EX-99.1 2 ecl-20250429xex99d1.htm EX-99.1

Exhibit 99.1

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News Release

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Investor Contact: | Media Contact:
Andrew Hedberg (651) 250-2185 | Nigel Glennie (651) 250-2576
Cairn Clark (651) 250-2291 | ​

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ECOLAB DELIVERS CONTINUED DOUBLE-DIGIT EPS GROWTH

REPORTED DILUTED EPS $1.41; ADJUSTED DILUTED EPS $1.50, +12%

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

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FIRST QUARTER HIGHLIGHTS

● | Delivered another strong quarter of double-digit EPS growth as continued value pricing, volume growth, and productivity improvements more than offset end market trends that softened during the quarter.

● | Reported sales $3.7 billion, -2%, including a 2% unfavorable impact from the sale of the global surgical solutions business and a 2% unfavorable impact from currency translation.

● | Organic sales +3%, with continued strong growth in the Institutional & Specialty, Pest Elimination, and Life Sciences segments. Water delivered solid growth, overcoming industrial end market trends that softened during the quarter.

● | Reported operating income margin 15.0%. Organic operating income margin 16.0%, +190 bps as value pricing and improved productivity more than offset growth-oriented investments in the business.

● | Reported diluted EPS $1.41, -1%. Adjusted diluted EPS, excluding special gains and charges and discrete tax items were $1.50, +12%.

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OUTLOOK

● | 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.

● | 2Q 2025: Expect second quarter 2025 adjusted diluted EPS in the $1.84 to $1.94 range, +10% to 15%.

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​ | ​ | First Quarter Ended March 31
​ | ​ | Reported | ​ | ​ | ​ | ​ | Adjusted | ​ | ​ | ​
(unaudited) | ​ | Public Currency Rates | ​ | % | ​ | Public Currency Rates | ​ | %
(millions, except per share) | ​ | 2025 | ​ | 2024 | ​ | Change | ​ | 2025 | ​ | ​ | 2024 | ​ | Change
Net sales | ​ | $3,695.0 | ​ | ​ | $3,751.9 | ​ | ​ | (2) | % | ​ | $3,695.0 | ​ | ​ | $3,751.9 | ​ | ​ | (2) | %
Operating income | ​ | 555.3 | ​ | ​ | 517.9 | ​ | ​ | 7 | % | ​ | 589.6 | ​ | ​ | 547.7 | ​ | ​ | 8 | %
Net income attributable to Ecolab | ​ | 402.5 | ​ | ​ | 412.1 | ​ | ​ | (2) | % | ​ | 427.1 | ​ | ​ | 387.0 | ​ | ​ | 10 | %
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Diluted earnings per share attributable to Ecolab | ​ | $1.41 | ​ | ​ | $1.43 | ​ | ​ | (1) | % | ​ | $1.50 | ​ | ​ | $1.34 | ​ | ​ | 12 | %
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​ | ​ | Organic | ​ | % | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | 2025 | ​ | 2024 | ​ | Change | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net sales | ​ | $3,626.0 | ​ | ​ | $3,518.2 | ​ | ​ | 3 | % | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Operating income | ​ | 579.3 | ​ | ​ | 496.6 | ​ | ​ | 17 | % | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
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ST. PAUL, Minn., April 29, 2025

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CEO Comment

Christophe Beck, Ecolab’s chairman and chief executive officer, said, “Our team delivered another strong quarter of double-digit earnings growth. This is despite near-term macroeconomic trends that became more challenging during the quarter, resulting in slightly softer organic sales growth. Importantly, our growth continued to significantly outpace end market trends as our team delivered attractive share gains and increased pricing supported by exceptional total customer value. We are also delivering strong performance across our growth engines – including global high tech, life sciences, pest intelligence, and Ecolab digital. When combined with improved productivity, we drove continued robust margin expansion to deliver double-digit earnings growth. This is Ecolab at its best, demonstrating the strength of our team, our proven operating model, and the breadth and health of our business.

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“We expect to deliver continued 12-15% earnings growth this year, even as we face a very unpredictable operating environment with soft end market demand and rapidly changing international trade policy. We are making proactive and strategically consistent adjustments to our delivery path due to these external conditions. Importantly, our overall expectations for earnings this year remain unchanged. We look to continue to outperform our end markets as we work to convert our strong new business wins, which all leverage our One Ecolab growth initiative and our record innovation pipeline. To overcome the impact from tariffs, we are leveraging the strength of Ecolab’s world class supply chain, our ‘local for local’ production model, and our recently announced trade surcharge.

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“Overall, Ecolab’s business fundamentals are strong, and we expect the actions we are taking today, along with our continued long-term investments in our team and businesses, will deliver exceptional total value to customers and superior returns for shareholders in 2025 and beyond.”

