Slide 1: Earnings presentation
UL SOLUTIONS INC. • Q1 2026 Earnings presentation
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: Q1 2026 Highlights
Q1 2026 Strong revenue growth and disciplined expense management drove 320 bps Adjusted EBITDA margin1 expansion Highlights 7.5% 26.0% $0.50 Revenue growth Adjusted Adjusted Diluted EBITDA margin1 Earnings Per Share1 5.7% +320 35.1% Organic2 Basis points Increase 1. Adjusted EBITDA, Adjusted EBITDA
Slide 4: Q1 2026 Revenue +5.7% Organic
Q1 2026 Revenue +5.7% Organic $ in millions $13 $758 $9 $3 $745 $28 +7.5% $705 +5.7% Q1 2025 Industrial Consumer R&C Software Q1 2026 FX Q1 2026 Organic Organic Organic Organic 4
Slide 5: Q1 Adjusted EBITDA margin increased 320 bps
Q1 Adjusted EBITDA 26.0% margin increased 320 bps $ in millions % Adjusted EBITDA margin $40 $3 $204 $197 $(7) 26.0% $161 22.8% 22.8% Q1 2025 Organic Revenue Organic Expenses Q1 2026 Organic Acquisition/ Q1 2026 Divestiture 5
Slide 6: Q1 Adjusted Diluted Earnings Per Share +35.1%
Q1 Adjusted Diluted Earnings Per Share +35.1% $0.01 $0.02 $0.20 14.5% $0.50 $(0.05) $(0.04) $(0.01) $0.37 11.3% 1 Q1 2025 Organic Organic Interest Tax Acquisition/ Other Q1 2026 Revenue Expenses Divestiture 1. Other includes FX and change in diluted shares. 6
Slide 7: Industrial
Industrial Revenue +10.3% $375 Q1 2026 results $340 • 10.3% Revenue growth (+8.2% Organic) Q1 2025 Q1 2026 – Continued momentum in ongoing certification services and certification testing – Strength in energy and automation, and Adjusted EBITDA and margin % materials • Adjusted EBITDA increased $21M
Slide 8: Consumer
Consumer Revenue +4.6% $318 Q1 2026 results $304 • 4.6% Revenue growth (+3.0% Organic) Q1 2025 Q1 2026 – Strength in certification testing and ongoing certification services – Strong demand in consumer technology, Adjusted EBITDA and margin % appliances and HVAC – Partly offset by planned business e
Slide 9: Risk & Compliance Software
Risk & Compliance Revenue Software +6.6% $61 $65 Q1 2026 results • 6.6% Revenue growth (+4.9% Organic) Q1 2025 Q1 2026 – Increased demand for supply chain insights • Adjusted EBITDA increased $4M; margin increased 460 basis points Adjusted EBITDA and margin % – Operating leverage +26.7% – Higher emp
Slide 10: LTM Free Cash Flow
LTM1 Free Cash Flow LTM1 Cash Flow Operating Cash Flow Capital Expenditures $ in millions Free Cash Flow $665 • Generated Free Cash Flow of $450M2, an increase of $144M, $537 47.1% $450 • Benefited from strong business ($215) performance $306 • Invested 6.9%2 of revenue in capital ($231) expenditure
Slide 11: Full-year 2026 outlook
Full-year 2026 outlook CAPITAL PORTFOLIO REVENUE PROFITABILITY TAX RATE EXPENDITURES OPTIMIZATION Mid-single-digit Adjusted Effective Capital Continuing constant EBITDA margin tax rate of expenditures to pursue currency organic improvement to approximately between 7% acquisitions revenue growth appr
Slide 12: 2026 Portfolio management activities
2026 Portfolio management activities Eurofins E&E acquisition1 EHS software sale DQS sale1 • Transaction value of ~€575M • Transaction proceeds of ~$202M • Transaction proceeds of ~€105M expected • ~14.5x synergized2 estimated 2026 • Closed on April 1, 2026 EBITDA3 • Expected to close in the second
Slide 13: Appendix
