ECOLAB INC.

Previous wording

OVERVIEW OF THE SECOND QUARTER ENDED JUNE 30, 2025

Current wording

OVERVIEW OF THE THIRD QUARTER ENDED SEPTEMBER 30, 2025

Previous wording

When comparing second quarter 2025 against second quarter 2024, sales performance was as follows:

Current wording

When comparing third quarter 2025 against third quarter 2024, sales performance was as follows:

Previous wording

When comparing second quarter 2025 against second quarter 2024, our financial performance was as follows:

Current wording

When comparing third quarter 2025 against third quarter 2024, our financial performance was as follows:

Previous wording

Our reported gross margin was 44.8% and 43.8% for the second quarter of 2025 and 2024, respectively. Our reported gross margin was 44.5% and 43.5% for the first six months of 2025 and 2024, respectively. Special (gains) and charges included in items impacting cost of sales are shown within the “Special (Gains) and Charges” table below.

Current wording

Our reported gross margin was 44.8% and 43.4% for the third quarter of 2025 and 2024, respectively. Our reported gross margin was 44.6% and 43.5% for the first nine months of 2025 and 2024, respectively. Special (gains) and charges included in items impacting cost of sales are shown within the “Special (Gains) and Charges” table below.

Previous wording

Excluding the impact of special (gains) and charges within COS, second quarter 2025 and 2024 adjusted gross margin was 44.8% and 43.8%, respectively, and for the first six months of 2025 and 2024 was 44.6% and 43.6%, respectively. Our adjusted gross margin increased when comparing the second quarter of 2025 against the second quarter of 2024 reflecting strong value pricing.

Current wording

Excluding the impact of special (gains) and charges within COS, third quarter 2025 and 2024 adjusted gross margin was 44.8% and 43.5%, respectively, and for the first nine months of 2025 and 2024 was 44.7% and 43.5%, respectively. Our adjusted gross margin increased when comparing the third quarter of 2025 against the third quarter of 2024 reflecting strong value pricing.

Previous wording

Selling, general and administrative (“SG&A”) expenses as a percentage of sales were 26.5% and 27.4% for the second quarter and first six months of 2025, respectively, compared to 27.0% and 27.8% for the second quarter and six months of 2024, respectively. The SG&A ratio to sales in the second quarter of 2025 decreased as productivity more than offset growth-oriented investments in the business.

Current wording

Selling, general and administrative (“SG&A”) expenses as a percentage of sales were 25.9% and 26.9% for the third quarter and first nine months of 2025, respectively, compared to 25.6% and 27.1% for the third quarter and first nine months of 2024, respectively. The SG&A ratio to sales in the third quarter of 2025 was impacted by growth-oriented investments in the business, including recent acquisitions. The SG&A ratio to sales decreased in the first nine months of 2025 as productivity more than offset growth-oriented investments in the business.

Previous wording

On July 30, 2024, we announced the One Ecolab initiative, which will enhance our growth and margin expansion journey. As a program within this initiative, we also announced that we commenced a restructuring plan to leverage our digital technologies to realign the functional work done in many countries into global centers of excellence. We anticipate restructuring costs of $175 million ($136 million after tax)or $0.47 per diluted share and special charges of $50 million ($39 million after tax)or $0.14 per diluted shareby the end of 2027. We anticipate that the restructuring costs will primarily be cash expenditures for severance costs relating to team reorganization.

Current wording

On July 30, 2024, we announced the One Ecolab initiative, which will enhance our growth and margin expansion journey. As a program within this initiative, we also announced that we commenced a restructuring plan to leverage our digital technologies to realign the functional work done in many countries into global centers of excellence. In September 2025, we expanded the One Ecolab initiative and anticipate restructuring costs of $240 million ($187 million after tax)or $0.66 per diluted share and special charges of $60 million ($47 million after tax)or $0.16 per diluted shareby the end of 2027. We anticipate that the restructuring costs will primarily be cash expenditures for severance costs relating to team reorganization. We also expanded the estimated annualized cost savings to $225 million in continuing operations by 2027. One Ecolab has delivered $79 million of cumulative cost savings.

