Ecolab Inc. · NYSE:ECL
Ecolab — Investor Day (September 2025)
137 slides from Ecolab's investor day presentation, Sep 4, 2025
Slide 1: 2025 Investor Day
2025 Investor Day September 4 2025 INVESTOR DAY
Slide 2: Cautionary Statement
Cautionary Statement Forward-Looking Information: This presentation contains forward looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, but are not limited to, statements regarding EPS, sales, OI, margins, fre
Slide 3: Consistent, High Performance
Consistent, High Performance Christophe Beck Chairman & CEO 22 00 22 55 II N NVVE ESST TOOR R D DAAY Y 3
Slide 4: Ecolab: Protecting What’s Vital
Ecolab Overview Ecolab: Protecting What’s Vital Protecting Protecting Delivering People Natural Resources High Performance Science-Based Solutions, Data-Driven Insights, and World-Class Service Delivering Food Safety, Clean Environments, and Optimized Water and Energy Use 2025 INVESTOR DAY 44 4
Slide 5: Building Unique Capabilities, Unmatched Reach
Ecolab Overview Building Unique Capabilities, Unmatched Reach 48,000 40 170+ 3,000 ASSOCIATES INDUSTRIES COUNTRIES SCIENTISTS + DIGITAL EXPERTS WATER FOOD MILLIONS 36% OF CUSTOMER WORLD’S PROCESSED LOCATIONS FOODS PROTECTED CLIMATE HEALTH 22% 1.7 BILLION WORLD’S POWER PEOPLE PROTECTED 2025 INVESTOR
Slide 6: Balanced Business, High Consumable Revenue
Ecolab Overview Balanced Business, High Consumable Revenue 7% 5% 7% North America Water 24% Asia Pacific Institutional & SEGMENT 50% Specialty REGION Greater China 56% Life Sciences EMEA 38% Pest Elimination 4% Latin America 9% 90%+ Consumable Revenue 2025 INVESTOR DAY 66
Slide 7: Execution-Focused, Accountable Leadership Team
Ecolab Overview Execution-Focused, Accountable Leadership Team TODAY’S PRESENTERS Christophe Beck Darrell Brown Scott Kirkland Greg Cook Soraya Hlila Josh Magnuson Hayley Crowe Chairman & CEO President & COO CFO Institutional & Specialty Pest Elimination Water Solutions Life Sciences BROADER EXECUTI
Slide 8: Key Messages
Ecolab Overview Key Messages Strong momentum in an 1 unpredictable world Committed to reaching 5-7% 2 organic sales growth Confidence in 20% OI margin 3 and beyond 2025 INVESTOR DAY 88
Slide 9: Strong Momentum in an Unpredictable World
STRONG MOMENTUM IN AN UNPREDICTABLE WORLD 2025 INVESTOR DAY 9
Slide 10: Strong Outperformance in an Unpredictable World
Ecolab Overview Strong Outperformance in an Unpredictable World TOTAL SHAREHOLDER RETURN OVERCOMING Tariffs +100% ECL Inflation +72% S&P 500 Wars Geopolitics January 2023 August 2025 2025 INVESTOR DAY 10 10
Slide 11: What We Do Matters
Ecolab Overview What We Do Matters PUBLIC HEALTH FOOD SECURITY CLIMATE CHANGE WATER STRESS 30% 56% 47% 56% more people more food more energy freshwater by 2050 by 2050 by 2050 deficit by 2030 2025 INVESTOR DAY 11 11
Slide 12: AI Will Amplify These Trends
Ecolab Overview AI Will Amplify These Trends The Annual Drinking Water The Annual Significant Power Needs Needs of the Demand United States + of India = Increase by 2030 2025 INVESTOR DAY 12 12
Slide 13: AI Fuels Our Growth and Expands Our Margins
Ecolab Overview AI Fuels Our Growth and Expands Our Margins BEST-IN-CLASS GROWTH ENGINE Knowledge and Capabilities Global High-Tech Millions of Locations ▪ Cooling Coolingfor fordata Datacenters Centers 40 Industries ▪ Water Watercircularity Circularityfor forfabs Fabs $60B Growth Opportunity NEW RE
Slide 14: Our Market Opportunity Continues to Expand
Ecolab Overview Our Market Opportunity Continues to Expand $165B $165B $152B $135B $106B $57B $39B $32B $18B 1995 2000 2005 2010 2015 2020 2023 2025 + + + + + Pest Elimination Water Life Sciences Purolite Global High-Tech 2025 INVESTOR DAY 14 14
Slide 15: Executing Our Unique Model to Deliver Best-in-Class Performance
Ecolab Overview Executing Our Unique Model to Deliver Best-in-Class Performance BREAKTHROUGH ON-SITE TECHNOLOGY EXPERTISE BEST PERFORMANCE LOWEST TOTAL COST (Reduced Water, Energy, Waste Impact) GLOBAL DIGITAL ARTIFICIAL KNOW-HOW INTELLIGENCE 2025 INVESTOR DAY 15 15
Slide 16: The More We Grow, The Bigger Our Impact
Ecolab Overview The More We Grow, The Bigger Our Impact Water Climate Food Value to help save to help avoid to help protect to help achieve 226 billion 4.6 million 1.7 billion $9.1 billion gallons of water metric tons of CO2e people from foodborne in cumulative customer illnesses and infections valu
Slide 17: Delivering Consistent, High Performance
Ecolab Overview Delivering Consistent, High Performance Organic Sales Adjusted OI Margin Adjusted EPS $16B+ $7.52 $16B 18% $15B $6.65 17% $14B $5.21 14% 14% $4.69 $13B $4.49 12% +6% +400 +13% CAGR bps CAGR 2021 2022 2023 2024 2025F 2021 2022 2023 2024 2025F 2021 2022 2023 2024 2025F Long-Term Financ
Slide 18: Building on Our Strong Trajectory
Ecolab Overview Building on Our Strong Trajectory EPS (Adjusted, Continuing Operations) $9.00 $8.00 $7.00 $6.00 $5.00 $4.00 $3.00 $2.00 $1.00 $0.00 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 Note: 2017-2020 A
