8-K

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) April 30, 2024

ECOLAB INC.

(Exact name of registrant as specified in its charter)

Delaware	1-9328	41-0231510
(State or other jurisdiction of incorporation)	(Commission File No.)	(IRS Employer 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

(Not applicable)

(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading symbol(s)	Name of each exchange on which registered
Common Stock, $1.00 par value	ECL	New York Stock Exchange
2.625% Euro Notes due 2025	ECL 25	New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02 Results of Operations and Financial Condition.

On April 30, 2024, Ecolab Inc. (“Ecolab”) announced earnings for the first quarter ended March 31, 2024. 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.

(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 April 30, 2024.	Filed herewith electronically.
(99.2)	Supplemental Data for First Quarter dated April 30, 2024.	Filed herewith electronically.
(104)	Cover Page Interactive Data File.	Embedded within the Inline XBRL document.

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SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	ECOLAB INC.
Date: April 30, 2024	By:	/s/ David F. Duvick
		David F. Duvick
		Assistant Secretary

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EX-99.1

Exhibit 99.1

News Release

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

ECOLAB DELIVERS VERY STRONG FIRST QUARTER PERFORMANCE

REPORTED DILUTED EPS $1.43; ADJUSTED DILUTED EPS $1.34, +52%

INCREASED 2024 ADJUSTED DILUTED EPS OUTLOOK: $6.40 - $6.70, +23% - 29%

FIRST QUARTER HIGHLIGHTS

● Reported sales $3.8 billion, +5% versus last year. Organic sales +5%, led by strong growth in the Institutional & Specialty and Pest Elimination segments, and modest Industrial segment growth.

● Reported operating income margin 13.8%. Organic operating income margin 14.7%, +400 bps as lower delivered product costs, value-based pricing, and volume growth more than offset growth-oriented investments in the business.

● Reported diluted EPS $1.43, +74%. Adjusted diluted EPS, excluding special gains and charges and discrete tax items were $1.34, +52%.

● First quarter cash flow from operating activities $649 million; free cash flow increased to $448 million, +$423 million versus last year.

SALE OF GLOBAL SURGICAL SOLUTIONS BUSINESS

● Ecolab has entered into a definitive agreement for the sale of its global surgical solutions business to Medline for $950 million in cash.

OUTLOOK

● 2024: Increased full year 2024 adjusted diluted earnings per share range to $6.40 - $6.70, +23% - 29%, from prior $6.10 - $6.50 range.

● 2Q 2024: Expect second quarter 2024 adjusted diluted earnings per share in the $1.62 - $1.72 range, +31% - 39%.

	First Quarter Ended March 31
	Reported				Adjusted
(unaudited)	Public Currency Rates		%		Public Currency Rates		%
(millions, except per share)	2024	2023	Change		2024	2023	Change
Net sales	$3,751.9	$3,571.6	5	%	$3,751.9	$3,571.6	5	%
Operating income	517.9	351.6	47	%	547.7	379.3	44	%
Net income attributable to Ecolab	412.1	233.4	77	%	387.0	250.5	54	%
Diluted earnings per share attributable to Ecolab	$1.43	$0.82	74	%	$1.34	$0.88	52	%
	Organic		%
	2024	2023	Change
Net sales	$3,717.6	$3,556.8	5	%
Operating income	548.0	379.6	44	%

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ST. PAUL, Minn., April 30, 2024

CEO Comment

Christophe Beck, Ecolab’s chairman and chief executive officer, said, “As expected, we kicked off the year with very strong performance as our team continued to execute very well. Good organic sales growth was driven by new business wins and value-based pricing, demonstrating the increased value we create for our customers. We leveraged this growth with 400 basis points of organic operating income margin expansion to deliver very strong growth in earnings per share. We remain firmly on our long-term 12-15% earnings growth trajectory, with our exceptional growth in the first quarter the result of strong fundamentals and the additional benefit of lower delivered product costs.

“We are also pleased to announce the sale of our global surgical solutions business. This transaction builds on the deliberate actions we’ve taken to lay the foundation to transform our global healthcare business into a high-quality Ecolab business. It enables us to both deliver for our shareholders and provide more dedicated service to our important hospital customers, leveraging our leading environmental hygiene, instrument reprocessing offering, and water technologies.

“Looking ahead, our confidence in delivering superior performance in 2024 continues to strengthen despite unpredictable macroeconomic conditions. We remain focused on capturing additional market share by enhancing our customers’ business outcomes and operational performance while reducing their water and energy consumption. Additionally, we expect further robust organic operating income margin expansion, driven by value-based pricing and volume growth, as we continue to make smart investments to fuel our long-term performance. Our business momentum is strong, and we are committed to delivering excellent results for our customers and shareholders in 2024 and beyond.”

First Quarter 2024 Consolidated Results

Ecolab’s first quarter reported sales and organic sales both increased 5% when compared to the prior year.

