FULLER H B CO

Previous wording

Net revenue in the second quarter of 2026 increased 5.8 percent from the second quarter of 2025. The increase was due to a 3.1 percent increase due to positive currency effects, a 3.0 percent increase due to pricing and a 0.1 percent increase due to acquisitions, partially offset by a 0.4 percent decrease due to sales volume compared to the second quarter of 2025. The positive currency effect was primarily driven by a stronger Euro, Chinese renminbi, Brazilian real, Australian dollar, Mexican peso, British pound and Polish złoty partially offset by a weaker Indian rupee and Turkish lira compared to the U.S. dollar. Gross profit margin increased 170 basis points primarilydue to higher product pricing and the impact of restructuring actions.

Current wording

Net revenue in the third quarter of 2026 increased 5.2 percent from the third quarter of 2025. The increase was due to a 7.4 percent increase due to pricing, a 0.7 percent increase due to positive currency effects and a 0.1 percent increase due to acquisitions, partially offset by a 3.0 percent decrease due to sales volume compared to the third quarter of 2025. The positive currency effect was primarily driven by a stronger Chinese renminbi, Brazilian real, Australian dollar, Mexican peso and Colombian peso partially offset by a weaker Indian rupee, Euro, and Turkish lira compared to the U.S. dollar. Gross profit margin increased 120 basis points primarilydue to higher product pricing and the impact of restructuring actions.

Previous wording

Net revenue in the firstsix months of 2026 increased 2.0 percent from the firstsix months of 2025. The increase was due to a 3.3 percent increase due to positive currency effects, a 1.8 percent increase due to pricing and a 0.4 percent increase due to acquisitions, partially offset by a 3.5 percent decrease due to sales volume compared to the firstsix months of 2025. The positive currency effect was primarily driven by a stronger Euro, Chinese renminbi, Brazilian real, British pound, Mexican peso and Australian dollar partially offset by a weaker Turkish lira and Indian rupee compared to the U.S. dollar. Gross profit margin increased 190 basis points primarilydue to higher product pricing and the impact of acquisitions and restructuring actions.

Current wording

Net revenue in the first nine months of 2026 increased 3.1 percent from the first nine months of 2025. The increase was due to a 3.7 percent increase due to pricing, a 2.4 percent increase due to positive currency effects and a 0.3 percent increase due to acquisitions, partially offset by a 3.3 percent decrease due to sales volume compared to the first nine months of 2025. The positive currency effect was primarily driven by astronger Euro, Chinese renminbi, Brazilian real, Mexican peso, Australian dollar and British pound partially offset by a weaker Indian rupee and Turkish lira compared to the U.S. dollar. Gross profit margin increased 160 basis points primarilydue to higher product pricing and the impact of acquisitions and restructuring actions.

Previous wording

Net income attributable to H.B. Fuller in thesecond quarter of 2026 was$67.8 million compared to$41.8 million in thesecond quarter of 2025. Diluted earnings per share for thesecond quarter of 2026 was$1.23 per share compared to$0.76 per share for thesecond quarter of 2025.

Current wording

Net income attributable to H.B. Fuller in thethird quarter of 2026 was$79.2 million compared to$67.2 million in thethird quarter of 2025. Diluted earnings per share for thethird quarter of 2026 was$1.44 per share compared to$1.22 per share for thethird quarter of 2025.

Previous wording

Net income attributable to H.B. Fuller in the firstsix months of 2026 was$88.9 million compared to$55.1 million in the firstsix months of 2025. Diluted earnings per share for the firstsix months of 2026 was$1.61 per share compared to$0.99 per share for the firstsix months of 2025.

Current wording

Net income attributable to H.B. Fuller in the first nine months of 2026 was$168.0 million compared to$122.2 million in the first nine months of 2025. Diluted earnings per share for the first nine months of 2026 was$3.05 per share compared to$2.21 per share for the first nine months of 2025.

Previous wording

Adjusted EBITDA inthe second quarterof 2026 increased 9.3 percent fromthe second quarter of 2025, primarily due tohigher gross profit, partially offset by higher compensation expense and higher foreign currency losses

Current wording

Adjusted EBITDA inthe third quarterof 2026 increased 9.4 percent fromthe third quarter of 2025, primarily due tohigher gross profit, partially offset by higher compensation expense.

Previous wording

Adjusted EBITDA in the firstsix months of 2026 increased 7.0 percent from the firstsix months of 2025, primarily due tohigher gross profit, partially offset by higher compensation expense and higher foreign currency losses

Current wording

Adjusted EBITDA in the first nine months of 2026 increased 8.0 percent from the first nine months of 2025, primarily due tohigher gross profit, partially offset by higher compensation expense.

