Fourth Quarter 2021 Conference Call

Investor Presentation

St. Paul, MN

January 20, 2022

2

Safe Harbor & Regulation G

Safe Harbor Statement

Certain matters discussed today may be considered 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 reflect our current expectations, and actual results may differ as they are subject to the kinds of risks that are enumerated in the Company's Securities and Exchange Commission (SEC) filings. The Company disclaims any obligation to subsequently revise any forward-looking statements to reflect actual events or circumstances after the date of such statements.

Regulation G

The information presented in this presentation regarding adjusted gross profit and margin, adjusted selling, general and administrative expense, adjusted income before income taxes and income from equity investments, adjusted income taxes, adjusted effective tax rate, adjusted net income, adjusted diluted earnings per share and adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) does 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. All non-GAAP information is reconciled with reported U.S. GAAP results in the "Regulation G Reconciliation" tables except for our forward-lookingnon-U.S. GAAP measures contained in our fiscal 2022 financial guidance, which the company cannot reconcile to forward-looking U.S. GAAP results without unreasonable effort.

Additional Information

Please refer to our annual report on Form 10-K, filed with the SEC, and available on our website at www.investors.hbfuller.com.

Q3 2021 Investor Presentation

3

Q4 2021 Quarterly Results

Highlights

• 15% revenue growth, and adjusted EBITDA at high end of our guidance range
• • Organic revenues up 15% vs. Q4'20 and up 20% vs. pre-COVID Q4'19
  • Adjusted EBITDA of $134M, up 9% year over year
  • Adjusted EPS of $1.09, up 3% year over year
• Significant restoration of 340 bps of gross margin in the quarter vs. Q3'21
• • Strong pricing realization of $105M in the quarter and $156M in the full year
  • Annualized pricing of ~$450M implemented vs. ~$400M of raw material increases
  • Additional increases will be executed as necessary in 2022
• Executing our strategy and focus on operational excellence is driving our growth
• • Continued strong operational execution despite supply and inflationary headwinds
  • Delivered company record levels of adhesives product to customers
  • Capturing growth opportunities with innovation to meet high demand for electronics, vehicles, new energy, and sustainable solutions for buildings and consumer goods
  • Our global manufacturing, sourcing agility and adhesives expertise are differentiators

Q4 2021 Investor Presentation

4

Q4Better2021accountabilityGlobal SegmentStronger teamworkSummary Global vision

Hygiene, Health and Consumables Adhesives (HHC)

• 13% organic revenue growth YoY and 18% organic growth vs. pre-COVID Q4'19
• Strong growth across HHC, especially Packaging, Tape & Label, Tissue/Towel, Health/Beauty
• 160 bps of EBITDA margin restored vs. Q3'21 with strong pricing gains in Q4

Construction Adhesives (CA)

• 29% organic revenue growth YoY and 31% organic growth vs. pre-COVID Q4'19
• Strong volume and pricing execution in all segments w/ especially strong roofing growth
• 16% EBITDA margin up 390 bps YoY on strong volume growth and pricing gains

Engineering Adhesives (EA)

• 13% organic revenue growth YoY and 19% organic growth vs. pre-COVID Q4'19
• Strong double-digit growth in Woodworking, IG, RV's, Textiles, Footwear & New Energy
• 15% EBITDA margin despite significant RM cost increases & higher variable compensation

Q4 2021 Investor Presentation

5

Key Financial Results Summary

• Strong organic year-on-year revenue growth in fourth quarter and full year
• • Q4 and FY 2021 organic revenues both increased by 15% vs. comparable 2020 periods
  • ~10% volume growth led a rise in Full Year revenues plus ~6% contribution from pricing
  • Strong pricing gains of 13.5% and volume growth drove higher Q4 revenues
  • Double-digitQ4 growth in each GBU; strong 29% increase in Construction Adhesives
• Volume leverage, pricing & cost controls more than offset impact of raws on earnings
• • Q4 2021 EBITDA of $134M increased 9% YoY; adj. EPS of $1.09 up 3% YoY
  • Pricing gains more than offset raw material cost inflation in Q4 2021 on a dollar basis, and restored 340 bps of gross margin sequentially vs. Q3 2021
  • FY 2021 SG&A down 130 bps as a % of revenue vs. FY 2020
• Strong full year cash flow from operations of $213M
• • Increased working capital requirements to support sales and higher raw material costs
  • $156M of full year debt reduction
  • Net debt to EBITDA leverage of 3.3x is down from 4.1x at YE 2020
  • Increased capital investments to support growth plans, aligned with annual target

Q4 2021 Investor Presentation