Track market-moving stories before they get noisy

Investors interested in Chemical - Specialty stocks are likely familiar with H. B. Fuller (FUL) and Novozymes A/S (NVZMY).

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Stock to Watch: H. B. Fuller (FUL - Free Report) H.B. Fuller is a global formulator, manufacturer, and marketer of adhesives, sealants, coatings, tapes, encapsulants and related specialty chemical products for packaging, hygiene, durable assembly, electronics, transportation, construction and other industrial and consumer applications. The company has sales operations in 34 countries and manufactures at a combined network of plants across the United States and abroad.

FUL is a #2 (Buy) on the Zacks Rank, with a VGM Score of B.

It also boasts a Value Style Score of A thanks to attractive valuation metrics like a forward P/E ratio of 11.7; value investors should take notice.

Three analysts revised their earnings estimate higher in the last 60 days for fiscal 2026, while the Zacks Consensus Estimate has increased $0.10 to $4.87 per share. FUL also boasts an average earnings surprise of +2.4%.

With a solid Zacks Rank and top-tier Value and VGM Style Scores, FUL should be on investors' short list.

H.B. Fuller Company (NYSE: FUL) today announced that its Board of Directors declared a regular quarterly cash dividend of $0.2450 per share of common stock, pay

Key Takeaways H.B. Fuller is prioritizing higher-value markets after its portfolio realignment and Flooring business sale. FUL grew Q2 revenues 5.8% as pricing, restructuring savings and mix lifted margins despite softer volumes. H.B. Fuller projects fiscal 2026 revenue growth and higher EBITDA, with cash flow weighted to the second half. H.B. Fuller Company (FUL - Free Report) is no longer just a broad specialty chemicals story. The investment debate now centers on whether a cleaner portfolio, stronger pricing discipline and medical expansion can support steadier margins.

That setup looks constructive, but not one-sided. Softer consumer-linked demand, flexible packaging weakness and automotive pressure still limit the near-term volume story.

How FUL Is Reshaping Its BusinessFollowing its fiscal 2025 realignment and the sale of the North America Flooring business, H.B. Fuller reports through three segments: Hygiene, Health & Consumable Adhesives, Engineering Adhesives and Building Adhesive Solutions.

The mix spans packaging, converting, hygiene, healthcare, transportation, electronics, clean energy, aerospace, appliances, roofing, building envelope, HVAC insulation and infrastructure. The strategic direction is clear. FUL is shifting toward more resilient and higher-value niches instead of relying mainly on raw volume growth.

H.B. Fuller Pricing Still Drives ResultsPricing remains the clearest support for the current thesis. In the fiscal second quarter, net revenues rose 5.8% year over year to $950 million, while organic revenues increased 2.6%, helped by pricing that more than offset slightly lower volume.

Margin execution was also stronger. Adjusted gross margin expanded 200 basis points to 34.2%, driven mainly by pricing execution and restructuring savings. Adjusted EBITDA rose 9% to $181 million, while adjusted EBITDA margin improved 70 basis points to 19.1%.

Why FUL Still Faces Demand FrictionThe weaker side of the story is volume. The Hygiene, Health & Consumable Adhesives unit saw strength in medical, tape and label and end-of-line packaging, but flexible packaging remained weak.

Engineering Adhesives also had mixed trends. Aerospace, electronics and general industries were stronger, but automotive declined by mid-single digits. These pressures leave earnings more dependent on price, mix, sourcing and cost control than on a broad-based volume recovery.

Avery Dennison Corporation (AVY - Free Report) gives investors another way to look at materials tied to packaging and labeling demand. RPM International Inc. (RPM - Free Report) , with exposure to specialty coatings, sealants and building materials, is also relevant for investors tracking construction-linked materials trends.

What H.B. Fuller Expects NextFor fiscal 2026, H.B. Fuller still expects net revenues to increase in the mid-single digits and organic revenues to rise in the low single digits. Foreign currency translation is expected to add 1-2% to revenues.

Management now expects adjusted EBITDA of $650-$675 million and adjusted earnings of $4.60-$4.90 per share. Operating cash flow is projected at $300-$325 million, with cash generation weighted to the second half of the year.

FUL Signals for Momentum and ValueThe bottom line is that FUL has a credible margin story, but it still needs to prove that pricing, restructuring and mix can offset uneven end-market demand. The proposed Advanced Medical Solutions acquisition adds another potential higher-margin growth platform, but it also brings integration and leverage considerations.

Shares of FUL have lost 7.2% so far this year against the industry’s 15.7% rise.

Image Source: Zacks Investment Research

FUL currently carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

The stock also has a VGM Score of A, with a Value Score of A, Momentum Score of A and Growth Score of C. That combination points to favorable value and momentum characteristics, while the Growth Score signals that growth questions have not fully disappeared.

Estimate revisions also remain supportive, with the current fiscal-year earnings estimate up 2.1% over the past four weeks. For investors, FUL looks best framed as a margin-and-mix execution story, not a simple volume recovery play.

Key Takeaways FUL is expanding into medical through the proposed Advanced Medical Solutions acquisition to widen its market.FUL saw aerospace rise 30% and electronics post double-digit gains, offsetting weaker automotive demand.FUL used pricing to lift margins despite higher raw material costs, though volume trends remain soft. H.B. Fuller Company (FUL - Free Report) gives investors a focused way to track changing demand in specialty materials. The company is not relying on one end market or one margin lever.

Its current setup rests on three connected trends: deeper exposure to regulated medical markets, solid demand in aerospace and electronics and pricing actions aimed at offsetting inflation and supply disruptions.

H.B. Fuller Pushes Deeper Into MedicalMedical is becoming a more important part of H.B. Fuller’s portfolio. The proposed acquisition of Advanced Medical Solutions would expand the company into tissue bonding adhesives, surgical tapes, dressings and biosurgical products.

The deal is expected to increase H.B. Fuller’s total addressable market by $15 billion to $95 billion. It also supports the company’s goal of reaching an adjusted EBITDA margin of more than 20% by 2028.

This matters because medical demand tends to be more procedure-driven and regulated than many industrial or consumer applications. That can make the business mix less tied to short-cycle demand swings.

3M Company (MMM - Free Report) remains a relevant comparison for investors watching materials innovation across healthcare, electronics and industrial applications. Its breadth shows why higher-specification materials businesses often attract attention when customers need reliability and regulatory know-how.

FUL Benefits From Aerospace and ElectronicsFUL’s growth is not coming from medical alone. In Engineering Adhesives, organic growth was roughly 5% excluding the exit from the lower-margin solar business.

Aerospace was up 30%, while electronics and general industries posted double-digit gains. Those areas are helping offset softness in automotive, where demand remained weaker across regions.

These trends point to the value of higher-performance niches. FUL’s adhesives are tied to applications where reliability, qualification and technical service matter.

Avery Dennison Corporation (AVY - Free Report) is another materials name investors may watch when tracking specialty materials demand. Like FUL, it gives investors exposure to markets where product performance and customer-specific solutions can shape growth.

H.B. Fuller Navigates an Inflation EraPricing remains central to the FUL story. In the second quarter of fiscal 2026, pricing increased net revenues by 3% and more than offset slightly lower volume.

Adjusted gross margin rose 200 basis points to 34.2%, helped by pricing execution and restructuring savings. Adjusted EBITDA increased 9% to $181 million, with adjusted EBITDA margin improving to 19.1%.

The operating backdrop remains unsettled. Nearly 90% of raw materials were higher in the fiscal second quarter versus the first quarter, and more than 50 force majeure events remained in place.

Management expects high-single-digit pricing in the second half. That gives FUL a margin-defense lever, but it also shows that input-cost pressure has not fully eased.

Why FUL Still Needs Better Volume TrendsThe trend story is not a clean cyclical rebound. Volume weakness remains a constraint, especially in more consumer-linked parts of the portfolio.

Flexible packaging stayed soft, and automotive declined by mid-single digits. Management’s fiscal 2026 framework also includes low- to mid-single-digit volume declines in the second half.

That keeps the investment case tied to mix improvement, pricing and restructuring rather than broad volume recovery. FUL can still improve margins, but stronger demand would make the growth profile more balanced.

The solar exit also creates noise in Engineering Adhesives comparisons. As that headwind laps, healthier niches may become easier to see, but the company still needs better volume confirmation.

FUL Screens Well for This Trend SetupThe bottom line is that FUL is participating in attractive specialty materials trends, but the stock still needs a firmer volume backdrop to turn margin resilience into a more decisive growth story.

Shares of FUL have lost 7.2% so far this year against the industry’s 15.7% rise.

Image Source: Zacks Investment Research

FUL currently carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

The stock also has a VGM Score of A, supported by a Value Score of A and Momentum Score of A. Those scores suggest the stock screens well for investors who focus on valuation and earnings-related momentum. The Growth Score of C keeps the signal more balanced, fitting a company with improving mix and pricing power but uneven end-market demand.

The setup is constructive, not risk-free. FUL’s medical expansion, aerospace and electronics exposure, and pricing execution give the stock useful support, while consumer softness, automotive pressure and input-cost volatility remain key areas to watch.

