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Ecolab (NYSE: ECL) raises 2026 EPS guidance on 11% Q2 gain

Filing Impact
(High)
Filing Sentiment
(Neutral)
Form Type
8-K

Rhea-AI Filing Summary

Ecolab Inc. reported strong second‑quarter 2026 results, with net sales of $4,415.4 million, up 10% from $4,025.2 million in 2025, and organic sales growth accelerating to 5%. Reported operating income rose 7% to $757.9 million and adjusted operating income increased 10% to $809.0 million. Reported diluted EPS was $1.90, while adjusted diluted EPS was $2.09, 11% above $1.89 a year earlier.

Performance was broad-based: at fixed currency, Global Water sales grew 10%, Global Institutional & Specialty 4%, Global Pest Elimination 9% and Global Life Sciences 15%, with Life Sciences achieving a 26.5% operating margin. Reported gross margin was 44.1% and organic gross margin 44.9% as stronger pricing and productivity offset higher commodity costs and growth investments. Ecolab Digital sales increased 27% to $121 million. Cash from operating activities for the first half of 2026 was $1,175.4 million, and net debt to adjusted EBITDA was 1.9; the company repurchased about 1.2 million shares in the quarter.

Looking ahead, Ecolab raised its full‑year 2026 adjusted diluted EPS outlook to $8.05–$8.25, implying 7%–10% growth versus last year, and guided third‑quarter adjusted EPS to $2.13–$2.23. Management expects second‑half reported sales to increase 12%–14%, organic sales to grow 6%–7% and adjusted and organic operating income margins of about 19% and 20%, respectively, supported by pricing, acquisitions such as Ovivo Electronics and CoolIT, and continued expansion of its Global High‑Tech and Life Sciences growth engines.

Positive

  • Adjusted diluted EPS rose 11% to $2.09, with adjusted operating income up 10% and organic operating income margin expanding to 18.8%, 40 basis points higher than a year earlier.
  • 2026 adjusted EPS guidance was raised to $8.05–$8.25, targeting 7%–10% annual growth and supported by expected 12%–14% reported sales growth in the second half of 2026.
  • High-growth businesses accelerated, including 15% Life Sciences sales growth with a 26.5% margin and rapid expansion of the Global High‑Tech platform toward $1.5 billion in annualized sales.

Negative

  • None.

Filing Explained

At June 30, Ecolab reported $5,135.3 million cash, $1,271.1 million short-term debt, and $11,905.1 million long-term debt.

Under the Form 8-K’s purpose, Ecolab’s July 28, 2026 filing is a completed report of second-quarter results and updated outlook; it also updates the company’s balance-sheet financing position through June 30, 2026.

The headline’s “double-digit EPS growth” applies to adjusted diluted EPS, which rose 11%; reported GAAP diluted EPS rose 3%. The filing defines adjusted and organic measures as non-GAAP measures that exclude specified items, with organic measures also excluding recent acquisitions and divestitures.

At June 30, 2026, Ecolab reported $5,135.3 million of cash, $1,271.1 million of short-term debt, and $11,905.1 million of long-term debt. It also said higher net interest expense reflected lower cash balances and new debt used to fund recent acquisitions.

The next specified resolution point is the third-quarter report: the company currently expects about $0.28 per share of special charges, principally for acquisition and integration activities and restructuring.

Item 2.02 Results of Operations and Financial Condition Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 9.01 Financial Statements and Exhibits Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Q2 2026 Net Sales $4,415.4 million Second quarter 2026 consolidated net sales, up 10% from $4,025.2 million in 2025
Q2 2026 Adjusted Diluted EPS $2.09 Second quarter 2026 adjusted diluted earnings per share, 11% above $1.89 in 2025
Full-Year 2026 Adjusted EPS Guidance $8.05–$8.25 Raised 2026 adjusted diluted EPS outlook, implying 7%–10% growth versus last year
Q2 2026 Organic Sales Growth 5 % Organic net sales growth rate in the second quarter of 2026
Global Life Sciences Q2 Sales $221.0 million Second quarter 2026 fixed currency sales in Global Life Sciences, 15% higher than 2025
Cash From Operating Activities 1H 2026 $1,175.4 million Cash provided by operating activities for the six months ended June 30, 2026
Long-Term Debt June 30, 2026 $11,905.1 million Long-term debt balance on Ecolab’s June 30, 2026 consolidated balance sheet
Net Debt to Adjusted EBITDA 1.9 Ratio of net debt to adjusted EBITDA as of June 30, 2026
organic sales financial
"Organic sales growth is expected to accelerate to the 6% to 7% range"
Organic sales are the change in a company’s revenue that comes from its existing business operations, excluding effects of acquisitions, divestitures, and currency swings. Think of it like measuring how much a garden grows from the plants you already tended, rather than adding new pots; investors use organic sales to judge whether demand and core business performance are genuinely improving or if growth is driven by one‑time deals or accounting shifts.
adjusted diluted earnings per share financial
"Expect adjusted diluted EPS in the $8.05 to $8.25 range"
Adjusted diluted earnings per share is the company’s net profit per share after accounting for potential extra shares (from options or convertible securities) and removing one‑time or unusual items so the number reflects ongoing business results. Think of it like timing a runner’s steady pace after excluding a few unexpected stops; it gives investors a clearer view of sustainable profit available to each share. Investors use it to compare companies and judge underlying profitability and valuation without short‑term distortions.
fixed currency sales financial
"We evaluate the performance of our international operations based on fixed currency sales"
energy surcharge financial
"Pricing improved to 4%, reflecting the early benefits of our energy surcharge implementation"
An energy surcharge is an extra fee added to prices or bills to cover higher fuel or electricity costs that a business faces; it is collected separately from the base price of a product or service so the company can pass on volatile energy expenses. For investors this matters because it affects revenue, customer demand and profit margins—like a temporary fuel surcharge on a taxi fare, it preserves a company’s costs but can reduce sales or invite regulatory or customer pushback.
EBITDA financial
"Net Debt/EBITDA* 2.0 and Net Debt/Adjusted EBITDA* 1.9"
EBITDA stands for earnings before interest, taxes, depreciation, and amortization. It measures a company's profitability by focusing on the money it makes from its core operations, ignoring expenses like taxes and accounting adjustments. Investors use EBITDA to compare how well different companies are performing financially, as it provides a clearer picture of operational success without the influence of financial structure or accounting choices.
special (gains) and charges financial
"Special (gains) and charges were a net charge of $51 million"
Net sales $4,415.4 million +10 % vs $4,025.2 million in Q2 2025
Organic sales growth 5 % Organic sales growth accelerated, reaching 5 % in Q2 2026
Reported diluted EPS $1.90 +3 % vs $1.84 in Q2 2025
Adjusted diluted EPS $2.09 +11 % vs $1.89 in Q2 2025
Reported operating income $757.9 million +7 % vs $710.1 million in Q2 2025
Adjusted operating income $809.0 million +10 % vs $737.2 million in Q2 2025
Guidance

For 2026, Ecolab expects adjusted diluted EPS of $8.05–$8.25, up 7%–10% versus last year, and forecasts third quarter 2026 adjusted diluted EPS of $2.13–$2.23, with second-half reported sales growth of 12%–14% and organic sales growth of 6%–7%.

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FAQ

What were Ecolab (ECL) second quarter 2026 sales and earnings?
Ecolab reported Q2 2026 net sales of $4.415 billion, up 10% year over year, with organic sales growth of 5%. Reported diluted EPS was $1.90 and adjusted diluted EPS was $2.09, representing 3% and 11% increases compared with the second quarter of 2025.

How did Ecolab (ECL) adjust its full-year 2026 earnings guidance?
Ecolab raised its 2026 adjusted diluted EPS outlook to $8.05–$8.25, compared with prior expectations of $8.03–$8.23. This implies 7%–10% EPS growth versus last year and reflects strong underlying performance plus short‑term non‑cash impacts from the CoolIT acquisition.

Which business segments drove Ecolab (ECL) growth in Q2 2026?
Growth was broad-based, led by Global Life Sciences, where sales rose 15% and operating margin reached 26.5%. Global Pest Elimination sales grew 9%, Global Water 10% and Global Institutional & Specialty 4% at fixed currency, with each segment increasing operating income year over year.

How strong is Ecolab (ECL)'s cash flow and leverage after Q2 2026?
For the first half of 2026, Ecolab generated $1,175.4 million of cash from operating activities and invested $588.6 million in capital expenditures. At June 30, net debt to adjusted EBITDA was 1.9, with total debt representing 56.6% of total capital.

What outlook did Ecolab (ECL) provide for second-half 2026 sales?
Ecolab expects reported sales to increase 12%–14% in the second half of 2026, with organic sales growth accelerating to 6%–7%. The forecast assumes stronger pricing, contributions from Ovivo Electronics and CoolIT, and continued volume growth across core and high‑growth businesses.
0000031462FALSE00000314622026-07-282026-07-28

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) July 28, 2026
ECOLAB INC.
(Exact name of registrant as specified in its charter)
Delaware1-932841-0231510
(State or other jurisdiction
of incorporation)		(Commission
File No.)		(IRS Employer
Identification No.)
1 Ecolab Place, St. Paul, Minnesota 55102
(Address of principal executive offices) (Zip Code)
1-800-232-6522
(Registrant’s telephone number, including area code)
(Not applicable)
(Former name or former address, if changed since last report.)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading symbol(s)Name of each exchange on which registered
Common Stock, $1.00 par valueECLNew York Stock Exchange
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐



Item 2.02 Results of Operations and Financial Condition.
On July 28, 2026, Ecolab Inc. (“Ecolab”) announced earnings for the second quarter ended June 30, 2026. A copy of the (i) News Release issued by Ecolab in connection with this report under Item 2.02 is furnished and attached as Exhibit (99.1) and (ii) Supplemental Data to be used in connection with the conference call to be held discussing the first quarter results is furnished and attached as Exhibit (99.2), each of which is incorporated by reference herein. Ecolab also will publish the attached exhibits on its website located at www.ecolab.com.
Cautionary Statements Regarding Forward Looking Information.
Statements contained in this Current Report on Form 8-K, including statements concerning Ecolab’s restructuring plan, may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on the current expectations of management of the Company. There are a number of risks and uncertainties that could cause actual results to differ materially from the forward-looking statements included in this report. In particular, the ultimate results of any restructuring initiative depend on a number of factors, including the development of final plans, the impact of local regulatory requirements regarding employee terminations, the time necessary to develop and implement the restructuring initiatives and the level of success achieved through such actions in improving competitiveness, efficiency and effectiveness. Additional risks and uncertainties that may affect operating results and business performance are set forth under Item 1A of our most recent Form 10-K, and the Company’s other public filings with the Securities and Exchange Commission. Ecolab does not undertake, and expressly disclaims, any duty to update any forward-looking statement whether as a result of new information, future events or changes in expectations, except as required by law.
Item 9.01 Financial Statements and Exhibits.
(d)Exhibits.
The following exhibits are furnished pursuant to Item 2.02 of Form 8-K and should not be deemed to be “filed” under the Securities Exchange Act of 1934.
Exhibit No.DescriptionMethod Of Filing
(99.1)
Ecolab Inc. News Release dated July 28, 2026.
Filed herewith electronically.
(99.2)
Supplemental Data for Second Quarter dated July 28, 2026.
Filed herewith electronically.
(104)Cover Page Interactive Data File.Embedded within the Inline XBRL document.
2

SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
ECOLAB INC.
Date: July 28, 2026By:/s/ Youhao Dong
Youhao Dong
Assistant Secretary
3

Exhibit 99.1
image_0a.jpg

News Release

Investor Contact:Media Contact:
Andrew Hedberg (651) 250-2185Victoria Whitney (651) 250-4724
ECOLAB DELIVERS ACCELERATED SALES GROWTH AND DOUBLE-DIGIT EPS GROWTH
REPORTED DILUTED EPS $1.90; ADJUSTED DILUTED EPS $2.09, +11%
RAISES 2026 ADJUSTED DILUTED EPS OUTLOOK: $8.05 - $8.25, +7% - 10%

SECOND QUARTER HIGHLIGHTS
•Ecolab delivered strong performance across the business. Accelerated organic sales growth, driven by good volume growth despite Middle East disruptions and by improved pricing, as well as strong productivity, more than offset rising commodity costs.
•Reported sales $4.4 billion, +10%. Organic sales growth accelerated to +5%. Growth in Ecolab's core businesses improved, led by accelerating growth in Food & Beverage, Institutional, and Light Water. Ecolab's growth engines continued to grow strong double-digits, led by accelerating growth in Global High-Tech and Life Sciences.
•Reported operating income margin 17.2%. Organic operating income margin 18.8%, +40 bps. Reported gross margin 44.1%. As expected, adjusted gross margin declined 60 bps due to the impact of the Ovivo Electronics acquisition; excluding this impact, organic gross margin was stable as strong pricing offset rising commodity costs.
•Reported diluted EPS $1.90, +3%. Adjusted diluted EPS $2.09, +11%.

RAISES 2026 OUTLOOK
•2026: Expect adjusted diluted EPS in the $8.05 to $8.25 range, +7% to 10%, higher than prior expectations of $8.03 to $8.23.
•3Q 2026: Expect adjusted diluted EPS in the $2.13 to $2.23 range, +3% to 8%.
•These ranges reflect strong underlying performance and a short-term impact from non-cash amortization and financing costs of the CoolIT acquisition.

Second Quarter Ended June 30
ReportedAdjusted
(unaudited)Public Currency Rates%  Public Currency Rates%  
(millions, except per share)20262025Change20262025Change
Net sales$4,415.4 $4,025.2 10 %$4,415.4 $4,025.2 10 %
Operating income757.9 710.1 7 %809.0 737.2 10 %
Net income attributable to Ecolab534.9 524.2 2 %589.6 539.8 9 %
Diluted earnings per share attributable to Ecolab$1.90 $1.84 3 %$2.09 $1.89 11 %
Organic%  
20262025Change
Net sales$4,282.1 $4,090.0 5 %
Operating income804.3 751.3 7 %
1

ST. PAUL, Minn., July 28, 2026

CEO Comment
Christophe Beck, Ecolab’s chairman, president and chief executive officer, said, “We delivered another quarter of double-digit EPS growth, driven by strong execution across the company which produced accelerating organic sales growth, a stable organic gross margin excluding the impact from Ovivo Electronics, and strong productivity. Reported volume grew 1%, despite a nearly 1% headwind from customer operations disrupted by the conflict in the Middle East, while underlying volume growth strengthened. Pricing improved to 4%, reflecting the early benefits of our energy surcharge implementation, which helped to mitigate the impact of rising commodity costs. This strong performance demonstrates the durability of our growth model and the power of our global team to deliver for our customers no matter what.

“As we indicated last quarter, the second quarter was a transition period. We entered the quarter with higher commodity costs and little benefit from our energy surcharge. Our team executed extremely well, implementing the surcharge globally, strengthening pricing throughout the quarter, continuing to grow volumes, and stabilizing organic gross margin in just one quarter. With total pricing in the second half expected to be in the 5% to 6% range, we are very well positioned to offset higher commodity costs and deliver strong underlying performance.

“Growth in our core businesses improved as we advanced our One Ecolab growth strategy to continue to gain share. Food & Beverage, Institutional, and Light Water accelerated, while performance in Heavy Water and Paper improved. Our growth engines continued to rapidly scale, led by 29% growth in Global High-Tech and 15% growth in Life Sciences. Our acquisition of Ovivo Electronics is also performing very well, and we continue to expect it to grow mid-teens this year versus pre-acquisition sales.

“The recent close of our acquisition of CoolIT further strengthens our Global High-Tech growth engine, extending our leadership in water technologies, research, and services into the rapidly growing AI infrastructure market. CoolIT's growth momentum continues to strengthen, with pre-acquisition sales up more than 100% in the first half. Our Global High-Tech platform is now approaching $1.5 billion in annualized sales, and we expect it to grow to $4 billion in sales by 2030, with operating income margins of 25%. This business is now our largest growth engine and is expected to contribute more than two percentage points to Ecolab's annual sales growth one year after acquisition with increasing margins.
2

“Looking ahead, we expect continued momentum, supported by very strong performance in our growth engines, ongoing share gains from One Ecolab, accelerating pricing, and improved productivity. We have never been better positioned to deliver long-term organic sales growth of 5% to 7%, expand operating income margins well beyond 20%, and continue strengthening our EPS growth algorithm.”

Second Quarter 2026 Consolidated Results
Ecolab’s second quarter reported sales increased 10% and organic sales growth accelerated to 5%. Ecolab Digital sales increased 27% to $121 million, with strong growth across both enabling hardware subscriptions and software.

Second quarter 2026 reported operating income increased 7% including the impact of special gains and charges. Adjusted operating income increased 10%, as accelerating pricing more than offset higher commodity costs and growth-oriented investments in the business.

Reported other income in the second quarter of 2026 decreased $4 million. Reported net interest expense increased $10 million reflecting the impact of lower cash balances and new debt used to fund recent acquisitions.

The reported income tax rate for the second quarter of 2026 was 22.3% compared with the reported rate of 19.9% in the second quarter of 2025. Excluding special gains and charges and discrete tax items, the adjusted tax rate for the second quarter of 2026 was 21.0% compared with the adjusted tax rate of 20.8% in the second quarter of 2025.

Reported net income increased 2% versus the prior year. Excluding the impact of special gains and charges and discrete tax items, adjusted net income increased 9% versus the prior year.

Reported diluted earnings per share increased 3% versus the prior year. Adjusted diluted earnings per share increased 11% when compared against the second quarter of 2025.

As expected, currency translation had a $0.04 per share favorable impact on adjusted diluted earnings.

Ecolab repurchased approximately 1.2 million shares of its common stock during the second quarter of 2026.

3

Second Quarter 2026 Segment Review


Global Water
(unaudited)Second Quarter Ended June 30Organic
(millions)    20262025% Change    % Change
Fixed currency
Sales$2,215.5 $2,014.9 10 %4 %
Operating income347.7 329.7 5 %1 %
Operating income margin15.7 %16.4 %
Organic operating income margin15.9 %16.4 %
Public currency
Sales$2,223.4 $1,977.3 12 %
Operating income348.8 321.9 8 %

The Global Water segment includes Heavy Water, Light Water, High-Tech, Food & Beverage, and Paper

Fixed currency sales grew 10%, driven by a 6% benefit from the Ovivo Electronics acquisition and accelerating organic sales growth of 4%. Global Water's accelerating performance was led by 29% organic growth in Global High-Tech, reflecting robust growth across both microelectronics and data centers. Growth in Food & Beverage continued to accelerate, driven by attractive new business wins from our One Ecolab growth strategy. Light Water also delivered improved growth, driven by solid gains across manufacturing, food & beverage, and institutional markets. Collectively, the headwind from softer sales in Heavy Water and Paper continued to ease, driven by good new business wins. As expected in this transition quarter, organic operating income increased 1% as accelerating pricing progressively offset growth-oriented investments in the business and higher commodity costs. Organic operating income growth is expected to improve in the third quarter, benefiting from strong pricing and continued new business wins.

Global Institutional & Specialty
(unaudited)Second Quarter Ended June 30Organic
(millions)    20262025% Change% Change
Fixed currency
Sales$1,617.4 $1,562.5 4 %4 %
Operating income389.9 368.1 6 %6 %
Operating income margin24.1 %23.6 %
Organic operating income margin24.1 %23.6 %
Public currency
Sales$1,620.8 $1,544.6 5 %
Operating income390.3 364.4 7 %
4

Fixed currency and organic sales both grew 4%. Institutional’s performance improved, driven by good growth with hospitality customers. Specialty’s sales grew mid-single digits, reflecting share gains across quick service and food retail. Institutional & Specialty continues to significantly outperform soft market trends, reflecting good demand for Ecolab’s innovative products, digital solutions and service expertise that help customers improve performance, optimize labor, and reduce total costs. As expected in this transition quarter, organic operating income increased 6%, as accelerating pricing progressively overcame higher supply chain costs, including commodity cost inflation, and growth-oriented investments in the business. Organic operating income growth is expected to improve in the third quarter, benefiting from strong pricing and continued new business wins.