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First Quarter 2025 Consolidated Results

Ecolab’s first quarter reported sales decreased 2%, including a 2% unfavorable impact from the sale of the global surgical solutions business and a 2% unfavorable impact from currency translation. Organic sales increased 3% when compared to the prior year. Ecolab Digital increased sales 12% to $80 million, reflecting very strong growth in software subscriptions and solid growth in enabling hardware sales.

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First quarter 2025 reported operating income increased 7% including the impact of special gains and charges, which were a net charge primarily related to One Ecolab. Organic operating income increased 17%, as value pricing and improved productivity more than offset growth-oriented investments in the business.

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Reported other income in the first quarter of 2025 was stable. Reported net interest expense decreased $13 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 first quarter of 2025 was 20.3% compared with the reported rate of 9.2% in the first quarter of 2024. Excluding special gains and charges and discrete tax items, the adjusted tax rate for the first quarter of 2025 was 20.8% compared with the adjusted tax rate of 19.9% in the first quarter of 2024. The higher adjusted tax rate reflected changes in geographic income mix.

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Reported net income decreased 2% versus the prior year. Excluding the impact of special gains and charges and discrete tax items, adjusted net income increased 10% versus the prior year.

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Reported diluted earnings per share decreased 1% versus the prior year. Adjusted diluted earnings per share increased 12% when compared against the first quarter of 2024.

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Currency translation had a $0.06 unfavorable impact on earnings per share in the first quarter of 2025.

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Ecolab repurchased approximately 0.6 million shares of its common stock during the quarter.
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New 2025 Segment Alignment

Effective in the first quarter of 2025, Ecolab modified its segment reporting. Ecolab’s Global Industrial segment was renamed Global Water and includes Light & Heavy (previously named Water), Food & Beverage, and Paper. Ecolab’s Global Institutional & Specialty segment continues to include Institutional and Specialty. The company’s healthcare business has moved into Institutional. Global Life Sciences was elevated to a standalone segment. The Global Pest Elimination segment remains a standalone segment. Further details, including 2023 and 2024 sales and operating income shown in the new segment format and translated at 2025 fixed currency exchange rates, were disclosed in a Form 8-K filed March 28, 2025.

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First Quarter 2025 Segment Review

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​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Global Water | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
(unaudited) | ​ | First Quarter Ended March 31 | ​ | ​ | ​ | ​ | Organic
(millions) |  | 2025 | ​ | 2024 | ​ | % Change |  | % Change
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Fixed currency | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Sales | ​ | $1,800.5 | ​ | ​ | $1,755.0 | ​ | ​ | 3 | % | ​ | 2 | %
Operating income | ​ | 260.0 | ​ | ​ | 243.6 | ​ | ​ | 7 | % | ​ | 5 | %
Operating income margin | ​ | 14.4 | % | ​ | 13.9 | % | ​ | ​ | ​ | ​ | ​ | ​
Organic operating income margin | ​ | 14.5 | % | ​ | 14.0 | % | ​ | ​ | ​ | ​ | ​ | ​
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Public currency | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Sales | ​ | $1,826.4 | ​ | ​ | $1,838.9 | ​ | ​ | (1) | % | ​ | ​ | ​
Operating income | ​ | 265.1 | ​ | ​ | 263.9 | ​ | ​ | 0 | % | ​ | ​ | ​

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

Fixed currency sales increased 3%, reflecting 2% organic growth and a 1% benefit from the acquisition of Barclay Water Management. Organic growth was primarily driven by continued solid growth in Light & Heavy and Food & Beverage, which was partially offset by stable Paper sales. Light & Heavy’s growth was led by accelerating double-digit growth in 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 initiative, more than offset continued soft end market demand. Stable Paper sales reflected good new business wins that were offset by softer customer production rates. Organic operating income increased 5% as solid sales growth more than offset growth-oriented investments in the business. Organic operating income showed strong growth excluding Europe, which was impacted by very strong year-over-year comparisons.

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Global Institutional & Specialty | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
(unaudited) | ​ | First Quarter Ended March 31 | ​ | ​ | ​ | ​ | Organic
(millions) |  | 2025 | ​ | 2024 | ​ | % Change |  | % Change
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Fixed currency | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Sales | ​ | $1,406.5 | ​ | ​ | $1,446.9 | ​ | ​ | (3) | % | ​ | 4 | %
Operating income | ​ | 298.6 | ​ | ​ | 257.4 | ​ | ​ | 16 | % | ​ | 27 | %
Operating income margin | ​ | 21.2 | % | ​ | 17.8 | % | ​ | ​ | ​ | ​ | ​ | ​
Organic operating income margin | ​ | 21.2 | % | ​ | 17.3 | % | ​ | ​ | ​ | ​ | ​ | ​
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Public currency | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Sales | ​ | $1,418.0 | ​ | ​ | $1,480.2 | ​ | ​ | (4) | % | ​ | ​ | ​
Operating income | ​ | 300.6 | ​ | ​ | 264.0 | ​ | ​ | 14 | % | ​ | ​ | ​