Key Takeaways FUL beat Q2 estimates as pricing and restructuring lifted EBITDA, EPS and gross margin.FUL raised its fiscal 2026 profit outlook while projecting high-single-digit pricing in the back half.FUL says the AMS deal would expand its medical adhesives platform and lift margins within 24 months. H.B. Fuller Company (FUL - Free Report) used its second-quarter fiscal 2026 earnings call to make two points clear: pricing is gaining traction across the portfolio, and management sees medical adhesives as the next major leg of its portfolio shift.

The quarter itself came in ahead of the Zacks Consensus Estimate, but the bigger message was forward-looking. Executives spent as much time defending the durability of pricing and raw material assumptions as they did explaining the proposed Advanced Medical Solutions deal.

H.B. Fuller Leans on Price and MixChief executive officer Celeste Mastin said second-quarter execution benefited from global sourcing and rapid pricing actions during the petrochemical supply disruption. Adjusted EBITDA rose 9% year over year to $181 million. Adjusted EPS increased 19% to $1.41, beating the Zacks Consensus Estimate of $1.37. Revenues of $950.3 million topped the Zacks Consensus Estimate of $926.9 million, producing a surprise rate of 2.5%.

Chief financial officer John Corkrean said adjusted gross margin expanded 200 basis points to 34.2%, driven mainly by pricing execution and restructuring savings. Adjusted EBITDA margin improved 70 basis points to 19.1%, showing that pricing was doing more than simply offsetting costs.

Management also pointed to cash flow as a supporting signal. Operating cash flow reached a record second-quarter level of $121 million, while net debt to adjusted EBITDA improved to 3.1 times from 3.4 times a year earlier.

FUL Sees Uneven but Improving DemandMastin described a business that is still navigating mixed end-market conditions. Hygiene, Health and Consumable Adhesives posted 3% organic growth in the quarter, helped by pricing and better supply continuity, while Building Adhesive Solutions delivered 6.2% organic growth on strength in glass, infrastructure and mechanical applications.

Engineering Adhesives was more complicated. The press release showed a 1% organic decline, but during Q&A, Mastin said the segment would have posted about 5% organic growth excluding the lower-margin solar business exit, with aerospace up more than 30% and electronics and general industrials up double digits.

That left automotive and consumer-linked demand as the softer points. Management said volume was only slightly lower in the quarter, but both HHC and EA could face more pressure in the second half if consumer demand weakens further.

H.B. Fuller Lifts Full-Year Profit ViewCorkrean said year-to-date execution supported a higher midpoint for full-year guidance. H.B. Fuller now expects fiscal 2026 adjusted EBITDA of $650 million to $675 million and adjusted EPS of $4.6 to $4.9, while keeping its outlook for mid-single-digit revenue growth and low-single-digit organic growth.

Third-quarter guidance was also firm. Management expects revenues to increase at a mid-single-digit pace and adjusted EBITDA to come in between $180 million and $190 million. Cash flow from operations is now projected at $300 million to $325 million for the year.

The assumptions behind that outlook mattered as much as the figures. Mastin said pricing was running near 6% in May and projected high-single-digit pricing in the back half, while also warning that raw materials had not meaningfully eased and that intermittent shortages remained a risk.

FUL Makes Medical the Strategic CenterpieceThe call’s biggest strategic development was the proposed acquisition of Advanced Medical Solutions. Mastin framed AMS as a rare chance to accelerate H.B. Fuller’s move toward faster-growing, higher-margin and less cyclical medical end markets.

Management said the all-cash 285 pence-per-share offer implies an enterprise value of about GBP 715 million. AMS generated roughly $302 million of fiscal 2025 revenues and about $54 million of adjusted EBITDA after IFRS-to-GAAP conversion, and H.B. Fuller sees about $55 million of run-rate synergies from commercial and cost actions.

Executives argued the deal would expand H.B. Fuller’s medical adhesives platform more than fourfold and help push the combined medical business above 30% EBITDA margins by 2030. They also said the transaction should add about 100 basis points to consolidated EBITDA margin within 24 months of closing.

H.B. Fuller Faces Deal and Demand ScrutinyAnalyst questions focused on leverage, synergy credibility and the logic of buying non-adhesive product lines within AMS. In response, Corkrean said pro forma net leverage at close should be about 4 times, excluding run-rate synergies, with a path back to the 2.5 times to 3 times target range within two years.

A Baird analyst pressed on the unusually high-cost synergy target. Corkrean said about $14 million comes from in-flight Peters Surgical synergies, with the rest tied to public company cost removal, sourcing benefits and back-office rationalization.

On operating conditions, analysts also asked whether falling petrochemical prices could cause customer hesitation. Mastin pushed back, saying nearly 90% of H.B. Fuller’s raw materials were still higher than in the first quarter and that 52 force majeures remained in place.

FUL Leaves a More Assertive MessageThe overall tone coming out of the call was more assertive than defensive. Management repeatedly returned to three points: pricing is working, restructuring savings are landing and the company believes supply-chain disruption is reinforcing its competitive position.

At the same time, leadership did not dismiss the pressure points. Executives acknowledged weaker automotive demand, consumer risk in HHC and a temporarily higher leverage profile if the AMS deal closes.

Zacks Signals on FULFUL carries a Zacks Rank #3 (Hold), with a Value Score of B, Growth Score of C, Momentum Score of A and VGM Score of A. The Hold rating points to a more balanced near-term outlook than a clear outperform signal, while the stronger Value, Momentum and VGM readings indicate more favorable characteristics within those styles. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

The Style Scores are meant to complement, not override, the Zacks Rank. A Zacks Rank #3 can still be supported by better style grades, but the rank remains the first screen, and it can shift as earnings estimate revisions change after the quarter.

Q2: 2026-06-24 Earnings SummaryEPS of $1.41 beats by $0.03

 |

Revenue of

$950.27M

(5.81% Y/Y)

beats by $25.48M

H.B. Fuller Company (FUL) Q2 2026 Earnings Call June 25, 2026 10:30 AM EDT

Company Participants

Scott Jensen - Investor Relations
Celeste Mastin - President, CEO & Director
John Corkrean - Executive VP & CFO

Conference Call Participants

Ghansham Panjabi - Robert W. Baird & Co. Incorporated, Research Division
Michael Harrison - Seaport Research Partners
Lucas Beaumont - UBS Investment Bank, Research Division
Patrick Cunningham - Citigroup Inc., Research Division
Emily Fusco - Deutsche Bank AG, Research Division
Jeffrey Zekauskas - JPMorgan Chase & Co, Research Division
Kevin McCarthy - Vertical Research Partners, LLC
Rosemarie Morbelli - Gabelli & Company Investment Advisers, Inc.

Presentation

Operator

Hello, and welcome to the H.B. Fuller Second Quarter 2026 Earnings Conference Call. [Operator Instructions] I would now like to turn the conference over to Scott Jensen, Director of Investor Relations. You may begin.

Scott Jensen
Investor Relations

Thank you, operator. Welcome to H.B. Fuller's Second Quarter 2026 Investor Conference Call. Presenting today are Celeste Mastin, President and Chief Executive Officer; and John Corkrean, Executive Vice President and Chief Financial Officer. After our prepared remarks, we will have a question-and-answer session. Before we begin, let me remind everyone that our comments today will include references to certain non-GAAP financial measures. These measures are supplemental to the results determined in accordance with GAAP. We believe that these measures are useful to investors in understanding our operating performance and to compare our performance with other companies.

Reconciliation of non-GAAP measures to the nearest GAAP measure are included in our earnings release. Unless otherwise noted, comments about revenue refer to organic revenue and comments about EPS, EBITDA and profit margins refer to adjusted non-GAAP measures. We will also be making forward-looking statements during this call. These statements are based on current expectations and assumptions that are subject to risks and uncertainties. Actual results could differ materially from these expectations due to

CLEVELAND--(BUSINESS WIRE)--Ancora Holdings Group, LLC (collectively with its affiliates, “Ancora” or “we”) today released the below statement regarding H.B. Fuller Company (NYSE: FUL) (“H.B. Fuller” or the “Company”) and Advanced Medical Solutions Group plc (“AMS”). Previously, Ancora issued a letter to H.B. Fuller's Board of Directors (the “Board”) regarding its contemplated acquisition of AMS. Fredrick D. DiSanto, Chairman and Chief Executive Officer of Ancora, and James Chadwick, President.

ST. PAUL, Minn.--(BUSINESS WIRE)--H.B. Fuller Company (“H.B. Fuller” or “the Company”) (NYSE: FUL), the world's largest pureplay adhesives company, today announced it has made a recommended cash offer to acquire Advanced Medical Solutions Group plc (“AMS”) (LSE:AMS). “This transaction is a rare opportunity to advance the evolution of our portfolio.” said Celeste Mastin, President and CEO of H.B. Fuller. “We have long been clear that medical is a core strategic growth market for H.B. Fuller give.

H. B. Fuller (FUL - Free Report) came out with quarterly earnings of $1.41 per share, beating the Zacks Consensus Estimate of $1.37 per share. This compares to earnings of $1.18 per share a year ago. These figures are adjusted for non-recurring items.

