Ecolab Inc. · NYSE:ECL
Ecolab — Merger or Acquisition (March 2026)
21 slides from Ecolab's merger presentation, March 2026
Slide 1: Ecolab to Acquire CoolIT Systems
Ecolab to Acquire CoolIT Systems Significantly Accelerates Growth Expands Ecolab’s High-Tech Growth Engine March 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 the future performance of Co
Slide 3: Steady Near-Term
Steady Near-Term Q1 FY26 Organic Sales Adj. EPS Organic Sales Adj. EPS 3% $1.69-1.71 >3-4% $8.43-8.63 +13%-14% +12%-15% (excluding CoolIT) 3
Slide 4: Steady Long-Term
Steady Long-Term Sales Adjusted OI Margin Adjusted EPS $16B $7.53 $16B 18% $15B $6.65 17% $14B $5.21 14% 14% $4.69 $13B $4.49 12% +6% +390 +13% CAGR bps CAGR 2021 2022 2023 2024 2025 2021 2022 2023 2024 2025 2021 2022 2023 2024 2025 Long-Term Financial Targets +5-7% >20% +12-15% ORGANIC OI MARGIN AD
Slide 5: We Will Grow Faster
We Will Grow Faster $3B Growth Engines $11B Double-Digit Growth Core Businesses $16B ▪ ▪ Pest Elimination Life Sciences Low-Mid Single Digit Growth 2025 SALES ▪ Global High-Tech ▪ Institutional & Specialty ▪ Ecolab Digital ▪ Water (ex. GHT, Paper, Basic) $2B Challenged Markets Driving Share & Margin
Slide 6: Fueling Growth Engines
Fueling Growth Engines Pest Life Ecolab Global Elimination Sciences Digital High-Tech Sales ~$1.2B ~$750M ~$400M ~$1.5B Market Size $15B $15B $13B $10B Growth Target +6-8% +10-12% >20% >20% OI Margin Target 22% 30% >>20% >20% Sales reflect 2025 actual, Global High-Tech pro forma for Ovivo and CoolIT
Slide 7: High-Tech: AI Demand Will Double in Next Years
High-Tech: AI Demand Will Double in Next 3 Years Demand Micro-Electronics Data Centers +70 1,000 New Fabs New Data Centers $10B+ +50GW $3B Addressable Market $7B Addressable Market Ecolab Market Opportunity 7
Slide 8: Water Is at the Core of AI
Water Is at the Core of AI Microelectronics Data Centers Water Circularity. Direct-to-Chip. Less Water. More Chips. More Computing. Less Cooling. Ultra Pure Water High-Tech Cooling Water ~$1.5B Sales Sales CAGR > 20% OI Margin > 20% 8
Slide 9: Liquid Cooling Market Will Grow 10x in Next Years
Liquid Cooling Market Will Grow 10x in Next 10 Years Liquid Cooling Market $B $50 $40 +30% $30 CAGR $20 $10 $0 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 Source: EY 9
Slide 10: CoolIT: A Leading Company In a High-Growth Market
CoolIT: A Leading Company In a High-Growth Market Leading North America Players Liquid Cooling Market $M 1,200 1,000 800 600 $5B +30% CAGR 400 200 10% 0 Player 1 Player 2 10
Slide 11: CoolIT: Adding 1% of Growth at 30% Margin
CoolIT: Adding 1% of Growth at 30% Margin CoolIT Systems Accelerates Ecolab’s $550 million high- Uniquely positions Doubles Ecolab’s Global organic sales growth growth, high-margin Ecolab as a Cooling-as- High-Tech water by 1% with 30% global leader in a-Service leader, with market opportunity EBITD
Slide 12: CoolIT Systems Snapshot
CoolIT Systems Snapshot High-margin, high-growth platform as a leading pure-play direct-to-chip liquid cooling solutions provider Strong customer relationships with the world's largest hyperscalers, colocators, and server OEMs Strong near-term revenue visibility driven by significant backlog
Slide 13: Transaction Overview
Transaction Overview ◄ Ecolab to acquire CoolIT Systems for $4.75 billion Transaction ◄ Valued at 29x and 24x estimated next twelve-month and 2027 adj. EBITDA Overview ◄ Creates a leading high-growth cooling platform serving the world’s largest AI data centers ◄ Accelerates organic sales growth by 1
Slide 14: Consumables Anchored Around CDU
Current Ecolab Offering Consumables Anchored Around CDU Current CoolIT Offering CDU’s Coolants & Water Additives Safety Liquid Cooling Mgmt COLD COLD PLATES PLATES Rack Utility Manifolds Water Mgmt Liquid Pre- Loops Treatment Solutions New Offering 3x to 5x Current (with CoolIT) = Ecolab Offering 14
Slide 15: CoolIT + Ecolab = Differentiated 3D TRASAR CDU
CoolIT + Ecolab = Differentiated 3D TRASAR CDU 3D TRASAR Technology CDU 3D TRASAR CDU More Power For Computing, Less For Cooling 15
Slide 16: An Ecolab Model: Small Share of Operational Cost, Big Impact
An Ecolab Model: Small Share of Operational Cost, Big Impact Data Center Power Usage Operational Cost per MW TODAY 60% 40% 90% Compute Cool TOMORROW 90% 10% 10% Compute Cool + 16
Slide 17: Significantly Accelerates Ecolab's Organic Sales Growth
Significantly Accelerates Ecolab’s Organic Sales Growth Long-Term Targets Incremental 5-7% $550M Organic Sales Growth High-Growth, High-Margin Revenue >20% +1% >30% Adj. OI Margin Total Ecolab Adj. EBITDA Margin 12-15% Organic Growth Acceleration Adjusted EPS Growth Organic sales growth acceleration
Slide 18: Strengthening EPS Growth Through High-Growth, High-Margin M&A
Strengthening EPS Growth Through High-Growth, High-Margin M&A Adjusted Diluted EPS $9.00 $8.00 $7.00 $6.00 $5.00 $4.00 $3.00 Eagle Environmental $2.00 Daydots Services Kleencare International Hygiene $1.00 $0.00 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 201
Slide 19: Non-GAAP financial information
Non-GAAP financial information Definitions • Organic Sales: sales at fixed currency and excluding the impacts of the Purolite and Ovivo Electronics acquisitions in 2021 and 2025, respectively, the results of our acquired businesses from the first twelve months post acquisition and the results of div
Slide 20: Non-GAAP Financial Measures
Non-GAAP Financial Measures Fiscal Year Ended (millions, except percent) 2025 2024 2023 2022 2021 Net sales Reported GAAP net sales $16,081.2 $15,741.4 $15,320.2 $14,187.8 $12,733.1 2021 Impact of Purolite on net sales - - - - (12.0) 2025 Impact of Ovivo Electronics on net sales (3.7) - - - - Non-GA
Slide 21: Non-GAAP Financial Measures
Non-GAAP Financial Measures Fiscal Year Ended (millions, except per share) 2025 2024 2023 2022 2021 Diluted EPS attributable to Ecolab Reported GAAP diluted EPS $7.28 $7.37 $4.79 $3.81 $3.91 Special (gains) and charges, after tax 0.45 (0.44) 0.38 0.72 0.74 Discrete tax net expense (benefit) (0.21) (