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Fixed currency sales declined 3%, reflecting the sale of the global surgical solutions business. As expected, first quarter performance reflected 5% organic growth in the legacy Institutional business and a modest decline in healthcare sales. As we further integrate Institutional and healthcare, we will be reporting performance solely on a consolidated basis. 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 27%, reflecting strong sales growth and lower supply chain costs.

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Global Pest Elimination | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
(unaudited) | ​ | First Quarter Ended March 31 | ​ | ​ | ​ | ​ | Organic
(millions) |  | 2025 | ​ | 2024 | ​ | % Change |  | % Change
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Fixed currency | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Sales | ​ | $278.1 | ​ | ​ | $260.3 | ​ | ​ | 7 | % | ​ | 5 | %
Operating income | ​ | 46.1 | ​ | ​ | 46.5 | ​ | ​ | (1) | % | ​ | (1) | %
Operating income margin | ​ | 16.6 | % | ​ | 17.9 | % | ​ | ​ | ​ | ​ | ​ | ​
Organic operating income margin | ​ | 16.8 | % | ​ | 17.9 | % | ​ | ​ | ​ | ​ | ​ | ​
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Public currency | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Sales | ​ | $280.6 | ​ | ​ | $266.1 | ​ | ​ | 5 | % | ​ | ​ | ​
Operating income | ​ | 46.5 | ​ | ​ | 47.5 | ​ | ​ | (2) | % | ​ | ​ | ​

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Fixed currency sales increased 7%, reflecting 5% organic growth and a 2% benefit from attractive, targeted acquisitions in North America. Organic sales growth was led by good gains in food & beverage, restaurants, and hospitality, which together more than offset slightly softer performance in food retail. Importantly, Pest’s safety performance improved in the first quarter back towards Ecolab’s historical world class levels. As expected, organic operating income stabilized as good sales growth was offset by growth-oriented investments in the business, including pest intelligence.

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​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Global Life Sciences | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
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(unaudited) | ​ | First Quarter Ended March 31 | ​ | ​ | ​ | ​ | Organic
(millions) |  | 2025 | ​ | 2024 | ​ | % Change |  | % Change
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Fixed currency | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Sales | ​ | $167.0 | ​ | ​ | $159.3 | ​ | ​ | 5 | % | ​ | 5 | %
Operating income | ​ | 25.2 | ​ | ​ | 19.3 | ​ | ​ | 31 | % | ​ | 31 | %
Operating income margin | ​ | 15.1 | % | ​ | 12.1 | % | ​ | ​ | ​ | ​ | ​ | ​
Organic operating income margin | ​ | 15.1 | % | ​ | 12.1 | % | ​ | ​ | ​ | ​ | ​ | ​
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Public currency | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Sales | ​ | $170.0 | ​ | ​ | $166.7 | ​ | ​ | 2 | % | ​ | ​ | ​
Operating income | ​ | 26.2 | ​ | ​ | 22.0 | ​ | ​ | 19 | % | ​ | ​ | ​

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Fixed currency and organic sales growth both remained solid at 5% as good new business wins leveraged progressively improving industry trends. 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 31%, driven by solid sales growth and lower supply chain costs.

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Corporate | ​ | ​ | ​ | ​ | ​ | ​
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(unaudited) | ​ | First Quarter Ended March 31
(millions) |  | 2025 | ​ | 2024
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Public currency | ​ | ​ | ​ | ​ | ​ | ​
Corporate operating expense | ​ | ​ | ​ | ​ | ​ | ​
Nalco and Purolite amortization | ​ | $48.8 | ​ | ​ | $49.7 | ​
Special (gains) and charges | ​ | 34.3 | ​ | ​ | 29.8 | ​
Total Corporate operating expense | ​ | $83.1 | ​ | ​ | $79.5 | ​

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First 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 $34 million, primarily related to One Ecolab

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Special gains and charges for the first quarter of 2024 impacting operating expense were a net charge of $30 million primarily related to restructuring costs.

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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. Momentum in new growth verticals across digital, data centers, microelectronics, and life sciences is expected to continue. Ecolab’s investments in these areas position the company well to capture these attractive long-term growth opportunities.

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In the near-term, the global operating environment remains unpredictable, characterized by soft end market demand and impacts from rapidly changing international trade policy. Importantly, with these current macroeconomic assumptions, Ecolab’s expectations for 2025 earnings remain unchanged. The company is making 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 initiative 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 announced 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.