Appendix 13
Slide 14: Components of revenue change
Components of revenue change Three Months Ended March 31, 2026 (in millions) Organic1 FX2 Total Organic % change Total % change Revenue change Industrial $ 28 $ 7 $ 35 8.2 % 10.3 % Consumer 9 5 14 3.0 % 4.6 % Risk & Compliance Software 3 1 4 4.9 % 6.6 % Total $ 40 $ 13 $ 53 5.7 % 7.5 % 1. Organic re
Slide 15: Adjusted EBITDA and Adjusted EBITDA margin (non-GAAP measures)
Adjusted EBITDA and Adjusted EBITDA margin (non-GAAP measures)1, 2 Three Months Ended March 31, (in millions, unless otherwise stated) 2026 2025 Net income $ 97 $ 71 Depreciation and amortization expense 47 45 Interest expense 8 12 Other expense, net 1 3 Income tax expense 32 23 Stock-based compensa
Slide 16: Adjusted EBITDA and Adjusted EBITDA margin by segment
Adjusted EBITDA and Adjusted EBITDA margin (non-GAAP measures)1, 2 by segment Three Months Ended Three Months Ended Three Months Ended March 31, March 31, March 31, (in millions, unless otherwise stated) 2026 2025 (in millions, unless otherwise stated) 2026 2025 (in millions, unless otherwise stated
Slide 17: 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 March 31, (in millions, unless otherwise stated) 2026 2025 Net income $ 97 $ 71 Other expense, net 1 3 Stock-based compensation 12 8 Restructuring — (1) Tax effect of adjustments3 (3) (1) Adjusted Net Incom
Slide 18: Adjusted Diluted Earnings Per Share (non-GAAP measure)
Adjusted Diluted Earnings Per Share (non-GAAP measure)1 Three Months Ended March 31, 2026 2025 Diluted earnings per share $ 0.45 $ 0.33 Other expense, net 0.01 0.02 Stock-based compensation 0.06 0.04 Restructuring — (0.01) Tax effect of adjustments2 (0.02) (0.01) Adjusted Diluted Earnings Per Share1
Slide 19: Free Cash Flow and Free Cash Flow margin (non-GAAP measures)
Free Cash Flow and Free Cash Flow margin (non-GAAP measures)1, 2 Three Months Ended LTM2 March 31, March 31, (in millions, unless otherwise stated) 2026 2025 2026 2025 Net cash provided by operating activities $ 219 $ 154 $ 665 $ 537 Capital expenditures (69) (51) (215) (231) Free Cash Flow1 $ 150 $
Slide 20: Industrial – Historical Adjusted EBITDA and Adjusted EBITDA margin
Industrial – Historical Adjusted EBITDA and Adjusted EBITDA margin (non-GAAP measures)1, 2 Recast Three Months Ended Three Months Ended Three Months Ended Three Months Ended Year Ended March 31, June 30, September 30, December 31, December 31, (in millions, unless otherwise stated) 2025 2025 2025 20
Slide 21: Consumer – Historical Adjusted EBITDA and Adjusted EBITDA margin
Consumer – Historical Adjusted EBITDA and Adjusted EBITDA margin (non-GAAP measures)1, 2 Recast Three Months Ended Three Months Ended Three Months Ended Three Months Ended Year Ended March 31, June 30, September 30, December 31, December 31, (in millions, unless otherwise stated) 2025 2025 2025 2025
Slide 22: Risk & Compliance Software – Historical Adjusted EBITDA and Adjusted EBITDA margin
Risk & Compliance Software – Historical Adjusted EBITDA and Adjusted EBITDA margin (non-GAAP measures)1, 2 Recast Three Months Ended Three Months Ended Three Months Ended Three Months Ended Year Ended March 31, June 30, September 30, December 31, December 31, (in millions, unless otherwise stated) 2
Slide 23: G@) Solutions
G@) Solutions