This quarterly report represents an earnings surprise of +3.05%. A quarter ago, it was expected that this adhesives company would post earnings of $0.56 per share when it actually produced earnings of $0.57, delivering a surprise of +1.79%.

Over the last four quarters, the company has surpassed consensus EPS estimates four times.

H. B. Fuller, which belongs to the Zacks Chemical - Specialty industry, posted revenues of $950.27 million for the quarter ended May 2026, surpassing the Zacks Consensus Estimate by 2.52%. This compares to year-ago revenues of $898.09 million. The company has topped consensus revenue estimates two times over the last four quarters.

The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.

H. B. Fuller shares have added about 6.2% since the beginning of the year versus the S&P 500's gain of 7.6%.

What's Next for H. B. Fuller?While H. B. Fuller has underperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?

There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.

Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.

Ahead of this earnings release, the estimate revisions trend for H. B. Fuller was favorable. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #2 (Buy) for the stock. So, the shares are expected to outperform the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.

It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $1.42 on $945.53 million in revenues for the coming quarter and $4.78 on $3.61 billion in revenues for the current fiscal year.

Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Chemical - Specialty is currently in the top 29% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.

Another stock from the same industry, Sensient Technologies (SXT - Free Report) , has yet to report results for the quarter ended June 2026. The results are expected to be released on July 24.

This maker of colors, flavors and fragrances is expected to post quarterly earnings of $1.00 per share in its upcoming report, which represents a year-over-year change of +6.4%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days.

Sensient Technologies' revenues are expected to be $444.3 million, up 7.3% from the year-ago quarter.

Reported EPS (diluted) of $1.23; Adjusted EPS (diluted) of $1.41, up 19% year-on-year

Net income of $68 million; Adjusted EBITDA of $181 million, up 9% year-on-year

Record second quarter operating cash flow; Repurchased 750 thousand shares in the quarter

Increases midpoint of full-year adjusted EBITDA and adjusted EPS guidance

ST. PAUL, Minn.--(BUSINESS WIRE)--H.B. Fuller Company (NYSE: FUL) today reported financial results for its second quarter that ended May 30, 2026.

Second Quarter 2026 Noteworthy Items:

Net revenue was $950 million, up 5.8% year-on-year; organic revenue was up 2.6% year-on-year; Gross margin was 33.6%; adjusted gross margin of 34.2% increased 200 basis points year-on-year driven mainly by pricing execution and restructuring savings; Net income was $68 million; adjusted EBITDA was $181 million, up 9% versus last year; adjusted EBITDA margin was 19.1%, up 70 basis points year-on-year; Reported EPS (diluted) was $1.23; adjusted EPS (diluted) was $1.41, up 19% year-on-year, driven by higher adjusted net income; Record second quarter operating cash flow of $121 million dollars, up approximately 10% year-on-year. Summary of Second Quarter 2026 Results:

The Company’s net revenue for the second quarter of fiscal 2026 was $950 million, up 5.8% versus the second quarter of fiscal 2025. Pricing increased net revenue by 3.0%, which more than offset slightly lower volume, resulting in a 2.6% organic revenue increase year-on-year. Foreign currency translation and the impact of acquisitions increased net revenue by 3.1% and 0.1%, respectively.

Gross profit in the second quarter of fiscal 2026 was $320 million. Adjusted gross profit was $325 million. Adjusted gross profit margin of 34.2% increased 200 basis points year-on-year. The impact of pricing execution and restructuring savings drove the majority of the year-on-year increase in adjusted gross profit margin.

Selling, general and administrative (SG&A) expense was $202 million in the second quarter of fiscal 2026 and adjusted SG&A was $196 million, up 11% year-on-year. Adjusting for the impact of foreign exchange and variable compensation related to higher projected income for the year, adjusted SG&A was up approximately 3% year-on-year.

Net income attributable to H.B. Fuller for the second quarter of fiscal 2026 was $68 million. Adjusted net income attributable to H.B. Fuller for the second quarter of fiscal 2026 was $78 million. Reported EPS (diluted) was $1.23 and adjusted EPS (diluted) was $1.41, up 19% year-on-year.

Adjusted EBITDA in the second quarter of fiscal 2026 was $181 million, up 9% year-on-year, driven principally by the impact of pricing execution and restructuring savings.

“We executed very well in the second quarter, delivering strong year-on-year revenue, EBITDA, and EPS growth, with results above the midpoint of our EBITDA guidance range,” said Celeste Mastin, president and chief executive officer. “Our global sourcing capabilities and swift pricing actions have enabled us to maintain supply continuity and reliably serve our customers through market disruption. These efforts, combined with our Quantum Leap restructuring initiative, have strengthened our competitive position and we remain confident in our ability to deliver strong financial results.”

Mastin continued, “While the external environment remains dynamic, our focus is clear: we are executing on what we can control, leveraging our competitive strengths, and continuing to build a business that is more durable and better positioned to deliver superior long-term growth.”

Balance Sheet and Working Capital:

Net debt at the end of the second quarter of fiscal 2026 was $1,958 million, down $58 million year-on-year. Net debt-to-adjusted EBITDA was 3.1X, down from 3.4X at the end of the second quarter of fiscal 2025.

Net working capital in the second quarter of fiscal 2026 was 16.4% as a percentage of annualized net revenue and decreased 260 basis points sequentially versus the first quarter. Cash flow from operations improved to $121 million, a record second quarter, driven primarily by higher net income. As previously communicated, cash flow delivery for 2026 is expected to be weighted to the second half of the year.

Fiscal 2026 Outlook:

As a result of our year-to-date performance, we are updating our previously communicated financial guidance for fiscal 2026:

Net revenue for fiscal 2026 is still expected to be up mid-single digits; organic revenue is still expected to be up low-single digits and the impact from foreign exchange is still expected to be positive 1% to 2%; Adjusted EBITDA for fiscal 2026 is now expected to be in the range of $650 million to $675 million; Adjusted EPS (diluted) is now expected to be in the range of $4.60 to $4.90; Cash flow from operations for fiscal 2026 is now expected to be in the range of $300 million to $325 million; Net revenue for the third quarter of 2026 is expected to be up mid-single digits; adjusted EBITDA for the third quarter of 2026 is expected to be in the range of $180 million to $190 million. Conference Call:

The Company will hold a conference call on June 25, 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 June 25, 2026, to 10:59 p.m. CT on July 1, 2026. 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 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.

Three Months Ended

Percent of

Three Months Ended

Percent of

May 30, 2026

Net Revenue

May 31, 2025

Net Revenue

Net revenue

$

950,271

100.0

%

$

898,095

100.0

%

Cost of sales

(630,617

)

(66.4

)%

(611,711

)

(68.1

)%

Gross profit

319,654

33.6

%

286,384

31.9

%

Selling, general and administrative expenses

(202,365

)

(21.3

)%

(186,340

)

(20.7

)%

Other income, net

5,627

0.6

%

7,141

0.8

%

Interest expense

(32,756

)

(3.4

)%

(34,865

)

(3.9

)%

Interest income

1,961

0.2

%

854

0.1

%

Income before income taxes and income from equity method investments

92,121

9.7

%

73,174

8.1

%

Income taxes

(25,584

)

(2.7

)%

(32,726

)

(3.6

)%

Income from equity method investments

1,268

0.1

%

1,397

0.2

%

Net income including non-controlling interest

67,805

7.1

%

41,845

4.7

%

Net income attributable to non-controlling interest

-

0.0

%

(17

)

(0.0

)%

Net income attributable to H.B. Fuller

$

67,805

7.1

%

$

41,828

4.7

%

Basic income per common share attributable to H.B. Fuller

$

1.25

$

0.77

Diluted income per common share attributable to H.B. Fuller

$

1.23

$

0.76

Weighted-average common shares outstanding:

Basic

54,430

54,443

Diluted

55,069

54,952

Six Months Ended

Percent of

Six Months Ended

Percent of

May 30, 2026

Net Revenue

May 31, 2025

Net Revenue

Net revenue

$

1,721,115

100.0

%

$

1,686,758

100.0

%

Cost of sales

(1,165,413

)

(67.7

)%

(1,173,299

)

(69.6

)%

Gross profit

555,702

32.3

%

513,459

30.4

%

Selling, general and administrative expenses

(386,816

)

(22.5

)%

(366,968

)

(21.8

)%

Other income, net

12,377

0.7

%

10,347

0.6

%

Interest expense

(65,627

)

(3.8

)%

(66,906

)

(4.0

)%

Interest income

4,034

0.2

%

1,954

0.1

%

Income before income taxes and income from equity method investments

119,670

7.0

%

91,886

5.4

%

Income taxes

(33,006

)

(1.9

)%

(38,671

)

(2.3

)%

Income from equity method investments

2,186

0.1

%

1,894

0.1

%

Net income including non-controlling interest

88,850

5.2

%

55,109

3.3

%

Net income attributable to non-controlling interest

-

0.0

%

(33

)