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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.

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2025 – Second Quarter

Ecolab expects second quarter 2025 adjusted diluted earnings per share in the $1.84 to $1.94 range, rising 10% to 15% compared with adjusted diluted earnings per share of $1.68 a year ago.

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The company currently expects quantifiable special charges in the second quarter of 2025 to be $0.07 per share, principally related to restructuring charges. Other than the special gains and charges noted above, other such amounts are not currently quantifiable.

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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

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Ecolab will host a live webcast to review the first 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

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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, 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-

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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

| ● | 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.

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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.

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.

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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 three-month period ended March 31, 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.

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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.

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(ECL-E)

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ECOLAB INC.

CONSOLIDATED STATEMENTS OF INCOME

(unaudited)

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​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | First Quarter Ended | ​ | ​
​ | ​ | March 31 | ​ | %
(millions, except per share) | ​ | 2025 |  | 2024 | ​ | Change
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Product and equipment sales | ​ | $2,901.9 | ​ | $2,986.5 | ​ | ​ | ​
Service and lease sales | ​ | 793.1 | ​ | 765.4 | ​ | ​ | ​
Net sales | ​ | 3,695.0 | ​ | 3,751.9 | ​ | (2) | %
Product and equipment cost of sales | ​ | 1,605.4 | ​ | 1,679.2 | ​ | ​ | ​
Service and lease cost of sales | ​ | 454.8 | ​ | 448.9 | ​ | ​ | ​
Cost of sales (1) | ​ | 2,060.2 | ​ | 2,128.1 | ​ | (3) | %
Selling, general and administrative expenses | ​ | 1,050.0 | ​ | 1,077.7 | ​ | (3) | %
Special (gains) and charges (1) | ​ | 29.5 | ​ | 28.2 | ​ | ​ | ​
Operating income | ​ | 555.3 | ​ | 517.9 | ​ | 7 | %
Other (income) expense | ​ | (13.0) | ​ | (12.6) | ​ | 3 | %
Interest expense, net | ​ | 58.3 | ​ | 71.6 | ​ | (19) | %
Income before income taxes | ​ | 510.0 | ​ | 458.9 | ​ | 11 | %
Provision for income taxes | ​ | 103.5 | ​ | 42.3 | ​ | 145 | %
Net income including noncontrolling interest | ​ | 406.5 | ​ | 416.6 | ​ | (2) | %
Net income attributable to noncontrolling interest | ​ | 4.0 | ​ | 4.5 | ​ | ​ | ​
Net income attributable to Ecolab | ​ | $402.5 | ​ | $412.1 | ​ | (2) | %
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Earnings attributable to Ecolab per common share | ​ | ​ | ​ | ​ | ​
Basic | ​ | $1.42 | ​ | $1.44 | ​ | (1) | %
Diluted | ​ | $1.41 | ​ | $1.43 | ​ | (1) | %
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Weighted-average common shares outstanding | ​ | ​ | ​ | ​ | ​
Basic | ​ | 283.4 | ​ | 285.7 | ​ | (1) | %
Diluted | ​ | 285.3 | ​ | 287.8 | ​ | (1) | %
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
(1) Cost of sales and Special (gains) and charges in the Consolidated Statement of Income above include the following:
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | First Quarter Ended | ​ | ​
​ | ​ | March 31 | ​ | ​ | ​
(millions) | ​ | 2025 | ​ | 2024 | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Cost of sales | ​ | ​ | ​ | ​ | ​ | ​ | ​
One Ecolab | ​ | $4.8 | ​ | $ - | ​ | ​ | ​
Other restructuring | ​ | - | ​ | 1.6 | ​ | ​ | ​
Subtotal (a) | ​ | 4.8 | ​ | 1.6 | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Special (gains) and charges | ​ | ​ | ​ | ​ | ​ | ​ | ​
One Ecolab | ​ | 39.4 | ​ | - | ​ | ​ | ​
Other restructuring | ​ | - | ​ | 18.1 | ​ | ​ | ​
Sale of global surgical solutions business | ​ | 1.6 | ​ | 6.0 | ​ | ​ | ​
Acquisition and integration activities | ​ | 1.5 | ​ | 2.5 | ​ | ​ | ​
Other | ​ | (13.0) | ​ | 1.6 | ​ | ​ | ​
Subtotal | ​ | 29.5 | ​ | 28.2 | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Total special (gains) and charges | ​ | $34.3 | ​ | $29.8 | ​ | ​ | ​

​

​

(a) Special charges of $4.8 million and $1.6 million in the first quarter of 2025 and 2024, respectively, were recorded in product and equipment cost of sales.

13

ECOLAB INC.