Previous wording

We recorded restructuring charges of $17.4 million ($13.2 million after tax), or $0.05 per diluted share and $56.8 million ($43.7 million after tax), or $0.15 per diluted share during the second quarter and first six months of 2025, respectively, primarily related to severance. In addition, we recorded non-restructuring special charges of $11.6 million ($8.8 million after tax), or $0.03 per diluted share and $16.4 million ($12.4 million after tax), or $0.04 per diluted share during the second quarter and first six months of 2025, respectively, primarily related to professional services. We have recorded $138.6 million ($106.7 million after tax), or $0.37 per diluted share of cumulative restructuring charges and $40.1 million ($30.3 million after tax), or $0.11 per diluted share of cumulative special charges under the One Ecolab initiative.

Current wording

We recorded restructuring charges of $9.5 million ($7.3 million after tax), or $0.03 per diluted share and $17.4 million ($13.3 million after tax), or $0.05 per diluted share during the third quarter of 2025 and 2024, respectively, and $66.3 million ($51.0 million after tax), or $0.18 per diluted share and $22.7 million ($17.3 million after tax), or $0.06 per diluted share during the first nine months of 2025 and 2024, respectively, primarily related to severance and professional services. In addition, we recorded non-restructuring special charges of $8.2 million ($6.2 million after tax), or $0.02 per diluted share and $7.0 million ($5.2 million after tax), or $0.02 per diluted share during the third quarter of 2025 and 2024, respectively, and $24.6 million ($18.6 million after tax), or $0.06 and $16.2 million ($12.2 million after tax), or $0.04 per diluted share during the first nine months of 2025 and 2024, respectively, primarily related to professional services. We have recorded $148.1 million ($114.0 million after tax), or $0.40 per diluted share of cumulative restructuring charges and $48.3 million ($36.5 million after tax), or $0.13 per diluted share of cumulative special charges under the One Ecolab initiative.

Previous wording

The restructuring liability related to the One Ecolab initiative was $82.1 million and $54.9 million as of June 30, 2025 and December 31, 2025, respectively. The remaining liability is expected to be paid over a period of a few months to several quarters and will continue to be funded from operating activities.

Current wording

The restructuring liability related to the One Ecolab initiative was $64.8 million and $54.9 million as of September 30, 2025 and December 31, 2025, respectively. The remaining liability is expected to be paid over a period of a few months to several quarters and will continue to be funded from operating activities.

Previous wording

In November 2022 we approved a Europe cost savings program and subsequently expanded the program to focus on our Institutional and Healthcare businesses in other regions (the “Combined Program”). The restructuring activities were completed at the end of 2024, with total costs of $184.1 million ($151.5 million after tax), or $0.53 per diluted share. Subsequent to the completion of the Combined Program, we finalized the sale of a facility, resulting in a gain of $12 million ($9.2 million after tax), or $(0.03) per diluted share in the second quarter of 2025.

Current wording

In November 2022 we approved a Europe cost savings program and subsequently expanded the program to focus on our Institutional and Healthcare businesses in other regions (the “Combined Program”). The restructuring activities were completed at the end of 2024, with total costs of $184.1 million ($151.5 million after tax), or $0.53 per diluted share. Subsequent to the completion of the Combined Program, we finalized the sale of a facility, resulting in a gain of $12 million ($9.2 million after tax), or $(0.03) per diluted share in the second quarter of 2025. The Combined Program has delivered our targeted $175 million of annual cost savings.

Previous wording

The net liability related to the Combined Program was $4.4 million and $12.8 million as of June 30, 2025 and December 31, 2024, respectively. The remaining liability is expected to be paid over a period of a few months to several quarters and will continue to be funded from operating activities.

Current wording

The net liability related to the Combined Program was $3.2 million and $12.8 million as of September 30, 2025 and December 31, 2024, respectively. The remaining liability is expected to be paid over a period of a few months to several quarters and will continue to be funded from operating activities.

Previous wording

The restructuring liability balance for all other restructuring plans excluding the Combined Program and One Ecolab was $5.0 million and $6.5 million as of June 30, 2025 and December 31, 2024, respectively.