Slide 19: Long-Term 5-7% Organic Sales Growth
LONG-TERM 5-7% ORGANIC SALES GROWTH 2025 INVESTOR DAY 19
Slide 20: Committed to Driving 5-7% Organic Sales Growth
Ecolab Overview Committed to Driving 5-7% Organic Sales Growth SALES GROWTH DRIVERS $17B $16B+ +5-7% $16B +6% $16B $15B $15B +4% +11 +3-4% % CAGR 2% CORE GROWTH $14B +9% $14B +13% +8% +13% $13B $13B (6%) 2-3% VALUE PRICE $12B +5% $11B $10B 1-2% GROWTH ENGINES $9B $8B 2021 2022 2023 2024 2025F Future
Slide 21: Focused on Accelerating Organic Sales Growth
Ecolab Overview Focused on Accelerating Organic Sales Growth 5-7%% GROWTH 1-2% 3% ENGINES 1% VALUE PRICE 2-3% 2% CORE 2% 1% GROWTH -1% Paper & Basic Industries I&S Low Margin Exits 2Q25 Future 2025 INVESTOR DAY 21 21
Slide 22: One Ecolab and Innovation Driving Core Growth
Ecolab Overview One Ecolab and Innovation Driving Core Growth $13B $3B Core Businesses 2Q25 Organic Sales Grew Low Single Digits $16B Growth Engines 2Q25 Organic Sales Grew Double Digits 2024 SALES ▪ Institutional & Specialty ▪ Pest Elimination ▪ Water (ex. Global High-Tech) ▪ Life Sciences ▪ Global
Slide 23: Breakthrough Innovation Accelerating Pipeline Growth
Ecolab Overview Breakthrough Innovation Accelerating Pipeline Growth INNOVATION PIPELINE YEAR FIVE ANNUAL SALES Core Innovation Breakthrough Innovation $1.7B $1.5B 30% $1.2B 2025 Vitality $1.1B Index1 Target 50% 50% 41% 35% 18% 17% 2022 2023 2024 2025F 2026 + 1 Percent of sales from innovation launc
Slide 24: Breakthrough Innovation Focused on Biggest Opportunities
Ecolab Overview 2%Breakthrough Innovation Focused on Biggest Opportunities Core Growth AI Data Ultra Pure Water KitchenIQ : Pest Total Biopharma Centers for Micro-E RushReady Intelligence Solutions Cutting Edge Cooling, Less Water, Increase Productivity, Pest Free, Safer Drugs, More Computing More P
Slide 25: Total Value Delivered (TVD) Model
Ecolab Overview Total Value Delivered (TVD) Model BUSINESS OPERATIONAL ENVIRONMENTAL FINANCIAL OUTCOMES PERFORMANCE IMPACT IMPACT SAFETY PRODUCTIVITY WATER TOTAL VALUE DELIVERED BRAND CAPACITY ENERGY QUALITY COMPLIANCE WASTE 2025 INVESTOR DAY 25 25
Slide 26: One Ecolab Delivering Best-in-Class Customer Performance
Ecolab Overview 2%One Ecolab Delivering Best-in-Class Customer Performance Business Outcomes OUR APPROACH TO Best-in-Class BEST-IN-CLASS Operational Performance Environmental Impact Identify Best Performing Location Assess Potential Across the Globe Deliver Globally Deliver globally 2025 INVESTOR DA
Slide 27: One Ecolab Driving Faster Growth with Top Customers
Ecolab Overview One Ecolab Driving Faster Growth with Top Customers $3.5B OPPORTUNITY $89B $60B WITH OUR TOP 35 CUSTOMERS UNSOLD EXISTING CUSTOMERS CUSTOMERS $16B 2024 SALES 2025 INVESTOR DAY 27 27
Slide 28: Total Value Delivered Supports Value Pricing
Ecolab Overview Total Value Delivered Supports Value Pricing Cumulative from 2021 ($B) $9.1 $3.4 Total Value Delivered $1.2 Value $1.1 Price $0.3 $0.3 Delivered Product Cost 2021 2025F 2025 INVESTOR DAY 28 28
Slide 29: Fueling Growth Engines
Ecolab Overview Fueling Growth Engines Pest Life Global Ecolab Elimination Sciences High-Tech Digital Sales $1.2B $700M $380M $380M Market Size $15B $15B $5B $13B Growth Target +6-8% +10-12% >20% >20% Sales reflect 2025 forecast 2025 INVESTOR DAY 29 29
Slide 30: Strengthening Our Global High-Tech Growth Engine
Ecolab Overview Strengthening Our Global High-Tech Growth Engine Acquiring Ovivo Electronics, a Leader in Ultra-Pure Water Global High-Tech Market ✓ Digital Intelligence ✓ Utility Water $5B Growing $880M Growing Double-Digits 20%+ ✓ Reclaim & Effluent ✓ Ultra-Pure Water ✓ Consumable Chemistry ✓ Expe
Slide 31: Ecolab Digital: Fast Growing, Multi-Billion Opportunity
Ecolab Overview Ecolab Digital: Fast Growing, Multi-Billion Opportunity $10B UNSOLD CUSTOMERS $13B Opportunity Data Center Foodservice Pest Pharma One Intelligence Intelligence Intelligence Intelligence Ecolab $0.4B $3B 100K+ Connected Systems $380M EXISTING CUSTOMERS 2025F SALES Accelerates Best-in
Slide 32: Committed to Driving 5-7% Organic Sales Growth
Ecolab Overview Committed to Driving 5-7% Organic Sales Growth SALES GROWTH DRIVERS $17B $16B+ +5-7% $16B +6% $16B $15B $15B +4% +11 +3-4% % CAGR 2% CORE GROWTH $14B +9% $14B +13% +8% +13% $13B $13B (6%) 2-3% VALUE PRICE $12B +5% $11B $10B 1-2% GROWTH ENGINES $9B $8B 2021 2022 2023 2024 2025F Future
Slide 33: Confidence in 20% OI Margin and Beyond
CONFIDENCE IN 20% OI MARGIN AND BEYOND 2025 INVESTOR DAY 33
Slide 34: 60% of Portfolio Near or Above 20% Operating Income Margin
Ecolab Overview 60% of Portfolio Near or Above 20% Operating Income Margin >20% 18% <20% OI Margin OI Margin Ecolab ▪ Institutional OI Margin ▪ Life Sciences ▪ Specialty ▪ Light and Heavy ▪ Paper ~20% ▪ Food & Beverage ▪ Pest Elimination OI Margin Fixed Currency OI margin. Forecast for 2025 2025 INV
Slide 35: Moving Beyond 20% Operating Income Margin