First quarter 2024 reported operating income increased 47% including the impact of special gains and charges, which were a net charge primarily related to restructuring costs. Organic operating income increased 44%, as lower delivered product costs, value-based pricing, and volume growth more than offset growth-oriented investments in the business.

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Reported other income in the first quarter of 2024 was rather stable while reported interest expense decreased 4% versus the prior year.

The reported income tax rate for the first quarter of 2024 was 9.2% compared with the reported rate of 18.0% in the first quarter of 2023. The reported tax expense for the first quarter of 2024 includes a non-recurring, non-cash deferred tax benefit of $42 million associated with transferring certain intangibles between affiliates. Excluding special gains and charges and discrete tax items, the adjusted tax rate for the first quarter of 2024 was 19.9% compared with the adjusted tax rate of 19.8% in the first quarter of 2023.

Reported net income increased 77% versus the prior year. Excluding the impact of special gains and charges and discrete tax items, adjusted net income increased 54% versus the prior year.

Reported diluted earnings per share increased 74% versus the prior year. Adjusted diluted earnings per share increased 52% when compared against the first quarter of 2023.

Currency translation had a $0.01 unfavorable impact on earnings per share in the first quarter of 2024.

Ecolab reacquired approximately 0.8 million shares of its common stock during the first quarter of 2024.

New segment alignment

Effective in the first quarter of 2024, Ecolab modified its segment reporting. Global Pest Elimination is now a standalone reportable segment, providing improved transparency on this attractive high-growth and high-margin business. Please see our Form 8-K filed March 15, 2024 for further details, including 2023 and 2022 sales and operating income shown in the new segment format and translated at 2024 fixed currency exchange rates established at the beginning of 2024.

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First Quarter 2024 Segment Review

Global Industrial
(unaudited)	First Quarter Ended March 31						Organic
(millions)	2024		2023		% Change		% Change
Fixed currency
Sales	$1,841.7		$1,808.2		2	%	1	%
Operating income	265.0		219.8		21	%	21	%
Operating income margin	14.4	%	12.2	%
Organic operating income margin	14.6	%	12.2	%
Public currency
Sales	$1,839.2		$1,809.1		2	%
Operating income	265.4		221.3		20	%

The Industrial segment includes Water, Food & Beverage, and Paper

Organic sales increased 1% as modest growth in Food & Beverage and Water (despite unfavorable year-over-year comparisons in mining) more than offset the expected short-term decline in Paper sales. Organic operating income increased 21% as lower delivered product costs were partially offset by continued investments in the business.

Global Institutional & Specialty
(unaudited)	First Quarter Ended March 31						Organic
(millions)	2024		2023		% Change		% Change
Fixed currency
Sales	$1,270.3		$1,131.2		12	%	11	%
Operating income	248.0		130.1		91	%	90	%
Operating income margin	19.5	%	11.5	%
Organic operating income margin	19.7	%	11.5	%
Public currency
Sales	$1,266.7		$1,128.8		12	%
Operating income	247.0		129.8		90	%

The Institutional & Specialty segment includes Institutional and Specialty

Organic sales increased 11%, with double-digit growth in both the Institutional and Specialty divisions. Organic operating income increased 90% as strong sales growth and lower delivered product costs were partially offset by continued investments in the business.

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Global Healthcare & Life Sciences
(unaudited)	First Quarter Ended March 31						Organic
(millions)	2024		2023		% Change		% Change
Fixed currency
Sales	$382.9		$386.1		(1)	%	(1)	%
Operating income	37.0		35.4		5	%	5	%
Operating income margin	9.7	%	9.2	%
Organic operating income margin	9.7	%	9.2	%
Public currency
Sales	$379.9		$379.7		0	%
Operating income	36.3		33.7		8	%

The Healthcare & Life Sciences segment includes Healthcare and Life Sciences

Organic sales decreased 1% as lower Healthcare sales were partially offset by growth in Life Sciences. 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. Life Sciences’ performance improved and more than offset continued soft short-term industry trends. Organic operating income increased 5% versus last year as pricing and lower delivered product costs overcame continued targeted investments in the business and softer volume.

Global Pest Elimination
(unaudited)	First Quarter Ended March 31						Organic
(millions)	2024		2023		% Change		% Change
Fixed currency
Sales	$266.8		$244.6		9	%	9	%
Operating income	48.8		44.5		10	%	10	%
Operating income margin	18.3	%	18.2	%
Organic operating income margin	18.3	%	18.2	%
Public currency
Sales	$266.1		$243.4		9	%
Operating income	48.7		44.3		10	%

The Global Pest Elimination segment includes Pest Elimination

Organic sales increased 9%, led by robust growth in food & beverage, restaurants, and food retail. Organic operating income increased 10% as strong sales growth more than offset continued investments in the business.