REPORTABLE SEGMENT INFORMATION

(unaudited)

​

​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | First Quarter Ended March 31
​ | ​ | Fixed Currency Rates | ​ | Public Currency Rates
​ | ​ | ​ | ​ | ​ | ​ | % | ​ | ​ | ​ | ​ | ​ | %
(millions) | ​ | 2025 |  | 2024 |  | Change |  | 2025 |  | 2024 |  | Change
Net Sales | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Global Water | ​ | $1,800.5 | ​ | $1,755.0 | ​ | 3 | % | ​ | $1,826.4 | ​ | $1,838.9 | ​ | (1) | %
Global Institutional & Specialty | ​ | 1,406.5 | ​ | 1,446.9 | ​ | (3) | % | ​ | 1,418.0 | ​ | 1,480.2 | ​ | (4) | %
Global Pest Elimination | ​ | 278.1 | ​ | 260.3 | ​ | 7 | % | ​ | 280.6 | ​ | 266.1 | ​ | 5 | %
Global Life Sciences | ​ | 167.0 | ​ | 159.3 | ​ | 5 | % | ​ | 170.0 | ​ | 166.7 | ​ | 2 | %
Subtotal at fixed currency rates | ​ | 3,652.1 | ​ | 3,621.5 | ​ | 1 | % | ​ | 3,695.0 | ​ | 3,751.9 | ​ | (2) | %
Currency impact | ​ | 42.9 | ​ | 130.4 | ​ | * | ​ | ​ | - | ​ | - | ​ | * | ​
Consolidated reported GAAP net sales | ​ | $3,695.0 | ​ | $3,751.9 | ​ | (2) | % | ​ | $3,695.0 | ​ | $3,751.9 | ​ | (2) | %
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Operating Income (loss) | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Global Water | ​ | $260.0 | ​ | $243.6 | ​ | 7 | % | ​ | $265.1 | ​ | $263.9 | ​ | 0 | %
Global Institutional & Specialty | ​ | 298.6 | ​ | 257.4 | ​ | 16 | % | ​ | 300.6 | ​ | 264.0 | ​ | 14 | %
Global Pest Elimination | ​ | 46.1 | ​ | 46.5 | ​ | (1) | % | ​ | 46.5 | ​ | 47.5 | ​ | (2) | %
Global Life Sciences | ​ | 25.2 | ​ | 19.3 | ​ | 31 | % | ​ | 26.2 | ​ | 22.0 | ​ | 19 | %
Corporate | ​ | (82.5) | ​ | (78.8) | ​ | * | ​ | ​ | (83.1) | ​ | (79.5) | ​ | * | ​
Subtotal at fixed currency rates | ​ | 547.4 | ​ | 488.0 | ​ | 12 | % | ​ | 555.3 | ​ | 517.9 | ​ | 7 | %
Currency impact | ​ | 7.9 | ​ | 29.9 | ​ | * | ​ | ​ | - | ​ | - | ​ | * | ​
Consolidated reported GAAP operating income | ​ | $555.3 | ​ | $517.9 | ​ | 7 | % | ​ | $555.3 | ​ | $517.9 | ​ | 7 | %
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​

​

* 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.

​

14

ECOLAB INC.

CONSOLIDATED BALANCE SHEETS

(unaudited)