Current wording

The restructuring liability balance for all other restructuring plans excluding the Combined Program and One Ecolab was $5.6 million and $6.5 million as of September 30, 2025 and December 31, 2024, respectively.

Previous wording

On April 27, 2024, we reached a definitive agreement to sell our global surgical solutions business, which closed on August 1, 2024. We recorded charges of $0.8 million ($0.6 million after tax) or less than $0.01 per diluted share and $2.4 million ($1.8 million after tax) or $0.01 per diluted share in the second quarter and first six months of 2025, respectively, which are primarily related to professional fees to support the sale. We recorded charges of $7.3 million ($3.1 million gain after tax) or $(0.01) per diluted share and $13.3 million ($1.4 million after tax) or $0.01 per diluted share in the second quarter and first six months of 2024, respectively, which are primarily related to professional fees to support the sale.

Current wording

On April 27, 2024, we reached a definitive agreement to sell our global surgical solutions business for total consideration of $950 million, subject to certain working capital and other purchase price adjustments. On August 1, 2024, we closed the sale and received $926 million in cash, after deducting for defined working capital and other purchase price adjustments. For the quarter ended September 30, 2024, we recorded an associated pre-tax gain within Special (Gains) and Charges in the Consolidated Statements of Income of $365.3 million ($264.2 million after tax) or ($0.92) per diluted share, which includes $56.4 million of transaction costs and other adjustments. Excluding the gain on sale, we recorded charges of $3.3 million ($2.5 million after tax) or $0.01 per diluted share and $14.6 million ($11.3 million after tax) or $0.04 per diluted share in the third quarter and first nine months of 2024, respectively, which are primarily related to professional fees to support the sale.

Previous wording

Acquisition and integration related costs reported in special (gains) and charges on the Consolidated Statements of Income include $7.3 million ($5.6 million after tax)or $0.02 per diluted share and $2.3 million ($1.7 million after tax) or less than $0.01 per diluted share in the second quarter of 2025 and 2024, respectively, and $8.8 million ($6.7 million after tax) or $0.02 per diluted share and $4.8 million ($3.6 million after tax or $0.01 per diluted share in the first six months of 2025 and 2024, respectively.

Current wording

Acquisition and integration related costs reported in special (gains) and charges on the Consolidated Statements of Income include $11.0 million ($10.2 million after tax)or $0.04 per diluted share and $3.5 million ($2.7 million after tax) or $0.01 per diluted share in the third quarter of 2025 and 2024, respectively, and $19.8 million ($16.9 million after tax) or $0.06 per diluted share and $8.3 million ($6.3 million after tax) or $0.02 per diluted share in the first nine months of 2025 and 2024, respectively, primarily related to the pending acquisition of Ovivo’s electronics business and the Purolite transaction.

Previous wording

Other special gains recorded in special (gains) and charges on the Consolidated Statements of Income in the second quarter of 2025 and 2024 were $2.0 million ($1.6 million after tax) or less than $0.01 per diluted share and charges of ($4.3 million) ($3.1 million gain after tax) or ($0.01) per diluted share, respectively. Other special gains recorded in special (gains) and charges on the Consolidated Statements of Income in the first six months of 2025 and 2024 were $(11.0 million) ($9.7 million gain after tax) or ($0.04) per diluted share and ($2.7 million) ($2.2 million gain after tax) or ($0.01) per diluted share, respectively, primarily related to the sale of an equity method investment.

Current wording

Other special gains recorded in special (gains) and charges on the Consolidated Statements of Income in the third quarter of 2025 and 2024 were ($2.2 million) ($1.7 million gain after tax) or ($0.01) per diluted share and charges of $3.1 million ($2.3 million after tax) or less than $0.01 per diluted share, respectively. Other special gains recorded in special (gains) and charges on the Consolidated Statements of Income in the first nine months of 2025 and 2024 were ($13.2 million) ($11.4 million gain after tax) or ($0.04) per diluted share and ($8.8 million) ($6.9 million gain after tax) or ($0.02) per diluted share, respectively, primarily related to the sale of an equity method investment.