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Corporate
(unaudited)	First Quarter Ended March 31
(millions)	2024	2023
Public currency
Sales	$ -	$10.6
Corporate operating expense
Nalco and Purolite amortization	49.7	50.2
Special (gains) and charges	29.8	27.7
Other	-	(0.4)
Total Corporate operating expense	$79.5	$77.5

First quarter of 2024 corporate segment includes:

● amortization expense of $28 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 $30 million, primarily related to restructuring costs

Special gains and charges for the first quarter of 2023 impacting operating expense were a net charge of $28 million and primarily related to restructuring costs.

Sale of Global Surgical Solutions Business

Ecolab has reached a definitive agreement to sell its global surgical solutions business to Medline for a total consideration of $950 million in cash, with an anticipated gain being recorded in special gains and charges at closing. This business delivered more than $400 million in sales in 2023 and is a leading supplier of innovative sterile drape solutions for surgeons, patients, and operating room equipment. Ecolab will continue to serve hospitals through its infection prevention and instrument reprocessing businesses. Infection prevention provides environmental hygiene programs to reduce hospital acquired infections. Instrument reprocessing provides cleaning and sterilization solutions for instruments, which fits well with Ecolab’s growth model as it combines a technological anchor with proprietary consumables and service.

The sale is expected to close in the second half of 2024, subject to regulatory clearances and other customary closing conditions.

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Business Outlook

2024

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.

Against this backdrop, 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-term 12-15% target as favorability from lower delivered product costs eases.

The company currently expects quantifiable special charges in 2024 to be approximately $0.15 per share, principally related to restructuring charges. This does not include the expected gain on the sale of the company’s global surgical solutions business. Other than the special gains and charges noted above, other such amounts are not currently quantifiable.  

2024 – Second Quarter

Ecolab expects second quarter 2024 adjusted diluted earnings per share in the $1.62 to $1.72 range, rising 31% to 39% compared with adjusted diluted earnings per share of $1.24 a year ago.

The company currently expects quantifiable special charges in the second quarter of 2024 to be approximately $0.02 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

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resources vital to life. Building on a century of innovation, Ecolab has annual sales of $15 billion, employs more than 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, life sciences, hospitality and industrial markets. www.ecolab.com

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.

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, delivered product costs, and demand; our financial and business performance and prospects, including sales, earnings, special charges, margins, pricing, volume, productivity and new business; 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 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

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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 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; 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; our commitments, goals, targets, objectives and initiatives related to sustainability; 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; 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

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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

•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.

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-

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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 2023. 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. In addition, as part of the separation, we also entered into an agreement with ChampionX to provide, receive or transfer certain products for a transitionary period. Transitionary period sales of product to ChampionX under this agreement are recorded in product and equipment sales in the Corporate segment along with the related cost of sales. The remaining sales to ChampionX are recorded in product and equipment sales in the Global Industrial 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

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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)

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ECOLAB INC.

CONSOLIDATED STATEMENTS OF INCOME

(unaudited)

	First Quarter Ended
	March 31		%
(millions, except per share)	2024	2023	Change
Product and equipment sales	$2,986.5	$2,876.3
Service and lease sales	765.4	695.3
Net sales	3,751.9	3,571.6	5	%
Product and equipment cost of sales	1,679.2	1,798.3
Service and lease cost of sales	448.9	406.9
Cost of sales (1)	2,128.1	2,205.2	(3)	%
Selling, general and administrative expenses	1,077.7	990.3	9	%
Special (gains) and charges (1)	28.2	24.5
Operating income	517.9	351.6	47	%
Other (income) expense	(12.6)	(13.1)	(4)	%
Interest expense, net	71.6	74.2	(4)	%
Income before income taxes	458.9	290.5	58	%
Provision for income taxes	42.3	52.4	(19)	%
Net income including noncontrolling interest	416.6	238.1	75	%
Net income attributable to noncontrolling interest	4.5	4.7
Net income attributable to Ecolab	$412.1	$233.4	77	%
Earnings attributable to Ecolab per common share
Basic	$1.44	$0.82	76	%
Diluted	$1.43	$0.82	74	%
Weighted-average common shares outstanding
Basic	285.7	284.6	0	%
Diluted	287.8	285.9	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)	2024	2023
Cost of sales
Restructuring activities	$1.6	$3.2
Subtotal (a)	1.6	3.2
Special (gains) and charges
Restructuring activities	18.1	12.6
Acquisition and integration activities	2.5	5.0
Other	7.6	6.9
Subtotal	28.2	24.5
Total special (gains) and charges	$29.8	$27.7

(a) Special charges of $1.6 million and $0.8 million in the first quarter of 2024 and 2023, respectively, were recorded in product and equipment cost of sales. Special charges of $2.4 million in the first quarter of 2023 were recorded in service and lease cost of sales.

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ECOLAB INC.