(0.0

)%

Net income attributable to H.B. Fuller

$

88,850

5.2

%

$

55,076

3.3

%

Basic income per common share attributable to H.B. Fuller

$

1.63

$

1.01

Diluted income per common share attributable to H.B. Fuller

$

1.61

$

0.99

Weighted-average common shares outstanding:

Basic

54,580

54,721

Diluted

55,291

55,490

Three Months Ended

Six Months Ended

May 30,

May 31,

May 30,

May 31,

2026

2025

2026

2025

Net income attributable to H.B. Fuller

$

67,805

$

41,828

$

88,850

$

55,076

Adjustments:

Acquisition project costs1

1,395

3,602

2,325

13,430

Organizational realignment2

4,413

6,635

14,435

15,409

Project One3

2,387

2,581

5,440

5,646

Other4

3,024

44

2,929

44

Discrete tax items5

356

13,961

454

14,952

Income tax effect on adjustments6

(1,848

)

(3,999

)

(5,386

)

(9,907

)

Adjusted net income attributable to H.B. Fuller7

77,532

64,652

109,047

94,650

Add:

Interest expense

32,584

34,484

64,957

66,514

Interest income

(1,961

)

(854

)

(4,030

)

(1,954

)

Adjusted Income taxes

27,075

22,765

37,937

33,626

Depreciation and Amortization expense8

45,815

44,613

91,838

87,180

Adjusted EBITDA7

$

181,045

$

165,660

$

299,749

$

280,016

Diluted Shares

55,069

54,952

55,291

55,490

Adjusted diluted income per common share attributable to H.B. Fuller7

$

1.41

$

1.18

$

1.97

$

1.71

Revenue

$

950,271

$

898,095

$

1,721,115

$

1,686,758

Adjusted EBITDA margin6

19.1

%

18.4

%

17.4

%

16.6

%

Three Months Ended

Six Months Ended

May 30,

May 31,

May 30,

May 31,

2026

2025

2026

2025

Net Revenue:

Hygiene, Health and Consumable Adhesives

$

421,861

$

397,475

$

768,388

$

765,700

Engineering Adhesives

283,239

276,418

525,688

513,177

Building Adhesive Solutions

245,171

224,202

427,039

407,881

Corporate unallocated

-

-

-

-

Total H.B. Fuller

$

950,271

$

898,095

$

1,721,115

$

1,686,758

Segment Operating Income:

Hygiene, Health and Consumable Adhesives

$

56,370

$

43,401

$

85,361

$

73,349

Engineering Adhesives

46,856

46,977

77,999

75,028

Building Adhesive Solutions

25,013

22,114

30,201

28,691

Corporate unallocated

(10,950

)

(12,448

)

(24,675

)

(30,577

)

Total H.B. Fuller

$

117,289

$

100,044

$

168,886

$

146,491

Adjusted EBITDA7

Hygiene, Health and Consumable Adhesives

$

75,564

$

61,963

$

123,601

$

108,854

Engineering Adhesives

63,544

63,341

111,703

107,529

Building Adhesive Solutions

41,414

37,535

63,024

59,337

Corporate unallocated

523

2,821

1,421

4,296

Total H.B. Fuller

$

181,045

$

165,660

$

299,749

$

280,016

Adjusted EBITDA Margin7

Hygiene, Health and Consumable Adhesives

17.9

%

15.6

%

16.1

%

14.2

%

Engineering Adhesives

22.4

%

22.9

%

21.2

%

21.0

%

Building Adhesive Solutions

16.9

%

16.7

%

14.8

%

14.5

%

Corporate unallocated

NMP

NMP

NMP

NMP

Total H.B. Fuller

19.1

%

18.4

%

17.4

%

16.6

%

NMP = non-meaningful percentage

Three Months Ended

Six Months Ended

May 30,

May 31,

May 30,

May 31,

2026

2025

2026

2025

Income before income taxes and income from equity method investments

$

92,121

$

73,174

$

119,670

$

91,886

Adjustments:

Acquisition project costs1

1,395

3,602

2,325

13,430

Organizational realignment2

4,413

6,635

14,435

15,409

Project One3

2,387

2,581

5,440

5,646

Other4

3,024

44

2,929

44

Adjusted income before income taxes and income from equity method investments9

$

103,340

$

86,036

$

144,799

$

126,415

Three Months Ended

Six Months Ended

May 30,

May 31,

May 30,

May 31,

2026

2025

2026

2025

Income Taxes

$

(25,584

)

$

(32,726

)

$

(33,006

)

$

(38,671

)

Adjustments:

Acquisition project costs1

(230

)

(1,120

)

(466

)

(3,800

)

Organizational realignment2

(727

)

(2,063

)

(3,276

)

(4,455

)

Project One3

(393

)

(803

)

(1,170

)

(1,638

)

Other4

(497

)

(14

)

(473

)

(14

)

Discrete tax items5

356

13,961

454

14,952

Adjusted income taxes10

$

(27,075

)

$

(22,765

)

$

(37,937

)

$

(33,626

)

Adjusted income before income taxes and income from equity method investments

$

103,340

$

86,036

$

144,799

$

126,415

Adjusted effective income tax rate10

26.2

%

26.5

%

26.2

%

26.6

%

Three Months Ended

Six Months Ended

May 30,

May 31,

May 30,

May 31,

2026

2025

2026

2025

Net revenue

$

950,271

$

898,095

$

1,721,115

$

1,686,758

Gross profit

$

319,654

$

286,384

$

555,702

$

513,459

Gross profit margin

33.6

%

31.9

%

32.3

%

30.4

%

Adjustments:

Acquisition project costs1

-

68

-

675

Organizational realignment2

2,583

2,467

7,521

7,923

Project One3

-

(94

)

-

1

Other4

2,500

-

2,501

-

Adjusted gross profit11

$

324,737

$

288,825

$

565,724

$

522,058

Adjusted gross profit margin11

34.2

%

32.2

%

32.9

%

31.0

%

Three Months Ended

Six Months Ended

May 30,

May 31,

May 30,

May 31,

2026

2025

2026

2025

Selling, general and administrative expenses

$

(202,365

)

$

(186,340

)

$

(386,816

)

$

(366,968

)

Adjustments:

Acquisition project costs1

1,223

3,654

1,660

11,360

Organizational realignment2

1,734

3,633

5,623

4,929

Project One3

2,387

2,676

5,440

5,646

Other4

523

44

1,925

44

Adjusted selling, general and administrative expenses12

$

(196,498

)

$

(176,333

)

$

(372,168

)

$

(344,989

)

Hygiene, Health

Building

Three Months Ended:

and Consumable

Engineering

Adhesive

Segment

Corporate

H.B. Fuller

May 30, 2026

Adhesives

Adhesives

Solutions

Total

Unallocated

Consolidated

Net income attributable to H.B. Fuller

$

58,862

$

47,958

$

27,887

$

134,707

$

(66,902

)

$

67,805

Adjustments:

Acquisition project costs1

-

-

-

-

1,395

1,395

Organizational realignment2

-

-

-

-

4,413

4,413

Project One3

-

-

-

-

2,387

2,387

Other4

-

-

-

-

3,024

3,024

Discrete tax items5

-

-

-

-

356

356

Income tax effect on adjustments6

-

-

-

-

(1,848

)

(1,848

)

Adjusted net income attributable to H.B. Fuller7

58,862

47,958

27,887

134,707

(57,175

)

77,532

Add:

Interest expense

-

-

-

-

32,584

32,584

Interest income

-

-

-

-

(1,961

)

(1,961

)

Adjusted Income taxes

-

-

-

-

27,075

27,075

Depreciation and amortization expense8

16,702

15,586

13,527

45,815

-

45,815

Adjusted EBITDA7

$

75,564

$

63,544

$

41,414

$

180,522

$

523

$

181,045

Revenue

$

421,861

$

283,239

$

245,171

$

950,271

-

$

950,271

Adjusted EBITDA Margin7

17.9

%

22.4

%

16.9

%

19.0

%

NMP

19.1

%

Hygiene, Health

Building

Six Months Ended

and Consumable

Engineering

Adhesive

Segment

Corporate

H.B. Fuller

May 30, 2026

Adhesives

Adhesives

Solutions

Total

Unallocated

Consolidated

Net income attributable to H.B. Fuller

$

90,346

$

80,195

$

35,949

$

206,490

$

(117,640

)

$

88,850

Adjustments:

Acquisition project costs1

-

-

-

-

2,325

2,325

Organizational realignment2

-

-

-

-

14,435

14,435

Project One3

-

-

-

-

5,440

5,440

Other4

-

-

-

-

2,929

2,929

Discrete tax items5

-

-

-

-

454

454

Income tax effect on adjustments6

-

-

-

-

(5,386

)

(5,386

)

Adjusted net income attributable to H.B. Fuller7

90,346

80,195

35,949

206,490

(97,443

)

109,047

Add:

Interest expense

-

-

-

-

64,957

64,957

Interest income

-

-

-

-

(4,030

)

(4,030

)

