A：The expected decline in first quarter revenue for 2026 is a low single-digit percentage decrease, with Adjusted EBITDA expected to be between $110 and $120 million.

A：Chinese New Year is expected to push some revenue from Q1 into Q2, resulting in a revenue shift of one to two weeks between the two quarters, which could have an impact of several million dollars on EBITDA.

A：In fiscal year 2026, the company is expected to see a year-over-year improvement in the combined price and raw material benefit, starting from a carryover benefit of around $25 million and increasing to about $35 million due to continued efforts in reallocating sourcing to drive pricing and business differentiation. The timing of the benefits is expected to be slightly weighted to the first half of the year, but the favorable spread is expected to continue throughout the year due to additional new pricing.

A：The quarter had a tough comparison for the Business segment with a plus 7% growth in Q4 of 24 for the overall Business segment. Factors impacting performance included a big customer win from 2024, success in serving data centers and LNG, and a generally tough construction environment. The Business segment was not directly impacted by the government shutdown, but the comp was affected by new customer business and the weakening construction environment.

A：Recent wins and growth drivers in the Business segment include a big project win on CP 2 with the Fosters product for cryogenic insulation systems in the LNG sector, a new data center in Texas, and continued success in the glass business with a 18% growth in sales despite a 6% reduction in housing starts. These factors are expected to contribute to growth in the segment.

A：The Packaging segment is facing weakness in North America from packaging and related CPG customers, with a trend of slightly negative volumes continuing into the next year due to affordability issues and lack of mobility. However, the segment is introducing innovations and is seeing growth in developing nations like EMEA and Asia Pacific, as well as shifts in market strategy to focus on locations with the potential for success.

A：Pricing is expected to be positive in all GBUs, ranging from a half a percent to a percent in the EA GBU, with HHC and Bass likely to be down slightly year on year.

A：The free cash flow is expected to be supported by higher income working capital, with an increase guided to be around $25 million. The company has also mentioned that operating cash flow has been weighed down by working capital and expects it to remain higher in the near term.

A：The company is not expecting any macroeconomic help and has built in strong self-help for the year. Key assumptions include positive pricing across all GBUs, no positive macroeconomic support for volume, a $35 million year-on-year improvement from pricing, $10 million in incremental savings from Quantum Leap, $10 million of variable comp rebuild, and about $20 million of wage and other inflation. Volume is expected to be relatively neutral, with potential to be a swing item.

A：The main factors impacting other income are higher pension income due to pension assets earning higher returns and improved FX hedging, where the company has managed to reduce the impact significantly.

A：The change in deferred taxes is primarily due to a big dividend pulled from China in 2024, which included a withholding tax paid in 2025. This, along with timing on inventory, caused a big year-on-year swing in the deferred tax line and trade payables line.

A：The solar business is expected to ramp down from $80 million in revenue in 2025 to around $50 million by the conclusion of 2026. As for acquisitions, the company has a full pipeline and is selectively working through it, with the acquisition cadence in 2026 expected to be more like a normal year, with a purchase price spend of roughly $200 to $250 million.

A：The EA team excluding solar has shown about 7% organic growth in the fourth quarter, with 5% volume growth. The team is anticipated to continue driving this growth rate excluding solar in the future.

A：The Nd acquisition in 2024 operated at 8% organic growth in 2025. However, this business is expected to face challenges from the solar business which is being de-emphasized, including a $30 million hit in 2026. Despite this, the electronics, aerospace, and especially the automotive market are growing successfully, with the automotive business in Asia achieving significant growth in interior and exterior trim, as well as lighting business growing about 50% in the same region.

A：Free cash flow is expected to remain muted for the next couple of years primarily due to higher working capital associated with Quantum Leap. While working capital as a percentage of revenue is currently above script, the goal is to reduce it to below script, which is expected to be challenging this year but achievable. Peak working capital drag is associated with Quantum Leap and is expected to be reduced as the initiative is completed and as the company implements S/4HANA. Consequently, there will be slightly elevated CapEx and higher working capital related to these initiatives, which are expected to affect free cash flow negatively in the short term. However, a nice step-up in free cash flow is anticipated after the completion of Quantum Leap and the SAP implementation.

A：The organic growth outlook for the first half of 2026 is expected to be low single digits, while the second half is forecasted to potentially be flattish with a benefit from the shift in the timing of Chinese New Year. To achieve flat growth for the year, an acceleration in the second half with up single digits is necessary. The biggest driver of this acceleration is the reduction in the impact of the solar decline by the second half, with the first half being more of a headwind, particularly in the first quarter which almost has no headwind by the second half.

A：Pricing strategy is influenced by actions taken throughout the year, which vary by business unit, market segment, and regional conditions. Historically, there are more pricing actions earlier in the year, which impact the ability to retain and drive pricing throughout the year. Portfolio mix and a cultural shift towards recognizing the value of HB Fuller's technologies in enabling customers to achieve cost reductions contribute to pricing power. With respect to raw material pricing, the company benefits from a more predictable pricing environment when considering the script together, allowing for better forecasts and responses to economic changes. The company feels good about its pricing strategy and its ability to predict pricing and raw material cost movements.

A：The construction market has been particularly weak in Europe and less so in the U.S., where the success in penetrating the data center construction market has helped offset some of the commercial construction weakness.

A：Although the market is competitive and has intensified, the company believes it has maintained its share by focusing on delivering innovation and high service levels to selected customers.

A：China was the geographic market that experienced an acceleration in demand growth, evidenced by its return to double-digit organic growth in Q4, after a pause due to tariff chaos.

A：The base case forecast anticipates a slight decline in HHC volumes in 2026 due to continued constraints in the packaging space, particularly in Europe and the U.S., where customers are struggling with affordability.

A：The special item of $37.4 million is predominantly related to a legal claim from a product liability lawsuit concerning the divested flooring business. It's a non-cash item recorded in the quarter, with an after-tax amount of $25 million, and the company expects insurance coverage to cover a substantial portion.