Ecolab Overview Moving Beyond 20% Operating Income Margin +100-150 bps Annually 20% 18% 14% 2021 DPC Value Institutional 2025F DPC Value Growth One 2027 2027-2030 Pricing Recovery Pricing Engines Ecolab Target Adjusted OI margin 2025 INVESTOR DAY 35 35
Slide 36: Confidence in the Future
CONFIDENCE IN THE FUTURE 2025 INVESTOR DAY 36
Slide 37: Confidence in Longer-Term Performance
Ecolab Overview Confidence in Longer-Term Performance EPS (Adjusted, Continuing Operations) LONG-TERM $9.00 FINANCIAL GOALS $8.00 $7.00 5-7% SALES GROWTH $6.00 $5.00 OI MARGIN $4.00 20% BY 2027 $3.00 $2.00 12-15% EPS GROWTH $1.00 $0.00 2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 2020 2022 2024
Slide 38: Key Takeaways
Ecolab Overview Key Takeaways Strong momentum in an 1 unpredictable world Committed to reaching 5-7% 2 organic sales growth Confidence in 20% OI margin 3 and beyond 2025 INVESTOR DAY 38 38
Slide 39: What You’re Going to See Today
Ecolab Overview What You’re Going to See Today 8:00 – 8:45 AM 10:50 – 11:50 AM Enterprise Overview Innovation Showcase 8:45 – 10:00 AM 11:50 AM – 12:30 PM Segment Overviews Lunch 10:00 – 10:15 AM 12:30 – 2:00 PM Financial Targets One Ecolab Tour 10:15 – 10:20 AM 2:00 PM CEO Close End 10:20 – 10:50 A
Slide 40: One Ecolab: Accelerating Growth Through Best-in-Class
One Ecolab Accelerating Growth Through Best-in-Class Darrell Brown President & COO 22 00 22 55 II N NVVE ESST TOOR R D DAAY Y 40
Slide 41: Key Messages
One Ecolab Key Messages We have a $60B growth opportunity 1 with existing customers One Ecolab unlocks growth 2 through Best-in-Class Leveraging global field expertise 3 and AI to enhance performance 2025 INVESTOR DAY 41 41
Slide 42: Huge Opportunity to Capture Share
One Ecolab Huge Opportunity to Capture Share $3.5B OPPORTUNITY $89B $60B WITH OUR TOP 35 CUSTOMERS UNSOLD EXISTING CUSTOMERS CUSTOMERS $16B 2024 SALES 2025 INVESTOR DAY 42 42
Slide 43: One Ecolab Drives Growth, Performance and Experience
One Ecolab One Ecolab Drives Growth, Performance and Experience ONE ONE ONE CUSTOMER FIELD COMPANY Best-in-Class Best-in-Class Best-in-Class Enterprise Location Operations $3.5B More Time $140M Growth Opportunity to Sell Savings 2025 INVESTOR DAY 43 43
Slide 44: One Ecolab Drives Growth, Performance and Experience
One Ecolab One Ecolab Drives Growth, Performance and Experience ONE ONE ONE CUSTOMER FIELD COMPANY Best-in-Class Best-in-Class Best-in-Class Enterprise Location Operations $3.5B More Time $140M Growth Opportunity to Sell Savings 2025 INVESTOR DAY 44 44
Slide 45: Accelerating Market Share by Delivering Best-in-Class
One Ecolab Accelerating Market Share by Delivering Best-in-Class One Customer Global Footprint Unlocking Global Growth Top 35 Customers and Reach Through Best-in-Class Millions 1 Identify best performing location Locations Served 2 Assess potential across the globe $3.5B 170+ Market share opportunit
Slide 46: One Customer Unifies Customer Experience & Value Creation
One Ecolab One Customer Unifies Customer Experience & Value Creation One Customer TOP 35 C U S TO M E R S Pest Water Elimination ONE Life Institutional Sciences & Specialty 2025 INVESTOR DAY 46 46
Slide 47: Best-in-Class Maximizes Total Value Delivered
One Ecolab Best-in-Class Maximizes Total Value Delivered One Customer Illustrative Impact for One Large Best-in-Class Approach Hospitality Customer Deliver more value by implementing and scaling Ecolab’s full suite of solutions $250M Ecolab Solutions Environmental Impact Operational Performance Busi
Slide 48: One Ecolab Drives Growth, Performance and Experience
One Ecolab One Ecolab Drives Growth, Performance and Experience ONE ONE ONE CUSTOMER FIELD COMPANY Best-in-Class Best-in-Class Best-in-Class Enterprise Location Operations $3.5B More Time $140M Growth Opportunity to Sell Savings 2025 INVESTOR DAY 48 48
Slide 49: Visibility to All Customer Locations
One Ecolab Visibility to All Customer Locations One Field Data and AI Enabled 2025 INVESTOR DAY 49 49
Slide 50: Identify Best-in-Class Customer Locations
One Ecolab Identify Best-in-Class Customer Locations One Field Best-in-Class % 100% 75% 50% Data and AI Enabled 2025 INVESTOR DAY 50 50
Slide 51: Deploy Best-in-Class at Every Customer Location
One Ecolab Deploy Best-in-Class at Every Customer Location One Field Data and AI Enabled 2025 INVESTOR DAY 51 51
Slide 52: Value Selling Tools and Remote Assist Enables Best-in-Class
One Ecolab Value Selling Tools and Remote Assist Enables Best-in-Class One Field ENTERPRISE FIELD (Corporate Accounts) (Locations) Real-Time Visibility to TVD and Best-in-Class Potential 2025 INVESTOR DAY 52 52
Slide 53: Accelerating Growth Through Best-in-Class
One Ecolab Accelerating Growth Through Best-in-Class Growth with Top 35 Customers $60B Growth Opportunity to Capture Accelerating Sales Growth +$3.5B +8 % (6 +8% %) +5% 2023 2024 2025F Opportunity 2025 INVESTOR DAY 53 53
Slide 54: Key Takeaways