Previous wording

During fiscal year 2023, the Company approved restructuring plans (the “Plans”) related to organizational changes and other actions to optimize operations and integrate acquired businesses. In implementing the Plans, the Company currently expects to incur costs of approximately $85.0 million to $90.0 million ($58.0 million to $61.4 million after tax), which include (i) cash expenditures of approximately $51.0 million to $52.0 million ($34.8 million to $35.5 million after tax) for severance and related employee costs globally and (ii) other restructuring costs related to the streamlining of processes and the payment of anticipated income taxes in certain jurisdictions related to the Plans. We have incurred costs of $84.4 million under the Plans as of May 30, 2026. Remaining cash payments will continue into fiscal year 2026.

Current wording

During fiscal year 2023, the Company approved restructuring plans (the “Plans”) related to organizational changes and other actions to optimize operations and integrate acquired businesses. In implementing the Plans, the Company currently expects to incur costs of approximately $87.0 million to $90.0 million ($59.2 million to $61.4 million after tax), which include (i) cash expenditures of approximately $51.0 million to $52.0 million ($34.8 million to $35.5 million after tax) for severance and related employee costs globally and (ii) other restructuring costs related to the streamlining of processes and the payment of anticipated income taxes in certain jurisdictions related to the Plans. We have incurred costs of $85.2 million under the Plans as of August 29, 2026. Remaining cash payments will continue for the remainder of fiscal year 2026.

Previous wording

The Company approved restructuring actions related to global footprint optimization during the fourth quarter of 2025. In implementing these restructuring actions, the Company currently expects to incur costs of approximately $11.2 million to $13.0 million ($8.3 million to $9.6 million after tax), which include (i) cash expenditures of approximately $6.5 million to $7.5 million ($4.8 million to $5.5 million after tax) for severance and related employee costs globally and (ii) other restructuring costs related to optimizing the Company’s footprint and the payment of anticipated income taxes in certain jurisdictions related to the other restructuring actions. We have incurred costs of $7.3 million under the other restructuring actions as of May 30, 2026. Therestructuring actions related to global footprint optimization began to be implemented in the fourth quarter of 2025 and are currently expected to be completed during fiscal year 2028. Restructuring costs are expected to be incurred over the next several fiscal quarters as the measures are implemented with the majority of the charges recognized and cash payments occurring in fiscal 2026 and 2027.

Current wording

The Company approved restructuring actions related to global footprint optimization during the fourth quarter of 2025. In implementing these restructuring actions, the Company currently expects to incur costs of approximately $45.0 million to $50.0 million ($33.3 million to $37.0 million after tax), which include (i) cash expenditures of approximately $14.0 million to $16.0 million ($10.4 million to $11.8 million after tax) for severance and related employee costs globally and (ii) other restructuring costs related to optimizing the Company’s footprint and the payment of anticipated income taxes in certain jurisdictions related to the other restructuring actions. We have incurred costs of $11.6 million under the other restructuring actions as of August 29, 2026. Therestructuring actions related to global footprint optimization began to be implemented in the fourth quarter of 2025 and are currently expected to be completed during fiscal year 2028. Restructuring costs are expected to be incurred over the next several fiscal quarters as the measures are implemented with the majority of the charges recognized and cash payments occurring in fiscal 2026 and 2027.

Previous wording

We review variances in net revenue in terms of changes related to sales volume and product pricing (referred to as organic revenue growth), business acquisitions/divestitures (“M&A”) and changes in foreign currency exchange rates. The following table shows the net revenue variance analysis for the second quarter and first six months of 2026 compared to the second quarter andfirst six monthsof 2025:

Current wording

We review variances in net revenue in terms of changes related to sales volume and product pricing (referred to as organic revenue growth), business acquisitions/divestitures (“M&A”) and changes in foreign currency exchange rates. The following table shows the net revenue variance analysis for the third quarter and first nine months of 2026 compared to the third quarter andfirst nine monthsof 2025:

Previous wording

Organic revenue increased 2.6 percent in thesecond quarter of 2026 compared to thesecond quarter of 2025 and consisted ofa 6.2 percent increase in Building Adhesive Solutions, a 3.0 percent increase in Hygiene, Health and Consumable Adhesives, and a 1.0 percent decrease in Engineering Adhesives. The overall increase wasdrivenby a 3.0 percent increase in product pricing, partially offset by a 0.4 percent decrease in sales volume. The 0.1 percent increase from M&A was due to the acquisition of ND Industries Turkey, discussed further in Operating Segment Results below. The positive 3.1 percent foreign currency impact was primarily driven by astronger Euro, Chinese renminbi, Brazilian real, Australian dollar, Mexican peso, British pound and Polish złoty partially offset by a weaker Indian rupee and Turkish lira compared to the U.S. dollar.