REPORTABLE SEGMENT INFORMATION

(unaudited)

	First Quarter Ended March 31
	Fixed Currency Rates				Public Currency Rates
			%				%
(millions)	2024	2023	Change		2024	2023	Change
Net Sales
Global Industrial	$1,841.7	$1,808.2	2	%	$1,839.2	$1,809.1	2	%
Global Institutional & Specialty	1,270.3	1,131.2	12	%	1,266.7	1,128.8	12	%
Global Healthcare & Life Sciences	382.9	386.1	(1)	%	379.9	379.7	0	%
Global Pest Elimination	266.8	244.6	9	%	266.1	243.4	9	%
Corporate	-	10.7	(100)	%	-	10.6	(100)	%
Subtotal at fixed currency rates	3,761.7	3,580.8	5	%	3,751.9	3,571.6	5	%
Currency impact	(9.8)	(9.2)	*		-	-	*
Consolidated reported GAAP net sales	$3,751.9	$3,571.6	5	%	$3,751.9	$3,571.6	5	%
Operating Income (loss)
Global Industrial	$265.0	$219.8	21	%	$265.4	$221.3	20	%
Global Institutional & Specialty	248.0	130.1	91	%	247.0	129.8	90	%
Global Healthcare & Life Sciences	37.0	35.4	5	%	36.3	33.7	8	%
Global Pest Elimination	48.8	44.5	10	%	48.7	44.3	10	%
Corporate	(79.8)	(77.4)	*		(79.5)	(77.5)	*
Subtotal at fixed currency rates	519.0	352.4	47	%	517.9	351.6	47	%
Currency impact	(1.1)	(0.8)	*		-	-	*
Consolidated reported GAAP operating income	$517.9	$351.6	47	%	$517.9	$351.6	47	%

* 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)	2024	2023	2023
Assets
Current assets
Cash and cash equivalents	$479.9	$919.5	$419.4
Accounts receivable, net	2,786.6	2,834.2	2,667.8
Inventories	1,565.9	1,497.2	1,727.3
Other current assets	379.3	393.2	458.3
Total current assets	5,211.7	5,644.1	5,272.8
Property, plant and equipment, net	3,451.1	3,474.6	3,312.7
Goodwill	8,111.4	8,148.2	8,062.2
Other intangible assets, net	3,413.6	3,493.5	3,616.8
Operating lease assets	566.3	553.5	430.6
Other assets	544.4	532.7	556.4
Total assets	$21,298.5	$21,846.6	$21,251.5
Liabilities and Equity
Current liabilities
Short-term debt	$11.3	$630.4	$1,118.1
Accounts payable	1,607.1	1,566.3	1,469.9
Compensation and benefits	527.0	655.5	450.2
Income taxes	201.6	158.7	171.6
Other current liabilities	1,354.1	1,334.9	1,279.8
Total current liabilities	3,701.1	4,345.8	4,489.6
Long-term debt	7,528.6	7,551.4	7,521.7
Pension and postretirement benefits	640.4	651.7	665.5
Deferred income taxes	352.0	418.2	496.1
Operating lease liabilities	434.0	425.5	323.4
Other liabilities	416.8	381.8	390.2
Total liabilities	13,072.9	13,774.4	13,886.5
Equity
Common stock	366.8	365.7	365.0
Additional paid-in capital	6,917.6	6,766.7	6,626.5
Retained earnings	10,324.5	10,075.4	9,401.3
Accumulated other comprehensive loss	(1,881.2)	(1,850.4)	(1,737.2)
Treasury stock	(7,522.1)	(7,312.7)	(7,311.4)
Total Ecolab shareholders’ equity	8,205.6	8,044.7	7,344.2
Noncontrolling interest	20.0	27.5	20.8
Total equity	8,225.6	8,072.2	7,365.0
Total liabilities and equity	$21,298.5	$21,846.6	$21,251.5

15

ECOLAB INC.

SUPPLEMENTAL NON-GAAP RECONCILIATIONS

(unaudited)

	First Quarter Ended
	March 31
(millions, except percent and per share)	2024		2023
Net sales
Reported GAAP net sales	$3,751.9		$3,571.6
Effect of foreign currency translation	9.8		9.2
Non-GAAP fixed currency sales	3,761.7		3,580.8
Effect of acquisitions and divestitures	(44.1)		(24.0)
Non-GAAP organic sales	$3,717.6		$3,556.8
Cost of sales
Reported GAAP cost of sales	$2,128.1		$2,205.2
Special (gains) and charges	1.6		3.2
Non-GAAP adjusted cost of sales	$2,126.5		$2,202.0
Gross profit
Reported GAAP gross profit	$1,623.8		$1,366.4
Special (gains) and charges	1.6		3.2
Non-GAAP adjusted gross profit	$1,625.4		$1,369.6
Gross margin
Reported GAAP gross margin	43.3	%	38.3	%
Non-GAAP adjusted gross margin	43.3	%	38.3	%
Operating income
Reported GAAP operating income	$517.9		$351.6
Special (gains) and charges at public currency rates	29.8		27.7
Non-GAAP adjusted operating income	547.7		379.3
Effect of foreign currency translation	1.2		0.8
Non-GAAP adjusted fixed currency operating income	548.9		380.1
Effect of acquisitions and divestitures	(0.9)		(0.5)
Non-GAAP organic operating income	$548.0		$379.6
Operating income margin
Reported GAAP operating income margin	13.8	%	9.8	%
Non-GAAP adjusted fixed currency operating income margin	14.6	%	10.6	%
Non-GAAP organic operating income margin	14.7	%	10.7	%

16

ECOLAB INC.