One Ecolab Key Takeaways We have a $60B growth opportunity 1 with existing customers One Ecolab unlocks growth 2 through Best-in-Class Leveraging global field expertise 3 and AI to enhance performance 2025 INVESTOR DAY 54 54
Slide 55: Institutional & Specialty: High Margin Growth Through Labor Automation
Institutional & Specialty High Margin Growth Through Labor Automation Greg Cook EVP & President, Institutional Group 22 00 22 55 II N NVVE ESST TOOR R D DAAY Y 55
Slide 56: Key Messages
Institutional & Specialty Key Messages Stronger than ever and just getting 1 started Perfectly positioned in a dynamic 2 environment Leveraging innovation and digital to 3 continue strong momentum 2025 INVESTOR DAY 56 56
Slide 57: Delivering Strong, High-Margin Growth
Institutional & Specialty Delivering Strong, High-Margin Growth INSTITUTIONAL & SPECIALTY ORGANIC SALES GROWTH ~$6B Long-Term targets +6% +11% ORGANIC SALES GROWTH +11% +4-6% +6% OI MARGIN 15% 22% >23% 2023 2025F 2027 Target 2021 2022 2023 2024 2025F Organic sales growth in 2025 fixed currency rates
Slide 58: A Market Leader Improving Customer Outcomes
Institutional & Specialty A Market Leader Improving Customer Outcomes Full-Service Quick-Service Long-Term and Food Retail Lodging Public Spaces Restaurants Restaurants Acute Care WAREWASHING | LAUNDRY | SURFACE HYGIENE | FLOORCARE AUDITING | TRAINING GUEST SATISFACTION LABOR AUTOMATION ENVIRONMENTA
Slide 59: Significant Opportunity to Drive High-Margin Growth
Institutional & Specialty Significant Opportunity to Drive High-Margin Growth $29B UNSOLD CUSTOMERS GROWTH DRIVERS $83B $55B ▪ Deliver best-in-class through $55B One Ecolab $20B EXISTING CUSTOMERS ▪ Breakthrough innovation 11% SOLD ▪ Leverage digital Confidential 2025 INVESTOR DAY 59 59
Slide 60: Perfectly Positioned to Lead in a Changed Landscape
Institutional & Specialty Perfectly Positioned to Lead in a Changed Landscape COVID Reshaped the Industry Ecolab Positioned to Deliver Value Guest Satisfaction Less Labor New Channels Labor Automation Cost Optimization Digital Insights Higher Costs Digital Revolution 2025 INVESTOR DAY 60 60
Slide 61: Delivered Significant Outperformance
Institutional & Specialty Delivered Significant Outperformance Institutional US vs. 2019 Institutional & Specialty 125% 30% 100% = 2019 93% 95% 28% 62% SG&A to Sales Market Units Ecolab Units Market Demand Ecolab Sales 2019 2025F (Dine-in) Institutional US reflects foodservice data. 2025 INVESTOR DA
Slide 62: Fueling Continued Strong Growth
Institutional & Specialty Fueling Continued Strong Growth Integrated New Technology One Ecolab Digital Solutions Labor Automation Operational Performance Delivering Best-in-Class 2025 INVESTOR DAY 62 62
Slide 63: New Technology Driving Labor Automation
Institutional & Specialty New Technology Driving Labor Automation DishIQ AquaIQ Lodging Intelligence Spotless Ware the First Time Clean and Safe Pools Clean and Soft Linens Every Time ✓ 50% labor savings ✓ 95% compliance ✓ 30% reduction in labor / linen costs ✓ 90% rewash reduction ✓ 30% utility sav
Slide 64: Best-in-class Outcomes
Institutional & Specialty Line Checks Food Waste Tracking Remote Monitoring Ecolab® RushReady Shift Every Customer Management Achieves Rewards & Best-in-class Accountability Outcomes Prep-n-Print Checklists with Our Integrated Labeling and Tasks Digital Solutions Team Chat 2025 INVESTOR DAY 64
Slide 65: Best-in-Class Maximizes Total Value Delivered
Institutional & Specialty Best-in-Class Maximizes Total Value Delivered Illustrative Impact for One Large Best-in-Class Approach Hospitality Customer Deliver more value by implementing and scaling Ecolab’s full suite of solutions $250M Ecolab Solutions Environmental Impact Operational Performance Bu
Slide 66: Key Takeaways
Institutional & Specialty Key Takeaways INSTITUTIONAL & SPECIALTY Stronger than ever and just getting Long-Term targets 1 started ORGANIC SALES GROWTH +4-6% Perfectly positioned in a dynamic 2 environment OI MARGIN Leveraging innovation and digital to 3 15% 22% >23% continue strong momentum 2023 202
Slide 67: Global Pest Elimination: Strong Growth Through Pest Intelligence
Global Pest Elimination Strong Growth Through Pest Intelligence Soraya Hlila EVP and General Manager, Global Pest Elimination 22 00 22 55 II N NVVE ESST TOOR R D DAAY Y 67
Slide 68: Key Messages
Global Pest Elimination Key Messages 1 Strong performance track record 2 Shifting model to Pest Intelligence 3 Uniquely positioned to gain share 2025 INVESTOR DAY 68 68
Slide 69: Strong, Consistent Track Record of Growth
Global Pest Elimination Strong, Consistent Track Record of Growth ORGANIC SALES GROWTH GLOBAL PEST ELIMINATION $1.2B Long-Term targets +8% ORGANIC SALES GROWTH +11% +11% +6-8% +11% OI MARGIN 19% 19% 22% 2023 2025F 2027 Target 2021 2022 2023 2024 2025F Organic sales growth in 2025 fixed currency rate
Slide 70: A Market Leader Improving Customer Outcomes
