UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

☒	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended ~~March~~May 131, 2025

☐	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to .

Commission file number: 001-09225

H.B. FULLER COMPANY

(Exact name of registrant as specified in its charter)

Minnesota	41-0268370
(State or other jurisdiction of	(I.R.S. Employer
incorporation or organization)	Identification No.)

1200 Willow Lake Boulevard, St. Paul, Minnesota	55110-5101
(Address of principal executive offices)	(Zip Code)

Registrant’s telephone number, including area code: (651) 236-5900

Not Applicable

(Former name, former address and former fiscal year, if changed since last report)

Securities registered pursuant to section 12(b) of the Act:

Title of each class	Trading Symbol	Name of each exchange on which registered
Common Stock, par value $1.00 per share	FUL	New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See definitions of “large accelerated filer”, “accelerated filer”, “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act. (Check one):

Large accelerated filer ☒	Accelerated filer ☐
Non-accelerated filer ☐	Smaller reporting company ☐
	Emerging growth company ☐

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If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12(b) of the Exchange Act. Yes ☐ No ☒

APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY PROCEEDINGS DURING THE PROCEEDING FIVE YEARS:

Indicate by check mark whether the registrant has filed all documents and reports required to be filed by section 12, 13 or 15(d) of the Securities Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court. Yes ☐ No ☐

APPLICABLE ONLY TO CORPORATE ISSUERS

The number of shares outstanding of the Registrant’s Common Stock, par value $1.00 per share, was 5453,~~192~~963,~~774~~886 as of ~~March 21~~June 20, 2025.

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H.B. Fuller Company

Quarterly Report on Form 10-Q

Table of Contents

		Page
PART 1. FINANCIAL INFORMATION
ITEM 1.	FINANCIAL STATEMENTS (Unaudited)	4
	Consolidated Statements of Income for the three months ended March 1, 2025 and March 2, 2024	4
	Consolidated Statements of Income for the three and six months ended May 31, 2025 and June 1, 2024	4
	Consolidated Statements of Comprehensive Income for the three months ended March 1, 2025 and March 2, 2024	5
	Consolidated Statements of Comprehensive Income for the three and six months ended May 31, 2025 and June 1, 2024	5
	Consolidated Balance Sheets as of March 1, 2025 and November 30, 2024	6
	Consolidated Balance Sheets as of May 31, 2025 and November 30, 2024	6
	Consolidated Statements of Total Equity for the three months ended March 1, 2025 and March 2, 2024	7
	Consolidated Statements of Total Equity for the three and six months ended May 31, 2025 and June 1, 2024	7
	Consolidated Statements of Cash Flows for the three months ended March 1, 2025 and March 2, 2024	8
	Consolidated Statements of Cash Flows for the six months ended May 31, 2025 and June 1, 2024	8
	Notes to Consolidated Financial Statements	9
ITEM 2.	MANAGEMENT DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS	2625
ITEM 3.	QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK	4039
ITEM 4.	CONTROLS AND PROCEDURES	4039
PART II. OTHER INFORMATION		4140
ITEM 1.	LEGAL PROCEEDINGS	4140
ITEM 1A.	RISK FACTORS	4140
ITEM 2.	UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS	4241
ITEM 6.	EXHIBITS	4241
SIGNATURES		4342

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PART I. FINANCIAL INFORMATION

Item 1. Financial Statements

H.B. FULLER COMPANY AND SUBSIDIARIES

Consolidated Statements of Income

(In thousands, except per share amounts)

(Unaudited)

	Three Months Ended						Six Months Ended
	March 1,			March 2,
	May 31,			June 1,			May 31,			June 1,
	2025			2024			2025			2024
Net revenue	$	~~788~~898,~~663~~095		$	~~810~~917,~~419~~107		$	1,686,758		$	1,727,525
Cost of sales		(~~561~~611,~~588~~711	)		(~~571~~635,~~182~~055	)		(1,173,299	)		(1,206,237	)
Gross profit		~~227~~286,~~075~~384			~~239~~282,~~237~~052			513,459			521,288
Selling, general and administrative expenses		(~~180~~186,~~628~~340	)		(~~172~~181,~~362~~456	)		(366,968	)		(353,817	)
Other income, net		37,~~207~~141			13,~~501~~634			10,347			5,135
Interest expense		(3234,~~042~~865	)		(3132,~~901~~314	)		(66,906	)		(64,216	)
Interest income		~~1,100~~854			1,~~307~~199			1,954			2,506
Income before income taxes and income from equity method investments		1873,~~712~~174			3773,~~782~~115			91,886			110,896
Income taxes		(532,~~945~~726	)		(722,~~814~~418	)		(38,671	)		(30,231	)
Income from equity method investments		~~497~~1,397			~~1,044~~600			1,894			1,644
Net income including non-controlling interest		1341,~~264~~845			3151,~~012~~297			55,109			82,309
Net loss (income) attributable to non-controlling interest		(16	)		(21	)
Net income attributable to non-controlling interest		(17	)		(33	)		(33	)		(54	)
Net income attributable to H.B. Fuller	$	1341,~~248~~828		$	3051,~~991~~264		$	55,076		$	82,255
Earnings per share attributable to H.B. Fuller common stockholders:
Basic	$	0.2477		$	0.5793		$	1.01		$	1.50
Diluted	$	0.2476		$	0.5591		$	0.99		$	1.45
Weighted-average common shares outstanding:
Basic		54,~~998~~443			54,~~702~~946			54,721			54,824
Diluted		5654,~~029~~952			56,~~573~~636			55,490			56,604

See accompanying Notes to Unaudited Consolidated Financial Statements.

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H.B. FULLER COMPANY AND SUBSIDIARIES

Consolidated Statements of Comprehensive Income

(In thousands)

(Unaudited)

	Three Months Ended						Six Months Ended
	March 1,			March 2,
	May 31,			June 1,			May 31,			June 1,
	2025			2024			2025			2024
Net income including non-controlling interest	$	1341,~~264~~845		$	3151,~~012~~297		$	55,109		$	82,309
Other comprehensive loss
Other comprehensive income (loss)
Foreign currency translation		~~(20~~123,~~986~~650	)		(1926,~~362~~926	)		102,664			(46,288	)
Defined benefit pension plans adjustment, net of tax		~~130~~141			~~2,119~~419			271			2,538
Interest rate swaps, net of tax		(12,~~147~~426	)		(210,~~465~~196	)		(3,573	)		7,731
Net investment hedges, net of tax		6(45,~~994~~449	)		~~3,790~~123			(38,455	)		3,913
Other comprehensive loss		(15,009	)		(15,918	)
Other comprehensive income (loss)		75,916			(16,188	)		60,907			(32,106	)
Comprehensive (loss) income		(1,745	)		15,094
Comprehensive income		117,761			35,109			116,016			50,203
Less: Comprehensive income attributable to non-controlling interest		3365			121			98			13
Comprehensive (loss) income attributable to H.B. Fuller	$	(1,778	)	$	15,082
Comprehensive income attributable to H.B. Fuller	$	117,696		$	35,108		$	115,918		$	50,190

See accompanying Notes to Unaudited Consolidated Financial Statements.

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H.B. FULLER COMPANY AND SUBSIDIARIES

Consolidated Balance Sheets

(In thousands, except share and per share amounts)

(Unaudited)

	March 1,			November 30,
	May 31,			November 30,
	2025			2024
Assets
Current assets:
Cash and cash equivalents	$	~~105~~96,~~743~~785		$	169,352
Trade receivables (net of allowances of $10,222 and $11,621, as of March 1, 2025 and November 30, 2024, respectively)		525,496			558,336
Trade receivables (net of allowances of $10,978 and $11,621, as of May 31, 2025 and November 30, 2024, respectively)		584,026			558,336
Inventories		~~468~~495,~~323~~588			467,498
Other current assets		~~114~~118,~~588~~176			104,019
Total current assets		1,~~214~~294,~~150~~575			1,299,205
Property, plant and equipment		1,~~794~~861,~~291~~936			1,864,558
Accumulated depreciation		(~~950~~994,~~290~~409	)		(982,631	)
Property, plant and equipment, net		~~844~~867,~~001~~527			881,927
Goodwill		1,~~624~~670,~~347~~078			1,532,221
Other intangibles, net		~~834~~847,~~515~~699			770,226
Other assets		~~443~~452,~~893~~578			449,665
Total assets	$	45,~~960~~132,~~906~~457		$	4,933,244
Liabilities, non-controlling interest and total equity
Current liabilities
Notes payable	$	~~578~~-		$	587
Trade payables		~~450~~481,~~401~~957			491,435
Accrued compensation		6785,~~271~~008			106,005
Income taxes payable		1527,~~986~~672			24,225
Other accrued expenses		8097,~~588~~490			97,038
Total current liabilities		~~614~~692,~~824~~127			719,290
Long-term debt		2,~~179~~112,~~419~~428			2,010,052
Accrued pension liabilities		5155,~~986~~017			51,755
Other liabilities		~~336~~396,~~316~~900			322,299
Total liabilities	$	3,~~182~~256,~~545~~472		$	3,103,396
Commitments and contingencies (Note 13)
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 outstanding – 54,189,516 and 54,657,103 as of March 1, 2025 and November 30, 2024, respectively	$	54,190		$	54,657
Common stock, par value $1.00 per share, shares authorized – 160,000,000, shares outstanding – 53,952,793 and 54,657,103 as of May 31, 2025 and November 30, 2024, respectively	$	53,953		$	54,657
Additional paid-in capital		~~285~~278,~~646~~513			322,636
Retained earnings		1,~~925~~954,~~724~~785			1,924,761
Accumulated other comprehensive loss		(~~488~~412,~~421~~553	)		(473,395	)
Total H.B. Fuller stockholders' equity		1,~~777~~874,~~139~~698			1,828,659
Non-controlling interest		1,~~222~~287			1,189
Total equity		1,~~778~~875,~~361~~985			1,829,848
Total liabilities, non-controlling interest and total equity	$	45,~~960~~132,~~906~~457		$	4,933,244

See accompanying Notes to Unaudited Consolidated Financial Statements.

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H.B. FULLER COMPANY AND SUBSIDIARIES

Consolidated Statements of Total Equity

(In thousands)

(Unaudited)

	H.B. Fuller Company Shareholders
										Accumulated
				Additional						Other
	Common			Paid-in			Retained			Comprehensive			Non-Controlling
	Stock			Capital			Earnings			Income (Loss)			Interest		Total
Balance at November 30, 2024	$	54,657		$	322,636		$	1,924,761		$	(473,395	)	$	1,189	$	1,829,848
Comprehensive loss		-			-			13,248			(15,026	)		33		(1,745	)
Comprehensive income (loss)		-			-			13,248			(15,026	)		33		(1,745	)
Dividends		-			-			(12,285	)		-			-		(12,285	)
Stock option exercises		33			1,351			-			-			-		1,384
Share-based compensation plans and other, net		229			5,307			-			-			-		5,536
Repurchases of common stock		(729	)		(43,648	)		-			-			-		(44,377	)
Balance at March 1, 2025	$	54,190		$	285,646		$	1,925,724		$	(488,421	)	$	1,222	$	1,778,361
Comprehensive income		-			-			41,828			75,868			65		117,761
Dividends		-			-			(12,767	)		-			-		(12,767	)
Stock option exercises		32			1,060			-			-			-		1,092
Share-based compensation plans and other, net		33			7,793			-			-			-		7,826
Repurchases of common stock		(302	)		(15,986	)		-			-			-		(16,288	)
Balance at May 31, 2025	$	53,953		$	278,513		$	1,954,785		$	(412,553	)	$	1,287	$	1,875,985

	H.B. Fuller Company Shareholders
										Accumulated
				Additional						Other
	Common			Paid-in			Retained			Comprehensive			Non-Controlling
	Stock			Capital			Earnings			Income (Loss)			Interest		Total
Balance at December 2, 2023	$	54,093		$	301,485		$	1,842,507		$	(442,880	)	$	708	$	1,755,913
Comprehensive income		-			-			30,991			(15,909	)		12		15,094
Comprehensive income (loss)		-			-			30,991			(15,909	)		12		15,094
Dividends		-			-			(11,246	)		-			-		(11,246	)
Stock option exercises		200			8,777			-			-			-		8,977
Share-based compensation plans and other, net		225			5,490			-			-			-		5,715
Repurchases of common stock		(80	)		(6,128	)		-			-			-		(6,208	)
Balance at March 2, 2024	$	54,438		$	309,624		$	1,862,252		$	(458,789	)	$	720	$	1,768,245
Comprehensive income (loss)		-			-			51,264			(16,156	)		1		35,109
Dividends		-			-			(12,144	)		-			-		(12,144	)
Stock option exercises		189			9,123			-			-			-		9,312
Share-based compensation plans other, net		81			7,111			-			-			-		7,192
Repurchases of common stock		(200	)		(15,400	)		-			-			-		(15,600	)
Balance at June 1, 2024	$	54,508		$	310,458		$	1,901,372		$	(474,945	)	$	721	$	1,792,114

See accompanying Notes to Unaudited Consolidated Financial Statements.

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H.B. FULLER COMPANY AND SUBSIDIARIES

Consolidated Statements of Cash Flows

(In thousands)

(Unaudited)

	Three Months Ended
	Six Months Ended
	March 1, 2025			March 2, 2024
	May 31, 2025			June 1, 2024
Cash flows from operating activities:
Net income including non-controlling interest	$	1355,~~264~~109		$	3182,~~012~~309
Adjustments to reconcile net income including non-controlling interest to net cash (used in) provided by operating activities:
Adjustments to reconcile net income including non-controlling interest to net cash provided by operating activities:
Depreciation		2144,~~717~~837			2345,~~168~~099
Amortization		2042,~~880~~443			2039,~~355~~574
Deferred income taxes		5(14,~~837~~068	)		(524,~~658~~117	)
Income from equity method investments, net of dividends received		(~~497~~1,894	)		(1,~~044~~644	)
Loss on the sale of a business		1,515			-
Gain on sale or disposal of assets		(46	)		(86	)
Loss on impairment of intangible asset		478			-
Share-based compensation		4,708			5,088
Gain on sale or disposal of assets		(101	)		(166	)
Share-based compensation		12,003			11,930
Pension and other post-retirement benefit plan activity		(4,493	)		(4,370	)
Change in assets and liabilities, net of effects of acquisitions:
Trade receivables, net		13(28,~~900~~942	)		5622,~~886~~639
Inventories		(2740,~~122~~182	)		(5056,~~189~~512	)
Other assets		(~~295~~4,106	)		(922,~~064~~328	)
Trade payables		~~(14~~11,~~272~~602	)		2738,~~640~~781
Accrued compensation		(3723,~~913~~494	)		(3116,~~862~~424	)
Other accrued expenses		~~(11~~1,~~959~~097	)		(127,~~040~~002	)
Income taxes payable		(2110,~~854~~587	)		(511,~~121~~218	)
Accrued / prepaid pensions		(1,988	)		(2,126	)
Other liabilities		24,804			(1,786	)
Other liabilities		(311	)		(399	)
Foreign currency remeasurement		(8,252	)		34,210
Foreign currency remeasurement		(18,471	)		791
Net cash provided by operating activities		57,769			128,975
Net cash (used in) provided by operating activities		(52,907	)		47,351
Cash flows from investing activities:
Purchased property, plant and equipment		(3264,~~984~~534	)		(4390,~~293~~181	)
Purchased businesses, net of cash acquired		(162,032	)		-(254,287	)
Purchase of cost method investment		(2,549	)		-
Proceeds from sale of property, plant and equipment		~~477~~1,438			~~568~~694
Proceeds from the sale of a business		75,727			-
Net cash used in investing activities		(~~121~~151,~~361~~950	)		(42343,~~725~~774	)
Cash flows from financing activities:
Proceeds from issuance of long-term debt		~~526~~784,~~300~~900			~~195~~1,497,000
Repayment of long-term debt		(~~359~~687,~~535~~751	)		(~~203~~1,~~250~~305,500	)
Net payment of notes payable		(164	)		(276	)
Payment of debt issuance costs		(1,047	)		(3,493	)
Dividends paid		(12,193	)		(11,151	)
Net payment of notes payable		(588	)		(376	)
Proceeds from stock options exercised		1,384			8,977
Dividends paid		(24,864	)		(23,295	)
Repurchases of common stock		(44,377	)		(6,208	)
Proceeds from stock options exercised		2,475			18,289
Net cash provided by (used in) financing activities		111,415			(16,908	)
Repurchases of common stock		(60,664	)		(21,809	)
Effect of exchange rate changes on cash and cash equivalents		(756	)		(1,922	)
Net cash provided by financing activities		12,461			160,816
Net change in cash and cash equivalents		(63,609	)		(14,204	)
Effect of exchange rate changes on cash and cash equivalents		9,153			(10,647	)
Net change in cash and cash equivalents		(72,567	)		(64,630	)
Cash and cash equivalents at beginning of period		169,352			179,453
Cash and cash equivalents at end of period	$	~~105~~96,~~743~~785		$	~~165~~114,~~249~~823

See accompanying Notes to Unaudited Consolidated Financial Statements.

