H.B. Fuller Company (NYSE: FUL) today reported financial results for its second quarter that ended May 31, 2025.

Second Quarter 2025 Noteworthy Items:

  • Net revenue for the second quarter of fiscal 2025 was $898 million, down 2.1% versus the second quarter of fiscal 2024; adjusting for the flooring divestiture, net revenue was up 2.8% year-on-year;
  • Gross profit margin was 31.9%; adjusted gross profit margin was 32.2%, up 110 basis points year-on-year, driven by cost savings, the impact of acquisitions and divestitures, and targeted pricing actions;
  • Net income was $42 million; adjusted EBITDA was $166 million, up 5% year-on-year; adjusted EBITDA margin expanded 130 basis points year-on-year to 18.4%;
  • Reported EPS (diluted) was $0.76; adjusted EPS (diluted) was $1.18, up 5% year-on-year, driven by higher adjusted net income and lower shares outstanding;
  • Cash flow from operations increased $29 million year-on-year to $111 million;
  • Repurchased approximately one million shares year-to-date.

Summary of Second Quarter 2025 Results:

The Company’s net revenue for the second quarter of fiscal 2025 was $898 million, down 2.1% versus the second quarter of fiscal 2024. Pricing increased net revenue by 0.7%, offset by slightly lower volume, resulting in 0.4% organic revenue growth year-on-year. Foreign currency translation reduced net revenue by 1.2% and the net impact of acquisitions and divestitures decreased net revenue by 1.3%.

Gross profit in the second quarter of fiscal 2025 was $286 million. Adjusted gross profit was $289 million. Adjusted gross profit margin of 32.2% increased 110 basis points year-on-year. Cost savings, the impact of acquisitions and divestitures, and targeted pricing actions principally drove the year-on-year increase in adjusted gross profit margin.

Selling, general and administrative (SG&A) expense was $186 million in the second quarter of fiscal 2025 and adjusted SG&A was $176 million versus $173 million in the second quarter of fiscal 2024. Adjusting for the net impact of acquisitions and divestitures, adjusted SG&A was flat year-on-year, reflecting strong expense management.

Net income attributable to H.B. Fuller for the second quarter of fiscal 2025 was $42 million, or $0.76 per diluted share. Adjusted net income attributable to H.B. Fuller for the second quarter of fiscal 2025 was $65 million. Adjusted EPS was $1.18 per diluted share, up 5% year-on-year driven by higher adjusted net income and lower shares outstanding.

Adjusted EBITDA in the second quarter of fiscal 2025 was $166 million, up 5% year-on-year driven principally by favorable pricing, cost savings, and the net benefit from acquisitions and divestitures. Adjusted EBITDA margin increased 130 basis points year-on-year to 18.4%.

Commenting on the second quarter, H.B. Fuller President and CEO Celeste Mastin said, “Our strong financial performance is a testament to our team's disciplined execution in a highly dynamic environment, and we are performing better than the underlying markets. We remain nimble and focused on delivering positive organic revenue growth, while managing costs in a deliberate manner and leveraging our global sourcing infrastructure to adeptly respond to geopolitical and market uncertainties. Our EBITDA margin expansion highlights the success of the actions we are taking which include an increased focus on pricing, cost savings efforts, and our active portfolio shift towards higher growth, higher margin markets. While global economic activity remains subdued, we continue to perform well and are raising our full-year outlook to reflect our strong execution.”

Balance Sheet and Working Capital:

Net debt at the end of the second quarter of fiscal 2025 was $2,016 million, down $59 million sequentially versus the first quarter and up $106 million year-on-year. Net debt-to-adjusted EBITDA decreased from 3.5X at the end of the first quarter of fiscal 2025, to 3.4X at the end of the second quarter of fiscal 2025. Improved cashflow from operations and growth in adjusted EBITDA principally drove the sequential decrease in the ratio.

Net working capital in the second quarter of fiscal 2025 was relatively flat year-on-year. As a percentage of annualized net revenue, net working capital increased 40 basis points year-on-year to 16.6%.

Fiscal 2025 Outlook:

As a result of our strong financial performance, we are updating our previously communicated financial guidance for fiscal 2025 as follows:

  • Net revenue for fiscal 2025 is now expected to be down 2% to 3%; organic revenue for fiscal 2025 is still expected to be flat to up 2%; we now expect foreign exchange to adversely impact net revenue by 1.0% to 1.5%;
  • Adjusted EBITDA for fiscal 2025 is now expected to be in the range of $615 million to $630 million, equating to growth of 4% to 6% year-on-year;
  • Adjusted EPS (diluted) is now expected to be in the range of $4.10 to $4.30, equating to growth of 7% to 12% year-on-year;
  • Fully diluted shares outstanding for fiscal 2025 is now expected to be in the range of 55 million to 56 million;
  • Adjusted EBITDA for the third quarter of 2025 is expected to be in the range of $165 million to $175 million.

Conference Call:

The Company will hold a conference call on June 26, 2025, at 9:30 a.m. CT (10:30 a.m. ET) to discuss its results. Interested parties may listen to the conference call on a live webcast. The webcast, along with a supplemental presentation, may be accessed from the Company’s website at https://investors.hbfuller.com. Participants must register prior to accessing the webcast using this link and should do so at least 10 minutes prior to the start of the call to install and test any necessary software and audio connections. A telephone replay of the conference call will be available from 12:30 p.m. CT on June 26, 2025, to 10:59 p.m. CT on July 3, 2025. To access the telephone replay dial 1-800-770-2030 (toll free) or 1-609-800-9909 and enter the Conference ID: 6370505.

Regulation G:

The information presented in this earnings release regarding consolidated and segment organic revenue growth, operating income, adjusted gross profit, adjusted gross profit 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, adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA), adjusted EBITDA margin, net debt, net debt-to-adjusted EBITDA, trailing twelve months adjusted EBITDA, net working capital, annualized net revenue and net working capital as a percentage of annualized net revenue 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 in this press release with the exception of our forward-looking non-GAAP measures contained above in our Fiscal 2025 Outlook, which the Company cannot reconcile to forward-looking GAAP results without unreasonable effort.