Global Pest Elimination A Market Leader Improving Customer Outcomes Food Retail Foodservice Food & Beverage Water Life Sciences Lodging R O D EN T | C O C K ROA CH | F LY | B ED B U G | STO R ED PR O D U C T PEST S BRAND PROTECTION LABOR SAVINGS ENVIRONMENTAL IMPACT Total Value Delivered 2025 INVEST
Slide 71: Big Opportunity in a Large and Growing Market
Global Pest Elimination Big Opportunity in a Large and Growing Market $11B UNSOLD CUSTOMERS GROWTH DRIVERS $83B $55B ▪ Large and fast-growing market $15B ▪ One Ecolab enterprise selling ▪ Pest Intelligence 8% $3B EXISTING CUSTOMERS SOLD 2025 INVESTOR DAY 71 71
Slide 72: Unlocking Growth Through One Ecolab Enterprise Selling
Global Pest Elimination Unlocking Growth Through One Ecolab Enterprise Selling Current Sales One Ecolab Enterprise Selling Opportunity Pest Elimination Critical for: Best-in-Class Performance Food Foodservice Retail $1B $3B Brand Ecolab Pest Other Protection F&B Lodging Elimination Ecolab Customers
Slide 73: Driving to 99% Pest-Free Locations with Pest Intelligence
Global Pest Elimination Driving to 99% Pest-Free Locations with Pest Intelligence Ecolab Ecolab Industry Baseline Pest Elimination Pest Intelligence 90% 94% 99% 2025 INVESTOR DAY 73 73
Slide 74: From Checking Empty Traps to Solving Problems and Selling
Global Pest Elimination From Checking Empty Traps to Solving Problems and Selling TODAY FUTURE TIME SPENT CHECKING PEST TIME SPENT PEST 95% 5% TO SELL 95% 5% EMPTY ELIMINATION AND GROW INTELLIGENCE TRAPS 2025 INVESTOR DAY 74 74
Slide 75: Pest Intelligence Case Study: Large Global Retailer
Global Pest Elimination Pest Intelligence Case Study: Large Global Retailer TARGETING INDUSTRY BEST-IN-CLASS 99% Pest Free Labor Savings Brand Protection 2025 INVESTOR DAY 75 75
Slide 76: Driving Strong Growth and Robust Margin Expansion
Global Pest Elimination Driving Strong Growth and Robust Margin Expansion ECOLAB BENEFITS Value Health SG&A Pricing & Safety Leverage 2025 INVESTOR DAY 76 76
Slide 77: 10 Countries Today and We’re Just Getting Started!
Global Pest Elimination 10 Countries Today and We’re Just Getting Started! Germany UK Ireland Canada Belgium US France China Australia New Zealand 2025 INVESTOR DAY 77 77
Slide 78: Key Takeaways
Global Pest Elimination Key Takeaways GLOBAL PEST ELIMINATION 1 Strong performance track record Long-Term targets ORGANIC SALES GROWTH +6-8% 2 Shifting model to Pest Intelligence OI MARGIN 3 Uniquely positioned to gain share 19% 19% 22% 2023 2025F 2027 Target Fixed Currency OI Margin. 2025 INVESTOR
Slide 79: Global Water Business Overview
Global Water Business Overview Innovating to Advance the AI Revolution Josh Magnuson EVP and General Manager, Global Water Solutions 22 00 22 55 II N NVVE ESST TOOR R D DAAY Y 79
Slide 80: Key Messages
Global W ater Key Messages AI revolution is fueling Ecolab’s 1 Water business Water circularity is a platform 2 for growth Bringing end-to-end intelligent 3 cooling to data centers 2025 INVESTOR DAY 80 80
Slide 81: Striving to Achieve Long-Term Objectives in Unpredictable Times
Global W ater Striving to Achieve Long-Term Objectives in Unpredictable Times GLOBAL WATER ORGANIC SALES GROWTH ~$8B Long-Term targets +2% $8B +6% ORGANIC SALES GROWTH +14% +5-7% +4% OI MARGIN 14% 16% 19% 2023 2025F 2027 Target 2021 2022 2023 2024 2025F Organic sales growth in 2025 fixed currency ra
Slide 82: The World’s Water Company
Global W ater The World’s Water Company Manufacturing Basic Industries Downstream, Food & Beverage Global High-Tech (Transportation / Textile / (Mining / Power / Primary Paper Institutional) Metals) Chemical WAT E R C I R C U L A R I T Y | D I G I TA L I N T E L L I G E N C E | S E RV I C E E X P E
Slide 83: Robust Market Opportunity
Global W ater Robust Market Opportunity $46B UNSOLD CUSTOMERS GROWTH DRIVERS $83B $55B ▪ Global High-Tech $80B ▪ Digital and innovation ▪ One Ecolab 10% $26B EXISTING CUSTOMERS SOLD 2025 INVESTOR DAY 83 83
Slide 84: AI Demand Creating Tailwinds for Customer End Markets
Global W ater AI Demand Creating Tailwinds for Customer End Markets AI DRIVEN Core Water TVD DRIVEN Power Mining $8B GHT Water Sales F&B AI Enabling Value Creation with Ecolab Customers 2025 INVESTOR DAY 84 84
Slide 85: AI Has a Significant Role in Ecolab’s Growth Strategy
Global W ater AI Has a Significant Role in Ecolab’s Growth Strategy +70 1,000 50GWh New Fabs New Data Centers $5B+ New Computing Ecolab Market Demand by 2029 Opportunity $3B $2B Addressable Addressable Market Market Ecolab is Uniquely Positioned to Grow in Expanding Markets Unlocked by the Growth of
Slide 86: More Chips with Less Water in Microelectronics
Global W ater More Chips with Less Water in Microelectronics CURRENT STATE FUTURE STATE Linear Water Full Water Circularity with Ultra-Pure Water Demand for Ultra-Pure Water will Increase 50% by 2034 2025 INVESTOR DAY 86 86
Slide 87: Unlocking Full Water Circularity with Ultra-Pure Water Capabilities