Adjusted Income taxes

-

-

-

-

37,937

37,937

Depreciation and amortization expense8

33,255

31,508

27,075

91,838

-

91,838

Adjusted EBITDA7

$

123,601

$

111,703

$

63,024

$

298,328

$

1,421

$

299,749

Revenue

768,388

525,688

427,039

1,721,115

-

1,721,115

Adjusted EBITDA Margin7

16.1

%

21.2

%

14.8

%

17.3

%

NMP

17.4

%

Hygiene, Health

Building

Three Months Ended:

and Consumable

Engineering

Adhesive

Segment

Corporate

H.B. Fuller

May 31, 2025

Adhesives

Adhesives

Solutions

Total

Unallocated

Consolidated

Net income attributable to H.B. Fuller

$

45,610

$

47,948

$

24,668

$

118,226

$

(76,398

)

$

41,828

Adjustments:

Acquisition project costs1

-

-

-

-

3,602

3,602

Organizational realignment2

-

-

-

-

6,635

6,635

Project One3

-

-

-

-

2,581

2,581

Other4

-

-

-

-

44

44

Discrete tax items5

-

-

-

-

13,961

13,961

Income tax effect on adjustments6

-

-

-

-

(3,999

)

(3,999

)

Adjusted net income attributable to H.B. Fuller7

45,610

47,948

24,668

118,226

(53,574

)

64,652

Add:

Interest expense

-

-

-

-

34,484

34,484

Interest income

-

-

-

-

(854

)

(854

)

Adjusted Income taxes

-

-

-

-

22,765

22,765

Depreciation and amortization expense8

16,353

15,393

12,867

44,613

-

44,613

Adjusted EBITDA7

$

61,963

$

63,341

$

37,535

$

162,839

$

2,821

$

165,660

Revenue

$

397,475

$

276,418

$

224,202

$

898,095

-

$

898,095

Adjusted EBITDA Margin7

15.6

%

22.9

%

16.7

%

18.1

%

NMP

18.4

%

Hygiene, Health

Building

Six Months Ended

and Consumable

Engineering

Adhesive

Segment

Corporate

H.B. Fuller

May 31, 2025

Adhesives

Adhesives

Solutions

Total

Unallocated

Consolidated

Net income attributable to H.B. Fuller

$

77,771

$

76,970

$

33,799

$

188,540

$

(133,464

)

$

55,076

Adjustments:

Acquisition project costs1

-

-

-

-

13,430

13,430

Organizational realignment2

-

-

-

-

15,409

15,409

Project One3

-

-

-

-

5,646

5,646

Other4

-

-

-

-

44

44

Discrete tax items5

-

-

-

-

14,952

14,952

Income tax effect on adjustments6

-

-

-

-

(9,907

)

(9,907

)

Adjusted net income attributable to H.B. Fuller7

77,771

76,970

33,799

188,540

(93,890

)

94,650

Add:

Interest expense

-

-

-

-

66,514

66,514

Interest income

-

-

-

-

(1,954

)

(1,954

)

Adjusted Income taxes

-

-

-

-

33,626

33,626

Depreciation and amortization expense8

31,083

30,559

25,538

87,180

-

87,180

Adjusted EBITDA7

$

108,854

$

107,529

$

59,337

$

275,720

$

4,296

$

280,016

Revenue

$

765,700

$

513,177

$

407,881

$

1,686,758

-

$

1,686,758

Adjusted EBITDA Margin7

14.2

%

21.0

%

14.5

%

16.3

%

NMP

16.6

%

Three Months Ended

Six Months Ended

May 30, 2026

May 30, 2026

Price

3.0

%

1.8

%

Volume

(0.4

)%

(3.5

)%

Organic Growth13

2.6

%

(1.7

)%

M&A

0.1

%

0.4

%

Constant currency

2.7

%

(1.3

)%

F/X

3.1

%

3.3

%

Total H.B. Fuller Net Revenue

5.8

%

2.0

%

Revenue growth versus 2025

Three Months Ended

May 30, 2026

Net Revenue

F/X

Constant Currency

M&A

Organic Growth13

Hygiene, Health and Consumable Adhesives

6.1

%

3.1

%

3.0

%

0.0

%

3.0

%

Engineering Adhesives

2.5

%

3.2

%

(0.7

)%

0.3

%

(1.0

)%

Building Adhesive Solutions

9.4

%

3.2

%

6.2

%

0.0

%

6.2

%

Corporate Unallocated

0.0

%

0.0

%

0.0

%

0.0

%

0.0

%

Total H.B. Fuller

5.8

%

3.1

%

2.7

%

0.1

%

2.6

%

Revenue growth versus 2025

Six Months Ended

May 30, 2026

Net Revenue

F/X

Constant Currency

M&A

Organic Growth13

Hygiene, Health and Consumable Adhesives

0.4

%

3.2

%

(2.8

)%

0.4

%

(3.2

)%

Engineering Adhesives

2.4

%

3.2

%

(0.8

)%

0.6

%

(1.4

)%

Building Adhesive Solutions

4.7

%

3.6

%

1.1

%

0.0

%

1.1

%

Corporate Unallocated

0.0

%

0.0

%

0.0

%

0.0

%

0.0

%

Total H.B. Fuller

2.0

%

3.3

%

(1.3

)%

0.4

%

(1.7

)%

Three Months Ended

Trailing 12 Months14 Ended

August 30, 2025

November 29, 2025

February 28, 2026

May 30, 2026

May 30, 2026

Net income attributable to H.B. Fuller

$

67,160

$

29,732

$

21,045

$

67,805

$

185,742

Adjustments:

Acquisition project costs1

518

1,465

931

1,395

4,309

Organizational realignment2

4,620

11,396

10,022

4,413

30,451

Project One3

2,499

2,091

3,053

2,387

10,030

Other15

1,711

37,400

(95

)

3,024

42,040

Discrete tax items16

(3,742

)

(3,743

)

98

356

(7,031

)

Income tax effect on adjustments6

(3,402

)

(7,745

)

(3,539

)

(1,848

)

(16,534

)

Adjusted net income attributable to H.B. Fuller7

69,364

70,596

31,515

77,532

249,007

Add:

Interest expense

33,369

32,547

32,373

32,584

130,873

Interest income

(1,110

)

(1,756

)

(2,069

)

(1,961

)

(6,896

)

Adjusted Income taxes

23,671

23,420

10,862

27,075

85,028

Depreciation and Amortization expense17

45,298

45,246

46,023

45,815

182,382

Adjusted EBITDA7

$

170,592

$

170,053

$

118,704

$

181,045

$

640,394

May 30, 2026

November 29, 2025

May 31, 2025

Total debt

$

2,072,151

$

2,016,937

$

2,112,428

Less: Cash and cash equivalents

114,102

107,213

96,785

Net debt18

$

1,958,049

$

1,909,724

$

2,015,643

Trailing twelve months14 / Year ended Adjusted EBITDA

$

640,394

$

620,660

$

593,604

Net Debt-to-Adjusted EBITDA18

3.1

3.1

3.4

May 30, 2026

February 28, 2026

May 31, 2025

Accounts receivable, net

$

622,745

$

532,180

$

584,026

Inventories

526,737

506,776

495,588

Accounts payable

(526,321

)

(453,035

)

(481,957

)

Net working capital19

$

623,161

$

585,921

$

597,657

Net revenue three months ended

$

950,271

$

770,844

$

898,095

Annualized net revenue19

3,801,084

3,083,376

3,592,379

Net working capital as a percentage of annualized revenue19

16.4

%

19.0

%

16.6

%

May 30,

November 29,

2026

2025

Assets

Current assets:

Cash and cash equivalents

$

114,102

$

107,213

Accounts receivable (net of allowances of $12,712 and $11,922, as of May 30, 2026 and November 29, 2025, respectively)

622,745

564,339

Inventories

526,737

471,963

Other current assets

135,836

119,750

Total current assets

1,399,420

1,263,265

Property, plant and equipment

2,034,140

1,956,209

Accumulated depreciation

(1,066,347

)

(1,020,948

)

Property, plant and equipment, net

967,793

935,261

Goodwill

1,693,481

1,680,059

Other intangibles, net

766,626

805,867

Other assets

501,473

498,254

Total assets

$

5,328,793

$

5,182,706

Liabilities, non-controlling interest and total equity

Current liabilities:

Accounts payable

$

526,321

$

470,132

Accrued compensation

95,728

114,302

Income taxes payable

19,909

25,018

Other accrued expenses

137,103

133,907

Total current liabilities

779,061

743,359

Long-term debt

2,072,151

2,016,937

Accrued pension liabilities

51,281

51,317

Other liabilities

343,836

367,899

Total liabilities

$

3,246,329

$

3,179,512

Commitments and contingencies

Equity

H.B. Fuller stockholders' equity:

Preferred stock (no shares outstanding) shares authorized – 10,045,900

-

-

Common stock, par value $1.00 per share, shares authorized – 160,000,000, shares issued and outstanding – 53,785,879 and 54,174,963 as of May 30, 2026 and November 29, 2025, respectively

$

53,786

$

54,175

Additional paid-in capital

275,507

298,017

Retained earnings

2,088,749

2,026,071

Accumulated other comprehensive loss

(335,578

)

(375,045

)