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 2024 revenue of $3.6 billion, our mission to Connect What Matters is brought to life by more than 7,500 global team members who collaborate with customers across more than 30 market segments in over 140 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 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 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 availability and pricing of raw materials; the impact of potential cybersecurity attacks and security breaches; failures in our information technology systems; the impact on the supply chain, raw material costs and pricing of our products due to military conflict, including between Russia and Ukraine and in the Middle East; the impact on our margins and product demand due to inflationary pressures; the substantial amount of debt we have incurred to finance our acquisition of Royal, 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; uncertain political and economic conditions; fluctuations in product demand; competing products and pricing; our geographic and product mix; disruptions to our relationships with our major customers and suppliers; regulatory compliance across our global footprint; trade policies and economic sanctions impacting our markets; changes in tax laws and tariffs; devaluations and other foreign exchange rate fluctuations; the impact of litigation and investigations, including for product liability and environmental matters; impairment charges on our goodwill or long-lived assets; the consequences of the COVID-19 outbreak and other pandemics on our operations and financial results; the effect of new accounting pronouncements and accounting charges and credits; 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.

H.B. FULLER COMPANY AND SUBSIDIARIES

CONSOLIDATED FINANCIAL INFORMATION

In thousands, except per share amounts (unaudited)

Three Months Ended

Percent of

Three Months Ended

Percent of

May 31, 2025

Net Revenue

June 1, 2024

Net Revenue

Net revenue

$

898,095

100.0

%

$

917,107

100.0

%

Cost of sales

(611,711

)

(68.1

)%

(635,055

)

(69.3

)%

Gross profit

286,384

31.9

%

282,052

30.8

%

Selling, general and administrative expenses

(186,340

)

(20.7

)%

(181,456

)

(19.8

)%

Other income, net

7,141

0.8

%

3,634

0.4

%

Interest expense

(34,865

)

(3.9

)%

(32,314

)

(3.5

)%

Interest income

854

0.1

%

1,199

0.1

%

Income before income taxes and income from equity method investments

73,174

8.1

%

73,115

8.0

%

Income taxes

(32,726

)

(3.6

)%

(22,418

)

(2.4

)%

Income from equity method investments

1,397

0.2

%

600

0.1

%

Net income including non-controlling interest

41,845

4.7

%

51,297

5.6

%

Net income attributable to non-controlling interest

(17

)

(0.0

)%

(33

)

(0.0

)%

Net income attributable to H.B. Fuller

$

41,828

4.7

%

$

51,264

5.6

%

Basic income per common share attributable to H.B. Fuller

$

0.77

$

0.93

Diluted income per common share attributable to H.B. Fuller

$

0.76

$

0.91

Weighted-average common shares outstanding:

Basic

54,443

54,946

Diluted

54,952

56,636

H.B. FULLER COMPANY AND SUBSIDIARIES

CONSOLIDATED FINANCIAL INFORMATION

In thousands, except per share amounts (unaudited)

Six Months Ended

Percent of

Six Months Ended

Percent of

May 31, 2025

Net Revenue

June 1, 2024

Net Revenue

Net revenue

$

1,686,758

100.0

%

$

1,727,525

100.0

%

Cost of sales

(1,173,299

)

(69.6

)%

(1,206,237

)

(69.8

)%

Gross profit

513,459

30.4

%

521,288

30.2

%

Selling, general and administrative expenses

(366,968

)

(21.8

)%

(353,817

)

(20.5

)%

Other income, net

10,347

0.6

%

5,135

0.3

%

Interest expense

(66,906

)

(4.0

)%

(64,216

)

(3.7

)%

Interest income

1,954

0.1

%

2,506

0.1

%

Income before income taxes and income from equity method investments

91,886

5.4

%

110,896

6.4

%

Income taxes

(38,671

)

(2.3

)%

(30,231

)

(1.7

)%

Income from equity method investments

1,894

0.1

%

1,644

0.1

%

Net income including non-controlling interest

55,109

3.3

%

82,309

4.8

%

Net income attributable to non-controlling interest

(33

)

(0.0

)%

(54

)

(0.0

)%

Net income attributable to H.B. Fuller

$

55,076

3.3

%

$

82,255

4.8

%

Basic income per common share attributable to H.B. Fuller

$

1.01

$

1.50

Diluted income per common share attributable to H.B. Fuller

$

0.99

$

1.45

Weighted-average common shares outstanding:

Basic

54,721

54,824

Diluted

55,490

56,604

H.B. FULLER COMPANY AND SUBSIDIARIES

REGULATION G RECONCILIATION

In thousands, except per share amounts (unaudited)

Three Months Ended

Six Months Ended

May 31,

June 1,

May 31,

June 1,

2025

2024

2025

2024

Net income attributable to H.B. Fuller

$

41,828

$

51,264

$

55,076

$

82,255

Adjustments:

Acquisition project costs1

3,602

1,467

13,430

3,510

Organizational realignment2

6,635

7,275

15,409

14,536

Project One3

2,581

2,845

5,646

6,058

Other

44

914

44

914

Discrete tax items4

13,961

1,317

14,952

(1,210

)

Income tax effect on adjustments6

(3,999

)

(1,558

)

(9,907

)

(4,848

)

Adjusted net income attributable to H.B. Fuller6

64,652

63,524

94,650

101,215

Add:

Interest expense

34,484

32,313

66,514

64,215

Interest income

(854

)

(1,197

)

(1,954

)

(2,504

)