Global W ater Unlocking Full Water Circularity with Ultra-Pure Water Capabilities ✓ Where Ovivo Adds New Capabilities $15M Total Value Delivered in a Next-Gen Fab 2025 INVESTOR DAY 87 87
Slide 88: Expanding Ecolab’s Best-in-Class Solutions Reach at the Speed of AI
Global W ater Expanding Ecolab’s “Best-in-Class” Solutions Reach at the Speed of AI Next-Gen Microchip Manufacturing Cutting-Edge Data Center Cooling 2025 INVESTOR DAY 88 88
Slide 89: Best-in-Class Cooling Optimization for Data Centers
Global W ater Best-in-Class Cooling Optimization for Data Centers INTEGRATED CDU PRE-TREATMENT SOLUTIONS UTILITY WATER MANAGEMENT WATER SAFETY PROGRAM INTEGRATED CDU LIQUID COOLING MANAGEMENT $10M Total Value Delivered per 100MW 10%+ Cooling Power – Power Back to Compute 2025 INVESTOR DAY 89 89
Slide 90: Global High-Tech Accelerating Growth
Global W ater Global High-Tech Accelerating Growth +20% $1B+ $880M $5B 20%+ 200+bps Total Growing To Water $380M Market Fast Segment $307M $265M Growth 2023 2024 2025F 2025F 2026F Future Pro Forma with Ovivo 2025 INVESTOR DAY 90 90
Slide 91: Global High-Tech Fueling 5-7% Growth for Our Water Business
Global W ater Global High-Tech Fueling 5-7% Growth for Our Water Business FROM TO Core Water Core Water 61% 56% 2-3% GHT 5% GHT 5-7% Organic Water 12% Organic Water Sales Growth Sales Growth F&B F&B 34% 32% Figures in pie charts represent revenue mix of total Water Segment sales 2025 INVESTOR DAY 91
Slide 92: Key Takeaways
Global W ater Key Takeaways GLOBAL WATER AI revolution is fueling Ecolab’s Long-Term targets 1 Water business ORGANIC SALES GROWTH +5-7% Water circularity is a platform 2 for growth OI MARGIN Bringing end-to-end intelligent 3 14% 16% 19% cooling to data centers 2023 2025F 2027 Target Fixed Currency
Slide 93: Global Life Sciences Business Overview
Global Life Sciences Business Overview Building a Growth Engine Hayley Crowe EVP and General Manager, Global Life Sciences 22 00 22 55 II N NVVE ESST TOOR R D DAAY Y 93
Slide 94: Key Messages
Global Lif e Sciences Key Messages 1 Leveraging investments in capacity, innovation and team for growth Life Sciences is a large and 2 growing market Building a double-digit, high-margin 3 growth engine 2025 INVESTOR DAY 94 94
Slide 95: Striving Towards Our Long-Term Objective
Global Lif e Sciences Striving Towards Our Long-Term Objective GLOBAL LIFE SCIENCES ORGANIC SALES GROWTH Long-Term targets ~$700M +3% ORGANIC SALES GROWTH +3% +2% +10-12% OI MARGIN 18% 16% 30% 2023 2025F Long Term 2021 2022 2023 2024 2025F + Purolite Organic sales growth in 2025 fixed currency rates
Slide 96: Innovative Solutions for Life Science Customers
Global Lif e Sciences Innovative Solutions for Life Science Customers PHARMA & PERSONAL CARE BIOPROCESSING PURIFICATION PLATFORM C O N TA M I N AT I O N C O N T R O L | D R U G P U R I F I C AT I O N | WAT E R A N D E N E R G Y PROCESS QUALITY OPERATIONAL COST ENVIRONMENTAL IMPACT Total Value Delive
Slide 97: Market Opportunity
Global Lif e Sciences Market Opportunity $11B EXISTING CUSTOMERS GROWTH DRIVERS $83B $55B ▪ Global Biopharma growth $15B ▪ Enterprise solution selling ▪ Capacity expansion 5% $3B SOLD UNSOLD CUSTOMERS 2025 INVESTOR DAY 97 97
Slide 98: Growth Trends Outperforming Industry Peers
Global Lif e Sciences Growth Trends Outperforming Industry Peers 36% 26% 22% 13% 10-12% 9% 5% 3% 3% 4% 2% (2%) (5%) (6%) (13%) 2019 2020 2021 2022 2023 2024 2025F 2 Long-Term ECL Life Sciences Industry 1 1 Includes Danaher BioTech, Sartorius BioP, Thermo LS, Merck Mill BioP, and Steris LS. 2 2025 pe
Slide 99: Leveraging Investments to Drive Long-Term Growth
Global Lif e Sciences Leveraging Investments to Drive Long-Term Growth LIFE SCIENCES OI MARGIN 31% 30% 28% Underlying Margin 24% 20% OI Margin 18% 18% 16% 14% 2019 2020 2021 2022 2023 2024 2025F Long-term Fixed Currency OI Margin. 2025 INVESTOR DAY 99 99
Slide 100: Critical Investments to Drive Double-Digit Growth
Global Lif e Sciences Critical Investments to Drive Double-Digit Growth Capacity to Meet Demand Value-Driven Innovation Expert Teams in Critical Places 2025 INVESTOR DAY 100 100
Slide 101: Capacity Expansions to Support Growth
Global Lif e Sciences Capacity Expansions to Support Growth Wales Quzhou U.K. China BIOPROCESSING PURIFICATION TECHNOLOGIES PHARMA CENTER OF EXCELLENCE 2025 INVESTOR DAY 101 101
Slide 102: Innovation to Capture Biologics Growth
Global Lif e Sciences Innovation to Capture Biologics Growth New Biologics Resins Cleaning One Ecolab Pharma Pharma Intelligence Water 2025 INVESTOR DAY 102 102
Slide 103: New Talent and Experience to Drive Growth
Global Lif e Sciences New Talent and Experience to Drive Growth Jenny Tan Kelly Wrich Meeta Gulyani William Goodwin VP and GM Life VP Life Sciences VP and GM VP and GM Sciences Asia Supply Chain Bioprocessing Life Sciences Digital Decades of Industry Experience and Credibility Fueling Ecolab Life Sc
Slide 104: Delivering Value Across the Pharma Value Chain