Global Pest Elimination
(unaudited)Second Quarter Ended June 30Organic
(millions)    20262025% Change% Change
Fixed currency
Sales$350.5 $321.2 9 %7 %
Operating income70.5 62.5 13 %12 %
Operating income margin20.1 %19.5 %
Organic operating income margin20.4 %19.5 %
Public currency
Sales$351.1 $317.4 11 %
Operating income70.6 61.8 14 %

Fixed currency sales increased 9%, reflecting 7% organic growth and a 2% benefit from attractive, targeted acquisitions in North America. Strong organic sales growth was led by robust gains in restaurants, food retail, and food & beverage, which continue to benefit from our One Ecolab growth strategy. Organic operating income increased 12% as strong sales growth and improved productivity more than offset growth-oriented investments in the business, including pest intelligence.

5

Global Life Sciences
(unaudited)Second Quarter Ended June 30Organic
(millions)    20262025% Change% Change
Fixed currency
Sales$221.0 $191.4 15 %15 %
Operating income58.5 40.2 46 %46 %
Operating income margin26.5 %21.0 %
Organic operating income margin26.5 %21.0 %
Public currency
Sales$220.1 $185.9 18 %
Operating income58.3 38.0 53 %

Fixed currency and organic sales growth both accelerated to 15%. This strong performance was driven by continued robust share gains in bioprocessing and pharmaceutical & personal care, and improved performance in purification. Organic operating income increased 46%, as accelerated sales growth and a spike in bioprocessing offset growth-oriented investments in the business and higher commodity costs. Life Sciences’ organic operating income margin in the third quarter is expected to remain on its high-teens mid-term trajectory, reflecting very strong underlying performance and continued investments in breakthrough innovation, global capabilities, and capacity to fuel this high-growth, high-margin business.

Corporate
(unaudited)Second Quarter Ended June 30
(millions)    20262025
Public currency
Corporate operating expense
Transformational acquisition amortization$59.0 $48.9 
Special (gains) and charges51.1 27.1 
Total Corporate operating expense (income)$110.1 $76.0 

Second quarter of 2026 corporate segment includes:
•amortization expense of $28 million related to the Nalco merger intangible assets, $21 million related to Purolite acquisition intangible assets and $10 million related to the Ovivo Electronics acquisition intangible assets
•special gains and charges were a net charge of $51 million, primarily related to One Ecolab and acquisition and integration costs

Special gains and charges for the second quarter of 2025 impacting operating expense were a net charge of $27 million primarily related to One Ecolab.

6

Business Outlook
2026
Long-term 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 Global High-Tech, Life Sciences, Pest Elimination and Ecolab Digital, is expected to continue to strengthen Ecolab’s overall performance. Ecolab’s investments in these areas position the company well to capitalize on these attractive long-term high-growth, high-margin opportunities.

In the near-term, the global operating environment remains complex, including constantly evolving geopolitics and international trade policy, which are resulting in rising commodity costs and customer disruptions in the Middle East. Importantly, the company is very well positioned to quickly mitigate the impact of these challenges. Over the past few years, Ecolab’s team has demonstrated it can adjust quickly to deliver high performance in almost any environment, which is why even with these dynamic macroeconomic conditions, Ecolab’s confidence in its performance trajectory remains strong. Pricing is expected to accelerate in the second half of the year, reflecting the full benefit from the energy surcharge implementation. At the same time, Ecolab remains focused on delivering incremental total value to customers that over time will exceed the total price increases.

With accelerating pricing and the acquisitions of Ovivo Electronics and CoolIT Systems, Ecolab expects reported sales in the second half of 2026 to increase 12% to 14%. Organic sales growth is expected to accelerate to the 6% to 7% range in the second half of the year as pricing strengthens and volumes continue to grow. The company anticipates adjusted operating income margin in the second half of the year to be approximately 19% and an organic operating income margin of approximately 20%.

As a result, Ecolab is raising its expectations for full year 2026 adjusted diluted earnings per share to the $8.05 to $8.25 range, rising 7% to 10% versus last year, which is higher than prior expectations of $8.03 to $8.23. This range reflects strong underlying performance and a short-term impact from non-cash amortization and financing costs of the CoolIT acquisition.

The company currently anticipates quantifiable special charges in 2026 to be approximately $0.75 to $0.80 per share, principally related to restructuring charges and acquisition and integration costs. Other than the special gains and charges noted above, other such amounts are not currently quantifiable.

7

2026 – Third Quarter
Ecolab expects third quarter 2026 adjusted diluted earnings per share in the $2.13 to $2.23 range, rising 3% to 8% compared with adjusted diluted earnings per share of $2.07 a year ago. This range reflects strong underlying performance and a short-term impact from non-cash amortization and financing costs of the CoolIT acquisition.

The company currently expects quantifiable special charges in the third quarter of 2026 to be approximately $0.28 per share, principally related to acquisition and integration costs and restructuring charges. Other than the special gains and charges noted above, other such amounts are not currently quantifiable.

About Ecolab
A trusted partner for millions of customers, Ecolab (NYSE:ECL) is a global leader in water, hygiene and infection prevention solutions and services that protect people and the resources vital to life. For more than a century, Ecolab has advanced innovation by integrating science-based solutions, data-driven insights, AI technology and world-class service. This unique combination enables Ecolab to partner with customers to define what best-in-class looks like and scale it across their operations, helping them achieve peak performance. Today, Ecolab delivers $16 billion in annual sales, employs 48,000 associates and serves customers in more than 170 countries and 40 industries. The company helps protect one-third of the world’s food production and a quarter of the power generated while delivering innovative solutions across food, hospitality, healthcare, data centers, microelectronics and life sciences. As the world’s water company, Ecolab plays an important role in AI growth by supporting the full water needs of advanced computing—from ultra‑pure water for chip manufacturing, to water solutions that support the power behind AI, to direct liquid cooling systems for high‑density computing that improves performance while reducing environmental impact through circular water use. In life sciences, Ecolab delivers end to end solutions that support the development and manufacturing of life-saving drugs, helping customers operate safely and consistently at scale while improving performance and reducing environmental impact. Through its comprehensive approach, Ecolab protects what’s vital, with a goal by 2030 to help protect 2 billion people from infections and conserve enough drinking water for 1 billion people, while continuing to enhance business performance.
Ecolab. Protecting What’s Vital.
www.ecolab.com
8

Ecolab will host a live webcast to review the second quarter earnings announcement today at 1:00 p.m. Eastern Time. The webcast, along with related materials, will be available to the public on Ecolab's website at www.ecolab.com/investor. A replay of the webcast and related materials will be available at that site.

Cautionary Statements Regarding Forward-Looking Information  
This news release contains certain statements relating to future events and our intentions, beliefs, expectations and predictions for the future which are forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. Words or phrases such as “will likely result,” “are expected to,” “will continue,” “is anticipated,” “we believe,” “we expect,” “estimate,” “project,” “may,” “will,” “intend,” “plan,” “believe,” “target,” “forecast” (including the negative or variations thereof) or similar terminology used in connection with any discussion of future plans, actions or events generally identify forward-looking statements. These forward-looking statements include, but are not limited to, statements regarding macroeconomic conditions and our financial and business performance and prospects, including sales, earnings, special gains and charges, raw material costs, margins, pricing, currency translation, productivity, investments, acquisitions and new business. These statements are based on the current expectations of management of the company. There are a number of risks and uncertainties that could cause actual results to differ materially from the forward-looking statements included in this news release. In particular, the ultimate results of any restructuring initiative depend on a number of factors, including the development of final plans, the impact of local regulatory requirements regarding employee terminations, the time necessary to develop and implement the restructuring initiatives and the level of success achieved through such actions in improving competitiveness, efficiency and effectiveness.

Additional risks and uncertainties that may affect operating results and business performance are set forth under Item 1A of our most recent Form 10-K, and our other public filings with the Securities and Exchange Commission (the "SEC"), and include the impact of economic factors such as the worldwide economy, interest rates, foreign currency risk, reduced sales and earnings in our international operations resulting from the weakening of local currencies versus the U.S. dollar, demand uncertainty, supply chain challenges and inflation; the vitality of the markets we serve; exposure to global economic, political and legal risks related to our international operations, including international trade policies, geopolitical instability and the escalation of armed conflicts; our increasing reliance on artificial intelligence technologies in our products, services and operations; information technology infrastructure failures or breaches in data security; difficulty in procuring raw materials or fluctuations in raw material costs; our ability to successfully execute
9

organizational change and management transitions; the occurrence of severe public health outbreaks not limited to COVID-19; our ability to acquire complementary businesses and to effectively integrate such businesses; our ability to execute key business initiatives; our ability to successfully compete with respect to value, innovation and customer support; pressure on operations from consolidation of customers or vendors; restraints on pricing flexibility due to contractual obligations and our ability to meet our contractual commitments; the costs and effects of complying with laws and regulations, including those relating to the environment, climate change standards, and to the manufacture, storage, distribution, sale and use of our products, as well as to the conduct of our business generally, including labor and employment and anti-corruption; potential safety incidents; potential chemical spill or release; potential to incur significant tax liabilities or indemnification liabilities relating to the separation and split-off of our ChampionX business; the occurrence of litigation or claims, including class action lawsuits; the loss or insolvency of a major customer or distributor; repeated or prolonged government and/or business shutdowns or similar events; acts of war or terrorism; natural or man-made disasters; water shortages; severe weather conditions; our commitments, goals, targets, objectives and initiatives related to sustainability, and our public statements and disclosures regarding them; changes in tax laws and unanticipated tax liabilities; potential loss of deferred tax assets; our indebtedness, and any failure to comply with covenants that apply to our indebtedness; potential losses arising from the impairment of goodwill or other assets; and other uncertainties or risks reported from time to time in our reports to the SEC. In light of these risks, uncertainties, assumptions and factors, the forward-looking events discussed in this news release may not occur. We caution that undue reliance should not be placed on forward-looking statements, which speak only as of the date made. Ecolab does not undertake, and expressly disclaims, any duty to update any forward-looking statement whether as a result of new information, future events or changes in expectations, except as required by law.

