What changed in this filing

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Item 1. Financial Statements

2026-03-26 compared with 2025-09-25 · 176 added, 382 removed, 515 unchanged (52% of the section changed)

4 unchanged sentences

Three Months Ended

Nine Months Ended

$ 770,844 $ 788,663

5 unchanged sentences

Other income, net

5,308 2,148 15,655 7,282

Interest expense

1 unchanged sentence

Interest income

1,110 1,092 3,064 3,597

Income before income taxes and income from equity method investments

2 unchanged sentences

Income from equity method investments

832 1,310 2,726 2,955

Net income including non-controlling interest

21,045 13,264

Net (income) loss attributable to non-controlling interest

( 73 ) 22 ( 106 ) ( 32 )

Net income attributable to non-controlling interest

Net income attributable to H.B.

9 unchanged sentences

FULLER COMPANY AND SUBSIDIARIES

Consolidated Statements of Comprehensive Income

Consolidated Statements of Comprehensive Income (Loss)

(In thousands)

Three Months Ended

Nine Months Ended

Net income including non-controlling interest

4 unchanged sentences

Defined benefit pension plans adjustment, net of tax

158 1,270 429 3,808

Interest rate swaps, net of tax

( 3,347 ) ( 25,744 ) ( 6,920 ) ( 18,013 )

Net investment hedges, net of tax

2 unchanged sentences

42,564 ( 15,009 )

Comprehensive income

Comprehensive income (loss)

63,609 ( 1,745 )

Comprehensive income attributable to non-controlling interest

Comprehensive income attributable to H.B.

Comprehensive income (loss) attributable to H.B.

$ 63,585 $ ( 1,778 )

6 unchanged sentences

$ 107,877 $ 107,213

Trade receivables (net of allowances of $ 11,661 and $ 11,621 , as of August 30, 2025 and November 30, 2024, respectively)

Trade receivables (net of allowances of $ 13,172 and $ 11,922 , as of February 28, 2026 and November 29, 2025, respectively)

532,180 564,339

17 unchanged sentences

Current liabilities

Notes payable

Trade payables

19 unchanged sentences

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 – 54,043,300 and 54,657,103 as of August 30, 2025 and November 30, 2024, respectively

Common stock, par value $ 1.00 per share, shares authorized – 160,000,000 , shares issued and outstanding – 54,476,112 and 54,174,963 as of February 28, 2026 and November 29, 2025, respectively

$ 54,476 $ 54,175

15 unchanged sentences

(In thousands)

Fuller Company Shareholders

Fuller Company Stockholders

Comprehensive

3 unchanged sentences

$ 54,175 $ 298,017 $ 2,026,071 $ ( 375,045 ) $ ( 24 ) $ 2,003,194

Comprehensive income (loss)

- - 13,248 ( 15,026 ) 33 ( 1,745 )

- - ( 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

7 unchanged sentences

( 48 ) ( 2,874 ) - - - ( 2,922 )

Balance at May 31, 2025

$ 53,953 $ 278,513 $ 1,954,785 $ ( 412,553 ) $ 1,287 $ 1,875,985

Comprehensive income

- - 67,160 18,806 42 86,008

- - ( 12,793 ) - - ( 12,793 )

Stock option exercises

87 2,957 - - - 3,044

Share-based compensation plans and other, net

4 6,787 - - - 6,791

Repurchases of common stock

( 1 ) ( 62 ) - - - ( 63 )

Balance at August 30, 2025

Balance at February 28, 2026

$ 54,476 $ 309,114 $ 2,034,220 $ ( 332,505 ) $ - $ 2,065,305

Fuller Company Shareholders

Fuller Company Stockholders

Comprehensive

1 unchanged sentence

Income (Loss)

Balance at December 2, 2023

Balance at November 30, 2024

$ 54,657 $ 322,636 $ 1,924,761 $ ( 473,395 ) $ 1,189 $ 1,829,848

10 unchanged sentences

$ 54,190 $ 285,646 $ 1,925,724 $ ( 488,421 ) $ 1,222 $ 1,778,361

Comprehensive income (loss)

- - 51,264 ( 16,156 ) 1 35,109

- - ( 12,144 ) - - ( 12,144 )

Stock option exercises

189 9,123 - - - 9,312

Share-based compensation plans and 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

Comprehensive income

- - 55,361 619 9 55,989

- - ( 12,353 ) - - ( 12,353 )

Stock option exercises

328 15,553 - - - 15,881

Share-based compensation plans and other, net

2 7,650 - - - 7,652

Repurchases of common stock

( 225 ) ( 17,337 ) - - - ( 17,562 )

Balance at August 31, 2024

$ 54,613 $ 316,324 $ 1,944,380 $ ( 474,326 ) $ 730 $ 1,841,721

See accompanying Notes to Unaudited Consolidated Financial Statements.

