ECL: CFO Investor Meetings Takeaways

Research evidence excerpt

ECL: CFO Investor Meetings Takeaways

3 2,210.9 2,629.0 2,992.2

The CoolIT acquisition adds another 1–2 percentage points of growth. FCF Yield 2.7% 3.2% 3.8% 4.3%

Core business expansion through the One Ecolab initiative, combined with Revenue Q1 Q2 Q3 Q4

moderating headwinds in the paper and heavy industries end markets, 2025 3,695.0A 4,025.2A 4,165.0A 4,196.0A

2026 4,066.1A 4,359.7E 4,714.9E 4,756.9E should further support the company's trajectory. We expect organic 2027 4,551.6E 4,829.8E 5,032.6E 5,079.9E

revenue growth to accelerate to 5–7% over the medium term. Also, refer

to our note National Restaurant Association Show Takeaways for a detailed AllPricedvaluesas ofin priorUSD unlesstradingotherwiseday's marketnoted.close, EST (unless otherwise noted).

discussion of growth initiatives.

Pricing initiatives to drive accelerated growth in 2H26. 2Q26 represents a

transition period, with modest volume headwinds offset by ramping energy

surcharge pricing. Management expects revenue growth to accelerate

to 6–7% in 2H26, supported by 1% volume growth and 5–6% pricing,

including surcharges. Management expects no material volume impact

from pricing surcharges, supported by real-time customer tracking and

historical precedent for similar pricing actions.

CoolIT: High-Growth Liquid Cooling Platform. CoolIT is a high-growth

business that nearly doubled revenues in Q1 2026, and Ecolab

conservatively expects approximately 30% CAGR over the next five

years. Ecolab's relationships with hyperscalers should help scale CoolIT's

offerings, while CoolIT brings relationships with semiconductor companies

to design new cold plates as new chips are developed, while CoolIT has

the potential to drive 3–5x revenues relative to Ecolab's legacy data center

offerings.