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Note 14 - Segments | 3 Months Ended
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Feb. 28, 2026
Notes to Financial Statements |
Segment Reporting Disclosure [Text Block] | Note 14: Segments 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 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 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. 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 |  |  |  |  |  |  | Building |  |  |  |  |  |  |  |  |  |  |  |  |
Three Months Ended: |  | and Consumable |  |  | Engineering |  |  | Adhesive |  |  |  |  |  |  | Corporate |  |  | H.B. Fuller |
February 28, 2026 |  | Adhesives |  |  | Adhesives |  |  | Solutions |  |  | Total |  |  | Unallocated |  |  | Consolidated |
Net revenue |  | $ | 346,527 |  |  | $ | 242,448 |  |  | $ | 181,869 |  |  | $ | 770,844 |  |  | $ | - |  |  | $ | 770,844 |
Segment expenses and other items 1 |  |  | 298,490 |  |  |  | 194,289 |  |  |  | 160,260 |  |  |  | 653,039 |  |  |  | (899 | ) |  |  | 652,140 |
Adjusted EBITDA |  | $ | 48,037 |  |  | $ | 48,159 |  |  | $ | 21,609 |  |  | $ | 117,805 |  |  | $ | 899 |  |  | $ | 118,704 |
Depreciation and amortization |  | $ | 16,553 |  |  | $ | 15,922 |  |  | $ | 13,548 |  |  | $ | 46,023 |  |  | $ | 342 |  |  | $ | 46,365 |
Capital Expenditures |  |  | 9,905 |  |  |  | 6,608 |  |  |  | 8,233 |  |  |  | 24,746 |  |  |  | 32,955 |  |  |  | 57,701 |
|  | Hygiene, Health |  |  |  |  |  |  | Building |  |  |  |  |  |  |  |  |  |  |  |  |
Three Months Ended: |  | and Consumable |  |  | Engineering |  |  | Adhesive |  |  |  |  |  |  | Corporate |  |  | H.B. Fuller |
March 1, 2025 |  | Adhesives |  |  | Adhesives |  |  | Solutions |  |  | Total |  |  | Unallocated |  |  | Consolidated |
Net revenue |  | $ | 368,225 |  |  | $ | 236,758 |  |  | $ | 183,680 |  |  | $ | 788,663 |  |  | $ | - |  |  | $ | 788,663 |
Segment expenses and other items 1 |  |  | 321,334 |  |  |  | 192,570 |  |  |  | 161,877 |  |  |  | 675,781 |  |  |  | (1,474 | ) |  |  | 674,307 |
Adjusted EBITDA |  | $ | 46,891 |  |  | $ | 44,188 |  |  | $ | 21,803 |  |  | $ | 112,882 |  |  | $ | 1,474 |  |  | $ | 114,356 |
Depreciation and amortization |  | $ | 14,731 |  |  | $ | 15,165 |  |  | $ | 12,671 |  |  | $ | 42,567 |  |  | $ | 30 |  |  | $ | 42,597 |
Capital Expenditures |  |  | 2,286 |  |  |  | 6,999 |  |  |  | 6,438 |  |  |  | 15,723 |  |  |  | 17,261 |  |  |  | 32,984 |
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 |
|  | February 28, |  |  | March 1, |
|  | 2026 |  |  | 2025 |
Net income attributable to H.B. Fuller |  | $ | 21,045 |  |  | $ | 13,248 |
Adjustments: |  |  |  |  |  |  |  |
Acquisition project costs |  |  | 931 |  |  |  | 9,828 |
Organizational realignment |  |  | 10,022 |  |  |  | 8,774 |
Project One |  |  | 3,053 |  |  |  | 3,064 |
Other |  |  | (95 | ) |  |  | - |
Discrete tax items |  |  | 98 |  |  |  | 992 |
Income tax effect on adjustments |  |  | (3,539 | ) |  |  | (5,909 | )
Adjusted net income attributable to H.B. Fuller |  |  | 31,515 |  |  |  | 29,997 |
Add: |  |  |  |  |  |  |  |
Interest expense1 |  |  | 32,373 |  |  |  | 32,030 |
Interest income |  |  | (2,069 | ) |  |  | (1,100 | )
Adjusted Income taxes |  |  | 10,862 |  |  |  | 10,862 |
Depreciation and Amortization expense2 |  |  | 46,023 |  |  |  | 42,567 |
Adjusted EBITDA |  |  | 118,704 |  |  |  | 114,356 |
1 Interest expense added back for EBITDA is adjusted for amounts already included in adjusted net income attributable to H.B. Fuller. 2 Depreciation and amortization expense added back for EBITDA is adjusted for amounts already included in adjusted net income attributable to H.B. Fuller. 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 February 28, 2026 |
|  | Hygiene, Health |  |  |  |  |  |  | Building |  |  |  |  |
|  | and Consumable |  |  | Engineering |  |  | Adhesive |  |  |  |  |
|  | Adhesives |  |  | Adhesives |  |  | Solutions |  |  | Total |
Americas |  | $ | 189,143 |  |  | $ | 105,159 |  |  | $ | 93,698 |  |  | $ | 388,000 |
EIMEA |  |  | 104,354 |  |  |  | 54,392 |  |  |  | 74,193 |  |  |  | 232,939 |
Asia Pacific |  |  | 53,030 |  |  |  | 82,897 |  |  |  | 13,978 |  |  |  | 149,905 |
Total |  | $ | 346,527 |  |  | $ | 242,448 |  |  | $ | 181,869 |  |  | $ | 770,844 |
|  | Three Months Ended March 1, 2025 |
|  | Hygiene, Health |  |  |  |  |  |  | Building |  |  |  |  |
|  | and Consumable |  |  | Engineering |  |  | Adhesive |  |  |  |  |
|  | Adhesives |  |  | Adhesives |  |  | Solutions |  |  | Total |
Americas |  | $ | 207,354 |  |  | $ | 97,209 |  |  | $ | 95,700 |  |  | $ | 400,263 |
EIMEA |  |  | 110,767 |  |  |  | 50,262 |  |  |  | 75,163 |  |  |  | 236,192 |
Asia Pacific |  |  | 50,104 |  |  |  | 89,287 |  |  |  | 12,817 |  |  |  | 152,208 |
Total |  | $ | 368,225 |  |  | $ | 236,758 |  |  | $ | 183,680 |  |  | $ | 788,663 |

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- Definition The entire disclosure for reporting segments including data and tables. 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