# EDGAR Filing Document

**Accession Number:** 0000031462
**File Stem:** 0001558370-25-009695
**Filing Date:** 2025-7
**Character Count:** 92337
**Document Hash:** 46d70dabc926aea3e2e300ec8c379676
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001558370-25-009695.hdr.sgml**: 20250729

**ACCESSION NUMBER**: 0001558370-25-009695

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 37

**CONFORMED PERIOD OF REPORT**: 20250729

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20250729

**DATE AS OF CHANGE**: 20250729

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** ECOLAB INC.
- **CENTRAL INDEX KEY:** 0000031462
- **STANDARD INDUSTRIAL CLASSIFICATION:** SOAP, DETERGENT, CLEANING PREPARATIONS, PERFUMES, COSMETICS [2840]
- **ORGANIZATION NAME:** 08 Industrial Applications and Services
- **EIN:** 410231510
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-09328
- **FILM NUMBER:** 251157650

**BUSINESS ADDRESS:**
- **STREET 1:** 1 ECOLAB PLACE
- **CITY:** SAINT PAUL
- **STATE:** MN
- **ZIP:** 55102
- **BUSINESS PHONE:** 18002326522

**MAIL ADDRESS:**
- **STREET 1:** 1 ECOLAB PLACE
- **CITY:** SAINT PAUL
- **STATE:** MN
- **ZIP:** 55102

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** ECOLAB INC
- **DATE OF NAME CHANGE:** 19920703

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** ECONOMICS LABORATORY INC
- **DATE OF NAME CHANGE:** 19861203

?xml version='1.0' encoding='ASCII'? ECOLAB INC._July 29, 2025

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**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 29, 2025**

**ECOLAB INC.**

(Exact name of registrant as specified in its charter)

---

| | | |
|:---|:---|:---|
| **Delaware** | **1-9328** | **41-0231510** |
| (State or other jurisdiction<br>of incorporation) | (Commission<br>File No.) | (IRS Employer<br>Identification No.) |

---

---

| | |
|:---|:---|
| **1 Ecolab Place, Saint Paul, Minnesota** | **55102** |
| (Address of principal executive offices) | (Zip Code) |

---

Registrant's telephone number, including area code **1-800-232-6522**<br>

**(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:

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| | |
|:---|:---|
| Title of each class | Name of each exchange on which registered |
| **Common Stock, $1.00 par value**<br> **ECL** | **New York Stock Exchange**<br>|

---

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. ☐

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Item 2.02 Results of Operations and Financial Condition.

On July 29, 2025, Ecolab Inc. ("Ecolab") announced earnings for the second quarter ended June 30, 2025. 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.

Item 9.01 Financial Statements and Exhibits.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.** | **Description** | **Method Of Filing** |
| (99.1) | [Ecolab Inc. News Release dated July 29, 2025.](ecl-20250729xex99d1.htm) | Filed herewith electronically. |
| (99.2) | [Supplemental Data for Second Quarter dated July 29, 2025.](ecl-20250729xex99d2.htm) | Filed herewith electronically. |
| (104) | Cover Page Interactive Data File. | Embedded within the Inline XBRL document. |

---

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. | ECOLAB INC. |
| Date: July 29, 2025 | By: | /s/ Youhao Dong |
|  |  | Youhao Dong |
|  |  | Assistant Secretary |

---

## Exhibit 99.1

**Exhibit 99.1**

![Graphic](ecl-20250729xex99d1001.jpg)

**News Release**

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| | |
|:---|:---|
| <u>Investor Contact:</u> | <u>Media Contact:</u> |
| Andrew Hedberg (651) 250-2185 | Nigel Glennie (651) 250-2576 |
| Andrew Pearson (651) 250-3654 |  |

---

**ECOLAB DELIVERS ANOTHER STRONG QUARTER OF DOUBLE-DIGIT EPS GROWTH**

**REPORTED DILUTED EPS $1.84; ADJUSTED DILUTED EPS $1.89, +13%**

**MAINTAINS 2025 ADJUSTED DILUTED EPS OUTLOOK: $7.42 - $7.62, +12% - 15%**

**SECOND QUARTER HIGHLIGHTS**

&nbsp;&nbsp;&nbsp;&nbsp;● **Ecolab delivered another strong quarter of double-digit EPS growth, consistent with expectations. This superior performance was fueled by continued value pricing, volume growth, and productivity improvements.** 

&nbsp;&nbsp;&nbsp;&nbsp;● **Reported sales $4.0 billion, +1%, including a 2% unfavorable impact from the sale of the global surgical solutions business.** 

&nbsp;&nbsp;&nbsp;&nbsp;● **Organic sales +3%, led by continued strong growth in the Institutional & Specialty, Pest Elimination, and Life Sciences segments. As expected, Water delivered solid gains as accelerating growth in Food & Beverage and double-digit growth in Global High-Tech more than offset soft end-market trends in Paper and Basic Industries.** 

&nbsp;&nbsp;&nbsp;&nbsp;● **Reported operating income margin 17.6%. Organic operating income margin 18.3%, +170 bps as value pricing and improved productivity more than offset growth-oriented investments in the business.** 

&nbsp;&nbsp;&nbsp;&nbsp;● **Reported diluted EPS $1.84, +8%. Adjusted diluted EPS, excluding special gains and charges and discrete tax items were $1.89, +13%.** 

**OUTLOOK**

&nbsp;&nbsp;&nbsp;&nbsp;● **2025: Continue to expect 2025 adjusted diluted EPS in the $7.42 to $7.62 range, +12% to 15%. The company expects to overcome the unpredictable operating environment through strong new business wins, value and surcharge pricing, and improved productivity.** 

&nbsp;&nbsp;&nbsp;&nbsp;● **3Q 2025: Expect third quarter 2025 adjusted diluted EPS in the $2.02 to $2.12 range, +10% to 16%.** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Second Quarter Ended June 30 | Second Quarter Ended June 30 | Second Quarter Ended June 30 | Second Quarter Ended June 30 | Second Quarter Ended June 30 | Second Quarter Ended June 30 |
|  | Reported | Reported |  | Adjusted | Adjusted |  |
| (unaudited) | Public Currency Rates | Public Currency Rates | %  | Public Currency Rates | Public Currency Rates | %  |
| (millions, except per share) | **2025** | 2024 | Change | **2025** | 2024 | Change |
| Net sales | **$4025.2** | $3985.8 | 1% | **$4025.2** | $3985.8 | 1% |
| Operating income | **710.1** | 656.9 | 8% | **737.2** | 669.8 | 10% |
| Net income attributable to Ecolab | **524.2** | 490.9 | 7% | **539.8** | 481.5 | 12% |
| Diluted earnings per share attributable to Ecolab | **$1.84** | $1.71 | 8% | **$1.89** | $1.68 | 13% |
|  | Organic | Organic | %  |  |  |  |
|  | **2025** | 2024 | Change |  |  |  |
| Net sales | **$3882.4** | $3775.0 | 3% |  |  |  |
| Operating income | **711.3** | 625.5 | 14% |  |  |  |

---

------

ST. PAUL, Minn., July 29, 2025

**CEO Comment**

Christophe Beck, Ecolab's chairman and chief executive officer, said, "The Ecolab team executed very well to deliver another strong quarter of double-digit earnings growth. Our Institutional & Specialty and Global Water segments delivered solid growth, outperforming end-market trends as we benefited from share gains supported by the One Ecolab growth strategy, breakthrough innovation, and strong value pricing. Our growth engines, which include Life Sciences, Pest Elimination, Global High-Tech and Ecolab Digital, collectively grew sales double digits, with very strong operating income growth. All of this, combined with SG&A leverage enabled by our digital capabilities, drove continued robust operating income margin expansion.

"In the second half of the year, we expect to continue to deliver 12-15% earnings growth. While the macroeconomic environment remains unpredictable, we are confident in our growth drivers and our ability to execute. Our focus remains on driving further share gains, value pricing, and fueling our growth engines, which are accretive to our growth and margin profile. Ecolab's fundamentals are strong, and we remain very well positioned to deliver exceptional value for customers and superior returns for shareholders in 2025 and beyond."

**Second Quarter 2025 Consolidated Results** 

Ecolab's second quarter reported sales increased 1%, including a 2% unfavorable impact from the sale of the global surgical solutions business. Organic sales increased 3% when compared to the prior year. Ecolab Digital sales grew 29% to $95 million, with growth accelerating across both software and enabling hardware subscriptions.

Second quarter 2025 reported operating income increased 8% including the impact of special gains and charges, which were a net charge primarily related to One Ecolab. Organic operating income increased 14%, as value pricing and improved productivity more than offset growth-oriented investments in the business.

Reported other income in the second quarter of 2025 was stable. Reported net interest expense decreased $16 million reflecting lower interest expense due to lower interest rates and higher cash balances.

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The reported income tax rate for the second quarter of 2025 was 19.9% compared with the reported rate of 16.2% in the second quarter of 2024. Excluding special gains and charges and discrete tax items, the adjusted tax rate for the second quarter of 2025 was 20.8% compared with the adjusted tax rate of 19.5% in the second quarter of 2024. The higher adjusted tax rate reflected changes in geographic income mix.

