Ul Solutions Inc. · NYSE:ULS
Ul Solutions — J.P. Morgan Ultimate Services Investor Conference 2025
33 slides from Ul Solutions's conference presentation, Nov 10, 2025
Slide 1: November 2025 Investor Presentation
UL SOLUTIONS INC. November 2025 Investor Presentation
Slide 2: Disclaimer
Disclaimer This presentation and related discussion are being presented by UL Solutions Inc. (“UL Solutions,” the “Company,” “we,” “us” and “our”) solely for informational purposes. This presentation and accompanying statements contain “forward-looking statements” within the meaning of the Private S
Slide 3: UL Solutions is a global leader
UL Solutions is a global leader Mission-driven growth company in the fragmented and consolidating testing, inspection and 1 certification industry. Dedication to applied safety science and environment, social and governance (ESG) underpins 2 our reputation as a trusted partner. Long-term customer re
Slide 4: The iconic UL Mark
The iconic UL Mark • UL Mark introduced in 1906 • UL Mark image and service portfolio evolves as customer needs and “UL is a premium Mark … market demands change They have the experts in the field who really • Billions of new components and understand what the right finished products carry the UL Ma
Slide 5: UL Solutions overview
UL Solutions overview Revenue breakdown (2024) Segments Customer geographies5 13% 4% 13% • A leading global business services company focused on independent testing, inspection and certification (TIC) 43% 87% 41% 17% • Dedicated to safety science since 18941 44% • Strong brand recognition and differ
Slide 6: UL Solutions has an integrated service portfolio
UL Solutions has an integrated service portfolio High percentage of recurring revenue and differentiated value proposition 27% 33% 30% 10% Certification testing Ongoing certification Noncertification testing Software services and other services • Industry standards, • Monitoring • Performance testin
Slide 7: UL Solutions is a global leader
UL Solutions is a global leader #1 product TIC market share (by revenue)1 Global TIC market 1. Mission-driven growth company $38B Global product TIC market ~$38B Product TIC 7% 2. Dedicated to applied safety science and ESG ~$61B Nonproduct TIC 3. Long-term customer relationships — 27% reinforced by
Slide 8: UL Solutions differentiates with its global accreditations and service portfolio
UL Solutions differentiates with its global accreditations and service portfolio Helping our customers navigate the complexities of global requirements Standards Accreditations Services Deep involvement — including leadership Broad and global portfolio of more than 650 Over 400 independent third-par
Slide 9: Segment overview
Segment overview Strong fundamentals drive growth in all segments TIC Industrial Consumer Software and Advisory Primary end Industrials: Renewable energy, markets Power and energy products, industrial Consumer products and electronics, chemicals, built environment automation, materials and plastics,
Slide 10: Megatrends driving growth
Megatrends driving growth Energy transition New mobility Sustainability and ESG New technology, Supply chain risks Regulatory compliance connectivity and digitalization 10
Slide 11: Industrial segment overview
Industrial segment overview $1,254M 44% Markets 2024 revenue UL Solutions 2024 revenue Energy and automation Materials 31.4% Power, automation and electrical products, renewable energy, and large batteries used in industrial, energy, Wire, cable and plastics used in industrial and consumer electrica
Slide 12: Consumer segment overview
Consumer segment overview $1,238M 43% Markets 2024 revenue UL Solutions 2024 revenue 16.4% Consumer technology Mobility Consumer electronics, IT equipment, Electric and autonomous vehicles and critical medical devices and components such as software and systems used in medical, 2024 adjusted EBITDA
Slide 13: Software and Advisory segment overview
Software and Advisory segment overview $378M 13% Unifying platform with three core domains 2024 revenue UL Solutions 2024 revenue 15.6% 2024 adjusted EBITDA margin1 5.0% 5.4% 2024 revenue growth 9M 2025 revenue growth Software and advisory offerings to help customers meet regulatory, supply chain an
Slide 14: One example of our services – Laptop Ecosystem
One example of our services – Laptop Ecosystem Our comprehensive offerings range from testing individual components to benchmarking finished products Safety certification Market access Benchmarking Laptop certification 80+ 60+ 3 20+ countries for safety countries for wireless services certified comp
Slide 15: Expanded capabilities: Ultrasound machine
Expanded capabilities: Ultrasound machine Product and regulatory complexity increased testing requirements Traditional requirements New capabilities Safety Electrical, mechanical, • Functional safety certification environmental and • Magnetic resonance imaging (MRI) radiation safety safety testing P
Slide 16: Data center needs span our business and fuel growth
Data center needs span our business and fuel growth with 70 applicable UL Standards Our Data Artificial intelligence (AI) and UPS/battery energy Center Offerings storage system (BESS) Backup and alternative power supply cybersecurity risk management Power and energy High-voltage (HV)/medium- complia
