products people use every day. Founded in 1887, with 2025 revenue of $3.5 billion, our mission to Connect What Matters is brought to life by more than 7,100 global team members who collaborate with customers across more than 30 market segments in 150 countries to develop highly specified solutions that enable customers to bring world-changing innovations to their end markets. Learn more at www.hbfuller.com.

Safe Harbor for Forward-Looking Statements:

Certain statements in this press release 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 often address expected future business and financial performance, financial condition, and other matters, and often contain words or phrases such as "anticipate," "believe," "estimate," "expect," "intend," "may," "opportunity," "outlook," "plan," "project," "seek," "should," "strategy," "target," "will," "will be," "will continue," "will likely result," "would" and similar expressions, and variations or negatives of these words or phrases. These statements are subject to various risks and uncertainties that could cause our actual results to differ materially from those in the forward-looking statements, including but not limited to the following: the availability and pricing of raw materials; the impact of potential cybersecurity attacks and security breaches; failures in our information technology systems; the impact on the supply chain, raw material costs and pricing of our products due to military conflict, including between Russia and Ukraine; the impact on our margins and product demand due to inflationary pressures; the substantial amount of debt we have incurred to finance our acquisition of Royal, our ability to repay or refinance our debt or to incur additional debt in the future, our need for a significant amount of cash to service and repay the debt and to pay dividends on our common stock, and the effect of debt covenants that limit the discretion of management in operating the business or in paying dividends; our ability to pay dividends and to pursue growth opportunities if we continue to pay dividends according to our current dividend policy; our ability to effectively manage and realize expected benefits from completed and future mergers, acquisitions, and divestitures; our ability to achieve expected synergies, cost savings and operating efficiencies from our restructuring initiatives and operational improvement projects within the expected time frames or at all; our ability to effectively implement Project ONE; uncertain political and economic conditions; fluctuations in product demand; competing products and pricing; our geographic and product mix; disruptions to our relationships with our major customers and suppliers; regulatory compliance across our global footprint; trade policies and economic sanctions impacting our markets; changes in tax laws and tariffs; devaluations and other foreign exchange rate fluctuations; the impact of litigation and investigations, including for product liability and environmental matters; impairment charges on our goodwill or long-lived assets; the consequences of catastrophic events on our operations and financial results; the effect of new accounting pronouncements and accounting charges and credits; and similar matters.

Additional information about these various risks and uncertainties can be found in the "Risk Factors" section of our Form 10-K filings, and any updates to the risk factors in our Form 10-Q and 8-K filings with the SEC, but there may be other risks and uncertainties that we are unable to identify at this time or that we do not currently expect to have a material impact on the business. You should not place undue reliance on forward-looking statements, which speak only as of the date they are made. We do not undertake to update or revise any forward-looking statements, except as required by law.

H.B. FULLER COMPANY AND SUBSIDIARIES
CONSOLIDATED FINANCIAL INFORMATION
In thousands, except per share amounts (unaudited)

	Three Months Ended November 29, 2025			Percent of Net Revenue			Three Months Ended November 30, 2024			Percent of Net Revenue
Net revenue	$	894,788			100.0	%	$	923,284			100.0	%
Cost of sales		(612,705	)		(68.5	)%		(658,424	)		(71.3	)%
Gross profit		282,083			31.5	%		264,860			28.7	%

Selling, general and administrative expenses		(183,643	)		(20.5	)%		(188,453	)		(20.4	)%
Other income, net		(26,782	)		(3.0	)%		(44,396	)		(4.8	)%
Interest expense		(32,809	)		(3.7	)%		(33,621	)		(3.6	)%
Interest income		1,756			0.2	%		1,084			0.1	%
Income before income taxes and income from equity method investments		40,605			4.5	%		(526	)		(0.1	)%

Income taxes		(11,931	)		(1.3	)%		(7,885	)		(0.9	)%

Income from equity method investments		1,058			0.1	%		1,159			0.1	%
Net income including non-controlling interest		29,732			3.3	%		(7,252	)		(0.8	)%

Net income attributable to non-controlling interest		-			0.0	%		(107	)		(0.0	)%
Net income attributable to H.B. Fuller	$	29,732			3.3	%	$	(7,359	)		(0.8	)%