Adjusted Income taxes

22,765

22,658

33,626

36,289

Depreciation and Amortization expense7

44,613

39,952

87,180

81,053

Adjusted EBITDA6

165,660

157,250

280,016

280,268

Diluted Shares

54,952

56,636

55,490

56,604

Adjusted diluted income per common share attributable to H.B. Fuller6

$

1.18

$

1.12

$

1.71

$

1.79

Revenue

$

898,095

$

917,107

$

1,686,758

$

1,727,525

Adjusted EBITDA margin6

18.4

%

17.1

%

16.6

%

16.2

%

1 Acquisition project costs include costs related to evaluating, acquiring and integrating business acquisitions. Acquisition project costs include $3,708 and $1,385 in transaction costs (primarily consulting and professional fees, representations and warranties insurance premiums and employee acquisition-related travel expenses) and ($106) and $41 in purchase accounting costs (primarily professional fees for valuation services, inventory step-up cost and the impact of changes to contingent consideration liabilities after the completion of the purchase price allocation) and $0 and $41 in business integration costs (primarily costs of transition services agreements) for the three months ended May 31, 2025 and June 1, 2024, respectively. Acquisition project costs include $12,900 and $2,678 in transaction costs (primarily consulting and professional fees, representations and warranties insurance premiums and employee acquisition-related travel expenses) and $530 and $255 in purchase accounting costs (primarily professional fees for valuation services, inventory step-up cost and the impact of changes to contingent consideration liabilities after the completion of the purchase price allocation) and $0 and $577 in business integration costs (primarily costs of transition services agreements and for the three months ended March 2, 2024, retention bonuses paid to employees of the acquired entities) for the six months ended May 31, 2025 and June 1, 2024, respectively.

2 Organizational realignment includes costs incurred as a direct result of the organizational realignment program, including professional fees related to legal entity and business structure changes, employee retention and severance costs, and facility rationalization costs related to the closure of production facilities and consolidation of business activities. Facility rationalization costs include plant closure costs, the impact of accelerated depreciation and for the three months ended March 2, 2024, operational inefficiencies. Organizational realignment includes $1,177 and $2,246 in professional fees related to legal entity and business structure changes, $3,320 and $2,252 in employee severance and other related costs, and $2,138 and $2,777 related to facility rationalization costs for the three months ended May 31, 2025 and June 1, 2024, respectively. Organizational realignment includes $3,416 and $3,869 in professional fees related to legal entity and business structure changes, $4,493 and $4,426 in employee severance and other related costs, and $7,500 and $6,241 related to facility rationalization costs for the six months ended May 31, 2025 and June 1, 2024, respectively.

3 Project One includes non-capitalizable project costs related to implementing our global Enterprise Resource Planning system, including upgrading to SAP S/4HANA®, which has upgraded and standardized our information system.

4 Discrete tax items for the three and six months ended May 31, 2025 are primarily related to the impact of withholding tax recorded on earnings that are no longer permanently reinvested, as well as other various U.S. and foreign tax matters. Discrete tax items for the three and six months ended June 1, 2024 are related to various foreign tax matters as well as excess tax benefit related to U.S. stock compensation.

5 The income tax effect on adjustments represents the difference between income taxes on net income before income taxes and income from equity method investments reported in accordance with U.S. GAAP and adjusted net income before income taxes and income from equity method investments.

6 Adjusted net income attributable to H.B. Fuller, adjusted diluted income per common share attributable to H.B. Fuller, adjusted EBITDA and adjusted EBITDA margin are non-GAAP financial measures. Adjusted net income attributable to H.B. Fuller is defined as net income before the specific adjustments shown above. Adjusted diluted income per common share is defined as adjusted net income attributable to H.B. Fuller divided by the number of diluted common shares. Adjusted EBITDA is defined as net income before interest, income taxes, depreciation, amortization and the specific adjustments shown above. Adjusted EBITDA margin is defined as adjusted EBITDA divided by net revenue. The table above provides a reconciliation of adjusted net income attributable to H.B. Fuller, adjusted diluted income per common share attributable to H.B. Fuller, adjusted EBITDA and adjusted EBITDA margin to net income attributable to H.B. Fuller, the most directly comparable financial measure determined and reported in accordance with U.S. GAAP.

7 Depreciation and amortization expense added back for EBITDA is adjusted for amounts already included in adjusted net income attributable to H.B. Fuller totaling ($70) and ($1,198) for the three months ended May 31, 2025 and June 1, 2024, respectively and. ($100) and ($3,620) for the six months ended May 31, 2025 and June 1, 2024, respectively.

H.B. FULLER COMPANY AND SUBSIDIARIES

SEGMENT FINANCIAL INFORMATION

In thousands (unaudited)

Three Months Ended

Six Months Ended

May 31,

June 1,

May 31,

June 1,

2025

2024

2025

2024

Net Revenue:

Hygiene, Health and Consumable Adhesives

$

397,475

$

393,313

$

765,700

$

761,391

Engineering Adhesives

276,418

257,613

513,177

483,688

Building Adhesive Solutions

224,202

222,484

407,881

402,150

Corporate unallocated

-

43,697

-

80,296

Total H.B. Fuller

$

898,095

$

917,107

$

1,686,758

$

1,727,525

Segment Operating Income (Loss):

Hygiene, Health and Consumable Adhesives

$

43,401

$

49,840

$

73,349

$

97,233

Engineering Adhesives

46,977

38,987

75,028

64,807

Building Adhesive Solutions

22,114

21,987

28,691

29,126

Corporate unallocated

(12,448

)

(10,219

)

(30,577

)

(23,695

)

Total H.B. Fuller

$

100,044

$

100,595

$

146,491

$

167,471

Adjusted EBITDA6

Hygiene, Health and Consumable Adhesives

$

61,963

$

64,677

$

108,854

$

127,540

Engineering Adhesives

63,341

51,110

107,529

89,312

Building Adhesive Solutions

37,535

35,863

59,337

57,273

Corporate unallocated

2,821

5,600

4,296

6,143

Total H.B. Fuller

$

165,660

$

157,250

$

280,016

$

280,268

Adjusted EBITDA Margin6

Hygiene, Health and Consumable Adhesives

15.6

%

16.4

%

14.2

%

16.8

%

Engineering Adhesives

22.9

%

19.8

%

21.0

%

18.5

%

Building Adhesive Solutions

16.7

%

16.1

%

14.5

%

14.2

%

Corporate unallocated

0.0

%

12.8

%

NMP

NMP

Total H.B. Fuller

18.4

%

17.1

%

16.6

%

16.2

%

NMP = non-meaningful percentage

H.B. FULLER COMPANY AND SUBSIDIARIES

REGULATION G RECONCILIATION

In thousands, except per share amounts (unaudited)