Reported net income increased 7% versus the prior year. Excluding the impact of special gains and charges and discrete tax items, adjusted net income increased 12% versus the prior year.

Reported diluted earnings per share increased 8% versus the prior year. Adjusted diluted earnings per share increased 13% when compared against the second quarter of 2024.

Currency translation had a $0.01 favorable impact on earnings per share in the second quarter of 2025.

Ecolab repurchased approximately 150,000 shares of its common stock during the second quarter of 2025.

**Second Quarter 2025 Segment Review**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Global Water** |  |  |  |  |
| (unaudited) | Second Quarter Ended June 30 | Second Quarter Ended June 30 |  | Organic |
| (millions) | **2025** | 2024 | % Change | % Change |
| Fixed currency |  |  |  |  |
| &nbsp;&nbsp;Sales | **$1908.5** | $1863.2 | 2% | 2% |
| &nbsp;&nbsp;Operating income | **306.3** | 288.6 | 6% | 6% |
| &nbsp;&nbsp;Operating income margin | **16.0%** | 15.5% |  |  |
| &nbsp;&nbsp;Organic operating income margin | **16.1%** | 15.5% |  |  |
| Public currency |  |  |  |  |
| &nbsp;&nbsp;Sales | **$1977.3** | $1936.1 | 2% |  |
| &nbsp;&nbsp;Operating income | **320.6** | 304.2 | 5% |  |

---

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

------

Fixed currency and organic sales both increased 2%, reflecting accelerating Food & Beverage sales growth and continued solid growth in Light & Heavy, which was partially offset by lower Paper sales. Light & Heavy's growth was led by continued double-digit growth in Global High-Tech and solid gains in Manufacturing and Downstream, which more than offset slightly lower sales in Basic Industries. Good new business gains in Food & Beverage, which leveraged our One Ecolab growth strategy, helped to accelerate sales growth. Lower Paper sales reflected good new business wins that were offset by softer customer production rates. Organic operating income increased 6% as value pricing and improved productivity overcame impacts from unfavorable mix and higher supply chain costs.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Global Institutional & Specialty** |  |  |  |  |
| (unaudited) | Second Quarter Ended June 30 | Second Quarter Ended June 30 |  | Organic |
| (millions) | **2025** | 2024 | % Change | % Change |
| Fixed currency |  |  |  |  |
| &nbsp;&nbsp;Sales | **$1511.7** | $1548.1 | (2)% | 4% |
| &nbsp;&nbsp;Operating income | **359.4** | 329.5 | 9% | 16% |
| &nbsp;&nbsp;Operating income margin | **23.8%** | 21.3% |  |  |
| &nbsp;&nbsp;Organic operating income margin | **23.8%** | 21.2% |  |  |
| Public currency |  |  |  |  |
| &nbsp;&nbsp;Sales | **$1544.6** | $1577.8 | (2)% |  |
| &nbsp;&nbsp;Operating income | **365.3** | 335.3 | 9% |  |

---

Fixed currency sales declined 2% due to the sale of the global surgical solutions business last year. As expected, organic sales grew 4%. Within Institutional, mid-single digit growth in sales to hospitality customers was partially offset by modestly lower sales to hospitals. Specialty delivered strong underlying sales growth, which was partially offset by an unfavorable impact from previously disclosed non-strategic, low margin business exits. Both the Institutional and Specialty businesses drove strong new business wins and continued value pricing, significantly outperforming end market trends. Organic operating income increased 16%, as strong sales growth, lower supply chain costs, and improved productivity overcame investments in the business.

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---

| | | | | |
|:---|:---|:---|:---|:---|
| **Global Pest Elimination** |  |  |  |  |
| (unaudited) | Second Quarter Ended June 30 | Second Quarter Ended June 30 |  | Organic |
| (millions) | **2025** | 2024 | % Change | % Change |
| Fixed currency |  |  |  |  |
| &nbsp;&nbsp;Sales | **$311.3** | $290.2 | 7% | 6% |
| &nbsp;&nbsp;Operating income | **61.2** | 60.0 | 2% | 1% |
| &nbsp;&nbsp;Operating income margin | **19.7%** | 20.7% |  |  |
| &nbsp;&nbsp;Organic operating income margin | **19.7%** | 20.7% |  |  |
| Public currency |  |  |  |  |
| &nbsp;&nbsp;Sales | **$317.4** | $295.7 | 7% |  |
| &nbsp;&nbsp;Operating income | **62.2** | 61.1 | 2% |  |

---

Fixed currency sales increased 7%, reflecting 6% organic growth and a 1% benefit from attractive, targeted acquisitions in North America. Improved organic sales growth was led by good gains in food & beverage, restaurants, healthcare, and food retail, which continue to benefit from our One Ecolab growth strategy. Organic operating income increased slightly as strong sales growth was largely offset by growth-oriented investments as the business shifts to pest intelligence, and the comparison to very strong 20% growth last year. As expected, organic operating income margin expanded sequentially to nearly 20%.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Global Life Sciences** |  |  |  |  |
| (unaudited) | Second Quarter Ended June 30 | Second Quarter Ended June 30 |  | Organic |
| (millions) | **2025** | 2024 | % Change | % Change |
| Fixed currency |  |  |  |  |
| &nbsp;&nbsp;Sales | **$176.7** | $169.8 | 4% | 4% |
| &nbsp;&nbsp;Operating income | **34.8** | 17.0 | 105% | 105% |
| &nbsp;&nbsp;Operating income margin | **19.7%** | 10.0% |  |  |
| &nbsp;&nbsp;Organic operating income margin | **19.7%** | 10.0% |  |  |
| Public currency |  |  |  |  |
| &nbsp;&nbsp;Sales | **$185.9** | $176.2 | 6% |  |
| &nbsp;&nbsp;Operating income | **38.0** | 18.8 | 102% |  |

---

Fixed currency and organic sales growth both remained solid at 4% as continued robust growth in bioprocessing and pharmaceutical & personal care more than offset softer industrial water purification sales. Performance reflects our continued investments in breakthrough innovation, global capabilities, and capacity to capitalize on this very attractive, long-term growth opportunity. Organic operating income increased X%, driven by solid sales growth, lower supply chain costs and softer prior year comparisons. W<br>

Fixed currency and organic sales growth both remained solid at 4% as double-digit growth in bioprocessing and pharmaceutical & personal care more than offset softer industrial water purification sales, which was constrained by production limitations. Organic operating income increased 105%, driven by lower supply chain costs, solid sales growth, and comparisons to softer performance last year. We expect Life Sciences' organic operating income margin to be in the mid-teens in the second half of this year as we continue to invest in breakthrough innovation, global capabilities, and capacity to capitalize on this high-growth, high-margin opportunity.

------

---

| | | |
|:---|:---|:---|
| **Corporate** |  |  |
| (unaudited) | Second Quarter Ended June 30 | Second Quarter Ended June 30 |
| (millions) | **2025** | 2024 |
| Public currency |  |  |
| &nbsp;&nbsp;Corporate operating expense |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Nalco and Purolite amortization | **$48.9** | $49.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Special (gains) and charges | **27.1** | 12.9 |
| &nbsp;&nbsp;Total Corporate operating expense | **$76.0** | $62.5 |

---

Second quarter of 2025 corporate segment includes:

● amortization expense of $27 million related to the Nalco merger intangible assets and $22 million related to Purolite acquisition intangible assets

● special gains and charges were a net charge of $27 million, primarily related to One Ecolab

Special gains and charges for the second quarter of 2024 impacting operating expense were a net charge of $13 million primarily related to restructuring and professional service fees associated with the sale of our global surgical solutions business.

**Business Outlook**

**2025** 

Secular growth trends in water, hygiene, infection prevention, and digital technologies continue to fuel resilient, long-term demand for Ecolab's innovative technologies and services. Strong momentum in Ecolab's growth engines, which include Life Sciences, Pest Elimination, Global High-Tech and Ecolab Digital, is expected to continue. Ecolab's investments in these areas position the company well to capture these attractive long-term growth opportunities.

In the near-term, the global operating environment remains unpredictable, characterized by constantly evolving end-market demand and impacts from geopolitics and evolving international trade policy. Importantly, with these current macroeconomic assumptions, Ecolab's expectations for 2025 earnings remain unchanged. The company has made proactive and strategically consistent adjustments to its delivery path, overcoming the unpredictable operating environment. Ecolab expects to outperform its end markets by converting strong new business wins, which leverage the company's One Ecolab growth strategy and its record innovation pipeline. The company is also well prepared to manage through the dynamic international trade environment given the strength of Ecolab's world class supply chain, its 'local for local' production model, and its recently implemented trade surcharge.

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As a result, Ecolab continues to expect full year 2025 adjusted diluted earnings per share in the $7.42 to $7.62 range, rising 12% to 15% compared with adjusted diluted earnings per share of $6.65 in 2024.

Consistent with prior expectations, the company currently anticipates quantifiable special charges in 2025 to be approximately $0.25 to $0.30 per share, principally related to restructuring charges. Other than the special gains and charges noted above, other such amounts are not currently quantifiable.