SUPPLEMENTAL NON-GAAP RECONCILIATIONS

(unaudited)

	First Quarter Ended
	March 31
(millions, except percent and per share)	2024		2023
Net Income attributable to Ecolab
Reported GAAP net income attributable to Ecolab	$412.1		$233.4
Special (gains) and charges, after tax	23.1		21.1
Discrete tax net expense (benefit)	(48.2)		(4.0)
Non-GAAP adjusted net income attributable to Ecolab	$387.0		$250.5
Diluted EPS attributable to Ecolab
Reported GAAP diluted EPS	$1.43		$0.82
Special (gains) and charges, after tax	0.08		0.07
Discrete tax net expense (benefit)	(0.17)		(0.01)
Non-GAAP adjusted diluted EPS	$1.34		$0.88
Provision for Income Taxes
Reported GAAP tax rate	9.2	%	18.0	%
Special gains and charges	0.8		0.5
Discrete tax items	9.9		1.3
Non-GAAP adjusted tax rate	19.9	%	19.8	%

17

ECOLAB INC.

SUPPLEMENTAL NON-GAAP RECONCILIATIONS

(unaudited)

	First Quarter Ended March 31
	2024			2023
(millions)	Fixed Currency	Impact of Acquisitions and Divestitures	Organic	Fixed Currency	Impact of Acquisitions and Divestitures	Organic
Net Sales
Global Industrial	$1,841.7	($26.1)	$1,815.6	$1,808.2	($13.3)	$1,794.9
Global Institutional & Specialty	1,270.3	(18.0)	1,252.3	1,131.2	-	1,131.2
Global Healthcare & Life Sciences	382.9	-	382.9	386.1	-	386.1
Global Pest Elimination	266.8	-	266.8	244.6	-	244.6
Corporate	-	-	-	10.7	(10.7)	-
Subtotal at fixed currency rates	3,761.7	(44.1)	3,717.6	3,580.8	(24.0)	3,556.8
Currency impact	(9.8)			(9.2)
Consolidated reported GAAP net sales	$3,751.9			$3,571.6
Operating Income (loss)
Global Industrial	$265.0	$ -	$265.0	$219.8	($0.2)	$219.6
Global Institutional & Specialty	248.0	(0.9)	247.1	130.1	-	130.1
Global Healthcare & Life Sciences	37.0	-	37.0	35.4	-	35.4
Global Pest Elimination	48.8	-	48.8	44.5	-	44.5
Corporate	(49.9)	-	(49.9)	(49.7)	(0.3)	(50.0)
Subtotal at fixed currency rates	548.9	(0.9)	548.0	380.1	(0.5)	379.6
Special (gains) and charges at fixed currency rates	29.9			27.7
Reported OI at fixed currency rates	519.0			352.4
Currency impact	(1.1)			(0.8)
Consolidated reported GAAP operating income	$517.9			$351.6

18

ECOLAB INC.

SUPPLEMENTAL NON-GAAP RECONCILIATIONS

(unaudited)

Selected Cash Flow items	First Quarter Ended
	March 31
(millions)	2024	2023
Cash provided by operating activities	$649.4	$198.2
Less: Capital expenditures	(201.5)	(173.7)
Free cash flow	$447.9	$24.5

19

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
	2023	2023	2023	2023	2023	2023	2023
Diluted earnings per share, as reported (U.S. GAAP)	$0.82	$1.15	$1.97	$1.41	$3.38	$1.41	$4.79
Adjustments:
Special (gains) and charges (1)	0.07	0.08	0.15	0.12	0.27	0.11	0.38
Discrete tax expense (benefits) (2)	(0.01)	0.01	0.00	0.01	0.01	0.03	0.04
Adjusted diluted earnings per share (Non-GAAP)	$0.88	$1.24	$2.12	$1.54	$3.66	$1.55	$5.21

	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
Adjustments:
Special (gains) and charges (3)	0.08
Discrete tax expense (benefits) (4)	(0.17)
Adjusted diluted earnings per share (Non-GAAP)	$1.34	$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 2023 includes charges of $21.1 million, $23.3 million, $34.2 million and $30.6 million, net of tax, in the first, second, third and fourth quarters, respectively. These charges were primarily related to restructuring charges, acquisition and integration charges and litigation and other charges.

(2) Discrete tax expenses (benefits) for 2023 includes ($4.0) million, $2.8 million, $3.5 million and $8.9 million in the first, second, third and fourth quarters, respectively. These expenses (benefits) are primarily associated with stock compensation excess tax benefits and other discrete tax benefits.

(3) Special (gains) and charges for 2024 includes charges of $23.1 million, net of tax, in the first quarter. These charges were primarily related to restructuring charges.

