Ecolab : First Quarter 2024 Earnings Slides

First Quarter 2024 Supplemental

Cautionary statement

Forward-LookingInformationThis 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, delivered product costs, and demand; our financial and business performance and prospects, including sales, earnings, margins, pricing, volume, productivity, new business, and investments.; and the expected timing and likelihood of completion of the sale of the global surgical solutions business, including the timing, receipt and terms and conditions of any required governmental and regulatory clearance of the proposed transaction, the occurrence of any event, change or other circumstances that could give rise to the termination of the definitive agreement, the inability to consummate the proposed transaction due to the failure to satisfy other closing conditions, risks that the proposed transaction disrupts current operations, and the amount of the costs, fees, expenses and charges related to the proposed transaction. 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 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; the occurrence of severe public health outbreaks not limited to COVID-19; our ability to acquire complementary businesses and to effectively integrate such businesses; 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-GAAPFinancial InformationThis 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.

Strong start to 2024, increased full-year outlook

Good sales growth led by very strong growth in Institutional & Specialty and Pest Elimination

• Reported sales +5%, organic sales +5%
• Strong customer value driving continued pricing and positive volume growth

Strong double-digit OI growth with margin improving quickly towards 20%

• Reported OI +47%, Organic OI +44%
• Reported OI margin 13.8%. Organic OI margin 14.7%, +400 bps reflecting robust gross margin expansion, partially offset by growth- oriented investments in the business

Reported diluted EPS $1.43; Adjusted diluted EPS $1.34, +52%

• Strong performance driven by continued pricing, volume growth, and lower delivered product costs

Agrees to sale of global surgical solutions business to Medline for $950 million in cash

• Enables Ecolab to both deliver for its shareholders and provide more dedicated service to its important hospital customers, leveraging the company's leading environmental hygiene, instrument reprocessing offering, and water technologies

Confidence in 2024 outlook continues to strengthen

• 2024 outlook: Increased adjusted diluted earnings per share range to $6.40 - $6.70, +23% to +29%, from prior $6.10 - $6.50 range
• 2Q outlook: Expect adjusted diluted EPS in the $1.62 - $1.72 range, +31% to +39% versus last year
• Unchanged 12-15% earnings growth trajectory for 2025 and beyond

3

1Q overview

• Good growth with reported sales +5% and organic sales +5%

• 1. Pricing +3%, reflected further value-based pricing on top of last year's strong pricing o Volume +2%, as new business overcame soft macroeconomic demand
• Strong organic growth led by Institutional & Specialty and Pest Elimination

Sales	o Industrial +1%, as modest growth in Food & Beverage and Water offset softer Paper sales
	o	Institutional & Specialty +11%, with both divisions growing double-digits
	o	Healthcare & Life Sciences sales decreased 1%. Growth in Life Sciences partially offset softer
		Healthcare sales

• 1. Pest Elimination +9%
• Reported diluted EPS $1.43
• Adjusted diluted EPS $1.34, +52%

1. Strong growth reflected continued robust pricing, volume growth, and lower delivered product
   EPS costs

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Expect strong 2Q and 2024 performance

2024

2Q

• Ecolab expects full year 2024 adjusted diluted earnings per share in the $6.40 - $6.70 range, rising 23% to 29% compared with adjusted diluted earnings per share of $5.21 in 2023. This forecast assumes soft but stable macroeconomic demand and favorability from delivered product costs that eases through the third quarter of 2024, though the impact of global inflation remains hard to predict.
• Ecolab expects sales growth, driven by continued value-based pricing and new business gains. The company expects to leverage this growth with attractive organic operating income margin expansion, driven by robust increases in gross margin. Good underlying productivity is expected to be offset in the short-term by growth- oriented investments in the business to fuel Ecolab's long-term performance. As a result, second quarter SG&A expense is anticipated to increase by a couple of percentage points sequentially and stabilize at that level in the second half of the year. Quarterly adjusted diluted earnings per share growth in the second half of 2024 is expected to progressively normalize towards the upper-end of Ecolab's long-term12-15% target as favorability from lower delivered product costs eases.
• Ecolab expects second quarter 2024 adjusted diluted earnings per share in the $1.62 - $1.72 range, rising 31% to 39% compared with adjusted diluted earnings per share of $1.24 a year ago.
• This very strong growth reflects good pricing, volume growth, and continued short-term benefits from lower delivered product costs.

5

1Q 2024 sales growth detail

	Fixed Rate		Organic			% Change
	% Change		% Change
Global Industrial					Consolidated
Water	3%	2%		Volume	2%
Food & Beverage	3%	3%		Pricing	3%
Paper	-5%	-5%		Subtotal	5%
Total Global Industrial	2%		1%		Acq./Div.	1%
					Fixed currency growth	5%
Global Institutional & Specialty					Currency impact	0%
Institutional	11%	11%		Total	5%
Specialty	16%	10%
Total Global Institutional & Specialty	12%		11%
Global Healthcare & Life Sciences
Healthcare	-2%	-2%
Life Sciences	1%	1%
Total Global Healthcare & Life Sciences	-1%		-1%
Total Global Pest Elimination	9%		9%
Total	5%		5%

Amounts in the tables above may reflect rounding. Organic excludes sales to ChampionX post-separation.

