ULS Lab Tour Takeaways: Innovating W/ Innovators

Research evidence excerpt

ULS Lab Tour Takeaways: Innovating W/ Innovators

UL Solutions Inc (ULS)

Equity Research

May 12, 2026

We hosted investors at ULS‘ Northbrook, IL Global HQ and largest laboratory complex globally. In

addition to touring four different labs (Hazardous Locations Lab, Power & Industrial Controls Lab,

HVAC & Refrigeration Lab, and Large-Scale Fire Testing Lab), we also had the opportunity to speak

with ULS’s CEO Jennifer Scanlon, CFO Ryan Robinson, Chief Commercial Officer Alberto Uggetti, EVP

and President of TIC Alex Dadakis; and VP of IR Yijing Brentano.

Regulatory Tailwinds and Innovation Cycles Support Durable Organic Growth: ULS’s organic growth

is anchored in the essential and recurring nature of its services, which are driven by regulatory

requirements and increased product complexity. Rather than being tied directly to production volumes,

growth is increasingly supported by deeper engagement with customers and expanding share of

wallet. The company is benefiting from rising innovation across end-markets, where each new product,

or even incremental modification to an existing product, requires additional testing and certification.

As product and regulatory complexity increases, ULS is further embedding itself into customers’

development cycles, effectively partnering with them throughout the lifecycle of innovation. This

dynamic creates a durable growth profile, supported by long-term customer relationships and recurring

testing requirements.

Differentiation Through Technical Expertise: ULS's differentiation is rooted in its technical expertise

and leadership in safety science, which continues to evolve alongside emerging technologies. The

company’s capabilities extend beyond simply testing against existing standards; it actively helps define