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H.B. FULLER COMPANY AND SUBSIDIARIES

Notes to Consolidated Financial Statements

(Amounts in thousands, except per share amounts)

(Unaudited)

Note 1: Basis of Presentation

Overview

The accompanying unaudited interim Consolidated Financial Statements of H.B. Fuller Company and Subsidiaries have been prepared in accordance with U.S. generally accepted accounting principles for interim financial information and the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information necessary for a fair presentation of results of operations, comprehensive income, financial position and cash flows in conformity with U.S. generally accepted accounting principles. In our opinion, the unaudited interim Consolidated Financial Statements reflect all adjustments of a normal recurring nature considered necessary for the fair presentation of the results for the periods presented. Operating results for interim periods are not necessarily indicative of results that may be expected for the fiscal year as a whole.

The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires us to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues, expenses and related disclosures at the date of the financial statements and during the reporting period. Actual results could differ from these estimates. These unaudited interim Consolidated Financial Statements should be read in conjunction with the Consolidated Financial Statements and Notes thereto included in our Annual Report on Form 10-K for the year ended November 30, 2024 as filed with the Securities and Exchange Commission.

New Accounting Pronouncements

In November 2024, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update ("ASU") No. 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, which requires additional disclosure of the nature of expenses included in our Consolidated Financial Statements. Our effective date of this ASU is our fiscal year ending December 2, 2028. We are evaluating the effect this guidance will have on our Consolidated Finance Statements.

In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. This ASU requires entities to provide additional information in the rate reconciliation and additional disclosures about income taxes paid. This guidance requires public entities to disclose in their rate reconciliation table additional categories of information about federal, state, and foreign income taxes and to provide more details about the reconciling items in some categories if the items meet a quantitative threshold. Our effective date of this ASU is our fiscal year ending November 28, 2026. We are evaluating the effect that this guidance will have on our Consolidated Financial Statements.

In November 2023, the FASB issued ASU No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. This ASU requires enhanced disclosures regarding significant segment expenses and other segment items. The guidance requires public entities to provide in interim periods all disclosures about a reportable segment's profit or loss and assets that are currently required annually. Our effective date of this ASU is our fiscal year ending November 29, 2025. We are evaluating the effect that this guidance will have on our Consolidated Financial Statements.

Recently issued accounting standards or pronouncements not disclosed above have been excluded as they are not relevant to the company.

Supplier Finance Program

We have agreements with third parties to provide supplier finance programs which facilitate participating suppliers' ability to finance payment obligations of the Company with designated third-party financial institutions. Participating suppliers may, at their sole discretion, elect to finance one or more payment obligations of the Company prior to their scheduled due dates at a discounted price to participating financial institutions. The Company has no economic interest in the sale of these suppliers’ receivables and no direct financial relationship with the financial institutions concerning these services. The Company’s obligations to its suppliers, including amounts due and scheduled payment dates, are not impacted by suppliers’ decisions to finance amounts under these arrangements. The outstanding payment obligations that were confirmed as valid and remained outstanding as of ~~March~~May 131, 2025, and November 30, 2024, were approximately $36,~~478~~485 and $5,233, respectively. These obligations under the Company’s supplier finance programs are included in Accounts payable in the Consolidated Balance Sheets, and the associated payments are reflected in the cash flows from operating activities section of the Consolidated Statements of Cash Flows.

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Note 2: Acquisitions and Divestiture

ND Industries Asia, Inc.

On February 15, 2025, we acquired the assets of ND Industries Asia, Inc. ("ND Industries Taiwan") for a purchase price of 266,960 Taiwan dollar, or approximately $8,160 which was funded through existing cash. This includes a holdback amount of 5,978 Taiwan dollar ~~that will be~~ paid on the 4-month anniversary of the closing date. Headquartered in Kaohsiung, Taiwan, ND Industries Taiwan is a leading provider of specialty adhesives and fastener locking and sealing solutions. The acquisition of ND Industries Taiwan is expected to accelerate the realization of our top growth priorities in Greater Asia, consistent with our strategy to proactively drive capital allocation to the highest margin, highest growth market segments within the functional coatings, adhesives, sealants and elastomer industry. The acquisition fair value measurement was preliminary as of ~~March~~May 131, 2025 and includes goodwill of $~~969~~2,320, other intangible assets of $32,~~754~~400 and other net assets of $3,~~437~~440. Goodwill represents expected synergies from combining ND Industries Taiwan with our existing business. Goodwill is deductible for tax purposes. ND Industries Taiwan is included in our Engineering Adhesives operating segment.

GEM S.r.l. and Medifill Limited

On January 15, 2025, we completed the acquisition of GEM S.r.l. (“GEM”) and on December 2, 2024, we completed the acquisition of Medifill Limited (Medifill") for a total purchase price of ~~144~~ 192,~~041~~130 Euros, or approximately $~~147~~197,~~886~~260 which was funded through borrowings on our credit facility and existing cash. ~~This~~Included ~~includes~~in athe ~~holdback~~purchase ~~amount~~price ~~of 30,000~~is ~~Euros~~a ~~that~~holdback to ~~will~~ be paid in three annual tranches ~~of one third each year~~ beginning one year after the date of acquisition. ~~Headquartered in Viareggio, Italy, GEM develops, produces and sells medical adhesives for wound closure in both surgical and topical applications.~~ The ~~acquisition of GEM establishes a~~ European headquarters for our Medical Adhesives Technologies business and expands the Company's medical adhesive offerings, further shifting our portfolio toward highly profitable, higher growth markets. The acquisition fair value ~~measurement was preliminary as~~ of ~~March~~the 1,holdback ~~2025 and~~was ~~includes goodwill of $59~~28,~~460,~~170 ~~other~~Euros ~~intangible~~or ~~assets~~approximately of $9528,~~791 and~~922 ~~other~~at ~~net~~the ~~liabilities~~date of ~~$7,365~~acquisition. ~~Goodwill~~See ~~represents~~Note ~~expected~~12 ~~synergies~~for ~~from~~more ~~combining~~information ~~GEM~~on ~~with~~the ~~our~~fair ~~existing~~value ~~business.~~of ~~Goodwill~~the ~~is not deductible for tax purposes~~holdback. ~~GEM~~ ~~is included in our Hygiene, Health and Consumable Adhesives operating segment.~~

Although they were independent transactions, the acquisitions of GEM and Medifill ~~Limited~~were accounted for as a single business combination under ASC 805, as they were negotiated concurrently and are economically interdependent. Headquartered in Viareggio, Italy, GEM develops, produces and sells medical adhesives for wound closure in both surgical and topical applications. Headquartered in Dublin, Ireland, Medifill produces medical-grade cyanoacrylate adhesives tailored to the wound closure market for GEM. The acquisitions of GEM and Medifill establish a European headquarters for our Medical Adhesives Technologies business and European production capabilities for our medical adhesive offerings, further shifting our portfolio toward highly profitable, higher growth markets. The acquisition fair value measurement was preliminary as of May 31, 2025 and includes goodwill of $92,653, other intangible assets of $105,237 and other net liabilities of $630. Goodwill represents expected synergies from combining GEM and Medifill with our existing business. Goodwill is not deductible for tax purposes. GEM and Medifill are included in our Hygiene, Health and Consumable Adhesives operating segment.

On December 2, 2024, we completed the acquisition of Medifill Limited (“Medifill”) for a purchase price of 49,919 Euros, or approximately $51,252 which was funded through borrowings on our credit facility and existing cash. Headquartered in Dublin, Ireland, Medifill produces medical-grade cyanoacrylate adhesives tailored to the wound closure market. The acquisition of Medifill establishes European production capabilities for our medical adhesive offerings. The acquisition fair value measurement was preliminary as of March 1, 2025 and includes goodwill of $40,141 and other net assets of $11,111. Goodwill represents expected synergies from combining Medifill with our existing business. Goodwill is not deductible for tax purposes. Medifill is included in our Hygiene, Health and Consumable Adhesives operating segment.

HS Butyl Limited

On August 5, 2024, we acquired HS Butyl Limited (“HS Butyl”) for a purchase price of 18,148 British pound sterling, or approximately $23,180 which was funded through existing cash. This includes a holdback amount of 2,700 British pound sterling that will be paid on the 18-month anniversary of the closing date. HS Butyl, headquartered in Lymington, England, is the United Kingdom's largest manufacturer and distributor of high-quality butyl tapes, which provide strong, permanent, watertight seals for a wide variety of applications within the construction, infrastructure, automotive and renewable energy industries. The acquisition of HS Butyl establishes our presence in the European waterproofing tape market, expanding our position as a solution provider to existing customers. It also expands our relevance to more markets and creates opportunities to deliver new, in-demand solutions for our customers, given the technology's relevance to multiple high-value applications. The acquisition fair value measurement was preliminary as of ~~March~~May 131, 2025 and includes other intangible assets of $6,974, goodwill of $2,812 and other net assets of $13,394. Goodwill represents expected synergies from combining HS Butyl with our existing business. Goodwill is not deductible for tax purposes. HS Butyl is included in our Building Adhesive Solutions operating segment.

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ND Industries, Inc.

On May 20, 2024, we acquired the assets of ND Industries, Inc. (“ND Industries”) for a base purchase price of $254,037 which was funded through borrowings on our credit facility and existing cash. ND Industries, headquartered in Clawson, Michigan, is a leading provider of specialty adhesives and fastener locking and sealing solutions serving customers in the automotive, electronics, aerospace and other industries. The acquisition of ND Industries is expected to accelerate the realization of our top growth priorities, consistent with our strategy to proactively drive capital allocation to the highest margin, highest growth market segments within the functional coatings, adhesives, sealants and elastomer industry. The acquisition fair value measurement was final as of March 1, 2025. ND Industries is included in our Engineering Adhesives operating segment.

The following table summarizes the fair value measurement of the assets acquired and liabilities assumed as of the date of acquisition:

	*Amounts*
Current assets	$	17,085
Property, plant and equipment		26,044
Goodwill		81,268
Other intangibles
Customer relationships		110,100
Trademarks/trade names		8,700
Technology		13,600
Other assets		13
Current liabilities		(2,773	)
Total	$	254,037

The expected useful lives of the acquired intangible assets are 15 years for technology, 13 years for customer relationships and ten years for trademarks and tradenames. Based on the fair value measurement of the assets acquired and liabilities assumed, we allocated $81,268 to goodwill for the expected synergies from combining ND Industries with our existing business. Such goodwill is deductible for tax purposes. The goodwill was assigned to our Engineering Adhesives operating segment.

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All acquisitions, individually and in the aggregate, are not material and therefore pro forma financial information is not provided.

Divestiture

North America Flooring

On December 2, 2024, we completed the sale of certain assets in our North American Flooring business, which was included in our Construction Adhesives segment for $75,727. The net book value of the assets sold was $77,242 which resulted in a $1,515 loss. The loss on sale is recorded in other income net, in the Consolidated Statements of Income for the ~~three~~six months ended ~~March~~May 131, 2025.

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Note 3: Restructuring Actions

During fiscal year 2023, the Company approved restructuring plans (the "Plans") related to organizational changes and other actions to optimize operations and integrate acquired businesses. The Plans were implemented in the second quarter of fiscal year 2023 and are currently expected to be completed during fiscal year 2026. In implementing the Plans, the Company currently expects to incur pre-tax costs of approximately $6070,000 to $6575,000 for severance and related employee costs globally, other restructuring costs related to the streamlining of processes and the payment of anticipated income taxes in certain jurisdictions related to the Plans.

The following table summarizes the pre-tax distribution of charges under these restructuring plans by income statement classification:

	Three Months Ended					Six Months Ended
	March 1, 2025			March 2, 2024
	May 31, 2025			June 1, 2024		May 31, 2025		June 1, 2024
Cost of sales	$	~~2,954~~(19	)	$	21,~~915~~279	$	2,935	$	4,194
Selling, general and administrative		~~557~~2,195			1,~~165~~279		2,752		2,444
	$	32,~~511~~176		$	42,~~080~~558	$	5,687	$	6,638

The restructuring charges are all recorded in Corporate Unallocated for segment reporting purposes.

A summary of the restructuring liability is presented below:

	Employee-Related			Asset-Related			Other			Total
Balance at December 2, 2023	$	11,723		$	-		$	-		$	11,723
Expenses incurred		13,477			4,673			3,936			22,086
Non-cash charges		-			(4,673	)		(3,925	)		(8,598	)
Cash payments		(16,427	)		-			(11	)		(16,438	)
Foreign currency translation		(343	)		-			-			(343	)
Balance at November 30, 2024	$	8,430		$	-		$	-		$	8,430
Expenses incurred		~~877~~3,143			(2460	)		2,~~658~~604			35,~~511~~687
Non-cash charges		-			2460			(~~136~~82	)		(~~112~~22	)
Cash payments		(47,~~542~~298	)		-			(2,522	)		(79,~~064~~820	)
Foreign currency translation		~~(130~~218	)		-			-			~~(130~~218	)
Balance at March 1, 2025	$	4,635		$	-		$	-		$	4,635
Balance at May 31, 2025	$	4,493		$	-		$	-		$	4,493

Non-cash charges primarily include accelerated depreciation resulting from the cessation of use of certain long-lived assets and the recording of an inventory provision related to the discontinuance of certain products. Restructuring liabilities have been classified as a component of other accrued expenses on the Consolidated Balance Sheets.

