H.B. Fuller Company posted adjusted earnings per share of $1.52 for the third quarter of fiscal 2026, exceeding the consensus estimate of $1.47 and representing a 21% increase year‑over‑year. Total revenue reached $938 million, modestly under the $948.25 million forecast, yet up 5.2% compared with the prior year; organic revenue growth was 4.4%.
Pricing contributed a 7.4% increase, while volumes declined 3%, which was better than the company’s mid‑single‑digit decline guidance. Adjusted EBITDA rose 9% to $187 million, pushing the EBITDA margin up 80 basis points to 19.9% and moving it toward the long‑term target of above 20%.
Operating cash flow for the year‑to‑date improved 17% to $183 million, and the net‑debt‑to‑adjusted EBITDA ratio fell to just under 3.0 times from 3.3 times a year earlier. Adjusted gross profit margin expanded 120 basis points to 33.5%, while adjusted SG&A expenses increased 8% year‑over‑year but fell 7% sequentially from the second quarter.
Segment performance showed the Hygiene, Health, and Consumable Adhesives business delivering 6% organic revenue growth and a 70‑basis‑point EBITDA margin improvement to 17.6%. Engineering Adhesives posted 5% organic growth excluding solar (1% including solar) and an EBITDA margin of 23.8%, up 50 basis points. Building Adhesive Solutions recorded 5% organic growth, an 8% rise in EBITDA, and a margin expansion of 50 basis points to 18.2%.
Regionally, the Americas grew 4% organically, EMEA 9%, and Asia‑Pacific 4% excluding solar (flat when solar is included).
The company’s Project Quantum Leap, aimed at reducing its manufacturing footprint, began with 82 facilities at the end of 2024 and expects to exit 2026 with about 62 facilities, targeting below 60 by the end of 2027 and a long‑term goal of 55. The initiative is projected to generate roughly $75 million in annualized cost savings by 2030, with about $25 million realized through 2026 and an additional $20‑$25 million expected in 2027. Total capital investment is $150 million over the project’s life, with about $50 million planned for 2026.
H.B. Fuller also noted that its pending acquisition of Advanced Medical Solutions remains on track to close by year‑end 2026, with leverage expected to return to the targeted range of 2.5x to 3.0x within two years of the deal’s completion.
For the full year 2026, the company forecasts mid‑single‑digit revenue growth, low‑single‑digit organic growth, mid‑single‑digit pricing gains, and low‑single‑digit volume declines, with foreign exchange adding roughly 2% to revenue. Adjusted EBITDA is guided to $655‑$670 million, adjusted EPS to $4.70‑$4.85, and operating cash flow to $300‑$325 million, excluding AMS‑related items.