Current wording

Organic revenue increased 4.4 percent in thethird quarter of 2026 compared to thethird quarter of 2025 and consisted ofa 6.4 percent increase in Hygiene, Health and Consumable Adhesives, a 5.2 percent increase in Building Adhesive Solutions and a 0.7 percent increase in Engineering Adhesives. The overall increase wasdrivenby a 7.4 percent increase in product pricing, partially offset by a 3.0 percent decrease in sales volume. The 0.1 percent increase from M&A was due to the acquisition of ND Industries Turkey, discussed further in Operating Segment Results below. The positive 0.7 percent foreign currency impact was primarily driven by astronger Chinese renminbi, Brazilian real, Australian dollar, Mexican peso and Colombian peso partially offset by a weaker Indian rupee, Euro, and Turkish lira compared to the U.S. dollar.

Previous wording

Organic revenue decreased 1.7 percent in the firstsix months of 2026 compared to the firstsix months of 2025 and consisted ofa 3.2 percent decrease in Hygiene, Health and Consumable Adhesives, a 1.4 percent decrease in Engineering Adhesives and a 1.1 percent increase in Building Adhesive Solutions. The overall decrease wasdriven by a 3.5 percent decrease in sales volume, partially offset by a 1.8 percent increase in product pricing. The 0.4 percent increase from M&A was due to the acquisition of GEM, ND Industries Taiwan and ND Industries Turkey, discussed further in Operating Segment Results below. The positive 3.3 percent foreign currency impact was primarily driven by a stronger Euro, Chinese renminbi, Brazilian real, British pound, Mexican peso and Australian dollar partially offset by a weaker Turkish lira and Indian rupee compared to the U.S. dollar.

Current wording

Organic revenue increased 0.4 percent in the first nine months of 2026 compared to the first nine months of 2025 and consisted ofa 2.6 percent increase in Building Adhesive Solutions, a 0.1 percent decrease in Hygiene, Health and Consumable Adhesives and a 0.7 percent decrease in Engineering Adhesives. The overall increase wasdriven by a 3.7 percent increase in product pricing, partially offset by a 3.3 percent decrease in sales volume. The 0.3 percent increase from M&A was due to the acquisition of GEM, ND Industries Taiwan and ND Industries Turkey, discussed further in Operating Segment Results below. The positive 2.4 percent foreign currency impact was primarily driven by astronger Euro, Chinese renminbi, Brazilian real, Mexican peso, Australian dollar and British pound partially offset by a weaker Indian rupee and Turkish lira compared to the U.S. dollar.

Previous wording

Cost of sales as a percentage of net revenue in thesecond quarter of 2026 compared to thesecond quarter of 2025 decreased 170 basis points. Raw material cost as a percentage of net revenue decreased 230 basis points in 2026 compared to 2025 primarily due to higher product pricing. Other manufacturing costs as a percentage of net revenue increased 60 basis points in 2026 compared to 2025 due to higher manufacturing and distribution costs partially offset by restructuring actions.

Current wording

Cost of sales as a percentage of net revenue in thethird quarter of 2026 compared to thethird quarter of 2025 decreased 120 basis points. Raw material cost as a percentage of net revenue decreased 40 basis points in 2026 compared to 2025 primarily due to higher product pricing partially offset by higher raw material costs. Other manufacturing costs as a percentage of net revenue decreased 80 basis points in 2026 compared to 2025 primarily due to higher product pricing and the impact of restructuring actions.

Previous wording

Cost of sales as a percentage of net revenue in the firstsix months of 2026 compared to the firstsix months of 2025 decreased 190 basis points. Raw material cost as a percentage of net revenue decreased 240 basis points in 2026 compared to 2025 primarily due to higher product pricing and the impact of acquisitions. Other manufacturing costs as a percentage of net revenue increased 50 basis points in 2026 compared to 2025 due to higher manufacturing and distribution costs.

Current wording

Cost of sales as a percentage of net revenue in the first nine months of 2026 compared to the first nine months of 2025 decreased 160 basis points. Raw material cost as a percentage of net revenue decreased 170 basis points in 2026 compared to 2025 primarily due to higher product pricing and the impact of acquisitions partially offset by higher raw material costs. Other manufacturing costs as a percentage of net revenue increased 10 basis points in 2026 compared to 2025.

Previous wording

Gross profit in thesecond quarter of 2026 increased 11.6 percent and gross profit margin increased 170 basis points compared to thesecond quarter of 2025. The increase in gross profit margin was due tohigher product pricing and the impact of restructuring actions, partially offset by higher manufacturing and distribution costs.

Current wording

Gross profit in thethird quarter of 2026 increased 9.3 percent and gross profit margin increased 120 basis points compared to thethird quarter of 2025. The increase in gross profit margin was due tohigher product pricing and the impact of restructuring actions.

