Slide 1: Third Quarter 2025 Supplemental
1 ECOLAB Third Quarter 2025 Supplemental
Slide 2: Cautionary statement
Cautionary statement Forward-Looking Information This communication 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 macroeconomic conditions and
Slide 3: Expect to deliver continued 12-15% EPS growth
Expect to deliver continued 12-15% EPS growth 3 Reported sales +4%, with accelerating pricing and continued volume growth Strong organic OI margin expansion, confident in delivering a 20% margin by 2027 Reported diluted EPS $2.05; adjusted diluted EPS $2.07, +13% Continue to expect 12-15% adjusted E
Slide 4: 3Q overview
3Q overview ▪ Solid performance with reported sales +4% o Pricing accelerated to +3%, supported by ongoing customer value delivery. o Volume +1%, driven by good new business and breakthrough innovation. ▪ Organic growth led by Institutional & Specialty, Pest Elimination, and Life Sciences o Water +2
Slide 5: Expect Strong Finish To 2025, 12-15% EPS Growth in 2026
Expect Strong Finish To 2025, 12-15% EPS Growth in 2026 4Q 2025 ▪ Ecolab expects fourth quarter 2025 adjusted diluted earnings per share in the $2.02 to $2.12 range, rising 12% to 17% compared with adjusted diluted earnings per share of $1.81 a year ago. ▪ Secular growth trends in water, hygiene, in
Slide 6: 3Q 2025 sales growth detail
3Q 2025 sales growth detail 6 Amounts in the tables above do not necessarily sum due to rounding. Fixed Rate Organic % Change % Change Global Water Consolidated Light & Heavy 4% 2% Volume 1% Food & Beverage 4% 4% Pricing 3% Paper -4% -4% Organic 3% Total Global Water 3% 2% Acq./Div. 0% Fixed currenc
Slide 7: Global Water Segment: Light & Heavy
7 Sales +2% Light & Heavy All sales figures are organic unless otherwise noted Global Water Segment Q4: Expect modest sales growth as continued strong double-digit growth in Global High-tech more than offsets softer demand in Basic Industries. ▪ Growth in light and heavy reflected continued strong d
Slide 8: Global Water Segment: Paper and Food & Beverage
8 Sales -4% Paper All sales figures are organic unless otherwise noted Global Water Segment Sales +4% Food & Beverage Q4: Anticipate good sales growth as strong new business wins and value pricing continue to outperform industry trends. ▪ Organic sales growth accelerated as new business wins and val
Slide 9: Global Institutional & Specialty Segment
9 Sales +3% Institutional Sales +7% Specialty All sales figures are organic unless otherwise noted Global Institutional & Specialty Segment Q4: We expect continued growth in hospitality, partially offset by modestly lower sales to hospitals. ▪ Beginning in 2025, Ecolab’s healthcare business is being
Slide 10: Global Pest Elimination Segment
10 Sales +6% Pest Elimination All sales figures are organic unless otherwise noted Global Pest Elimination Segment ▪ Continued strong organic growth was led by good gains in food & beverage, restaurants, and healthcare, which benefited from our One Ecolab enterprise selling approach. ▪ To fuel conti
Slide 11: Global Life Sciences Segment
11 Sales +6% Life Sciences All sales figures are organic unless otherwise noted Global Life Sciences Segment Q4: Expect solid growth as good new business momentum and progressively improving industry trends overcome comparisons to last year’s very strong growth in bioprocessing sales. ▪ Accelerating
Slide 12: Segment operating income performance
Segment operating income performance ▪ Organic operating income increased 2% as sales growth and improved productivity overcame growth-oriented investments in the business. ▪ Global Water’s underlying performance was strong when excluding Basic Industries and Paper, which together reduced organic op
Slide 13: Consolidated margin performance
Consolidated margin performance ▪ Gross margin expanded significantly, reflecting strong value pricing. ▪ SG&A to sales was impacted by growth-oriented investments in the business, including recent acquisitions. ▪ Operating margin expanded as solid sales growth and improved productivity was partiall
Slide 14: Balance sheet / cash flow
Balance sheet / cash flow * EBITDA and Adjusted EBITDA are non-GAAP measures. EBITDA is defined as net income including non-controlling interest with the sum of provision for income taxes, net interest expense, depreciation and amortization added back. Adjusted EBITDA further adds back special (gain
Slide 15: Non-GAAP financial measures
Non-GAAP financial measures 15 (millions, except percent and per share) Net sales Reported GAAP net sales $4,165.0 $3,998.5 $11,885.2 $11,736.2 Effect of foreign currency translation (173.1) (111.8) (333.0) (356.7) Non-GAAP fixed currency sales 3,991.9 3,886.7 11,552.2 11,379.5 Effect of acquisition
Slide 16: Non-GAAP financial measures
Non-GAAP financial measures 16 (millions, except percent and per share) Operating income Reported GAAP operating income $760.2 $1,044.8 $2,025.6 $2,219.6 Special (gains) and charges at public currency rates 26.5 (331.7) 87.9 (289.0) Non-GAAP adjusted operating income 786.7 713.1 2,113.5 1,930.6 Effe
Slide 17: Non-GAAP financial measures
Non-GAAP financial measures 17 Diluted EPS attributable to Ecolab Reported GAAP diluted EPS $2.05 $2.58 $5.30 $5.72 Special (gains) and charges, after tax 0.08 (0.81) 0.24 (0.72) Discrete tax net expense (benefit) (0.06) 0.06 (0.08) (0.15) Non-GAAP adjusted diluted EPS $2.07 $1.83 $5.46 $4.85 Provis
Slide 18: Non-GAAP financial measures
Non-GAAP financial measures 18 (millions) EBITDA (trailing twelve months ended) Net income including non-controlling interest $2,004.2 $2,063.2 Provision for income taxes 417.7 511.2 Interest expense, net 238.5 291.2 Depreciation 655.0 627.1 Amortization 300.8 303.3 EBITDA $3,616.2 $3,796.0 Special
Slide 19: Non-GAAP financial measures
Non-GAAP financial measures 19 (millions) Fixed Currency Impact of Acquisitions and Divestitures Organic Fixed Currency Impact of Acquisitions and Divestitures Organic Net Sales Global Water $1,953.5 ($24.1) $1,929.4 $1,897.6 ($5.0) $1,892.6 Global Institutional & Specialty 1,544.8 (0.4) 1,544.4 1,5
Slide 20: Non-GAAP Financial Information
20 Non-GAAP Financial Information: This communication and certain of the accompanying tables include financial measures that have not been calculated in accordance with accounting principles generally accepted in the U.S. (“GAAP”). These non-GAAP financial measures include: • fixed currency sales •
Slide 21: Non-GAAP Financial Information (Continued)
21 Non-GAAP Financial Information (Continued): Our non-GAAP financial measures for adjusted cost of sales, adjusted gross margin, adjusted gross profit and adjusted operating income exclude the impact of special (gains) and charges and our non-GAAP financial measures for adjusted tax rate, adjusted