Previous wording

Our reported operating income increased 8% in both the second quarter and first six months of 2025 versus the comparable periods of 2024. Our reported operating income for 2025 and 2024 was impacted by special (gains) and charges; excluding the impact of special (gains) and charges from 2025 and 2024 reported results, our adjusted operating income increased 10% and 9% in the second quarter and first six months of 2025, respectively.

Current wording

Our reported operating income decreased 27% in the third quarter of 2025 and decreased 9% in first nine months of 2025 versus the comparable periods of 2024. Our reported operating income for 2025 and 2024 was impacted by special (gains) and charges; excluding the impact of special (gains) and charges from 2025 and 2024 reported results, our adjusted operating income increased 10% and 9% in the third quarter and first nine months of 2025, respectively.

Previous wording

As shown in the previous table, foreign currency had a neutral and 2 percentage point negative impact on adjusted operating income growth for the second quarter and first six months of 2025, respectively. Foreign currency had a 2 and 1 percentage point negative impact on adjusted operating income growth for the second quarter and first six months of 2024, respectively.

Current wording

As shown in the previous table, foreign currency had a 1 percentage point positive impact and 1 percentage point negative impact on adjusted operating income growth for the third quarter and first nine months of 2025, respectively. Foreign currency had a 2 and 1 percentage point negative impact on adjusted operating income growth for the third quarter and first nine months of 2024, respectively.

Previous wording

Reported other (income) expense increased to ($13.0) million from ($12.6) million in the second quarter of 2025 compared to the second quarter of 2024, respectively, and increased to ($26.0) million from ($25.2) million in the first six months of 2025 compared to the first six months of 2024, respectively.

Current wording

Reported other (income) expense decreased to ($12.8) million from ($12.9) million in the third quarter of 2025 compared to the third quarter of 2024, respectively, and increased to ($38.8) million from ($38.1) million in the first nine months of 2025 compared to the first nine months of 2024, respectively.

Previous wording

Reported net interest expense was $63.2 million and $78.8 million in the second quarter of 2025 and 2024, respectively, and $121.5 million and $150.4 million in the first six months of 2025 and 2024, The decrease in net interest expense reflects the impact from lower interest rates and a higher cash balance.

Current wording

Reported net interest expense was $55.3 million and $70.4 million in the third quarter of 2025 and 2024, respectively, and $176.8 million and $220.8 million in the first nine months of 2025 and 2024. The decrease in net interest expense reflects the impact from lower interest rates and a higher cash balance.

Previous wording

Our reported tax rate was 19.9% and 16.2% for the second quarter of 2025 and 2024, respectively, and 20.1% and 13.1% for the first six months of 2025 and 2024, respectively. The change in our tax rate for the second quarter and first six months versus the comparable periods of 2024 was driven primarily by discrete tax items and special (gains) and charges. The change in our tax rate includes the tax impact of special (gains) and charges and discrete tax items, which have impacted the comparability of our historical reported tax rates, as amounts included in our special (gains) and charges are derived from tax jurisdictions with rates that vary from our tax rate, and discrete tax items are not necessarily consistent across periods. The tax impact of special (gains) and charges and discrete tax items will likely continue to impact comparability of our reported tax rate in the future.

Current wording

Our reported tax rate was 17.8% and 25.0% for the third quarter of 2025 and 2024, respectively, and 19.2% and 18.9% for the first nine months of 2025 and 2024, respectively. The change in our tax rate for the third quarter and first nine months versus the comparable periods of 2024 was driven primarily by discrete tax items and special (gains) and charges. The change in our tax rate includes the tax impact of special (gains) and charges and discrete tax items, which have impacted the comparability of our historical reported tax rates, as amounts included in our special (gains) and charges are derived from tax jurisdictions with rates that vary from our tax rate, and discrete tax items are not necessarily consistent across periods. The tax impact of special (gains) and charges and discrete tax items will likely continue to impact comparability of our reported tax rate in the future.