10

Non-GAAP Financial Information
This news release 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 include:

•    fixed currency sales
•    organic sales
•    adjusted gross profit
•    adjusted gross margin
•    adjusted fixed currency gross profit
•    adjusted fixed currency gross margin
•    organic gross profit
•    organic gross margin
•    fixed currency operating income
•    fixed currency operating income margin
•    adjusted operating income
•    adjusted fixed currency operating income
•    adjusted fixed currency operating income margin
•    organic operating income
•    organic operating income margin
•    adjusted tax rate
•    adjusted net income attributable to Ecolab
•    adjusted diluted earnings per share

We provide these measures as additional information regarding our operating results. We use these non-GAAP measures internally to evaluate our performance and in making financial and operational decisions, including with respect to incentive compensation. We believe that our presentation of these measures provides investors with greater transparency with respect to our results of operations and that these measures are useful for period-to-period comparison of results.

Our non-GAAP financial measures for adjusted gross margin, adjusted gross profit and adjusted operating income exclude the impact of special (gains) and charges and our non-GAAP financial measures for adjusted tax rate, adjusted net income attributable to Ecolab and adjusted diluted earnings per share further exclude the impact of discrete tax items. Adjusted diluted earnings per share also excludes the impact of the Ovivo Electronics acquisition in the fourth quarter of 2025. We include items within special (gains) and charges and discrete tax items that we believe can
11

significantly affect the period-over-period assessment of operating results and not necessarily reflect costs and/or income associated with historical trends and future results. After tax special (gains) and charges are derived by applying the applicable local jurisdictional tax rate to the corresponding pre-tax special (gains) and charges.

We evaluate the performance of our international operations based on fixed currency rates of foreign exchange, which eliminate the translation impact of exchange rate fluctuations on our international results. Fixed currency amounts included in this release are based on translation into U.S. dollars at the fixed foreign currency exchange rates established by management at the beginning of 2026. We also provide our segment results based on public currency rates for informational purposes.

Our reportable segments do not include the impact of intangible asset amortization from the Nalco, Purolite and Ovivo Electronics transactions or the impact of special (gains) and charges as these are not allocated to the Company’s reportable segments.

Our non-GAAP financial measures for organic sales, organic gross profit, organic gross margin, organic operating income and organic operating income margin are at fixed currency and exclude the impact of special (gains) and charges where applicable, the results of our acquired businesses from the first twelve months post acquisition and the results of divested businesses from the twelve months prior to divestiture.

These non-GAAP financial measures are not in accordance with, or an alternative to, GAAP and may be different from non-GAAP measures used by other companies. Investors should not rely on any single financial measure when evaluating our business. We recommend that investors view these measures in conjunction with the GAAP measures included in this news release. Reconciliations of our non-GAAP measures are included in the following "Supplemental Non-GAAP Reconciliations" and “Supplemental Diluted Earnings per Share Information” tables included in this news release.

We do not provide reconciliations for non-GAAP estimates on a forward-looking basis (including those contained in this news release) when we are unable to provide a meaningful or accurate calculation or estimation of reconciling items and the information is not available without unreasonable effort. This is due to the inherent difficulty of forecasting the timing and amount of various items that have not yet occurred, are out of our control and/or cannot be reasonably predicted, and that would impact reported earnings per share and the reported tax rate, the most
12

directly comparable forward-looking GAAP financial measures to adjusted earnings per share and the adjusted tax rate. For the same reasons, we are unable to address the probable significance of the unavailable information.
###
(ECL-E)
13

ECOLAB INC.
CONSOLIDATED STATEMENTS OF INCOME
(unaudited)

Second Quarter EndedSix Months Ended 
June 30%  June 30%  
(millions, except per share)2026   2025Change   20262025   Change
Product and equipment sales$3,449.4 $3,156.8 $6,624.0 $6,058.7 
Service and lease sales966.0 868.4 1,857.5 1,661.5 
Net sales4,415.4 4,025.2 10 %8,481.5 7,720.2 10 %
Product and equipment cost of sales1,918.9 1,728.4 3,705.1 3,333.8 
Service and lease cost of sales550.6 494.4 1,059.7 949.2 
Cost of sales (1)
2,469.5 2,222.8 11 %4,764.8 4,283.0 11 %
Selling, general and administrative expenses1,141.6 1,067.7 7 %2,244.0 2,117.7 6 %
Special (gains) and charges (1)
46.4 24.6 92.8 54.1 
Operating income757.9 710.1 7 %1,379.9 1,265.4 9 %
Other (income) expense(8.8)(13.0)(32)%(17.6)(26.0)(32)%
Interest expense, net (1)
73.1 63.2 16 %145.8 121.5 20 %
Income before income taxes693.6 659.9 5 %1,251.7 1,169.9 7 %
Provision for income taxes154.9 131.4 18 %276.4 234.9 18 %
Net income including noncontrolling interest538.7 528.5 2 %975.3 935.0 4 %
Net income attributable to noncontrolling interest3.8 4.3 7.8 8.3 
Net income attributable to Ecolab$534.9 $524.2 2 %$967.5 $926.7 4 %
Earnings attributable to Ecolab per common share
Basic$1.91 $1.85 3 %$3.44 $3.27 5 %
Diluted$1.90 $1.84 3 %$3.42 $3.25 5 %
Weighted-average common shares outstanding
Basic280.7 283.5 (1)%281.3 283.4 (1)%
Diluted282.2 285.4 (1)%282.9 285.4 (1)%
(1) Cost of sales, Special (gains) and charges and Interest expense, net in the Consolidated Statement of Income above include the following:
Second Quarter EndedSix Months Ended 
June 30June 30
(millions)2026202520262025
Cost of sales
One Ecolab$1.1 $2.5 $2.7 $7.3 
Other restructuring 3.6 - 13.3 - 
Subtotal (a)
4.7 2.5 16.0 7.3 
Special (gains) and charges
One Ecolab27.7 26.5 59.1 65.9 
Other restructuring 0.5 (12.0)0.5 (12.0)
Acquisition and integration activities4.6 7.3 18.7 8.8 
Sale of global surgical solutions business- 0.8 - 2.4 
Other13.6 2.0 14.5 (11.0)
Subtotal46.4 24.6 92.8 54.1 
Interest expense, net6.6 - 6.6 - 
Total special (gains) and charges$57.7 $27.1 $115.4 $61.4 

(a) Special charges of $4.7 million and $2.5 million in the second quarter of 2026 and 2025, respectively, and $16.0 million and $7.3 million for the first six months of 2026 and 2025, respectively, were recorded in product and equipment cost of sales.

14

ECOLAB INC.
REPORTABLE SEGMENT INFORMATION
(unaudited)
Second Quarter Ended June 30
Fixed Currency RatesPublic Currency Rates
%%
(millions)2026    2025    Change    2026    2025    Change
Net Sales
Global Water$2,215.5 $2,014.9 10 %$2,223.4 $1,977.3 12 %
Global Institutional & Specialty1,617.4 1,562.5 4 %1,620.8 1,544.6 5 %
Global Pest Elimination350.5 321.2 9 %351.1 317.4 11 %
Global Life Sciences221.0 191.4 15 %220.1 185.9 18 %
Subtotal at fixed currency rates4,404.4 4,090.0 8 %4,415.4 4,025.2 10 %
Currency impact11.0 (64.8)*- - *
Consolidated reported GAAP net sales$4,415.4 $4,025.2 10 %$4,415.4 $4,025.2 10 %
Operating Income (loss)
Global Water$347.7 $329.7 5 %$348.8 $321.9 8 %
Global Institutional & Specialty389.9 368.1 6 %390.3 364.4 7 %
Global Pest Elimination70.5 62.5 13 %70.6 61.8 14 %
Global Life Sciences58.5 40.2 46 %58.3 38.0 53 %
Corporate(110.0)(76.0)*(110.1)(76.0)*
Subtotal at fixed currency rates756.6 724.5 4 %757.9 710.1 7 %
Currency impact1.3 (14.4)*- - *
Consolidated reported GAAP operating income$757.9 $710.1 7 %$757.9 $710.1 7 %
Six Months Ended June 30
Fixed Currency RatesPublic Currency Rates
%%
(millions)20262025Change20262025Change
Net Sales
Global Water$4,250.7 $3,914.4 9 %$4,266.4 $3,803.7 12 %
Global Institutional & Specialty3,125.1 3,017.3 4 %3,132.2 2,962.6 6 %
Global Pest Elimination660.6 608.6 9 %661.9 598.0 11 %
Global Life Sciences421.9 372.8 13 %421.0 355.9 18 %
Subtotal at fixed currency rates8,458.3 7,913.1 7 %8,481.5 7,720.2 10 %
Currency impact23.2 (192.9)*- - *
Consolidated reported GAAP net sales$8,481.5 $7,720.2 10 %$8,481.5 $7,720.2 10 %
Operating Income (loss)
Global Water$645.5 $608.4 6 %$648.1 $586.0 11 %
Global Institutional & Specialty737.4 676.5 9 %738.5 665.6 11 %
Global Pest Elimination122.2 110.2 11 %122.5 108.3 13 %
Global Life Sciences96.0 71.2 35 %96.0 64.6 49 %
Corporate(224.8)(159.5)*(225.2)(159.1)*
Subtotal at fixed currency rates1,376.3 1,306.8 5 %1,379.9 1,265.4 9 %
Currency impact3.6 (41.4)*- - *
Consolidated reported GAAP operating income$1,379.9 $1,265.4 9 %$1,379.9 $1,265.4 9 %

* Not meaningful.

As shown in the “Fixed Currency Rates” tables above, we evaluate the performance of our international operations based on fixed currency exchange rates, which eliminate the impact of exchange rate fluctuations on our international operations. Amounts shown in the “Public Currency Rates” tables above reflect amounts translated at actual public average rates of exchange prevailing during the corresponding period and are provided for informational purposes. The difference between the fixed currency exchange rates and the public currency exchange rates is reported as “Currency impact” in the “Fixed Currency Rates” tables above.

