Slide 1: Earnings Presentation Q2 2025
UL SOLUTIONS INC. Earnings Presentation Q2 2025 August 5, 2025 © 2025 UL LLC. All Rights Reserved.
Slide 2: Forward looking statements
Forward looking statements This presentation contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical facts contained in this presentation may be forward-looking statements. These include stat
Slide 3: Q2 2025 Highlights
Q2 2025 Highlights Ongoing strong execution leads to record quarterly revenue • 6.3% Revenue growth, 5.5% Organic1 • 17.0% Adjusted Net Income2 increase • Adjusted EBITDA2 up 13.9% / Adjusted EBITDA margin2 up 170 bps • Generated Free Cash Flow2 of $364M for the last twelve months ended June 30, 202
Slide 4: Q2 2025 Revenue +5.5% Organic
Q2 2025 Revenue +5.5% Organic $ in millions $7 $776 $15 $3 $770 $22 ($1) $730 Q2 2024 Industrial Consumer S&A Q2 2025 FX Acquisition/ Q2 2025 Organic Organic Organic Organic Divestiture 4
Slide 5: Q2 Adjusted EBITDA +13.9%
Q2 Adjusted EBITDA +13.9% $ in millions % Adjusted EBITDA margin $40 $197 $1 $197 $173 ($16) ($1) 23.7% 25.4% Q2 2024 Organic Organic Q2 2025 FX Acquisition/ Q2 2025 Revenue Expenses Organic Divestiture 5
Slide 6: Q2 Adjusted Net Income +17.0%
Q2 Adjusted Net Income +17.0% $ in millions % Adjusted Net Income margin $40 $110 $94 ($19) ($5) 12.9% 14.2% 1 Q2 2024 Organic Revenue Organic Other Q2 2025 Expenses 6 1. Other includes FX, Acquisition / Divestiture, tax, and interest expense. 6
Slide 7: Industrial
Industrial $ in millions Q2 2025 results Revenue +7.6% • 7.6% Revenue Growth (+7.0% Organic) $338 – Strength in energy and automation $314 – Led by growth in Ongoing Certification Services and Certification Testing – Increased laboratory capacity Q2 2024 Q2 2025 Adjusted EBITDA and margin % • Adjust
Slide 8: Consumer
Consumer $ in millions Q2 2025 results Revenue • 5.6% Revenue Growth (+4.7% Organic) +5.6% $340 – Strong demand from consumer technology and retail customers $322 – Growth in Non-certification Testing and Other Services Q2 2024 Q2 2025 • Adjusted EBITDA increased $4M; Adjusted Adjusted EBITDA and ma
Slide 9: Software and Advisory
Software and Advisory $ in millions Q2 2025 results Revenue • 4.3% Revenue Growth (+3.2% Organic) +4.3% $98 – Driven by increased demand for software, $94 particularly for retail product compliance • Adjusted EBITDA was flat; Adjusted EBITDA margin decreased 70 bps Q2 2024 Q2 2025 – Reflects unfavor
Slide 10: LTM Cash Flow
LTM Cash Flow LTM Cash Flow Operating Cash Flow % in millions Capital Expenditures Free Cash Flow • Generated Free Cash Flow of $364M for $581 the last twelve months ended June 30, 2025, an increase of $88M (31.9%) vs the $491 last twelve months ended June 30, 2024 $364 • YTD Free Cash Flow benefite
Slide 11: Full-year 2025 outlook
Affirming 2025 outlook: • Mid single digit constant currency organic revenue growth • Adjusted EBITDA margin organic improvement to Full-year approximately 24% 2025 outlook • Capital expenditures expected to be 7% to 8% of revenue • Effective tax rate estimated to be ~26% The Company’s 2025 outlook
Slide 12: Appendix
Appendix 12
Slide 13: Components of revenue change
Components of revenue change Three Months Ended June 30, 2025 Acquisition / (in millions) Organic1 Divestiture2 FX3 Total Organic % Change Total % Change Revenue change Industrial $ 22 $ (1) $ 3 $ 24 7.0 % 7.6 % Consumer 15 — 3 18 4.7 % 5.6 % Software and Advisory 3 — 1 4 3.2 % 4.3 % Total $ 40 $ (1
Slide 14: Adjusted EBITDA and Adjusted EBITDA margin (non-GAAP measures)
Adjusted EBITDA and Adjusted EBITDA margin (non-GAAP measures)1 2 Three Months Ended Six Months Ended June 30, June 30, (in millions, unless otherwise stated) 2025 2024 2025 2024 Net income $ 97 $ 106 $ 168 $ 166 Depreciation and amortization expense 46 41 91 82 Interest expense 10 13 22 28 Other ex
Slide 15: Adjusted EBITDA and Adjusted EBITDA margin by segment
Adjusted EBITDA and Adjusted EBITDA margin (non-GAAP measures)1 2 by segment Three Months Ended Six Months Ended June 30, June 30, (in millions, unless otherwise stated) 2025 2024 2025 2024 Industrial Segment operating income $ 98 $ 85 $ 181 $ 160 Depreciation and amortization expense 14 10 28 21 St
Slide 16: Adjusted Net Income and Adjusted Net Income margin (non-GAAP measures)
Adjusted Net Income and Adjusted Net Income margin (non-GAAP measures)1 2 Three Months Ended Six Months Ended June 30, June 30, (in millions, unless otherwise stated) 2025 2024 2025 2024 Net income $ 97 $ 106 $ 168 $ 166 Other expense (income), net 4 (21) 7 (18) Stock-based compensation 13 6 21 6 Re
Slide 17: Adjusted Diluted Earnings Per Share (non-GAAP measure)
Adjusted Diluted Earnings Per Share (non-GAAP measure)1 Three Months Ended Six Months Ended June 30, June 30, 2025 2024 2025 2024 Diluted earnings per share $ 0.45 $ 0.50 $ 0.78 $ 0.78 Other expense (income), net 0.02 (0.11) 0.04 (0.09) Stock-based compensation 0.06 0.03 0.10 0.03 Restructuring — —
Slide 18: Free Cash Flow and Free Cash Flow margin (non-GAAP measures)
Free Cash Flow and Free Cash Flow margin (non-GAAP measures)1 3 Six Months Ended LTM2 June 30, June 30, (in millions, unless otherwise stated) 2025 2024 2025 2024 Net cash provided by operating activities $ 301 $ 244 $ 581 $ 491 Capital expenditures (93) (113) (217) (215) Free Cash Flow1 $ 208 $ 131