Basic income per common share attributable to H.B. Fuller	$	0.55					$	(0.13	)
Diluted income per common share attributable to H.B. Fuller	$	0.54					$	(0.13	)

Weighted-average common shares outstanding:
Basic		54,541						55,106
Diluted		55,276						56,658

H.B. FULLER COMPANY AND SUBSIDIARIES
CONSOLIDATED FINANCIAL INFORMATION
In thousands, except per share amounts (unaudited)

	Year Ended November 29, 2025			Percent of Net Revenue			Year Ended November 30, 2024			Percent of Net Revenue
Net revenue	$	3,473,589			100.0	%	$	3,568,736			100.0	%
Cost of sales		(2,392,934	)		(68.9	)%		(2,506,859	)		(70.2	)%
Gross profit		1,080,655			31.1	%		1,061,877			29.8	%

Selling, general and administrative expenses		(725,585	)		(20.9	)%		(713,657	)		(20.0	)%

Other income, net		(11,126	)		(0.3	)%		(37,115	)		(1.0	)%
Interest expense		(133,346	)		(3.8	)%		(133,124	)		(3.7	)%
Interest income		4,820			0.1	%		4,682			0.1	%
Income before income taxes and income from equity method investments		215,418			6.2	%		182,663			5.1	%

Income taxes		(67,129	)		(1.9	)%		(56,381	)		(1.6	)%

Income from equity method investments		3,784			0.1	%		4,113			0.1	%
Net income including non-controlling interest		152,073			4.4	%		130,395			3.7	%

Net income attributable to non-controlling interest		(106	)		(0.0	)%		(139	)		(0.0	)%
Net income attributable to H.B. Fuller	$	151,967			4.4	%	$	130,256			3.6	%


Basic income per common share attributable to H.B. Fuller	$	2.78					$	2.37
Diluted income per common share attributable to H.B. Fuller	$	2.75					$	2.30

Weighted-average common shares outstanding:
Basic		54,602						54,932
Diluted		55,355						56,629

H.B. FULLER COMPANY AND SUBSIDIARIES
REGULATION G RECONCILIATION
In thousands, except per share amounts (unaudited)

	Three Months Ended						Year Ended
	November 29, 2025			November 30, 2024			November 29, 2025			November 30, 2024

Net income attributable to H.B. Fuller	$	29,732		$	(7,359	)	$	151,967		$	130,256

Adjustments:
Acquisition project costs ¹		1,465			4,051			15,412			11,035
Organizational realignment ²		11,396			15,958			31,424			39,996
Project One ³		2,091			2,672			10,237			11,885
Business divestiture ⁴		-			47,267			-			47,267
Other ⁵		37,400			39			39,155			(1,981	)
Discrete tax items ⁶		(3,743	)		(1,322	)		7,467			(5,469	)
Income tax effect on adjustments ⁷		(7,745	)		(9,339	)		(21,054	)		(15,811	)
Adjusted net income attributable to H.B. Fuller ⁸		70,596			51,967			234,608			217,178

Add:
Interest expense		32,547			33,621			132,431			133,122
Interest income		(1,756	)		(1,084	)		(4,820	)		(4,679	)
Income taxes		23,420			18,546			80,717			77,661
Depreciation and Amortization expense ⁹		45,246			45,286			177,724			170,573
Adjusted EBITDA ⁸		170,053			148,336			620,660			593,855

Diluted Shares		55,276			56,658			55,355			56,629
Adjusted diluted income per common share attributable to H.B. Fuller ⁸	$	1.28		$	0.92		$	4.24		$	3.84
Net revenue	$	894,788		$	923,284		$	3,473,589		$	3,568,736
Adjusted EBITDA margin ⁸		19.0	%		16.1	%		17.9	%		16.6	%

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 warranties insurance premiums) and $263 and $(532) in purchase accounting costs (primarily professional fees for valuation services, inventory step-up cost and the impact of changes to contingent consideration liabilities after the completion of the purchase price allocation) for the three months ended November 29, 2025 and November 30, 2024, respectively. Acquisition project costs include $14,269 and $9,718 in transaction costs (primarily consulting and professional fees, representations and warranties insurance premiums and employee acquisition-related travel expenses) and $1,143 and $740 in purchase accounting costs (primarily professional fees for valuation services, inventory step-up cost and the impact of changes to contingent consideration liabilities after the completion of the purchase price allocation) and $0 and $577 in business integration costs (primarily costs of transition services agreements and retention bonuses paid to employees of the acquired entities) for the year ended November 29, 2025 and November 30, 2024, respectively.