The Corporate segment includes amortization from the Nalco, Purolite and Ovivo Electronics transactions intangible assets. The Corporate segment also includes special (gains) and charges reported on the Consolidated Statement of Income.
15

ECOLAB INC.
CONSOLIDATED BALANCE SHEETS
(unaudited)

June 30December 31June 30
(millions)202620252025
Assets
Current assets
Cash and cash equivalents$5,135.3 $646.2 $1,920.9 
Accounts receivable, net3,452.7 3,249.4 3,058.9 
Inventories1,643.9 1,490.4 1,569.4 
Other current assets787.9 569.6 526.6 
Total current assets11,019.8 5,955.6 7,075.8 
Property, plant and equipment, net4,445.8 4,276.6 3,938.8 
Goodwill9,419.3 9,227.0 8,047.2 
Other intangible assets, net3,449.1 3,688.5 3,197.1 
Operating lease assets747.2 765.9 762.8 
Other assets845.8 782.7 714.3 
Total assets$29,927.0 $24,696.3 $23,736.0 
Liabilities and Equity
Current liabilities
Short-term debt$1,271.1 $870.4 $688.5 
Accounts payable2,157.8 2,071.0 1,883.5 
Compensation and benefits593.9 721.5 548.1 
Income taxes100.7 134.3 198.6 
Other current liabilities1,863.1 1,737.5 1,589.8 
Total current liabilities5,986.6 5,534.7 4,908.5 
Long-term debt11,905.1 7,365.9 7,522.2 
Pension and postretirement benefits533.8 546.1 617.1 
Deferred income taxes377.5 329.9 179.8 
Operating lease liabilities576.7 596.5 600.6 
Other liabilities462.9 518.7 557.2 
Total liabilities19,842.6 14,891.8 14,385.4 
Equity
Common stock370.2 369.4 368.8 
Additional paid-in capital7,689.7 7,521.3 7,372.3 
Retained earnings13,390.8 12,834.0 12,075.1 
Accumulated other comprehensive loss(1,646.3)(1,874.3)(2,003.3)
Treasury stock(9,748.9)(9,079.6)(8,492.6)
Total Ecolab shareholders’ equity10,055.5 9,770.8 9,320.3 
Noncontrolling interest28.9 33.7 30.3 
Total equity10,084.4 9,804.5 9,350.6 
Total liabilities and equity$29,927.0 $24,696.3 $23,736.0 
16

ECOLAB INC.
SUPPLEMENTAL NON-GAAP RECONCILIATIONS
(unaudited)

    Second Quarter Ended    Six Months Ended
June 30June 30
(millions, except percent and per share)2026   202520262025
Net sales
Reported GAAP net sales$4,415.4 $4,025.2 $8,481.5 $7,720.2 
Effect of foreign currency translation(11.0)64.8 (23.2)192.9 
Non-GAAP fixed currency sales4,404.4 4,090.0 8,458.3 7,913.1 
Effect of acquisitions and divestitures(122.3)- (218.9)- 
Non-GAAP organic sales$4,282.1 $4,090.0 $8,239.4 $7,913.1 
Gross profit
Reported GAAP gross profit $1,945.9 $1,802.4 $3,716.7 $3,437.2 
Special (gains) and charges4.7 2.5 16.0 7.3 
Non-GAAP adjusted gross profit1,950.6 1,804.9 3,732.7 3,444.5 
Effect of foreign currency translation(3.5)27.9 (8.6)84.6 
Non-GAAP adjusted fixed currency gross profit1,947.1 1,832.8 3,724.1 3,529.1 
Effect of acquisition and divestitures(26.3)- (55.9)- 
Non-GAAP organic gross profit$1,920.8 $1,832.8 $3,668.2 $3,529.1 
Gross margin
Reported GAAP gross margin44.1 %44.8 %43.8 %44.5 %
Non-GAAP adjusted gross margin44.2 %44.8 %44.0 %44.6 %
Non-GAAP organic gross margin44.9 %44.8 %44.5 %44.6 %
Operating income
Reported GAAP operating income$757.9 $710.1 $1,379.9 $1,265.4 
Special (gains) and charges at public currency rates51.1 27.1 108.8 61.4 
Non-GAAP adjusted operating income809.0 737.2 1,488.7 1,326.8 
Effect of foreign currency translation(0.3)14.1 (3.7)40.7 
Non-GAAP adjusted fixed currency operating income808.7 751.3 1,485.0 1,367.5 
Effect of acquisitions and divestitures(4.4)- (15.8)- 
Non-GAAP organic operating income$804.3 $751.3 $1,469.2 $1,367.5 
Operating income margin
Reported GAAP operating income margin17.2 %17.6 %16.3 %16.4 %
Non-GAAP adjusted operating income margin18.3 %18.3 %17.6 %17.2 %
Non-GAAP organic operating income margin18.8 %18.4 %17.8 %17.3 %

17

ECOLAB INC.
SUPPLEMENTAL NON-GAAP RECONCILIATIONS
(unaudited)

    Second Quarter EndedSix Months Ended
June 30June 30
(millions, except percent and per share)2026202520262025
Interest expense, net
Reported GAAP interest expense, net$73.1 $63.2 $145.8 $121.5 
Special (gains) and charges6.6 - 6.6 - 
Non-GAAP adjusted interest expense, net$66.5 $63.2 $139.2 $121.5 
Net Income attributable to Ecolab
Reported GAAP net income attributable to Ecolab$534.9 $524.2 $967.5 $926.7 
Special (gains) and charges, after tax50.5 20.6 96.0 45.7 
Discrete tax net expense (benefit)4.2 (5.0)8.6 (5.5)
Non-GAAP adjusted net income attributable to Ecolab$589.6 $539.8 $1,072.1 $966.9 
Diluted EPS attributable to Ecolab
Reported GAAP diluted EPS$1.90 $1.84 $3.42 $3.25 
Special (gains) and charges, after tax0.18 0.07 0.34 0.16 
Discrete tax net expense (benefit)0.01 (0.02)0.03 (0.02)
Non-GAAP adjusted diluted EPS$2.09 $1.89 $3.79 $3.39 
Provision for Income Taxes
Reported GAAP tax rate22.3 %19.9 %22.1 %20.1 %
Special gains and charges(0.7)0.2 (0.5)0.3 
Discrete tax items(0.6)0.7 (0.6)0.4 
Non-GAAP adjusted tax rate21.0 %20.8 %21.0 %20.8 %



18

ECOLAB INC.
SUPPLEMENTAL NON-GAAP RECONCILIATIONS
(unaudited)
Second Quarter Ended June 30
20262025
(millions)Fixed CurrencyImpact of Acquisitions and DivestituresOrganicFixed CurrencyImpact of Acquisitions and DivestituresOrganic
Net Sales
Global Water$2,215.5 ($117.0)$2,098.5 $2,014.9 $- $2,014.9 
Global Institutional & Specialty1,617.4 - 1,617.4 1,562.5 - 1,562.5 
Global Pest Elimination350.5 (5.3)345.2 321.2 - 321.2 
Global Life Sciences221.0 - 221.0 191.4 - 191.4 
Subtotal at fixed currency rates4,404.4 (122.3)4,282.1 4,090.0 - 4,090.0 
Currency impact11.0 (64.8)
Consolidated reported GAAP net sales$4,415.4 $4,025.2 
Operating Income (loss)
Global Water$347.7 ($14.1)$333.6 $329.7 $- $329.7 
Global Institutional & Specialty389.9 - 389.9 368.1 - 368.1 
Global Pest Elimination70.5 (0.2)70.3 62.5 - 62.5 
Global Life Sciences58.5 - 58.5 40.2 - 40.2 
Corporate(57.9)9.9 (48.0)(49.2)- (49.2)
Subtotal at fixed currency rates808.7 (4.4)804.3 751.3 - 751.3 
Special (gains) and charges at fixed currency rates52.1 26.8 
Reported OI at fixed currency rates756.6 724.5 
Currency impact1.3 (14.4)
Consolidated reported GAAP operating income$757.9 $710.1 
Six Months Ended June 30
20262025
(millions)Fixed CurrencyImpact of Acquisitions and DivestituresOrganicFixed CurrencyImpact of Acquisitions and DivestituresOrganic
Net Sales
Global Water$4,250.7 ($212.0)$4,038.7 $3,914.4 $- $3,914.4 
Global Institutional & Specialty3,125.1 - 3,125.1 3,017.3 - 3,017.3 
Global Pest Elimination660.6 (6.9)653.7 608.6 - 608.6 
Global Life Sciences421.9 - 421.9 372.8 - 372.8 
Subtotal at fixed currency rates8,458.3 (218.9)8,239.4 7,913.1 - 7,913.1 
Currency impact23.2 (192.9)
Consolidated reported GAAP net sales$8,481.5 $7,720.2 
Operating Income (loss)
Global Water$645.5 ($34.5)$611.0 $608.4 $- $608.4 
Global Institutional & Specialty737.4 - 737.4 676.5 - 676.5 
Global Pest Elimination122.2 0.4 122.6 110.2 - 110.2 
Global Life Sciences96.0 - 96.0 71.2 - 71.2 
Corporate(116.1)18.3 (97.8)(98.8)- (98.8)
Subtotal at fixed currency rates1,485.0 (15.8)1,469.2 1,367.5 - 1,367.5 
Special (gains) and charges at fixed currency rates108.7 60.7 
Reported OI at fixed currency rates1,376.3 1,306.8 
Currency impact3.6 (41.4)
Consolidated reported GAAP operating income$1,379.9 $1,265.4 
19

ECOLAB INC.
SUPPLEMENTAL DILUTED EARNINGS PER SHARE INFORMATION
(unaudited)

The table below provides a reconciliation of diluted earnings per share ("EPS"), as reported, to the non-GAAP measure of adjusted diluted earnings per share.

    First    Second    Six    Third    Nine    Fourth        
QuarterQuarterMonthsQuarterMonthsQuarterYear
EndedEndedEndedEndedEndedEndedEnded
Mar. 31June 30June 30Sept. 30Sept. 30Dec. 31Dec. 31
2025202520252025202520252025
Diluted earnings per share, as reported (U.S. GAAP)$1.41 $1.84 $3.25 $2.05 $5.30 $1.98 $7.28 
Adjustments:
Special (gains) and charges (1)
0.09 0.07 0.16 0.08 0.24 0.21 0.45 
Discrete tax expense (benefits) (2)
0.00 (0.02)(0.02)(0.06)(0.08)(0.12)(0.21)
Impact of Ovivo Electronics on diluted EPS0.00 0.00 0.00 0.00 0.00 0.01 0.01 
Adjusted diluted earnings per share (Non-GAAP)$1.50 $1.89 $3.39 $2.07 $5.46 $2.08 $7.53 

    First    Second    Six    Third    Nine    Fourth        
QuarterQuarterMonthsQuarterMonthsQuarterYear
EndedEndedEndedEndedEndedEndedEnded
Mar. 31June 30June 30Sept. 30Sept. 30Dec. 31Dec. 31
2026202620262026202620262026
Diluted earnings per share, as reported (U.S. GAAP)$1.52 $1.90 $3.42 
Adjustments:
Special (gains) and charges (3)
0.16 0.18 0.34 
Discrete tax expense (benefits) (4)
0.02 0.01 0.03 
Adjusted diluted earnings per share (Non-GAAP)$1.70 $2.09 $3.79 

Per share amounts do not necessarily sum due to changes in shares outstanding and rounding.

