Reported EPS (diluted) of $1.22; Adjusted EPS (diluted) of $1.26, up 12% year-on-year

Net income of $67 million; Adjusted EBITDA of $171 million, up 3% year-on-year

Adjusted EBITDA margin of 19.1%, up 110 basis points year-on-year

H.B. Fuller Company (NYSE:FUL) today reported financial results for its third quarter that ended August 30, 2025.

Third Quarter 2025 Noteworthy Items:

Net revenue for the third quarter of fiscal 2025 was $892 million, down 2.8% versus the third quarter of fiscal 2024; adjusting for the flooring divestiture, net revenue was up 1.6% year-on-year;
Gross profit margin was 32.0%; adjusted gross profit margin was 32.3%, up 190 basis points year-on-year, driven principally by favorable net pricing and raw material cost actions, the impact of acquisitions and divestitures, and cost reduction efforts;
Net income was $67 million; adjusted EBITDA was $171 million, up 3% year-on-year; adjusted EBITDA margin expanded 110 basis points year-on-year to 19.1%;
Cash flow from operations increased 13% year-on-year to $99 million;
Reported EPS (diluted) was $1.22; adjusted EPS (diluted) was $1.26, up 12% year-on-year, driven by higher adjusted net income and lower shares outstanding.

Summary of Third Quarter 2025 Results:

The Company's net revenue for the third quarter of fiscal 2025 was $892 million, down 2.8%; adjusting for the flooring divestiture, net revenue was up 1.6% year-on-year versus the third quarter of fiscal 2024. Pricing increased net revenue by 1.0%, which was more than offset by lower volume, resulting in a 0.9% organic revenue decline year-on-year. Foreign currency translation increased net revenue by 1.0% and the net impact of acquisitions and divestitures decreased net revenue by 2.9%.

Gross profit in the third quarter of fiscal 2025 was $285 million. Adjusted gross profit was $288 million. Adjusted gross profit margin of 32.3% increased 190 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 $175 million in the third quarter of fiscal 2025 and adjusted SG&A was $169 million versus $164 million in the third quarter of fiscal 2024. Adjusting for the net impact of acquisitions and divestitures, foreign exchange, and variable compensation, adjusted SG&A was flat year-on-year, reflecting diligent expense management.

Net income attributable to H.B. Fuller for the third quarter of fiscal 2025 was $67 million, or $1.22 per diluted share. Adjusted net income attributable to H.B. Fuller for the third quarter of fiscal 2025 was $69 million. Adjusted EPS was $1.26 per diluted share, up 12% year-on-year driven by higher adjusted net income and lower shares outstanding.

Adjusted EBITDA in the third quarter of fiscal 2025 was $171 million, up 3% year-on-year driven principally by the net impact of pricing and raw material cost actions. Adjusted EBITDA margin increased 110 basis points year-on-year to 19.1%.

Commenting on the third quarter, H.B. Fuller President and CEO Celeste Mastin said, "We delivered a strong quarter, evidenced by continued margin expansion and double-digit EPS growth despite the challenging operating environment. Our continued operational discipline, strong execution, and ongoing portfolio shift keep us on track to achieve our greater than 20% EBITDA margin target. Despite our strong performance, we remain cautious and have tightened our guidance range for the year to reflect a globally subdued economic backdrop. Looking forward, we expect volume growth to remain elusive, and end market conditions to be challenging. However, we continue to actively focus on enhancing the composition of our portfolio, driving continued efficiencies, and structurally repositioning the company for growth and continued margin expansion, consistent with our long-term strategy."

Balance Sheet and Working Capital:

As a percentage of annualized revenue, net working capital increased 90 basis points year-on-year to 17.0% due to slightly higher inventory days on hand in preparation for our manufacturing footprint optimization.

Net debt at the end of the third quarter of fiscal 2025 was $1,958 million, down $58 million sequentially versus the second quarter and up $68 million year-on-year. Net debt-to-adjusted EBITDA decreased from 3.4X at the end of the second quarter of fiscal 2025, to 3.3X at the end of the third quarter of fiscal 2025, consistent with our plan to bring down leverage. Solid cash flow from operations and growth in adjusted EBITDA drove the sequential decrease in the ratio.