² Organizational realignment includes costs incurred as a direct result of the organizational realignment program, including professional fees related to legal entity and business structure changes, employee retention and severance costs, and facility rationalization costs related to the closure of production facilities and consolidation of business activities. Facility rationalization costs include plant closure costs, the impact of accelerated depreciation and for the three months ended March 2, 2024, operational inefficiencies. Organizational realignment includes $558 and $2,169 in professional fees related to legal entity and business structure changes, $9,677 and $6,832 in employee severance and other related costs, and $1,161 and $6,957 related to facility rationalization costs for the three months ended November 29, 2025 and November 30, 2024, respectively. Organizational realignment includes $4,452 and $9,084 in professional fees related to legal entity and business structure changes, $15,344 and $16,553 in employee severance and other related costs, and $11,629 and $14,359 related to facility rationalization costs for the year ended November 29, 2025 and November 30, 2024, respectively.

³ Project One includes non-capitalizable project costs related to implementing our global Enterprise Resource Planning system, including upgrading to SAP S/4HANA®, which has upgraded and standardized our information system.

⁴ Business divestiture for the three months and year ended November 30, 2024 includes impairment losses for goodwill and long-lived assets, and project costs incurred as a direct result of the sale of the North American Flooring business, which occurred in the first quarter of 2025. Impairment losses represent the difference between book value of the assets held for sale at November 20, 2024 and their net realizable value.

⁵ Other includes losses associated with ongoing litigation and product claims related to a divested business and costs associated with the exit of a product line for the three months and year ended November 29, 2025. Other includes a gain from insurance recoveries and a loss from the write-off of a cost method investment for the year ended November 30, 2024.

⁶ Discrete tax items for the three months ended November 29, 2025 relate to various U.S. and foreign tax matters. Discrete tax items for the year ended November 30, 2025 primarily relate to the impact of withholding tax recorded on earnings that are no longer permanently reinvested, offset by various U.S. and foreign tax matters. Discrete tax items for the three months ended November 30, 2024 are related to various foreign tax matters and for the year ended November 30, 2024 are related to various foreign tax matters as well as excess tax benefit related to U.S. stock compensation.

⁷ The income tax effect on adjustments represents the difference between income taxes on net income before income taxes and income from equity method investments reported in accordance with U.S. GAAP and adjusted net income before income taxes and income from equity method investments.

⁸ Adjusted net income attributable to H.B. Fuller, adjusted diluted income per common share attributable to H.B. Fuller, adjusted EBITDA and adjusted EBITDA margin are non-GAAP financial measures. Adjusted net income attributable to H.B. Fuller is defined as net income before the specific adjustments shown above. Adjusted diluted income per common share is defined as adjusted net income attributable to H.B. Fuller divided by the number of diluted common shares. Adjusted EBITDA is defined as net income before interest, income taxes, depreciation, amortization and the specific adjustments shown above. Adjusted EBITDA margin is defined as adjusted EBITDA divided by net revenue. The table above provides a reconciliation of adjusted net income attributable to H.B. Fuller, adjusted diluted income per common share attributable to H.B. Fuller, adjusted EBITDA and adjusted EBITDA margin to net income attributable to H.B. Fuller, the most directly comparable financial measure determined and reported in accordance with U.S. GAAP.

⁹ Depreciation and amortization expense added back for EBITDA is adjusted for amounts already included in adjusted net income attributable to H.B. Fuller totaling ($234) and ($711) for the three months ended November 29, 2025 and November 30, 2024, respectively and. ($596) and ($4,137) for the year ended November 29, 2025 and November 30, 2024, respectively.