(1) Special (gains) and charges for 2025 includes charges of $25.1 million, $20.6 million, $22.0 million and $59.7 million, net of tax, in the first, second, third and fourth quarters, respectively. These charges were primarily related to One Ecolab.

(2) Discrete tax expenses (benefits) for 2025 includes ($0.5) million, ($5.0) million, ($16.3) million and ($35.7) million in the first, second, third and fourth quarters, respectively. These expenses (benefits) are primarily associated with the recognition of deferred tax attributes, share-based compensation excess tax benefits, the filing of federal, state, and foreign tax returns, and other discrete expenses (benefits).

(3) Special (gains) and charges for 2026 includes $45.5 million and $50.5 million, net of tax, in the first and second quarters, respectively. These charges were primarily related to One Ecolab and acquisition and integration costs.

(4) Discrete tax expenses (benefits) for 2026 includes $4.4 million and $4.2 million in the first and second quarters, respectively. These expenses (benefits) are primarily associated with share-based compensation excess tax benefits and other discrete expenses (benefits).
20
11 Second Quarter 2026 Supplemental July 28, 2026

 

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 our financial and business performance and prospects, including sales, earnings, special (gains) and charges, raw material costs, margins, pricing, currency translation, productivity, investments, acquisitions and new business. These statements are based on the current expectations of management. There are a number of risks and uncertainties that could cause actual results to differ materially from the forward-looking statements included in this communication. In particular, the ultimate results of any restructuring initiative depend on a number of factors, including the development of final plans, the impact of local regulatory requirements regarding employee terminations, the time necessary to develop and implement the restructuring initiatives and the level of success achieved through such actions in improving competitiveness, efficiency and effectiveness. Additional risks and uncertainties are set forth under Item 1A of our most recent Form 10-K, and our other public filings with the Securities and Exchange Commission (“SEC”), and include the impact of economic factors such as the worldwide economy, interest rates, foreign currency risk, reduced sales and earnings in our international operations resulting from the weakening of local currencies versus the U.S. dollar, demand uncertainty, supply chain challenges and inflation; the vitality of the markets we serve; exposure to global economic, political and legal risks related to our international operations, including international trade policies, geopolitical instability and the escalation of armed conflicts; our increasing reliance on artificial intelligence technologies in our products, services and operations; information technology infrastructure failures or breaches in data security; difficulty in procuring raw materials or fluctuations in raw material costs; our ability to successfully execute organizational change and management transitions; the occurrence of severe public health outbreaks not limited to COVID-19; our ability to acquire complementary businesses and to effectively integrate such businesses; our ability to execute key business initiatives; our ability to successfully compete with respect to value, innovation and customer support; the costs and effect of complying with laws and regulations; the occurrence of litigation or claims, including class action lawsuits; and other uncertainties or risks reported from time to time in our reports to the SEC. In light of these risks, uncertainties and factors, the forward-looking events discussed in this communication may not occur. We caution that undue reliance should not be placed on forward-looking statements, which speak only as of the date made. Ecolab does not undertake, and expressly disclaims, any duty to update any forward-looking statement, except as required by law. Non-GAAP Financial Information This communication includes Company information that does not conform to generally accepted accounting principles (GAAP). Management believes that a presentation of this information is meaningful to investors because it provides insight with respect to ongoing operating results of the Company and allows investors to better evaluate the financial results of the Company. These measures should not be viewed as an alternative to GAAP measures of performance. Furthermore, these measures may not be consistent with similar measures provided by other companies. Reconciliations of our non-GAAP measures included within this presentation are included in the “Non-GAAP Financial Measures” section of this presentation.

 

Accelerated sales growth, double-digit EPS growth 3 Reported sales +10%; organic sales growth accelerated to 5% Continued organic OI margin expansion; expect to deliver a 20% OI margin by 2027 Reported diluted EPS $1.90; adjusted diluted EPS $2.09, +11% Raises 2026 outlook, driven by accelerating organic sales growth ▪ Growth engines collectively accelerated to deliver double-digit growth. ▪ Core performance improved, driven by accelerating growth in Food & Beverage, Institutional, and Light Water. ▪ Collectively, the headwind from Paper and Heavy Water sales continued to ease, driven by good new business wins. ▪ Reported OI +7%, Adjusted OI +10%. ▪ Reported OI margin 17.2%. Organic OI margin 18.8%, +40 bps. ▪ Remain confident in expanding OI margins beyond 20%. ▪ Ecolab delivered strong performance across the business. Accelerated organic sales growth, driven by good volume growth despite Middle East disruptions and by improved pricing, as well as strong productivity, more than offset rising commodity costs. ▪ 2026: Expect adjusted diluted EPS in the $8.05 to $8.25 range, +7% to 10%, higher than prior expectations of $8.03 to $8.23. ▪ 3Q 2026: Expect adjusted diluted EPS in the $2.13 to $2.23 range, +3% to 8%. ▪ These ranges reflect strong underlying performance and a short-term impact from non-cash amortization and financing costs of the CoolIT acquisition.

 

2Q overview ▪ Accelerated growth with reported sales +10%; organic sales 5% ◦ Volume +1%, as strong new business wins overcame a ~1% headwind from the Middle East conflict. ◦ Pricing improved to +4%, reflecting early benefits from Ecolab's energy surcharge implementation. ▪ Broad-based organic growth acceleration ◦ Water accelerated to +4%, driven by accelerating growth in Global High-Tech, Food & Beverage and Light Water. ◦ Institutional & Specialty +4%, improved growth in Institutional and strong growth in Specialty. ◦ Pest Elimination +7%, with growth fueled by the One Ecolab enterprise growth strategy and Ecolab’s new Pest Intelligence offering. ◦ Life Sciences accelerated to +15%, led by very strong share gains in bioprocessing. ▪ Reported diluted EPS $1.90 ▪ Adjusted diluted EPS $2.09, +11% ◦ Ecolab delivered strong performance across the business. Accelerated organic sales growth, driven by good volume growth despite Middle East disruptions and by improved pricing, as well as strong productivity, more than offset rising commodity costs. Sales EPS 4

 

Raises 2026 outlook, driven by accelerating sales growth 3Q 2026 ▪ Ecolab expects third quarter 2026 adjusted diluted earnings per share in the $2.13 to $2.23 range, rising 3% to 8% compared to last year. This range reflects strong underlying performance and a short-term impact from non-cash amortization and financing costs of the CoolIT acquisition. ▪ Long-term 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 Global High-Tech, Life Sciences, Pest Elimination and Ecolab Digital, is expected to continue to strengthen Ecolab’s overall performance. ▪ In the near-term, the global operating environment remains complex, including constantly evolving geopolitics and international trade policy, which are resulting in rising commodity costs and customer disruptions in the Middle East. Importantly, the company is very well positioned to quickly mitigate the impact of these challenges. Pricing is expected to accelerate in the second half of the year, reflecting the full benefit from the energy surcharge implementation. At the same time, Ecolab remains focused on delivering incremental total value to customers that over time will exceed the total price increases. ▪ Organic sales growth is expected to accelerate to the 6% to 7% range in the second half of the year as pricing strengthens and volumes continue to grow. The company anticipates adjusted operating income margin in the second half of the year to be approximately 19% and an organic operating income margin of approximately 20%. ▪ As a result, Ecolab is raising its expectations for full year 2026 adjusted diluted earnings per share to the $8.05 to $8.25 range, rising 7% to 10% versus last year, which is higher than prior expectations of $8.03 to $8.23. This range reflects strong underlying performance and a short-term impact from non-cash amortization and financing costs of the CoolIT acquisition. 5

 

Second half 2026 guidance and long-term targets 6 2H 2026 Guidance Reported sales growth +12% to 14% Organic sales growth +6% to 7% Adj. OI margin 19% Organic OI margin 20% Adj. tax rate 20.5% to 21.5% Full-year Adj. EPS $8.05 to $8.25; +7% to 10% ORGANIC SALES GROWTH +5-7% OI MARGIN +100-150 BPS PER YEAR Long-Term Targets >20% ADJUSTED EPS GROWTH +12-15%

 

Fixed Rate Organic % Change% Change % Change Global Water Consolidated Food & Beverage 7 % 7 % Volume 1 % Heavy Water -1 % -1 % Pricing 4 % High-Tech 139 % 29 % Organic 5 % Light Water 3 % 3 % Acq./Div. 3 % Paper 0 % 0 % Fixed currency growth 8 % Total Global Water 10 % 4 % Currency impact 2 % Total 10 % Global Institutional & Specialty Institutional 3 % 3 % Specialty 6 % 6 % Total Global Institutional & Specialty 4 % 4 % Global Pest Elimination 9 % 7 % Global Life Sciences 15 % 15 % 2Q 2026 sales growth detail 7 Amounts in the tables above do not necessarily sum due to rounding

 

Heavy Water Food & Beverage 8All sales figures are organic unless otherwise noted Global Water Segment Q3: Expect stable sales as continued new business wins and strengthening pricing offset soft industry trends. Sales -1% ▪ As expected, sales continued to stabilize as modest growth in downstream was offset by softer sales in basic industries. ▪ Modest growth in downstream was driven by good performance in North America, which delivered improved pricing and new business wins, offsetting softer performance in the Middle East. ▪ Within basic industries, continued good growth in power, driven by new business wins and strengthening industry demand to support the power demand for AI, was more than offset by soft industry trends in primary metals. ▪ The impact of increasing water demand continues to be a critical issue for our customers, and one that Ecolab is uniquely positioned to help them solve. Our innovative circular water solutions, digital technologies, and service expertise deliver leading business outcomes and improved operational performance, while significantly reducing water and energy consumption. Sales +7% Q3: Anticipate accelerating sales growth as further pricing and strong new business wins outperform market demand. ▪ Organic sales growth accelerated, continuing to significantly outperform market trends. ▪ Growth was strong and broad-based across all major end-markets, driven by robust new business wins and improved pricing. ▪ We continue to benefit from our One Ecolab enterprise selling approach to customers, where we combine our industry-leading cleaning and sanitizing and water treatment capabilities to deliver significant customer value through improved food safety, lower operating costs and water usage optimization.