Previous wording

Gross profit in thefirst six months of 2026 increased 8.2 percent and gross profit margin increased 190 basis points compared to thefirst six months of 2025. The increase in gross profit margin was due to higher product pricing and the impact of acquisitions and restructuring actions, partially offset by higher manufacturing and distribution costs.

Current wording

Gross profit in thefirst nine months of 2026 increased 8.6 percent and gross profit margin increased 160 basis points compared to thefirst nine months of 2025. The increase in gross profit margin was due to higher product pricing and the impact of acquisitions and restructuring actions, partially offset by higher manufacturing and distribution costs.

Previous wording

SG&A expenses for thesecond quarter of 2026 compared to thesecond quarter of 2025 increased 60 basis points as a percentage of net revenue. The increase was due to the impact of higher compensation expense and a weaker U.S. dollar compared to various foreign currencies, partially offset by higher revenue.

Current wording

SG&A expenses for thethird quarter of 2026 compared to thethird quarter of 2025 increased 160 basis points as a percentage of net revenue. The increase was due to the impact of higher compensation expense and a weaker U.S. dollar compared to various foreign currencies, partially offset by higher revenue.

Previous wording

SG&A expenses for thefirst six months of 2026 compared to thefirst six months of 2025 increased 70 basis points as a percentage of net revenue. The increase was due to the impact of higher compensation expense, acquisitions and a weaker U.S. dollar compared to various foreign currencies, partially offset by higher revenue.

Current wording

SG&A expenses for the first nine months of 2026 compared to the first nine months of 2025 increased 100 basis points as a percentage of net revenue. The increase was due to the impact of higher compensation expense, acquisitions and a weaker U.S. dollar compared to various foreign currencies, partially offset by higher revenue.

Previous wording

Other income, net in thesecond quarter of 2026 included$6.5 million of net defined benefit pension benefits, $0.3 million of other income and$1.2 million of currency transaction loss. Other income, net in thesecond quarter of 2025 included$5.7 million of net defined benefit pension benefits and $1.4 million of currency transaction gains.

Current wording

Other income, net in thethird quarter of 2026 included$6.5 million of net defined benefit pension benefits, $0.4 million of other income and$19.5 million of currency transaction gains. The currency transaction gains primarily consisted of a $19.7 million unrealized gain on a forward exchange contract related to a pending acquisition. Other income, net in thethird quarter of 2025 included$5.7 million of net defined benefit pension benefits and $0.1 million of other income, partially offset by a $0.5 million of currency transaction losses.

Previous wording

Other income, net in thefirst six months of 2026 included $12.8 million of net defined benefit pension benefits, $0.4 million of other income and $0.8 million of currency transaction loss. Other income, net in thefirst six months of 2025 included $11.4 million of net defined benefit pension benefits and $2.0 million of currency transaction gains, partially offset by a $1.5 million loss on the sale of our North American Flooring business ("NA Flooring") and $1.6 million of other expense.

Current wording

Other income, net in thefirst nine months of 2026 included $19.3 million of net defined benefit pension benefits, $0.9 million of other income and $18.6 million of currency transaction gains. The currency transaction gains primarily consisted of a $19.7 million unrealized gain on a forward exchange contract related to a pending acquisition. Other income, net in thefirst nine months of 2025 included $17.1 million of net defined benefit pension benefits and $1.5 million of currency transaction gains, partially offset by a $1.5 million loss on the sale of our North American Flooring business ("NA Flooring") and $1.4 million of other expense.

Previous wording

Interest expense in thesecond quarter of 2026 was$32.8 million compared to$34.9 million in thesecond quarter of 2025 due to lower interest rates partially offset by higher debt levels.

Current wording

Interest expense in thethird quarter of 2026 was$40.9 million compared to$33.6 million in thethird quarter of 2025 primarily due to higher debt levels and debt extinguishment costs.

Previous wording

Interest expense in the first six months of 2026 was $65.6 million compared to $66.9 million in the first six months of 2025 due to lower interest rates partially offset by higher debt levels.

Current wording

Interest expense in the first nine months of 2026 was $106.5 million compared to $100.5 million in the first nine months of 2025 primarily due to higher debt levels and debt extinguishment costs.

Previous wording

Interest income in thesecond quarter of 2026 and 2025 was$2.0 million and$0.9 million, respectively, consisting primarily of interest related to net investment hedge activity and other miscellaneous interest income.

Current wording

Interest income in thethird quarter of 2026 and 2025 was$2.5 million and$1.1 million, respectively, consisting primarily of interest related to net investment hedge activity and other miscellaneous interest income.

Previous wording

Interest income in thefirst six months of 2026 and 2025 was $4.0 million and $2.0 million, respectively, consisting primarily of interest related to net investment hedge activity and other miscellaneous interest income.

Current wording

Interest income in thefirst nine months of 2026 and 2025 was $6.5 million and $3.1 million, respectively, consisting primarily of interest related to net investment hedge activity and other miscellaneous interest income.