Fiscal 2025 Outlook:

As a result of our year-to-date performance and current macroeconomic conditions, we are updating our previously communicated financial guidance for fiscal 2025 as follows:

Net revenue for fiscal 2025 is expected to be down 2% to 3%; organic revenue for fiscal 2025 is now expected to be flat to up 1%; we now expect foreign exchange to adversely impact net revenue by approximately 1.0%;
Adjusted EBITDA for fiscal 2025 is now expected to be in the range of $615 million to $625 million, equating to growth of 4% to 5% year-on-year;
Adjusted EPS (diluted) is now expected to be in the range of $4.10 to $4.25, equating to growth of 7% to 11% year-on-year;
Cash flow from operations is now expected to be in the range of $275 million to $300 million and capital expenditures are now expected to be approximately $140 million for the year;
We now expect net interest expense for the year to be approximately $125 million to $130 million and the full year adjusted tax rate to be between 26.0% and 26.5%.

Conference Call:

The Company will hold a conference call on September 25, 2025, 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 September 25, 2025, to 10:59 p.m. CT on October 2, 2025. To access the telephone replay dial 1-800-770-2030 (toll free) or 1-609-800-9909 and enter the 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 2025 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 2024 revenue of $3.6 billion, our mission to Connect What Matters is brought to life by more than 7,500 global team members who collaborate with customers across more than 30 market segments in over 140 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 may be considered forward-looking statements within the meaning of the federal securities laws, including Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, 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 and in the Middle East; 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 the COVID-19 outbreak and other pandemics 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 August 30, 2025			Percent of Net Revenue			Three Months Ended August 31, 2024			Percent of Net Revenue
Net revenue	$	892,043			100.0	%	$	917,927			100.0	%
Cost of sales		(606,929	)		(68.0	)%		(642,198	)		(70.0	)%
Gross profit		285,114			32.0	%		275,729			30.0	%

Selling, general and administrative expenses		(174,974	)		(19.6	)%		(171,388	)		(18.7	)%
Other income, net		5,308			0.6	%		2,148			0.2	%
Interest expense		(33,630	)		(3.8	)%		(35,288	)		(3.8	)%
Interest income		1,110			0.1	%		1,092			0.1	%
Income before income taxes and income from equity method investments		82,928			9.3	%		72,293			7.9	%

Income taxes		(16,527	)		(1.9	)%		(18,264	)		(2.0	)%

Income from equity method investments		832			0.1	%		1,310			0.1	%
Net income including non-controlling interest		67,233			7.5	%		55,339			6.0	%

Net (income) loss attributable to non-controlling interest		(73	)		(0.0	)%		22			0.0	%
Net income attributable to H.B. Fuller	$	67,160			7.5	%	$	55,361			6.0	%

Basic income per common share attributable to H.B. Fuller	$	1.23					$	1.01
Diluted income per common share attributable to H.B. Fuller	$	1.22					$	0.98

Weighted-average common shares outstanding:
Basic		54,428						54,975
Diluted		55,162						56,650

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

	Nine Months Ended August 30, 2025			Percent of Net Revenue			Nine Months Ended August 31, 2024			Percent of Net Revenue
Net revenue	$	2,578,801			100.0	%	$	2,645,452			100.0	%
Cost of sales		(1,780,228	)		(69.0	)%		(1,848,435	)		(69.9	)%
Gross profit		798,573			31.0	%		797,017			30.1	%

Selling, general and administrative expenses		(541,942	)		(21.0	)%		(525,204	)		(19.9	)%

Other income, net		15,655			0.6	%		7,282			0.3	%
Interest expense		(100,536	)		(3.9	)%		(99,504	)		(3.8	)%
Interest income		3,064			0.1	%		3,597			0.1	%
Income before income taxes and income from equity method investments		174,814			6.8	%		183,188			6.9	%

Income taxes		(55,198	)		(2.1	)%		(48,496	)		(1.8	)%

Income from equity method investments		2,726			0.1	%		2,955			0.1	%
Net income including non-controlling interest		122,342			4.7	%		137,647			5.2	%

Net (income) loss attributable to non-controlling interest		(106	)		(0.0	)%		(32	)		(0.0	)%
Net income attributable to H.B. Fuller	$	122,236			4.7	%	$	137,615			5.2	%


Basic income per common share attributable to H.B. Fuller	$	2.24					$	2.51
Diluted income per common share attributable to H.B. Fuller	$	2.21					$	2.43

Weighted-average common shares outstanding:
Basic		54,623						54,874
Diluted		55,381						56,620

