H.B. Fuller Reports Third Quarter Fiscal 2022 Results

Net revenue grew 13.8% year-on-year, with organic revenue increasing 18.4% year-on-year with
strong organic growth in all operating segments;
Gross margin was 26.5%; Adjusted gross margin of 26.5% expanded 280 basis points year-on-year,
driven by strong pricing execution to recover raw material cost inflation;
Net Income was $46.5 million; Adjusted EBITDA of $137.7 million was up 24.4% year-on-year and
adjusted EBITDA margin was up 120 basis points;

Robust pricing actions to recover unprecedented raw material cost inflation increased net
revenue by 18.7 percentage points. As expected, volume was down 0.3% as a result of slowing
economic conditions, offset by market share gains.

Strong pricing actions to recover raw material cost inflation, as well as operating efficiencies,
drove adjusted gross margin higher year-on-year.

Strong pricing actions, continued strategic mix shift towards more highly-specified products, and
operational discipline drove the improvement year-on-year.