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Note 4: Inventories

The composition of inventories is as follows:

	March 1,		November 30,
	May 31,		November 30,
	2025		2024
Raw materials	$	~~213~~224,~~651~~462	$	215,936
Finished goods		~~254~~271,~~672~~126		251,562
Total inventories	$	~~468~~495,~~323~~588	$	467,498

Note 5: Goodwill and Other Intangible Assets

The goodwill activity by reportable segment for the ~~three~~six months ended ~~March~~May 131, 2025 is presented below:

		Hygiene, Health						Building
	and Consumable			Engineering			Adhesive
	Adhesives			Adhesives			Solutions			Total
Balance at November 30, 2024	$	399,513		$	581,344		$	551,364		$	1,532,221
Acquisitions		9992,~~601~~032			~~969~~2,538			(~~421~~1,854	)		~~100~~92,~~149~~716
Foreign currency translation effect		(224,~~353~~533	)		(418,~~893~~400	)		~~(777~~2,208	)		(845,~~023~~141	)
Balance at March 1, 2025	$	496,761		$	577,420		$	550,166		$	1,624,347
Balance at May 31, 2025	$	516,078		$	602,282		$	551,718		$	1,670,078

As discussed in Note 14, as of the beginning of fiscal year 2025, we realigned our operating segment structure with the renamed Building Adhesive Solutions segment, which includes all of the former Construction Adhesives goodwill. A portion of the Engineering Adhesives goodwill was reclassified to the Building Adhesive Solutions segment based on the relative fair value approach.

Balances of amortizable identifiable intangible assets, excluding goodwill and other non-amortizable intangible assets, are as follows:

March 1, 2025

May 31, 2025

Purchased

Technology

Customer

Amortizable Intangible Assets

and Patents

Relationships

Trade Names

Other

Total

Original cost

~~202~~222,~~237~~563

~~978~~996,~~972~~945

7881,~~104~~148

107,~~103~~935

1,~~269~~308,~~416~~591

Accumulated amortization

(3843,~~857~~583

)

(~~360~~382,~~415~~659

)

(2830,~~882~~756

)

(73,~~199~~894

)

(~~435~~460,~~353~~892

)

Net identifiable intangibles

~~163~~178,~~380~~980

~~618~~614,~~557~~286

4950,~~222~~392

24,~~904~~041

~~834~~847,~~063~~699

	November 30, 2024
	Purchased
	Technology			Customer
Amortizable Intangible Assets	and Patents			Relationships			Trade Names			Other			Total
Original cost	$	145,313		$	1,063,210		$	67,280		$	10,031		$	1,285,834
Impairment	$	(343	)	$	(5,616	)	$	(150	)				$	(6,109	)
Accumulated amortization		(55,398	)		(418,805	)		(28,745	)		(7,012	)		(509,960	)
Net identifiable intangibles	$	89,572		$	638,789		$	38,385		$	3,019		$	769,765

Amortization expense with respect to amortizable intangible assets was $2021,~~880~~563 and $2019,~~355~~219 for the three months ended ~~March~~May 31, 2025 and June 1, 2024, respectively, and was $42,443 and $39,574 for the six months ended May 31, 2025 and ~~March~~June 21, 2024, respectively.

Estimated aggregate amortization expense based on the current carrying value of amortizable intangible assets for the next five fiscal years is as follows:

	Remainder
Fiscal Year	2025		2026		2027		2028		2029		Thereafter
Amortization expense	$	7149,~~053~~696	$	96103,~~731~~305	$	95101,~~418~~943	$	96103,~~532~~153	$	9197,~~845~~740	$	~~382~~391,~~484~~862

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The above amortization expense forecast is an estimate. Actual amounts may change from such estimated amounts due to fluctuations in foreign currency exchange rates, additional intangible asset acquisitions, potential impairment, accelerated amortization or other events.

Non-amortizable intangible assets as of ~~March~~May 131, 2025 and November 30, 2024 were $~~452~~0 and $461, respectively, and relate to trademarks and trade names. The change in non-amortizable assets as of ~~March~~May 131, 2025 compared to November 30, 2024 was due to ~~changes in foreign currency exchange rates~~impairment.

Note 6: ~~Components~~Long-Term ~~of Net Periodic Benefit related to Pension and Other Postretirement Benefit Plans~~Debt

	Three Months Ended March 1, 2025 and March 2, 2024
													Other
	Pension Benefits												Postretirement
	U.S. Plans						Non-U.S. Plans						Benefits
Net periodic (benefit) cost:	2025			2024			2025			2024			2025			2024
Service cost	$	-		$	-		$	368		$	350		$	-		$	-
Interest cost		3,242			3,464			1,442			1,569			249			291
Expected return on assets		(5,717	)		(6,555	)		(1,624	)		(1,637	)		(3,484	)		(2,727	)
Amortization:
Prior service cost		-			-			28			16			-			-
Actuarial loss		1,953			1,159			475			513			(2,277	)		-
Net periodic (benefit) cost	$	(522	)	$	(1,932	)	$	689		$	811		$	(5,512	)	$	(2,436	)

On March 6, 2025, we entered into a Refinancing Amendment (the “Refinancing Amendment”), which amended the Second Amended and Restated Credit Agreement dated as of February 15, 2023, as previously amended. Pursuant to the Refinancing Amendment under the Credit Agreement, the outstanding $986,545 principal amount of Term B loans (the “Amended TLB”) were refinanced. Furthermore, the interest rate margins applicable to the Amended TLB were decreased by 25 basis points (0.25 percent per annum) to 175 basis points for SOFR loans and 75 basis points for prime rate loans. Interest on Term Loan B borrowings is payable at SOFR plus an interest rate spread of 175 basis points with a SOFR floor of 50 basis points (6.10 percent at May 31, 2025). The maturity date of February 15, 2030 remains unchanged. The commitment fee rates and interest rates applicable to the revolving credit facility and the Term Loan A facility remain unchanged.

Note 7: Components of Net Periodic Benefit related to Pension and Other Postretirement Benefit Plans

	*Three Months Ended May 31, 2025 and June 1, 2024*
													*Other*
	*Pension Benefits*												*Postretirement*
	*U.S. Plans*						*Non-U.S. Plans*						*Benefits*
Net periodic (benefit) cost:	*2025*			*2024*			*2025*			*2024*			*2025*			*2024*
Service cost	$	-		$	-		$	385		$	347		$	-		$	-
Interest cost		3,242			3,464			1,495			1,560			249			291
Expected return on assets		(5,717	)		(6,555	)		(1,685	)		(1,627	)		(3,484	)		(2,727	)
Amortization:
Prior service cost		-			-			29			16			-			-
Actuarial loss		1,953			1,159			490			510			(2,277	)		-
Net periodic (benefit) cost	$	(522	)	$	(1,932	)	$	714		$	806		$	(5,512	)	$	(2,436	)

	*Six Months Ended May 31, 2025 and June 1, 2024*
													*Other*
	*Pension Benefits*												*Postretirement*
	*U.S. Plans*						*Non-U.S. Plans*						*Benefits*
Net periodic (benefit) cost:	*2025*			*2024*			*2025*			*2024*			*2025*			*2024*
Service cost	$	-		$	-		$	753		$	697		$	-		$	-
Interest cost		6,484			6,928			2,937			3,129			498			583
Expected return on assets		(11,434	)		(13,110	)		(3,309	)		(3,264	)		(6,968	)		(5,454	)
Amortization:
Prior service cost		-			-			56			32			-			-
Actuarial loss		3,906			2,318			965			1,024			(4,554	)		-
Net periodic (benefit) cost	$	(1,044	)	$	(3,864	)	$	1,402		$	1,618		$	(11,024	)	$	(4,871	)

Service cost is included with employee compensation cost in cost of sales and selling, general and administrative expenses in the Consolidated Statements of Income. The components of our net periodic defined benefit pension and postretirement benefit costs other than service cost are presented in other income, net in the Consolidated Statements of Income.

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Note 78: Accumulated Other Comprehensive Income (Loss)

The following table provides details of total comprehensive income (loss):

	Three Months Ended March 1, 2025											Three Months Ended March 2, 2024
	Three Months Ended May 31, 2025											Three Months Ended June 1, 2024
										Non-											Non-
										controlling											controlling
	H.B. Fuller Stockholders									Interest		H.B. Fuller Stockholders									Interest
	Pre-tax			Tax			Net			Net		Pre-tax			Tax			Net			Net
Net income attributable to H.B. Fuller and non-controlling interest							$	1341,~~248~~828		$	1617							$	3051,~~991~~264		$	2133
Foreign currency translation¹	$	~~(21~~123,~~003~~602	)	$	-			~~(21~~123,~~003~~602	)		1748	$	(1926,~~353~~894	)	$	-			(1926,~~353~~894	)		(932	)
Defined benefit pension plans adjustment²		~~179~~194			(4953	)		~~130~~141			-		~~2,821~~555			(~~702~~136	)		~~2,119~~419			-
Interest rate swaps³		(13,~~516~~206	)		~~369~~780			(12,~~147~~426	)		-		(313,~~276~~493	)		~~811~~(3,297	)		(210,~~465~~196	)		-
Net investment hedges³		9(60,~~244~~068	)		(214,~~250~~619	)		6(45,~~994~~449	)		-		~~5,025~~163			(~~1,235~~40	)		~~3,790~~123			-
Other comprehensive (loss) income	$	(13,096	)	$	(1,930	)	$	(15,026	)	$	17	$	(14,783	)	$	(1,126	)	$	(15,909	)	$	(9	)
Other comprehensive income (loss)	$	60,522		$	15,346		$	75,868		$	48	$	(12,683	)	$	(3,473	)	$	(16,156	)	$	(32	)
Comprehensive (loss) income							$	(1,778	)	$	33							$	15,082		$	12
Comprehensive income							$	117,696		$	65							$	35,108		$	1

	*Six Months Ended May 31, 2025*											*Six Months Ended June 1, 2024*
										*Non-*											*Non-*
										*controlling*											*controlling*
	*H.B. Fuller Stockholders*									*Interest*		*H.B. Fuller Stockholders*									*Interest*
	*Pretax*			*Tax*			*Net*			*Net*		*Pretax*			*Tax*			*Net*			*Net*
Net income attributable to H.B. Fuller and non-controlling interest							$	55,076		$	33							$	82,255		$	54
Foreign currency translation adjustment¹	$	102,599		$	-			102,599			65	$	(165,302	)	$	-			(46,247	)		(41	)
Defined benefit pension plans adjustment²		373			(102	)		271			-		3,376			(838	)		2,538			-
Interest rate swap³		(4,722	)		1,149			(3,573	)		-		10,217			(2,486	)		7,731			-
Net investment hedges³		(50,824	)		12,369			(38,455	)		-		5,188			(1,275	)		3,913			-
Other comprehensive income (loss)	$	47,426		$	13,416		$	60,842		$	65	$	(146,521	)	$	(4,599	)	$	(32,065	)	$	(41	)
Comprehensive income							$	115,918		$	98							$	50,190		$	13

¹ Income taxes are not provided for foreign currency translation relating to indefinite investments in international subsidiaries.
² Amounts reclassified from accumulated other comprehensive loss into earnings as part of net periodic cost related to pension and other postretirement benefit plans is reported in cost of sales and other income, net.
³ Amounts reclassified from accumulated other comprehensive loss into earnings is reported in other income, net.

The components of accumulated other comprehensive loss are as follows:

	March 1, 2025
	May 31, 2025
							Non-
				H.B. Fuller			controlling
	Total			Stockholders			Interest
Foreign currency translation adjustment	$	(~~343~~219,~~204~~650	)	$	(~~342~~219,~~801~~199	)	$	(~~403~~451	)
Defined benefit pension plans adjustment, net of taxes of $65,725		(88,901	)		(88,901	)		-
Defined benefit pension plans adjustment, net of taxes of $54,442		(88,760	)		(88,760	)		-
Interest rate swap, net of taxes of $4,378		(7,891	)		(7,891	)		-
Interest rate swap, net of taxes of $3,318		(10,317	)		(10,317	)		-
Net investment hedges, net of taxes of $19,130		(30,487	)		(30,487	)		-
Net investment hedges, net of taxes of $24,425		(75,936	)		(75,936	)		-
Reclassification of AOCI tax effects		(18,341	)		(18,341	)		-
Accumulated other comprehensive loss	$	(~~488~~413,~~824~~004	)	$	(~~488~~412,~~421~~553	)	$	(~~403~~451	)

	*November 30, 2024*
							*Non-*
				*H.B. Fuller*			*controlling*
	*Total*			*Stockholders*			*Interest*
Foreign currency translation adjustment	$	(322,184	)	$	(321,798	)	$	(386	)
Defined benefit pension plans adjustment, net of taxes of $54,545		(89,031	)		(89,031	)		-
Interest rate swap, net of taxes of $2,169		(6,744	)		(6,744	)		-
Net investment hedges, net of taxes of $12,056		(37,481	)		(37,481	)		-
Reclassification of AOCI tax effects		(18,341	)		(18,341	)		-
Accumulated other comprehensive loss	$	(473,781	)	$	(473,395	)	$	(386	)

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Note 89: Income Taxes

Income tax expense for the three and six months ended ~~March~~May 131, 2025 includes $~~992~~13,961 of discrete tax expense and $14,952 of discrete tax expense, respectively, relating to the impact of withholding tax recorded on earnings that are no longer permanently reinvested as well as other various U.S. and foreign tax matters. Excluding the discrete tax expense, the overall effective tax rate was 2625.57 percent and 25.8 percent for the three and six months ended ~~March~~May 131, 2025, respectively.

Income tax expense for the three and six months ended ~~March~~June 21, 2024 includes $21,~~527~~317 of discrete tax expense and $1,210 of discrete tax benefit, respectively, relating to various foreign tax matters, as well as an excess tax benefit related to U.S. stock compensation. Excluding the discrete tax expense and benefit, the overall effective tax rate was 2728.9 percent and 28.4 percent for the three and six months ended ~~March~~June 21, 2024, respectively.

As of ~~March~~May 131, 2025, we had a liability of $1519,~~807~~415 recorded for gross unrecognized tax benefits (excluding interest) compared to $15,590 as of November 30, 2024. As of ~~March~~May 131, 2025 and November 30, 2024, we had accrued $43,~~769~~204 and $4,558 of gross interest relating to unrecognized tax benefits, respectively.

Note 910: Earnings Per Share

A reconciliation of the common share components for the basic and diluted earnings per share calculations is as follows:

Three Months Ended

Six Months Ended

March 1,

March 2,

May 31,

June 1,

May 31,

June 1,

(Shares in thousands)

2025

2024

2025

2024

Weighted-average common shares - basic

54,~~998~~443

54,~~702~~946

54,721

54,824

Equivalent shares from share-based compensations plans

~~1,031~~509

1,~~871~~690

769

1,780

Weighted-average common and common equivalent shares diluted

5654,~~029~~952

56,~~573~~636

55,490

56,604

Basic earnings per share is calculated by dividing net income attributable to H.B. Fuller by the weighted-average number of common shares outstanding during the applicable period. Diluted earnings per share is based upon the weighted-average number of common and common equivalent shares outstanding during the applicable period. The difference between basic and diluted earnings per share is attributable to share-based compensation awards. We use the treasury stock method to calculate the effect of outstanding shares, which computes total employee proceeds as the sum of (a) the amount the employee must pay upon exercise of the award and (b) the amount of unearned share-based compensation costs attributed to future services. Share-based compensation awards for which total employee proceeds exceed the average market price over the applicable period have an antidilutive effect on earnings per share, and accordingly, are excluded from the calculation of diluted earnings per share.

Share-based compensation awards of 2,~~140~~126,~~479~~260 and 1787,~~138,264~~801 shares for the three months ended ~~March~~May 131, 2025 and ~~March~~June 1, 2024, respectively, were excluded from diluted earnings per share calculations because they were antidilutive. Share-based compensation awards of 2,187,436 and 1,110,664 shares for the six months ended May 31, 2025 and June 1, 2024, respectively, were excluded from diluted earnings per share calculations because they were antidilutive.