**2025 – Third Quarter** 

Ecolab expects third quarter 2025 adjusted diluted earnings per share in the $2.02 to $2.12 range, rising 10% to 16% compared with adjusted diluted earnings per share of $1.83 a year ago.

The company currently expects quantifiable special charges in the third quarter of 2025 to be $0.06 per share, principally related to 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 sustainability leader offering water, hygiene and infection prevention solutions and services that protect people and the resources vital to life. Building on more than a century of innovation, Ecolab has annual sales of $16 billion, employs approximately 48,000 associates and operates in more than 170 countries around the world. The company delivers comprehensive science-based solutions, data-driven insights and world-class service to advance food safety, maintain clean and safe environments, and optimize water and energy use. Ecolab's innovative solutions improve operational efficiencies and sustainability for customers in the food, healthcare, high-tech, life sciences, hospitality and industrial markets. www.ecolab.com

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.

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**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 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 ability to successfully execute organizational change and management transitions; information technology infrastructure failures or breaches in data security; difficulty in procuring raw materials or fluctuations in raw material costs; our increasing reliance on artificial intelligence technologies in our products, services and operations; 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,

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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 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.

**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 include:

● fixed currency sales

● organic sales

● adjusted cost of sales

● adjusted gross profit

● adjusted gross margin

● fixed currency operating income

● fixed currency operating income margin

● adjusted operating income

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

● 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

● free cash flow

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 cost of sales, 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.

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 2025. We also provide our segment results based on public currency rates for informational purposes.

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Our reportable segments do not include the impact of intangible asset amortization from the Nalco and Purolite 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 operating income and organic operating income margin are at fixed currency and exclude the impact of special (gains) and charges, 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. Further, due to the sale of the global surgical solutions business on August 1, 2024, we have excluded the results of the business for the six-month period ended June 30, 2024 from these organic measures to remain comparable to the corresponding period in 2025. In addition, as part of the separation of ChampionX in 2020, we continue to provide certain products to ChampionX, which are recorded in product and equipment sales in the Global Water segment along with the related cost of sales. These transactions are removed from the consolidated results as part of the calculation of the impact of acquisitions and divestitures.

We define free cash flow as net cash provided by operating activities less cash outlays for capital expenditures. It should not be inferred that the entire free cash flow amount is available for discretionary expenditures. It should not be considered a substitute for income or cash flow data prepared in accordance with U.S. GAAP and may not be comparable to similarly titled measures used by other companies. We believe free cash flow is meaningful to investors as it functions as a useful measure of performance and we use this measure as an indication of the strength of the Company and its ability to generate cash.

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 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)<br>

------

**ECOLAB INC.**

**CONSOLIDATED STATEMENTS OF INCOME**

(unaudited)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Second Quarter Ended | Second Quarter Ended |  | Six Months Ended  | Six Months Ended  |  |
|  | June 30 | June 30 | %  | June 30 | June 30 | %  |
| (millions, except per share) | **2025** | 2024 | Change | **2025** | 2024 | Change |
| &nbsp;&nbsp;Product and equipment sales | **$3156.8** | $3173.1 |  | **$6058.7** | $6159.6 |  |
| &nbsp;&nbsp;Service and lease sales | **868.4** | 812.7 |  | **1661.5** | 1578.1 |  |
| Net sales | **4025.2** | 3985.8 | 1% | **7720.2** | 7737.7 | 0% |
| &nbsp;&nbsp;Product and equipment cost of sales | **1728.4** | 1770.6 |  | **3333.8** | 3449.8 |  |
| &nbsp;&nbsp;Service and lease cost of sales | **494.4** | 470.4 |  | **949.2** | 919.3 |  |
| Cost of sales <sup>(1)</sup> | **2222.8** | 2241.0 | (1)% | **4283.0** | 4369.1 | (2)% |
| &nbsp;&nbsp;Selling, general and administrative expenses | **1067.7** | 1075.7 | (1)% | **2117.7** | 2153.4 | (2)% |
| &nbsp;&nbsp;Special (gains) and charges <sup>(1)</sup> | **24.6**  | 12.2 |  | **54.1**  | 40.4  |  |
| Operating income | **710.1** | 656.9 | 8% | **1265.4** | 1174.8 | 8% |
| Other (income) expense | **(13.0)** | (12.6) | 3% | **(26.0)** | (25.2) | 3% |
| Interest expense, net | **63.2** | 78.8 | (20)% | **121.5** | 150.4 | (19)% |
| Income before income taxes | **659.9** | 590.7 | 12% | **1169.9** | 1049.6 | 11% |
| Provision for income taxes | **131.4** | 95.7 | 37% | **234.9** | 138.0 | 70% |
| Net income including noncontrolling interest | **528.5** | 495.0 | 7% | **935.0** | 911.6 | 3% |
| Net income attributable to noncontrolling interest | **4.3** | 4.1 |  | **8.3** | 8.6 |  |
| Net income attributable to Ecolab | **$524.2**  | $490.9  | 7% | **$926.7**  | $903.0  | 3% |
| Earnings attributable to Ecolab per common share | Earnings attributable to Ecolab per common share |  |  |  |  |  |
| &nbsp;&nbsp;Basic | **$1.85**  | $1.72 | 8% | **$3.27**  | $3.17 | 3% |
| &nbsp;&nbsp;Diluted | **$1.84**  | $1.71 | 8% | **$3.25**  | $3.14 | 4% |
| Weighted-average common shares outstanding | Weighted-average common shares outstanding |  |  |  |  |  |
| &nbsp;&nbsp;Basic | **283.5** | 284.6 | 0% | **283.4** | 285.2 | (1)% |
| &nbsp;&nbsp;Diluted | **285.4** | 287.0 | (1)% | **285.4** | 287.4 | (1)% |
| (1) Cost of sales and Special (gains) and charges in the Consolidated Statement of Income above include the following: | (1) Cost of sales and Special (gains) and charges in the Consolidated Statement of Income above include the following: | (1) Cost of sales and Special (gains) and charges in the Consolidated Statement of Income above include the following: | (1) Cost of sales and Special (gains) and charges in the Consolidated Statement of Income above include the following: | (1) Cost of sales and Special (gains) and charges in the Consolidated Statement of Income above include the following: | (1) Cost of sales and Special (gains) and charges in the Consolidated Statement of Income above include the following: | (1) Cost of sales and Special (gains) and charges in the Consolidated Statement of Income above include the following: |
|  | Second Quarter Ended | Second Quarter Ended |  | Six Months Ended  | Six Months Ended  |  |
|  | June 30 | June 30 |  | June 30 | June 30 |  |
| (millions) | **2025** | 2024 |  | **2025** | 2024 |  |
| Cost of sales |  |  |  |  |  |  |
| &nbsp;&nbsp;One Ecolab | **$2.5** | $-  |  | **$7.3** | $-  |  |
| &nbsp;&nbsp;Other restructuring  | **-** | 0.7 |  | **-** | 2.3 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Subtotal <sup>(a)</sup> | **2.5** | 0.7 |  | **7.3** | 2.3 |  |
| Special (gains) and charges |  |  |  |  |  |  |
| &nbsp;&nbsp;One Ecolab | **26.5** | - |  | **65.9** | - |  |
| &nbsp;&nbsp;Other restructuring  | **(12.0)** | 6.9 |  | **(12.0)** | 25.0 |  |
| &nbsp;&nbsp;Sale of global surgical solutions business | **0.8** | 7.3 |  | **2.4** | 13.3 |  |
| &nbsp;&nbsp;Acquisition and integration activities | **7.3** | 2.3 |  | **8.8** | 4.8 |  |
| &nbsp;&nbsp;Other | **2.0** | (4.3) |  | **(11.0)** | (2.7) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Subtotal | **24.6** | 12.2 |  | **54.1** | 40.4 |  |
| Total special (gains) and charges | **$27.1** | $12.9 |  | **$61.4** | $42.7 |  |

---

(a) Special charges of $2.5 million and $0.7 million in the second quarter of 2025 and 2024, respectively, and $7.3 million and $2.3 million for the first six months of 2025 and 2024, respectively, were recorded in product and equipment cost of sales.

