H B Fuller : Q3 2022 H.B. Fuller Company Earnings Call Presentation

Reaching New Heights

H.B. Fuller Company

Third Quarter 2022

Conference Call

September 22, 2022

2

Disclosure

Safe Harbor Statement

Certain matters discussed today may be considered forward-looking statements within the meaning of the federal securities laws, including Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such statements reflect our current expectations, and actual results may differ as they are subject to the kinds of risks that are enumerated in the Company's Securities and Exchange Commission (SEC) filings. The Company disclaims any obligation to subsequently revise any forward-looking statements to reflect actual events or circumstances after the date of such statements.

Regulation G

The information presented in this presentation regarding adjusted gross profit and 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 and adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) 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 except for our forward-lookingnon-U.S. GAAP measures contained in our fiscal 2022 financial guidance, which the company cannot reconcile to forward-looking U.S. GAAP results without unreasonable effort.

Additional Information

Please refer to our annual report on Form 10-K, filed with the SEC, and available on our website at www.investors.hbfuller.com.

Third Quarter 2022 Conference Call

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Q3 2022 Highlights

Organic Revenue Growth	Adjusted EBITDA Growth	Adjusted EPS Growth
+18%	+ 24%	+ 34%

Executing exceptionally well in a challenging environment

Driving strong organic growth and expanding EBITDA margin

Outperforming the market in volume development, driven by market share gains

All GBUs contributing to strong organic revenue growth

On track to deliver previously provided full-year guidance for organic revenue growth, adjusted EBITDA, and adjusted EPS

Third Quarter 2022 Conference Call

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Q3 2022 Global Business Unit Performance

Hygiene, Health, and Consumable Adhesives (HHC)

• 23% organic revenue growth year-on-year
• Exceptional organic growth across all end markets
• Adjusted EBITDA up 39% year-on-year; margin up 250bps

Engineering Adhesives (EA)

• 17.5% organic revenue growth year-on-year
• Strong organic growth in Automotive, New Energy, and Aerospace
• Adjusted EBITDA up 8% year-on-year; margin up 10bps sequentially

Construction Adhesives (CA)

• 7% organic revenue growth year-on-year
• Macro environment impacting Roofing and Flooring
• Adjusted EBITDA up 38% year-on-year; margin up 180bps

Third Quarter 2022 Conference Call

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Q3 2022 Financial Summary

• 13.8% net revenue growth; 18.4% organic revenue growth
• • Pricing added 18.7% year-on-year, volume was stable
  • FX negatively impacted net revenue growth 6.6% year-on-year
  • Acquisitions added 2.0% year-on-year
• Adjusted Gross Profit up more than 27% year-on-year
• • Pricing actions more than offsetting raw material inflation
  • Leveraging operating efficiencies
• Adjusted EBITDA of $138M was up 24% year-on-year
• Adjusted EPS (diluted) of $1.06, up 34% year-on-year
• Cash flow from operations up $49M sequentially

Third Quarter 2022 Conference Call