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Analogies for H.B. Fuller (FUL):

• Like 3M, but specialized entirely in industrial and consumer adhesives, sealants, and coatings for products worldwide.
• Think of them as a massive, industrial-scale Loctite, providing specialized glues and bonding solutions for everything from disposable diapers to aerospace components.

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• Adhesives: Chemical compounds formulated to bond materials together across diverse industries, including consumer goods, packaging, and construction.
• Sealants: Materials used to fill gaps, block fluids, and provide protective barriers in construction and industrial applications.
• Coatings: Specialty formulations applied to surfaces for protection, aesthetics, or specific functional properties.
• Polymers: Fundamental chemical building blocks used in the creation of many of their other specialty products.
• Tapes: Adhesive-backed flexible materials for joining, fastening, or sealing applications.
• Encapsulants: Materials used to encase and protect sensitive electronic or other components.
• Additives: Chemicals incorporated to enhance the performance or characteristics of other products.

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H.B. Fuller (symbol: FUL) primarily sells its specialty chemical products, including adhesives, sealants, coatings, and polymers, to other companies across a wide range of industries (B2B). The company's provided description does not disclose the names of its specific major customer companies. Instead, its customers are generally manufacturers and businesses that utilize FUL's products as components in their own manufacturing processes or for professional applications. These customer categories include:

• Manufacturers of Consumer Goods and Packaging: This category encompasses companies that produce a vast array of everyday items and their associated packaging. Applications include food and beverage containers, flexible packaging, various consumer goods (such as disposable diapers, feminine care products, medical garments, health and beauty products), and paper converting products (e.g., corrugation, folding cartons, labels, envelopes, books, multi-wall bags, sacks, tissue, and towel products).
• Manufacturers of Industrial and Engineered Products: These are companies in sectors requiring high-performance adhesives and sealants for their specialized products. This category includes manufacturers of appliances, filters, windows, doors, wood flooring, textiles, transportation equipment (including automotive, aerospace, and defense applications), electronics, medical devices, clean energy components, heavy machinery, and insulating glass units.
• Construction and Building Materials Companies: This category includes businesses involved in commercial and residential construction projects. Their applications for H.B. Fuller's products include tile setting, commercial roofing, heating, ventilation, and air conditioning (HVAC) and insulation. This segment also serves the professional trade and consumer markets (via retailers) for caulks and sealants used in various building and repair projects.

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Celeste Mastin, President and Chief Executive Officer

Celeste Mastin was appointed President and Chief Executive Officer of H.B. Fuller in December 2022, after serving as Executive Vice President and Chief Operating Officer from March to December 2022. She has over 30 years of experience in manufacturing and distribution, with a history of guiding company growth through innovation, service improvement, global expansion, and acquisitions. Before joining H.B. Fuller, Ms. Mastin was the CEO and a board member at PetroChoice Lubrication Solutions from 2018 to 2022. She also held CEO roles at Distribution International, Inc. (2013-2017) and MMI Products, Inc. (a division of Oldcastle) (2007-2011). Additionally, she held senior leadership positions at Ferro Corporation (2003-2007) and Bostik Adhesives. Ms. Mastin began her career at Shell Chemical Co.

John Corkrean, Executive Vice President and Chief Financial Officer

John Corkrean has served as Executive Vice President and Chief Financial Officer of H.B. Fuller since May 2016. Prior to joining H.B. Fuller, Mr. Corkrean had a 17-year career at Ecolab Inc., where he held various finance leadership roles, including Senior Vice President, Finance – Global Energy Services, Senior Vice President and Corporate Controller, and Vice President and Treasurer. He was also instrumental in the integration of the Nalco and Champion acquisitions at Ecolab. Before Ecolab, he was Manager, Corporate Treasury at Kellogg Company from 1997 to 1999, and held various finance positions at Amoco Corporation from 1989 to 1997.

Gregory Ogunsanya, Senior Vice President, General Counsel, and Corporate Secretary

Gregory Ogunsanya joined H.B. Fuller as Senior Vice President, General Counsel, and Corporate Secretary in October 2023. Before H.B. Fuller, he held dual legal leadership roles as Vice President of Legal for Stanley Industrial and Assistant General Counsel, Securities, and Governance at Stanley Black & Decker Inc. He also held various leadership positions at Honeywell Inc., including General Counsel of Honeywell Industrial Safety and General Legal Counsel of the Honeywell Electronic Solutions, Engines, and Power Systems business unit.

Heather Campe, Senior Vice President, International Growth

Heather Campe assumed the role of Senior Vice President, International Growth, in December 2021. During her 13-year career with H.B. Fuller, she has also served as Senior Vice President, Global Hygiene, Health, and Consumable Adhesives (2019-2021); Senior Vice President, Americas Adhesives (2016-2019); and Vice President, Asia Pacific (2013-2016). Prior to joining H.B. Fuller, Ms. Campe held roles of increasing responsibility at National Adhesives (now Henkel Corporation) from 1995-2009.