Three Months Ended

Six Months Ended

May 31,

June 1,

May 31,

June 1,

2025

2024

2025

2024

Income before income taxes and income from equity method investments

$

73,174

$

73,115

$

91,886

$

110,896

Adjustments:

Acquisition project costs1

3,602

1,467

13,430

3,510

Organizational realignment2

6,635

7,275

15,409

14,536

Project One3

2,581

2,845

5,646

6,058

Other

44

914

44

914

Adjusted income before income taxes and income from equity method investments8

$

86,036

$

85,616

$

126,415

$

135,914

8 Adjusted income before income taxes and income from equity investments is a non-GAAP financial measure. Adjusted income before income taxes and income from equity investments is defined as income before income taxes and income from equity investments before the specific adjustments shown above. The table above provides a reconciliation of adjusted income before income taxes and income from equity investments to income before income taxes and income from equity investments, the most directly comparable financial measure determined and reported in accordance with U.S. GAAP.

H.B. FULLER COMPANY AND SUBSIDIARIES

REGULATION G RECONCILIATION

In thousands, except per share amounts (unaudited)

Three Months Ended

Six Months Ended

May 31,

June 1,

May 31,

June 1,

2025

2024

2025

2024

Income Taxes

$

(32,726

)

$

(22,418

)

$

(38,671

)

$

(30,231

)

Adjustments:

Acquisition project costs1

(1,120

)

(183

)

(3,800

)

(720

)

Organizational realignment2

(2,063

)

(906

)

(4,455

)

(2,815

)

Project One3

(803

)

(355

)

(1,638

)

(1,199

)

Other

(14

)

-

(14

)

-

Discrete tax items4

13,961

1,204

14,952

(1,324

)

Adjusted income taxes9

$

(22,765

)

$

(22,658

)

$

(33,626

)

$

(36,289

)

Adjusted income before income taxes and income from equity method investments

$

86,036

$

85,616

$

126,415

$

135,914

Adjusted effective income tax rate9

26.5

%

26.5

%

26.6

%

26.7

%

9 Adjusted income taxes and adjusted effective income tax rate are non-GAAP financial measures. Adjusted income taxes is defined as income taxes before the specific adjustments shown above. Adjusted effective income tax rate is defined as income taxes divided by adjusted income before income taxes and income from equity method investments. The table above provides a reconciliation of adjusted income taxes and adjusted effective income tax rate to income taxes, the most directly comparable financial measure determined and reported in accordance with U.S. GAAP.

H.B. FULLER COMPANY AND SUBSIDIARIES

REGULATION G RECONCILIATION

In thousands (unaudited)

Three Months Ended

Six Months Ended

May 31,

June 1,

May 31,

June 1,

2025

2024

2025

2024

Net revenue

$

898,095

$

917,107

$

1,686,758

$

1,727,525

Gross profit

$

286,384

$

282,052

$

513,459

$

521,288

Gross profit margin

31.9

%

30.8

%

30.4

%

30.2

%

Adjustments:

Acquisition project costs1

68

(8

)

675

73

Organizational realignment2

2,467

3,466

7,923

7,880

Project One3

(94

)

13

1

13

Adjusted gross profit10

$

288,825

$

285,523

$

522,058

$

529,254

Adjusted gross profit margin10

32.2

%

31.1

%

31.0

%

30.6

%

10 Adjusted gross profit and adjusted gross profit margin are non-GAAP financial measures. Adjusted gross profit and adjusted gross profit margin is defined as gross profit and gross profit margin excluding the specific adjustments shown above. The table above provides a reconciliation of adjusted gross profit and gross profit margin to gross profit and gross profit margin, the most directly comparable financial measure determined and reported in accordance with U.S. GAAP.

H.B. FULLER COMPANY AND SUBSIDIARIES

REGULATION G RECONCILIATION

In thousands (unaudited)

Three Months Ended

Six Months Ended

May 31,

June 1,

May 31,

June 1,

2025

2024

2025

2024

Selling, general and administrative expenses

$

(186,340

)

$

(181,456

)

$

(366,968

)

$

(353,817

)

Adjustments:

Acquisition project costs1

3,654

1,475

11,360

3,437

Organizational realignment2

3,633

3,439

4,929

5,986

Project One3

2,676

2,832

5,646

6,045

Other

44

914

44

914

Adjusted selling, general and administrative expenses11

$

(176,333

)

$

(172,796

)

$

(344,989

)

$

(337,435

)

11 Adjusted selling, general and administrative expenses is a non-GAAP financial measure. Adjusted selling, general and administrative expenses is defined as selling, general and administrative expenses excluding the specific adjustments shown above. The table above provides a reconciliation of adjusted selling, general and administrative expenses to selling, general and administrative expenses, the most directly comparable financial measure determined and reported in accordance with U.S. GAAP.

H.B. FULLER COMPANY AND SUBSIDIARIES

REGULATION G RECONCILIATION

In thousands (unaudited)

Hygiene, Health

Building

Three Months Ended

and Consumable

Engineering

Adhesive

Corporate

H.B. Fuller

May 31, 2025

Adhesives

Adhesives

Solutions

Total

Unallocated

Consolidated

Net income attributable to H.B. Fuller

$

45,610

$

47,948

$

24,668

$

118,226

$

(76,398

)

$

41,828

Adjustments:

Acquisition project costs1

-

-

-

-

3,602

3,602

Organizational realignment2

-

-

-

-

6,635

6,635

Project One3

-

-

-

-

2,581

2,581

Other

-

-

-

-

44

44

Discrete tax items4

-

-

-

-

13,961

13,961

Income tax effect on adjustments5

-

-

-

-

(3,999

)

(3,999

)

Adjusted net income attributable to H.B. Fuller6

45,610

47,948

24,668

118,226

(53,574

)

64,652

Add:

Interest expense

-

-

-

-

34,484

34,484

Interest income

-

-

-

-

(854

)