Previous wording

Income tax expense of$25.6 million in thesecond quarter of 2026 includes$0.3 million of discrete tax expense. Excluding the discrete tax expense, the overall effective tax rate was 27.4 percent. The discrete tax expense relates tovarious U.S. and foreign tax matters. Income tax expense of$32.7 million in thesecond quarter of 2025 includes$14.0 million of discrete tax expense. Excluding the discrete tax expense, the overall effective tax rate was 25.7 percent. The discrete tax expense related to the impact of withholding tax recorded on earnings that are no longer permanently reinvested as well as other various U.S. and foreign tax matters.

Current wording

Income tax expense of$24.7 million in thethird quarter of 2026 includes$2.1 million of discrete tax benefit. Excluding the discrete tax benefit, the overall effective tax rate was 26.4 percent. The discrete tax benefit relates tovarious U.S. and foreign tax matters. Income tax expense of$16.5 million in thethird quarter of 2025 includes$3.7 million of discrete tax benefit. Excluding the discrete tax benefit, the overall effective tax rate was 24.4 percent. The discrete tax benefit related to various U.S. and foreign tax matters.

Previous wording

Income tax expense of$33.0 million in the first six months of 2026 includes$0.5 million of discrete tax expense. Excluding the discrete tax expense, the overall effective tax rate was 27.2 percent. The discrete tax expense relates tovarious U.S. and foreign tax matters. Income tax expense of$38.7 million in the first six months of 2025 includes$15.0 million of discrete tax expense. Excluding the discrete tax expense, the overall effective tax rate was 25.8 percent. The discrete tax expense related to the impact of withholding tax recorded on earnings that are no longer permanently reinvested as well as other various U.S. and foreign tax matters.

Current wording

Income tax expense of$57.7 million in the first nine months of 2026 includes$1.6 million of discrete tax benefit. Excluding the discrete tax benefit, the overall effective tax rate was 26.8 percent. The discrete tax benefit relates tovarious U.S. and foreign tax matters. Income tax expense of$55.2 million in the first nine months of 2025 includes$11.2 million of discrete tax expense. Excluding the discrete tax expense, the overall effective tax rate was 25.2 percent. The discrete tax expense related to the impact of withholding tax recorded on earnings that were no longer permanently reinvested, offset by various U.S. and foreign tax matters.

Previous wording

The income from equity method investments relates to our 50 percent ownership of the Sekisui-Fuller joint venture in Japan. The lower income for thesecond quarter of 2026 compared to thesecond quarter of 2025 is primarily due to the weakening of the Japanese yen compared to the U.S. dollar.

Current wording

The income from equity method investments relates to our 50 percent ownership of the Sekisui-Fuller joint venture in Japan. The higher income for thethird quarter of 2026 compared to thethird quarter of 2025 is primarily due to the higher net income in our joint venture during the quarter compared to the prior year, partially offset by the weakening of the Japanese yen compared to the U.S. dollar.

Previous wording

The income from equity method investments relates to our 50 percent ownership of the Sekisui-Fuller joint venture in Japan. The higher income for thefirst six months of 2026 compared to the first six months of 2025 is due to higher net income in our joint venture during the year compared to the prior year, partially offset by the weakening of the Japanese yen compared to the U.S. dollar.

Current wording

The income from equity method investments relates to our 50 percent ownership of the Sekisui-Fuller joint venture in Japan. The higher income for thefirst nine months of 2026 compared to the first nine months of 2025 is due to higher net income in our joint venture during the year compared to the prior year, partially offset by the weakening of the Japanese yen compared to the U.S. dollar.

Previous wording

The net income attributable to H.B. Fuller in thesecond quarter of 2026 was $67.8 million compared to$41.8 million in thesecond quarter of 2025. The diluted earnings per share in thesecond quarter of 2026 was$1.23 per share as compared to$0.76 per share in thesecond quarter of 2025.

Current wording

The net income attributable to H.B. Fuller in thethird quarter of 2026 was $79.2 million compared to$67.2 million in thethird quarter of 2025. The diluted earnings per share in thethird quarter of 2026 was$1.44 per share as compared to$1.22 per share in thethird quarter of 2025.

Previous wording

The net income attributable to H.B. Fuller in thefirst six months of 2026 was $88.9 million compared to $55.1 million in thefirst six months of 2025. The diluted earnings per share in thefirst six months of 2026 was $1.61 per share as compared to $0.99 per share in thefirst six months of 2025.

Current wording

The net income attributable to H.B. Fuller in thefirst nine months of 2026 was $168.0 million compared to $122.2 million in thefirst nine months of 2025. The diluted earnings per share in thefirst nine months of 2026 was $3.05 per share as compared to $2.21 per share in thefirst nine months of 2025.