Total H.B. Fuller stockholders' equity

2,082,464

2,003,218

Non-controlling interest

-

(24

)

Total equity

2,082,464

2,003,194

Total liabilities, non-controlling interest and total equity

$

5,328,793

$

5,182,706

Six Months Ended

May 30, 2026

May 31, 2025

Cash flows from operating activities:

Net income including non-controlling interest

$

88,850

$

55,109

Adjustments to reconcile net income including non-controlling interest to net cash provided by operating activities:

Depreciation

48,772

44,837

Amortization

43,646

42,443

Deferred income taxes

(9,098

)

(14,068

)

Income from equity method investments, net of dividends received

(2,186

)

(1,894

)

Loss on the sale of business

-

1,515

Loss on impairment of intangible asset

-

478

Gain on sale or disposal of assets

(833

)

(101

)

Share-based compensation

12,580

12,003

Pension and other post-retirement plan benefit

(12,239

)

(11,039

)

Change in assets and liabilities, net of effects of acquisitions:

Accounts receivable, net

(53,893

)

(28,942

)

Inventories

(51,313

)

(40,182

)

Other assets

(9,291

)

2,364

Accounts payable

80,473

11,602

Accrued compensation

(19,643

)

(23,494

)

Other accrued expenses

13,522

1,097

Income taxes payable

(10,287

)

(10,587

)

Pension plan assets and liabilities

698

76

Other liabilities

(6,052

)

24,804

Foreign currency remeasurement

3,463

(8,252

)

Net cash provided by operating activities

117,169

57,769

Cash flows from investing activities:

Purchased property, plant and equipment

(104,380

)

(64,534

)

Proceeds from sale of property, plant and equipment

4,408

1,438

Payment of holdback on acquisitions

(11,627

)

-

Purchased businesses, net of cash acquired

-

(162,032

)

Purchase of cost method investment

-

(2,549

)

Proceeds from the sale of a business

-

75,727

Net cash used in investing activities

(111,599

)

(151,950

)

Cash flows from financing activities:

Proceeds from issuance of long-term debt

627,000

784,900

Repayment of long-term debt

(571,683

)

(687,751

)

Payment of debt issuance costs

-

(1,047

)

Net payment of notes payable

-

(588

)

Dividends paid

(25,970

)

(24,864

)

Proceeds from stock options exercised

10,266

2,475

Repurchases of common stock

(48,771

)

(60,664

)

Net cash (used in) provided by financing activities

(9,158

)

12,461

Effect of exchange rate changes on cash and cash equivalents

10,477

9,153

Net change in cash and cash equivalents

6,889

(72,567

)

Cash and cash equivalents at beginning of period

107,213

169,352

Cash and cash equivalents at end of period

$

114,102

$

96,785

More News From H.B. Fuller Company

H.B. Fuller Company (NYSE:FUL) will release earnings for its second quarter after the closing bell on Wednesday, June 24.

Analysts expect the Saint Paul, Minnesota-based company to report quarterly earnings of $1.38 per share, up from $1.18 per share in the year-ago period. The consensus estimate for H.B. Fuller's quarterly revenue is $923.62 million. It reported $898.1 million last year, according to Benzinga Pro.

On April 16, H.B. Fuller increased its quarterly dividend by 4.3%.

Shares of H.B. Fuller rose 1.7% to close at $64.77 on Wednesday.

Benzinga readers can access the latest analyst ratings on the Analyst Stock Ratings page. Readers can sort by stock ticker, company name, analyst firm, rating change or other variables.

Let's have a look at how Benzinga's most-accurate analysts have rated the company in the recent period.

Considering buying FUL stock? Here’s what analysts think:

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Investors looking for stocks in the Chemical - Specialty sector might want to consider either H. B. Fuller (FUL) or Novozymes A/S (NVZMY).

-

Latest report highlights continued progress toward longstanding sustainability strategy, which links to business performance, operational efficiency, and customer value creation

ST. PAUL, Minn.--(BUSINESS WIRE)--H.B. Fuller Company (NYSE: FUL), the world’s largest pureplay adhesives company, today released its 2025 Sustainability Report, outlining 2030 environmental targets and continued progress embedding sustainability into its business strategy, product innovation, and global operations. The report highlights how sustainability is increasingly driving growth and differentiation, with nearly 60% of new product development focused on improving the sustainability profile of customers’ end products.

“At H.B. Fuller, sustainability is embedded in how we operate, compete, and grow,” said Celeste Mastin, president and CEO. “By focusing on practical initiatives that support our innovation pipeline, drive operational efficiency, and help customers meet their evolving needs, we are creating value across the business while delivering measurable progress toward our sustainability targets.”

2030 Targets Strengthen Accountability

Building on a decade of progress against its longstanding sustainability strategy, the company is introducing its 2030 sustainability targets, including:

25% reduction in Scope 1 greenhouse gas emissions 35% reduction in Scope 2 greenhouse gas emissions 20% reduction in water demand 20% reduction in manufacturing waste intensity 75% increase in recycling rates The company is also targeting engagement with top tier suppliers to improve Scope 3 emissions transparency and data quality.

Sustainability Driving Operational Performance

The report also demonstrates measurable progress across operations through practical initiatives that support ongoing efficiency improvements, including:

Expanding renewable energy adoption, including solar at select sites where projects are supported by favorable government incentives Decreasing water use through wastewater treatment and rainwater purification systems that decrease consumption by approximately 60% at select sites Advancing circular solutions to reduce material use and increase recycling, including a 50% reduction in shrink‑wrap film, directly reducing single‑use plastic waste at select sites These efforts are supported by governance structures, employee engagement, and alignment with global reporting frameworks such as GRI and SASB.

Innovation Enables Customer Growth

H.B. Fuller continues to position sustainability as a competitive advantage through solutions that support cleaner energy, recyclable packaging, and efficient manufacturing. Across industries ranging from hygiene and medical to mobility, electronics, and construction, the company is helping customers reduce emissions, conserve resources, and improve product performance.

Expanding Global Community Impact

In 2025, the company launched Fuller Impact, a global platform for philanthropic giving and community engagement. Focused on STEM education, youth leadership, and global citizenship, the program strengthens community partnerships while enabling employee engagement worldwide. In 2025, this included:

$1.3 million in grants awarded Support for 370+ organizations 4,800+ employee volunteer hours across 20 countries Read the Full Report

The full 2025 Sustainability Report is available at https://www.hbfuller.com/en/sustainability

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.

More News From H.B. Fuller Company

Back to Newsroom

H.B. Fuller Company (NYSE: FUL), the world’s largest pureplay adhesives company, today released its 2025 Sustainability Report, outlining 2030 environmental targets and continued progress embedding sustainability into its business strategy, product innovation, and global operations. The report highlights how sustainability is increasingly driving growth and differentiation, with nearly 60% of new product development focused on improving the sustainability profile of customers’ end products.

“At H.B. Fuller, sustainability is embedded in how we operate, compete, and grow,” said Celeste Mastin, president and CEO. “By focusing on practical initiatives that support our innovation pipeline, drive operational efficiency, and help customers meet their evolving needs, we are creating value across the business while delivering measurable progress toward our sustainability targets.”

2030 Targets Strengthen Accountability

Building on a decade of progress against its longstanding sustainability strategy, the company is introducing its 2030 sustainability targets, including:

25% reduction in Scope 1 greenhouse gas emissions 35% reduction in Scope 2 greenhouse gas emissions 20% reduction in water demand 20% reduction in manufacturing waste intensity 75% increase in recycling rates The company is also targeting engagement with top tier suppliers to improve Scope 3 emissions transparency and data quality.

Sustainability Driving Operational Performance

The report also demonstrates measurable progress across operations through practical initiatives that support ongoing efficiency improvements, including:

Expanding renewable energy adoption, including solar at select sites where projects are supported by favorable government incentives Decreasing water use through wastewater treatment and rainwater purification systems that decrease consumption by approximately 60% at select sites Advancing circular solutions to reduce material use and increase recycling, including a 50% reduction in shrink‑wrap film, directly reducing single‑use plastic waste at select sites These efforts are supported by governance structures, employee engagement, and alignment with global reporting frameworks such as GRI and SASB.

Innovation Enables Customer Growth

H.B. Fuller continues to position sustainability as a competitive advantage through solutions that support cleaner energy, recyclable packaging, and efficient manufacturing. Across industries ranging from hygiene and medical to mobility, electronics, and construction, the company is helping customers reduce emissions, conserve resources, and improve product performance.

Expanding Global Community Impact

In 2025, the company launched Fuller Impact, a global platform for philanthropic giving and community engagement. Focused on STEM education, youth leadership, and global citizenship, the program strengthens community partnerships while enabling employee engagement worldwide. In 2025, this included:

$1.3 million in grants awarded Support for 370+ organizations 4,800+ employee volunteer hours across 20 countries Read the Full Report

The full 2025 Sustainability Report is available at https://www.hbfuller.com/en/sustainability

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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260615553780/en/

Key Takeaways H.B. Fuller announced a global price hike of at least 10% across all products, effective April 1, 2026.FUL cites tightening petrochemical supply and rising raw material costs impacting recent operations.H.B. Fuller is leveraging supply networks, securing materials early, and reallocating supply globally. H.B. Fuller Company (FUL - Free Report) has announced a global price increase of at least 10% across all product lines, effective from April 1, 2026, as it aims to ensure continued supply amid the ongoing disruptions in the petrochemical supply chain due to a dynamic global materials environment.