Global Lif e Sciences Delivering Value Across the Pharma Value Chain Production and Water for PHARMA In-Process Cleaning Facility Cleaning BEST-IN-CLASS Operational Excellence On-Demand Product Quality and Safety Product Compliance and Purification Audit Readiness Digital Solutions Sustainability Au
Slide 105: Case Study: One Ecolab Success Story in Pharma
Global Lif e Sciences Case Study: One Ecolab Success Story in Pharma Best-in-Class Approach Deliver more value by implementing and Best-in-Class Pharma scaling Ecolab’s full suite of solutions $80M Environmental Ecolab Solutions Impact ▪ Chromatography Resins ▪ Active Pharma Ingredients ▪ Cleaning C
Slide 106: Key Takeaways
Global Lif e Sciences Key Takeaways GLOBAL LIFE SCIENCES Leveraging investments in capacity, Long-Term targets 1 innovation and team for growth ORGANIC SALES GROWTH +10-12% Life Sciences is a large and 2 growing market OI MARGIN Building a double-digit, high-margin 3 18% 16% 30% growth engine 2023 2
Slide 107: Delivering 20% OI Margin and Beyond
Delivering 20% OI Margin and Beyond Scott Kirkland Chief Financial Officer 22 00 22 55 II N NVVE ESST TOOR R D DAAY Y 107
Slide 108: Key Messages
Financial Overview Key Messages 1 Delivering 20% OI Margin by 2027 2 Moving beyond 20% OI margin Strong financial position fueling 3 growth and shareholder returns 2025 INVESTOR DAY 108 108
Slide 109: Committed to Driving 5-7% Organic Sales Growth
Financial Overview Committed to Driving 5-7% Organic Sales Growth SALES GROWTH DRIVERS $17B $16B+ +5-7% $16B +6% $16B $15B $15B +4% +11 +3-4% % CAGR 2% CORE GROWTH $14B +9% $14B +13% +8% +13% $13B $13B (6%) 2-3% VALUE PRICE $12B +5% $11B $10B 1-2% GROWTH ENGINES $9B $8B 2021 2022 2023 2024 2025F Fut
Slide 110: Committed to Delivering 20% Operating Income Margin
Financial Overview Committed to Delivering 20% Operating Income Margin +100-150 bps Annually 20% 18% 14% 2021 DPC Value Institutional 2025F DPC Value Growth One 2027 2027-2030 Pricing Recovery Pricing Engines Ecolab Target Adjusted OI margin 2025 INVESTOR DAY 110 110
Slide 111: Significant Opportunity to Expand Gross Margins
Financial Overview Significant Opportunity to Expand Gross Margins +75-100 bps GROSS MARGIN Annually DRIVERS 45% 43% Innovation 41% 40% 38% Value Price Growth Engines 2021 2022 2023 2024 2025F 2026-2030 Adjusted Gross Margin 2025 INVESTOR DAY 111 111
Slide 112: Total Value Delivered Supports Value Pricing and Strong Margin Expansion
Financial Overview Total Value Delivered Supports Value Pricing and Strong Margin Expansion Cumulative from 2021 ($B) $9.1 $3.4 Total Value Delivered $1.2 Value $1.1 Price $0.3 $0.3 Delivered Product Cost 2021 2025F 2025 INVESTOR DAY 112 112
Slide 113: Growth Engines Are Accretive to Growth and Margins
Financial Overview Growth Engines Are Accretive to Growth and Margins Pest Life Global Ecolab Elimination Sciences High-Tech Digital Sales $1.2B $700M $380M $380M Growth Target +6-8% +10-12% >20% >20% OI Margin Target 22% 30% >20% >>20% Sales reflect 2025 forecast 2025 INVESTOR DAY 113 113
Slide 114: Strong History of Driving SG&A Productivity
Financial Overview Strong History of Driving SG&A Productivity NET SALES PER HEADCOUNT SG&A% OF SALES 400 Sales per HC ($000) 70 Headcount (K) 28.3% $340 $328 65 160 350 $319 $302 60 BPS 300 $279 $271 $268 55 26.7% 25-50 bps 250 47 47 48 48 48 50 Annually 200 45 44 45 150 40 100 35 50 30 0 25 2019 2
Slide 115: Reimagining Productivity with AI-Integrated One Ecolab Platform
Financial Overview Reimagining Productivity with AI-Integrated One Ecolab Platform Leveraging AI to Fuel: ONE $225M BEST-IN-CLASS Savings by 2027 COMPANY Best-in-Class GROWTH ENGINE Operations na E A $140M I b led c by Agenti NEW REVENUE PERFORMANCE 2025 INVESTOR DAY 115 115
Slide 116: Strong Balance Sheet and Cash Flow
STRONG BALANCE SHEET AND CASH FLOW 2025 INVESTOR DAY 116
Slide 117: Generating Strong Free Cash Flow
Financial Overview Generating Strong Free Cash Flow FCF CONVERSION FCF DRIVERS 125% Strong earnings 118% growth 97% 85% ~90%+ Low capital intensity Target Working capital efficiency 2021 2022 2023 2024 2025F 2025 INVESTOR DAY 117 117
Slide 118: Remain Focused on Strong Balance Sheet
Financial Overview Remain Focused on Strong Balance Sheet MAINTAINING A-RANGE METRICS ~2X NET DEBT / ADJ. EBITDA Target ACQUIRED PUROLITE 4.0 3.5 3.1x 3.0 2.9x AGREEMENT TO 2.4x 2.3x ACQUIRE OVIVO 2.5 2.2x 2.2x 2.2x 2.2x 1.9x 1.7x 2.0 1.5 1.0 0.5 0.0 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Slide 119: Disciplined Capital Allocation Creates Value
Financial Overview Disciplined Capital Allocation Creates Value Capital Investments Bolt-on Acquisitions New Platforms WATER WATER INSTITUTIONAL & SPECIALTY Pest Intelligence LIFE SCIENCES LIFE SCIENCES PEST ELIMINATION Life Sciences Capacity 2025 INVESTOR DAY 119 119
Slide 120: M&A Focused on High-Growth, High-Margin Opportunities