Previous wording

Adjusted EBITDA for H.B. Fullerin thesecond quarter of 2026 was $181.0 million compared to $165.7 million in thesecond quarter of 2025. Adjusted EBITDA as a percentage of net revenue increased 70 basis points in thesecond quarter of 2026 compared to second quarter of 2025 due to higher gross profit, partially offset by higher compensation expense and higher foreign currency losses. For a reconciliation of Adjusted EBITDA to net income attributable to H.B. Fuller as reflected in the unaudited consolidated statement of income see "Non-GAAP Measures" below.

Current wording

Adjusted EBITDA for H.B. Fullerin thethird quarter of 2026 was $186.7 million compared to $170.6 million in thethird quarter of 2025. Adjusted EBITDA as a percentage of net revenue increased 80 basis points in thethird quarter of 2026 compared to third quarter of 2025 due to higher gross profit, partially offset by higher compensation expense. For a reconciliation of Adjusted EBITDA to net income attributable to H.B. Fuller as reflected in the unaudited consolidated statement of income see "Non-GAAP Measures" below.

Previous wording

Adjusted EBITDA for H.B. Fullerin thefirst six months of 2026 was $299.7 million compared to $280.0 million in thefirst six months of 2025. Adjusted EBITDA as a percentage of net revenue increased 80 basis points in thefirst six months of 2026 compared tofirst six months of 2025 primarily due to higher gross profit, partially offset by higher compensation expense and higher foreign currency losses. For areconciliation of Adjusted EBITDA to net income attributable to H.B. Fuller as reflected in the unaudited consolidated statement of income see "Non-GAAP Measures" below.

Current wording

Adjusted EBITDA for H.B. Fullerin thefirst nine months of 2026 was $486.5 million compared to $450.6 million in thefirst nine months of 2025. Adjusted EBITDA as a percentage of net revenue increased 80 basis points in thefirst nine months of 2026 compared tofirst nine months of 2025 primarily due to higher gross profit, partially offset by higher compensation expense. For areconciliation of Adjusted EBITDA to net income attributable to H.B. Fuller as reflected in the unaudited consolidated statement of income see "Non-GAAP Measures" below.

Previous wording

Our three reportable operating segments consist of Hygiene, Health and Consumable Adhesives, Engineering Adhesives and Building Adhesive Solutions. We are required to report segment information in the same way that we internally organize our business for assessing performance and making decisions regarding allocation of resources. Revenue and Adjusted EBITDA of each of our segments are regularly reviewed by our chief executive officer, who acts as our chief operating decision maker, to make decisions about resources to be allocated to the segments and assess their performance. Adjusted EBITDA is defined as net income before interest, income taxes, depreciation and amortization and foreign currency gain/loss, adjusted for other items within a relevant period which are not reflective of the segment’s operating performance in the period. Corporate expenses, other than those included in Corporate Unallocated, are allocated to each operating segment.

Current wording

Our three reportable operating segments consist of Hygiene, Health and Consumable Adhesives, Engineering Adhesives and Building Adhesive Solutions. We are required to report segment information in the same way that we internally organize our business for assessing performance and making decisions regarding allocation of resources. Revenue and Adjusted EBITDA of each of our segments are regularly reviewed by our chief executive officer, who acts as our chief operating decision maker, to make decisions about resources to be allocated to the segments and assess their performance. Adjusted EBITDA is defined as net income before interest, income taxes and depreciation and amortization, adjusted for other items within a relevant period which are not reflective of the segment’s operating performance in the period. Corporate expenses, other than those included in Corporate Unallocated, are allocated to each operating segment.

Previous wording

Net revenue increased 6.1 percent in thesecond quarter of 2026 compared to thesecond quarter of 2025. Organic revenue growth increased due to an increase in product pricing, partially offset by a decrease in sales volume. The positive currency effect was due to a stronger Euro, Brazilian real, Chinese renminbi and Mexican peso partially offset by a weaker Indian rupee compared to the U.S. dollar. Segment adjusted EBITDA increased 21.7 percentin thesecond quarter of 2026 compared to thesecond quarter of 2025 primarily due to higher product pricing, partially offset byhigher manufacturing and distribution costs andhigher compensation expense. Segment adjusted EBITDA margin increased 230 basis points primarily due to higher segment adjusted EBITDA, partially offset bythe impact of higher revenue.

Current wording

Net revenue increased 7.0 percent in thethird quarter of 2026 compared to thethird quarter of 2025. Organic revenue growth increased due to an increase in product pricing, partially offset by a decrease in sales volume. The positive currency effect was due to a stronger Chinese renminbi, Brazilian real and Colombian peso partially offset by a weaker Indian rupee compared to the U.S. dollar. Segment adjusted EBITDA increased 11.5 percentin thethird quarter of 2026 compared to thethird quarter of 2025 primarily due to higher product pricing and slightly lower manufacturing costs, partially offset byhigher distribution costs andhigher compensation expense. Segment adjusted EBITDA margin increased 70 basis points primarily due to higher segment adjusted EBITDA, partially offset bythe impact of higher revenue.

