UL Solutions (ULS): Communacopia + Technology 2026 — Key Takeaways

研报英文原文证据摘录

Equity Research

10 September 2026 | 1:11PM PDT

UL Solutions (ULS): Communacopia + Technology 2026 — Key

Takeaways

George K. Tong, CFA

+1(415)249-7421 |

Goldman Sachs & Co. LLC

Alex Lakritz

Goldman Sachs & Co. LLC

Presenters: UL Solutions’ CEO Jennifer Scanlon and CFO Ryan Robinson presented at

the GS Communacopia + Technology Conference 2026

Sami Nasir, CFA

Goldman Sachs & Co. LLC

Bottom Line: ULS highlighted resilient growth across its three segments, supported

by innovation-led testing demand, recurring revenue and capacity investment. The

company serves dozens of industries, has recurring revenue streams and benefits

from product launches, redesigns and supply-chain changes requiring certification

or retesting independent of production volumes. Data center demand is contributing

evenly across Industrial and Consumer, with YTD certification testing revenue up

nearly 11%. Industrial organic revenue growth reflects high-single-digit y/y growth in

the 91% core business, led by energy, automation, engineered materials, wire and

cable, plastics and building products. Consumer organic revenue is growing

mid-single-digits y/y despite exits concentrated in the segment, with strength across

technology, appliances, HVAC and lighting and retail products. Risk & Compliance’s

mid-single-digits y/y growth is being lifted by ULTRUS Supply Chain Insights

benefiting from retailer-driven supplier adoption and ULS’ product data across 80k

customers. ULS recently raised its 2026 capex guide to 8.5% of revenue to fund

laboratory capacity, with spending targeted to return to 6-8% over the longer term.

The Eurofins Electrical & Electronics acquisition, planned for a 4Q close, would

expand ULS’ addressable market, strengthen its global testing network and add

differentiated technical capabilities.

Key Takeaways

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Diversification and recurring revenue support resilience. ULS’ business model

is driven by product innovation and the number of SKUs in the market, not

customers’ production volumes, limiting sensitivity to changes in unit demand.

The company serves 35 industries and has a 42% recurring revenue mix,

…