2 unchanged sentences

(In thousands)

Nine Months Ended

August 30, 2025

August 31, 2024

Three Months Ended

February 28, 2026

March 1, 2025

Cash flows from operating activities:

7 unchanged sentences

Income from equity method investments, net of dividends received

Gain on insurance claims

Loss on equity investment

Loss on the sale of a business

Loss on impairment of intangible asset

Gain on sale or disposal of assets

( 918 ) ( 497 )

Loss (gain) on sale or disposal of assets

Share-based compensation

18,170 17,662

Pension and other post-retirement benefit plan activity

( 1,862 ) ( 1,988 )

Loss on the sale of a business

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

12 unchanged sentences

Other liabilities

( 9,854 ) ( 311 )

Foreign currency remeasurement

Net cash provided by operating activities

( 1,570 ) ( 18,471 )

Net cash used in operating activities

( 3,974 ) ( 52,907 )

Cash flows from investing activities:

3 unchanged sentences

- ( 162,032 )

Purchase of cost method investment

Proceeds from sale of property, plant and equipment

Purchase of cost method investment

Proceeds from the sale of a business

6 unchanged sentences

( 231,441 ) ( 359,535 )

Payment of debt issuance costs

( 1,047 ) ( 3,493 )

Net payment of notes payable

( 585 ) ( 1,014 )

Dividends paid

3 unchanged sentences

( 2,922 ) ( 44,377 )

Net cash (used in) provided by financing activities

Net cash provided by financing activities

48,737 111,415

24 unchanged sentences

New Accounting Pronouncements

In November 20 24, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update ("ASU") No.

In November 2024, the FASB issued Accounting Standards Update ("ASU") No.

2024 - 03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220 - 40 ):

Disaggregation o f Income Statement Expenses, which requires additional disclosure of the nature of expenses included in our Consolidated Financial Statements.

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.

We are currently evaluating the impact of adopting this guidance on the related financial statement disclosures.

In December 2023, the FASB issued ASU No.

4 unchanged sentences

Our effective date of this ASU is our fiscal year ending November 28, 2026.

We are evaluating the effect 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 this guidance will have on our Consolidated Financial Statements.

We are currently evaluating the impact of adopting this guidance on the related financial statement disclosures.

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

4 unchanged sentences

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 August 30, 2025 , and November 30, 2024, were approxi mately $ 8,122 and $ 5,233 , respectively.

The outstanding payment obligations that were confirmed as valid and remained outstanding as of February 28, 2026 , and November 29, 2025 , were approxi mately $ 8,633 and $ 7,379 , 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.

Acquisitions and Divestiture

Short-term notes classified as long-term debt

As of February 28, 2026, the Company had 10 -year unsecured public notes with an aggregate principal balance of $ 300,000 and a fixed coupon rate of 4.0 percent due February 15, 2027, classified as long term debt on the accompanying Consolidated Balance Sheets based on the Company’s intent and ability to refinance the notes on a long‑term basis.

The Company maintains a revolving credit facility with maturity extending beyond twelve months from the balance sheet date and sufficient borrowing capacity to replace the notes with a long-term financing facility.

ND Industries Fastening Elements Locking and Sealing Technologi es Industry and Trade Inc.

On November 17, 2025, we completed the acquisition of ND Industries Fastening Elements Locking and Sealing Technologies Industry and Trade Inc.

("ND Industries Turkey") for a purchase price of 334,106 Turkish lira, or approximately $ 7,902 which was funded through existing cash.

This includes a holdback amount of 105,699 Turkish lira that will be paid in two payments on the 18 -month and 36 -month anniversaries of the closing date.

Headquartered in Istanbul, Turkey, ND Industries Turkey is a leading provider of specialty adhesives and fastener locking and sealing solutions.

The acquisition of ND Industries Turkey is expected to accelerate the realization of our top growth priorities in EIMEA, 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 February 28, 2026 and includes goodwill of $ 3,960 , other intangible assets of $ 3,300 and other net assets of $ 642 .

Goodwill represents expected synergies from combining ND Industries Turkey with our existing business.

Goodwill is not deductible for tax purposes.

ND Industries Turkey is included in our Engineering Adhesives operating segment.

ND Industries Asia, Inc.

February 15, 2025, we acquired the assets of ND Industries Asia, Inc.

("ND Industries Taiwan") for a purchase price of

271,860 Taiwan dollar, or approximately

$ 8,310 which was funded through existing cash.

On February 15, 2025, we acquired the assets of ND Industries Asia, Inc.

("ND Industries Taiwan") for a purchase price of 271,860 Taiwan dollars, or approximately $ 8,310 which was funded through existing cash.