------

**ECOLAB INC.**

**REPORTABLE SEGMENT INFORMATION**

(unaudited)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Second Quarter Ended June 30 | Second Quarter Ended June 30 | Second Quarter Ended June 30 | Second Quarter Ended June 30 | Second Quarter Ended June 30 | Second Quarter Ended June 30 |
|  | Fixed Currency Rates | Fixed Currency Rates | Fixed Currency Rates | Public Currency Rates | Public Currency Rates | Public Currency Rates |
|  |  |  | % |  |  | % |
| (millions) | **2025** | 2024 | Change | **2025** | 2024 | Change |
| Net Sales |  |  |  |  |  |  |
| &nbsp;&nbsp;Global Water | **$1908.5** | $1863.2 | 2% | **$1977.3** | $1936.1 | 2% |
| &nbsp;&nbsp;Global Institutional & Specialty | **1511.7** | 1548.1 | (2)% | **1544.6** | 1577.8 | (2)% |
| &nbsp;&nbsp;Global Pest Elimination | **311.3** | 290.2 | 7% | **317.4** | 295.7 | 7% |
| &nbsp;&nbsp;Global Life Sciences | **176.7** | 169.8  | 4% | **185.9** | 176.2  | 6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Subtotal at fixed currency rates | **3908.2** | 3871.3 | 1% | **4025.2** | 3985.8 | 1% |
| &nbsp;&nbsp;Currency impact | **117.0** | 114.5 | \* | - | - | \* |
| &nbsp;&nbsp;&nbsp;&nbsp;Consolidated reported GAAP net sales | **$4025.2** | $3985.8 | 1% | **$4025.2** | $3985.8 | 1% |
| Operating Income (loss) |  |  |  |  |  |  |
| &nbsp;&nbsp;Global Water | **$306.3** | $288.6 | 6% | **$320.6** | $304.2 | 5% |
| &nbsp;&nbsp;Global Institutional & Specialty | **359.4** | 329.5  | 9% | **365.3** | 335.3  | 9% |
| &nbsp;&nbsp;Global Pest Elimination | **61.2** | 60.0  | 2% | **62.2** | 61.1  | 2% |
| &nbsp;&nbsp;Global Life Sciences | **34.8** | 17.0  | 105% | **38.0** | 18.8  | 102% |
| &nbsp;&nbsp;Corporate | **(75.0)** | (61.9) | \* | **(76.0)** | (62.5) | \* |
| &nbsp;&nbsp;&nbsp;&nbsp;Subtotal at fixed currency rates | **686.7** | 633.2 | 8% | **710.1** | 656.9 | 8% |
| &nbsp;&nbsp;Currency impact | **23.4** | 23.7 | \* | - | - | \* |
| &nbsp;&nbsp;&nbsp;&nbsp;Consolidated reported GAAP operating income | **$710.1** | $656.9 | 8% | **$710.1** | $656.9 | 8% |
|  | Six Months Ended June 30 | Six Months Ended June 30 | Six Months Ended June 30 | Six Months Ended June 30 | Six Months Ended June 30 | Six Months Ended June 30 |
|  | Fixed Currency Rates | Fixed Currency Rates | Fixed Currency Rates | Public Currency Rates | Public Currency Rates | Public Currency Rates |
|  |  |  | % |  |  | % |
| (millions) | **2025** | 2024 | Change | **2025** | 2024 | Change |
| Net Sales |  |  |  |  |  |  |
| &nbsp;&nbsp;Global Water | **$3709.0** | $3618.2 | 3% | **$3803.7** | $3775.0 | 1% |
| &nbsp;&nbsp;Global Institutional & Specialty | **2918.2** | 2995.0 | (3)% | **2962.6** | 3058.0 | (3)% |
| &nbsp;&nbsp;Global Pest Elimination | **589.4** | 550.5 | 7% | **598.0** | 561.8 | 6% |
| &nbsp;&nbsp;Global Life Sciences | **343.7** | 329.1 | 4% | **355.9** | 342.9 | 4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Subtotal at fixed currency rates | **7560.3** | 7492.8 | 1% | **7720.2** | 7737.7 | 0% |
| &nbsp;&nbsp;Currency impact | **159.9** | 244.9  | \* | - | - | \* |
| &nbsp;&nbsp;&nbsp;&nbsp;Consolidated reported GAAP net sales | **$7720.2** | $7737.7 | 0% | **$7720.2** | $7737.7 | 0% |
| Operating Income (loss) |  |  |  |  |  |  |
| &nbsp;&nbsp;Global Water | **$566.3** | $532.2 | 6% | **$585.7** | $568.1 | 3% |
| &nbsp;&nbsp;Global Institutional & Specialty | **658.0** | 586.9 | 12% | **665.9** | 599.3 | 11% |
| &nbsp;&nbsp;Global Pest Elimination | **107.3** | 106.5 | 1% | **108.7** | 108.6 | 0% |
| &nbsp;&nbsp;Global Life Sciences | **60.0** | 36.3 | 65% | **64.2** | 40.8 | 57% |
| &nbsp;&nbsp;Corporate | **(157.5)** | (140.7) | \* | **(159.1)** | (142.0) | \* |
| &nbsp;&nbsp;&nbsp;&nbsp;Subtotal at fixed currency rates | **1234.1** | 1121.2 | 10% | **1265.4** | 1174.8 | 8% |
| &nbsp;&nbsp;Currency impact | **31.3** | 53.6  | \* | - | - | \* |
| &nbsp;&nbsp;&nbsp;&nbsp;Consolidated reported GAAP operating income | **$1265.4** | $1174.8 | 8% | **$1265.4** | $1174.8 | 8% |

---

\* 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 and Purolite transactions intangible assets. The Corporate segment also includes special (gains) and charges reported on the Consolidated Statement of Income.

------

**ECOLAB INC.**

**CONSOLIDATED BALANCE SHEETS**

(unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **June 30** | December 31 | June 30 |
| (millions) | **2025** | 2024 | 2024 |
| Assets |  |  |  |
| Current assets |  |  |  |
| &nbsp;&nbsp;Cash and cash equivalents | **$1920.9** | $1256.8 | $384.0 |
| &nbsp;&nbsp;Accounts receivable, net | **3058.9** | 2865.0 | 2876.3 |
| &nbsp;&nbsp;Inventories | **1569.4** | 1464.9 | 1505.9 |
| &nbsp;&nbsp;Assets held for sale | **-** | - | 565.6 |
| &nbsp;&nbsp;Other current assets | **526.6** | 439.0 | 420.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total current assets | **7075.8** | 6025.7 | 5752.3 |
| &nbsp;&nbsp;Property, plant and equipment, net | **3938.8** | 3752.4 | 3416.9 |
| &nbsp;&nbsp;Goodwill | **8047.2** | 7907.3 | 7821.9 |
| &nbsp;&nbsp;Other intangible assets, net | **3197.1** | 3308.8 | 3334.0 |
| &nbsp;&nbsp;Operating lease assets | **762.8** | 723.2 | 573.0 |
| &nbsp;&nbsp;Other assets | **714.3** | 670.4 | 563.7 |
| Total assets | **$23736.0** | $22387.8 | $21461.8 |
| Liabilities and Equity |  |  |  |
| Current liabilities |  |  |  |
| &nbsp;&nbsp;Short-term debt | **$688.5** | $615.7 | $5.9 |
| &nbsp;&nbsp;Accounts payable | **1883.5** | 1810.0 | 1690.7 |
| &nbsp;&nbsp;Compensation and benefits | **548.1** | 727.4 | 540.5 |
| &nbsp;&nbsp;Income taxes | **198.6** | 127.0 | 137.2 |
| &nbsp;&nbsp;Liabilities held for sale | **-** | - | 62.5 |
| &nbsp;&nbsp;Other current liabilities | **1589.8** | 1512.7 | 1410.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total current liabilities | **4908.5** | 4792.8 | 3847.6 |
| &nbsp;&nbsp;Long-term debt | **7522.2** | 6949.2 | 7538.8 |
| &nbsp;&nbsp;Pension and postretirement benefits | **617.1** | 634.9 | 627.1 |
| &nbsp;&nbsp;Deferred income taxes | **179.8** | 280.0 | 290.7 |
| &nbsp;&nbsp;Operating lease liabilities | **600.6** | 575.5 | 438.6 |
| &nbsp;&nbsp;Other liabilities | **557.2** | 366.2 | 411.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | **14385.4** | 13598.6 | 13153.9 |
| Equity |  |  |  |
| &nbsp;&nbsp;Common stock | **368.8** | 367.8 | 367.1 |
| &nbsp;&nbsp;Additional paid-in capital | **7372.3** | 7159.6 | 7002.1 |
| &nbsp;&nbsp;Retained earnings | **12075.1** | 11517.1 | 10653.3 |
| &nbsp;&nbsp;Accumulated other comprehensive loss | **(2003.3)** | (1982.0) | (1899.4) |
| &nbsp;&nbsp;Treasury stock | **(8492.6)** | (8305.2) | (7835.7) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Ecolab shareholders' equity | **9320.3** | 8757.3 | 8287.4 |
| &nbsp;&nbsp;Noncontrolling interest | **30.3** | 31.9 | 20.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total equity | **9350.6** | 8789.2 | 8307.9 |
| Total liabilities and equity | **$23736.0** | $22387.8 | $21461.8 |