(854

)

Adjusted Income taxes

-

-

-

-

22,765

22,765

Depreciation and amortization expense7

16,353

15,393

12,867

44,613

-

44,613

Adjusted EBITDA6

$

61,963

$

63,341

$

37,535

$

162,839

$

2,821

$

165,660

Revenue

$

397,475

$

276,418

$

224,202

$

898,095

-

$

898,095

Adjusted EBITDA Margin6

15.6

%

22.9

%

16.7

%

18.1

%

NMP

18.4

%

Hygiene, Health

Building

Six Months Ended

and Consumable

Engineering

Adhesive

Corporate

H.B. Fuller

May 31, 2025

Adhesives

Adhesives

Solutions

Total

Unallocated

Consolidated

Net income attributable to H.B. Fuller

$

77,771

$

76,970

$

33,799

$

188,540

$

(133,464

)

$

55,076

Adjustments:

Acquisition project costs1

-

-

-

-

13,430

13,430

Organizational realignment2

-

-

-

-

15,409

15,409

Project One3

-

-

-

-

5,646

5,646

Other

-

-

-

-

44

44

Discrete tax items4

-

-

-

-

14,952

14,952

Income tax effect on adjustments5

-

-

-

-

(9,907

)

(9,907

)

Adjusted net income attributable to H.B. Fuller6

77,771

76,970

33,799

188,540

(93,890

)

94,650

Add:

Interest expense

-

-

-

-

66,514

66,514

Interest income

-

-

-

-

(1,954

)

(1,954

)

Adjusted Income taxes

-

-

-

-

33,626

33,626

Depreciation and amortization expense7

31,083

30,559

25,538

87,180

-

87,180

Adjusted EBITDA6

$

108,854

$

107,529

$

59,337

$

275,720

$

4,296

$

280,016

Revenue

765,700

513,177

407,881

1,686,758

-

1,686,758

Adjusted EBITDA Margin6

14.2

%

21.0

%

14.5

%

16.3

%

NMP

16.6

%

Note: Adjusted EBITDA is a non-GAAP financial measure. The table above provides a reconciliation of adjusted EBITDA for each segment to net income attributable to H.B. Fuller for each segment, the most directly comparable financial measure determined and reported in accordance with U.S. GAAP.

NMP = Non-meaningful percentage

H.B. FULLER COMPANY AND SUBSIDIARIES

REGULATION G RECONCILIATION

In thousands (unaudited)

Hygiene, Health

Building

Three Months Ended

and Consumable

Engineering

Adhesive

Corporate

H.B. Fuller

June 1, 2024

Adhesives

Adhesives

Solutions

Total

Unallocated

Consolidated

Net income attributable to H.B. Fuller

$

51,336

$

39,643

$

23,816

$

114,795

$

(63,531

)

$

51,264

Adjustments:

Acquisition project costs1

-

-

-

-

1,467

1,467

Organizational realignment2

-

-

-

-

7,275

7,275

Project One3

-

-

-

-

2,845

2,845

Other

-

-

-

-

914

914

Discrete tax items4

-

-

-

-

1,317

1,317

Income tax effect on adjustments5

-

-

-

-

(1,558

)

(1,558

)

Adjusted net income attributable to H.B. Fuller6

51,336

39,643

23,816

114,795

(51,271

)

63,524

Add:

Interest expense

-

-

-

-

32,313

32,313

Interest income

-

-

-

-

(1,197

)

(1,197

)

Adjusted Income taxes

-

-

-

-

22,658

22,658

Depreciation and amortization expense7

13,341

11,467

12,047

36,855

3,097

39,952

Adjusted EBITDA6

$

64,677

$

51,110

$

35,863

$

151,650

$

5,600

$

157,250

Revenue

$

393,313

$

257,613

$

222,484

$

873,410

43,697

$

917,107

Adjusted EBITDA Margin6

16.4

%

19.8

%

16.1

%

17.4

%

12.8

%

17.1

%

Hygiene, Health

Building

Six Months Ended

and Consumable

Engineering

Adhesive

Corporate

H.B. Fuller

June 1, 2024

Adhesives

Adhesives

Solutions

Total

Unallocated

Consolidated

Net income attributable to H.B. Fuller

$

100,224

$

66,119

$

32,783

$

199,126

$

(116,871

)

$

82,255

Adjustments:

Acquisition project costs1

-

-

-

-

3,510

3,510

Organizational realignment2

-

-

-

-

14,536

14,536

Project One3

-

-

-

-

6,058

6,058

Other

-

-

-

-

914

914

Discrete tax items4

-

-

-

-

(1,210

)

(1,210

)

Income tax effect on adjustments5

-

-

-

-

(4,848

)

(4,848

)

Adjusted net income attributable to H.B. Fuller6

100,224

66,119

32,783

199,126

(97,911

)

101,215

Add:

Interest expense

-

-

-

-

64,215

64,215

Interest income

-

-

-

-

(2,504

)

(2,504

)

Adjusted Income taxes

-

-

-

-

36,289

36,289

Depreciation and amortization expense7

27,316

23,193

24,490

74,999

6,054

81,053

Adjusted EBITDA6

$

127,540

$

89,312

$

57,273

$

274,125

$

6,143

$

280,268

Revenue

$

761,391

$

483,688

$

402,150

$

1,647,229

80,296

$

1,727,525

Adjusted EBITDA Margin6

16.8

%

18.5

%

14.2

%

16.6

%

NMP

16.2

%

Note: Adjusted EBITDA is a non-GAAP financial measure. The table above provides a reconciliation of adjusted EBITDA for each segment to net income attributable to H.B. Fuller for each segment, the most directly comparable financial measure determined and reported in accordance with U.S. GAAP.

