Slide 1: Earnings Presentation Q4 2025
UL SOLUTIONS INC. Earnings Presentation Q4 2025 February 19, 2026 © 2026 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: 2025 Highlights
2025 Highlights Ongoing strong execution leads to record revenue and Adjusted EBITDA1, exceeded outlook • 6.4% Revenue growth, 6.2% Organic2 • Adjusted EBITDA margin1 of 25.9%, up 300 basis points • Generated record Free Cash Flow1 of $403M • Exceptional Free Cash Flow margin1 of 13.2% after continu
Slide 4: Q4 2025 Highlights
Q4 2025 Highlights Sustained demand leading to another record revenue quarter • 6.8% Revenue growth, 5.7% Organic • 11.8% Adjusted Net Income increase • Adjusted EBITDA up 28.4% Adjusted EBITDA margin up 460 basis points • Delivered revenue growth with disciplined expense management 4
Slide 5: Q4 2025 Revenue +5.7% Organic
Q4 2025 Revenue +5.7% Organic $ in millions $8 $789 $22 $— $781 $20 $739 Q4 2024 Industrial Consumer S&A Q4 2025 FX Q4 2025 Organic Organic Organic Organic 5
Slide 6: Full Year 2025 Revenue +6.2% Organic
Full Year 2025 Revenue +6.2% Organic $ in millions $14 $3,049 $12 $3,053 $76 ($8) $89 $2,870 2024 Industrial Consumer S&A 2025 FX Acquisition/ 2025 Organic Organic Organic Organic Divestiture 6
Slide 7: Q4 Adjusted EBITDA +28.4%
Q4 Adjusted EBITDA +28.4% $ in millions % Adjusted EBITDA margin $7 $218 $217 $42 ($1) $169 22.9% 27.5% Q4 2024 Organic Organic Q4 2025 Acquisition/ Q4 2025 Revenue Expenses Organic Divestiture 7
Slide 8: Full Year Adjusted EBITDA performance +20.7%
Full Year Adjusted EBITDA performance +20.7% $ in millions % Adjusted EBITDA margin $179 $798 $792 ($37) ($6) $656 22.9% 25.9% 2024 Organic Organic 2025 Organic Acquisition/ 2025 Revenue Expenses Divestiture 8
Slide 9: Q4 Adjusted Net Income +11.8%
Q4 Adjusted Net Income +11.8% $ in millions % Adjusted Net Income margin $42 $4 $4 $114 $102 ($36) ($2) 13.8% 14.4% Q4 2024 Organic Organic Tax Interest Other1 Q4 2025 Revenue Expenses 9 1. Other includes FX and Acquisition / Divestiture. 9
Slide 10: Full Year Adjusted Net Income performance +17.2%
Full Year Adjusted Net Income performance +17.2% $ in millions % Adjusted Net Income margin $179 $14 ($50) $423 $361 ($72) ($9) 12.6% 13.9% 2024 Organic Organic Interest Tax Other1 2025 Revenue Expenses 10 1. Other includes FX and Acquisition / Divestiture. 10
Slide 11: Industrial
Industrial $ in millions Q4 2025 results Revenue • 7.3% Revenue Growth (+6.1% Organic) +7.3% $352 – Led by growth in Certification Testing $328 – Strength in energy and automation, and fire safety • Adjusted EBITDA increased $23M; Adjusted Q4 2024 Q4 2025 EBITDA margin increased 440 basis points – D
Slide 12: Consumer
Consumer $ in millions Q4 2025 results Revenue +8.4% • 8.4% Revenue Growth (+7.1% Organic) $335 – Driven by Non-certification Testing and Other Services $309 – Strong demand in consumer technology, including electromagnetic compatibility testing Q4 2024 Q4 2025 • Adjusted EBITDA increased $21M; Adju
Slide 13: Software and Advisory
Software and Advisory $ in millions Q4 2025 results Revenue • Revenue in line with prior year period – Increased demand in software, particularly for retail $102 $102 product compliance, offset by softness in advisory services Q4 2024 Q4 2025 • Adjusted EBITDA increased $4M; Adjusted EBITDA margin i
Slide 14: Software Realignment