Previous wording

We recognized net tax benefits related to discrete tax items of $5.0 million and $5.5 million in the second quarter and first six months of 2025, respectively. This included a tax benefit of $2.6 million and $9.9 million in the second quarter and first six months of 2025, respectively, associated with share-based compensation excess tax benefits. The remaining net tax benefit of $2.4 million and net tax expense of $4.4 million in the second quarter and first six months of 2025, respectively, is from the filing of foreign tax returns, audit settlements, unrecognized tax benefits, and other changes in estimates.

Current wording

We recognized net tax benefits related to discrete tax items of $16.3 million and $21.8 million in the third quarter and first nine months of 2025, respectively. This included a tax benefit of $2.7 million and $12.6 million in the third quarter and first nine months of 2025, respectively, associated with share-based compensation excess tax benefits. The remaining net tax benefit of $13.6 million and $9.2 million in the third quarter and first nine months of 2025, respectively, was from the filing of tax returns, audit settlements, unrecognized tax benefits, and other changes in estimates.

Previous wording

We recognized net tax benefits related to discrete tax items of $10.3 million and $58.5 million in the second quarter and first six months of 2024, respectively. This included a tax benefit of $41.9 million in the first six months of 2024, associated with transferring certain intangible property between affiliates and $3.7 million and $12.3 million in the second quarter and first six months of 2024, respectively, associated with share-based compensation excess tax benefits. The remaining net benefit of $6.6 million and $4.3 million in the second quarter and first six months of 2024, respectively, is from other income tax adjustments including the impact of changes in tax laws, audit settlements, unrecognized tax benefits and other changes in estimates.

Current wording

We recognized net tax expense related to discrete tax items of $15.8 million and net tax benefit of $42.7 million in the third quarter and first nine months of 2024, respectively. This included a tax benefit of $41.9 million in the first nine months of 2024, associated with transferring certain intangible property between affiliates and $3.3 million and $15.6 million in the third quarter and first nine months of 2024, respectively, associated with share-based compensation excess tax benefits. The remaining net tax expense of $19.1 million and $14.8 million in the third quarter and first nine months of 2024, respectively, was from other income tax adjustments including the impact of provision to return adjustments, changes in tax laws, audit settlements, unrecognized tax benefits and other changes in estimates.

Previous wording

On July 4, 2025, the One Big Beautiful Bill Act (“OBBBA”) was enacted in the U.S. The OBBBA includes significant provisions, such as permanent extension of certain expiring provisions of the Tax Cuts and Jobs Act, modifications to the international tax framework and the restoration of favorable tax treatment for certain business provisions. The legislation has multiple effective dates, with certain provisions effective in 2025 and others implemented through 2027. We are currently assessing its impact on our consolidated financial statements.

Current wording

On July 4, 2025, the One Big Beautiful Bill Act (“OBBBA”) was enacted in the U.S. The OBBBA includes significant provisions, such as permanent extension of certain expiring provisions of the Tax Cuts and Jobs Act, modifications to the international tax framework and the restoration of favorable tax treatment for certain business provisions. The legislation has multiple effective dates, with certain provisions effective in 2025 and others implemented through 2027. An estimate of the financial impact has been included in operating results as of September 30, 2025. The OBBBA did not have a material impact to our income tax expense.

Previous wording

The Organization for Economic Co-operation’s (“OECD”) global minimum tax regime (“Pillar Two”) is effective in certain countries where we operate. As such, an estimate of Pillar Two tax has been considered within the provision for income taxes. We continue to monitor these legislative developments, but we do not anticipate material impacts to the 2025 financial statements.

Current wording

The Organization for Economic Co-operation’s (“OECD”) global minimum tax regime (“Pillar Two”) is effective in certain countries where we operate. As such, an estimate of Pillar Two tax has been considered within the provision for income taxes. We continue to monitor these legislative developments, but based on information available we do not anticipate material impacts to the 2025 financial statements.

Previous wording

Currency translation had a favorable impact of approximately $0.01 and an unfavorable impact of approximately ($0.05) per share on diluted EPS for the second quarter and first six months of 2025, respectively, when compared to the comparable period of 2024.

Current wording

Currency translation had a favorable impact of approximately $0.04 and an unfavorable impact of approximately ($0.01) per share on diluted EPS for the third quarter and first nine months of 2025, respectively, when compared to the comparable period of 2024.