The move is in response to the tightening availability and rising raw material costs that have impacted the petrochemical industry in recent weeks. The pricing action will help safeguard a reliable supply and uphold product quality, service and performance.

The company is taking proactive measures to mitigate supply challenges. These include leveraging its diversified regional supply network, strengthening longstanding supplier partnerships, securing raw materials ahead of shortages and reallocating supply across regions. H.B. Fuller is also advancing qualified alternative raw materials where possible.

The price adjustment of certain technologies and regions may be significantly higher depending on cost pressures and supply conditions, ensuring the company continues investing in capabilities that support customer innovation, long term growth and operational stability. The company further emphasized its commitment to transparency and partnership, urging customers to share updated demand forecasts to support effective planning.

FUL stock has gained 4% over the past year compared with the industry’s 2.6% growth.

Image Source: Zacks Investment Research

FUL’s Zacks Rank & Key PicksFUL currently sports a Zacks Rank #3 (Hold).

Some better-ranked stocks in the Basic Materials space are Agnico Eagle Mines Limited (AEM - Free Report) , Compañía de Minas Buenaventura S.A.A. (BVN - Free Report) and Balchem Corporation (BCPC - Free Report) .

While AEM and BVN sport a Zacks Rank #1 (Strong Buy) each at present, BCPC carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.

The Zacks Consensus Estimate for AEM’s 2026 earnings is pegged at $13.28 per share, indicating a rise of 60.39% year over year. Its earnings beat the Zacks Consensus Estimate in each of the trailing four quarters, with an average surprise of 10.77%. AEM’s shares have soared 74.7% over the past year.

The Zacks Consensus Estimate for BVN’s 2026 earnings is pinned at $3.88 per share, indicating a 17.58% year-over-year increase. Its earnings beat the Zacks Consensus Estimate in each of the trailing four quarters, with an average surprise of 80.4%. BVN’s shares have jumped 109.5% over the past year.

The Zacks Consensus Estimate for BCPC’s 2026 earnings is pinned at $5.47 per share, indicating a 6.2% year-over-year increase. Its earnings beat the Zacks Consensus Estimate in two of the four trailing quarters, while missing it in the remaining two.

Posted by Defense World Staff on Apr 9th, 2026

H. B. Fuller Company (NYSE:FUL – Get Free Report) CEO Celeste Beeks Mastin acquired 5,170 shares of the company’s stock in a transaction that occurred on Tuesday, April 7th. The shares were bought at an average cost of $57.08 per share, for a total transaction of $295,103.60. Following the acquisition, the chief executive officer directly owned 8,670 shares in the company, valued at $494,883.60. This represents a 147.71% increase in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website.

H. B. Fuller Stock Performance Shares of FUL opened at $62.73 on Thursday. The stock’s 50-day simple moving average is $61.14 and its 200 day simple moving average is $59.99. The stock has a market capitalization of $3.42 billion, a price-to-earnings ratio of 20.70, a price-to-earnings-growth ratio of 0.80 and a beta of 1.05. The company has a debt-to-equity ratio of 1.01, a quick ratio of 1.15 and a current ratio of 1.92. H. B. Fuller Company has a 52-week low of $47.58 and a 52-week high of $68.63.

H. B. Fuller (NYSE:FUL – Get Free Report) last issued its quarterly earnings data on Wednesday, March 25th. The specialty chemicals company reported $0.57 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.56 by $0.01. The business had revenue of $770.84 million for the quarter, compared to analysts’ expectations of $787.77 million. H. B. Fuller had a return on equity of 11.84% and a net margin of 4.62%.The firm’s quarterly revenue was down 2.3% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.54 EPS. Research analysts forecast that H. B. Fuller Company will post 4.07 EPS for the current fiscal year.

H. B. Fuller Announces Dividend The firm also recently announced a quarterly dividend, which was paid on Thursday, February 19th. Shareholders of record on Thursday, February 5th were paid a $0.235 dividend. This represents a $0.94 dividend on an annualized basis and a yield of 1.5%. The ex-dividend date was Thursday, February 5th. H. B. Fuller’s dividend payout ratio is currently 31.02%.

Analysts Set New Price Targets A number of equities analysts have weighed in on the company. Deutsche Bank Aktiengesellschaft restated a “buy” rating on shares of H. B. Fuller in a research note on Friday, January 16th. Vertical Research upgraded H. B. Fuller from a “hold” rating to a “strong-buy” rating in a research note on Friday, March 27th. Wall Street Zen upgraded H. B. Fuller from a “hold” rating to a “buy” rating in a research note on Sunday, March 29th. Weiss Ratings restated a “hold (c)” rating on shares of H. B. Fuller in a research note on Monday, December 29th. Finally, UBS Group decreased their target price on H. B. Fuller from $66.00 to $63.00 and set a “neutral” rating on the stock in a research note on Friday, March 27th. One equities research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $65.50.

Check Out Our Latest Stock Report on FUL

Hedge Funds Weigh In On H. B. Fuller Several institutional investors have recently modified their holdings of the company. Bayban bought a new position in shares of H. B. Fuller during the 4th quarter valued at about $156,000. Caitong International Asset Management Co. Ltd increased its position in shares of H. B. Fuller by 510.8% during the 4th quarter. Caitong International Asset Management Co. Ltd now owns 1,466 shares of the specialty chemicals company’s stock valued at $87,000 after purchasing an additional 1,226 shares during the last quarter. DGS Capital Management LLC bought a new position in shares of H. B. Fuller during the 4th quarter valued at about $204,000. Invesco Ltd. increased its position in shares of H. B. Fuller by 1.4% during the 4th quarter. Invesco Ltd. now owns 152,960 shares of the specialty chemicals company’s stock valued at $9,095,000 after purchasing an additional 2,042 shares during the last quarter. Finally, Mercer Global Advisors Inc. ADV increased its position in shares of H. B. Fuller by 92.7% during the 4th quarter. Mercer Global Advisors Inc. ADV now owns 7,433 shares of the specialty chemicals company’s stock valued at $442,000 after purchasing an additional 3,575 shares during the last quarter. 95.93% of the stock is currently owned by institutional investors.

H. B. Fuller Company Profile (Get Free Report)

H. B. Fuller Company, founded in 1887 and headquartered in St. Paul, Minnesota, is a global adhesives and specialty chemical solutions provider serving a wide array of industries. The company develops, manufactures and markets adhesive technologies, sealants, polymers and related chemical products designed to enhance product performance, sustainability and manufacturing efficiency.

Fuller’s product portfolio spans multiple market segments, including packaging and converting, general industrial assembly, electronics, transportation, hygiene and construction.

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ST. PAUL, Minn.--(BUSINESS WIRE)--H.B. Fuller Company (NYSE: FUL) today announced that its Board of Directors approved an increase in the Company's regular quarterly cash dividend from $0.2350 per share of common stock to $0.2450 per share of common stock, payable on May 14, 2026 to shareholders of record at the close of business on April 30, 2026. H.B. Fuller has paid quarterly cash dividends on its common stock for 58 consecutive years. About H.B. Fuller As the largest pureplay adhesives comp.

Investors interested in stocks from the Chemical - Specialty sector have probably already heard of H. B. Fuller (FUL - Free Report) and Hawkins (HWKN - Free Report) . But which of these two stocks is more attractive to value investors? We'll need to take a closer look to find out.

There are plenty of strategies for discovering value stocks, but we have found that pairing a strong Zacks Rank with an impressive grade in the Value category of our Style Scores system produces the best returns. The Zacks Rank favors stocks with strong earnings estimate revision trends, and our Style Scores highlight companies with specific traits.

Currently, both H. B. Fuller and Hawkins are holding a Zacks Rank of #2 (Buy). This system places an emphasis on companies that have seen positive earnings estimate revisions, so investors should feel comfortable knowing that these stocks have improving earnings outlooks. But this is just one piece of the puzzle for value investors.

Value investors also tend to look at a number of traditional, tried-and-true figures to help them find stocks that they believe are undervalued at their current share price levels.

Our Value category highlights undervalued companies by looking at a variety of key metrics, including the popular P/E ratio, as well as the P/S ratio, earnings yield, cash flow per share, and a variety of other fundamentals that have been used by value investors for years.

FUL currently has a forward P/E ratio of 12.58, while HWKN has a forward P/E of 38.53. We also note that FUL has a PEG ratio of 0.79. This popular metric is similar to the widely-known P/E ratio, with the difference being that the PEG ratio also takes into account the company's expected earnings growth rate. HWKN currently has a PEG ratio of 3.21.

Another notable valuation metric for FUL is its P/B ratio of 1.58. Investors use the P/B ratio to look at a stock's market value versus its book value, which is defined as total assets minus total liabilities. By comparison, HWKN has a P/B of 6.75.