Software Realignment 2025: Software and Advisory Segment 2026: Risk & Compliance Software Segment Revenue $ in millions ULTRUSTM software portfolio enables innovation, compliance, sustainability and risk management for UL Solutions’ global manufacturing customers Product Supply Chain Sustainability
Slide 15: 2025 Full Year Free Cash Flow
2025 Full Year Free Full Year Cash Flow Operating Cash Flow Cash Flow Capital Expenditures $ in millions Free Cash Flow • Generated record Free Cash Flow of $600 $403M for 2025, an increase of $116 $524 million, up 40.4% vs 2024 • Benefited from strong business $403 performance and lower capital exp
Slide 16: Full-Year 2026 Outlook
• Mid-single digit constant currency organic revenue growth – Inclusive of approximately 1% revenue reduction from business exits announced in the Restructuring Plan Full-Year 2026 • Adjusted EBITDA margin improvement to between 26.5% and 27.0% Outlook • Effective tax rate of approximately 26% The C
Slide 17: Financial Trajectory Since April 2024 IPO
Financial Trajectory Since April 2024 IPO1 Financial Targets at IPO2 2025 Results 2026 Outlook Organic Revenue Growth ~5 - 6% 6.2% Mid-Single Digit Adjusted EBITDA margin >24% 25.9% 26.5 – 27.0% Capex % Revenue ~6 - 8% 6.5% 7 - 8% Free Cash Flow Margin >10% 13.2% Not provided 1. See prior slide for
Slide 18: Appendix
Appendix 18
Slide 19: Components of revenue change
Components of revenue change Three Months Ended December 31, 2025 (in millions) Organic1 FX3 Total Organic % Change Total % Change Revenue change Industrial $ 20 $ 4 $ 24 6.1 % 7.3 % Consumer 22 4 26 7.1 % 8.4 % Software and Advisory — — — —% —% Total $ 42 $ 8 $ 50 5.7 % 6.8 % Year Ended December 31
Slide 20: 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 December 31, December 31, (in millions, unless otherwise stated) 2025 2024 2025 2024 Net income $ 71 $ 85 $ 345 $ 345 Depreciation and amortization expense 51 47 188 172 Interest expense 9 13 41 55 Other
Slide 21: Adjusted EBITDA and Adjusted EBITDA margin by segment
Adjusted EBITDA and Adjusted EBITDA margin (non-GAAP measures)1 by segment Three Months Ended Year Ended December 31, December 31, (in millions, unless otherwise stated) 2025 2024 2025 2024 Industrial Segment operating income $ 101 $ 88 $ 386 $ 338 Depreciation and amortization expense 15 14 56 47 S
Slide 22: 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 December 31, December 31, (in millions, unless otherwise stated) 2025 2024 2025 2024 Net income $ 71 $ 85 $ 345 $ 345 Other expense (income), net 4 10 11 (8) Stock-based compensation 11 7 47 23 Re
Slide 23: Adjusted Diluted Earnings Per Share (non-GAAP measure)
Adjusted Diluted Earnings Per Share (non-GAAP measure)1 Three Months Ended Year Ended December 31, December 31, 2025 2024 2025 2024 Diluted earnings per share $ 0.32 $ 0.40 $ 1.60 $ 1.62 Other expense (income), net 0.02 0.05 0.06 (0.04) Stock-based compensation 0.05 0.04 0.23 0.12 Restructuring 0.18
Slide 24: Free Cash Flow and Free Cash Flow margin (non-GAAP measures)
Free Cash Flow and Free Cash Flow margin (non-GAAP measures)1 2 Year Ended December 31, (in millions, unless otherwise stated) 2025 2024 Net cash provided by operating activities $ 600 $ 524 Capital expenditures (197) (237) Free Cash Flow1 $ 403 $ 287 Revenue $ 3,053 $ 2,870 Net cash provided by ope