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

	Three Months Ended						Nine Months Ended
	August 30,			August 31,			August 30,			August 31,
	2025			2024			2025			2024

Net income attributable to H.B. Fuller	$	67,160		$	55,361		$	122,236		$	137,615

Adjustments:
Acquisition project costs¹		518			3,474			13,948			6,984
Organizational realignment²		4,620			9,471			20,028			24,038
Project One³		2,499			3,154			8,146			9,213
Other⁴		1,711			(2,904	)		1,755			(2,021	)
Discrete tax items⁵		(3,742	)		(2,937	)		11,210			(4,147	)
Income tax effect on adjustments⁶		(3,402	)		(1,624	)		(13,309	)		(6,472	)
Adjusted net income attributable to H.B. Fuller⁷		69,364			63,995			164,014			165,210

Add:
Interest expense		33,369			35,287			99,884			99,502
Interest income		(1,110	)		(1,090	)		(3,064	)		(3,594	)
Adjusted Income taxes		23,671			22,825			57,297			59,114
Depreciation and Amortization expense⁸		45,298			44,235			132,477			125,288
Adjusted EBITDA⁷		170,592			165,252			450,608			445,520

Diluted Shares		55,162			56,650			55,381			56,620
Adjusted diluted income per common share attributable to H.B. Fuller⁷	$	1.26		$	1.13		$	2.96		$	2.92
Revenue	$	892,043		$	917,927		$	2,578,801		$	2,645,452
Adjusted EBITDA margin⁷		19.1	%		18.0	%		17.5	%		16.8	%

¹ Acquisition project costs include costs related to evaluating, acquiring and integrating business acquisitions. Acquisition project costs include $1,870 and $2,457 in transaction costs (primarily consulting and professional fees, representations and warranties insurance premiums and employee acquisition-related travel expenses) and $350 and $1,017 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 August 30, 2025 and August 31, 2024, respectively. Acquisition project costs include $14,770 and $5,135 in transaction costs (primarily consulting and professional fees, representations and warranties insurance premiums and employee acquisition-related travel expenses) and $880 and $1,272 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 for the three months ended March 2, 2024, retention bonuses paid to employees of the acquired entities) for the nine months ended August 30, 2025 and August 31, 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 $1,174 and $2,939 in professional fees related to legal entity and business structure changes, $478 and $5,363 in employee severance and other related costs, and $2,968 and $1,169 related to facility rationalization costs for the three months ended August 30, 2025 and August 31, 2024, respectively. Organizational realignment includes $3,893 and $6,915 in professional fees related to legal entity and business structure changes, $5,667 and $9,721 in employee severance and other related costs, and $10,468 and $7,402 related to facility rationalization costs for the nine months ended August 30, 2025 and August 31, 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 Other includes product claims related to a divested business for the three and nine months ended August 30, 2025. Other includes a gain from insurance recoveries and a loss from the write-off of a cost method investment for the three and nine months ended August 31, 2024.

⁵ Discrete tax benefit for the three months ended August 30, 2025 relates to various U.S. and foreign tax matters. Discrete tax expense for the nine months ended August 30, 2025 relates 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 and nine months ended August 31, 2024 are related to various foreign tax matters as well as excess tax benefit related to U.S. stock compensation.

⁶ 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.

⁷ 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.

⁸ Depreciation and amortization expense added back for EBITDA is adjusted for amounts already included in adjusted net income attributable to H.B. Fuller totaling ($261) and $194 for the three months ended August 30, 2025 and August 31, 2024, respectively and. ($362) and ($3,425) for the nine months ended August 30, 2025 and August 31, 2024, respectively.

H.B. FULLER COMPANY AND SUBSIDIARIES
SEGMENT FINANCIAL INFORMATION
In thousands (unaudited)

	Three Months Ended						Nine Months Ended
	August 30,			August 31,			August 30,			August 31,
	2025			2024			2025			2024
Net Revenue:
Hygiene, Health and Consumable Adhesives	$	386,068		$	389,980		$	1,151,768		$	1,151,371
Engineering Adhesives		272,297			260,038			785,474			743,726
Building Adhesive Solutions		233,678			228,408			641,559			630,558
Corporate unallocated		-			39,501			-			119,797
Total H.B. Fuller	$	892,043		$	917,927		$	2,578,801		$	2,645,452