NMP = Non-meaningful percentage

H.B. FULLER COMPANY AND SUBSIDIARIES

SEGMENT FINANCIAL INFORMATION

NET REVENUE GROWTH (DECLINE)

(unaudited)

Three Months Ended

Six Months Ended

May 31, 2025

May 31, 2025

Price

0.7

%

0.5

%

Volume

(0.3

)%

0.5

%

Organic Growth12

0.4

%

1.0

%

M&A

(1.3

)%

(1.2

)%

Constant currency

(0.9

)%

(0.2

)%

F/X

(1.2

)%

(2.2

)%

Total H.B. Fuller Net Revenue

(2.1

)%

(2.4

)%

Revenue growth versus 2024

Three Months Ended

May 31, 2025

Net

Constant

Organic

Revenue

F/X

Currency

M&A

Growth12

Hygiene, Health and Consumable Adhesives

1.1

%

(2.1

)%

3.2

%

1.4

%

1.8

%

Engineering Adhesives

7.3

%

(0.7

)%

8.0

%

8.4

%

(0.4

)%

Building Adhesive Solutions

0.8

%

(0.5

)%

1.3

%

2.2

%

(0.9

)%

Corporate Unallocated13

(100.0

)%

0.0

%

(100.0

)%

(100.0

)%

0.0

%

Total H.B. Fuller

(2.1

)%

(1.2

)%

(0.9

)%

(1.3

)%

0.4

%

Revenue growth versus 2024

Six Months Ended

May 31, 2025

Net

Constant

Organic

Revenue

F/X

Currency

M&A

Growth12

Hygiene, Health and Consumable Adhesives

0.6

%

(3.5

)%

4.1

%

1.2

%

2.9

%

Engineering Adhesives

6.1

%

(1.4

)%

7.5

%

8.5

%

(1.0

)%

Building Adhesive Solutions

1.4

%

(1.4

)%

2.8

%

2.3

%

0.5

%

Corporate Unallocated13

(100.0

)%

0.0

%

(100.0

)%

(100.0

)%

0.0

%

Total H.B. Fuller

(2.4

)%

(2.2

)%

(0.2

)%

(1.2

)%

1.0

%

12 We use the term “organic revenue” to refer to net revenue, excluding the effect of foreign currency changes and acquisitions and divestitures. Organic growth reflects adjustments for the impact of period-over-period changes in foreign currency exchange rates on revenues and the revenues associated with acquisitions and divestitures.

13 Corporate Unallocated includes revenue for the North America Flooring business for the six months ended June 1, 2024. This business was sold in the first quarter of 2025 and as a result all activity for prior years was moved to Corporate Unallocated.

H.B. FULLER COMPANY AND SUBSIDIARIES

REGULATION G RECONCILIATION

In thousands (unaudited)

Three Months Ended

Trailing Twelve Months18 Ended

August 31,

2024

November 30,

2024

March 1,

2025

May 31,

2025

May 31,

2025

Net income attributable to H.B. Fuller

$

55,361

$

(7,359

)

$

13,248

$

41,828

$

103,078

Adjustments:

Acquisition project costs1

3,474

4,051

9,828

3,602

20,955

Organizational realignment2

9,471

15,958

8,774

6,635

40,838

Project One3

3,154

2,672

3,064

2,581

11,471

Business divestiture14

-

47,267

-

-

47,267

Other15

(2,904

)

39

-

44

(2,821

)

Discrete tax items16

(2,937

)

(1,322

)

992

13,961

10,694

Income tax effect on adjustments5

(1,624

)

(9,339

)

(5,909

)

(3,999

)

(20,871

)

Adjusted net income attributable to H.B. Fuller6

63,995

51,967

29,997

64,652

210,611

Add:

Interest expense

35,287

33,621

32,030

34,484

135,422

Interest income

(1,090

)

(1,084

)

(1,100

)

(854

)

(4,128

)

Adjusted Income taxes

22,825

18,546

10,862

22,765

74,997

Depreciation and Amortization expense17

44,235

45,286

42,567

44,613

176,701

Adjusted EBITDA6

$

165,252

$

148,336

$

114,356

$

165,660

$

593,604

14 Business divestiture for the three months and year ended November 30, 2024 includes impairment losses for goodwill and long-lived assets, and project costs incurred as a direct result of the pending sale of the North America Flooring business. Impairment losses represent the difference between the book value of the assets held for sale and their net realizable value.

15 Other includes a gain from insurance recoveries and a loss from the write-off of a cost method investment for the three months ended August 31, 2024 and the year ended November 30, 2024.

16 Discrete tax items for the three months ended August 31, 2024 are related to various foreign tax matters as well as excess tax benefit related to U.S. stock compensation. Discrete tax items for the three months ended November 30, 2024 are related to various foreign tax matters. Discrete tax items for the three months ended March 1, 2025 are related to various foreign tax matters. Discrete tax items for the three months ended May 31, 2025 are primarily related to the impact of withholding tax recorded on earnings that are no longer permanently reinvested, as well as other various U.S. and foreign tax matters.

17 Depreciation and amortization expense added back for EBITDA is adjusted for amounts already included in adjusted net income attributable to H.B. Fuller. Depreciation and amortization expense added back was $194 for the three months ended August 31, 2024, ($711) for the three months ended November 30, 2024, ($30) for the three months ended March 1, 2025 and ($70) for the three months ended May 31, 2025.

18 Trailing twelve months adjusted EBITDA is a non-GAAP financial measure and is defined as adjusted EBITDA for the twelve-month period ended on the date presented. The table above provides a reconciliation of trailing twelve month adjusted EBITDA to net income attributable to H.B. Fuller for the trailing twelve-month period presented, the most directly comparable financial measure determined and reported in accordance with U.S. GAAP.

H.B. FULLER COMPANY AND SUBSIDIARIES

REGULATION G RECONCILIATION

In thousands (unaudited)

May 31, 2025

March 1, 2025

June 1, 2024

Total debt

$

2,112,428

$

2,179,997

$

2,024,916

Less: Cash and cash equivalents

96,785

105,743

114,823

Net debt19

$

2,015,643

$

2,074,254

$

1,910,093

Trailing twelve months18 / Year ended Adjusted EBITDA

$

593,604

$

585,194

$

608,668

Net Debt-to-Adjusted EBITDA19

3.4

3.5

3.1

19 Net debt and net debt-to-adjusted EBITDA are non-GAAP financial measures. Net debt is defined as total debt less cash and cash equivalents. Net debt-to-adjusted EBITDA is defined as net debt divided by trailing twelve months adjusted EBITDA. The calculations of these non-GAAP financial measures are shown in the table above. The table above provides a reconciliation of each of these non-GAAP financial measures to total debt, the most directly comparable financial measure determined and reported in accordance with U.S. GAAP.