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	$	400,021		$	395,174		$	1,551,789		$	1,546,545
Engineering Adhesives		276,305			265,305			1,061,779			1,009,031
Building Adhesive Solutions		218,462			225,945			860,021			856,503
Corporate unallocated		-			36,860			-			156,657
Total H.B. Fuller	$	894,788		$	923,284		$	3,473,589		$	3,568,736

Segment Operating Income:
Hygiene, Health and Consumable Adhesives	$	51,283		$	38,821		$	171,123		$	184,731
Engineering Adhesives		48,415			39,597			170,295			144,491
Building Adhesive Solutions		17,745			20,841			72,295			75,943
Corporate unallocated		(19,003	)		(22,851	)		(58,642	)		(56,945	)
Total H.B. Fuller	$	98,440		$	76,408		$	355,071		$	348,220

Adjusted EBITDA ⁸
Hygiene, Health and Consumable Adhesives	$	70,202		$	54,257		$	244,381		$	245,750
Engineering Adhesives		65,013			55,569			235,969			200,512
Building Adhesive Solutions		33,202			35,656			134,013			133,171
Corporate unallocated		1,636			2,854			6,297			14,422
Total H.B. Fuller	$	170,053		$	148,336		$	620,660		$	593,855

Adjusted EBITDA Margin ⁸
Hygiene, Health and Consumable Adhesives		17.5	%		13.7	%		15.7	%		15.9	%
Engineering Adhesives		23.5	%		20.9	%		22.2	%		19.9	%
Building Adhesive Solutions		15.2	%		15.8	%		15.6	%		15.5	%
Corporate unallocated		0.0	%		7.7	%		0.0	%		9.2	%
Total H.B. Fuller		19.0	%		16.1	%		17.9	%		16.6	%

NMP = non-meaningful percentage

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 income from equity method investments	$	40,605	$	(526	)	$	215,418	$	182,663

Adjustments:
Acquisition project costs ¹		1,465		4,051			15,412		11,035
Organizational realignment ²		11,396		15,958			31,424		39,996
Project One ³		2,091		2,672			10,237		11,885
Business divestiture ⁴		-		47,267			-		47,267
Other ⁵		37,400		39			39,155		(1,981	)
Adjusted income before income taxes and income from equity method investments ¹⁰	$	92,957	$	69,461		$	311,646	$	290,865

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 before the specific adjustments shown above. The table above provides a reconciliation of adjusted income before income taxes and income from equity investments to income before income taxes and income from equity investments, the most directly comparable financial measure determined and reported in accordance with U.S. GAAP.

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 Taxes	$	(11,931	)	$	(7,885	)	$	(67,129	)	$	(56,381	)

Adjustments:
Acquisition project costs ¹		(217	)		(77	)		(4,205	)		(1,125	)
Organizational realignment ²		(1,686	)		(305	)		(7,822	)		(4,350	)
Project One ³		(309	)		(51	)		(2,857	)		(1,669	)
Business divestiture ⁴		-			(8,905	)		-			(8,905	)
Other ⁵		(5,534	)		(1	)		(6,171	)		238
Discrete tax items ⁶		(3,743	)		(1,322	)		7,467			(5,469	)
Adjusted income taxes	$	(23,420	)	$	(18,546	)	$	(80,717	)	$	(77,661	)

Adjusted income before income taxes and income from equity method investments ¹⁰	$	92,957		$	69,461		$	311,646		$	290,865
Adjusted effective income tax rate ¹¹		25.2	%		26.7	%		25.9	%		26.7	%

¹¹ 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 adjusted income before income taxes and income from equity method investments. The table above provides a reconciliation of adjusted income taxes and adjusted effective income tax rate to income taxes, the most directly comparable financial measure determined and reported in accordance with U.S. GAAP.

H.B. FULLER COMPANY AND SUBSIDIARIES
REGULATION G RECONCILIATION
In thousands (unaudited)

	Three Months Ended						Year Ended
	November			November			November			November
	29, 2025			30, 2024			29, 2025			30, 2024

Net revenue	$	894,788		$	923,284		$	3,473,589		$	3,568,736

Gross profit	$	282,083		$	264,860		$	1,080,655		$	1,061,877
Gross profit margin		31.5	%		28.7	%		31.1	%		29.8	%

Adjustments:
Acquisition project costs ¹		-			1			764			1,001
Organizational realignment ²		8,292			8,035			19,432			18,714
Project One ³		-			24			-			37
Other ⁵		858			-			858			(1	)
Adjusted gross profit ¹²	$	291,233		$	272,920		$	1,101,709		$	1,081,628
Adjusted gross profit margin ¹²		32.5	%		29.6	%		31.7	%		30.3	%

¹² Adjusted gross profit and adjusted gross profit margin are non-GAAP financial measures. Adjusted gross profit and adjusted gross profit margin is defined as gross profit and gross profit margin excluding the specific adjustments shown above. The table above provides a reconciliation of adjusted gross profit and gross profit margin to gross profit and gross profit margin, the most directly comparable financial measure determined and reported in accordance with U.S. GAAP.