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Note 1011: Financial Instruments

Overview

As a result of being a global enterprise, foreign currency exchange rates and fluctuations in those rates may affect the Company's net investment in foreign subsidiaries and our earnings, cash flows and financial position are exposed to foreign currency risk from foreign currency denominated receivables and payables.

We use foreign currency forward contracts, cross-currency swaps, interest rate swaps and net investment hedges to manage risks associated with foreign currency exchange rates and interest rates. We do not hold derivative financial instruments of a speculative nature or for trading purposes. We record derivatives as assets and liabilities on the balance sheet at fair value. Changes in fair value are recognized immediately in earnings unless the derivative qualifies and is designated as a hedge. Cash flows from derivatives are classified in the Consolidated Statement of Cash Flows in the same category as the cash flows from the items subject to designated hedge or undesignated (economic) hedge relationships. We evaluate hedge effectiveness at inception and on an ongoing basis. If a derivative is no longer expected to be effective, hedge accounting is discontinued. Hedge ineffectiveness, if any, is recorded in earnings.

We are exposed to credit risk in the event of nonperformance of counterparties for foreign currency forward exchange contracts and interest rate swap agreements. We select investment-grade multinational banks and financial institutions as counterparties for derivative transactions and monitor the credit quality of each of these banks on a periodic basis as warranted. We do not anticipate nonperformance by any of these counterparties, and valuation allowances, if any, are de minimis.

Cash Flow Hedges

On January 12, 2023, we entered into an interest rate swap agreement to convert $400,000 of our variable rate 1-month LIBOR debt to a fixed rate of 3.6895 percent that matures on January 12, 2028. On February 28, 2023, after refinancing our debt, we amended the interest rate swap agreement to our 1-month SOFR rate debt to a fixed rate of 3.7260 in accordance with the practical expedients included in ASC 848, Reference Rate Reform. The combined fair value of the interest rate swap was ana ~~asset~~liability of $38 1,554 at ~~March~~May 131, 2025 and was included in other ~~assets~~ liabilities in the Consolidated Balance Sheets. The swap was designated for hedge accounting treatment as a cash flow hedge. We are applying the hypothetical derivative method to assess hedge effectiveness for this interest rate swap. Changes in the fair value of a hypothetically perfect swap with terms that match the critical terms of our variable rate debt are compared with the change in the fair value of the swap.

On March 16, 2023, we entered into an interest rate swap agreement to convert $300,000 of our 1-month SOFR debt to a fixed rate of 3.7210 percent that matures on February 15, 2028. The combined fair value of the interest rate swap was a liability of $~~148~~1,383 at ~~March~~May 131, 2025 and was included in other liabilities in the Consolidated Balance Sheets. The swap was designated for hedge accounting treatment as a cash flow hedge. We are applying the hypothetical derivative method to assess hedge effectiveness for this interest rate swap. Changes in the fair value of a hypothetically perfect swap with terms that match the critical terms of our variable rate debt are compared with the change in the fair value of the swaps.

On March 16, 2023, we entered into an interest rate swap agreement to convert $100,000 of our 1-month SOFR debt to a fixed rate of 3.8990 percent that matures on February 15, 2028. The combined fair value of the interest rate swap was a liability of $~~491~~ 870 at ~~March~~May 131, 2025 and was included in other liabilities in the Consolidated Balance Sheets. The swap was designated for hedge accounting treatment as a cash flow hedge. We are applying the hypothetical derivative method to assess hedge effectiveness for these interest rate swaps. Changes in the fair value of a hypothetically perfect swap with terms that match the critical terms of our variable rate debt are compared with the change in the fair value of the swaps.

The amounts of pretax losses recognized in Comprehensive Income related to derivative instruments designated as cash flow hedges are as follows:

Three Months Ended

Six Months Ended

March 1, 2025

March 2, 2024

May 31, 2025

June 1, 2024

May 31, 2025

June 1, 2024

Interest rate swap contracts

(13,~~516~~206

)

(313,~~276~~493

)

(4,722

)

10,217

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Fair Value Hedges

On February 12, 2021, we entered into interest rate swap agreements to convert our $300,000 Public Notes that were issued on October 20, 2020 to a variable interest rate of 1-month LIBOR plus 3.28 percent. On June 30, 2023, 1-month LIBOR rates ceased to exist and the IBOR Fallbacks Protocol published by the International Swaps and Derivatives Association ("ISDA") took effect as outlined in the interest rate swap agreement. As a result, the interest rate swap agreement was converted to Overnight SOFR plus 3.28 percent. We applied the practical expedients included in ASC 848, Reference Rate Reform. These interest rate swap agreements mature on October 15, 2028. The combined fair value of the interest rate swaps was a liability of $3026,~~396~~864 at ~~March~~May 131, 2025, and was included in other liabilities in the Consolidated Balance Sheets. The swaps were designated for hedge accounting treatment as fair value hedges. We apply the short cut method and assume hedge effectiveness. Changes in the fair value of a hypothetically perfect swap with terms that match the critical terms of our $300,000 fixed rate Public Notes are compared with the change in the fair value of the swaps.

Net Investment Hedges

On October 17, 2022, we entered into a float-to-float cross-currency interest rate swap agreement with a notional amount of €307,173 maturing in October 2028. On October 20, 2022, we entered into fixed-to-fixed cross-currency interest rate swap agreements for a total notional amount of €300,000 with tranches maturing in August 2025, August 2026 and February 2027. On June 30, 2023, 1-month LIBOR rates ceased to exist and the IBOR Fallbacks Protocol published by the International Swaps and Derivatives Association (ISDA) took effect as outlined in the interest rate swap agreement. As a result, the 1-month LIBOR leg of the float-to-float agreement was converted to Overnight SOFR plus 3.28 percent. On July 17, 2023, we amended the 1-month EURIBOR leg of the float-to-float agreement to Overnight ESTR plus 3.2195 percent. We applied the practical expedients included in ASC 848, Reference Rate Reform. As of ~~March~~May 131, 2025, the combined fair value of the swaps was a liability of $40100,~~299~~366 and was included in other liabilities in the Consolidated Balance Sheets. The cross-currency interest rate swaps hedge a portion of the Company’s investment in Euro denominated foreign subsidiaries.

The swaps are designated as net investment hedges for accounting treatment. The net gains or losses attributable to changes in spot exchange rates are recorded in the cumulative translation adjustment within other comprehensive income. The gains or losses are reclassified into earnings upon a liquidation event or deconsolidation of the foreign subsidiary. Any ineffective portions of net investment hedges are reclassified from accumulated other comprehensive income (loss) into earnings during the period of change. The amount in accumulated other comprehensive income (loss) related to net investment hedge cross-currency swaps was a loss of $3075,~~487~~936 of ~~March~~May 131, 2025. The amounts of pretax ~~gain~~loss recognized in comprehensive income related to the net investment hedge was $960,~~244~~068 for the three months ended ~~March~~May 131, 2025. As of ~~March~~May 131, 2025, we did not reclassify any gains or losses into earnings from net investment hedges and we do not expect to reclassify any such gain or loss into earnings within the next twelve months. No amounts related to net investment hedges have been excluded from the assessment of hedge effectiveness.

Derivatives Not Designated as Hedging Instruments

We use foreign currency forward contracts to offset our exposure to the change in value of certain foreign currency denominated assets and liabilities held at foreign subsidiaries that are remeasured at the end of each period. Although the contracts are effective economic hedges, they are not designated as accounting hedges. Foreign currency forward contracts are recorded as assets and liabilities on the balance sheet at fair value. Changes in the value of these derivatives are recognized immediately in earnings, thereby offsetting the current earnings effect of the related foreign currency denominated assets and liabilities. See Note 12 for the fair value amounts of these derivative instruments.

As of ~~March~~May 131, 2025, we had forward foreign currency contracts maturing between ~~March~~June 32, 2025 and ~~May 7~~July 9, 2025. The mark-to-market effect associated with these contracts was largely offset by the underlying transaction gains and losses resulting from the foreign currency exposures for which these contracts relate.

The amounts of pretax gains recognized in other income, net related to derivative instruments not designated as hedging instruments for the ~~three~~six months ended ~~March~~May 131, 2025 and ~~March~~June 21, 2024 were $403,453 and $5263,~~061,~~ respectively.

Concentrations of credit risk with respect to trade accounts receivable are limited due to the large number of entities in the customer base and their dispersion across many different industries and countries. As of ~~March~~May 131, 2025, there were no significant concentrations of credit risk.

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Note 1112: Fair Value Measurements

Overview

Estimates of fair value for financial assets and liabilities are based on the framework established in the accounting guidance for fair value measurements. The framework defines fair value, provides guidance for measuring fair value and requires certain disclosures. The framework discusses valuation techniques, such as the market approach (comparable market prices), the income approach (present value of future income or cash flow) and the cost approach (cost to replace the service capacity of an asset or replacement cost). The framework utilizes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value into three broad levels. The following is a brief description of those three levels:

	●	Level 1: Observable inputs such as quoted prices (unadjusted) in active markets for identical assets or liabilities.
	●	Level 2: Inputs other than quoted prices that are observable for the asset or liability, either directly or indirectly. These include quoted prices for similar assets or liabilities in active markets and quoted prices for identical or similar assets or liabilities in markets that are not active.
	●	Level 3: Unobservable inputs that reflect management’s assumptions, and include situations where there is little, if any, market activity for the asset or liability.

Balances Measured at Fair Value on a Recurring Basis

The following table presents information about our financial assets and liabilities that are measured at fair value on a recurring basis as of ~~March~~May 131, 2025 and November 30, 2024, and indicates the fair value hierarchy of the valuation techniques utilized to determine such fair value.

	March 1,		Fair Value Measurements Using:
	May 31,		Fair Value Measurements Using:
Description	2025		Level 1		Level 2		Level 3
Assets:
Marketable securities	$	86,~~164~~011	$	86,~~164~~011	$	-	$	-
Foreign exchange contract assets		24,~~294~~281		-		24,~~294~~281		-
Interest rate swaps, cash flow hedge assets		38		-		38		-
Liabilities:
Foreign exchange contract liabilities	$	~~2,254~~828	$	-		~~2,254~~828	$	-
Interest rate swaps, cash flow hedge liabilities		~~639~~3,807				~~639~~3,807
Interest rate swaps, fair value hedge liabilities		3026,~~396~~864		-		3026,~~396~~864		-
Net investment hedge liabilities		40100,~~299~~366		-		40100,~~299~~366		-
Holdback liability		32,346		-		-		32,346

	*November 30,*		*Fair Value Measurements Using:*
Description	*2024*		*Level 1*		*Level 2*		*Level 3*
Assets:
Marketable securities	$	8,584	$	8,584	$	-	$	-
Foreign exchange contract assets		2,147		-		2,147		-
Interest rate swaps, cash flow hedge assets		1,781		-		1,781		-

Liabilities:
Foreign exchange contract liabilities	$	7,074	$	-	$	7,074	$	-
Interest rate swaps, cash flow hedge liabilities		265		-		265
Interest rate swaps, fair value hedge liabilities		32,775		-		32,775
Net investment hedge liabilities		51,871		-		51,871		-

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The fair value of the holdback liability related to the acquisition of GEM and Medifill, based on a discounted cash flow model, was $32,346 as of May 31, 2025. Adjustments to the fair value of the holdback are recorded to interest expense in the Statement of Income. See Note 2 for further discussion regarding our acquisitions. The following table provides details of this Level 3 liability.

	*Amounts*
Balance at November 30, 2024	$	-
Initial valuation of holdback liability		28,922
Interest		382
Foreign currency translation adjustment		3,042
Balance at May 31, 2025	$	32,346

Balances Measured at Fair Value on a Nonrecurring Basis

We measure certain assets and liabilities at fair value on a nonrecurring basis. These assets include intangible assets acquired in an acquisition. The identified intangible assets of customer relationships, technology and tradenames acquired in connection with our acquisitions were measured using unobservable (Level 3) inputs. The fair value of the intangible assets was calculated using either the income or cost approach. Significant inputs include estimated revenue growth rates, gross margins, operating expenses, attrition rate, royalty rate and discount rate.

See Note 2 for further discussion regarding our acquisitions.

Balances Disclosed at Fair Value

Long-term debt had an estimated fair value of $1,~~974~~991,~~391~~086 and $2,015,468 as of ~~March~~May 131, 2025 and November 30, 2024, respectively. The fair value of long-term debt is based on quoted market prices for the same or similar issues or on the current rates offered for debt of similar maturities. The estimated fair value of these long-term obligations is not necessarily indicative of the amount that would be realized in a current market exchange.

Note 1213: Commitments and Contingencies

Environmental Matters

We are involved in environmental investigations, clean-up activities and administrative proceedings related to environmental compliance matters at former and current operating facilities. We have also been identified as a potentially responsible party (“PRP”) under the Comprehensive Environmental Response, Compensation and Liability Act (“CERCLA”) and/or similar state laws that impose liability for costs relating to the clean-up of contamination resulting from past spills, disposal or other release of hazardous substances associated with landfills and/or hazardous waste sites. As a PRP, we may be required to pay a share of the costs of investigation and clean-up of these sites. We are subject to similar laws in some of the countries where current and former facilities are located. Our environmental, health and safety department monitors compliance with applicable laws on a global basis. To the extent we can reasonably estimate the amount of our probable liabilities for environmental matters, we establish an undiscounted financial provision. We recorded liabilities of $3,~~280~~309 and $3,445 as of ~~March~~May 131, 2025 and November 30, 2024, respectively, for probable and reasonably estimable environmental remediation costs. Of the amount reserved, $~~970~~936 and $1,055 as of ~~March~~May 131, 2025 and November 30, 2024, respectively, is attributable to a facility we own in Simpsonville, South Carolina that is a designated site under CERCLA.

While uncertainties exist with respect to the amounts and timing of the ultimate environmental liabilities, based on currently available information, we have concluded that these matters, individually or in the aggregate, will not have a material adverse effect on our results of operations, financial condition or cash flow.

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Other Legal Proceedings

From time to time and in the ordinary course of business, we are a party to, or a target of, lawsuits, claims, investigations and proceedings, including product liability, personal injury, contract, patent and intellectual property, environmental, health and safety, tax and employment matters. While we are unable to predict the outcome of these matters, we have concluded, based upon currently available information, that the ultimate resolution of any pending matter, individually or in the aggregate, including the asbestos litigation described in the following paragraphs, will not have a material adverse effect on our results of operations, financial condition or cash flow.

We have been named as a defendant in lawsuits in which plaintiffs have alleged injury due to products containing asbestos manufactured more than 35 years ago. The plaintiffs generally bring these lawsuits against multiple defendants and seek damages (both actual and punitive) in very large amounts. In many cases, plaintiffs are unable to demonstrate that they have suffered any compensable injuries or that the injuries suffered were the result of exposure to products manufactured by us. We are typically dismissed as a defendant in such cases without payment. If the plaintiff presents evidence indicating that compensable injury occurred as a result of exposure to our products, the case is generally settled for an amount that reflects the seriousness of the injury, the length, intensity and character of exposure to products containing asbestos, the number and solvency of other defendants in the case, and the jurisdiction in which the case has been brought.

A significant portion of the defense costs and settlements in asbestos-related litigation is paid by third parties, including indemnification pursuant to the provisions of a 1976 agreement under which we acquired a business from a third party. Currently, this third party is defending and paying settlement amounts, under a reservation of rights, in most of the asbestos cases tendered to the third party.

