Ecolab Inc.: Already implemented institutional innovation & “best-location” playbook on display at National Restaurant Assoc. Show

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Ecolab Inc.: Already implemented institutional innovation & “best-location” playbook on display at National Restaurant Assoc. Show

Equity Research

U.S. Business & Professional Services

19 May 2026

Ecolab Inc.

Already implemented institutional

innovation & “best-location”

ECL OVERWEIGHTplaybook on display at National

Unchanged

U.S. Business & NEUTRALRestaurant Assoc. Show Professional Services

We cover key takeaways from the Institutional, Pest & R&D Price Target USD 300.00

leader-led live demos & COO/CFO/IR hosted lunch and Q&A Unchanged

Monday. This was not about future pipeline innovation, but Price (19-May-26) USD 245.73 Potential Upside/Downside +22.1%

Source: Bloomberg, Barclays Researchabout actual, applied, commercial solutions already

implemented in-market, and adoption & operational

Market Cap (USD mn) 69157

deployment... Shares Outstanding (mn) 281.44

Free Float (%) 89.48

...as the proof points with tangible benefits to ECL & customers, thus driving growth, supporting 52 Wk Avg Daily Volume (mn) 1.4

pricing & margin. We think there is potential for scaling and perhaps a more credible bridge Dividend Yield (%) 1.19

from digital narrative to monetizable execution, with the conversation anchored in customer Return on Equity TTM (%) 22.31

outcomes, rather than in "coming soon" concepts & AI buzzwords (albeit a lot of them are AI Current BVPS (USD) 35.55

enabled & driven). Source: Bloomberg

Chemistry is still an entry point, but data is also a driver as ECL shifts from selling standalone Price Performance Exchange-NYSE

products to integrated programs across Institutional, Specialty, and Pest (other segments too, 52 Week range USD 309.27-245.25

these were featured at NRA) that drive labor productivity, compliance, uptime, waste reduction,