 

Light Water High-Tech 9 Global Water Segment Q3: Expect continued very strong sales growth across both microelectronics and data centers. Sales +29% ▪ Fixed currency sales increased 139%, reflecting the acquisition of Ovivo Electronics. Accelerating organic sales growth reflected robust and broad- based new business wins across microelectronics and data centers. ▪ Microelectronics: Continued robust growth was driven by strong new wins with leading semiconductor manufacturers. As next-generation semiconductor production becomes more water intensive and complex, Ecolab’s solutions enable chipmakers to maximize production and quality through unique circular water management, ultrapure water technologies, and a global network of industry experts. ▪ Data Centers: Accelerating and broad-based growth was driven by strong performance with hyperscaler and colocation customers around the world. Ecolab’s cutting-edge, integrated cooling technologies improve performance and reliability, while reducing water and energy use. These mission critical needs continue to expand rapidly as AI workloads drive unprecedented demand for liquid-cooled infrastructure. Q3: Expect accelerating sales growth, driven by new business wins and improved pricing. Sales +3% ▪ Improved growth in Light Water was driven by gains across light manufacturing, food & beverage and institutional markets. ▪ Solid new business wins leveraged relatively stable end-market trends. ▪ Ecolab is growing with new customers due to its industry-leading water management solutions, digital intelligence, and global service expertise to optimize operating costs and reduce water and energy use. All sales figures are organic unless otherwise noted

 

10 Paper Global Water Segment Sales 0% Q3: Expect modest sales growth as new business wins and strengthening pricing mitigate the impact of soft customer production rates. ▪ Paper's performance continued to improve with stable sales reflecting good new business wins that overcame soft but stabilizing customer production rates. ▪ Performance in tissue, towel, and packaging all improved sequentially, driven by good new business wins and improved pricing. ▪ While soft production rates continue to impact demand, Ecolab’s strong new business wins are helping to more than offset these unfavorable market impacts. New business wins continue to be driven by innovation and our global service expertise, which help our customers improve their performance, optimize their costs, and reduce their water consumption. All sales figures are organic unless otherwise noted

 

11 Specialty Institutional Global Institutional & Specialty Segment Sales +3% ▪ Performance improved, driven by continued good growth in sales to hospitality customers and modest growth in sales to hospitals. ◦ Hospitality: Consistent performance reflected continued value pricing and good new business wins from our One Ecolab growth initiative, which together overcame soft industry trends. We continue to see good demand for Ecolab’s innovative products, digital solutions and service expertise that help customers improve performance, optimize labor, and reduce total costs. ◦ Hospitals: Sales grew modestly driven by improved pricing. Our new business efforts are focused on attractive long-term growth opportunities in the infection prevention and instrument reprocessing areas to drive profitable long-term growth. ▪ We remain focused on driving attractive long-term growth by capitalizing on One Ecolab growth opportunities and harnessing digital innovations like DishIQ, KitchenIQ, and AquaIQ. These efforts are delivering enhanced total customer value and generating attractive new business wins. Q3: Expect solid growth as pricing and new business wins overcome soft industry trends. Sales +6% Q3: Expect robust sales growth driven by further new business wins and strengthening pricing. ▪ Specialty delivered strong sales growth as robust new business wins and continued pricing more than offset softer industry trends. ◦ Quick Service: Good sales growth reflected strong new business wins and value pricing, which more than offset industry foot traffic trends that softened during the quarter. Demand across the quick service industry for our labor and cost optimization technologies continues to be strong. We are uniquely positioned to continue to drive strong share gains with our ongoing product and digital innovation that delivers leading food safety outcomes, labor optimization and lower total operating costs. ◦ Food Retail: Continued strong sales growth reflects new business wins and value pricing, continuing to outperform market trends. Our strong new business wins are fueled by our One Ecolab growth initiative and digital innovation. As a trusted food safety partner for retailers, we continue to expand our competitive differentiation by helping our customers protect their brand, improve their customer experience, and optimize operational performance. All sales figures are organic unless otherwise noted

 

12 Pest Elimination Global Pest Elimination Segment ▪ Strong organic growth was led by robust gains in restaurants, food retail, and food & beverage. This strong and broad-based performance continues to benefit from our One Ecolab enterprise selling approach. ▪ To fuel continued, strong long-term growth and market share gains, our focus is on rapidly rolling out our digital pest intelligence program to provide customers with enhanced service and value. This leading digital offering, along with our high service expertise, is expanding the total value delivered to customers, extending our competitive advantages, and enhancing our long-term growth opportunities. Q3: Expect continued strong growth, driven by new customer wins as we leverage One Ecolab and our investments in pest intelligence. All sales figures are organic unless otherwise noted Sales +7%

 

13 Life Sciences Global Life Sciences Segment Q3: Expect continued strong growth driven by strong new business momentum and progressively improving industry trends. ▪ Accelerated sales growth reflected very strong new business wins that leverage our innovation and investments in new capabilities and capacity. ▪ Performance was driven by continued robust share gains in bioprocessing and pharmaceutical & personal care, and improved growth in purification. ▪ The long-term growth opportunities for the Life Sciences industry are very attractive. We continue to invest and innovate to further expand our global capabilities and technical expertise across contamination control and purification technologies including bioprocessing to capitalize on this long-term growth opportunity. All sales figures are organic unless otherwise noted Sales +15%

 

Segment operating income performance ▪ As expected in this transition quarter, organic operating income increased 1% as accelerating pricing progressively offset growth-oriented investments in the business and higher commodity costs. ▪ Organic operating income growth is expected to improve in the third quarter, benefiting from strong pricing and continued new business wins. ▪ Organic operating income increased 12% as strong sales growth and improved productivity more than offset growth-oriented investments in the business, including Pest Intelligence. ($ millions – fixed currency, unaudited) 14 ▪ Organic operating income increased 46%, as accelerated sales growth and a spike in bioprocessing offset growth-oriented investments in the business and higher commodity costs. ▪ Life Sciences’ organic operating income margin in the third quarter is expected to remain on its high-teens mid-term trajectory, reflecting very strong underlying performance and continued investments in breakthrough innovation, global capabilities, and capacity to fuel this high-growth, high- margin business. ▪ As expected in this transition quarter, organic operating income increased 6%, as accelerating pricing progressively overcame higher supply chain costs, including commodity cost inflation, and growth-oriented investments in the business. ▪ Organic operating income growth is expected to improve in the third quarter, benefiting from strong pricing and continued new business wins. Global Water 2Q 2026 2Q 2025 Change Operating income $347.7 $329.7 5% Operating income margin 15.7% 16.4% -70 bps Organic operating income $333.6 $329.7 1% Organic operating income margin 15.9% 16.4% -50 bps Global Institutional & Specialty 2Q 2026 2Q 2025 Change Operating income $389.9 $368.1 6% Operating income margin 24.1% 23.6% 50 bps Organic operating income $389.9 $368.1 6% Organic operating income margin 24.1% 23.6% 50 bps Global Pest Elimination 2Q 2026 2Q 2025 Change Operating income $70.5 $62.5 13% Operating income margin 20.1% 19.5% 60 bps Organic operating income $70.3 $62.5 12% Organic operating income margin 20.4% 19.5% 90 bps Global Life Sciences 2Q 2026 2Q 2025 Change Operating income $58.5 $40.2 46% Operating income margin 26.5% 21.0% 550 bps Organic operating income $58.5 $40.2 46% Organic operating income margin 26.5% 21.0% 550 bps

 

Consolidated margin performance ▪ As expected, gross margin declined due to the impact of recent acquisitions. Organic gross margin was stable as accelerating pricing offset higher commodity costs. ▪ SG&A to sales improved as good productivity gains and the favorable impact of recent acquisitions more than offset growth- oriented investments in the business. ▪ Organic operating margin expanded as strong pricing more than offset higher commodity costs and growth-oriented investments in the business. Gross Margin SG&A Operating Margin 15 $ millions, unaudited 2Q 2026 2Q 2025 Change Gross profit $1,945.9 $1,802.4 8% Gross margin 44.1% 44.8% -70 bps Adjusted gross profit $1,950.6 $1,804.9 8% Adjusted gross margin 44.2% 44.8% -60 bps SG&A $1,141.6 $1,067.7 7% % of Sales 25.9% 26.5% -60 bps Reported operating income $757.9 $710.1 7% Reported operating income margin 17.2% 17.6% -40 bps Adjusted operating income $809.0 $737.2 10% Adjusted operating income margin 18.3% 18.3% 0 bps Organic operating income $804.3 $751.3 7% Organic operating income margin 18.8% 18.4% 40 bps

 

Balance sheet / cash flow * EBITDA and Adjusted EBITDA are non-GAAP measures. EBITDA is defined as net income including non-controlling interest with the sum of provision for income taxes, net interest expense, depreciation and amortization added back. Adjusted EBITDA further adds back special (gains) and charges impacting EBITDA. The inputs to EBITDA reflect the trailing twelve months of activity for the period presented. See “Non-GAAP Financial Measures” section of this presentation for corresponding reconciliations. 16 Summary Balance Sheet June 30 June 30 (millions, unaudited) 2026 2025 (millions, unaudited) 2026 2025 Cash and cash eq. $5,135.3 $1,920.9 Short-term debt $1,271.1 $688.5 Accounts receivable, net 3,452.7 3,058.9 Accounts payable 2,157.8 1,883.5 Inventories 1,643.9 1,569.4 Other current liabilities 2,557.7 2,336.5 Other current assets 787.9 526.6 Long-term debt 11,905.1 7,522.2 PP&E, net 4,445.8 3,938.8 Pension/Postretirement 533.8 617.1 Goodwill and intangibles 12,868.4 11,244.3 Other liabilities 1,417.1 1,337.6 Other assets 1,593.0 1,477.1 Total equity 10,084.4 9,350.6 Total assets $29,927.0 $23,736.0 Total liab. and equity $29,927.0 $23,736.0 Selected Cash Flow items Selected Balance Sheet measures Six Months Ended June 30 June 30 (millions, unaudited) 2026 2025 (unaudited) 2026 2025 Cash from op. activities $1,175.4 $1,071.2 Total Debt/Total Capital 56.6 % 46.8 % Depreciation 364.3 327.9 Net Debt/Total Capital 44.4 % 40.2 % Amortization 167.7 149.9 Net Debt/EBITDA* 2.0 1.6 Capital expenditures 588.6 454.6 Net Debt/Adjusted EBITDA* 1.9 1.7