In addition to the indemnification arrangements with third parties, we have insurance policies that generally provide coverage for asbestos liabilities, including defense costs. Historically, insurers have paid a significant portion of our defense costs and settlements in asbestos-related litigation. However, certain of our insurers are insolvent. We have entered into cost-sharing agreements with our insurers that provide for the allocation of defense costs and settlements and judgments in asbestos-related lawsuits. These agreements require, among other things, that we fund a share of settlements and judgments allocable to years in which the responsible insurer is insolvent.

A summary of the number of and settlement amounts for asbestos-related lawsuits and claims is as follows:

	Three Months Ended				3 Years Ended
	Six Months Ended				3 Years Ended
	March 1, 2025		March 2, 2024		November 30, 2024
	May 31, 2025		June 1, 2024		November 30, 2024
Lawsuits and claims settled		25		47		25
Settlement amounts	$	4234	$	~~705~~1,033	$	5,704
Insurance payments received or expected to be received	$	2154	$	~~519~~730	$	3,418

We do not believe that it would be meaningful to disclose the aggregate number of asbestos-related lawsuits filed against us because relatively few of these lawsuits are known to involve exposure to asbestos-containing products that we manufactured. Rather, we believe it is more meaningful to disclose the number of lawsuits that are settled and result in a payment to the plaintiff. To the extent we can reasonably estimate the amount of our probable liabilities for pending asbestos-related claims, we establish a financial provision and a corresponding receivable for insurance recoveries.

In February 2024, the named plaintiffs in Rouse et al. v. H.B. Fuller Company et al. filed a third amended complaint in their lawsuit against the Company and one of its subsidiaries, which was initiated in September 2022. The suit is pending in the federal District of Minnesota and seeks damages arising from property damage attributed to alleged defects in grout sold by the Company or its affiliates. The named plaintiffs seek to represent a class but have not yet moved for class certification. The Company intends to vigorously defend itself against the claims outlined in this lawsuit. As of ~~March~~May 131, 2025, we are unable to estimate any possible loss or range of possible losses and have not recorded a loss contingency for this matter.

Based on currently available information, we have concluded that the resolution of any pending matter, including asbestos-related litigation, individually or in the aggregate, will not have a material adverse effect on our results of operations, financial condition or cash flow.

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Note 1314: Share Repurchase Program

On April 22, 2022, the Board of Directors authorized a share repurchase program of up to $300,000 of our outstanding common shares for a period of up to five years. Under the program, we are authorized to repurchase shares for cash on the open market, from time to time, in privately negotiated transactions or block transactions, or through an accelerated repurchase agreement. The timing of such repurchases is dependent on price, market conditions and applicable regulatory requirements. Upon repurchasing shares, we reduce our common stock for the par value of the shares with the excess being applied against additional paid-in capital.

During the second ~~first~~ quarter of 2025, we repurchased shares under this program with an aggregate value of $4115,~~153~~777. Of this amount, $~~678~~300 reduced common stock and $4015,~~475~~477 reduced additional paid-in capital. During the ~~There~~six ~~were~~months noended May ~~shares~~31, 2025, we repurchased shares under this program with ~~during~~an aggregate ~~the~~value ~~first~~of ~~quarter~~$56,930. ofOf ~~2024~~this amount, $978 reduced common stock and $55,953 reduced additional paid-in capital.

~~Note~~During the second quarter of 2024, we repurchased shares under this program with an aggregate value of $14:,262. ~~Segments~~Of this amount, $183 reduced common stock and $14,079 reduced additional paid-in capital. During the six months ended June 1, 2024, we repurchased shares under this program with an aggregate value of $14,262. Of this amount, $183 reduced common stock and $14,079 reduced additional paid-in capital.

Note 15: Segments

We are required to report segment information in the same way that we internally organize our business for assessing performance and making decisions regarding allocation of resources. Revenue and operating income of each of our segments are regularly reviewed by our chief operating decision maker to make decisions about resources to be allocated to the segments and assess their performance. Segment operating income is identified as gross profit less SG&A expenses. Corporate expenses, other than those included in Corporate Unallocated, are allocated to each operating segment. Consistent with our internal management reporting, Corporate Unallocated amounts include business acquisition and integration costs, organizational restructuring charges and project costs associated with implementing a global Enterprise Resource Planning (“ERP”) system that we refer to as Project ONE. Corporate assets are not allocated to the operating segments. Inter-segment revenues are recorded at cost plus a markup for administrative costs.

As of November 30, 2024, our three operating segments consisted of Hygiene, Health and Consumable Adhesives, Engineering Adhesives and Construction Adhesives. As of the beginning of fiscal 2025, we reorganized our operating segments by selling our North American Flooring business ("“NA Flooring"”), previously part of the Construction Adhesives operating segment, and combining our Insulated Glass, Woodworking and Composite businesses, previously part of the Engineering Adhesives operating segment, with Construction Adhesives Roofing and Building Envelope and Infrastructure businesses to form the newly named Building Adhesive Solutions operating segment. All financial results related to NA Flooring have been moved to our Corporate Unallocated segment. Prior period segment information has been recast retrospectively to reflect the realignment. Operating results of each of these segments are regularly reviewed by our chief operating decision maker to make decisions about resources to be allocated to the segments and assess their performance.

The table below provides certain information regarding net revenue and operating income (loss) for each of our operating segments.

Three Months Ended

March 1, 2025

March 2, 2024

May 31, 2025

June 1, 2024

Net

Operating

Net

Operating

Revenue

Income (Loss)

Revenue

Income (Loss)

Hygiene, Health and Consumable Adhesives

~~368~~397,~~225~~475

2943,~~949~~401

~~368~~393,~~078~~313

4749,~~393~~840

Engineering Adhesives

~~236~~276,~~758~~418

2846,~~051~~977

~~226~~257,~~075~~613

2538,~~820~~987

Building Adhesive Solutions

~~183~~224,~~680~~202

622,~~577~~114

~~179~~222,~~666~~484

721,~~139~~987

Total segment

~~788~~898,~~663~~095

64112,~~577~~492

~~773~~873,~~819~~410

80110,~~352~~814

Corporate Unallocated

(1812,~~130~~448

)

3643,~~600~~697

(1310,~~477~~218

)

Total

~~788~~898,~~663~~095

46100,~~447~~044

~~810~~917,~~419~~107

66100,~~875~~596

	*Six Months Ended*
	*May 31, 2025*					*June 1, 2024*
	*Net*		*Operating*			*Net*		*Operating*
	*Revenue*		*Income (Loss)*			*Revenue*		*Income (Loss)*
Hygiene, Health and Consumable Adhesives	$	765,700	$	73,349		$	761,391	$	97,233
Engineering Adhesives		513,177		75,028			483,688		64,807
Building Adhesive Solutions		407,881		28,691			402,150		29,126
Total segment	$	1,686,758	$	177,068		$	1,647,229	$	191,166
Corporate Unallocated		-		(30,577	)		80,296		(23,695	)
Total	$	1,686,758	$	146,491		$	1,727,525	$	167,471

The table below provides a reconciliation of operating income to income before income taxes and income from equity method investments:

	Three Months Ended						Six Months Ended
	March 1,			March 2,
	May 31,			June 1,			May 31,			June 1,
	2025			2024			2025			2024
Operating income	$	46100,~~447~~044		$	66100,~~875~~596		$	146,491		$	167,471
Other income, net		37,~~207~~141			13,~~501~~634			10,347			5,135
Interest expense		(3234,~~042~~865	)		(3132,~~901~~314	)		(66,906	)		(64,216	)
Interest income		~~1,100~~854			1,~~307~~199			1,954			2,506
Income before income taxes and income from equity method investments	$	1873,~~712~~174		$	3773,~~782~~115		$	91,886		$	110,896

The table below provides total assets as of November 30, 2024, restated for our new operating segments:

	November 30,
	2024
Hygiene, Health and Consumable Adhesives	$	1,610,902
Engineering Adhesives		1,533,675
Building Adhesive Solutions		1,239,527
Corporate		549,140
Total	$	4,933,244

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We view the following disaggregation of net revenue by geographic region as useful to understanding the composition of revenue recognized during the respective reporting periods:

Three Months Ended March 1, 2025

Three Months Ended May 31, 2025

Hygiene, Health

Building

and Consumable

Engineering

Adhesive

Corporate

Adhesives

Solutions

Unallocated

Total

Americas

~~207~~228,~~354~~018

97119,~~209~~161

95126,~~700~~461

~~400~~473,~~263~~640

EIMEA

~~110~~118,~~767~~238

5061,~~262~~553

7582,~~163~~073

~~236~~261,~~192~~864

Asia Pacific

5051,~~104~~219

8995,~~287~~704

1215,~~817~~668

~~152~~162,~~208~~591

Total

~~368~~397,~~225~~475

~~236~~276,~~758~~418

~~183~~224,~~680~~202

~~788~~898,~~663~~095

Three Months Ended March 2, 2024

Three Months Ended June 1, 2024

Hygiene, Health

Building

and Consumable

Engineering

Adhesive

Corporate

Adhesives

Solutions

Unallocated

Total

Americas

~~217~~227,~~386~~671

88106,~~075~~570

89119,~~240~~975

3643,~~600~~697

~~431~~497,~~301~~913

EIMEA

~~103~~112,~~253~~314

5460,~~533~~354

7686,~~580~~357

~~234~~259,~~366~~025

Asia Pacific

4753,~~439~~328

8390,~~467~~689

1316,~~846~~152

~~144~~160,~~752~~169

Total

~~368~~393,~~078~~313

~~226~~257,~~075~~613

~~179~~222,~~666~~484

3643,~~600~~697

~~810~~917,~~419~~107

Six Months Ended May 31, 2025

Hygiene, Health

Building

and Consumable

Engineering

Adhesive

Corporate

Adhesives

Solutions

Unallocated

Total

Americas

435,372

216,370

222,161

873,903

EIMEA

229,005

111,816

157,236

498,057

Asia Pacific

101,323

184,991

28,484

314,798

Total

765,700

513,177

407,881

1,686,758

	*Six Months Ended June 1, 2024*
	*Hygiene, Health*				*Building*
	*and Consumable*		*Engineering*		*Adhesive*		*Corporate*
	*Adhesives*		*Adhesives*		*Solutions*		*Unallocated*		*Total*

Americas	$	445,057	$	194,646	$	209,215	$	80,296	$	929,214
EIMEA		215,567		114,887		162,937		-		493,391
Asia Pacific		100,767		174,155		29,998		-		304,920
Total	$	761,391	$	483,688	$	402,150	$	80,296	$	1,727,525

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Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations

Overview

The Management’s Discussion and Analysis of Financial Condition and Results of Operations (“MD&A”) should be read in conjunction with the MD&A included in our Annual Report on Form 10-K for the year ended November 30, 2024, for important background information related to our business.

Net revenue in the ~~first~~second quarter of 2025 decreased 2.71 percent from the ~~first~~second quarter of 2024. ~~Net~~The ~~revenue~~decrease was ~~increased~~due to a 1.73 percent ~~due~~decrease toin ~~sales~~acquisitions/divestitures, ~~volume and~~a 01.2 percent decrease due to ~~pricing~~negative ~~but~~currency ~~was~~effects ~~offset~~compared byto athe ~~1.2~~second ~~percent~~quarter ~~decrease~~of ~~due to acquisitions/divestitures~~2024 and a 30.43 percent decrease due to ~~negative~~sales ~~currency~~volume, ~~effect compared~~partially tooffset ~~the~~by ~~first~~a 0.7 percent ~~quarter~~increase ofdue ~~2024.~~to pricing. The negative currency effect was primarily driven by ~~aweaker~~a ~~Euro~~weaker Brazilian real, ~~Egyptian~~Mexican ~~pound~~peso, ~~Brazilian~~Egyptian ~~real~~pound, and ~~Mexican~~Turkish ~~peso~~Lira compared to the U.S. dollar. Gross profit margin ~~decreased~~increased 70110 basis points ~~primarily~~ due to ~~lower~~the ~~revenue,~~impact ~~and~~of ~~higher raw material and manufacturing costs~~acquisitions/divestitures.

Net ~~income~~revenue ~~attributable~~in tothe ~~H.B.~~first six ~~Fuller~~months inof ~~the~~2025 decreased 2.4 percent from the first ~~quarter~~six months of 2024. ~~2025~~The decrease was ~~$13~~due to a 2.2 ~~million~~percent ~~compared~~decrease due to ~~$31.0 million~~negative incurrency ~~the~~effects compared to the first ~~quarter~~six months of 2024 and a 1.2 percent ~~Diluted~~decrease ~~earnings~~in ~~per~~acquisitions/divestitures, ~~share~~partially ~~for~~offset ~~the~~by ~~first~~a 0.5 percent ~~quarter~~increase ~~of 2025~~due ~~was~~to $sales volume and a 0.245 ~~per~~increase ~~share~~due to pricing. The negative currency effect was primarily driven by a weaker Egyptian pound, Brazilian real, Euro, Mexican peso, Turkish lira, and Chinese renminbi compared to $0the U.55S. dollar. Gross profit margin increased 20 ~~per~~basis ~~share~~points due ~~for~~to the ~~first~~impact ~~quarter~~ of ~~2024~~acquisitions/divestitures.

Net income attributable to H.B. Fuller in the second quarter of 2025 was $41.8 million compared to $51.3 million in the second quarter of 2024. Diluted earnings per share for the second quarter of 2025 was $0.76 per share compared to $0.91 per share for the second quarter of 2024.

Net income attributable to H.B. Fuller in the first six months of 2025 was $55.1 million compared to $82.3 million in the first six months of 2024. Diluted earnings per share for the first six months of 2025 was $0.99 per share compared to $1.45 per share for the first six months of 2024.

Restructuring Plans

During the second and third quarters of 2023, the Company approved restructuring plans (the “Plans”) related to organizational changes and other actions to optimize operations and integrate acquired businesses. In implementing the Plans, the Company currently expects to incur costs of approximately $6070.0 million to $6575.0 million ($4047.9 8 million to $4451.32 million after-tax), which include (i) cash expenditures of approximately $3841.0 million to $3942.0 million ($2528.90 million to $2628.6 7 million after tax) for severance and related employee costs globally and (ii) other restructuring costs related to the streamlining of processes and the payment of anticipated income taxes in certain jurisdictions related to the Plans. We have incurred costs of $6166.73 million under the Plans as of ~~March~~May 131, 2025. The Plans were implemented in the second quarter of fiscal year 2023 and are currently expected to be completed during fiscal year 2026. The remaining restructuring costs will be spread across the next several fiscal quarters as the measures are implemented.