H.B. FULLER COMPANY AND SUBSIDIARIES

REGULATION G RECONCILIATION

In thousands (unaudited)

May 31, 2025

June 1, 2024

November 30, 2024

Trade receivables, net

$

584,026

$

571,134

$

558,336

Inventory

495,588

496,085

467,498

Trade payables

481,957

474,095

491,435

Net working capital20

$

597,657

$

593,124

$

534,399

Net revenue three months ended

$

898,095

$

917,107

Annualized net revenue20

3,592,379

3,668,428

Net working capital as a percentage of annualized revenue20

16.6

%

16.2

%

20 Net working capital, annualized net revenue and net working capital as a percentage of annualized net revenue are non-GAAP financial measures. Net working capital is defined as trade receivables, net plus inventory less trade payables. Annualized net revenue is defined as net revenue for the three months ended on the date presented multiplied by four. Net working capital as a percentage of annualized net revenue is net working capital divided by annualized net revenue. The calculations of these non-GAAP financial measures are shown in the table above. The table above provides a reconciliation of each of these non-GAAP financial measures to the most directly comparable financial measure determined and reported in accordance with U.S. GAAP.

CONSOLIDATED BALANCE SHEETS

H.B. Fuller Company and Subsidiaries

(In thousands, except share and per share amounts)

May 31,

November 30,

2025

2024

Assets

Current assets:

Cash and cash equivalents

$

96,785

$

169,352

Trade receivables (net of allowances of $10,978 and $11,621, as of May 31, 2025 and November 30, 2024, respectively)

584,026

558,336

Inventories

495,588

467,498

Other current assets

118,176

104,019

Total current assets

1,294,575

1,299,205

Property, plant and equipment

1,861,936

1,864,558

Accumulated depreciation

(994,409

)

(982,631

)

Property, plant and equipment, net

867,527

881,927

Goodwill

1,670,078

1,532,221

Other intangibles, net

847,699

770,226

Other assets

452,578

449,665

Total assets

$

5,132,457

$

4,933,244

Liabilities, non-controlling interest and total equity

Current liabilities

Notes payable

$

-

$

587

Trade payables

481,957

491,435

Accrued compensation

85,008

106,005

Income taxes payable

27,672

24,225

Other accrued expenses

97,490

97,038

Total current liabilities

692,127

719,290

Long-term debt

2,112,428

2,010,052

Accrued pension liabilities

55,017

51,755

Other liabilities

396,900

322,299

Total liabilities

$

3,256,472

$

3,103,396

Commitments and contingencies (Note 13)

Equity

H.B. Fuller stockholders' equity:

Preferred stock (no shares outstanding) shares authorized – 10,045,900

-

-

Common stock, par value $1.00 per share, shares authorized – 160,000,000, shares outstanding – 53,952,793 and 54,657,103 as of May 31, 2025 and November 30, 2024, respectively

$

53,953

$

54,657

Additional paid-in capital

278,513

322,636

Retained earnings

1,954,785

1,924,761

Accumulated other comprehensive loss

(412,553

)

(473,395

)

Total H.B. Fuller stockholders' equity

1,874,698

1,828,659

Non-controlling interest

1,287

1,189

Total equity

1,875,985

1,829,848

Total liabilities, non-controlling interest and total equity

$

5,132,457

$

4,933,244

CONSOLIDATED STATEMENTS of CASH FLOWS

H.B. Fuller Company and Subsidiaries

(In thousands)

Six Months Ended

May 31, 2025

June 1, 2024

Cash flows from operating activities:

Net income including non-controlling interest

$

55,109

$

82,309

Adjustments to reconcile net income including non-controlling interest to net cash provided by operating activities:

Depreciation

44,837

45,099

Amortization

42,443

39,574

Deferred income taxes

(14,068

)

(24,117

)

Income from equity method investments, net of dividends received

(1,894

)

(1,644

)

Loss on the sale of a business

1,515

-

Loss on impairment of intangible asset

478

-

Gain on sale or disposal of assets

(101

)

(166

)

Share-based compensation

12,003

11,930

Pension and other post-retirement benefit plan activity

(4,493

)

(4,370

)

Change in assets and liabilities, net of effects of acquisitions:

Trade receivables, net

(28,942

)

22,639

Inventories

(40,182

)

(56,512

)

Other assets

(4,106

)

(22,328

)

Trade payables

11,602

38,781

Accrued compensation

(23,494

)

(16,424

)

Other accrued expenses

1,097

(7,002

)

Income taxes payable

(10,587

)

(11,218

)

Other liabilities

24,804

(1,786

)

Foreign currency remeasurement

(8,252

)

34,210

Net cash provided by operating activities

57,769

128,975

Cash flows from investing activities:

Purchased property, plant and equipment

(64,534

)

(90,181

)

Purchased businesses, net of cash acquired

(162,032

)

(254,287

)

Purchase of cost method investment

(2,549

)

-

Proceeds from sale of property, plant and equipment

1,438

694

Proceeds from the sale of a business

75,727

-

Net cash used in investing activities

(151,950

)

(343,774

)

Cash flows from financing activities:

Proceeds from issuance of long-term debt

784,900

1,497,000

Repayment of long-term debt

(687,751

)

(1,305,500

)

Payment of debt issuance costs

(1,047

)

(3,493

)

Net payment of notes payable

(588

)

(376

)

Dividends paid

(24,864

)

(23,295

)

Proceeds from stock options exercised

2,475

18,289

Repurchases of common stock

(60,664

)

(21,809

)

Net cash provided by financing activities

12,461

160,816

Effect of exchange rate changes on cash and cash equivalents

9,153

(10,647

)

Net change in cash and cash equivalents

(72,567

)

(64,630

)

Cash and cash equivalents at beginning of period

169,352

179,453

Cash and cash equivalents at end of period

$

96,785

$

114,823

View source version on businesswire.com: https://www.businesswire.com/news/home/20250625878639/en/

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SEB fortsätter se positivt på börsen, trots oron i Mellanöstern. I bankens nya marknadssyn lyfts sex favoritaktier fram - inklusive ett nytt namn på listan: fastighetsbolaget Balder. "Över tid har de en historik av växande substansvärde", skriver SEB.