Previous wording

Fixed currency net sales and operating income for the second quarter and first six months of 2025 for our reportable segments are shown in the following tables:

Current wording

Fixed currency net sales and operating income for the third quarter and first nine months of 2025 for our reportable segments are shown in the following tables:

Previous wording

Unless otherwise noted, the following segment performance commentary compares the second quarter and first six months of 2025 against the second quarter and first six months of 2024.

Current wording

Unless otherwise noted, the following segment performance commentary compares the third quarter and first nine months of 2025 against the third quarter and first nine months of 2024.

Previous wording

Fixed currency sales increased 2% and 3% for the second quarter and first six months of 2025, respectively, including a benefit from the acquisition of Barclay Water Management. Organic sales for Global Water increased 2% in both the second quarter and first six months of 2025 driven by growth in Light & Heavy and Food & Beverage.

Current wording

Fixed currency sales increased 3% in both the third quarter and first nine months of 2025. Organic sales for Global Water increased 2% in both the third quarter and first nine months of 2025 driven by growth in Light & Heavy and Food & Beverage.

Previous wording

Light & Heavy organic sales increased 2% in both the second quarter and first six months of 2025 driven by double-digit growth in high-tech and solid manufacturing sales growth, which more than offset continued soft end-market demand in basic industries and mining. High-tech reported strong double-digit sales growth driven by data centers and microelectronics. Manufacturing reported solid growth driven by food & beverage. Downstream reported good growth in North America, partially offset by softer sales in international regions. Basic Industries sales modestly declined as further new business wins were more than offset by continued soft end-market demand in primary metals and chemicals. Food ​& Beverage organic sales increased 3% and 2% in the second quarter and first six months of 2025, respectively, driven by value pricing and new business wins. Paper organic sales decreased 3% and 2% in the second quarter and first six months of 2025, respectively, as continued new business wins were offset by softer customer production rates.

Current wording

Light & Heavy organic sales increased 2% in both the third quarter and first nine months of 2025 driven by double-digit growth in high-tech and accelerating manufacturing sales growth, which more than offset continued soft end-market demand in basic industries. High-tech reported strong double-digit sales growth driven by data centers and microelectronics. Manufacturing reported accelerating growth driven by food & beverage. Downstream reported stable sales in North America, offset by softer sales in international regions. Basic Industries sales modestly declined as further new business wins were more than offset by continued soft end-market demand. Food ​& Beverage organic sales increased 4% and 3% in the third quarter and first nine months of 2025, respectively, driven by new business wins and value pricing. Paper organic sales decreased 4% and 2% in the third quarter and first nine months of 2025, respectively, as continued new business wins were offset by softer customer production rates.

Previous wording

Organic operating income and organic operating income margins increased for Global Water in the second quarter and first six months of 2025.

Current wording

Organic operating income and organic operating income margins increased for Global Water in the third quarter and first nine months of 2025.

Previous wording

Fixed currency sales declined 2% and 3% in the second quarter and first six months of 2025, respectively, due to the sale of Ecolab’s global surgical solutions business, which was sold in the third quarter of 2024. Organic sales for Global Institutional & Specialty increased 4% in both the second quarter and first six months of 2025 with growth in both operating segments.

Current wording

Fixed currency sales increased 1% and declined 1% in the third quarter and first nine months of 2025, respectively, due to the sale of Ecolab’s global surgical solutions business, which was sold in the third quarter of 2024. Organic sales for Global Institutional & Specialty increased 4% in both the third quarter and first nine months of 2025 with growth in both operating segments.

Previous wording

At an operating segment level, Institutional organic sales increased 3% and 4% in the second quarter and first six months of 2025, respectively, as mid-single digit growth in sales to hospitality customers was partially offset by modestly lower sales to hospitals. Specialty organic sales increased 4% in both the second quarter and first six months of 2025 reflecting strong growth, partially offset by an unfavorable impact from non-strategic, low margin business exits.