(4) Discrete tax (benefits) for 2024 includes ($48.2) million in the first quarter. These expenses (benefits) are primarily associated with transferring certain intangibles between affiliates, stock compensation excess tax benefits and other discrete tax benefits.

20

EX-99.2

Exhibit 99.2

1 ECOLAB First Quarter 2024 Supplemental

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, 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-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.

Strong start to 2024, increased full-year outlook 3 Good sales growth led by very strong growth in Institutional & Specialty and Pest Elimination Strong double-digit OI growth with margin improving quickly towards 20% Reported diluted EPS $1.43; Adjusted diluted EPS $1.34, +52% Confidence in 2024 outlook continues to strengthen ▪ Reported sales +5%, organic sales +5% ▪ Strong customer value driving continued pricing and positive volume growth ▪ 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 ▪ Strong performance driven by continued pricing, volume growth, and lower delivered product costs ▪ 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 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

1Q overview ▪ Good growth with reported sales +5% and organic sales +5% o 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 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 o Pest Elimination +9% ▪ Reported diluted EPS $1.43 ▪ Adjusted diluted EPS $1.34, +52% o Strong growth reflected continued robust pricing, volume growth, and lower delivered product costs Sales EPS 4

Expect strong 2Q and 2024 performance 2Q 2024 ▪ 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. ▪ 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-term 12-15% target as favorability from lower delivered product costs eases. 5

1Q 2024 sales growth detail Amounts in the tables above may reflect rounding. Organic excludes sales to ChampionX post-separation. 6 Fixed Rate Organic % 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% % Change

7 Sales +2% Water Sales +3% Food & Beverage All sales figures are organic unless otherwise noted ▪ 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). o Light Water: good growth driven by continued strong performance in high-tech (data center/microelectronics) and good growth in food & beverage and institutional segments. o Heavy Water: good growth reflecting gains in chemicals, primary metals, and power. o Downstream: strong sales growth driven by innovative water treatment programs that help our customers improve productivity and reliability while achieving sustainability goals. o 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. Q2: Anticipate stable sales reflecting good new business and comparisons to last year’s very strong 11% growth. ▪ 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. Global Industrial Segment

8 Sales -5% Paper All sales figures are organic unless otherwise noted Q2: Expect modestly lower sales as new business wins are more than offset by soft customer production rates. ▪ 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. Global Industrial Segment

9 Sales +11% Institutional Sales +10% Specialty All sales figures are organic unless otherwise noted Q2: Expect good sales within foodservice, lodging and long-term care to more than overcome comparisons to last year’s strong 12% growth. ▪ Double-digit growth, 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 growth that overcomes comparisons to last year’s very strong 15% growth. ▪ Continued strong sales growth driven by robust gains in quick service and food retail. o 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.​ o 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. Global Institutional & Specialty Segment

10 Sales -2% Healthcare Sales +1% Life Sciences All sales figures are organic unless otherwise noted Q2: Expect rather stable sales reflecting continued low margin business exits as we execute Healthcare’s business transformation. ▪ 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 modest growth as improved underlying business momentum more than offsets continued soft near-term industry demand. ▪ 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. Global Healthcare & Life Sciences Segment

11 Sales +9% Pest Elimination All sales figures are organic unless otherwise noted ▪ Strong sales growth led by robust gains in food & beverage, restaurants, and food retail. o Growth continues to benefit from our high service levels, innovation, and circle the customer enterprise selling strategy. ▪ Regionally, North America, Europe, and Asia Pacific all delivered strong growth. Q2: Expect continued strong growth, benefiting from new customer wins as we leverage our ongoing innovation and enhanced digital offerings to further extend our competitive advantages. Global Pest Elimination Segment

Segment operating income performance ▪ Organic operating income increased 21% as lower delivered product costs were partially offset by continued investments in the business. ▪ Organic operating income margin expanded 240 bps versus last year. ▪ Organic operating income increased 90% as strong sales growth and lower delivered product costs were partially offset by continued investments in the business. ▪ Organic operating income margin expanded 820 bps versus last year. ▪ Organic operating income increased 5% as pricing and lower delivered product costs overcame continued investments in the business and softer volume. ▪ Organic operating income margin expanded 50 bps versus last year. ▪ Organic operating income increased 10% as strong sales growth more than offset continued investments in the business. ▪ Organic operating income margin expanded 10 bps versus last year. ($ millions – fixed currency, unaudited) 12 Global Industrial 1Q 2024 1Q 2023 Change Operating income $265.0 $219.8 21% Operating income margin 14.4% 12.2% 220 bps Organic operating income $265.0 $219.6 21% Organic operating income margin 14.6% 12.2% 240 bps Global Institutional & Specialty 1Q 2024 1Q 2023 Change Operating income $248.0 $130.1 91% Operating income margin 19.5% 11.5% 800 bps Organic operating income $247.1 $130.1 90% Organic operating income margin 19.7% 11.5% 820 bps Global Healthcare & Life Sciences 1Q 2024 1Q 2023 Change Operating income $37.0 $35.4 5% Operating income margin 9.7% 9.2% 50 bps Organic operating income $37.0 $35.4 5% Organic operating income margin 9.7% 9.2% 50 bps Global Pest Elimination 1Q 2024 1Q 2023 Change Operating income $48.8 $44.5 10% Operating income margin 18.3% 18.2% 10 bps Organic operating income $48.8 $44.5 10% Organic operating income margin 18.3% 18.2% 10 bps