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Results of Operations

Net revenue:

	Three Months Ended							Six Months Ended
	March 1,		March 2,		2025 vs
	May 31,		June 1,		2025 vs			May 31,		June 1,		2025 vs
($ in millions)	2025		2024		2024			2025		2024		2024
Net revenue	$	~~788~~898.71	$	~~810~~917.41		(2.71	)%	$	1,686.8	$	1,727.5		(2.4	)%

We review variances in net revenue in terms of changes related to sales volume and product pricing (referred to as organic revenue growth), business acquisitions and divestitures (“M&A”) and changes in foreign currency exchange rates. The following table shows the net revenue variance analysis for the ~~first~~second quarter and first six months of 2025 compared to the ~~first~~second quarter and first six months of 2024:

	Three Months Ended			Six Months Ended
	March 1, 2025 vs. March 2, 2024
	May 31, 2025 vs. June 1, 2024			May 31, 2025 vs. June 1, 2024
Organic growth		10.94	%		1.0	%
M&A		(1.23	)%		(1.2	)%
Currency		(31.42	)%		(2.2	)%
Total		(2.71	)%		(2.4	)%

Organic revenue increased 10.94 percent in the ~~first~~second quarter of 2025 compared to the ~~first~~second quarter of 2024 ~~and consisted of~~driven aby ~~4.2~~a 0.7 percent increase in ~~Hygiene,~~product ~~Health and Consumable Adhesives and a 2.2 percent increase in Building Adhesive Solutions~~pricing, partially offset by a 10.9 3 percent decrease in ~~Engineering Adhesives. The increase was driven by a 1.7 percent increase in~~ sales volume ~~and a 0~~.2 ~~percent increase in product pricing.~~ The 1.23 percent decrease from M&A was due to the sale of our North American Flooring business ("“NA Flooring"”), discussed further in Operating Segment Results below, net of ~~our~~ acquisitions that occurred in the last twelve months. The negative 31.42 percent foreign currency impact was primarily driven by a weaker ~~Euro~~Brazilian real, Mexican peso, Egyptian pound, ~~Brazilian real~~ and ~~Mexican~~Turkish ~~peso~~lira compared to the U.S. dollar.

27 Organic revenue increased 1.0 percent in the first six months of 2025 compared to the first six months of 2024 driven by a 0.5 percent increase in sales volume and a 0.5 percent increase in product pricing. The 1.2 percent decrease from M&A was due to the sale of NA Flooring, net of acquisitions that occurred in the last twelve months. The negative 2.2 percent foreign currency impact was primarily driven by a weaker Egyptian pound, Brazilian real, Euro, and Mexican peso, Turkish lira, and Chinese renminbi compared to the U.S. dollar.

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Cost of sales:

	Three Months Ended									Six Months Ended
	March 1,			March 2,			2025 vs
	May 31,			June 1,			2025 vs			May 31,			June 1,			2025 vs
($ in millions)	2025			2024			2024			2025			2024			2024
Cost of sales	$	~~561~~611.67		$	~~571~~635.21			(13.7	)%	$	1,173.3		$	1,206.2			(2.7	)%
Percent of net revenue		7168.21	%		7069.53	%					69.6	%		69.8	%

Cost of sales as a percentage of net revenue in the ~~first~~second quarter of 2025 compared to the ~~first~~second quarter of 2024 ~~increased~~decreased 70120 basis points. Raw material cost as a percentage of net revenue ~~increased~~decreased 50 70 basis points in 2025 compared to 2024 due to the impact of acquisitions/divestitures and other manufacturing ~~cost~~ costs as a percentage of net revenue ~~increased~~decreased 20 50 basis points in 2025 compared to 2024.

Cost of sales as a percentage of net revenue in the first six months of 2025 compared to the first six months of 2024 decreased 20 basis points. Raw material cost as a percentage of net revenue decreased 10 basis points in 2025 compared to 2024 and other manufacturing costs as a percentage of net revenue decreased 10 basis points in 2025 compared to 2024.

Gross profit:

	Three Months Ended									Six Months Ended
	March 1,			March 2,			2025 vs
	May 31,			June 1,			2025 vs			May 31,			June 1,			2025 vs
($ in millions)	2025			2024			2024			2025			2024			2024
Gross profit	$	~~227~~286.14		$	~~239~~282.21			~~(5.~~1.5	)%	$	513.5		$	521.3			(1.5	)%
Percent of net revenue		2831.89	%		2930.58	%					30.4	%		30.2	%

Gross profit in the ~~first~~second quarter of 2025 ~~decreased~~increased 5.1.5 percent and gross profit margin ~~decreased~~increased 70110 basis points compared to the ~~first~~second quarter of 2024. The ~~decrease~~increase in gross profit margin was due to ~~higher~~the ~~raw~~impact ~~material and~~of ~~other manufacturing costs~~acquisitions/divestitures.

Gross profit in the first six months of 2025 decreased 1.5 percent and gross profit margin increased 20 basis points compared to the first six months of 2024.

Selling, general and administrative (SG&A) expenses:

	Three Months Ended									Six Months Ended
	March 1,			March 2,			2025 vs
	May 31,			June 1,			2025 vs			May 31,			June 1,			2025 vs
($ in millions)	2025			2024			2024			2025			2024			2024
SG&A	$	~~180~~186.63		$	~~172~~181.45			42.86	%	$	367.0		$	353.8			3.7	%
Percent of net revenue		2220.97	%		2119.38	%					21.8	%		20.5	%

SG&A expenses for the ~~first~~second quarter of 2025 compared to the ~~first~~second quarter of 2024 increased ~~160~~90 basis points as a percentage of net revenue. The increase was due to the impact of acquisitions~~, net of the sale of NA Flooring, and higher compensation costs~~/divestitures.

28 SG&A expenses for the first six months of 2025 compared to the first six months of 2024 increased 130 basis points as a percentage of net revenue. The increase was due to the impact of acquisitions/divestitures and higher compensation costs.

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Other income, net:

	Three Months Ended							Six Months Ended
	March 1,		March 2,		2025 vs
	May 31,		June 1,		2025 vs			May 31,		June 1,		2025 vs
($ in millions)	2025		2024		2024			2025		2024		2024
Other income, net	$	37.21	$	13.56		~~113~~97.32	%	$	10.3	$	5.1		102.0	%

Other income, net in the ~~first~~second quarter of 2025 included $5.7 million of net defined benefit pension benefits and $01.64 million of currency transaction gains~~, partially offset by a $1~~.5 ~~million loss on the sale of our North American Flooring business ("NA Flooring") and $1.6 million of other expense.~~ Other income, net in the ~~first~~second quarter of 2024 included $4.0 million of net defined benefit pension benefits, partially offset by $20.13 million of currency transaction losses and a $0.41 million ~~loss~~of ~~from~~other ~~the write-off a cost method investment~~expense.

Other income, net in the first six months of 2025 included $11.4 million of net defined benefit pension benefits and $2.0 million of currency transaction gains, partially offset by a $1.5 million loss on the sale of our NA Flooring business and $1.6 million of other expense. Other income, net in the first six months of 2024 included $7.9 million of net defined benefit pension benefits, partially offset by $2.3 million of currency transaction losses, a $0.4 million loss from the write-off of a cost method investment and $0.1 million of other expense.

Interest expense:

	Three Months Ended							Six Months Ended
	March 1,		March 2,		2025 vs
	May 31,		June 1,		2025 vs			May 31,		June 1,		2025 vs
($ in millions)	2025		2024		2024			2025		2024		2024
Interest expense	$	3234.09	$	3132.93		08.30	%	$	66.9	$	64.2		4.2	%

Interest expense in the ~~first~~second quarter of 2025 was $3234.09 million compared to $3132.93 million in the ~~first~~second quarter of 2024 due to higher debt levels.

29 Interest expense in the first six months of 2025 was $66.9 million compared to $64.2 million in the first six months of 2024 due to higher debt levels.

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Interest income:

	Three Months Ended							Six Months Ended
	March 1,		March 2,		2025 vs
	May 31,		June 1,		2025 vs			May 31,		June 1,		2025 vs
($ in millions)	2025		2024		2024			2025		2024		2024
Interest income	$	10.19	$	1.32		(1525.40	)%	$	2.0	$	2.5		(20.0	)%

Interest income in the ~~first~~second quarter of 2025 and 2024 was $10.19 million and $1.32 million, respectively, consisting primarily of interest on cross-currency swap activity and other miscellaneous interest income.

Interest income in the first six months of 2025 and 2024 was $2.0 million and $2.5 million, respectively, consisting primarily of interest on cross-currency swap activity and other miscellaneous interest income.

Income taxes:

	Three Months Ended									Six Months Ended
	March 1,			March 2,			2025 vs
	May 31,			June 1,			2025 vs			May 31,			June 1,			2025 vs
($ in millions)	2025			2024			2024			2025			2024			2024
Income taxes	$	532.97		$	722.84			~~(24~~46.40	)%	$	38.7		$	30.2			28.1	%
Effective tax rate		3144.87	%		2030.7	%					42.1	%		27.3	%

Income tax expense of $532.97 million in the ~~first~~second quarter of 2025 includes $014.90 million of discrete tax expense. Excluding the discrete tax expense, the overall effective tax rate was 2625.57 percent. The discrete tax expense relates to the impact of withholding tax recorded on earnings that are no longer permanently reinvested as well as other various U.S. and foreign tax matters. Income tax expense of $722.84 million in the ~~first~~second quarter of 2024 includes $21.53 million of discrete tax ~~benefit~~expense. Excluding the discrete tax ~~benefit~~expense, the overall effective tax rate was 2728.49 percent. The discrete tax ~~benefit~~ expense related to various foreign tax matters, asoffset ~~well~~ by an excess tax benefit related to U.S. stock compensation.

Income tax expense of $38.7 million in the first six months of 2025 includes $15.0 million of discrete tax expense. Excluding the discrete tax expense, the overall effective tax rate was 25.8 percent. The discrete tax expense relates to the impact of withholding tax recorded on earnings that are no longer permanently reinvested as well as other various U.S. and foreign tax matters. Income tax expense of $30 .2 million in the first six months of 2024 includes $1.2 million of discrete tax benefit. Excluding the discrete tax benefit, the overall effective tax rate was 28.4 percent. The discrete tax benefit related to an excess tax benefit related to U.S. stock compensation offset by various foreign tax matters.

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Income from equity method investments:

	Three Months Ended							Six Months Ended
	March 1,		March 2,		2025 vs
	May 31,		June 1,		2025 vs			May 31,		June 1,		2025 vs
($ in millions)	2025		2024		2024			2025		2024		2024
Income from equity method investments	$	01.54	$	1.0.6		~~(50~~133.03	)%	$	1.9	$	1.6		18.8	%

The income from equity method investments relates to our 50 percent ownership of the Sekisui-Fuller joint venture in Japan. The ~~lower~~ higher income for the ~~first~~second quarter of 2025 compared to the ~~first~~second quarter of 2024 is due to ~~lower~~higher net income in our joint venture during the quarter compared to the prior year and the impact of the ~~weakening~~strengthening of the Japanese yen compared to the U.S. dollar.

The income from equity method investments relates to our 50 percent ownership of the Sekisui-Fuller joint venture in Japan. The higher income for the first six months of 2025 compared to the first six months of 2024 is due to higher net income in our joint venture compared to the prior year and the impact of the strengthening of the Japanese yen compared to the U.S. dollar.

Net income attributable to H.B. Fuller:

	Three Months Ended									Six Months Ended
	March 1,			March 2,			2025 vs
	May 31,			June 1,			2025 vs			May 31,			June 1,			2025 vs
($ in millions)	2025			2024			2024			2025			2024			2024
Net income attributable to H.B. Fuller	$	1341.28		$	3151.03			(5718.45	)%	$	55.1		$	82.3			(33.0	)%
Percent of net revenue		14.7	%		35.86	%					3.3	%		4.8	%

The net income attributable to H.B. Fuller ~~for~~ in the ~~first~~second quarter of 2025 was $1341.28 million compared to $3151.03 million ~~for~~in the ~~first~~second quarter of 2024. The diluted earnings per share ~~for~~in the ~~first~~second quarter of 2025 was $0.2476 per share as compared to $0.5591 per share ~~for~~in the ~~first~~second quarter of 2024.

The net income attributable to H.B. Fuller in the first six months of 2025 was $55.1 million compared to $82.3 million in the first six months of 2024. The diluted earnings per share in the first six months of 2025 was $0.99 per share as compared to $1.45 per share in the first six months of 2024.

Operating Segment Results

As of November 30, 2024, our three operating segments consisted of Hygiene, Health and Consumable Adhesives, Engineering Adhesives and Construction Adhesives. As of the beginning of fiscal 2025, we reorganized our operating segments by selling our NA Flooring business, previously part of the Construction Adhesives operating segment, and combining our Insulated Glass, Woodworking and Composite businesses, previously part of the Engineering Adhesives operating segment, with Construction Adhesives Roofing and Building Envelope and Infrastructure businesses to form the newly named Building Adhesive Solutions operating segment. All financial results related to NA Flooring have been moved to our Corporate Unallocated segment. Prior period segment information has been recast retrospectively to reflect the realignment.

The tables below provide certain information regarding the net revenue and operating income of each of our operating segments.

Corporate Unallocated amounts include business acquisition and integration costs, organizational restructuring charges and project costs associated with implementing a global Enterprise Resource Planning (“ERP”) system that we refer to as Project ONE. As a result of the change in operating segments and the sale of our NA Flooring business, we have retrospectively moved the results of our Flooring business to Corporate Unallocated for prior periods.

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Net Revenue by Segment:

	Three Months Ended										Six Months Ended
	March 1, 2025					March 2, 2024
	May 31, 2025					June 1, 2024					May 31, 2025					June 1, 2024
	Net		% of			Net		% of			Net		% of			Net		% of
($ in millions)	Revenue		Total			Revenue		Total			Revenue		Total			Revenue		Total
Hygiene, Health and Consumable Adhesives	$	~~368~~397.25		4744	%	$	~~368~~393.13		4543	%	$	765.7		46	%	$	761.4		44	%
Engineering Adhesives		~~236~~276.84		3031	%		~~226~~257.06		28	%		513.2		30	%		483.7		28	%
Building Adhesive Solutions		~~183~~224.72		2325	%		~~179~~222.75		2224	%		407.9		24	%		402.1		23	%
Segment total	$	~~788~~898.71		100	%	$	~~773~~873.84		95	%	$	1,686.8		100	%	$	1,647.2		95	%
Corporate Unallocated		-		-			3643.67		5	%		-		-			80.3		5	%
Total	$	~~788~~898.71		100	%	$	~~810~~917.41		100	%	$	1,686.8		100	%	$	1,727.5		100	%

Segment Operating Income (Loss):

	Three Months Ended												Six Months Ended
	March 1, 2025						March 2, 2024
	May 31, 2025						June 1, 2024						May 31, 2025						June 1, 2024
	Segment						Segment						Segment						Segment
	Operating						Operating						Operating						Operating
	Income			% of			Income			% of			Income			% of			Income			% of
($ in millions)	(Loss)			Total			(Loss)			Total			(Loss)			Total			(Loss)			Total
Hygiene, Health and Consumable Adhesives	$	2943.94			6443	%	$	4749.48			7149	%	$	73.4			50	%	$	97.2			58	%
Engineering Adhesives		2846.09			6047	%		2539.80			39	%		75.0			51	%		64.8			39	%
Building Adhesive Solutions		622.61			1422	%		722.20			1022	%		28.7			20	%		29.1			17	%
Segment total	$	64112.54			~~138~~112	%	$	80110.48			~~120~~110	%	$	177.1			121	%	$	191.1			114	%
Corporate Unallocated		(1812.14	)		(3812	)%		(1310.52	)		(2010	)%		(30.6	)		(21	)%		(23.6	)		(14	)%
Total	$	46100.40			100	%	$	66100.96			100	%	$	146.5			100	%	$	167.5			100	%

Hygiene, Health and Consumable Adhesives

	Three Months Ended									Six Months Ended
	March 1,			March 2,			2025 vs
	May 31,			June 1,			2025 vs			May 31,			June 1,			2025 vs
($ in millions)	2025			2024			2024			2025			2024			2024
Net revenue	$	~~368~~397.25		$	~~368~~393.13			01.01	%	$	765.7		$	761.4			0.6	%
Segment operating income	$	2943.94		$	4749.48			(3612.9	)%	$	73.4		$	97.2			(24.5	)%
Segment operating margin		810.19	%		12.97	%					9.6	%		12.8	%

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The following table provides details of the Hygiene, Health and Consumable Adhesives net revenue variances:

	Three Months Ended			Six Months Ended
	March 1, 2025 vs. March 2, 2024
	May 31, 2025 vs. June 1, 2024			May 31, 2025 vs. June 1, 2024
Organic growth		41.28	%		2.9	%
M&A		01.84	%		1.2	%
Currency		(52.01	)%		(3.5	)%
Total		01.01	%		0.6	%

Net revenue ~~was~~increased 1.1 ~~flat~~percent in the ~~first~~second quarter of 2025 compared to the ~~first~~second quarter of 2024. Organic growth increased due to an increase in both product pricing and sales volume. The 1.4 percent increase in net revenue from M&A was due to the acquisitions of GEM and Medifill in ~~product~~the ~~pricing.~~first quarter of 2025. The negative currency effect was due to a weaker ~~Egyptian~~Brazilian ~~pound~~real, ~~Brazilian~~Mexican ~~real~~peso, ~~Euro~~ and ~~Mexican~~Egyptian ~~peso~~pound compared to the U.S. dollar. As a percentage of net revenue, raw material costs increased ~~330~~100 basis points due to higher raw material costs, partially offset by the impact of acquisitions. Other manufacturing costs as a percentage of net revenue ~~increased 80~~was ~~basis~~flat ~~points~~compared ~~due~~ to ~~higher~~the ~~compensation~~prior ~~and delivery costs~~year. SG&A expenses as a percentage of net revenue increased 7080 basis points due to higher compensation costs. Segment operating income decreased 3612.9 percent and segment operating margin as a percentage of net revenue decreased ~~480~~180 basis points compared to the ~~first~~second quarter of 2024.