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Global Industrial Segment

Sales +2%		Water

• Continued strong growth in Downstream and good gains in light and heavy water sales overcame comparisons to last year's very strong 14% growth and lower mining sales (which had a 2 percentage point unfavorable impact on Water's first quarter growth).

1. Light Water: good growth driven by continued strong performance in high-tech (data center/microelectronics) and good growth in food & beverage and institutional segments.

1. Heavy Water: good growth reflecting gains in chemicals, primary metals, and power.

1. Downstream: strong sales growth driven by innovative water treatment programs that help our customers improve productivity and

reliability while achieving sustainability goals.

• 1. Mining: lower sales reflected comparisons to last year's very strong double-digit growth. Good underlying performance continues to benefit from our strategic shift toward water management and productivity enhancing programs for fertilizers and high-value metals.
• The impact of increasing water demand, its growing quality and availability issues, and the resulting rising costs continue to be a critical issue for our customers, and one that Ecolab is uniquely positioned to help them solve. Our innovative chemistry solutions, digital technologies, and service expertise help our customers significantly reduce water consumption and meet their sustainability objectives.

Q2: Expect good sales growth that overcomes comparisons to last year's strong 10% growth.

Sales +3%		Food & Beverage

• Solid sales growth driven by strong performance in dairy, good growth in food, and solid gains in beverage & brewery, which overcame comparisons to last year's very strong 14% growth.
• Regionally, sales grew double-digits in Latin America. Asia Pacific delivered good growth and North America showed solid growth.
• We continue to benefit from our enterprise selling approach to customers, where we combine our industry-leading cleaning and sanitizing and water treatment capabilities to deliver significant customer value though improved product quality, food safety, water efficiency, and lower operating costs.

Q2: Anticipate stable sales reflecting good new business and comparisons to last year's very strong 11% growth.

All sales figures are organic unless otherwise noted	7

Global Industrial Segment

Sales -5%Paper

• As expected, lower sales reflected new business wins that were more than offset by soft customer production rates.
• Modest growth in graphics was offset by lower board & packaging, and tissue & towel sales.
• Regionally, sales grew modestly in Latin America and Asia Pacific while North America and Europe remained soft.

Q2: Expect modestly lower sales as new business wins are more than offset by soft customer production rates.

All sales figures are organic unless otherwise noted	8

Global Institutional & Specialty Segment

Sales +11%		Institutional

• Double-digitgrowth, with strong performance across foodservice, lodging, and long-term care. We continue to outperform rather stable end- market trends, benefiting from our innovative products and service expertise that help customers improve their performance, optimize labor, and reduce total costs.
• Regionally, sales grew double digits in North America, Asia Pacific, and Latin America. Europe showed upper-single digit growth.
• We remain focused on capitalizing on our attractive growth opportunities, maximizing service effectiveness, and leveraging investments in digital technology to further improve productivity. We expect these advantages, along with our innovative chemistry and digital programs which save customers time and money, will drive enhanced customer value and support further strong new business gains across both new and existing customers.

Q2: Expect good sales within foodservice, lodging and long-term care to more than overcome comparisons to last year's strong 12% growth.

Sales +10%		Specialty

• Continued strong sales growth driven by robust gains in quick service and food retail.

1. Quick Service: strong sales growth continues to benefit from our ongoing product and program innovation that delivers leading food

safety outcomes, labor optimization, and lower total operating costs.​

1. Food Retail: improved sales growth driven by good new business wins. As a trusted global partner for food retailers, we continue to expand our competitive differentiation by helping customers improve their customer experience, protect their brands, and optimize their operations.

Q2: Expect good sales growth that overcomes comparisons to last year's very strong 15% growth.

All sales figures are organic unless otherwise noted	9

Global Healthcare & Life Sciences Segment

Sales -2%Healthcare

• Slightly lower sales reflected comparisons to strong growth last year and strategic low margin business exits.
• We continue to take deliberate action to transform our Healthcare business. The announced sale of our global surgical solutions business will create a sharper strategic focus on our infection prevention and instrument reprocessing businesses to drive profitable long-term growth.
• Our new business efforts are focused on attractive long-term growth opportunities in the infection prevention and instrument reprocessing areas. Our leading product lines, ongoing innovation, and digital technologies make us uniquely positioned to help improve patient outcomes while also increasing operational efficiencies for our customers.

Q2: Expect rather stable sales reflecting continued low margin business exits as we execute Healthcare's business transformation.

Sales +1%		Life Sciences

• Modest sales growth reflected improved underlying business momentum that offset continued soft near-term industry demand.
• 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 environmental hygiene and purification technologies to capitalize on this long-term growth opportunity.

Q2: Expect modest growth as improved underlying business momentum more than offsets continued soft near-term industry demand.

All sales figures are organic unless otherwise noted	10