---

------

**ECOLAB INC.**

**SUPPLEMENTAL NON-GAAP RECONCILIATIONS**

(unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Second Quarter Ended | Second Quarter Ended | Six Months Ended  | Six Months Ended  |
|  | June 30 | June 30 | June 30 | June 30 |
| (millions, except percent and per share) | **2025** | 2024 | **2025** | 2024 |
| Net sales |  |  |  |  |
| &nbsp;&nbsp;Reported GAAP net sales | **$4025.2**  | $3985.8  | **$7720.2**  | $7737.7  |
| &nbsp;&nbsp;&nbsp;&nbsp;Effect of foreign currency translation | **(117.0)** | (114.5) | **(159.9)** | (244.9) |
| &nbsp;&nbsp;Non-GAAP fixed currency sales | **3908.2**  | 3871.3  | **7560.3**  | 7492.8  |
| &nbsp;&nbsp;&nbsp;&nbsp;Effect of acquisitions and divestitures | **(25.8)** | (96.3) | **(51.9)** | (199.6) |
| &nbsp;&nbsp;Non-GAAP organic sales | **$3882.4**  | $3775.0  | **$7508.4**  | $7293.2  |
| Cost of sales |  |  |  |  |
| &nbsp;&nbsp;Reported GAAP cost of sales | **$2222.8** | $2241.0 | **$4283.0** | $4369.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Special (gains) and charges | **2.5** | 0.7  | **7.3** | 2.3  |
| &nbsp;&nbsp;Non-GAAP adjusted cost of sales | **$2220.3** | $2240.3 | **$4275.7** | $4366.8 |
| Gross profit |  |  |  |  |
| &nbsp;&nbsp;Reported GAAP gross profit  | **$1802.4** | $1744.8 | **$3437.2** | $3368.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Special (gains) and charges | **2.5** | 0.7 | **7.3** | 2.3 |
| &nbsp;&nbsp;Non-GAAP adjusted gross profit | **$1804.9** | $1745.5 | **$3444.5** | $3370.9 |
| Gross margin |  |  |  |  |
| &nbsp;&nbsp;Reported GAAP gross margin | **44.8%** | 43.8% | **44.5%** | 43.5% |
| &nbsp;&nbsp;Non-GAAP adjusted gross margin | **44.8%** | 43.8% | **44.6%** | 43.6% |
| Operating income |  |  |  |  |
| &nbsp;&nbsp;Reported GAAP operating income | **$710.1**  | $656.9  | **$1265.4**  | $1174.8  |
| &nbsp;&nbsp;&nbsp;&nbsp;Special (gains) and charges at public currency rates | **27.1**  | 12.9  | **61.4**  | 42.7  |
| &nbsp;&nbsp;Non-GAAP adjusted operating income | **737.2**  | 669.8  | **1326.8**  | 1217.5  |
| &nbsp;&nbsp;&nbsp;&nbsp;Effect of foreign currency translation | **(23.8)** | (23.8) | **(32.0)** | (53.6) |
| &nbsp;&nbsp;Non-GAAP adjusted fixed currency operating income | **713.4**  | 646.0  | **1294.8**  | 1163.9  |
| &nbsp;&nbsp;&nbsp;&nbsp;Effect of acquisitions and divestitures | **(2.1)** | (20.5) | **(4.2)** | (41.8) |
| &nbsp;&nbsp;Non-GAAP organic operating income | **$711.3**  | $625.5  | **$1290.6**  | $1122.1  |
| Operating income margin |  |  |  |  |
| &nbsp;&nbsp;Reported GAAP operating income margin | **17.6%** | 16.5% | **16.4%** | 15.2% |
| &nbsp;&nbsp;Non-GAAP adjusted fixed currency operating income margin | **18.3%** | 16.7% | **17.1%** | 15.5% |
| &nbsp;&nbsp;Non-GAAP organic operating income margin | **18.3%** | 16.6% | **17.2%** | 15.4% |

---

------

**ECOLAB INC.**

**SUPPLEMENTAL NON-GAAP RECONCILIATIONS**

(unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Second Quarter Ended | Second Quarter Ended | Six Months Ended  | Six Months Ended  |
|  | June 30 | June 30 | June 30 | June 30 |
| (millions, except percent and per share) | **2025** | 2024 | **2025** | 2024 |
| Net Income attributable to Ecolab |  |  |  |  |
| &nbsp;&nbsp;Reported GAAP net income attributable to Ecolab | **$524.2** | $490.9 | **$926.7** | $903.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Special (gains) and charges, after tax | **20.6**  | 0.9  | **45.7**  | 24.0  |
| &nbsp;&nbsp;&nbsp;&nbsp;Discrete tax net expense (benefit) | **(5.0)** | (10.3) | **(5.5)** | (58.5) |
| &nbsp;&nbsp;Non-GAAP adjusted net income attributable to Ecolab | **$539.8** | $481.5 | **$966.9** | $868.5 |
| Diluted EPS attributable to Ecolab |  |  |  |  |
| &nbsp;&nbsp;Reported GAAP diluted EPS | **$1.84** | $1.71 | **$3.25** | $3.14 |
| &nbsp;&nbsp;&nbsp;&nbsp;Special (gains) and charges, after tax | **0.07** | - | **0.16**  | 0.08  |
| &nbsp;&nbsp;&nbsp;&nbsp;Discrete tax net expense (benefit) | **(0.02)** | (0.03) | **(0.02)** | (0.20) |
| &nbsp;&nbsp;Non-GAAP adjusted diluted EPS | **$1.89** | $1.68 | **$3.39** | $3.02 |
| Provision for Income Taxes |  |  |  |  |
| &nbsp;&nbsp;Reported GAAP tax rate | **19.9%** | 16.2% | **20.1%** | 13.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Special gains and charges | **0.2**  | 1.6 | **0.3**  | 1.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Discrete tax items | **0.7**  | 1.7  | **0.4**  | 5.4  |
| &nbsp;&nbsp;Non-GAAP adjusted tax rate | **20.8%** | 19.5% | **20.8%** | 19.7% |

---

------

**ECOLAB INC.**

**SUPPLEMENTAL NON-GAAP RECONCILIATIONS**

(unaudited)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Second Quarter Ended June 30 | Second Quarter Ended June 30 | Second Quarter Ended June 30 | Second Quarter Ended June 30 | Second Quarter Ended June 30 | Second Quarter Ended June 30 |
|  | **2025** | **2025** | **2025** | 2024 | 2024 | 2024 |
| (millions) | Fixed Currency | Impact of Acquisitions and Divestitures | Organic | Fixed Currency | Impact of Acquisitions and Divestitures | Organic |
| Net Sales |  |  |  |  |  |  |
| &nbsp;&nbsp;Global Water | **$1908.5** | **($22.2)** | **$1886.3** | $1863.2 | ($7.8) | $1855.4 |
| &nbsp;&nbsp;Global Institutional & Specialty | **1511.7** | **(0.4)** | **1511.3** | 1548.1 | (88.5) | 1459.6 |
| &nbsp;&nbsp;Global Pest Elimination | **311.3** | **(3.2)** | **308.1** | 290.2 | - | 290.2 |
| &nbsp;&nbsp;Global Life Sciences | **176.7** | **-** | **176.7** | 169.8 | - | 169.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Subtotal at fixed currency rates | **3908.2** | **(25.8)** | **3882.4** | 3871.3 | (96.3) | 3775.0 |
| &nbsp;&nbsp;Currency impact | **117.0** |  |  | 114.5 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Consolidated reported GAAP net sales | **$4025.2** |  |  | $3985.8 |  |  |
| Operating Income (loss) |  |  |  |  |  |  |
| &nbsp;&nbsp;Global Water | **$306.3** | **($1.9)** | **$304.4** | $288.6 | ($0.6) | $288.0 |
| &nbsp;&nbsp;Global Institutional & Specialty | **359.4** | **0.2** | **359.6** | 329.5 | (19.9) | 309.6 |
| &nbsp;&nbsp;Global Pest Elimination | **61.2** | **(0.4)** | **60.8** | 60.0 | - | 60.0 |
| &nbsp;&nbsp;Global Life Sciences | **34.8** | **-** | **34.8** | 17.0 | - | 17.0 |
| &nbsp;&nbsp;Corporate | **(48.3)** | **-** | **(48.3)** | (49.1) | - | (49.1) |
| &nbsp;&nbsp;&nbsp;&nbsp;Subtotal at fixed currency rates | **713.4** | **(2.1)** | **711.3** | 646.0 | (20.5) | 625.5 |
| &nbsp;&nbsp;Special (gains) and charges at fixed currency rates | **26.7** |  |  | 12.8 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Reported OI at fixed currency rates | **686.7** |  |  | 633.2 |  |  |
| &nbsp;&nbsp;Currency impact | **23.4** |  |  | 23.7 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Consolidated reported GAAP operating income | **$710.1** |  |  | $656.9 |  |  |
|  | Six Months Ended June 30 | Six Months Ended June 30 | Six Months Ended June 30 | Six Months Ended June 30 | Six Months Ended June 30 | Six Months Ended June 30 |
|  | **2025** | **2025** | **2025** | 2024 | 2024 | 2024 |
| (millions) | Fixed Currency | Impact of Acquisitions and Divestitures | Organic | Fixed Currency | Impact of Acquisitions and Divestitures | Organic |
| Net Sales |  |  |  |  |  |  |
| &nbsp;&nbsp;Global Water | **$3709.0** | **($43.5)** | **$3665.5** | $3618.2 | ($19.6) | $3598.6 |
| &nbsp;&nbsp;Global Institutional & Specialty | **2918.2** | **(0.8)** | **2917.4** | 2995.0 | (180.0) | 2815.0 |
| &nbsp;&nbsp;Global Pest Elimination | **589.4** | **(7.6)** | **581.8** | 550.5 | - | 550.5 |
| &nbsp;&nbsp;Global Life Sciences | **343.7** | **-** | **343.7** | 329.1 | - | 329.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Subtotal at fixed currency rates | **7560.3** | **(51.9)** | **7508.4** | 7492.8 | (199.6) | 7293.2 |
| &nbsp;&nbsp;Currency impact | **159.9** |  |  | 244.9 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Consolidated reported GAAP net sales | **$7720.2** |  |  | $7737.7 |  |  |
| Operating Income (loss) |  |  |  |  |  |  |
| &nbsp;&nbsp;Global Water | **$566.3** | **($4.0)** | **$562.3** | $532.2 | $0.7  | $532.9 |
| &nbsp;&nbsp;Global Institutional & Specialty | **658.0** | **0.2** | **658.2** | 586.9 | (42.5) | 544.4 |
| &nbsp;&nbsp;Global Pest Elimination | **107.3** | **(0.4)** | **106.9** | 106.5 | - | 106.5 |
| &nbsp;&nbsp;Global Life Sciences | **60.0** | **-** | **60.0** | 36.3 | - | 36.3 |
| &nbsp;&nbsp;Corporate | **(96.8)** | **-** | **(96.8)** | (98.0) | - | (98.0) |
| &nbsp;&nbsp;&nbsp;&nbsp;Subtotal at fixed currency rates | **1294.8** | **(4.2)** | **1290.6** | 1163.9 | (41.8) | 1122.1 |
| &nbsp;&nbsp;Special (gains) and charges at fixed currency rates | **60.7** |  |  | 42.7 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Reported OI at fixed currency rates | **1234.1** |  |  | 1121.2 |  |  |
| &nbsp;&nbsp;Currency impact | **31.3** |  |  | 53.6 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Consolidated reported GAAP operating income | **$1265.4** |  |  | $1174.8 |  |  |