 

Non-GAAP financial measures 17 Second Quarter Ended Six Months Ended June 30 June 30 (millions, except percent and per share) 2026 2025 2026 2025 Net sales Reported GAAP net sales $4,415.4 $4,025.2 $8,481.5 $7,720.2 Effect of foreign currency translation (11.0) 64.8 (23.2) 192.9 Non-GAAP fixed currency sales 4,404.4 4,090.0 8,458.3 7,913.1 Effect of acquisitions and divestitures (122.3) - (218.9) - Non-GAAP organic sales $4,282.1 $4,090.0 $8,239.4 $7,913.1 Gross profit Reported GAAP gross profit $1,945.9 $1,802.4 $3,716.7 $3,437.2 Special (gains) and charges 4.7 2.5 16.0 7.3 Non-GAAP adjusted gross profit 1,950.6 1,804.9 3,732.7 3,444.5 Effect of foreign currency translation (3.5) 27.9 (8.6) 84.6 Non-GAAP adjusted fixed currency gross profit 1,947.1 1,832.8 3,724.1 3,529.1 Effect of acquisition and divestitures (26.3) - (55.9) - Non-GAAP organic gross profit $1,920.8 $1,832.8 $3,668.2 $3,529.1 Gross margin Reported GAAP gross margin 44.1 % 44.8 % 43.8 % 44.5 % Non-GAAP adjusted gross margin 44.2 % 44.8 % 44.0 % 44.6 % Non-GAAP organic gross margin 44.9 % 44.8 % 44.5 % 44.6 %

 

Non-GAAP financial measures 18 Second Quarter Ended Six Months Ended June 30 June 30 (millions, except percent and per share) 2026 2025 2026 2025 Operating income Reported GAAP operating income $757.9 $710.1 $1,379.9 $1,265.4 Special (gains) and charges at public currency rates 51.1 27.1 108.8 61.4 Non-GAAP adjusted operating income 809.0 737.2 1,488.7 1,326.8 Effect of foreign currency translation (0.3) 14.1 (3.7) 40.7 Non-GAAP adjusted fixed currency operating income 808.7 751.3 1,485.0 1,367.5 Effect of acquisitions and divestitures (4.4) - (15.8) - Non-GAAP organic operating income $804.3 $751.3 $1,469.2 $1,367.5 Operating income margin Reported GAAP operating income margin 17.2 % 17.6 % 16.3 % 16.4 % Non-GAAP adjusted operating income margin 18.3 % 18.3 % 17.6 % 17.2 % Non-GAAP organic operating income margin 18.8 % 18.4 % 17.8 % 17.3 % Interest expense, net Reported GAAP interest expense, net $73.1 $63.2 $145.8 $121.5 Special (gains) and charges 6.6 - 6.6 - Non-GAAP adjusted interest expense, net $66.5 $63.2 $139.2 $121.5 Net Income attributable to Ecolab Reported GAAP net income attributable to Ecolab $534.9 $524.2 $967.5 $926.7 Special (gains) and charges, after tax 50.5 20.6 96.0 45.7 Discrete tax net expense (benefit) 4.2 (5.0) 8.6 (5.5) Non-GAAP adjusted net income attributable to Ecolab $589.6 $539.8 $1,072.1 $966.9 Diluted EPS attributable to Ecolab Reported GAAP diluted EPS $1.90 $1.84 $3.42 $3.25 Special (gains) and charges, after tax 0.18 0.07 0.34 0.16 Discrete tax net expense (benefit) 0.01 (0.02) 0.03 (0.02) Non-GAAP adjusted diluted EPS $2.09 $1.89 $3.79 $3.39 Provision for Income Taxes Reported GAAP tax rate 22.3 % 19.9 % 22.1 % 20.1 % Special gains and charges (0.7) 0.2 (0.5) 0.3 Discrete tax items (0.6) 0.7 (0.6) 0.4 Non-GAAP adjusted tax rate 21.0 % 20.8 % 21.0 % 20.8 %

 

Non-GAAP financial measures 19 Second Quarter Ended June 30 2026 2025 EBITDA (trailing twelve months ended) Net income including non-controlling interest $2,133.6 $2,155.3 Provision for income taxes 496.1 536.2 Interest expense, net 265.4 253.6 Depreciation 709.0 645.9 Amortization 321.6 297.5 EBITDA $3,925.7 $3,888.5 Special (gains) and charges impacting EBITDA 210.0 (164.9) Impact of Ovivo Electronics on EBITDA 0.5 - Adjusted EBITDA $4,136.2 $3,723.6

 

Non-GAAP financial measures 20 Second Quarter Ended June 30 2026 2025 (millions) Fixed Currency Impact of Acquisitions and Divestitures Organic Fixed Currency Impact of Acquisitions and Divestitures Organic Net Sales Global Water $2,215.5 ($117.0) $2,098.5 $2,014.9 $- $2,014.9 Global Institutional & Specialty 1,617.4 - 1,617.4 1,562.5 - 1,562.5 Global Pest Elimination 350.5 (5.3) 345.2 321.2 - 321.2 Global Life Sciences 221.0 - 221.0 191.4 - 191.4 Subtotal at fixed currency rates 4,404.4 (122.3) 4,282.1 4,090.0 - 4,090.0 Currency impact 11.0 (64.8) Consolidated reported GAAP net sales $4,415.4 $4,025.2 Operating Income (loss) Global Water $347.7 ($14.1) $333.6 $329.7 $- $329.7 Global Institutional & Specialty 389.9 - 389.9 368.1 - 368.1 Global Pest Elimination 70.5 (0.2) 70.3 62.5 - 62.5 Global Life Sciences 58.5 - 58.5 40.2 - 40.2 Corporate (57.9) 9.9 (48.0) (49.2) - (49.2) Subtotal at fixed currency rates 808.7 (4.4) 804.3 751.3 - 751.3 Special (gains) and charges at fixed currency rates 52.1 26.8 Reported OI at fixed currency rates 756.6 724.5 Currency impact 1.3 (14.4) Consolidated reported GAAP operating income $757.9 $710.1

 

21 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 include: ◦ fixed currency sales ◦ organic sales ◦ adjusted gross profit ◦ adjusted gross margin ◦ adjusted fixed currency gross profit ◦ adjusted fixed currency gross margin ◦ organic gross profit ◦ organic gross margin ◦ fixed currency operating income ◦ fixed currency operating income margin ◦ adjusted operating income ◦ adjusted fixed currency operating income ◦ adjusted fixed currency operating income margin ◦ organic operating income ◦ organic operating income margin ◦ adjusted tax rate ◦ adjusted net income attributable to Ecolab ◦ adjusted diluted earnings per share ◦ EBITDA ◦ Adjusted EBITDA We provide these measures as additional information regarding our operating results. We use these non-GAAP measures internally to evaluate our performance and in making financial and operational decisions, including with respect to incentive compensation. We believe that our presentation of these measures provides investors with greater transparency with respect to our results of operations and that these measures are useful for period-to-period comparison of results. Non-GAAP financial information

 

22 Non-GAAP Financial Information (Continued): Our non-GAAP financial measures for adjusted gross margin, adjusted gross profit and adjusted operating income exclude the impact of special (gains) and charges and our non-GAAP financial measures for adjusted tax rate, adjusted net income attributable to Ecolab and adjusted diluted earnings per share further exclude the impact of discrete tax items. We include items within special (gains) and charges and discrete tax items that we believe can significantly affect the period-over-period assessment of operating results and not necessarily reflect costs and/or income associated with historical trends and future results. After tax special (gains) and charges are derived by applying the applicable local jurisdictional tax rate to the corresponding pre-tax special (gains) and charges. EBITDA is defined as net income including non-controlling interest with the sum of provision for income taxes, net interest expense, depreciation and amortization added back. Adjusted EBITDA further adds back special (gains) and charges impacting EBITDA. EBITDA and adjusted EBITDA are used in our net debt to EBITDA and net debt to adjusted EBITDA ratios, which we view as important indicators of the operational and financial health of our organization. We evaluate the performance of our international operations based on fixed currency rates of foreign exchange, which eliminate the translation impact of exchange rate fluctuations on our international results. Fixed currency amounts included in this presentation are based on translation into U.S. dollars at the fixed foreign currency exchange rates established by management at the beginning of 2026. We also provide our segment results based on public currency rates for informational purposes. Our reportable segments do not include the impact of intangible asset amortization from the Nalco, Purolite and Ovivo Electronics transactions or the impact of special (gains) and charges as these are not allocated to the Company’s reportable segments. Our non-GAAP financial measures for organic sales, organic gross profit, organic gross profit margin, organic operating income and organic operating income margin are at fixed currency and exclude the impact of special (gains) and charges where applicable, the results of our acquired businesses from the first twelve months post acquisition and the results of divested businesses from the twelve months prior to divestiture. These non-GAAP financial measures are not in accordance with, or an alternative to, GAAP and may be different from non-GAAP measures used by other companies. Investors should not rely on any single financial measure when evaluating our business. We recommend that investors view these measures in conjunction with the GAAP measures included in this presentation. Reconciliations of our non-GAAP measures are included in the following “Non-GAAP Financial Measures” tables of this communication. We do not provide reconciliations for non-GAAP estimates on a forward-looking basis (including those contained in this presentation) when we are unable to provide a meaningful or accurate calculation or estimation of reconciling items and the information is not available without unreasonable effort. This is due to the inherent difficulty of forecasting the timing and amount of various items that have not yet occurred, are out of our control and/or cannot be reasonably predicted, and that would impact reported earnings per share and the reported tax rate, the most directly comparable forward-looking GAAP financial measures to adjusted earnings per share and the adjusted tax rate. For the same reasons, we are unable to address the probable significance of the unavailable information. Non-GAAP financial information (cont.)

 

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