UL Solutions Inc - Ordinary Shares - Class A

Strong Q1 results beat expectations; margin expansion is the key theme - Consolidated revenue: $758m (+7.5% YoY); organic +5.7% - Adjusted EBITDA: $197m (+22.4% YoY); adjusted EBITDA margin: 26.0% (+320 bps YoY) (disciplined expenses, restructuring benefits, utilization/productivity improvements) - Adjusted diluted EPS: +35.1% YoY - Performance across segments: Industrial, Consumer, and Risk & Compliance Software all delivered solid organic growth and several hundred bps of margin expansion - FX was a mild headwind to reported margin (revenue benefit ~+1.8% from FX, but offset by higher USD-translated expenses; overall ~40 bps margin drag)

Full-year 2026 outlook upgraded: expects mid-single-digit organic revenue growth and higher EBITDA margin - Company raised FY26 adjusted EBITDA margin outlook to ~27.0% (from prior guidance range; based on current forward FX rates with ~1% revenue tailwind offset by expense FX increase) - Still expects FY26 consolidated organic revenue growth in the mid-single-digit range vs. 2025, with contributions from all 3 segments - Capex guidance: ~7%–8% of revenue - Tax rate: ~26% - Restructuring savings/expense: now expects remaining restructuring-related expenses ~$3m (down from earlier $5m–$10m), implying restructuring benefits are flowing through faster than previously expected

Strategic portfolio moves: Eurofins E&E acquisition announced; EHS software divestiture completed (impacts comparisons) - Acquisition announcement: definitive agreement to acquire Eurofins Electrical & Electronics (E&E) including a MATLAB certification mark - Expected close in Q4 2026 (subject to approvals/conditions) - Standalone revenue ~ $200m for full-year 2026 - Expected accretive to adjusted diluted EPS in the first full calendar year after closing (excluding amortization and integration costs) - Rationale/opportunity: extend electrical testing/certification capabilities across EMEA and Asia Pacific, supporting consumer segment growth - Divestiture executed: completed EHS software business divestiture on April 1 - Management noted EHS had ~$56m of 2025 revenue with margins similar to consolidated; its absence will change Q2+ segment year-over-year comparisons and margin profiles - Also signed agreement to sell DQS Holdings GMBH shares for ~EUR 105m cash, expected close in H2 2026 (subject to approvals)