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

August 30, 2025 and includes goodwill of

$ 2,422 , other intangible assets of

$ 2,400 and other net assets of

The acquisition fair value measurement was final as of November 29, 2025 and includes goodwill of $ 2,801 , other intangible assets of $ 2,400 and other net assets of $ 3,109 .

Goodwill represents expected synergies from combining ND Industries Taiwan with our existing business.

Goodwill is deductible for tax purposes.

Goodwill is not deductible for tax purposes.

ND Industries Taiwan is included in our Engineering Adhesives operating segment.

2 unchanged sentences

(“GEM”) and on December 2, 2024, we completed the acquisition of Medifill Limited (Medifill) for a total purchase price of 191,868 Euros, or approximately $ 196,990 which was funded through borrowings on our credit facility and existing cash.

Included in the purchase price is a holdback to be paid in three annual tranches beginning one year after the date of acquisition.

The fair value of the holdback was 28,170 Euros or approximately $28,922 at the date of acquisition.

The transaction includes a 30,000 Euro holdback to be paid in three annual tranches beginning one year after the date of acquisition with the first payment made during the first quarter 2026.

The fair value of the holdback was 22,617 Euros and is included in the total purchase price.

See Note 11 for more information on the fair value of the holdback.

3 unchanged sentences

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 August 30, 2025 and includes goodwill of $ 90,198 , other intangible assets of $ 104,723 and other net liabilities of $ 2,069 .

G oodwill represents expected synergies from combining GEM and Medifill with our existing business.

The acquisition fair value measurement was final as of February 28, 2026 and includes goodwill of $ 91,430 , other intangible assets of $ 104,723 and other net assets of $ 837 .

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.

HS Butyl Limited

On August 5, 2024, we acquired HS Butyl Limited (“HS Butyl”) for a purchase price of 18,342 British pounds, or approximat ely $ 23,428 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 final as of August 30, 2025 and includes other intangible assets of $ 6,974 , goodwill of $ 3,805 and other net assets of $ 12,649 .

G oodwill 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.

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:

Current assets

Property, plant and equipment

Other intangibles

Customer relationships

Trademarks/trade names

Current liabilities

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 a llocated $ 81,268 to goo dwill 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.

All acquisitions, individually and in the aggregate, are

not material and therefore pro forma financial information is

not provided.

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 nine months ended August 30, 2025 .

Restructuring Actions

Restructuring Plans

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 approx imately $ 70,000 to $ 75,000 for severa nce 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 Plans were implemented in the second quarter of fiscal year 2023 and were completed as of November 29, 2025.

Remaining cash payments will continue into fiscal year 2026.

In implementing the Plans, the Company currently expects to incur pre-tax costs of approximately $ 85,000 to $ 90,000 for severance and related employee costs globally, and 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

Nine Months Ended

August 30, 2025

August 31, 2024

August 30, 2025

August 31, 2024

February 28, 2026

March 1, 2025

Cost of sales

$ 2,393 $ 2,119 $ 5,328 $ 6,313

Selling, general and administrative

634 2,632 3,386 5,076

$ 3,027 $ 4,751 $ 8,714 $ 11,389

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

Other expense, net

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

A summary of the restructuring liability is presented below:

1 unchanged sentence

Asset-Related

Balance at December 2, 2023

$ 11,723 $ - $ - $ 11,723

Balance at November 30, 2024

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 29, 2025

$ 8,430 $ - $ - $ 8,430

Expenses incurred

4,192 1,574 2,948 8,714

Non-cash charges

- ( 1,574 ) ( 426 ) ( 2,000 )

Cash payments

( 10,462 ) - ( 2,522 ) ( 12,984 )

Foreign currency translation

Balance at August 30, 2025

$ 2,499 $ - $ - $ 2,499

Non-cash charges primarily include accelerated depreciation and impairment 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.

Balance at February 28, 2026

Non-cash charges primarily include accelerated depreciation resulting from the cessation of use of certain long-lived assets, impairments of certain long-lived assets, the recording of an inventory provision related to the discontinuance of certain products, and inventory disposals.

Restructuring liabilities have been classified as a component of other accrued expenses on the Consolidated Balance Sheets.

Other Restructuring

During the first quarter of 2026, the Company approved other restructuring actions related to global footprint optimization.

The other restructuring actions began to be implemented in the first quarter of 2026 and are currently expected to be completed during fiscal year 2028.

Restructuring costs are expected to be incurred over the next several fiscal quarters as the measures are implemented with the majority of the charges recognized and cash payments occurring in fiscal 2026 and 2027.

In implementing the other restructuring actions, the Company currently expects to incur pre-tax costs of approximately $ 10,200 to $ 12,200 for severance and related employee costs globally, and other restructuring costs related to optimizing the Company’s footprint and the payment of anticipated income taxes in certain jurisdictions related to the actions.