Consolidated margin performance ▪ Gross margin expanded significantly, reflecting lower delivered product costs and value-based pricing. ▪ Sales productivity was offset by growth-oriented investments in the business. ▪ Operating margin expanded as lower delivered product costs, value-based pricing, and volume growth more than offset growth-oriented investments in the business. Gross Margin SG&A Operating Margin 13 $ millions, unaudited 1Q 2024 1Q 2023 Change Gross profit $1,623.8 $1,366.4 19% Gross margin 43.3% 38.3% 500 bps Adjusted gross profit $1,625.4 $1,369.6 19% Adjusted gross margin 43.3% 38.3% 500 bps SG&A $1,077.7 $990.3 9% % of Sales 28.7% 27.7% 100 bps Reported operating income $517.9 $351.6 47% Reported operating income margin 13.8% 9.8% 400 bps Adj. fixed currency operating income $548.9 $380.1 44% Adj. fixed currency operating income margin 14.6% 10.6% 400 bps Organic operating income $548.0 $379.6 44% Organic operating income margin 14.7% 10.7% 400 bps

1Q 2024 balance sheet / cash flow * EBITDA and Adjusted EBITDA are non-GAAP measures. EBITDA is defined as the sum of net income including non-controlling interest, provision for income taxes, net interest expense, depreciation and amortization, and adjusted EBITDA further adds 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) 2024 2023 (millions, unaudited) 2024 2023 Cash and cash eq. $479.9 $419.4 Short-term debt $11.3 $1,118.1 Accounts receivable, net 2,786.6 2,667.8 Accounts payable 1,607.1 1,469.9 Inventories 1,565.9 1,727.3 Other current liabilities 2,082.7 1,901.6 Other current assets 379.3 458.3 Long-term debt 7,528.6 7,521.7 PP&E, net 3,451.1 3,312.7 Pension/Postretirement 640.4 665.5 Goodwill and intangibles 11,525.0 11,679.0 Other liabilities 1,202.8 1,209.7 Other assets 1,110.7 987.0 Total equity 8,225.6 7,365.0 Total assets $21,298.5 $21,251.5 Total liab. and equity $21,298.5 $21,251.5 Selected Cash Flow items (millions, unaudited) 2024 2023 (unaudited) 2024 2023 Cash from op. activities $649.4 $198.2 Total Debt/Total Capital 47.8% 54.0% Depreciation 157.0 158.7 Net Debt/Total Capital 46.2% 52.7% Amortization 77.8 75.6 Net Debt/EBITDA(*) 2.2 3.1 Capital expenditures 201.5 173.7 Net Debt/Adjusted EBITDA(*) 2.2 2.9 March 31 March 31 Three Months Ended Selected Balance Sheet measures March 31 March 31

Non-GAAP financial measures 15 (millions, except percent and per share) Net sales Reported GAAP net sales $3,751.9 $3,571.6 Effect of foreign currency translation 9.8 9.2 Non-GAAP fixed currency sales 3,761.7 3,580.8 Effect of acquisitions and divestitures (44.1) (24.0) Non-GAAP organic sales $3,717.6 $3,556.8 Cost of sales Reported GAAP cost of sales $2,128.1 $2,205.2 Special (gains) and charges 1.6 3.2 Non-GAAP adjusted cost of sales $2,126.5 $2,202.0 Gross profit Reported GAAP gross profit $1,623.8 $1,366.4 Special (gains) and charges 1.6 3.2 Non-GAAP adjusted gross profit $1,625.4 $1,369.6 Gross margin Reported GAAP gross margin 43.3 % 38.3 % Non-GAAP adjusted gross margin 43.3 % 38.3 % First Quarter Ended March 31 2024 2023

Non-GAAP financial measures 16 (millions, except percent and per share) Operating income Reported GAAP operating income $517.9 $351.6 Special (gains) and charges at public currency rates 29.8 27.7 Non-GAAP adjusted operating income 547.7 379.3 Effect of foreign currency translation 1.2 0.8 Non-GAAP adjusted fixed currency operating income 548.9 380.1 Effect of acquisitions and divestitures (0.9) (0.5) Non-GAAP organic operating income $548.0 $379.6 Operating income margin Reported GAAP operating income margin 13.8 % 9.8 % Non-GAAP adjusted fixed currency operating income margin 14.6 % 10.6 % Non-GAAP organic operating income margin 14.7 % 10.7 % Net Income attributable to Ecolab Reported GAAP net income attributable to Ecolab $412.1 $233.4 Special (gains) and charges, after tax 23.1 21.1 Discrete tax net expense (benefit) (48.2) (4.0) Non-GAAP adjusted net income attributable to Ecolab $387.0 $250.5 First Quarter Ended March 31 2024 2023