Previous wording

Net revenue increased 0.4 percent in thefirst six months of 2026 compared to thefirst six months of 2025. Organic revenue growth decreased due to a decrease in sales volume, partially offset by an increase in product pricing. The 0.4 percent increase in net revenue from M&A was due to the acquisition of GEM in the first quarter of 2025. The positive currency effect was due to a stronger Euro, Brazilian real, Chinese renminbi and Mexican peso partially offset by a weaker Indian rupee compared to the U.S. dollar. Segment adjusted EBITDA increased 13.5 percentin thefirst six months of 2026 compared to thefirst six months of 2025 primarily due to higher product pricing, the impact of acquisitions, partially offset by higher compensation expense. Segment adjusted EBITDA margin increased 190 basis points primarily due to higher segment adjusted EBITDA, partially offset bythe impact of higher revenue.

Current wording

Net revenue increased 2.6 percent in thefirst nine months of 2026 compared to thefirst nine months of 2025. Organic revenue growth decreased due to a decrease in sales volume, partially offset by an increase in product pricing. The 0.3 percent increase in net revenue from M&A was due to the acquisition of GEM in the first quarter of 2025. The positive currency effect was due to a stronger Euro, Brazilian real, Chinese renminbi and Mexican peso partially offset by a weaker Indian rupee compared to the U.S. dollar. Segment adjusted EBITDA increased 12.7 percentin thefirst nine months of 2026 compared to thefirst nine months of 2025 primarily due to higher product pricing, the impact of acquisitions, partially offset by higher compensation expense. Segment adjusted EBITDA margin increased 150 basis points primarily due to higher segment adjusted EBITDA.

Previous wording

Net revenue increased 2.5 percent in thesecond quarter of 2026 compared to thesecond quarter of 2025. Organic revenue growth decreased due to a decrease in sales volume, partially offset by an increase in product pricing. The 0.3 percent increase in net revenue from M&A was due to the acquisition of ND Industries Taiwan and ND Industries Turkey. The positive currency effect was due toa stronger Chinese renminbi and Euro compared to the U.S. dollar. Segment adjusted EBITDA increased 0.3 percentin thesecond quarter of 2026 compared to thesecond quarter of 2025. Segment adjusted EBITDA margin decreased 50 basis points primarily due to theimpact of higher revenue.

Current wording

Net revenue increased 2.4 percent in thethird quarter of 2026 compared to thethird quarter of 2025. Organic revenue growth increased due to an increase in product pricing, partially offset by a decrease in sales volume. The 0.4 percent increase in net revenue from M&A was due to the acquisition of ND Industries Turkey. The positive currency effect was due toa stronger Chinese renminbi compared to the U.S. dollar. Segment adjusted EBITDA increased 4.7 percentin thethird quarter of 2026 compared to thethird quarter of 2025, primarily due to higher product pricing, partially offset by higher compensation expense. Segment adjusted EBITDA margin increased 50 basis points.

Previous wording

Net revenue increased 2.4 percent in the first six months of 2026 compared to the first six months of 2025. Organic revenue growth decreased due to a decrease in sales volume, partially offset by an increase in product pricing. The 0.6 percent increase in net revenue from M&A was due to the acquisition of ND Industries Taiwan and ND Industries Turkey. The positive currency effect was due to a stronger Euro and Chinese renminbi compared to the U.S. dollar. Segment adjusted EBITDA increased 3.9 percentin the first six months of 2026 compared to the first six months of 2025 primarily due to higher product pricing and the impact of acquisitions, partially offset by higher compensation expense. Segment adjusted EBITDA margin increased 30 basis points.

Current wording

Net revenue increased 2.4 percent in the first nine months of 2026 compared to the first nine months of 2025. Organic revenue growth decreased due to a decrease in sales volume, partially offset by an increase in product pricing. The 0.5 percent increase in net revenue from M&A was due to the acquisition of ND Industries Taiwan and ND Industries Turkey. The positive currency effect was due to a stronger Chinese renminbi and Euro compared to the U.S. dollar. Segment adjusted EBITDA increased 4.3 percentin the first nine months of 2026 compared to the first nine months of 2025 primarily due to higher product pricing and the impact of acquisitions, partially offset by higher compensation expense. Segment adjusted EBITDA margin increased 40 basis points.

Previous wording

Net revenue increased 9.4 percent in thesecond quarter of 2026 compared to thesecond quarter of 2025. Organic growth increased due to an increase insales volume and product pricing. The positive currency effect was due toa stronger Euro and Australian dollar compared to the U.S. dollar. Segment adjusted EBITDA increased 10.4 percentin thesecond quarter of 2026 compared to thesecond quarter of 2025 primarily due to higher revenue, partially offset by higher manufacturing and distribution costs and higher compensation expense. Segment adjusted EBITDA margin increased 20 basis points.