Segment Operating Income (Loss):
Hygiene, Health and Consumable Adhesives	$	46,491		$	48,677		$	119,840		$	145,910
Engineering Adhesives		46,852			40,087			121,880			104,894
Building Adhesive Solutions		25,859			25,976			54,550			55,102
Corporate unallocated		(9,062	)		(10,399	)		(39,639	)		(34,093	)
Total H.B. Fuller	$	110,140		$	104,341		$	256,631		$	271,813

Adjusted EBITDA⁷
Hygiene, Health and Consumable Adhesives	$	65,324		$	63,953		$	174,178		$	191,493
Engineering Adhesives		63,427			55,631			170,956			144,944
Building Adhesive Solutions		41,473			40,242			100,810			97,515
Corporate unallocated		368			5,426			4,664			11,568
Total H.B. Fuller	$	170,592		$	165,252		$	450,608		$	445,520

Adjusted EBITDA Margin⁷
Hygiene, Health and Consumable Adhesives		16.9	%		16.4	%		15.1	%		16.6	%
Engineering Adhesives		23.3	%		21.4	%		21.8	%		19.5	%
Building Adhesive Solutions		17.7	%		17.6	%		15.7	%		15.5	%
Corporate unallocated		0.0	%		13.7	%	NMP			NMP
Total H.B. Fuller		19.1	%		18.0	%		17.5	%		16.8	%

NMP = non-meaningful percentage

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

	Three Months Ended					Nine Months Ended
	August 30,		August 31,			August 30,		August 31,
	2025		2024			2025		2024
Income before income taxes and income from equity method investments	$	82,928	$	72,293		$	174,814	$	183,188

Adjustments:
Acquisition project costs¹		518		3,474			13,948		6,984
Organizational realignment²		4,620		9,471			20,028		24,038
Project One³		2,499		3,154			8,146		9,213
Other⁴		1,711		(2,904	)		1,755		(2,021	)
Adjusted income before income taxes and income from equity method investments⁹	$	92,276	$	85,488		$	218,691	$	221,402

⁹ 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						Nine Months Ended
	August 30,			August 31,			August 30,			August 31,
	2025			2024			2025			2024
Income Taxes	$	(16,527	)	$	(18,264	)	$	(55,198	)	$	(48,496	)

Adjustments:
Acquisition project costs¹		(188	)		(428	)		(3,988	)		(1,147	)
Organizational realignment²		(1,681	)		(1,166	)		(6,136	)		(3,985	)
Project One³		(910	)		(388	)		(2,548	)		(1,587	)
Other⁴		(623	)		358			(637	)		248
Discrete tax items⁵		(3,742	)		(2,937	)		11,210			(4,147	)
Adjusted income taxes¹⁰	$	(23,671	)	$	(22,825	)	$	(57,297	)	$	(59,114	)

Adjusted income before income taxes and income from equity method investments	$	92,276		$	85,488		$	218,691		$	221,402
Adjusted effective income tax rate¹⁰		25.7	%		26.7	%		26.2	%		26.7	%

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 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						Nine Months Ended
	August 30,			August 31,			August 30,			August 31,
	2025			2024			2025			2024

Net revenue	$	892,043		$	917,927		$	2,578,801		$	2,645,452

Gross profit	$	285,114		$	275,729		$	798,573		$	797,017
Gross profit margin		32.0	%		30.0	%		31.0	%		30.1	%

Adjustments:
Acquisition project costs¹		89			927			764			1,000
Organizational realignment²		3,216			2,799			11,140			10,679
Project One³		-			-			-			13
Adjusted gross profit¹¹	$	288,419		$	279,455		$	810,477		$	808,709
Adjusted gross profit margin¹¹		32.3	%		30.4	%		31.4	%		30.6	%

¹¹ 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						Nine Months Ended
	August 30,			August 31,			August 30,			August 31,
	2025			2024			2025			2024

Selling, general and administrative expenses	$	(174,974	)	$	(171,388	)	$	(541,942	)	$	(525,204	)

Adjustments:
Acquisition project costs¹		168			2,524			11,528			5,962
Organizational realignment²		1,373			6,307			6,302			12,322
Project One³		2,500			3,154			8,146			9,200
Other⁴		1,711			(4,871	)		1,755			(3,988	)
Adjusted selling, general and administrative expenses¹²	$	(169,222	)	$	(164,274	)	$	(514,211	)	$	(501,708	)

¹² 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)

