Slide 1: Fourth Quarter 2025 Supplemental
1 ECOLAB Fourth Quarter 2025 Supplemental February 10, 2026
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: Double-digit EPS growth, broad-based sales acceleration
Double-digit EPS growth, broad-based sales acceleration Reported diluted EPS $1.98; adjusted diluted EPS $2.08, +15% ▪ Ecolab delivered another strong quarter of double-digit EPS growth. ▪ Performance was driven by accelerating sales growth across most businesses and robust operating income margin e
Slide 4: 4Q overview
4Q overview ▪ Solid performance with reported sales +5%; organic sales +3% o Pricing +3%, supported by ongoing customer value delivery. o Volume +0%, accelerating underlying volume growth overcame a combined 2% headwind from basic industries, Paper and a short-term impact from lower distributor inve
Slide 5: Expect 12-15% EPS growth and accelerating organic sales growth
Expect 12-15% EPS growth and accelerating organic sales growth ▪ Secular growth trends in water, hygiene, infection prevention, and digital technologies continue to fuel resilient demand for Ecolab’s innovative technologies and services. Strong momentum in Ecolab’s growth engines, which include Life
Slide 6: 2026 guidance and long-term targets
2026 guidance and long-term targets 2026 Guidance Long-Term Targets Reported sales growth +7% to 9% +5-7% ORGANIC Organic sales growth +3% to 4%, accelerating through 2026 SALES GROWTH Adj. OI growth +14% to 16% >20% OI MARGIN Adj. OI margin 19%+; +100 to 150 bps +100-150 BPS PER YEAR Adj. tax rate
Slide 7: 4Q 2025 sales growth detail
4Q 2025 sales growth detail Fixed Rate Organic % Change % Change % Change Global Water Consolidated Light & Heavy 3% 2% Volume 0% Food & Beverage 5% 5% Pricing 3% Paper -7% -7% Organic 3% Total Global Water 3% 2% Acq./Div. 0% Fixed currency growth 3% Global Institutional & Specialty Currency impact
Slide 8: Global Water Segment
Global Water Segment Sales +2% Light & Heavy ▪ Growth in Light & Heavy reflected continued strong double-digit growth in Global High-Tech, improved growth in downstream, and solid manufacturing sales growth, which more than offset soft end market demand in basic industries. o Manufacturing: Solid sa
Slide 9: Global Water Segment
Global Water Segment Sales +5% Food & Beverage ▪ Organic sales growth continued to accelerate as value pricing, new business wins, and breakthrough innovation overcame continued soft industry demand. Growth was driven by strong gains in beverage, dairy, and food. ▪ Regionally, growth was led by Lati
Slide 10: Global Institutional & Specialty Segment
Global Institutional & Specialty Segment Sales +1% Institutional ▪ Underlying sales growth was consistent with prior quarters, excluding a short-term impact from lower distributor inventories, which does not reflect a change in end customer demand. o Hospitality: Underlying growth remained steady, d
Slide 11: Global Pest Elimination Segment
Global Pest Elimination Segment Sales +7% Pest Elimination ▪ Accelerated organic growth was led by good gains in food & beverage, restaurants, and food retail. This strong and broad-based performance continues to benefit from our One Ecolab enterprise selling approach. ▪ To fuel continued, strong lo
Slide 12: Global Life Sciences Segment
Global Life Sciences Segment Sales +7% Life Sciences ▪ Accelerating sales growth reflected good new business wins that leverage our innovation, investments in new capabilities, and progressively improving industry trends. ▪ Continued double-digit growth in bioprocessing along with strong growth in p
Slide 13: Segment operating income performance
Segment operating income performance ($ millions – fixed currency, unaudited) Global Water 4Q 2025 4Q 2024 Change Global Institutional & Specialty 4Q 2025 4Q 2024 Change Operating income $361.6 $350.2 3% Operating income $334.8 $287.7 16% Operating income margin 17.9% 17.8% 10 bps Operating income m
Slide 14: Consolidated margin performance
Consolidated margin performance $ millions, unaudited 4Q 2025 4Q 2024 Change Gross Margin Gross profit $1,847.6 $1,736.1 6% ▪ Gross margin expanded significantly, reflecting strong value Gross margin 44.0% 43.3% 70 bps pricing. Adjusted gross profit $1,847.5 $1,738.2 6% Adjusted gross margin 44.1% 4
Slide 15: Balance sheet / cash flow
Balance sheet / cash flow Summary Balance Sheet December 31 December 31 (millions, unaudited) 2025 2024 (millions, unaudited) 2025 2024 Cash and cash eq. $646.2 $1,256.8 Short-term debt $870.4 $615.7 Accounts receivable, net 3,249.4 2,865.0 Accounts payable 2,071.0 1,810.0 Inventories 1,490.4 1,464.
Slide 16: Non-GAAP financial measures
Non-GAAP financial measures Fourth Quarter Ended Twelve Months Ended December 31 December 31 (millions, except percent and per share) 2025 2024 2025 2024 Net sales Reported GAAP net sales $4,196.0 $4,005.2 $16,081.2 $15,741.4 Impact of Ovivo Electronics on net sales (3.7) - (3.7) - Non-GAAP adjusted
Slide 17: Non-GAAP financial measures
Non-GAAP financial measures Fourth Quarter Ended Twelve Months Ended December 31 December 31 (millions, except percent and per share) 2025 2024 2025 2024 Operating income Reported GAAP operating income $712.0 $582.8 $2,737.6 $2,802.4 Special (gains) and charges at public currency rates 74.7 105.4 16
Slide 18: Non-GAAP financial measures
Non-GAAP financial measures Fourth Quarter Ended Twelve Months Ended December 31 December 31 2025 2024 2025 2024 Diluted EPS attributable to Ecolab Reported GAAP diluted EPS $1.98 $1.66 $7.28 $7.37 Special (gains) and charges, after tax 0.21 0.28 0.45 (0.44) Discrete tax net expense (benefit) (0.12)
Slide 19: Non-GAAP financial measures
Non-GAAP financial measures Fourth Quarter Ended (millions) December 31 2025 2024 EBITDA (trailing twelve months ended) Net income including non-controlling interest $2,093.3 $2,131.9 Provision for income taxes 454.6 439.3 Interest expense, net 241.1 282.5 Depreciation 672.6 634.9 Amortization 303.8
Slide 20: Non-GAAP financial measures
Non-GAAP financial measures Fourth Quarter Ended December 31 (millions) 2025 2024 Impact of Acquisitions and Impact of Acquisitions and Fixed Currency Divestitures Organic Fixed Currency Divestitures Organic Net Sales Global Water $2,017.4 ($12.6) $2,004.8 $1,967.6 ($6.3) $1,961.3 Global Institution
Slide 21: Non-GAAP financial information
Non-GAAP financial information 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 may in
Slide 22: Non-GAAP financial information (cont.)
Non-GAAP financial information (cont.) Non-GAAP Financial Information (Continued): Our non-GAAP financial measures for adjusted net sales and adjusted interest expense, net exclude the impact of the Ovivo Electronics acquisition. Our non-GAAP financial measures for adjusted cost of sales, adjusted g