Financial Overview M&A Focused on High-Growth, High-Margin Opportunities Double-Digit Returns Well Above Ecolab’s Cost of Capital Strategic Fit Strong Cultural Alignment Enhance Ecolab’s Customer Focused, Strong Execution Core Capabilities, Aligned with Mega Accelerate Growth Growth Trends Focused o
Slide 121: M&A Has Helped Strengthen Our EPS Growth Trajectory
Financial Overview M&A Has Helped Strengthen Our EPS Growth Trajectory EPS (Adjusted, Continuing Operations) $9.00 $8.00 $7.00 $6.00 $5.00 $4.00 $3.00 Eagle Environmental $2.00 Daydots Services Kleencare International Hygiene $1.00 $0.00 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 20
Slide 122: Strong Capital Returns
Financial Overview Strong Capital Returns $10B+ Cumulative Cash Returned 2016-2025F ($B) Increased Cash Dividend for $10.0 33 CONSECUTIVE YEARS $8.0 $4.4 $4.0 $6.0 $3.0 Total Returns $3.0 2016-2025F $2.5 $4.4B $4.0 $2.4 $2.3 $5.7 $1.9 $4.9 SHARES REPURCHASED $2.0 $4.3 $3.7 $1.3 $3.1 $2.5 $1.9 $0.0 $
Slide 123: Strong Long-Term Financial Targets
Financial Overview Strong Long-Term Financial Targets Sales Growth OI Margin EPS Growth +5-7% >20% +12-15% FCF Priorities Leverage FCF Conversion ✓ Grow Dividend in Line 90-100% with EPS Growth ✓ Acquisitions ~2x Net Debt / of Net Income ✓ Share Repurchase Adjusted EBITDA 2025 INVESTOR DAY 123 123
Slide 124: Consistent, High Performance
Consistent, High Performance Christophe Beck Chairman & CEO 22 00 22 55 II N NVVE ESST TOOR R D DAAY Y 124
Slide 125: We Have Momentum
Ecolab Overview We Have Momentum TOTAL SHAREHOLDER RETURN OVERCOMING Tariffs +100% ECL Inflation +72% S&P 500 Wars Geopolitics January 2023 August 2025 2025 INVESTOR DAY 125 125
Slide 126: We Have a Major Opportunity
Ecolab Overview We Have a Major Opportunity $3.5B OPPORTUNITY $89B $60B WITH OUR TOP 35 CUSTOMERS UNSOLD EXISTING CUSTOMERS CUSTOMERS $16B 2024 SALES 2025 INVESTOR DAY 126 126
Slide 127: We Are Fueling Our Growth Engines
Ecolab Overview We Are Fueling Our Growth Engines Pest Life Global Ecolab Elimination Sciences High-Tech Digital Sales $1.2B $700M $380M $380M Market Size $15B $15B $5B $13B Growth Target +6-8% +10-12% >20% >20% Sales reflect 2025 forecast 2025 INVESTOR DAY 127 127
Slide 128: We Have a Strong Team to Deliver
Ecolab Overview We Have a Strong Team to Deliver TODAY’S PRESENTERS Christophe Beck Darrell Brown Scott Kirkland Greg Cook Soraya Hlila Josh Magnuson Hayley Crowe Chairman & CEO President & COO CFO Institutional & Specialty Pest Elimination Water Solutions Life Sciences BROADER EXECUTIVE LEADERSHIP
Slide 129: We Will Move Beyond 20% Operating Income Margin
Ecolab Overview We Will Move Beyond 20% Operating Income Margin +100-150 bps Annually 20% 18% 14% 2021 DPC Value Institutional 2025F DPC Value Growth One 2027 2027-2030 Pricing Recovery Pricing Engines Ecolab Target Adjusted OI margin 2025 INVESTOR DAY 129 129
Slide 130: We Have Confidence in Our Long-Term Performance
Ecolab Overview We Have Confidence in Our Long-Term Performance Organic Sales Adjusted OI Margin Adjusted EPS $16B+ $7.52 $16B 18% $15B $6.65 17% $14B $5.21 14% 14% $4.69 $13B $4.49 12% +6% +400 +13% CAGR bps CAGR 2021 2022 2023 2024 2025F 2021 2022 2023 2024 2025F 2021 2022 2023 2024 2025F Long-Ter
Slide 131: We Have All It Takes to WIN
Ecolab Overview We Have All It Takes to WIN Strong momentum in an $9.00 Adjusted EPS Growth 1 unpredictable world $8.00 $7.00 $6.00 Committed to reaching 5-7% 2 $5.00 organic sales growth $4.00 $3.00 Confidence in 20% OI margin $2.00 3 and beyond $1.00 $0.00 2000 2002 2004 2006 2008 2010 2012 2014 2
Slide 132: Thank You
THANK YOU 2025 INVESTOR DAY 132
Slide 133: 2025 Investor Day: Ecolab Protecting What's Vital
ECOLAB PROTECTING WHAT'S VITAL"
Slide 134: Non-GAAP Financial Measures
Non-GAAP Financial Measures Fiscal Year Ended (millions, except percent) 2024 2023 2022 2021 Net sales Reported GAAP net sales $15,741.4 $15,320.2 $14,187.8 $12,733.1 2021 Impact of Purolite on net sales - - - 12.0 Non-GAAP adjusted net sales 15,741.4 15,320.2 14,187.8 12,721.1 Effect of foreign cur
Slide 135: Non-GAAP Financial Measures
Non-GAAP Financial Measures Fiscal Year Ended (millions, except percent) 2024 2023 2022 2021 Operating income Reported GAAP operating income $2,802.4 $1,992.3 $1,562.5 $1,598.6 Special (gains) and charges at public currency rates (183.6) 133.9 210.4 196.5 2021 Impact of Purolite on net sales - - - 3
Slide 136: Non-GAAP Financial Measures
Non-GAAP Financial Measures Fiscal Year Ended (millions, except per share) 2024 2023 2022 2021 Cash provided by operating activities $2,813.9 $2,411.8 $1,788.4 $2,061.9 Less: Capital expenditures (994.5) (774.8) (712.8) (643.0) Free cash flow $1,819.4 $1,637.0 $1,075.6 $1,418.9 Diluted EPS attributa
Slide 137: Non-GAAP Financial Measures
Non-GAAP Financial Measures Trailing Twelve Months Ended (millions) 2024 2023 2022 2021 EBITDA Net income including non-controlling interest 2,131.9 1,393.0 1,108.9 1,144.0 Provision for income taxes 439.3 362.5 234.5 270.2 Interest expense, net 282.5 296.7 243.6 218.3 Depreciation 634.9 616.7 618.5