Ecolab, Inc.

Strong Q2 momentum: accelerating EPS + organic growth + stable gross margin - Adjusted EPS +11% YoY, driven by accelerating organic sales growth of 5% and stable organic gross margin. - Productivity remained strong; management emphasized execution “in any environment.” - Volumes +1% despite an almost 1% headwind from Middle East customer operations disruption; excluding that, underlying volume growth accelerated vs Q1.

Pricing/commodities transition: energy surcharge ramping to offset margin pressure - Entered Q2 with commodity costs rising and expected to stay high through the year; started with little surcharge pricing. - Implemented a global energy surcharge quickly, with pricing strengthening to ~4% in Q2. - Expectation: second half surcharge benefits progress into a targeted 5%–6% pricing range, aimed at offsetting rising commodity costs and supporting margin/EPS.

Outlook upgraded/maintained with specific targets for H2 2026 and full-year EPS - Management expects organic sales growth of 6%–7% in H2 2026. - Adjusted operating income margin in H2: 19%, supporting the broader plan to reach ~20% OI margin next year. - 2026 EPS forecast raised to $8.05–$8.25, implying +7% to +10% vs. last year. - EPS range reflects strong underlying performance but also short-term headwinds from noncash amortization and financing costs related to the CoolIT acquisition.