H.B. FULLER COMPANY AND SUBSIDIARIES
REGULATION G RECONCILIATION
In thousands (unaudited)

	Three Months Ended						Year Ended
	November			November			November			November
	29, 2025			30, 2024			29, 2025			30, 2024

Selling, general and administrative expenses	$	(183,643	)	$	(188,453	)	$	(725,585	)	$	(713,657	)

Adjustments:
Acquisition project costs ¹		389			4,558			11,917			10,519
Organizational realignment ²		5,633			7,031			11,935			19,354
Project One ³		2,091			2,648			10,237			11,847
Other ⁵		1,743			41			3,498			(3,946	)
Adjusted selling, general and administrative expenses ¹³	$	(173,787	)	$	(174,175	)	$	(687,998	)	$	(675,883	)

¹³ Adjusted selling, general and administrative expenses is a non-GAAP financial measure. Adjusted selling, general and administrative expenses is defined as selling, general and administrative expenses excluding the specific adjustments shown above. The table above provides a reconciliation of adjusted selling, general and administrative expenses to selling, general and administrative expenses, the most directly comparable financial measure determined and reported in accordance with U.S. GAAP.

H.B. FULLER COMPANY AND SUBSIDIARIES
REGULATION G RECONCILIATION
In thousands (unaudited)

Three Months Ended:	Hygiene, Health and Consumable			Engineering			Building Adhesive						Corporate			H.B. Fuller
November 29, 2025	Adhesives			Adhesives			Solutions			Total			Unallocated			Consolidated
Net income attributable to H.B. Fuller	$	53,490		$	49,384		$	20,297		$	123,171		$	(93,439	)	$	29,732
Adjustments:
Acquisition project costs ¹		-			-			-			-			1,465			1,465
Organizational realignment ²		-			-			-			-			11,396			11,396
Project One ³		-			-			-			-			2,091			2,091
Other ⁵														37,400			37,400
Discrete tax items ⁶		-			-			-			-			(3,743	)		(3,743	)
Income tax effect on adjustments ⁷		-			-			-			-			(7,745	)		(7,745	)
Adjusted net income attributable to H.B. Fuller ⁸		53,490			49,384			20,297			123,171			(52,575	)		70,596
Add:
Interest expense		-			-			-			-			32,547			32,547
Interest income		-			-			-			-			(1,756	)		(1,756	)
Income taxes		-			-			-			-			23,420			23,420
Depreciation and amortization expense ⁹		16,712			15,629			12,905			45,246			-			45,246
Adjusted EBITDA ⁸	$	70,202		$	65,013		$	33,202		$	168,417		$	1,636		$	170,053
Net revenue	$	400,021		$	276,305		$	218,462		$	894,788			-		$	894,788
Adjusted EBITDA margin ⁸		17.5	%		23.5	%		15.2	%		18.8	%	NMP				19.0	%

Year Ended	Hygiene, Health and Consumable		Engineering		Building Adhesive				Corporate			H.B. Fuller
November 29, 2025	Adhesives		Adhesives		Solutions		Total		Unallocated			Consolidated
Net income attributable to H.B. Fuller	$	179,958	$	174,175	$	82,506	$	436,639	$	(284,672	)	$	151,967
Adjustments:
Acquisition project costs ¹		-		-		-		-		15,412			15,412
Organizational realignment ²		-		-		-		-		31,424			31,424
Project One ³		-		-		-		-		10,237			10,237
Other ⁵										39,155			39,155
Discrete tax items ⁶		-		-		-		-		7,467			7,467
Income tax effect on adjustments ⁷		-		-		-		-		(21,054	)		(21,054	)
Adjusted net income attributable to H.B. Fuller ⁸		179,958		174,175		82,506		436,639		(202,031	)		234,608
Add:
Interest expense		-		-		-		-		132,431			132,431
Interest income		-		-		-		-		(4,820	)		(4,820	)
Income taxes		-		-		-		-

H.B. Fuller Reports Fourth Quarter and Fiscal Year 2025 Results