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H.B. Fuller reports third quarter 2025 results
Adhesives manufacturer H.B. Fuller reported slightly lower revenue for the third quarter of 2025 but improved margins and earnings per share.
H.B. Fuller announced its financial results for the third quarter ended 30 August 2025. Net revenue was about EUR 830 million (USD 892 million), down 2.8 % compared with the prior-year quarter. Adjusted for the divestiture of the flooring business, revenue increased by 1.6 %. Pricing added 1 % to revenue, but lower volumes led to an organic decline of 0.9 %. Foreign currency translation contributed a 1 % increase, while the net impact of acquisitions and divestitures reduced revenue by 2.9 %.
Adjusted EBITDA rose by 3 % to around EUR 159 million (USD 171 million). The adjusted EBITDA margin expanded by 110 basis points to 19.1 %. Reported net income was about EUR 62 million (USD 67 million), with diluted earnings per share at EUR 1.13 (USD 1.22). Adjusted diluted EPS was EUR 1.17 (USD 1.26), up 12 % year on year, supported by higher adjusted net income and fewer shares outstanding.
Margin improvement and 2025 outlook
Gross profit margin improved to 32.0 % (adjusted 32.3 %), driven by pricing actions, lower raw material costs and portfolio changes. Adjusted SG&A expenses were flat year on year. Cash flow from operations increased by 13 % to around EUR 92 million (USD 99 million). Net debt stood at approximately EUR 1.82 billion (USD 1.96 billion), with the net debt-to-adjusted EBITDA ratio slightly lower at 3.3.
For the full fiscal year 2025, H.B. Fuller now expects net revenue to decline by 2 % to 3 % (organic flat to up 1 %). Adjusted EBITDA is projected between EUR 572 million and EUR 581 million (USD 615–625 million), while adjusted diluted EPS is expected between EUR 3.81 and EUR 3.95 (USD 4.10–4.25). Operating cash flow is forecast at EUR 256–279 million (USD 275–300 million) and capital expenditures at about EUR 130 million (USD 140 million).
