ULS: Expect a Modest Organic Growth Beat

研报英文原文证据摘录

ULS: Expect a Modest Organic Growth Beat

Equity Research

Earnings Revised — June 29, 2026

Business & Information Services

UL Solutions Inc.

Expect a Modest Organic Growth Beat Overweight

Price Target: $120.00

Notable Changes

Our Call $ (Dec) Current Prior % Chg

We expect ULS to deliver a modest beat on organic growth and to reiterate full-year EPS 2026 2.29 2.24 2.5%

guidance. We remain bullish as we view ULS as well positioned to capitalize on multiple EPS 2027 2.41 2.44 -1.3%

megatrends. EBITDA 883.7 892.2 -0.9%

(MM) 2026

We are modeling total company organic revenue growth of 6.3%, modestly above EBITDA 972.2 981.0 -0.9%

Street at 6.0%. Within the segments, we are modeling Industrial organic growth of 8.0%, (MM) 2027

above Street at 7.4%, driven by continued momentum in ongoing certification testing. We

are modeling Consumer organic growth of 4.5%, in line with Street, as growth accelerates Ticker ULS

on an easier compare, partially offset by the fully realized headwind from strategic exits of Upside/(Downside) to Target 21.2%

~2pts (WFe) vs. a 1pt headwind in 1Q. Price (06/26/2026) $99.05

52 Week Range $61.64 - 107.54

We are modeling EBITDA margins of 26.5%, in-line with Street reflecting an initial Market Cap (MM) $20,206

benefit from the restructuring program, partially offset by a ~15bp FX headwind (WFe) in Enterprise Value (MM) $20,795

the quarter. Looking ahead, we expect margin expansion to be relatively smooth through Average Daily Value (MM) $86

the remainder of the year, driven by a building benefit from the restructuring program,

Dividend Yield 0.5%

partially offset by incrementally tougher YoY compares and deleverage from the sale of

EHS and strategic business exits.

$ (Dec) Q1 Q2 Q3 Q4 FY

EPS

Megatrends should drive more product innovation.