​

​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | March 31 | ​ | December 31 | March 31
(millions) | ​ | 2025 | ​ | 2024 | 2024
Assets | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Current assets | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Cash and cash equivalents | ​ | $1,162.6 | ​ | ​ | $1,256.8 | ​ | ​ | $479.9 | ​
Accounts receivable, net | ​ | 2,857.1 | ​ | ​ | 2,865.0 | ​ | ​ | 2,786.6 | ​
Inventories | ​ | 1,547.2 | ​ | ​ | 1,464.9 | ​ | ​ | 1,565.9 | ​
Other current assets | ​ | 514.2 | ​ | ​ | 439.0 | ​ | ​ | 379.3 | ​
Total current assets | ​ | 6,081.1 | ​ | ​ | 6,025.7 | ​ | ​ | 5,211.7 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Property, plant and equipment, net | ​ | 3,775.8 | ​ | ​ | 3,752.4 | ​ | ​ | 3,451.1 | ​
Goodwill | ​ | 7,864.5 | ​ | ​ | 7,907.3 | ​ | ​ | 8,111.4 | ​
Other intangible assets, net | ​ | 3,228.7 | ​ | ​ | 3,308.8 | ​ | ​ | 3,413.6 | ​
Operating lease assets | ​ | 750.7 | ​ | ​ | 723.2 | ​ | ​ | 566.3 | ​
Other assets | ​ | 665.6 | ​ | ​ | 670.4 | ​ | ​ | 544.4 | ​
Total assets | ​ | $22,366.4 | ​ | ​ | $22,387.8 | ​ | ​ | $21,298.5 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Liabilities and Equity | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Current liabilities | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Short-term debt | ​ | $614.2 | ​ | ​ | $615.7 | ​ | ​ | $11.3 | ​
Accounts payable | ​ | 1,765.6 | ​ | ​ | 1,810.0 | ​ | ​ | 1,607.1 | ​
Compensation and benefits | ​ | 540.1 | ​ | ​ | 727.4 | ​ | ​ | 527.0 | ​
Income taxes | ​ | 178.5 | ​ | ​ | 127.0 | ​ | ​ | 201.6 | ​
Other current liabilities | ​ | 1,510.8 | ​ | ​ | 1,512.7 | ​ | ​ | 1,354.1 | ​
Total current liabilities | ​ | 4,609.2 | ​ | ​ | 4,792.8 | ​ | ​ | 3,701.1 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Long-term debt | ​ | 6,997.6 | ​ | ​ | 6,949.2 | ​ | ​ | 7,528.6 | ​
Pension and postretirement benefits | ​ | 590.2 | ​ | ​ | 634.9 | ​ | ​ | 640.4 | ​
Deferred income taxes | ​ | 249.4 | ​ | ​ | 280.0 | ​ | ​ | 352.0 | ​
Operating lease liabilities | ​ | 598.8 | ​ | ​ | 575.5 | ​ | ​ | 434.0 | ​
Other liabilities | ​ | 417.5 | ​ | ​ | 366.2 | ​ | ​ | 416.8 | ​
Total liabilities | ​ | 13,462.7 | ​ | ​ | 13,598.6 | ​ | ​ | 13,072.9 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Equity | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Common stock | ​ | 368.6 | ​ | ​ | 367.8 | ​ | ​ | 366.8 | ​
Additional paid-in capital | ​ | 7,298.2 | ​ | ​ | 7,159.6 | ​ | ​ | 6,917.6 | ​
Retained earnings | ​ | 11,735.2 | ​ | ​ | 11,517.1 | ​ | ​ | 10,324.5 | ​
Accumulated other comprehensive loss | ​ | (2,064.2) | ​ | ​ | (1,982.0) | ​ | ​ | (1,881.2) | ​
Treasury stock | ​ | (8,462.0) | ​ | ​ | (8,305.2) | ​ | ​ | (7,522.1) | ​
Total Ecolab shareholders’ equity | ​ | 8,875.8 | ​ | ​ | 8,757.3 | ​ | ​ | 8,205.6 | ​
Noncontrolling interest | ​ | 27.9 | ​ | ​ | 31.9 | ​ | ​ | 20.0 | ​
Total equity | ​ | 8,903.7 | ​ | ​ | 8,789.2 | ​ | ​ | 8,225.6 | ​
Total liabilities and equity | ​ | $22,366.4 | ​ | ​ | $22,387.8 | ​ | ​ | $21,298.5 | ​

​

​

​

​

​

​

​

​

​

​

​

​

15

ECOLAB INC.

SUPPLEMENTAL NON-GAAP RECONCILIATIONS

(unaudited)