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

Three Months Ended

February 28, 2026

March 1, 2025

Cost of sales

Selling, general and administrative

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

A summary of the restructuring liability is presented below:

Employee-Related

Asset-Related

Expenses incurred

Non-cash charges

Cash payments

Foreign currency translation

Balance at February 28, 2026

Non-cash charges primarily include accelerated depreciation resulting from the cessation of use of certain long-lived assets and impairments of certain long-lived assets.

Restructuring liabilities have been classified as a component of other accrued expenses on the Consolidated Balance Sheets.

The composition of inventories is as follows:

3 unchanged sentences

Goodwill and Other Intangible Assets

The goodwill activity by reportable segment for the nine months ended August 30, 2025 is presented below:

Hygiene, Health Building

The goodwill activity by reportable segment for the three months ended February 28, 2026 is presented below:

Hygiene, Health

and Consumable

Balance at November 29, 2025

$ 399,513 $ 581,344 $ 551,364 $ 1,532,221

90,198 2,572 ( 851 ) 91,919

Foreign currency translation effect

30,716 24,427 2,604 57,747

Balance at August 30, 2025

$ 520,427 $ 608,343 $ 553,117 $ 1,681,887

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.

Balance at February 28, 2026

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

August 30, 2025

February 28, 2026

Amortizable Intangible Assets

1 unchanged sentence

Original cost

$ 225,700 $ 1,000,997 $ 82,194 $ 7,930 $ 1,316,821

Accumulated amortization

( 48,520 ) ( 400,390 ) ( 33,171 ) ( 5,310 ) ( 487,391 )

Net identifiable intangibles

$ 177,180 $ 600,607 $ 49,023 $ 2,620 $ 829,430

November 29, 2025

2 unchanged sentences

Original cost

$ 145,313 $ 1,063,210 $ 67,280 $ 10,031 $ 1,285,834

( 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 $ 22,082 and $ 22,149 for the three months ended August 30, 2025 and August 31, 2024 , respectively, and was $ 64,525 and $ 61,723 for the nine months ended August 30, 2025 and August 31, 2024 , respectively.

Amortization expense with respect to amortizable intangible assets was $ 22,011 and $ 20,880 for the three months ended February 28, 2026 and March 1, 2025 , respectively.

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

Amortization expense

$ 23,632 $ 105,293 $ 103,909 $ 105,102 $ 99,473 $ 392,021

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 August 30, 2025 and November 30, 2024 were $ 0 and $ 461 , respectively, and relate to trademarks and trade names.

The change in non-amortizable assets as of August 30, 2025 compared to November 30, 2024 was due to impairment.

Long-Term Debt

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 ( 6.07 percent at August 30, 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.

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

Three Months Ended August 30, 2025 and August 31, 2024

Pension Benefits

Postretirement

Net periodic (benefit) cost:

$ - $ - $ 408 $ 350 $ - $ -

Interest cost

3,242 3,464 860 1,575 249 291

Expected return on assets

( 5,717 ) ( 6,555 ) ( 1,094 ) ( 1,643 ) ( 3,484 ) ( 2,727 )

Amortization:

Prior service cost

- - 14 16 - -

Actuarial loss (gain)

1,953 1,159 119 516 ( 2,277 ) -

Net periodic (benefit) cost

$ ( 522 ) $ ( 1,932 ) $ 307 $ 814 $ ( 5,512 ) $ ( 2,436 )

Nine Months Ended August 30, 2025 and August 31, 2024

Three Months Ended February 28, 2026 and March 1, 2025

Pension Benefits

1 unchanged sentence

Net periodic (benefit) cost:

$ - $ - $ 1,161 $ 1,046 $ - $ -

Interest cost

9,726 10,391 3,797 4,705 747 875

Expected return on assets

( 17,151 ) ( 19,666 ) ( 4,403 ) ( 4,908 ) ( 10,452 ) ( 8,182 )

Amortization:

Prior service cost

- - 70 48 - -

Actuarial loss (gain)

5,859 3,478 1,084 1,540 ( 6,831 ) -

Settlement charge

Net periodic (benefit) cost

$ ( 1,566 ) $ ( 5,797 ) $ 1,709 $ 2,431 $ ( 16,536 ) $ ( 7,307 )

Service cost is included with employee compensation cost in cost of sales and selling, general and administrative expenses in the Consolidated Statements of Income.

2 unchanged sentences

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

Three Months Ended August 30, 2025

Three Months Ended August 31, 2024

Three Months Ended February 28, 2026

Three Months Ended March 1, 2025

Fuller Stockholders

7 unchanged sentences

Other comprehensive income (loss)

Comprehensive income

Nine Months Ended August 30, 2025

Nine Months Ended August 31, 2024

Fuller Stockholders

Net income attributable to H.B.