Current wording

At an operating segment level, Institutional organic sales increased 3% in both the third quarter and first nine months of 2025, as growth in sales to hospitality customers was partially offset by modestly lower sales to hospitals. Specialty organic sales increased 7% and 5% in the third quarter and first nine months of 2025, respectively, reflecting strong growth, partially offset by an unfavorable impact from non-strategic, low margin business exits.

Previous wording

Organic operating income and organic operating income margin increased in the second quarter and first six months of 2025 for our Global Institutional & Specialty segment.

Current wording

Organic operating income and organic operating income margin increased in the third quarter and first nine months of 2025 for our Global Institutional & Specialty segment.

Previous wording

Fixed currency sales increased 7% in both the second quarter and first six months of 2025 reflecting a benefit from attractive, targeted acquisitions in North America. Organic sales for Global Pest Elimination increased 6% in both the second quarter and first six months of 2025 driven by gains in food & beverage, restaurants, and healthcare.

Current wording

Fixed currency sales increased 7% in both the third quarter and first nine months of 2025 reflecting a benefit from attractive, targeted acquisitions in North America. Organic sales for Global Pest Elimination increased 6% in both the third quarter and first nine months of 2025 driven by gains in food & beverage, restaurants, and healthcare.

Previous wording

Organic operating income increased and remained flat for Global Pest Elimination in the second quarter and first six months of 2025, respectively. Organic operating income margins decreased for Global Pest Elimination in the second quarter and first six months of 2025.

Current wording

Organic operating income increased for Global Pest Elimination in the third quarter and first nine months of 2025, respectively. Organic operating income margin increased in the third quarter of 2025 and decreased in the first nine months of 2025.

Previous wording

Organic operating income margins decreased 1.0 percentage points during the second quarter of 2025, as the 2.4 percentage point positive impact from value pricing was more than offset by the 3.2 percentage point impactof strategic investments in the business. Organic operating income margins decreased 0.9 percentage points during the first six months of 2025, as the 3.6 percentage point positive impact from value pricing and higher volumes was more than offset by the 4.2 percentage point impact of strategic investments in the business.

Current wording

Organic operating income margins increased 0.8 percentage points during the third quarter of 2025, as the 3.9 percentage point positive impact from value pricing and higher volumes were partially offset by the 2.8 percentage point impactof investments in the business. Organic operating income margins decreased 0.3 percentage points during the first nine months of 2025, as the 3.7 percentage point positive impact from value pricing and higher volumes was more than offset by the 3.6 percentage point impact of investments in the business.

Previous wording

Fixed currency and organic sales for Global Life Sciences increased 4% in both the second quarter and first six months of 2025, respectively, driven by new business wins and progressively improving industry trends.

Current wording

Fixed currency and organic sales for Global Life Sciences increased 6% and 5% in the third quarter and first nine months of 2025, respectively, driven by new business wins and progressively improving industry trends. Continued growth in bioprocessing and pharmaceutical & personal care overcame ongoing capacity constraints within Life Sciences’ industrial water purification business.

Previous wording

Organic operating income and organic operating income margins increased in the second quarter and first six months of 2025 for our Global Life Sciences segment.

Current wording

Organic operating income and organic operating income margins increased in the third quarter and first nine months of 2025 for our Global Life Sciences segment.

Previous wording

Total assets were $23.7 billion as of June 30, 2025 and $22.4 billion as of December 31, 2024.

Current wording

Total assets were $23.9 billion as of September 30, 2025 and $22.4 billion as of December 31, 2024.

Previous wording

Total liabilities were $14.4 billion as of June 30, 2025, compared to total liabilities of $13.6 billion as of December 31, 2024. Total debt was $8.2 billion as of June 30, 2025 and $7.6 billion as of December 31, 2024. See further discussion of our debt activity within the “Liquidity and Capital Resources” section of this MD&A.

Current wording

Total liabilities were $14.2 billion as of September 30, 2025, compared to total liabilities of $13.6 billion as of December 31, 2024. Total debt was $8.1 billion as of September 30, 2025 and $7.6 billion as of December 31, 2024. See further discussion of our debt activity within the “Liquidity and Capital Resources” section of this MD&A.