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------

**ECOLAB INC.**

**SUPPLEMENTAL DILUTED EARNINGS PER SHARE INFORMATION**

(unaudited)

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

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | First<br>Quarter<br>Ended<br>Mar. 31<br>2024 | Second<br>Quarter<br>Ended<br>June 30<br>2024 | Six<br>Months<br>Ended<br>June 30<br>2024 | Third<br>Quarter<br>Ended<br>Sept. 30<br>2024 | Nine<br>Months<br>Ended<br>Sept. 30<br>2024 | Fourth<br>Quarter<br>Ended<br>Dec. 31<br>2024 | &nbsp;&nbsp;&nbsp;&nbsp;<br>Year<br>Ended<br>Dec. 31<br>2024 |
| Diluted earnings per share, as reported (U.S. GAAP) | $1.43 | $1.71 | $3.14 | $2.58 | $5.72 | $1.66 | $7.37 |
| Adjustments: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Special (gains) and charges <sup>(1)</sup> | 0.08  | 0.00  | 0.08  | (0.81) | (0.72) | 0.28  | (0.44) |
| &nbsp;&nbsp;Discrete tax expense (benefits) <sup>(2)</sup> | (0.17) | (0.03) | (0.20) | 0.06  | (0.15) | (0.13) | (0.28) |
| Adjusted diluted earnings per share (Non-GAAP) | $1.34 | $1.68 | $3.02 | $1.83 | $4.85 | $1.81 | $6.65 |

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | First<br>Quarter<br>Ended<br>Mar. 31<br>2025 | Second<br>Quarter<br>Ended<br>June 30<br>2025 | Six<br>Months<br>Ended<br>June 30<br>2025 | Third<br>Quarter<br>Ended<br>Sept. 30<br>2025 | Nine<br>Months<br>Ended<br>Sept. 30<br>2025 | Fourth<br>Quarter<br>Ended<br>Dec. 31<br>2025 | &nbsp;&nbsp;&nbsp;&nbsp;<br>Year<br>Ended<br>Dec. 31<br>2025 |
| Diluted earnings per share, as reported (U.S. GAAP) | **$1.41** | **$1.84**  | **$3.25** |  |  |  |  |
| Adjustments: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Special (gains) and charges <sup>(3)</sup> | **0.09**  | **0.07**  | **0.16**  |  |  |  |  |
| &nbsp;&nbsp;Discrete tax expense (benefits) <sup>(4)</sup> | **0.00**  | **(0.02)** | **(0.02)** |  |  |  |  |
| Adjusted diluted earnings per share (Non-GAAP) | **$1.50** | **$1.89** | **$3.39** | **$0.00** | **$0.00** | **$0.00** | **$0.00** |

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

(1) Special (gains) and charges for 2024 includes $23.1 million, $0.9 million, ($230.3) million and $79.6 million, net of tax, in the first, second, third and fourth quarters, respectively. These charges were primarily related to restructuring and the gain on the sale of our global surgical solutions business.

(2) Discrete tax expenses (benefits) for 2024 includes ($48.2) million, ($10.3) million, $15.8 million and ($35.9) million in the first, second, third and fourth quarters, respectively. These expenses (benefits) are primarily associated with capital losses, additional basis of foreign intangible assets and other discrete expenses (benefits).

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

(4) Discrete tax expenses (benefits) for 2025 includes ($0.5) million and ($5.0) 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).

------

## Exhibit 99.2

#### Exhibit 99.2

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| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](ecl-20250729xex99d2g001.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 ECOLAB Second Quarter 2025 Supplemental |

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| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](ecl-20250729xex99d2g002.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 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 ability to successfully execute organizational change and management transitions; information technology infrastructure failures or breaches in data security; difficulty in procuring raw materials or fluctuations in raw material costs; our increasing reliance on artificial intelligence technologies in our products, services and operations; 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.  |

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| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](ecl-20250729xex99d2g003.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expect to deliver continued 12-15% EPS growth 3 Solid organic sales growth Strong organic OI margin expansion, confident in delivering a 20% margin by 2027 Reported diluted EPS $1.84; adjusted diluted EPS $1.89, +13% Continue to expect 12-15% EPS growth in 2025 and beyond ▪ Reported sales +1%, including a 2% unfavorable impact from the sale of the global surgical solutions business ▪ Organic sales +3%. Institutional & Specialty and Water segments delivered continued solid growth. Ecolab's growth engines, which include Life Sciences, Pest Elimination, Global High-Tech and Ecolab Digital, collectively grew double-digits. ▪ Reported OI +8%, Organic OI +14% ▪ Reported OI margin 17.6%. Organic OI margin 18.3%, +170 bps as value pricing and improved productivity more than offset growth-oriented investments in the business. ▪ As expected, Ecolab delivered another strong quarter of double-digit EPS growth ▪ Performance was driven by value pricing, volume growth, and productivity improvements ▪ 2025: Continue to expect full year 2025 adjusted diluted earnings per share in the $7.42 to $7.62 range, +12% to 15% versus last year. Ecolab expects to overcome the unpredictable operating environment through strong new business wins, value and surcharge pricing, and improved productivity. ▪ 3Q 2025: Expect third quarter 2025 adjusted diluted earnings per share in the $2.02 to $2.12 range, +10% to 16% |

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| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](ecl-20250729xex99d2g004.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2Q overview ▪ Solid performance with reported sales +1% and organic sales +3% o Volume +1%, driven by good new business and breakthrough innovation o Pricing +2%, supported by ongoing customer value delivery ▪ Organic growth led by Institutional & Specialty, Pest Elimination, and Life Sciences o Water +2%, accelerating food & beverage sales and continued double-digit growth in Global High-Tech offsetting soft end-market trends in Paper and Basic Industries o Institutional & Specialty remained strong at +4%, reflecting continued mid-single digit growth in hospitality and modestly lower sales to hospitals o Pest Elimination accelerated to +6%, fueled by the One Ecolab growth strategy o Life Sciences +4%, with robust growth in bioprocessing and pharma sales more than offsetting softer industrial purification sales ▪ Reported diluted EPS $1.84 ▪ Adjusted diluted EPS $1.89, +13% o Strong performance was fueled by value pricing, volume growth, and productivity improvements Sales EPS 4 |

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|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](ecl-20250729xex99d2g005.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expect strong 3Q and 2025 performance 3Q 2025 ▪ Ecolab expects third quarter 2025 adjusted diluted earnings per share in the $2.02 to $2.12 range, rising 10% to 16% compared with adjusted diluted earnings per share of $1.83 a year ago. ▪ Secular growth trends in water, hygiene, infection prevention, and digital technologies continue to fuel resilient, long-term demand for Ecolab's innovative technologies and services. Strong momentum in Ecolab's growth engines, which include Life Sciences, Pest Elimination, Global High-Tech and Ecolab Digital, is expected to continue. ▪ In the near-term, the global operating environment remains unpredictable, characterized by constantly evolving end-market demand and impacts from geopolitics and evolving international trade policy. Importantly, with these current macroeconomic assumptions, Ecolab's expectations for 2025 earnings remain unchanged. The company has made proactive and strategically consistent adjustments to its delivery path, overcoming the unpredictable operating environment. Ecolab expects to outperform its end markets by converting strong new business wins, which leverage the company's One Ecolab growth strategy and its record innovation pipeline. The company is also well prepared to manage through the dynamic international trade environment given the strength of Ecolab's world class supply chain, its 'local for local' production model, and its recently implemented trade surcharge. ▪ Ecolab continues to expect full year 2025 adjusted diluted earnings per share in the $7.42 to $7.62 range, rising 12% to 15% compared with adjusted diluted earnings per share of $6.65 in 2024. 5 |