Fuller and non-controlling interest

Foreign currency translation¹

Defined benefit pension plans adjustment²

Interest rate swap³

Net investment hedges³

Other comprehensive income (loss)

Comprehensive income

Comprehensive income (loss)

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:

August 30, 2025

February 28, 2026

Foreign currency translation adjustment

8 unchanged sentences

( 18,341 ) ( 18,341 ) -

Accumulated other comprehensive loss

Accumulated other comprehensive (loss) income

$ ( 331,596 ) $ ( 332,505 ) $ 909

10 unchanged sentences

( 18,341 ) ( 18,341 ) -

Accumulated other comprehensive loss

Accumulated other comprehensive (loss) income

$ ( 374,112 ) $ ( 375,045 ) $ 933

Income tax expense for the three and nine months ended August 30, 2025 includes $ 3,742 of discrete tax benefit and $ 11,210 of discrete tax expense, respectively.

The discrete tax benefit for the three months ended August 30, 2025 relates to various U.S.

and foreign tax matters.

The discrete tax expense for the nine months ended August 30, 2025 relates to the impact of withholding tax recorded on earnings that are no longer permanently reinvested, offset by various U.S.

Income tax expense for the three months ended February 28, 2026 includes $ 98 of discrete tax expense relating to various U.S.

and foreign tax matters.

Excluding the discrete tax benefit and expense, the overall effective tax rate was 24.4 percent and 25.2 percent for the three and nine months ended August 30, 2025 , respectively.

Income tax expense for the three and nine months ended August 31, 2024 includes $ 2,937 and $ 4,147 of discrete tax benefit, respectively, relating to an excess tax benefit on U.S.

stock compensation, as well as other various U.S.

Excluding the discrete tax expense, the overall effective tax rate was 26.6 percent for the three months ended February 28, 2026 .

Income tax expense for the three months ended March 1, 2025 includes $ 992 of discrete tax expense relating to various U.S.

and foreign tax matters.

Excluding the discrete tax benefit, the overall effective tax rate was 29.3 percent and 28.7 percent for the three and nine months ended August 31, 2024 , respectively.

As of August 30, 2025 , we had a liability of $ 18,012 recorded for gross unrecognized tax benefits (excluding interest) compared to $ 15,590 as of November 30, 2024 .

As of August 30, 2025 and November 30, 2024 , we had accrued $ 3,495 and $ 4,558 of gross interest relating to unrecognized tax benefits, respectively.

Excluding the discrete tax expense, the overall effective tax rate was 26.5 percent for the three months ended March 1, 2025 .

As of February 28, 2026 , we had a liability of $ 8,969 recorded for gross unrecognized tax benefits (excluding interest) compared to $ 9,206 as of November 29, 2025 .

As of February 28, 2026 and November 29, 2025 , we had accrued $ 1,976 and $ 2,158 of gross interest relating to unrecognized tax benefits, respectively.

Earnings Per Share

1 unchanged sentence

Three Months Ended

Nine Months Ended

(Shares in thousands)

Weighted-average common shares - basic

54,428 54,975 54,623 54,874

Equivalent shares from share-based compensations plans

734 1,675 758 1,746

Weighted-average common and common equivalent shares diluted

55,162 56,650 55,381 56,620

Basic earnings per share is calculated by dividing net income attributable to H.B.

4 unchanged sentences

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 1,935,970 and 517,442 shares for the three months ended August 30, 2025 and August 31, 2024 , respectively, were excluded from diluted earnings per share calculations because they were antidilutive.

Share-based compensation awards of 2,132,875 and 957,127 shares for the nine months ended August 30, 2025 and August 31, 2024 , respectively, were excluded from diluted earnings per share calculations because they were antidilutive.

Share-based compensation awards of 2,908,350 and 2,140,479 shares for the three months ended February 28, 2026 and March 1, 2025 , respectively, were excluded from diluted earnings per share calculations because they were antidilutive.

Financial Instruments

14 unchanged sentences

On February 28, 2023, after refinancing our debt, we amended t he 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 a liability of $ 3,756 at August 30, 2025 and was included in other liabilities in the Consolidated Balance Sheets.

The combined fair value of the interest rate swap was a liability of $ 3,882 at February 28, 2026 and was included in other liabilities in the Consolidated Balance Sheets.

The swap was designated for hedge accounting treatment as a cash flow hedge.

2 unchanged sentences

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 $ 3,067 at August 30, 2025 and was included in other liabilities in the Consolidated Balance Sheets.

The combined fair value of the interest rate swap was a liability of $ 3,183 at February 28, 2026 and was included in other liabilities in the Consolidated Balance Sheets.

The swap was designated for hedge accounting treatment as a cash flow hedge.

2 unchanged sentences

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 $ 1,407 a t August 30, 2025 and was included i n other liabilities in the Consolidated Balance Sheets.