	Hygiene, Health						Building
Three Months Ended:	and Consumable			Engineering			Adhesive						Corporate			H.B. Fuller
August 30, 2025	Adhesives			Adhesives			Solutions			Total			Unallocated			Consolidated
Net income attributable to H.B. Fuller	$	48,697		$	47,820		$	28,409		$	124,926		$	(57,766	)	$	67,160
Adjustments:
Acquisition project costs¹		-			-			-			-			518			518
Organizational realignment²		-			-			-			-			4,620			4,620
Project One³		-			-			-			-			2,499			2,499
Other⁴		-			-			-			-			1,711			1,711
Discrete tax items⁵		-			-			-			-			(3,742	)		(3,742	)
Income tax effect on adjustments⁶		-			-			-			-			(3,402	)		(3,402	)
Adjusted net income attributable to H.B. Fuller⁷		48,697			47,820			28,409			124,926			(55,562	)		69,364
Add:
Interest expense		-			-			-			-			33,369			33,369
Interest income		-			-			-			-			(1,110	)		(1,110	)
Adjusted Income taxes		-			-			-			-			23,671			23,671
Depreciation and amortization expense⁸		16,627			15,607			13,064			45,298			-			45,298
Adjusted EBITDA⁷	$	65,324		$	63,427		$	41,473		$	170,224		$	368		$	170,592
Revenue	$	386,068		$	272,297		$	233,678		$	892,043			-		$	892,043
Adjusted EBITDA Margin⁷		16.9	%		23.3	%		17.7	%		19.1	%	NMP				19.1	%

	Hygiene, Health						Building
Nine Months Ended	and Consumable			Engineering			Adhesive						Corporate			H.B. Fuller
August 30, 2025	Adhesives			Adhesives			Solutions			Total			Unallocated			Consolidated
Net income attributable to H.B. Fuller	$	126,467		$	124,791		$	62,209		$	313,467		$	(191,231	)	$	122,236
Adjustments:
Acquisition project costs¹		-			-			-			-			13,948			13,948
Organizational realignment²		-			-			-			-			20,028			20,028
Project One³		-			-			-			-			8,146			8,146
Other⁴		-			-			-			-			1,755			1,755
Discrete tax items⁵		-			-			-			-			11,210			11,210
Income tax effect on adjustments⁶		-			-			-			-			(13,309	)		(13,309	)
Adjusted net income attributable to H.B. Fuller⁷		126,467			124,791			62,209			313,467			(149,453	)		164,014
Add:
Interest expense		-			-			-			-			99,884			99,884
Interest income		-			-			-			-			(3,064	)		(3,064	)
Adjusted Income taxes		-			-			-			-			57,297			57,297
Depreciation and amortization expense⁸		47,711			46,165			38,601			132,477			-			132,477
Adjusted EBITDA⁷	$	174,178		$	170,956		$	100,810		$	445,944		$	4,664		$	450,608
Revenue		1,151,768			785,474			641,559			2,578,801			-			2,578,801
Adjusted EBITDA Margin⁷		15.1	%		21.8	%		15.7	%		17.3	%	NMP				17.5	%

Note: Adjusted EBITDA is a non-GAAP financial measure. The table above provides a reconciliation of adjusted EBITDA for each segment to net income attributable to H.B. Fuller for each segment, the most directly comparable financial measure determined and reported in accordance with U.S. GAAP.

NMP = Non-meaningful percentage

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

	Hygiene, Health				Building
Three Months Ended:	and Consumable		Engineering		Adhesive				Corporate			H.B. Fuller
August 31, 2024	Adhesives		Adhesives		Solutions		Total		Unallocated			Consolidated
Net income attributable to H.B. Fuller	$	50,176	$	40,742	$	27,804	$	118,722	$	(63,361	)	$	55,361
Adjustments:
Acquisition project costs¹		-		-		-		-		3,474			3,474
Organizational realignment²		-		-		-		-		9,471			9,471
Project One³		-		-		-		-		3,154			3,154
Other⁴		-		-		-		-		(2,904	)		(2,904	)
Discrete tax items⁵		-		-		-		-		(2,937	)		(2,937	)
Income tax effect on adjustments⁶		-		-		-		-		(1,624	)		(1,624	)
Adjusted net income attributable to H.B. Fuller⁷		50,176		40,742		27,804		118,722		(54,727	)		63,995
Add:

H.B. Fuller Reports Third Quarter 2025 Results