Nasdaq Stockholmsbörs

Igår, 12:16

OMXS30-index på väg mot plusvecka

Stockholmsbörsens OMXS30-index handlas upp på fredagen och veckan som helhet ser nu att landa på ett plus.

Sebastian Siemiatkowski vd Klarna

Igår, 12:55

Blankarna slår till mot kursraketen Flat Capital

Blankningen ökar i flera stora börsbolag. Electrolux, SBB, Hexatronic, Castellum och Flat Capital har alla fått se ökade kortpositioner. Flat står för den största ökningen under veckan.

Felicia schön och frida bratt

Igår, 12:11

Fondsparare söker sig till försvar – ratar Sverigefonder

Avanzas sparare lämnar Sverigefonder och satsar på globala alternativ, försvar och räntor. Detta till följd av trög återhämtning i svensk ekonomi och geopolitisk oro.

Namnlös design (25)

Igår, 12:05

Analys: Scanfil stärker USA-närvaron – fortsatt köpläge

Finska kontraktstillverkaren Scanfil stärker sin position i USA genom ett förvärv. Balansräkningen är i fortsatt gott skick och det finns mer utrymme för bolagsköp.

munters

Igår, 07:57

Munters köpstämplas – här är dagens aktierekar

Morgonens aktierekommendationer bjuder på nedskruvade riktkurser för H&M.

Mikael Holm 1 Beskuren

26 juni, 15:46

Alcur-förvaltaren ökar i husdjursbolaget: "Väldigt bra marknad"

Alcur Grow har krossat andra småbolagsfonder med +30% på tre år. Nu går förvaltaren Mikael Holm tungt in i en tidigare darling som rasat. Han köper också tillbaka serieförvärvaren Volati och ökar i missförstådda Hanza.

Jas Gripen Saab

Igår, 08:16

Peru uppges vilja köpa Saabs Jas Gripen

Flygvapnet i Peru uppges vilja köpa Saabs stridsflygplan Jas Gripen, enligt uppgifter till Ekot.

Kambi

Igår, 11:50

ABG: Bra ingångslägen i Evolution och Kambi

ABG Sundal Collier ser bra ingångslägen i livekasinounderleverantören Evolution och sportboksleverantören Kambi.

Medcap Placera

26 juni, 14:20

MedCap: Köper snabbväxande läkemedelsbolag i Danmark

Hälsovårdskoncernen MedCap förvärvar danska specialistläkemedelsbolaget XGX Pharma. Bolaget har betydligt bättre marginaler än koncernens befintliga affärsområde Specialistläkemedel. Aktien stiger tydligt på beskedet.

Philip Scholtze Blivande Sparekonom Avanza Fotograf Karl Gabor E1714460411972 (1)

26 juni, 10:06

Fonderna som får spararna att slå börsen – den har gett avkastning på 53%

Det är fokus på index- och investmentbolagsfonder i de fondportföljer som slår börsen. Men det är Finserve Global Security som sticker ut. "Det är den fond som presterat näst bäst bland över 1 400 stycken fonder det senaste året”, säger Avanzas Philip Scholtzé.

Aktierna

25 juni, 14:44

Aktierna svenskarna äger för att överträffa index

Saab, Investor och SBB är tre gemensamma nämnare, eller bolag, i portföljerna hos de svenskar som slår index. Det visar statistik som Avanza tagit fram åt Placera.

Bb181127za054

25 juni, 17:07

Ny rapport: Låg konkurrens mellan matbutikerna driver på prisökningar

Under 2021-2023 steg de svenska matpriserna med 28% – en inflationsspiral utan dess like i svensk modern historia. Nu visar en ny utredning av Konkurrensverket att matpriserna steg med mer än vad som kan förklaras av ökade kostnader.

Kopia av kopia av kopia av kopia av kopia av kopia av kopia av kopia av kopia av kopia av kopia av kopia av dubbel

25 juni, 15:34

Storbanker slår förväntningarna i lönsamhetsranking

Avanza var 2024 den mest lönsamma banken med 37% avkastning – och Marginalen Bank sämst med -4,1%. Sammantaget har det varit ett starkt år för svenska banker där storbankerna gick ovanligt bra.

Finserv

13 juni, 10:19

Trygghet och tillväxt: Finserve i topp 2025

Fonden är upp över 36% i år – ett globalt sparalternativ i en värld där säkerhet blivit en ny megatrend.

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Nasdaq Stockholmsbörs

Igår, 14:45

Stockholmsbörsen visar små rörelser efter amerikanska inflationssiffror

Stockholmsbörsen visar små rörelser initialt efter publiceringen av amerikanska kärninflationen (kärn-PCE) för maj som kom in något högre jämfört med förväntningarna.

asien, japan

Igår, 08:21

Flera asiatiska börser stiger under morgonen

De flesta asiatiska börserna stiger under fredagsmorgonen.

54234407752 7c889271f3 O

Igår, 08:09

Trump: USA har nått handelsöverenskommelse med Kina

USA:s president Donald Trump uppger att landet nått en överenskommelse med Kina relaterad till handel, samtidigt som han inte specificerade saken särskilt noga.

wall street, usa-börserna

Igår, 08:04

Uppåt i New York – S&P 500-index steg 0,8%

De amerikanska börserna arbetade sig kontinuerligt uppåt under torsdagen och stängde nära dagshögsta.

stockholmsbörsen

26 juni, 17:47

Stockholmsbörsen stängde på plus – H&M steg på rapport

Stockholmsbörsen stängde på plus, efter en svängig utveckling under torsdagen.