The combined fair value of the interest rate swap was a liability of $ 1,370 a t February 28, 2026 and was included i n other liabilities in the Consolidated Balance Sheets.

The swap was designated for hedge accounting treatment as a cash flow hedge.

1 unchanged sentence

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:

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

Three Months Ended

Nine Months Ended

August 30, 2025

August 31, 2024

August 30, 2025

August 31, 2024

February 28, 2026

March 1, 2025

Interest rate swap contracts

( 4,424 ) ( 34,068 ) ( 9,146 ) ( 23,851 )

Fair Value Hedges

4 unchanged sentences

These interest rate swap agreements mature on October 15, 2028.

The combined fair value of the interest rate swaps wa s a liability of $ 22,571 a t August 30, 2025 , and was included in ot her liabilities i n the Consolidated Balance Sheets.

The combined fair value of the interest rate swaps wa s a liability of $ 18,230 a t February 28, 2026 , and was included in ot her liabilities i n the Consolidated Balance Sheets.

The swaps were designated for hedge accounting treatment as fair value hedges.

9 unchanged sentences

We applied the practical expedients included in ASC 848, Reference Rate Reform .

As of August 30, 2025 , the combined fair value of the swaps w as a liability of $ 120,188 and was included in other liabilities in the Consol idated Balance Sheets.

As of February 28, 2026 , the combined fair value of the swaps w as a liability of $ 125,854 and was included in other liabilities in the Consol idated Balance Sheets.

The cross-currency interest rate swaps hedge a portion of the Company’s investment in Euro denominated foreign subsidiaries.

3 unchanged sentences

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 sw aps was a loss of $ 90,934 as of August 30, 2025 .

The amounts of pretax loss recognized in comprehensive income related to the net investment he dge was $ 19,822 f or the three months ended August 30, 2025 .

As of August 30, 2025 , we reclassified $ 174 of losses into earnings from net investment hedges and we expect to reclassify $ 353 of losses into earnings within the next twelve months.

The amount in accumulated other comprehensive income (loss) related to net investment hedge cross-currency sw aps was a loss of $ 95,315 as of February 28, 2026 .

The amounts of pretax loss recognized in comprehensive income related to the net investment he dge was $ 12,826 f or the three months ended February 28, 2026 .

As of February 28, 2026 , we reclassifi ed $ 89 of l osses into earnings from net investment hedges and we expect to recla ssify $ 357 of losses into earnings within the next twelve months.

This is related to the portion excluded from the assessment of hedge effectiveness for the net investment hedges in the amount of $ 706 .

5 unchanged sentences

See Note 11 for the fair value amounts of these derivative instruments.

As of August 30, 2025 , we had forward foreign currency contracts maturing between September 2, 2025 a nd February 4, 2026.

As of February 28, 2026 , we had forward foreign currency contracts maturing between March 2, 2026 a nd July 8, 2026.

The ma rk-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 pre tax gains recognized in other income, net related to derivative instruments not designated as hedging instruments for the nine months ended August 30, 2025 and August 31, 2024 wer e $ 2,989 a nd 1,524 , respectively.

The amounts of pre tax gains recognized in other income, net related to derivative instruments not designated as hedging instruments for the three months ended February 28, 2026 and March 1, 2025 wer e $ 2,920 a nd $ 40 , 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 August 30, 2025 , there were no significant concentrations of credit risk.

As of February 28, 2026 , there were no significant concentrations of credit risk.

Fair Value Measurements

9 unchanged sentences

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 August 30, 2025 and November 30, 2024 , and indicates the fair value hierarchy of the valuation techniques utilized to determine such fair value.

The following table presents information about our financial assets and liabilities that are measured at fair value on a recurring basis as of February 28, 2026 and November 29, 2025 , and indicates the fair value hierarchy of the valuation techniques utilized to determine such fair value.

Fair Value Measurements Using:

Marketable securities

$ 4,199 $ 4,199 $ - $ -

Foreign exchange contract assets

3,810 - 3,810 -

Foreign exchange contract liabilities

$ 821 $ - $ 821 $ -

Interest rate swaps, cash flow hedge liabilities

8,230 8,230 -

Interest rate swaps, fair value hedge liabilities

22,571 - 22,571 -

Net investment hedge liabilities

120,188 - 120,188 -

Holdback liability

33,570 - - 33,570

Fair Value Measurements Using:

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 -

Foreign exchange contract liabilities

$ 7,074 $ - $ 7,074 $ -

Interest rate swaps, cash flow hedge liabilities

Interest rate swaps, fair value hedge liabilities

32,775 - 32,775 -

Net investment hedge liabilities

51,871 - 51,871 -

The fair value of the holdback liability related to the acquisition of GEM and Medifill, based on a discounted cash flow model, was $ 33,570 as of August 30, 2025 .

