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- **Q3 EBITDA Beats Expectations**: $171 million (+3% YoY), margin expands to 19.1%, driven by pricing and cost control.
- **EA Outperforms**: 14% EBITDA growth, 23.3% margin, led by automotive and electronics. Solar headwinds persist but strategic focus on high-margin products.
- **Guidance Tightened**: 2025 EBITDA $615-625 million (4-5% growth), EPS $4.10-4.25. Cautious on volume growth amid global economic weakness.
- **Solar Strategy Shift**: Exiting low-margin business, targeting 2026 EBITDA margin expansion despite ongoing revenue headwinds.
- **Cash Flow Management**: Inventory build for manufacturing optimization temporary; 2026 price/cost benefits expected to accelerate.

**【CEO Summary Section】**
- **Strong Q3 Results**: Delivered 12% EPS growth to $1.26, with EBITDA up 3% to $171 million. EBITDA margin expanded 110 bps to 19.1%, driven by pricing, cost management, and portfolio shifts.
- **Segment Performance**: 
  - **Engineering Adhesives (EA)**: Organic growth of 2.2% (mid-single digits excluding solar), EBITDA up 14% with margin expansion to 23.3%. Electronics and automotive segments led growth.
  - **Building Adhesive Solutions (BAS)**: Organic sales down 1%, but EBITDA up 3% to $41 million. Construction slowdown offset by pricing and cost control.
  - **Health, Hygiene & Cleaning (HHC)**: Organic sales down 3.1%, but EBITDA margin expanded 50 bps to 16.9% due to pricing and acquisitions.
- **Guidance Update**: Tightened 2025 EBITDA range to $615-625 million (4-5% growth), with EPS $4.10-4.25 (7-11% growth). Cautious on volume growth amid global economic weakness.

**【CFO Financial Commentary】**
- **Revenue**: Down 2.8% YoY, with organic sales flat to down 1% (pricing +1%, volume -1.9%).
- **Profitability**: Adjusted gross margin 32.3% (+190 bps YoY). Operating cash flow up 13% to $171 million, net debt/EBITDA ratio improved to 3.3x.
- **Cash Flow**: Reduced 2025 operating cash flow guidance to $275-300 million due to higher inventory for manufacturing footprint optimization.
- **Leverage**: Capital spending reduced to $140 million, reflecting disciplined allocation.

**【Q&A Highlights】**
- **EA Momentum**: Electronics segment returned to double-digit growth, U.S. EA organic growth turned positive mid-single digits. Solar remains headwind but strategic focus on high-margin products.
- **HHC Challenges**: Global consumer weakness drove mid-single-digit volume declines, but pricing offset部分影响.
- **Solar Strategy**: Exiting low-margin silicon sealant business, focusing on high-margin specialty products. 2026 outlook includes ongoing solar revenue headwinds but EBITDA margin improvement.
- **Cash Flow Cadence**: $15 million of $55 million price/cost benefit realized in Q3, $15 million expected in Q4, with余下 in 2026. Inventory build for footprint optimization is temporary.
- **BAS Growth**: Data center business growing 40% YoY, targeting 30%+ growth. Middle East expansion and 4SG sealant adoption in Japan support long-term potential.

H.B. Fuller Company (FUL) Q3 2025 Earnings Call Transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

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Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

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Net Income

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FUL

FUL fundamentals

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