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|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](ecl-20250729xex99d2g006.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2Q 2025 sales growth detail 6 Amounts in the tables above may reflect rounding. Fixed Rate Organic % Change % Change Global Water Consolidated Light & Heavy 4% 2% Volume 1% Food & Beverage 3% 3% Pricing 2% Paper -3% -3% Organic 3% Total Global Water 2% 2% Acq./Div. -2% Fixed currency growth 1% Global Institutional & Specialty Currency impact 0% Institutional -5% 3% Total 1% Specialty 4% 4% Total Global Institutional & Specialty -2% 4% Global Pest Elimination 7% 6% Global Life Sciences 4% 4% Total 1% 3% % Change |

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| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](ecl-20250729xex99d2g007.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 Sales +2% Light & Heavy All sales figures are organic unless otherwise noted Global Water Segment Q3: Expect solid sales growth as continued double-digit growth in Global High-Tech more than offsets softer demand across Basic Industries. ▪ Modest growth in light and heavy reflected continued double-digit growth in Global High-Tech and solid Manufacturing sales growth, which more than offset continued soft end-market demand in Basic Industries and Mining. o Manufacturing: Solid growth driven by continued good momentum in food & beverage, leveraging the One Ecolab enterprise selling strategy. o Basic industries: Sales modestly declined as further new business wins were more than offset by continued soft end market demand in primary metals and chemicals. o Global High-Tech: Continued strong double-digit sales growth driven by attractive share gains from our innovative cooling technologies for data centers and circular water programs for microelectronics. o Downstream: Slightly higher sales reflected continued good growth in North America, offset by softer sales in international regions. ▪ The impact of increasing water demand, which is being amplified by the rapid build out of artificial intelligence infrastructure, 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 help our customers improve their performance, significantly reduce water consumption, and meet their sustainability objectives. |

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|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](ecl-20250729xex99d2g008.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8 Sales -3% Paper All sales figures are organic unless otherwise noted Global Water Segment Sales +3% Food & Beverage Q3: Anticipate continued solid sales growth driven by value pricing and improved new business wins. ▪ Organic sales growth accelerated driven by value pricing and new business wins. Growth was led by good gains in beverage & brewing, dairy, and food. ▪ Regionally, sales growth improved in North America, Latin America, and IMEA, while sales grew modestly in Asia Pacific and Europe. ▪ We continue to benefit from our One Ecolab enterprise selling approach to customers. Our innovative solutions combine industry-leading cleaning, sanitizing and water treatment capabilities to deliver significant customer value through improved food safety, lower operating costs and water usage optimization. Q3: Expect modestly lower sales as new business wins are offset by continued soft customer production rates. ▪ As expected, sales were modestly lower as continued good new business wins were offset by soft customer production rates. ▪ Solid growth in tissue and towel was offset by softer demand in packaging. ▪ While soft customer production rates continue to present challenging market dynamics, our strong new business wins are largely mitigating these unfavorable market impacts. Good share gains continue to be driven by new innovation and our global service expertise, which help our customers improve their performance, optimize their costs, and reduce their water consumption. |

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|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](ecl-20250729xex99d2g009.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9 Sales +3% Institutional Sales +4% Specialty All sales figures are organic unless otherwise noted Global Institutional & Specialty Segment Q3: We expect continued strong growth in hospitality, partially offset by modestly lower sales to hospitals. ▪ Beginning in 2025, Ecolab's healthcare business is being reported within the Institutional division. As expected, mid-single digit growth in sales to hospitality customers was partially offset by modestly lower sales to hospitals. o Hospitality: Strong growth continues to be driven by value pricing and attractive new business wins from our One Ecolab growth strategy. These strong gains continue to outperform end-market trends as customers leverage our innovative products and service expertise that help improve performance, optimize labor, and reduce total costs. o Hospitals: Modestly lower organic sales reflected continued non-strategic, low-margin business exits, which were partially offset by good value 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 capitalizing on our attractive long-term growth opportunities, maximizing service effectiveness, and leveraging investments in digital technology to deliver enhanced customer value and improved productivity, and attractive new business wins for Ecolab. Q3: Expect continued solid sales growth as continued strong underlying growth is partially offset by non-strategic, low-margin business exits. ▪ As expected, Specialty delivered strong underlying sales growth, which was partially offset by a 3% unfavorable impact from previously disclosed non- strategic, low-margin business exits. Strong underlying performance continued to outperform market trends. o Quick Service: Sales growth improved, reflecting strong new business and our ongoing product and program innovation that delivers leading food safety outcomes, labor optimization and lower total operating costs. Demand across the quick service industry for our labor optimization technologies continues to be strong, which we are uniquely positioned to capture. o Food Retail: Sales growth accelerated, reflecting good new business wins and new product innovation. As a trusted global partner for retailers, we continue to expand our competitive differentiation by helping our customers protect their brand, improve their customer experience, and optimize their operational performance.  |

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|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](ecl-20250729xex99d2g010.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 Sales +6% Pest Elimination All sales figures are organic unless otherwise noted Global Pest Elimination Segment ▪ Organic sales growth improved, led by good gains in food & beverage, restaurants, and healthcare, and improved growth in food retail. ▪ To fuel continued strong long-term growth and market share gains, our focus is on rapidly accelerating the rollout of our digital pest intelligence program to provide customers with enhanced service and value. This leading digital offering, along with our high service levels, are expanding the total value delivered to customers, extending our competitive advantages, and enhancing our long-term growth opportunities. Q3: Expect continued good growth, benefiting from new customer wins as we leverage our investments in pest intelligence. |

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| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](ecl-20250729xex99d2g011.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11 Sales +4% Life Sciences All sales figures are organic unless otherwise noted Global Life Sciences Segment ▪ Solid sales growth reflected continued good new business wins that leverage our innovation, investments in new capabilities, and progressively improving industry trends. ▪ Double-digit growth in bioprocessing and pharmaceutical & personal care more than offset softer industrial water purification sales, which was constrained by production limitations. ▪ 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 high-growth, high-margin opportunity. Q3: Expect continued solid growth driven by good business momentum and progressively improving industry trends.  |

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| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](ecl-20250729xex99d2g012.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Segment operating income performance ▪ Organic operating income increased 6% as value pricing and improved productivity overcame impacts from unfavorable mix and higher supply chain costs. ▪ Organic operating income increased slightly as strong sales growth was largely offset by growth-oriented investments as the business shifts to pest intelligence, and the comparison to very strong 20% growth last year. ▪ As expected, organic operating income margin expanded sequentially to nearly 20%. ($ millions – fixed currency, unaudited) 12 Global Water 2Q 2025 2Q 2024 Change Operating income $306.3 $288.6 6% Operating income margin 16.0% 15.5% 50 bps Organic operating income $304.4 $288.0 6% Organic operating income margin 16.1% 15.5% 60 bps Global Institutional & Specialty 2Q 2025 2Q 2024 Change Operating income $359.4 $329.5 9% Operating income margin 23.8% 21.3% 250 bps Organic operating income $359.6 $309.6 16% Organic operating income margin 23.8% 21.2% 260 bps Global Life Sciences 2Q 2025 2Q 2024 Change Operating income $34.8 $17.0 105% Operating income margin 19.7% 10.0% 970 bps Organic operating income $34.8 $17.0 105% Organic operating income margin 19.7% 10.0% 970 bps Global Pest Elimination 2Q 2025 2Q 2024 Change Operating income $61.2 $60.0 2% Operating income margin 19.7% 20.7% -100 bps Organic operating income $60.8 $60.0 1% Organic operating income margin 19.7% 20.7% -100 bps ▪ Organic operating income increased 105%, driven by lower supply chain costs, solid sales growth, and comparisons to softer performance last year. ▪ We expect Life Sciences' organic operating income margin to be in the mid-teens in the second half of this year as we continue to invest in breakthrough innovation, global capabilities, and capacity to capitalize on this high-growth, high-margin opportunity. ▪ Organic operating income increased 16%, as strong sales growth, lower supply chain costs, and improved productivity overcame investments in the business. |

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| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](ecl-20250729xex99d2g013.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consolidated margin performance ▪ Gross margin expanded significantly, reflecting strong value pricing. ▪ SG&A to sales improved as good productivity gains more than offset growth-oriented investments in the business. ▪ Operating margin expanded as value pricing and improved productivity more than offset growth-oriented investments in the business. Gross Margin SG&A Operating Margin 13 $ millions, unaudited 2Q 2025 2Q 2024 Change Gross profit $1,802.4 $1,744.8 3% Gross margin 44.8% 43.8% 100 bps Adjusted gross profit $1,804.9 $1,745.5 3% Adjusted gross margin 44.8% 43.8% 100 bps SG&A $1,067.7 $1,075.7 -1% % of Sales 26.5% 27.0% -50 bps Reported operating income $710.1 $656.9 8% Reported operating income margin 17.6% 16.5% 110 bps Adj. fixed currency operating income $713.4 $646.0 10% Adj. fixed currency operating income margin 18.3% 16.7% 160 bps Organic operating income $711.3 $625.5 14% Organic operating income margin 18.3% 16.6% 170 bps |