33 Net revenue increased 0.6 percent in the first six months of 2025 compared to the first six months of 2024. Organic growth increased due to an increase in product pricing and sales volume. The 1.2 percent increase in net revenue from M&A was due to the acquisitions of GEM and Medifill in the first quarter of 2025. The negative currency effect was due to a weaker Egyptian pound, Brazilian real, Mexican peso, and Euro compared to the U.S. dollar. As a percentage of net revenue, raw material costs increased 210 basis points due to higher raw material costs, partially offset by the impact of acquisitions. Other manufacturing costs as a percentage of net revenue increased 30 basis points due to higher compensation and delivery costs. SG&A expenses as a percentage of net revenue increased 80 basis points due to higher compensation costs. Segment operating income decreased 24.5 percent and segment operating margin as a percentage of net revenue decreased 320 basis points compared to the first six months of 2024.

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Engineering Adhesives

	Three Months Ended									Six Months Ended
	March 1,			March 2,			2025 vs
	May 31,			June 1,			2025 vs			May 31,			June 1,			2025 vs
($ in millions)	2025			2024			2024			2025			2024			2024
Net revenue	$	~~236~~276.84		$	~~226~~257.06			4.7.3	%	$	513.2		$	483.7			6.1	%
Segment operating income	$	2846.09		$	2539.80			820.53	%	$	75.0		$	64.8			15.7	%
Segment operating margin		1117.80	%		1115.41	%					14.6	%		13.4	%

The following tables provide details of the Engineering Adhesives net revenue variances:

	Three Months Ended			Six Months Ended
	March 1, 2025 vs. March 2, 2024
	May 31, 2025 vs. June 1, 2024			May 31, 2025 vs. June 1, 2024
Organic growth		(10.94	)%		(1.0	)%
M&A		8.74	%		8.5	%
Currency		(20.17	)%		(1.4	)%
Total		4.7.3	%		6.1	%

Net revenue increased 4.7.3 percent in the ~~first~~second quarter of 2025 compared to the ~~first~~second quarter of 2024. Organic growth decreased due to a decrease in ~~both~~ sales volume ~~and in product pricing~~. The 8.74 percent increase in net revenue from M&A was due to the acquisition of ND Industries ~~in the second quarter of 2024~~. The negative currency effect was due to a weaker ~~Euro~~ Mexican peso and Chinese renminbi compared to the U.S. dollar. As a percentage of net revenue, raw material costs decreased ~~360~~330 basis points primarily due to ~~lower raw material costs and~~ the impact of acquisitions. Other manufacturing costs as a percentage of net revenue increased ~~110~~70 basis points due to the impact of lower ~~product pricing and~~ sales volume asoffset ~~well~~by as the impact of acquisitions. SG&A expenses as a percentage of net revenue increased ~~210~~70 basis points primarily due to higher compensation. Segment operating income increased 820.53 percent and segment operating margin increased 40190 basis points compared to the ~~first~~second quarter of 2024.

Net revenue increased 6.1 percent in the first six months of 2025 compared to the first six months of 2024. Organic growth decreased due to a decrease in sales volume. The 8.5 percent increase in net revenue from M&A was due to the acquisition of ND Industries. The negative currency effect was due to a weaker Chinese renminbi and Euro compared to the U.S. dollar. As a percentage of net revenue, raw material costs decreased 350 basis points due to lower raw material costs and the impact of acquisitions. Other manufacturing costs as a percentage of net revenue increased 90 basis points due to the impact of lower sales volume offset by acquisitions. SG&A expenses as a percentage of net revenue increased 140 basis points primarily due to higher compensation. Segment operating income increased 15.7 percent and segment operating margin increased 120 basis points compared to the first six months of 2024.

Building Adhesive Solutions

	Three Months Ended									Six Months Ended
	March 1,			March 2,			2025 vs
	May 31,			June 1,			2025 vs			May 31,			June 1,			2025 vs
($ in millions)	2025			2024			2024			2025			2024			2024
Net revenue	$	~~183~~224.72		$	~~179~~222.75			20.28	%	$	407.9		$	402.1			1.4	%
Segment operating income	$	622.61		$	722.20			(80.35	)%	$	28.7		$	29.1			(1.4	)%
Segment operating margin		39.69	%		49.09	%					7.0	%		7.2	%

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The following tables provide details of the Building Adhesive Solutions net revenue variances:

	Three Months Ended			Six Months Ended
	March 1, 2025 vs. March 2, 2024
	May 31, 2025 vs. June 1, 2024			May 31, 2025 vs. June 1, 2024
Organic growth		2(0.29	)%		0.5	%
M&A		2.42	%		2.3	%
Currency		(20.45	)%		(1.4	)%
Total		20.28	%		1.4	%

Net revenue increased 20.28 percent in the ~~first~~second quarter of 2025 compared to the ~~first~~second quarter of 2024. Organic growth ~~increased~~decreased due to ana decrease ~~increase~~ in sales volume, partially offset by aan ~~decrease~~increase in product pricing. The 2.42 percent increase in net revenue from M&A was due to the acquisition of HS Butyl in the third quarter of 2024. The negative currency effect was due to a weaker ~~Euro~~ Turkish lira and Australian dollar, partially offset by a stronger British Pound sterling compared to the U.S. dollar. As a percentage of net revenue, raw material costs decreased 2060 basis points due to lower raw materials costs. Other manufacturing costs as a percentage of net revenue ~~was flat compared to the~~were ~~first quarter of 2024~~flat. SG&A expenses as a percentage of net revenue increased 60 basis points due to higher compensation. Segment operating income ~~decreased~~increased 80.35 percent and segment operating margin ~~decreased~~was ~~40 basis points compared to the first quarter of 2024~~flat.

Net revenue increased 1.4 percent in the first six months of 2025 compared to the first six months of 2024. Organic growth increased due to an increase in sales volume. The 2.3 percent increase in net revenue from M&A was due to the acquisition of HS Butyl in the third quarter of 2024. The negative currency effect was due to a weaker Euro compared to the U.S. dollar. As a percentage of net revenue, raw material costs decreased 50 basis points due to lower raw material costs. Other manufacturing costs as a percentage of net revenue was flat. SG&A expenses as a percentage of net revenue increased 70 basis points due to higher compensation. Segment operating income decreased 1.4 percent and segment operating margin decreased 20 basis points compared to the first six months of 2024.

Corporate Unallocated

	Three Months Ended									Six Months Ended
	March 1,			March 2,			2025 vs
	May 31,			June 1,			2025 vs			May 31,			June 1,			2025 vs
($ in millions)	2025			2024			2024			2025			2024			2024
Net revenue	$	-		$	3643.67			(100.0	)%	$	-		$	80.3			(100.0	)%
Segment operating loss	$	(1812.14	)	$	(1310.52	)		3421.16	%	$	(30.6	)	$	(23.6	)		29.7	%
Segment operating margin	NMP			~~-36.9~~	-23.4	%				NMP			-29.4		%

NMP = Non-meaningful percentage

Segment operating loss in the ~~first~~second quarter of 2025 ~~decreased~~increased 3421.16 percent compared to the ~~first~~second quarter of 2024 due to ~~due~~ to the inclusion of the NA Flooring business results in 2024.

35 Segment operating loss in the first six months of 2025 increased 29.7 percent compared to the first six months of 2024 due to the inclusion of the NA Flooring business results in 2024.

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Financial Condition, Liquidity and Capital Resources

Total cash and cash equivalents as of ~~March~~May 131, 2025 were $~~105~~96.78 million compared to $169.4 million as of November 30, 2024 and $~~165~~114.28 million as of ~~March~~June 21, 2024. The majority of the $~~105~~96.78 million in cash and cash equivalents as of ~~March~~May 131, 2025 was held outside the United States. Total long and short-term debt was $2,~~180~~112.04 million as of ~~March~~May 131, 2025, $2,010.6 million as of November 30, 2024 and $12,~~830~~024.89 million as of ~~March~~June 21, 2024. The total debt to total capital ratio as measured by total debt divided by total debt plus total stockholders’ equity was 5553.10 percent as of ~~March~~May 131, 2025 as compared to 50.8 percent as of November 30, 2024 and 5053.90 percent as of ~~March~~June 21, 2024.

We believe that cash flows from operating activities will be adequate to meet our short-term and long-term liquidity and capital expenditure needs. In addition, we believe we have the ability to obtain both short-term and long-term debt to meet our financing needs for the foreseeable future. Cash available in the United States has historically been sufficient and we expect it will continue to be sufficient to fund U.S. operations, U.S. capital spending and U.S. pension and other postretirement benefit contributions in addition to funding U.S. acquisitions, dividend payments, debt service and share repurchases as needed. For those international earnings considered to be reinvested indefinitely, we currently have no intention to, and plans do not indicate a need to, repatriate these funds for U.S. operations.

Our credit agreements include restrictive covenants that, if not met, could lead to a renegotiation of our credit lines and a significant increase in our cost of financing. As of ~~March~~May 131, 2025, we were in compliance with all covenants of our contractual obligations as shown in the following table:

Covenant	Debt Instrument	Measurement	Result as of ~~March~~May 131, 2025
Secured Total Indebtedness / TTM1 EBITDA	Revolving Facility and Term Loan A Facility	Not greater than 4.502	2.65
TTM1 EBITDA / Consolidated Interest Expense	Revolving Facility and Term Loan A Facility	Not less than 2.0	4.8

¹ TTM = Trailing 12 months

EBITDA for covenant purposes is defined as consolidated net income, plus (i) interest expense, (ii) expense for taxes paid or accrued, (iii) depreciation and amortization, (iv) certain non-cash impairment losses, (v) extraordinary non-cash losses incurred other than in the ordinary course of business, (vi) nonrecurring extraordinary non-cash restructuring charges and the non-cash impact of purchase accounting, (vii) any non-cash charge for the excess of rent expense over actual cash rent paid due to the use of straight-line rent, non-cash charge pursuant to any management equity plan, stock option plan or any other management or employee benefit, (viii) any non-cash finance charges in respect of any pension liabilities or other provisions and income (loss) attributable to deferred compensation plans, (ix) any non-recurring or unusual cash restructuring charges and operating improvements, (x) cost savings initiative and cost synergies related to acquisitions within 12 months, (xi) non-capitalized charges relating to the Company’s SAP implementation, (xii) fees, costs, expenses and charges incurred in connection with the financing, (xiii) fees, costs, expenses, make-whole or penalty payments and other similar items arising out of acquisitions, investments and dispositions, the incurrence, issuance, repayment or refinancing of indebtedness and any issuance of equity interests; minus, non-recurring or unusual non-cash gains incurred not in the ordinary course of business. Provided that the aggregate amounts that may be added back for any period pursuant to clauses (ix), (x) and (xi) shall not exceed 15% of EBITDA for such period (calculated prior to giving effect to all addbacks and adjustments). For Secured Total Indebtedness / TTM EBITDA ratio, TTM EBITDA is adjusted for the pro forma results from Material Acquisitions and Material Divestitures, both as defined in the Second Amended and Restated Credit Agreement, as if the acquisition or divestiture occurred at the beginning of the calculation period. The full definition is set forth in the Second Amended and Restated Credit Agreement filed as an exhibit to the Company's 8-K filing dated February 21, 2023.

Consolidated Interest Expense for covenant purposes is defined as the interest expense (including without limitation to the portion of capital lease obligations that constitutes imputed interest in accordance with GAAP) of the Company and its subsidiaries calculated on a consolidated basis for such period with respect to all outstanding indebtedness allocable to such period in accordance with GAAP, including net costs (or benefits) under Interest Rate Swap Agreements and commissions, discounts and other fees and charges with respect to letters of credit and the interest component of all Attributable Receivables Indebtedness.

We believe we have the ability to meet all of our contractual obligations and commitments for the next twelve months.

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Selected Metrics of Liquidity

Key metrics we monitor are net working capital as a percent of annualized net revenue, trade receivable days sales outstanding (“DSO”), inventory days on hand, trade accounts payable outstanding ("DPO") free cash flow after dividends and debt capitalization ratio.

	March 1,			March 2,
	May 31,			June 1,
	2025			2024
Net working capital as a percentage of annualized net revenue1		1716.26	%		1716.12	%
Accounts receivable DSO (in days)2		6159			5957
Inventory days on hand (in days)3		7977			8274
Trade accounts payable DPO (in days)4		7372			7368
Free cash flow5	$	(856.97	)	$	438.18
Total debt to total capital ratio6		5553.10	%		5053.90	%

¹Current quarter net working capital (trade receivables, net of allowance for doubtful accounts plus inventory minus trade payables) divided by annualized net revenue (current quarter multiplied by four).

²Trade receivables net of the allowance for doubtful accounts at the balance sheet date multiplied by 91 (13 weeks) and divided by the net revenue for the quarter.

³Total inventory multiplied by 91 (13 weeks) and divided by cost of sales (excluding delivery costs) for the quarter.

⁴Trade accounts payable multiplied by 91 (13 weeks) and divided by the net revenue for the quarter.

⁵ Year-to-date net cash provided by operating activities, less purchased property, plant and equipment. See reconciliation of net cash provided by operating activities to free cash flow.

⁶ Total debt divided by (total debt plus total stockholders’ equity).

Free cash flow, a non-GAAP financial measure, is defined as net cash provided by operating activities less purchased property, plant and equipment. Free cash flow is an integral financial measure used by the Company to assess its ability to generate cash in excess of its operating needs, therefore, the Company believes this financial measure provides useful information to investors. The following table reflects the manner in which free cash flow is determined and provides a reconciliation of free cash flow to net cash provided by operating activities, the most directly comparable financial measure calculated and reported in accordance with U.S. GAAP.