Non-GAAP financial measures 17 (millions, except percent and per share) Diluted EPS attributable to Ecolab Reported GAAP diluted EPS $1.43 $0.82 Special (gains) and charges, after tax 0.08 0.07 Discrete tax net expense (benefit) (0.17) (0.01) Non-GAAP adjusted diluted EPS $1.34 $0.88 Provision for Income Taxes Reported GAAP tax rate 9.2 % 18.0 % Special gains and charges 0.8 0.5 Discrete tax items 9.9 1.3 Non-GAAP adjusted tax rate 19.9 % 19.8 % First Quarter Ended March 31 2024 2023

Non-GAAP financial measures 18 EBITDA (trailing tw elve months ended) Net income including non-controlling interest $1,571.5 $1,172.3 Provision for income taxes 352.4 241.3 Interest expense, net 294.1 264.8 Depreciation 615.0 622.0 Amortization 309.1 316.3 EBITDA $3,142.1 $2,616.7 Special (gains) and charges impacting EBITDA 136.0 211.7 Adjusted EBITDA $3,278.1 $2,828.4 First Quarter Ended March 31 2024 2023

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 Industrial $1,841.7 ($26.1) $1,815.6 $1,808.2 ($13.3) $1,794.9 Global Institutional & Specialty 1,270.3 (18.0) 1,252.3 1,131.2 - 1,131.2 Global Healthcare & Life Sciences 382.9 - 382.9 386.1 - 386.1 Global Pest Elimination 266.8 - 266.8 244.6 - 244.6 Corporate - - - 10.7 (10.7) - Subtotal at fixed currency rates 3,761.7 (44.1) 3,717.6 3,580.8 (24.0) 3,556.8 Currency impact (9.8) (9.2) Consolidated reported GAAP net sales $3,751.9 $3,571.6 Operating Income (loss) Global Industrial $265.0 $ - $265.0 $219.8 ($0.2) $219.6 Global Institutional & Specialty 248.0 (0.9) 247.1 130.1 - 130.1 Global Healthcare & Life Sciences 37.0 - 37.0 35.4 - 35.4 Global Pest Elimination 48.8 - 48.8 44.5 - 44.5 Corporate (49.9) - (49.9) (49.7) (0.3) (50.0) Subtotal at fixed currency rates 548.9 (0.9) 548.0 380.1 (0.5) 379.6 Special (gains) and charges at fixed currency rates 29.9 27.7 Reported OI at fixed currency rates 519.0 352.4 Currency impact (1.1) (0.8) Consolidated reported GAAP operating income $517.9 $351.6 First Quarter Ended March 31 2024 2023

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 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

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 the sum of net income including non-controlling interest, provision for income taxes, net interest expense, depreciation and amortization, and adjusted EBITDA further adds 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 2023. 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. In addition, as part of the separation, we also entered into an agreement with ChampionX to provide, receive or transfer certain products for a transitionary period. Transitionary period sales of product to ChampionX under this agreement are recorded in product and equipment sales in the Corporate segment along with the related cost of sales. The remaining sales to ChampionX are recorded in product and equipment sales in the Global Industrial 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.)

XML

Document and Entity Information	Apr. 30, 2024
Document Information [Line Items]
Document Type	8-K
Document Period End Date	Apr. 30, 2024
Entity Registrant Name	ECOLAB INC.
Entity Incorporation, State or Country Code	DE
Securities Act File Number	1-9328
Entity Tax Identification Number	41-0231510
Entity Address, Address Line One	1 Ecolab Place
Entity Address, City or Town	Saint Paul
Entity Address, State or Province	MN
Entity Address, Postal Zip Code	55102
City Area Code	800
Local Phone Number	232-6522
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Entity Emerging Growth Company	false
Entity Central Index Key	0000031462
Amendment Flag	false
Common Stock [Member]
Document Information [Line Items]
Title of 12(b) Security	Common Stock, $1.00 par value
Trading Symbol	ECL
Security Exchange Name	NYSE
Euro Notes Due 2025 [Member]
Document Information [Line Items]
Title of 12(b) Security	2.625% Euro Notes due 2025
Trading Symbol	ECL 25
Security Exchange Name	NYSE

XML

N-2	Apr. 30, 2024
Cover [Abstract]
Entity Central Index Key	0000031462
Amendment Flag	false
Securities Act File Number	1-9328
Document Type	8-K
Entity Registrant Name	ECOLAB INC.
Entity Address, Address Line One	1 Ecolab Place
Entity Address, City or Town	Saint Paul
Entity Address, State or Province	MN
Entity Address, Postal Zip Code	55102
City Area Code	800
Local Phone Number	232-6522
Entity Emerging Growth Company	false