​

​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | First Quarter Ended |
​ | ​ | March 31 | ​
(millions, except percent and per share) | ​ | 2025 |  | 2024 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net sales | ​ | ​ | ​ | ​ | ​ | ​ | ​
Reported GAAP net sales | ​ | $3,695.0 | ​ | ​ | $3,751.9 | ​ | ​
Effect of foreign currency translation | ​ | (42.9) | ​ | ​ | (130.4) | ​ | ​
Non-GAAP fixed currency sales | ​ | 3,652.1 | ​ | ​ | 3,621.5 | ​ | ​
Effect of acquisitions and divestitures | ​ | (26.1) | ​ | ​ | (103.3) | ​ | ​
Non-GAAP organic sales | ​ | $3,626.0 | ​ | ​ | $3,518.2 | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Cost of sales | ​ | ​ | ​ | ​ | ​ | ​ | ​
Reported GAAP cost of sales | ​ | $2,060.2 | ​ | ​ | $2,128.1 | ​ | ​
Special (gains) and charges | ​ | 4.8 | ​ | ​ | 1.6 | ​ | ​
Non-GAAP adjusted cost of sales | ​ | $2,055.4 | ​ | ​ | $2,126.5 | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Gross profit | ​ | ​ | ​ | ​ | ​ | ​ | ​
Reported GAAP gross profit | ​ | $1,634.8 | ​ | ​ | $1,623.8 | ​ | ​
Special (gains) and charges | ​ | 4.8 | ​ | ​ | 1.6 | ​ | ​
Non-GAAP adjusted gross profit | ​ | $1,639.6 | ​ | ​ | $1,625.4 | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Gross margin | ​ | ​ | ​ | ​ | ​ | ​ | ​
Reported GAAP gross margin | ​ | 44.2 | % | ​ | 43.3 | % | ​
Non-GAAP adjusted gross margin | ​ | 44.4 | % | ​ | 43.3 | % | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Operating income | ​ | ​ | ​ | ​ | ​ | ​ | ​
Reported GAAP operating income | ​ | $555.3 | ​ | ​ | $517.9 | ​ | ​
Special (gains) and charges at public currency rates | ​ | 34.3 | ​ | ​ | 29.8 | ​ | ​
Non-GAAP adjusted operating income | ​ | 589.6 | ​ | ​ | 547.7 | ​ | ​
Effect of foreign currency translation | ​ | (8.2) | ​ | ​ | (29.8) | ​ | ​
Non-GAAP adjusted fixed currency operating income | ​ | 581.4 | ​ | ​ | 517.9 | ​ | ​
Effect of acquisitions and divestitures | ​ | (2.1) | ​ | ​ | (21.3) | ​ | ​
Non-GAAP organic operating income | ​ | $579.3 | ​ | ​ | $496.6 | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Operating income margin | ​ | ​ | ​ | ​ | ​ | ​ | ​
Reported GAAP operating income margin | ​ | 15.0 | % | ​ | 13.8 | % | ​
Non-GAAP adjusted fixed currency operating income margin | ​ | 15.9 | % | ​ | 14.3 | % | ​
Non-GAAP organic operating income margin | ​ | 16.0 | % | ​ | 14.1 | % | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​

​

​

16

ECOLAB INC.

SUPPLEMENTAL NON-GAAP RECONCILIATIONS

(unaudited)

​

​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | First Quarter Ended |
​ | ​ | March 31 | ​
(millions, except percent and per share) | ​ | 2025 |  | 2024 | ​
Net Income attributable to Ecolab | ​ | ​ | ​ | ​ | ​ | ​ | ​
Reported GAAP net income attributable to Ecolab | ​ | $402.5 | ​ | ​ | $412.1 | ​ | ​
Special (gains) and charges, after tax | ​ | 25.1 | ​ | ​ | 23.1 | ​ | ​
Discrete tax net expense (benefit) | ​ | (0.5) | ​ | ​ | (48.2) | ​ | ​
Non-GAAP adjusted net income attributable to Ecolab | ​ | $427.1 | ​ | ​ | $387.0 | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Diluted EPS attributable to Ecolab | ​ | ​ | ​ | ​ | ​ | ​ | ​
Reported GAAP diluted EPS | ​ | $1.41 | ​ | ​ | $1.43 | ​ | ​
Special (gains) and charges, after tax | ​ | 0.09 | ​ | ​ | 0.08 | ​ | ​
Discrete tax net expense (benefit) | ​ | 0.00 | ​ | ​ | (0.17) | ​ | ​
Non-GAAP adjusted diluted EPS | ​ | $1.50 | ​ | ​ | $1.34 | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Provision for Income Taxes | ​ | ​ | ​ | ​ | ​ | ​ | ​
Reported GAAP tax rate | ​ | 20.3 | % | ​ | 9.2 | % | ​
Special gains and charges | ​ | 0.4 | ​ | ​ | 0.8 | ​ | ​
Discrete tax items | ​ | 0.1 | ​ | ​ | 9.9 | ​ | ​
Non-GAAP adjusted tax rate | ​ | 20.8 | % | ​ | 19.9 | % | ​

​

​

​

17

ECOLAB INC.

SUPPLEMENTAL NON-GAAP RECONCILIATIONS

(unaudited)