These are just a few of the metrics contributing to FUL's Value grade of B and HWKN's Value grade of D.

Both FUL and HWKN are impressive stocks with solid earnings outlooks, but based on these valuation figures, we feel that FUL is the superior value option right now.

While the proven Zacks Rank places an emphasis on earnings estimates and estimate revisions to find strong stocks, we also know that investors tend to develop their own individual strategies. With this in mind, we are always looking at value, growth, and momentum trends to discover great companies.

Of these, value investing is easily one of the most popular ways to find great stocks in any market environment. Value investors use a variety of methods, including tried-and-true valuation metrics, to find these stocks.

In addition to the Zacks Rank, investors looking for stocks with specific traits can utilize our Style Scores system. Of course, value investors will be most interested in the system's "Value" category. Stocks with "A" grades for Value and high Zacks Ranks are among the best value stocks available at any given moment.

One company to watch right now is H. B. Fuller (FUL - Free Report) . FUL is currently sporting a Zacks Rank #2 (Buy), as well as an A grade for Value. The stock is trading with P/E ratio of 12.94 right now. For comparison, its industry sports an average P/E of 22.39. FUL's Forward P/E has been as high as 18.44 and as low as 11.31, with a median of 13.44, all within the past year.

Investors should also note that FUL holds a PEG ratio of 0.89. This popular figure is similar to the widely-used P/E ratio, but the PEG ratio also considers a company's expected EPS growth rate. FUL's industry has an average PEG of 1.35 right now. FUL's PEG has been as high as 1.54 and as low as 0.71, with a median of 1.01, all within the past year.

Investors should also recognize that FUL has a P/B ratio of 1.75. The P/B ratio pits a stock's market value against its book value, which is defined as total assets minus total liabilities. This stock's P/B looks solid versus its industry's average P/B of 3.06. Within the past 52 weeks, FUL's P/B has been as high as 2.49 and as low as 1.48, with a median of 1.77.

Value investors also love the P/S ratio, which is calculated by simply dividing a stock's price with the company's sales. This is a popular metric because sales are harder to manipulate on an income statement, so they are often considered a better performance indicator. FUL has a P/S ratio of 0.94. This compares to its industry's average P/S of 1.83.

Finally, our model also underscores that FUL has a P/CF ratio of 11.92. This metric focuses on a firm's operating cash flow and is often used to find stocks that are undervalued based on the strength of their cash outlook. This stock's P/CF looks attractive against its industry's average P/CF of 13.46. Within the past 12 months, FUL's P/CF has been as high as 14.30 and as low as 9.48, with a median of 11.67.

These are only a few of the key metrics included in H. B. Fuller's strong Value grade, but they help show that the stock is likely undervalued right now. When factoring in the strength of its earnings outlook, FUL looks like an impressive value stock at the moment.

U.S. dollar banknotes are seen in this illustration taken March 24, 2026. REUTERS/Dado Ruvic/Illustration Purchase Licensing Rights, opens new tab

SummaryCompaniesH.B. Fuller confirms all-cash proposal, ​currently conducting due diligence with AMSAMS shares surge up ‌to 13.5% after news, market cap peaks at £528.6 millionH.B. Fuller has until June 18 to make firm offer under UK rulesMay 21 (Reuters) - British medical supplier Advanced Medical ​Solutions (AMSU.L), opens new tab on Thursday said it had received an unsolicited takeover ​proposal from U.S.-based adhesives maker H.B. Fuller (FUL.N), opens new tab, days after its ⁠buyout talks with a private-equity firm ended.

Shares of the British ​company rose as much as 13.5% to 240 pence, giving it a ​market capitalisation of £528.6 million ($710.02 million).

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Advanced Medical Solutions's share performance in the last yearMinnesota-based specialty chemicals company H.B. Fuller said it submitted an all-cash proposal for AMS on April 30.

Neither side disclosed financial details of ​the proposed bid.

H.B. Fuller said it was engaged in due diligence ​with the British company.

The approach, which is the second bid in just over a ‌month ⁠for the London-listed company, comes days after private equity firm TA Associates walked away from deal talks without giving a reason or a bid value.

AMS, which develops and supplies wound‑care dressing technologies, would strengthen H.B. Fuller's ​push into high-margin ​medical adhesives and ⁠wound‑care products, diversifying its revenue stream.

AMS stock was last up 5.9% at 224 pence.

This approach is the ​latest in a series of bids for London-listed ​companies as ⁠overseas firms seek to take advantage of relatively low UK equity valuations.

H.B. Fuller has until June 18 to announce a firm intention to make ⁠an ​offer or walk away under UK takeover ​rules.

($1 = 0.7445 pounds)

Reporting by Yamini Kalia ​and Prerna Bedi in Bengaluru; Editing by Shreya Biswas and Jonathan Ananda

Our Standards: The Thomson Reuters Trust Principles., opens new tab

NEW YORK--(BUSINESS WIRE)--H.B. Fuller (NYSE: FUL) today issued the following statement: “Our Board and management team value the feedback of all shareholders and regularly engage with and listen to a diverse range of perspectives shared with the Company, as we have with Ancora. The H.B. Fuller management team is successfully executing on our stated strategy to reposition the business into a faster-growing and higher margin specialty adhesives player. Our team's strong operational execution com.

H.B. Fuller Company (NYSE: FUL) today announced a strategic investment in advanced oxygen barrier technology. VerdaFresh enhances the company’s already strong barrier coating offerings with a high-performance solution, accelerating the shift to fully recyclable packaging.

VerdaFresh’s proprietary, recycler-friendly technology integrates directly into H.B. Fuller’s barrier coating portfolio, eliminating the need for EVOH and other non-recyclable or hard-to-recycle barrier layers. The solution enables mono-material structures that are significantly easier to recycle, reduces overall material use, and supports a lower environmental footprint across the packaging lifecycle—all while maintaining the shelf life and protection required for food and consumer goods.

“This is about removing the biggest obstacles to recyclable packaging,” said Jim East, executive vice president of H.B. Fuller’s Hygiene, Health and Consumable (HHC) business. “This coating solution expands our already robust portfolio, enabling simpler, more recyclable packaging designs that reduce waste, lower carbon impact, and meet rising regulatory and consumer expectations, without compromise.”

Beyond sustainability gains, the technology also streamlines structures and reduces reliance on costly, multi-layer materials, helping customers achieve both environmental and economic benefits in a single solution.

The new capability positions H.B. Fuller to lead the transition toward circular, high-performance packaging.

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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260528980970/en/

Key Takeaways H.B. Fuller invested in VerdaFresh to expand its sustainable packaging solutions business.VerdaFresh removes hard-to-recycle barrier layers and supports simpler packaging designs.FUL sees potential environmental and economic benefits from more recyclable packaging. H.B. Fuller Company (FUL - Free Report) strengthened its eco-friendly packaging business through an investment in VerdaFresh, a technology that helps keep products fresh while making packaging easier to recycle. The move supports the company’s efforts to help manufacturers reduce environmental impact without affecting product quality.

The technology eliminates the need for EVOH and certain other hard-to-recycle barrier layers while supporting packaging designs that use a single primary material. This can make recycling easier, reduce overall material use and lower the carbon impact of packaging.

As consumer goods companies work to reduce waste and meet evolving environmental requirements, H.B. Fuller expects VerdaFresh to help address these challenges through packaging solutions that support recyclability.

Apart from supporting sustainability goals, the technology may also offer economic benefits. Simpler packaging designs can reduce reliance on costly multi-layer materials and help customers achieve both environmental and economic advantages.

Per FUL, the investment supports the industry's efforts toward more sustainable and recyclable packaging solutions. The technology can help reduce packaging waste while preserving the freshness and quality of food and consumer goods.

Through this investment, H.B. Fuller aims to strengthen its position in the growing market for sustainable packaging solutions.

FUL stock has gained 13.3% over the past year compared with the industry’s 2.1% growth.

Image Source: Zacks Investment Research

FUL’s Zacks Rank & Key PicksFUL currently carries a Zacks Rank #3 (Hold).

Some better-ranked stocks in the Basic Materials space are Orla Mining Ltd. (ORLA - Free Report) , LyondellBasell Industries N.V. (LYB - Free Report) and Franco-Nevada Corporation (FNV - Free Report) .

While ORLA and LYB sport a Zacks Rank #1 (Strong Buy) each at present, FNV carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.

The Zacks Consensus Estimate for ORLA’s 2026 earnings is pegged at $1.64 per share, indicating a rise of 82.2% year over year. Its earnings beat the Zacks Consensus Estimate in each of the trailing four quarters, with an average surprise of 8.16%.

The Zacks Consensus Estimate for LYB’s 2026 earnings is pinned at $8.73 per share, implying a 413.5% year-over-year surge. Its earnings outpaced the Zacks Consensus Estimate in two of the four trailing quarters while missing it in the remaining two.

The Zacks Consensus Estimate for FNV’s 2026 earnings is pinned at $8.85 per share, calling for a 58.6% year-over-year increase. Its earnings surpassed the Zacks Consensus Estimate in each of the trailing four quarters, with an average surprise of 10.28%.