Reconciliation of "Net cash provided by operating activities" to free cash flow

	Three Months Ended
	Six Months Ended
($ in millions)	~~March~~May 131, 2025			~~March~~June 21, 2024
Net cash provided by operating activities	$	~~(52~~57.98	)	$	47129.40
Less: Purchased property, plant and equipment		3364.05			4390.32
Free cash flow	$	(856.97	)	$	438.18

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Summary of Cash Flows

Cash Flows from Operating Activities:

	Three Months Ended
	Six Months Ended
	March 1,			March 2,
	May 31,			June 1,
($ in millions)	2025			2024
Net cash provided by operating activities	$	~~(52~~57.98	)	$	47129.40

Net income including non-controlling interest was $1355.31 million in the first ~~three~~six months of 2025 compared to $3182.03 million in the first ~~three~~six months of 2024. Depreciation and amortization expense totaled $4287.63 million in the first ~~three~~six months of 2025 compared to $4384.57 million in the first ~~three~~six months of 2024. Deferred income taxes was a ~~source~~ use of cash of $514.81 million in the first ~~three~~six months of 2025 compared to ~~a use of cash of~~ $524.71 million in the first ~~three~~six months of 2024. Accrued compensation was a use of cash of $3723.95 million in 2025 compared to $3116.94 million in 2024. Other assets was a use of cash of $04.31 million in the first ~~three~~six months of 2025 compared to $922.13 million in the first ~~three~~six months of 2024. Other liabilities was a ~~use~~source of cash of $024.38 million in the first ~~three~~six months of 2025 compared to a use of cash of $01.48 million in the first ~~three~~six months of 2024.

Changes in net working capital (trade receivables, inventory and trade payables) accounted for a use of cash of $2757.5 million compared to a source of cash of $344.39 million last year. The table below provides the cash flow impact due to changes in the components of net working capital and an assessment of each of the components:

	Three Months Ended
	Six Months Ended
	March 1,			March 2,
	May 31,			June 1,
($ in millions)	2025			2024
Trade receivables, net	$	13(28.9	)	$	5622.96
Inventory		(2740.12	)		(5056.25	)
Trade payables		~~(14~~11.36	)		2738.68
Total cash flow impact	$	(2757.5	)	$	344.39

● Trade receivables, net – Trade receivables, net was a ~~source~~use of cash of $1328.9 million and a source of cash of $5622.96 million in the first ~~three~~six months of 2025 and 2024, respectively. The ~~lower~~use ~~source~~ of cash in 2025 compared to source of cash in 2024 was due to less cash collected on trade receivables in the current year compared to the prior year. The DSO were 6159 days at ~~March~~May 131, 2025 and 5957 days at ~~March~~June 21, 2024.

● Inventory – Inventory was a use of cash of $2740.12 million and $5056.25 million in the first ~~three~~six months of 2025 and 2024, respectively. The lower use of cash in 2025 compared to 2024 was due to lower inventory purchases in 2025 compared to 2024. Inventory days on hand were 7977 days as of ~~March~~May 131, 2025 and 8274 days as of ~~March~~June 21, 2024.

● Trade payables – Trade payables was a ~~use~~source of cash of $1411.36 million and ~~a source of cash of~~ $2738.68 million in the first ~~three~~six months of 2025 and 2024, respectively. The ~~use~~lower source of cash in 2025 compared to ~~source of cash in~~ 2024 reflects higher payments on trade payables in the current year compared to the prior year. Days payable outstanding were 7372 days as of ~~March~~May 131, 2025 and ~~March~~68 2days as of June 1, 2024.

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Cash Flows from Investing Activities:

	Three Months Ended
	Six Months Ended
	March 1,			March 2,
	May 31,			June 1,
($ in millions)	2025			2024
Net cash used in investing activities	$	(~~121~~152.40	)	$	(42343.78	)

Purchases of property, plant and equipment were $3364.05 million during the first ~~three~~six months of 2025 compared to $4390.32 million for the same period of 2024. This difference reflects the timing of capital projects and expenditures related to growth initiatives.

During the first ~~three~~six months of 2025, we paid $162.0 million of cash for business acquisitions. Additionally, we received $75.8 million in cash related to the sale of our NA Flooring business. During the first six months of 2024, we paid $254.3 million of cash for business acquisitions.

Cash Flows from Financing Activities:

	Three Months Ended
	Six Months Ended
	March 1,		March 2,
	May 31,		June 1,
($ in millions)	2025		2024
Net cash (used in) provided by financing activities	$	111.4	$	(16.9	)
Net cash provided by financing activities	$	12.5	$	160.8

In the first ~~three~~six months of 2025, borrowings on our revolving credit facility were $~~526~~784.39 million and repayments on our revolving credit facility and our long-term debt totaled $~~359~~687.58 million. These borrowings are for general working capital purposes and permitted acquisitions. Borrowings on our revolving credit facility were $~~195~~1,497.0 and repayments on our revolving credit facility and our long-term debt totaled $~~203~~1,305.35 million in the first ~~three~~six months of 2024. Net payments of notes payable were a use of cash of $0.26 million in the first ~~three~~six months of 2025 compared to $0.34 million in the same period of 2024. Cash dividends paid were $1224.29 million in the first ~~three~~six months of 2025 compared to $1123.23 million in the same period of 2024. Repurchases of common stock were $4460.47 million in the first ~~three~~six months of 2025 compared to $621.28 million in the same period of 2024.

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Forward-Looking Statements and Risk Factors

The Private Securities Litigation Reform Act of 1995 provides a safe harbor for forward-looking statements. This Quarterly Report on Form 10-Q contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements may be identified by the use of words like "plan," "expect," "aim," "believe," "project," "anticipate," "intend," "estimate," "will," "should," "could" (including the negative or variations thereof) and other expressions that indicate future events and trends. These plans and expectations are based upon certain underlying assumptions, including those mentioned with the specific statements. Such assumptions are in turn based upon internal estimates and analyses of current market conditions and trends, our plans and strategies, economic conditions and other factors. These plans and expectations and the assumptions underlying them are necessarily subject to risks and uncertainties inherent in projecting future conditions and results. Actual results could differ materially from expectations expressed in the forward-looking statements if one or more of the underlying assumptions and expectations proves to be inaccurate or is unrealized. In addition to the factors described in this report, Item 1A. Risk Factors identifies some of the important factors that could cause our actual results to differ materially from those in any such forward-looking statements. In order to comply with the terms of the safe harbor, we have identified these important factors which could affect our financial performance and could cause our actual results for future periods to differ materially from the anticipated results or other expectations expressed in the forward-looking statements. These factors should be considered, together with any similar risk factors or other cautionary language that may be made elsewhere in this Quarterly Report on Form 10-Q.

The list of important factors in Item 1A. Risk Factors does not necessarily present the risk factors in order of importance. This disclosure, including that under Forward-Looking Statements and Risk Factors, and other forward-looking statements and related disclosures made by us in this report and elsewhere from time to time, represents our best judgment as of the date the information is given. We do not undertake responsibility for updating any of such information, whether as a result of new information, future events, or otherwise, except as required by law. Investors are advised, however, to consult any further public company disclosures (such as in filings with the SEC or in our press releases) on related subjects.

Item 3. Quantitative and Qualitative Disclosures about Market Risk

We are exposed to various market risks, including changes in interest rates, foreign currency rates and prices of raw materials. Market risk is the potential loss arising from adverse changes in market rates and prices, such as interest rates and foreign currency exchange rates. See Part II, Item 7A in our Annual Report on Form 10-K for the year ended November 30, 2024 for further discussion of these market risks. There have been no material changes in the reported market risk of the Company since November 30, 2024.

Item 4. Controls and Procedures

Controls and Procedures

We conducted an evaluation, under the supervision and with the participation of our president and chief executive officer and executive vice president, chief financial officer, of our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934 (Exchange Act)) as of ~~March~~May 131, 2025. Based on this evaluation, our president and chief executive officer and executive vice president, chief financial officer concluded that, as of ~~March~~May 131, 2025, our disclosure controls and procedures were effective.

For purposes of Rule 13a-15(e), the term disclosure controls and procedures means controls and other procedures of an issuer that are designed to ensure that information required to be disclosed by the issuer in the reports that it files or submits under the Exchange Act (15 U.S.C. 78a et seq.) is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms. Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed by an issuer in the reports that it files or submits under the Exchange Act is accumulated and communicated to the issuer’s management, including its president and chief executive officer and executive vice president, chief financial officer, or persons performing similar functions, as appropriate to allow timely decisions regarding required disclosure.

Changes in Internal Control over Financial Reporting

There were no changes in our internal control over financial reporting during our most recently completed fiscal quarter that have materially affected or are reasonably likely to materially affect our internal control over financial reporting, as defined in Rule 13a-15(f) under the Exchange Act.

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PART II. OTHER INFORMATION

Item 1. Legal Proceedings

Environmental Matters

To the extent we can reasonably estimate the amount of our probable liabilities for environmental matters, we establish a financial provision.

While uncertainties exist with respect to the amounts and timing of the ultimate environmental liabilities, based on currently available information, we have concluded that these matters, individually or in the aggregate, will not have a material adverse effect on our results of operations, financial condition or cash flow.

Other Legal Proceedings

From time to time and in the ordinary course of business, we are a party to, or a target of, lawsuits, claims, investigations and proceedings, including product liability, personal injury, contract, patent and intellectual property, environmental, health and safety, tax and employment matters. While we are unable to predict the outcome of these matters, we have concluded, based upon currently available information, that the ultimate resolution of any pending matter, individually or in the aggregate, including asbestos-related litigation, will not have a material adverse effect on our results of operations, financial condition or cash flow. However, adverse developments and/or periodic settlements could negatively impact the results of operations or cash flows in one or more future periods.

For additional information regarding environmental matters and other legal proceedings, see Note 13 to our Consolidated Financial Statements.

Item 1A. Risk Factors

This Form 10-Q contains forward-looking statements concerning our future programs, products, expenses, revenue, liquidity and cash needs as well as our plans and strategies. These forward-looking statements are based on current expectations and we assume no obligation to update this information. Numerous factors could cause actual results to differ significantly from the results described in these forward-looking statements, including the risk factors identified under Part I, Item 1A. Risk Factors contained in our Annual Report on Form 10-K for the fiscal year ended November 30, 2024. There have been no material changes in the risk factors disclosed by us under Part I, Item 1A. Risk Factors contained in the Annual Report on Form 10-K for the fiscal year ended November 30, 2024.

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Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

Issuer Purchases of Equity Securities

Information on our purchase of equity securities during the quarter ended ~~March~~May 131, 2025 is as follows:

							(d)
					(c)		Maximum
					Number of		Approximate Dollar
	(a)				Shares		Value of Shares that
	Total		(b)		Purchased		may yet be
	Number of		Average		as Part of		Purchased Under the
	Shares		Price Paid		Publicly Announced		Plan or Program
Period	Purchased		per Share		Plan or Program		(millions)
December 1, 2024 - January 4, 2025		-	$	-		-	$	268
March 2, 2025 - April 5, 2025		-	$	-		-	$	227
January 5, 2025 - February 1, 2025		-	$	-		-	$	268
April 6, 2025 - May 3, 2025		300,000	$	52.59		300,000	$	211
February 2, 2025 - March 1, 2025		677,537	$	60.74		677,537	$	227
May 4, 2025 - May 31, 2025		-	$	-		-	$	211

On April 7, 2022, the Board of Directors authorized a new share repurchase program of up to $300.0 million of our outstanding common shares for a period of up to five years. Under the program, we are authorized to repurchase shares for cash on the open market, from time to time, in privately negotiated transactions or block transactions, or through an accelerated repurchase agreement. The timing of such repurchases is dependent on price, market conditions and applicable regulatory requirements.

Item 5. Other Information

Rule 10b5-1 Plan Adoptions and Modifications

None.

Item 6. Exhibits

	*10.1	Third Amended and Restated H.B. Fuller Company ~~Key~~2020 ~~Employee~~Master ~~Deferred~~Incentive ~~Compensation~~ Plan (~~2025 Restatement~~1)
	*10.2	Form of Performance Share Award Agreement under the Second Amended and Restated H.B. Fuller Company 2020 Master Incentive Plan for awards made on or after February 4, 2025
	10.2	Refinancing Amendment No. 2, dated March 6, 2025, to the Second Amended and Restated Credit Agreement, dated February 15, 2023, among H.B. Fuller Company and JPMorgan Chase Bank, N.A., as administrative agent and the various other parties named thereto
	31.1	Form of 302 Certification – Celeste B. Mastin
	31.2	Form of 302 Certification – John J. Corkrean
	32.1	Form of 906 Certification – Celeste B. Mastin
	32.2	Form of 906 Certification – John J. Corkrean
	101	The following materials from the H.B. Fuller Company Quarterly Report on Form 10-Q for the quarter ended ~~March~~May 131, 2025 formatted in Inline Extensible Business Reporting Language (Inline XBRL): (i) the Consolidated Statements of Income, (ii) the Consolidated Statements of Comprehensive Income, (iii) the Consolidated Balance Sheets, (iv) the Consolidated Statements of Total Equity, (v) the Consolidated Statements of Cash Flows and (vi) the Notes to Consolidated Financial Statements.
	104	Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101).

* Asterisked items are management contracts or compensatory plans or arrangements required to be filed.

42 (1) Incorporated by reference to Appendix B to the H.B. Fuller Company Proxy Statement on Schedule 14A filed with the Securities and Exchange Commission on March 4, 2025

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

	H.B. Fuller Company
Dated: March 27, 2025		/s/ John J. Corkrean
Dated: June 26, 2025		/s/ John J. Corkrean
		John J. Corkrean
		Executive Vice President,
		Chief Financial Officer

Exhibit Index

Exhibits

	*10.1	Third Amended and Restated H.B. Fuller Company ~~Key~~2020 ~~Employee~~Master ~~Deferred~~Incentive ~~Compensation~~ Plan (~~2025 Restatement~~1)
	*10.2	Form of Performance Share Award Agreement under the Second Amended and Restated H.B. Fuller Company 2020 Master Incentive Plan for awards made on or after February 4, 2025
	10.2	Refinancing Amendment No. 2, dated March 6, 2025, to the Second Amended and Restated Credit Agreement, dated February 15, 2023, among H.B. Fuller Company and JPMorgan Chase Bank, N.A., as administrative agent and the various other parties named thereto
	31.1	Form of 302 Certification – Celeste B. Mastin
	31.2	Form of 302 Certification – John J. Corkrean
	32.1	Form of 906 Certification – Celeste B. Mastin
	32.2	Form of 906 Certification – John J. Corkrean
	101	The following materials from the H.B. Fuller Company Quarterly Report on Form 10-Q for the quarter ended ~~March~~May 131, 2025 formatted in Inline Extensible Business Reporting Language (Inline XBRL): (i) the Consolidated Statements of Income, (ii) the Consolidated Statements of Comprehensive Income, (iii) the Consolidated Balance Sheets, (iv) the Consolidated Statements of Total Equity, (v) the Consolidated Statements of Cash Flows and (vi) the Notes to Consolidated Financial Statements.
	104	Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101).

* Asterisked items are management contracts or compensatory plans or arrangements required to be filed.

43 (1) Incorporated by reference to Appendix B to the H.B. Fuller Company Proxy Statement on Schedule 14A filed with the Securities and Exchange Commission on March 4, 2025

Filing Compare · FULLER H B CO