​

​

​

​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | First Quarter Ended March 31
​ | ​ | 2025 | ​ | 2024
(millions) | ​ | Fixed Currency | ​ | Impact of Acquisitions and Divestitures | ​ | Organic | ​ | Fixed Currency | ​ | Impact of Acquisitions and Divestitures | ​ | Organic
Net Sales | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Global Water | ​ | $1,800.5 | ​ | ($21.3) | ​ | $1,779.2 | ​ | $1,755.0 | ​ | ($11.8) | ​ | $1,743.2
Global Institutional & Specialty | ​ | 1,406.5 | ​ | (0.4) | ​ | 1,406.1 | ​ | 1,446.9 | ​ | (91.5) | ​ | 1,355.4
Global Pest Elimination | ​ | 278.1 | ​ | (4.4) | ​ | 273.7 | ​ | 260.3 | ​ | - | ​ | 260.3
Global Life Sciences | ​ | 167.0 | ​ | - | ​ | 167.0 | ​ | 159.3 | ​ | - | ​ | 159.3
Subtotal at fixed currency rates | ​ | 3,652.1 | ​ | (26.1) | ​ | 3,626.0 | ​ | 3,621.5 | ​ | (103.3) | ​ | 3,518.2
Currency impact | ​ | 42.9 | ​ | ​ | ​ | ​ | ​ | 130.4 | ​ | ​ | ​ | ​
Consolidated reported GAAP net sales | ​ | $3,695.0 | ​ | ​ | ​ | ​ | ​ | $3,751.9 | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Operating Income (loss) | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Global Water | ​ | $260.0 | ​ | ($2.1) | ​ | $257.9 | ​ | $243.6 | ​ | $1.3 | ​ | $244.9
Global Institutional & Specialty | ​ | 298.6 | ​ | - | ​ | 298.6 | ​ | 257.4 | ​ | (22.6) | ​ | 234.8
Global Pest Elimination | ​ | 46.1 | ​ | - | ​ | 46.1 | ​ | 46.5 | ​ | - | ​ | 46.5
Global Life Sciences | ​ | 25.2 | ​ | - | ​ | 25.2 | ​ | 19.3 | ​ | - | ​ | 19.3
Corporate | ​ | (48.5) | ​ | - | ​ | (48.5) | ​ | (48.9) | ​ | - | ​ | (48.9)
Subtotal at fixed currency rates | ​ | 581.4 | ​ | (2.1) | ​ | 579.3 | ​ | 517.9 | ​ | (21.3) | ​ | 496.6
Special (gains) and charges at fixed currency rates | ​ | 34.0 | ​ | ​ | ​ | ​ | ​ | 29.9 | ​ | ​ | ​ | ​
Reported OI at fixed currency rates | ​ | 547.4 | ​ | ​ | ​ | ​ | ​ | 488.0 | ​ | ​ | ​ | ​
Currency impact | ​ | 7.9 | ​ | ​ | ​ | ​ | ​ | 29.9 | ​ | ​ | ​ | ​
Consolidated reported GAAP operating income | ​ | $555.3 | ​ | ​ | ​ | ​ | ​ | $517.9 | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​

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​

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18

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.

​

​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | First |  | Second |  | Six |  | Third |  | Nine |  | Fourth |  |  | ​
​ | ​ | Quarter | ​ | Quarter | ​ | Months | ​ | Quarter | ​ | Months | ​ | Quarter | ​ | Year | ​
​ | ​ | Ended | ​ | Ended | ​ | Ended | ​ | Ended | ​ | Ended | ​ | Ended | ​ | Ended | ​
​ | ​ | Mar. 31 | ​ | June 30 | ​ | June 30 | ​ | Sept. 30 | ​ | Sept. 30 | ​ | Dec. 31 | ​ | Dec. 31 | ​
​ | ​ | 2024 | ​ | 2024 | ​ | 2024 | ​ | 2024 | ​ | 2024 | ​ | 2024 | ​ | 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: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Special (gains) and charges (1) | ​ | 0.08 | ​ | 0.00 | ​ | 0.08 | ​ | (0.81) | ​ | (0.72) | ​ | 0.28 | ​ | (0.44) | ​
Discrete tax expense (benefits) (2) | ​ | (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 | ​

​

​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | First |  | Second |  | Six |  | Third |  | Nine |  | Fourth |  |  |
​ | ​ | Quarter | ​ | Quarter | ​ | Months | ​ | Quarter | ​ | Months | ​ | Quarter | ​ | Year |
​ | ​ | Ended | ​ | Ended | ​ | Ended | ​ | Ended | ​ | Ended | ​ | Ended | ​ | Ended |
​ | ​ | Mar. 31 | ​ | June 30 | ​ | June 30 | ​ | Sept. 30 | ​ | Sept. 30 | ​ | Dec. 31 | ​ | Dec. 31 |
​ | ​ | 2025 | ​ | 2025 | ​ | 2025 | ​ | 2025 | ​ | 2025 | ​ | 2025 | ​ | 2025 |
Diluted earnings per share, as reported (U.S. GAAP) | ​ | $1.41 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Adjustments: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Special (gains) and charges (3) | ​ | 0.09 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Discrete tax expense (benefits) (4) | ​ | 0.00 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Adjusted diluted earnings per share (Non-GAAP) | ​ | $1.50 | ​ | $0.00 | ​ | $0.00 | ​ | $0.00 | ​ | $0.00 | ​ | $0.00 | ​ | $0.00 | ​

​

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 $25.1 million, net of tax, in the first quarter. These charges were primarily related to One Ecolab.

​

(4) Discrete tax expenses (benefits) for 2025 includes ($0.5) million in the first quarter. These expenses (benefits) are primarily associated with share-based compensation excess tax benefits and other discrete expenses (benefits).

19