H.B. Fuller (NYSE:FUL) today issued the following statement:

"Our Board and management team value the feedback of all shareholders and regularly engage with and listen to a diverse range of perspectives shared with the Company, as we have with Ancora.

The H.B. Fuller management team is successfully executing on our stated strategy to reposition the business into a faster-growing and higher margin specialty adhesives player. Our team's strong operational execution combined with a disciplined M&A strategy are how we will achieve our goals of greater than 20% adjusted EBITDA margins, low-teens ROIC and strong cash flow conversion.

H.B. Fuller has a demonstrated track record of thoughtful and disciplined M&A. We operate in a highly fragmented market, which enables us to prudently acquire assets that enhance our scale, accelerate our evolution to higher growth and position us to quickly de-lever post-acquisition.

Since the beginning of 2023, H.B. Fuller has successfully executed 13 acquisitions, which, collectively, have resulted in significant adjusted EBITDA growth and margin expansion through synergy capture, as outlined during our October 2025 Investor Day. For example, in the U.K. alone, we have acquired four businesses since 2022, representing $30 million of acquired adjusted EBITDA with approximately 13% adjusted EBITDA margins. Through delivery of synergies, we have collectively grown those businesses to more than $60 million in adjusted EBITDA with more than 23% adjusted EBITDA margins in three years.

We have pursued this M&A strategy while balancing other capital allocation priorities. To that end, we have been methodically deleveraging our balance sheet over the past several years, including reducing our net debt to adjusted EBITDA ratio to 3.1x at the end of the first quarter versus 3.5x in the same period last year.

H.B. Fuller remains open to assessing any and all paths to value creation and we are committed to both extremely disciplined M&A and deleveraging. Our recent disclosure regarding Advanced Medical Solutions Group plc ("AMS") was required by the U.K. Takeover Code. We are engaged in discussions with AMS but there can be no certainty that a binding offer will be made. We will evaluate this transaction with the same rigor and care that we have applied to all of the other transactions that we have considered.

We look forward to continued constructive conversations with our shareholders regarding our strategy and opportunities for value creation."

About H.B. Fuller:

As the largest pureplay adhesives company in the world, H.B. Fuller's (NYSE:FUL) innovative, functional coatings, adhesives and sealants enhance the quality, safety and performance of products people use every day. Founded in 1887, with 2025 revenue of $3.5 billion, our mission to Connect What Matters is brought to life by more than 7,100 global team members who collaborate with customers across more than 30 market segments in 150 countries to develop highly specified solutions that enable customers to bring world-changing innovations to their end markets. Learn more at www.hbfuller.com.

Safe Harbor for Forward-Looking Statements:

Certain statements in this press release are forward-looking statements within the meaning of the federal securities laws, including Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such statements often address expected future business and financial performance, financial condition, and other matters, and often contain words or phrases such as "anticipate," "believe," "estimate," "expect," "intend," "may," "opportunity," "outlook," "plan," "project," "seek," "should," "strategy," "target," "will," "will be," "will continue," "will likely result," "would" and similar expressions, and variations or negatives of these words or phrases. These statements are subject to various risks and uncertainties that could cause our actual results to differ materially from those in the forward-looking statements, including but not limited to the following: the impact on our margins and product demand due to inflationary pressures; our ability to repay or refinance our debt or to incur additional debt in the future, our need for a significant amount of cash to service and repay the debt and to pay dividends on our common stock, and the effect of debt covenants that limit the discretion of management in operating the business or in paying dividends; our ability to pay dividends and to pursue growth opportunities if we continue to pay dividends according to our current dividend policy; our ability to effectively manage and realize expected benefits from completed and future mergers, acquisitions, and divestitures; our ability to achieve expected synergies, cost savings and operating efficiencies from our restructuring initiatives and operational improvement projects within the expected time frames or at all; our ability to effectively implement Project ONE; fluctuations in product demand; competing products and pricing; our geographic and product mix; disruptions to our relationships with our major customers and suppliers; and similar matters.

Additional information about these various risks and uncertainties can be found in the "Risk Factors" section of our Form 10-K filings, and any updates to the risk factors in our Form 10-Q and 8-K filings with the SEC, but there may be other risks and uncertainties that we are unable to identify at this time or that we do not currently expect to have a material impact on the business. You should not place undue reliance on forward-looking statements, which speak only as of the date they are made. We do not undertake to update or revise any forward-looking statements, except as required by law.

Regulation G:

The information presented in this release regarding earnings before interest, taxes, depreciation, and amortization (EBITDA), adjusted EBITDA, adjusted EBITDA margin, net debt and net debt-to-adjusted EBITDA do not conform to U.S. generally accepted accounting principles (U.S. GAAP) and should not be construed as an alternative to the reported results determined in accordance with U.S. GAAP. Management has included this non-GAAP information to assist in understanding the operating performance of the company and its operating segments as well as the comparability of results to the results of other companies. The non-GAAP information provided may not be consistent with the methodologies used by other companies.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260526757583/en/

Investors:

Scott Jensen

investors@hbfuller.com

Media

Nick Capuano / Liz Cohen

Kekst CNC

Keksthbfuller@kekstcnc.com

H.B. Fuller Issues Statement Regarding Value Creation Strategy