Slide 17: Key attributes of our financial model
Key attributes of our financial model Strong base of recurring Constant and attractive Strong free cash flow Healthy balance revenue revenue growth generation sheet • Essential nature of services drives stable, • Revenue CAGR of 6.9% from • Consistent and attractive • Conservative leverage profile p
Slide 18: Compelling financial profile
Compelling Scale $2.9B 150 financial profile 2024 revenue locations across more than 35 countries3 Growth 6.9% 56 acquisitions 20111 to 2024 from 2010 to 2024 to supplement total revenue CAGR strong organic drivers Profitability $361M | 12.6% $656M | 22.9% 2024 adjusted net income2 2024 adjusted EBI
Slide 19: UL Solutions exhibits exceptional financial momentum with strong free cash flow generation
UL Solutions exhibits exceptional financial momentum with strong free cash flow generation Compelling organic growth profile with significant upside Strong business services $ in millions Total revenue Adj. EBITDA1 Adj. EBITDA margin 11 financial profile CAGR: 6.9% $2,870 Long-term stable $2,678 $2,
Slide 20: Capital allocation strategy and financial policy
Capital allocation strategy and financial policy Capital allocation priorities Reinvest in the business Maintain strong balance sheet Return capital to shareholders • Organic capital expenditure to support • Conservative leverage consistent • Intend to pay regular dividends innovation, productivity
Slide 21: UL Solutions growth strategy
UL Solutions growth strategy Pursue organic Expand margin Be the acquirer of choice opportunities • Increase existing and new • Automate and digitize work that • Continue proven, value-enhancing customer wallet share provides innovation in customer track record of tuck-ins services and operations •
Slide 22: Acquisitions are an important part of UL Solutions' growth
Acquisitions are an important part of UL Solutions’ growth Acquisitions since 2010 More than $1.3B deployed toward 56 Industrial Consumer Software acquisitions from 2010 to 2024 and Advisory Acquisitions executed at attractive 12 24 20 multiples in critical end markets Select acquisitions Dedicated
Slide 23: Q3 2025 Highlights
Q3 2025 Highlights Ongoing strong execution leads to record quarterly revenue and profitability • 7.1% Revenue growth, 6.3% Organic1 • 14.4% Adjusted Net Income2 increase • Adjusted EBITDA2 up 18.6% / Adjusted EBITDA margin2 up 270 bps • Generated Free Cash Flow2 of $389M for the last twelve months
Slide 24: Q3 2025 Revenue +6.3% Organic
Q3 2025 Revenue +6.3% Organic $ in millions 24
Slide 25: Q3 Adjusted EBITDA +18.6%
Q3 Adjusted EBITDA +18.6% $ in millions % Adjusted EBITDA margin 25.0% 27.7% 25
Slide 26: LTM Cash Flow
LTM Cash Flow LTM Cash Flow Operating Cash Flow % in millions Capital Expenditures Free Cash Flow • Generated Free Cash Flow of $389M for the last twelve months ended September 30, 2025, an increase of $107M (37.9%) vs the last twelve months ended September 30, 2024 • Free Cash Flow of $317M for the
Slide 27: Appendix
Appendix 27
Slide 28: Components of revenue change
Components of revenue change Three Months Ended September 30, 2025 (in millions) Organic1 FX3 Total Organic % Change Total % Change Revenue change Industrial $ 23 $ 3 $ 26 7.3 % 8.2 % Consumer 17 2 19 5.3 % 5.9 % Software and Advisory 6 1 7 6.5 % 7.5 % Total $ 46 $ 6 $ 52 6.3 % 7.1 % Nine Months End
Slide 29: Components of revenue change (cont.)
Components of revenue change (cont.) Year Ended December 31, 2024 Acquisition / (in millions) Organic1 Divestiture2 FX3 Total Organic % Change Total % Change Revenue change Industrial $ 136 $ (18) $ (10) $ 108 11.9 % 9.4 % Consumer 81 (1) (14) 66 6.9 % 5.6 % Software and Advisory 16 2 — 18 4.4 % 5.0
Slide 30: Adjusted EBITDA and Adjusted EBITDA margin (non-GAAP measures)
Adjusted EBITDA and Adjusted EBITDA margin (non-GAAP measures)1 2 Three Months Ended Year Ended September 30, December 31, (in millions, unless otherwise stated) 2025 2024 2024 2023 2022 2021 Net income $ 106 $ 94 $ 345 $ 276 $ 309 $ 238 Depreciation and amortization 46 43 172 154 135 142 Interest e
Slide 31: Adjusted EBITDA and Adjusted EBITDA margin by segment
Adjusted EBITDA and Adjusted EBITDA margin (non-GAAP measures)1 2 by segment Year Ended December 31, (in millions, unless otherwise stated) 2024 2023 Industrial Segment operating income $ 338 $ 308 Depreciation and amortization expense 47 38 Stock-based compensation 9 — Restructuring — 1 Adjusted EB
Slide 32: 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 Year Ended September 30, December 31, (in millions, unless otherwise stated) 2025 2024 2024 2023 Net income $ 106 $ 94 $ 345 $ 276 Other expense (income), net — — (8) (13) Stock-based compensation 15 10 23 —
Slide 33: Free Cash Flow and Free Cash Flow margin (non-GAAP measures)
Free Cash Flow and Free Cash Flow margin (non-GAAP measures)1 3 Nine Months Ended LTM2 Year Ended December 31, September 30, September 30, (in millions, unless otherwise stated) 2025 2024 2025 2024 2024 2023 2022 2021 Net cash provided by $ 456 $ 394 $ 586 $ 520 $ 524 $ 467 $ 372 $ 421 operating act
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