Ecolab Inc (ECL.N): Modest Beat on Price Execution; FY26 EPS Raised on 2Q Beat; 3Q Guide In Line With Consensus

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Ecolab Inc (ECL.N): Modest Beat on Price Execution; FY26 EPS Raised on 2Q Beat; 3Q Guide In Line With Consensus

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28 Jul 2026 09:21:48 ET │ 12 pages

Ecolab Inc (ECL.N)

Modest Beat on Price Execution; FY26 EPS Raised on 2Q Beat; 3Q Guide

In Line With Consensus

CITI'S TAKE Buy

Catalyst Watch: Upside, expires 22-SEP-26

ECL reported adj. EPS of $2.09 vs. our $2.07-E and FactSet consensus of

Price (27 Jul 26 16:00) US$271.38 $2.08. Organic top-line growth of 5% was driven by 4% price with 1%

Target price US$330.00 volume coming from growth engines and new business. Global Water

organic sales were up 4%, with high-tech, F&B, and light water leading the Expected share price return 21.6%

way while Heavy Water continue to be a drag. Institutional & Specialty had Expected dividend yield 1.1%

robust 4% organic growth, led by business wins in Specialty, with steady Expected total return 22.7%

growth in Institutional. Pest and Life Sciences continue strong sales Market Cap US$76,377M

growth of 7% and 15%, respectively – Pest and Life Sciences largely led the

small OI beat vs. our numbers. FY26 midpoint guidance range raised

modestly to $8.05-8.25 from prior $8.03-8.23. 3Q26 EPS midpoint

guidance of $2.18 in line with consensus, but likely a touch light against Patrick CunninghamAC

buy-side expectations, given short term impact from non-cash +1-212-816-6684

amortization and financing costs of the CoolIT acquisition. patrick.cunningham@citi.com

Alexander Yi

Segment Analysis — Global Water sales increased 12% Y/Y to $2,223mm (vs our +1-212-816-4220

$2,149mm estimate), driven by 6% benefit from Ovivo acquisitions and organic sales alexander.yi@citi.com

growth of 4%. High-Tech water saw 29% growth, given new business wins across Rachel Lee

microelectronics and data centers.