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| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](ecl-20250729xex99d2g014.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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. 14 Summary Balance Sheet (millions, unaudited) 2025 2024 (millions, unaudited) 2025 2024 Cash and cash eq. $1,920.9 $384.0 Short-term debt $688.5 $5.9 Accounts receivable, net 3,058.9 2,876.3 Accounts payable 1,883.5 1,690.7 Inventories 1,569.4 1,505.9 Liabilities held for sale - 62.5 Assets held for sale - 565.6 Other current liabilities 2,336.5 2,088.5 Other current assets 526.6 420.5 Long-term debt 7,522.2 7,538.8 PP&E, net 3,938.8 3,416.9 Pension/Postretirement 617.1 627.1 Goodwill and intangibles 11,244.3 11,155.9 Other liabilities 1,337.6 1,140.4 Other assets 1,477.1 1,136.7 Total equity 9,350.6 8,307.9 Total assets $23,736.0 $21,461.8 Total liab. and equity $23,736.0 $21,461.8 Selected Cash Flow items (millions, unaudited) 2025 2024 (unaudited) 2025 2024 Cash from op. activities $1,071.2 $1,260.5 Total Debt/Total Capital 46.8% 47.6% Depreciation 327.9 316.9 Net Debt/Total Capital 40.2% 46.3% Amortization 149.9 152.9 Net Debt/EBITDA(\*) 1.6 2.2 Capital expenditures 454.6 398.4 Net Debt/Adjusted EBITDA(\*) 1.7 2.1 June 30 June 30 Six Months Ended Selected Balance Sheet measures June 30 June 30 |

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| &nbsp;&nbsp;![GRAPHIC](ecl-20250729xex99d2g015.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-GAAP financial measures 15 (millions, except percent and per share) Net sales Reported GAAP net sales $4,025.2 $3,985.8 $7,720.2 $7,737.7 Effect of foreign currency translation (117.0) (114.5) (159.9) (244.9) Non-GAAP fixed currency sales 3,908.2 3,871.3 7,560.3 7,492.8 Effect of acquisitions and divestitures (25.8) (96.3) (51.9) (199.6) Non-GAAP organic sales $3,882.4 $3,775.0 $7,508.4 $7,293.2 Cost of sales Reported GAAP cost of sales $2,222.8 $2,241.0 $4,283.0 $4,369.1 Special (gains) and charges 2.5 0.7 7.3 2.3 Non-GAAP adjusted cost of sales $2,220.3 $2,240.3 $4,275.7 $4,366.8 Gross profit Reported GAAP gross profit $1,802.4 $1,744.8 $3,437.2 $3,368.6 Special (gains) and charges 2.5 0.7 7.3 2.3 Non-GAAP adjusted gross profit $1,804.9 $1,745.5 $3,444.5 $3,370.9 Gross margin Reported GAAP gross margin 44.8 % 43.8 % 44.5 % 43.5 % Non-GAAP adjusted gross margin 44.8 % 43.8 % 44.6 % 43.6 % Second Quarter Ended Six Months Ended June 30 June 30 2025 2024 2025 2024 |

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| &nbsp;&nbsp;![GRAPHIC](ecl-20250729xex99d2g016.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-GAAP financial measures 16 (millions, except percent and per share) Operating income Reported GAAP operating income $710.1 $656.9 $1,265.4 $1,174.8 Special (gains) and charges at public currency rates 27.1 12.9 61.4 42.7 Non-GAAP adjusted operating income 737.2 669.8 1,326.8 1,217.5 Effect of foreign currency translation (23.8) (23.8) (32.0) (53.6) Non-GAAP adjusted fixed currency operating income 713.4 646.0 1,294.8 1,163.9 Effect of acquisitions and divestitures (2.1) (20.5) (4.2) (41.8) Non-GAAP organic operating income $711.3 $625.5 $1,290.6 $1,122.1 Operating income margin Reported GAAP operating income margin 17.6 % 16.5 % 16.4 % 15.2 % Non-GAAP adjusted fixed currency operating income margin 18.3 % 16.7 % 17.1 % 15.5 % Non-GAAP organic operating income margin 18.3 % 16.6 % 17.2 % 15.4 % Net Income attributable to Ecolab Reported GAAP net income attributable to Ecolab $524.2 $490.9 $926.7 $903.0 Special (gains) and charges, after tax 20.6 0.9 45.7 24.0 Discrete tax net expense (benefit) (5.0) (10.3) (5.5) (58.5) Non-GAAP adjusted net income attributable to Ecolab $539.8 $481.5 $966.9 $868.5 2025 2024 Second Quarter Ended Six Months Ended June 30 June 30 2025 2024 |

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| &nbsp;&nbsp;![GRAPHIC](ecl-20250729xex99d2g017.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-GAAP financial measures 17 (millions, except percent and per share) Diluted EPS attributable to Ecolab Reported GAAP diluted EPS $1.84 $1.71 $3.25 $3.14 Special (gains) and charges, after tax 0.07 - 0.16 0.08 Discrete tax net expense (benefit) (0.02) (0.03) (0.02) (0.20) Non-GAAP adjusted diluted EPS $1.89 $1.68 $3.39 $3.02 Provision for Income Taxes Reported GAAP tax rate 19.9 % 16.2 % 20.1 % 13.1 % Special gains and charges 0.2 1.6 0.3 1.2 Discrete tax items 0.7 1.7 0.4 5.4 Non-GAAP adjusted tax rate 20.8 % 19.5 % 20.8 % 19.7 % 2025 2024 Second Quarter Ended Six Months Ended June 30 June 30 2025 2024 |

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| &nbsp;&nbsp;![GRAPHIC](ecl-20250729xex99d2g018.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-GAAP financial measures 18 EBITDA (trailing twelve months ended) Net income including non-controlling interest $2,155.3 $1,731.8 Provision for income taxes 536.2 361.5 Interest expense, net 253.6 295.1 Depreciation 645.9 622.3 Amortization 297.5 307.4 EBITDA $3,888.5 $3,318.1 Special (gains) and charges impacting EBITDA (164.9) 119.8 Adjusted EBITDA $3,723.6 $3,437.9 Second Quarter Ended June 30 2025 2024 |

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| &nbsp;&nbsp;![GRAPHIC](ecl-20250729xex99d2g019.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-GAAP financial measures 19 (millions) Fixed Currency Impact of Acquisitions and Divestitures Organic Fixed Currency Impact of Acquisitions and Divestitures Organic Net Sales Global Water $1,908.5 ($22.2) $1,886.3 $1,863.2 ($7.8) $1,855.4 Global Institutional & Specialty 1,511.7 (0.4) 1,511.3 1,548.1 (88.5) 1,459.6 Global Pest Elimination 311.3 (3.2) 308.1 290.2 - 290.2 Global Life Sciences 176.7 - 176.7 169.8 - 169.8 Subtotal at fixed currency rates 3,908.2 (25.8) 3,882.4 3,871.3 (96.3) 3,775.0 Currency impact 117.0 114.5 Consolidated reported GAAP net sales $4,025.2 $3,985.8 Operating Income (loss) Global Water $306.3 ($1.9) $304.4 $288.6 ($0.6) $288.0 Global Institutional & Specialty 359.4 0.2 359.6 329.5 (19.9) 309.6 Global Pest Elimination 61.2 (0.4) 60.8 60.0 - 60.0 Global Life Sciences 34.8 - 34.8 17.0 - 17.0 Corporate (48.3) - (48.3) (49.1) - (49.1) Subtotal at fixed currency rates 713.4 (2.1) 711.3 646.0 (20.5) 625.5 Special (gains) and charges at fixed currency rates 26.7 12.8 Reported OI at fixed currency rates 686.7 633.2 Currency impact 23.4 23.7 Consolidated reported GAAP operating income $710.1 $656.9 2025 2024 Second Quarter Ended June 30 |

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| &nbsp;&nbsp;![GRAPHIC](ecl-20250729xex99d2g020.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20 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 include: • fixed currency sales • organic sales • adjusted cost of sales • adjusted gross profit • adjusted gross margin • fixed currency operating income • 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 |

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| &nbsp;&nbsp;![GRAPHIC](ecl-20250729xex99d2g021.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21 Non-GAAP Financial Information (Continued): Our non-GAAP financial measures for adjusted cost of sales, 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 release are based on translation into U.S. dollars at the fixed foreign currency exchange rates established by management at the beginning of 2024. 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 and Purolite 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 operating income and organic operating income margin are at fixed currency and exclude the impact of special (gains) and charges, 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. Further, due to the sale of the global surgical solutions business on August 1, 2024, we have excluded the results of the business for the six-month period ended June 30, 2024, from these organic measures for to remain comparable to the corresponding periods in 2025. In addition, as part of the separation of ChampionX in 2020, we continue to provide certain products to ChampionX, which are recorded in product and equipment sales in the Global Water segment along with the related cost of sales. These transactions are removed from the consolidated results as part of the calculation of the impact of acquisitions and divestitures. 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 "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 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 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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