Current wording

Net revenue increased 5.5 percent in thethird quarter of 2026 compared to thethird quarter of 2025. Organic growth increased due toan increase in product pricing, partially offset by a decrease in sales volume. The positive currency effect was due toa stronger Australian dollar partially offset by a weaker Euro compared to the U.S. dollar. Segment adjusted EBITDA increased 8.0 percentin thethird quarter of 2026 compared to thethird quarter of 2025 primarily due to higher revenue, partially offset by higher manufacturing and distribution costs and higher compensation expense. Segment adjusted EBITDA margin increased 50 basis points.

Previous wording

Net revenue increased 4.7 percent in the first six months of 2026 compared to the first six months of 2025. Organic growth increased due to an increase in product pricing, partially offset by a decrease in sales volume. The positive currency effect was due to a stronger Euro and British pound compared to the U.S. dollar. Segment adjusted EBITDA increased 6.2 percentin the first six months of 2026 compared to the first six months of 2025 primarily due to higher product pricing, partially offset by higher manufacturing and distribution costs and higher compensation expense. Segment adjusted EBITDA margin increased 30 basis points.

Current wording

Net revenue increased 5.0 percent in the first nine months of 2026 compared to the first nine months of 2025. Organic growth increased due to an increase in product pricing, partially offset by a decrease in sales volume. The positive currency effect was due to a stronger Euro compared to the U.S. dollar. Segment adjusted EBITDA increased 6.9 percentin the first nine months of 2026 compared to the first nine months of 2025 primarily due to higher product pricing, partially offset by higher manufacturing and distribution costs and higher compensation expense. Segment adjusted EBITDA margin increased 30 basis points.

Previous wording

Total cash and cash equivalents as of May 30, 2026 were $114.1 million compared to $107.2 million as of November 29, 2025 and $96.8 million as of May 31, 2025. The majority of the $114.1 million in cash and cash equivalents as of May 30, 2026 was held outside the United States. Total long and short-term debt was $2,072.2 million as of May 30, 2026, $2,016.9 million as of November 29, 2025 and $2,112.4 million as of May 31, 2025. The total debt to total capital ratio as measured by total debt divided by total debt plus total stockholders’ equity was 49.9 percent as of May 30, 2026 as compared to 50.2 percent as of November 29, 2025 and 53.0 percent as of May 31, 2025.

Current wording

Total cash and cash equivalents as of August 29, 2026 were $97.2 million compared to $107.2 million as of November 29, 2025 and $122.5 million as of August 30, 2025. The majority of the $97.2 million in cash and cash equivalents as of August 29, 2026 was held outside the United States. Total long and short-term debt was $2,054.5 million as of August 29, 2026, $2,016.9 million as of November 29, 2025 and $2,080.5 million as of August 30, 2025. The total debt to total capital ratio as measured by total debt divided by total debt plus total stockholders’ equity was 48.7 percent as of August 29, 2026 as compared to 50.2 percent as of November 29, 2025 and 51.5 percent as of August 30, 2025.

Previous wording

Net income including non-controlling interest was $88.9 million in the first six months of 2026 compared to $55.1 million in the first six months of 2025. Depreciation and amortization expense totaled $92.4 million in the first six months of 2026 compared to $87.3 million in the first six months of 2025. Deferred income taxes were a use of cash of $9.1 million in the first six months of 2026 compared to $14.1 million in the first six months of 2025. Accrued compensation was a use of cash of $19.6 million in the first six months of 2026 compared to $23.5 million in the first six months of 2025. Other assets were a use of cash of $9.3 million in the first six months of 2026 compared to $2.4 million in the first six months of 2025. Other liabilities were a use of cash of $6.1 million in the first six months of 2026 compared to a source of cash $24.8 million in the first six months of 2025.

Current wording

Net income including non-controlling interest was $168.0 million in the first nine months of 2026 compared to $122.3 million in the first nine months of 2025. Depreciation and amortization expense totaled $138.5 million in the first nine months of 2026 compared to $132.8 million in the first nine months of 2025. Deferred income taxes were a use of cash of $15.5 million in the first nine months of 2026 compared to $39.2 million in the first nine months of 2025. Accrued compensation was a use of cash of $15.2 million in the first nine months of 2026 compared to $19.2 million in the first nine months of 2025. Other assets were a use of cash of $4.8 million in the first nine months of 2026 compared to a source of cash of $2.2 million in the first nine months of 2025. Other liabilities were a use of cash of $5.1 million in the first nine months of 2026 compared to a source of cash $28.6 million in the first nine months of 2025.