Jim East, Executive Vice President, Hygiene, Health and Consumable Adhesives

Jim East assumed the role of Executive Vice President, Hygiene, Health and Consumable Adhesives in 2022. He joined H.B. Fuller in 2016 as part of the Cyberbond acquisition. Within H.B. Fuller, he has held roles such as Senior Vice President, Hygiene, Health and Consumable Adhesives; Vice President, Engineering Adhesives – Americas; and Global Director, Automotive.

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The key risks to H.B. Fuller's business include:

1. Raw Material Cost Volatility: H.B. Fuller faces significant exposure to fluctuations in the cost and availability of raw materials, which comprise approximately 75% of its cost of sales. Spikes in raw material costs can erode profit margins if the company cannot effectively or quickly pass these increased costs on to customers through pricing actions.
2. High Leverage: The company operates with a relatively high net debt-to-EBITDA ratio, which is above the market average. This elevated leverage increases financial risk and could reduce the company's flexibility, particularly during an economic downturn or if interest rates rise. The terms of upcoming debt maturities and refinancing will be key indicators of balance sheet risk.
3. Intense Competition and Economic Cyclicality: H.B. Fuller operates in a highly competitive global adhesives market, where numerous large chemical companies and specialized players vie for market share. This competitive intensity can lead to pricing pressures and limit organic growth. Furthermore, demand for its products is closely tied to global economic health and cyclical end markets such as construction, packaging, and durable goods, making the company vulnerable to economic downturns that can impact revenue and volumes.

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H.B. Fuller (FUL) anticipates several key drivers for future revenue growth over the next two to three years, stemming from strategic initiatives, market positioning, and anticipated market recoveries.

One significant driver is **strategic acquisitions and ongoing portfolio optimization**. H.B. Fuller has indicated that its mergers and acquisitions (M&A) strategy is an "EBITDA compounder" designed to fuel future growth. This includes strategic acquisitions, particularly in areas like medical adhesives and fastener technology, which have already contributed to strong growth in the Engineering Adhesives segment. The company has also engaged in portfolio adjustments, such as the divestiture of its flooring business, to reposition for higher-growth opportunities.

Another expected driver is **expansion and market share gains within high-growth adhesives markets**. The company aims to increase its market share in faster-growing, higher-margin segments, building on its current 6.0% share. Specific areas targeted for growth include packaging, medical, flexible packaging, solar, automotive, and electronics. H.B. Fuller's packaging business, for example, has demonstrated strong volume growth and a strategy of creating solutions and expanding into new distribution channels.

A third driver is **targeted pricing actions coupled with volume recovery in key end markets**. While organic revenue has seen modest growth in recent periods, the company has successfully implemented targeted pricing actions across all three of its global business units, contributing to margin expansion. Furthermore, H.B. Fuller expects volume growth to contribute to revenue as destocking activities in segments like Hygiene, Health, and Consumable Adhesives (HHC) conclude, and as the construction sector prepares for a normal season. Strong performance in construction adhesives is also noted as an ongoing contributor.

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Share Repurchases

• H.B. Fuller repurchased approximately 1 million shares in fiscal year 2025, including 300,000 shares in Q2 FY2025. The total dollar value of share repurchases in 2025 was $60.713 million.
• The company's annual share repurchases amounted to $39.558 million in 2024 and $2.567 million in 2023.
• As of January 22, 2026, H.B. Fuller had completed the repurchase of 1,384,937 shares for $88.74 million under a buyback plan announced on April 7, 2022. There were no repurchases under this program in 2021 and 2022.

Share Issuance

• For fiscal year 2026, the average diluted share count is expected to be between 55 million and 56 million shares, with share repurchases offsetting shares issued through compensation plans.

Outbound Investments

• In 2025, H.B. Fuller executed several acquisitions in medical adhesives and fastener coating systems, including completing the acquisitions of GEM S.r.l. and Medifill Ltd., which are formulators, manufacturers, and marketers of medical-grade adhesives.
• In 2024, the company acquired CutisSeal, a medical device company. They also acquired Hsbutyl and ND Industries.
• In 2023, H.B. Fuller completed two strategic acquisitions: Adhezion Biomedical, a U.S. medical adhesives business, and XCHEM International, an adhesives manufacturer in the United Arab Emirates. These acquisitions were expected to contribute approximately $17 million to sales revenue and $2 million to adjusted EBITDA in fiscal 2023. Other acquisitions in 2023 included Sanglier, Beardow Adams, and Lemtapes. The company also acquired Apollo Chemicals for $211 million in January 2022.

Capital Expenditures

• H.B. Fuller projects capital expenditures of approximately $160 million for fiscal year 2026, with about $50 million specifically allocated to manufacturing footprint consolidation.
• For fiscal year 2025, capital expenditures were initially expected to be $150 million, later revised to approximately $140 million.
• The primary focus of capital expenditures includes a multi-year plan to streamline its manufacturing and supply chain footprint, aiming to reduce manufacturing facilities from 82 to 55 by 2030 and North American warehouses from 55 to approximately 10 by 2027, with an expected incremental investment of about $150 million over five years.