Holdback liability

The fair value of the holdback liability related to the acquisition of GEM and Medifill, based on a discounted cash flow model, was $ 22,617 as of February 28, 2026 .

Adjustments to the fair value of the holdback are recorded to interest expense in the Statement of Income.

2 unchanged sentences

Balance at November 29, 2025

Initial valuation of holdback liability

Payment of holdback liability

Foreign currency translation adjustment

Balance at August 30, 2025

Balance at February 28, 2026

Balances Measured at Fair Value on a Nonrecurring Basis

6 unchanged sentences

Balances Disclosed at Fair Value

Long-term debt had an estimated fair value of $ 2,082,934 and $ 2,015,468 as of August 30, 2025 and November 30, 2024 , respectively.

Long-term debt had an estimated fair value of $ 2,115,526 a nd $ 2,041,062 as of February 28, 2026 and November 29, 2025 , 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.

8 unchanged sentences

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 $ 2,818 and $ 3,445 as of August 30, 2025 and November 30, 2024 , respectively, for probable and reasonably estimable environmental remediation costs.

Of the amount reserved, $ 508 and $ 1,055 as of August 30, 2025 and November 30, 2024 , respectively, is attributable to a facility we own in Simpsonville, South Carolina that is a designated site under CERCLA.

We recorded liabilities of $ 2,666 and $ 2,625 as of February 28, 2026 and November 29, 2025 , respectively, for probable and reasonably estimable environmental remediation costs.

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.

15 unchanged sentences

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

Nine Months Ended

Three Months Ended

3 Years Ended

August 30, 2025

August 31, 2024

February 28, 2026

March 1, 2025

November 29, 2025

1 unchanged sentence

Settlement amounts

$ 369 $ 1,208 $ 5,704

Insurance payments received or expected to be received

$ 252 $ 844 $ 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.

4 unchanged sentences

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 court has ordered the parties and their insurers to attend a meditation session on or around October 21 and 22, 2025.

The Company intends to vigorously defend itself against the claims outlined in this lawsuit.

As of August 30, 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.

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’s divested North America Flooring business.

As previously disclosed, the Company and the plaintiffs agreed in principle to settle this matter for up to $ 75.0 million.

Under the proposed settlement, in lieu of funding the maximum settlement amount, the Company’s payment obligations will be limited to validly submitted claims, settlement administration costs, service awards, and plaintiffs’ attorneys’ fees and expenses.

The terms of a definitive settlement agreement will be subject to court approval.

In light of these developments, the Company concluded that a loss is probable and reasonably estimable and recorded an accrual in anticipation of the settlement of $ 34.8 million ($ 26.3 million after tax) based on a range of possible outcomes.

This accrual is included in other accrued expenses in the Consolidated Balance Sheets as of February 28, 2026 and November 29, 2025.

The Company believes that it is entitled to reimbursement from its insurers for a substantial portion of the potential settlement amount as well as legal fees already incurred and paid and is actively pursuing reimbursement from its insurers.

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.

Share Repurchase Program

3 unchanged sentences

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 third quarter of 2025 , there were no shares repurchased under this program.

During the nine months ended August 30, 2025 , we repurchased shares under this program with an aggregate value of $ 56,930 .

Of this amount, $ 978 reduced common stock and $ 55,953 reduced additional paid-in capital.

During the third quarter of 2024 , we repurchased shares under this program with an aggregate value of $ 17,549 .

Of this amount, $ 225 reduced common stock and $ 17,324 reduced additional paid-in capital.

During the nine months ended August 31, 2024 , we repurchased shares under this program with an aggregate value of $ 31,811 .

During the first quarter of 2026 , we did not repurchase shares under this program.

During the first quarter of 2025 , we repurchased shares under this program with an aggregate value of $ 41,153 .

Of this amount, $ 678 reduced common stock and $ 40,475 reduced additional paid-in capital.

Our three reportable operating segments consist of Hygiene, Health and Consumable Adhesives, Engineering Adhesives and Building Adhesive Solutions.

We are required to report segment information in the same way that we internally organize our business for assessing performance and making decisions regarding allocation of resources.

Revenue and 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.

Revenue and Adjusted EBITDA of each of our segments are regularly reviewed by our chief executive officer, who acts as our chief operating decision maker, to make decisions about resources to be allocated to the segments and assess their performance.

Adjusted EBITDA is defined as net income before interest, income taxes, depreciation and amortization and foreign currency gain/loss, adjusted for other items within a relevant period which are not reflective of the segment’s operating performance in the period.

Corporate expenses, other than those included in Corporate Unallocated, are allocated to each operating segment.

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.

Consistent with our internal management reporting, Corporate Unallocated includes and Adjusted EBITDA excludes amounts related to business acquisition and integration costs, organizational restructuring charges and project costs associated with our implementation of 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.

See below for a reconciliation of Adjusted EBITDA to net income attributable H.B.

