Ecolab, Inc.

Q3 performance = “inflection point”: strong organic growth despite high commodities - Management said Q3 marked an inflection: 7% organic sales growth with every business outperforming its end market. - Despite “significant commodity cost inflation,” organic gross margin was maintained via pricing execution + disciplined supply chain management. - Organic OI margin expanded to 19.6% (and organic OI growth accelerated to 11%), supported by One Ecolab execution and productivity from prior investments. - M&A headwinds in reporting: underlying business strength was described as even better because results absorbed additional amortization and interest from recent deals. - Pro-forma view (CoolIT + Ovivo): Q3 sales would have grown high single digits and adjusted EPS mid-teens.

“One Ecolab” driving cross-sell and share gains (good but still not satisfied) - Strategy impact highlighted: >$400m sales growth since launching One Ecolab with the largest 35 customers, generating >10% incremental share against a $3.5B growth opportunity. - Examples of strength: - Food & Beverage: accelerated to 8% organic growth (broad-based across dairy/protein/beverage). - Light Water: accelerated to 5% growth. - Life Sciences: organic sales +17% with strong share gains; driven by demand for breakthrough pharma/bio manufacturing and capacity build-out. - Ecolab Digital: sales +34% (ECOLAB3D / expanding IQ solutions across multiple verticals). - Pest: growth accelerated to 8%, with Pest Intelligence connecting 800,000+ devices and claims of ~99% pest-free vs 94% industry standard. - CEO explicitly called out a negative/ambition gap: “not satisfied” and said Ecolab should be outperforming industry more and growing faster.

Global High-Tech is the headline surprise: very fast growth powered by liquid cooling + circular water - Organic growth in Global High-Tech: +63% (up from 29% in Q2, which CEO framed as quarter-to-quarter volatility, but still very strong). - Growth attributed primarily to market/tech demand: - Shift to direct-to-chip liquid cooling (CoolIT; more critical as chip generations change faster). - Continued need for fluid management + 3D TRASAR + coolant expertise + services. - CoolIT: described as more than doubling sales with strong profitability; Ecolab integrated ECOLAB3D TRASAR with CoolIT CDU platform. - Ovivo: described as delivering strong double-digit growth; combined circular water + ultra-pure water proposition for fabs. - Important note (investor-relevant): CEO said there is essentially no cross-sell yet between data centers and microelectronics—integration happened in recent weeks, cross-sell expected “midterm future.” This implies current numbers are largely organic strength, not yet “synergy.”