Fuller as reflected in the audited consolidated statement of income.

The business components within each operating segment are managed to maximize the results of the overall operating segment rather than the results of any individual business component of the operating segment.

Results of individual components of each operating segment are subject to numerous allocations of segment-wide costs that may or may not have been focused on that particular component for a particular reporting period.

The costs for these allocated resources are not tracked on a “where-used” basis as financial performance is assessed at the total operating segment level.

Reportable operating segment financial information is as follows:

Hygiene, Health

Three Months Ended:

August 30, 2025

August 31, 2024

Income (Loss)

Hygiene, Health and Consumable Adhesives

$ 386,068 $ 46,491 $ 389,980 $ 48,677

Engineering Adhesives

272,297 46,852 260,038 40,087

Building Adhesive Solutions

233,678 25,859 228,408 25,976

Total segment

$ 892,043 $ 119,202 $ 878,426 $ 114,740

Corporate Unallocated

- ( 9,062 ) 39,501 ( 10,399 )

$ 892,043 $ 110,140 $ 917,927 $ 104,341

Nine Months Ended

August 30, 2025

August 31, 2024

Income (Loss)

Hygiene, Health and Consumable Adhesives

$ 1,151,768 $ 119,840 $ 1,151,371 $ 145,910

Engineering Adhesives

785,474 121,880 743,726 104,894

Building Adhesive Solutions

641,559 54,550 630,558 55,102

Total segment

$ 2,578,801 $ 296,270 $ 2,525,655 $ 305,906

Corporate Unallocated

- ( 39,639 ) 119,797 ( 34,093 )

$ 2,578,801 $ 256,631 $ 2,645,452 $ 271,813

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

and Consumable

February 28, 2026

Segment expenses and other items 1

Adjusted EBITDA

Depreciation and amortization

Capital Expenditures

Hygiene, Health

Three Months Ended:

Nine Months Ended

Operating income

$ 110,140 $ 104,341 $ 256,631 $ 271,813

Other income, net

5,308 2,148 15,655 7,282

and Consumable

March 1, 2025

Segment expenses and other items 1

Adjusted EBITDA

Depreciation and amortization

Capital Expenditures

1 Segment expenses and other items for all segments primarily include raw material costs, compensation and benefits, delivery expense, rent and lease expense, professional services, travel and entertainment, repairs and maintenance and other manufacturing overhead.

Reconciliation of Net income attributable to H.B.

Fuller to Adjusted EBITDA:

Three Months Ended

Net income attributable to H.B.

Acquisition project costs

Organizational realignment

Discrete tax items

Income tax effect on adjustments

Adjusted net income attributable to H.B.

Interest expense 1

( 33,630 ) ( 35,288 ) ( 100,536 ) ( 99,504 )

Interest income

1,110 1,092 3,064 3,597

Income before income taxes and income from equity method investments

$ 82,928 $ 72,293 $ 174,814 $ 183,188

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

Hygiene, Health and Consumable Adhesives

Engineering Adhesives

Building Adhesive Solutions

Adjusted Income taxes

Depreciation and Amortization expense 2

Adjusted EBITDA

1 Interest expense added back for EBITDA is adjusted for amounts already included in adjusted net income attributable to H.B.

2 Depreciation and amortization expense added back for EBITDA is adjusted for amounts already included in adjusted net income attributable to H.B.

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 August 30, 2025

Hygiene, Health

and Consumable

$ 215,634 $ 117,894 $ 130,236 $ - $ 463,764

122,251 59,778 87,934 - 269,963

48,183 94,625 15,508 - 158,316

$ 386,068 $ 272,297 $ 233,678 $ - $ 892,043

Three Months Ended August 31, 2024

Hygiene, Health

and Consumable

$ 223,016 $ 110,163 $ 128,834 $ 39,501 $ 501,514

115,740 57,142 82,759 - 255,641

51,224 92,733 16,815 - 160,772

$ 389,980 $ 260,038 $ 228,408 $ 39,501 $ 917,927

Nine Months Ended August 30, 2025

Three Months Ended February 28, 2026

Hygiene, Health

and Consumable

$ 651,007 $ 334,265 $ 352,396 $ - $ 1,337,668

351,256 171,594 245,170 - 768,020

149,505 279,615 43,993 - 473,113

$ 1,151,768 $ 785,474 $ 641,559 $ - $ 2,578,801

Nine Months Ended August 31, 2024

Three Months Ended March 1, 2025

Hygiene, Health

and Consumable

$ 668,073 $ 304,809 $ 338,048 $ 119,797 $ 1,430,727

331,307 172,029 245,696 - 749,032

151,991 266,888 46,814 - 465,693

$ 1,151,371 $ 743,726 $ 630,558 $ 119,797 $ 2,645,452

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-Q

Item 1. Financial Statements