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UL Solutions UL SOLUTIONS INC . • AUGUST 2026 Investor presentation
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2 DisclaimerThis presentation and related discussion are being presented by UL Solutions Inc. (“UL Solutions,” the “Company,” “we,” “us” and “our”) solely for informational purposes. This presentation and accompanying statements contain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical facts contained in this presentation may be forward-looking statements. These include statements regarding the Company’s business strategy, growth opportunities, capital allocation priorities and expected financial performance, including statements regarding the Company’s expectations with respect to the previously announced expense reduction initiative (the “Restructuring Plan”), the payment of quarterly dividends and other potential capital return opportunities, the Company’s acquisitions, divestitures and other strategic transactions (including the Company’s proposed acquisition of Eurofins Scientific’s Electrical and Electronics business (the “E&E Transaction”)), including statements regarding the expected timing and closing of the E&E Transaction, required regulatory approvals, expected financing sources, projected standalone revenue of the acquired business, expected synergies, expected transaction multiple, expected accretion to Adjusted Diluted EPS, integration plans, strategic rationale and other expected benefits. In some cases, you can identify forward-looking statements by terms such as “may,” “will,” “should,” “would,” “likely,” “expects,” “plans,” “anticipates,” “could,” “intends,” “targets,” “projects,” “contemplates,” “believes,” “estimates,” “predicts,” “potential,” “continues,” “outlook” and variations of these terms and similar expressions, or the negative of these terms or similar expressions (although not all forward-looking statements may contain such words). There are or will be important factors that could cause the Company’s actual results to differ materially from those expressed or implied by the forward-looking statements made in this presentation, including, but not limited to, the following: any failure on the Company’s part to protect and maintain its brand and reputation, or the impact on its brand or reputation of third-party events or actions outside of its control; risks associated with the Company’s information technology and software, including those relating to any future data breach or other cybersecurity incident; the potential disruption of the industries in which the Company operates by technological advances in artificial intelligence; the Company’s ability to innovate, adapt to changing customer needs and successfully introduce new products and services in response to changes in the Company’s industries and technological advances; the Company’s ability to compete in its industries and the effects of increased competition from its competitors; risks associated with conducting business outside the United States, including those relating to fluctuations in foreign currency exchange rates; the imposition of tariffs and enhanced trade, import or export restrictions or changes in U.S. trade policy or similar government actions; and global, regional or political instability and geopolitical tensions; risks related to sustainability; risks associated with the Company’s operations in China, which subject the Company and UL-CCIC Company Limited, the Company’s joint venture with the China Certification & Inspection (Group) Co., Ltd. (“CCIC”), to China’s complex and rapidly evolving laws, which may be interpreted, applied or enforced inconsistently or in ways inconsistent with its current operations, as well as risks associated with the fact that the Chinese government has the power to exercise significant oversight and discretion over, and intervene in and influence, its business operations in China; the relationship between the United States and China and between the Company and CCIC, as well as changes in U.S. and Chinese regulations affecting the Company’s business operations in China; any failure on the Company’s part to attract, hire or retain its key employees, including its senior leadership and its skilled and trained engineering, technical and professional personnel; the level of the Company’s customers’ satisfaction and any failure on its part to properly and timely perform its services, meet its contractual obligations or fulfil its customers’ needs; changes to the relevant regulatory frameworks or private sector requirements, including any requirement that the Company accept third-party test results or certifications of components, end products, processes or systems or any changes that result in a reduction in required inspections, tests or certifications or harmonized international or cross-industry benchmarks and standards; the Company’s ability to adequately maintain, protect and enhance its intellectual property, including its registered UL-in-a-circle certification mark and other certification marks; the Company’s ability to implement its growth strategies and initiatives successfully; the Company’s reliance on third parties, including subcontractors and outside laboratories; the Company’s ability to obtain and maintain the requisite licenses, approvals, accreditations and delegations of authority necessary to conduct its business; the outcomes of current and future legal proceedings; the Company’s level of indebtedness and future cash needs; failure to generate sufficient cash to service the Company’s indebtedness; a change in the assumptions the Company uses to value its goodwill or intangible assets, or the impairment of its goodwill or intangible assets; the Company’s ability to generate sufficient cash to service its indebtedness and invest in the ongoing needs of its business; the increased expenses and responsibilities associated with being a public company; the significant influence that ULSE Inc., its parent and controlling stockholder, has over the Company, including pursuant to its rights under the Company’s amended and restated certificate of incorporation and the Stockholder Agreement with ULSE Inc.; natural disasters and other catastrophic events, including pandemics and the rapid spread of contagious illnesses; changes in tax laws in jurisdictions in which the Company operates or adverse outcomes resulting from examination of the Company's or its affiliates' tax returns; risks that the Company may be unable to implement the Restructuring Plan on the anticipated timing, that local law and consultation requirements, including for potential position eliminations, extends the restructuring process further in certain countries or causes the actual charges and expenditures that the Company incurs in connection with the Restructuring Plan, and the timing thereof, to differ materially from estimates, that the Company may incur other charges or cash expenditures not currently contemplated due to unanticipated events that may occur, including in connection with the implementation of the Restructuring Plan, and that the Company may not be able to realize the anticipated benefits of the Restructuring Plan; the occurrence of any event, change, or other circumstance that could give rise to the termination of the proposed transaction with Eurofins Scientific SE (the “E&E Transaction”) and the payment of a break fee; the possibility that one or more closing conditions to the E&E Transaction, including the receipt of certain regulatory approvals, may not be satisfied or waived, in a timely manner or at all, including the risk that a governmental entity may prohibit, delay, or refuse to grant approval for the consummation of the E&E Transaction, or may require conditions, limitations, or restrictions in connection with such approvals; the risk that the E&E Transaction may not be completed within the expected timeframe, or at all; unexpected costs, charges or expenses resulting from the E&E Transaction; uncertainty regarding the expected financial performance following completion of the E&E Transaction; the Company’s ability to achieve its short-term and long-term operating targets following completion of the E&E Transaction; the effects that the announcement or pendency of the E&E Transaction may have on the Company; the acquired business’ and the Company’s respective businesses and ability to retain and hire key personnel and maintain relationships with customers, suppliers and others with whom the acquired business or the Company do business; the effects that termination of the E&E Transaction may have on the Company or its business; failure to successfully complete the E&E Transaction; legal proceedings that may be instituted related to the E&E Transaction; the Company’s ability or failure to successfully integrate the acquired business with existing operations; and the Company’s ability to realize anticipated synergies or obtain the results anticipated; and other factors discussed in the Company's filings with the Securities and Exchange Commission (the “SEC”), including those set forth under “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in Part II, Item 7 of the Company’s Annual Report on Form 10-K for the year ended December 31, 2025 (the "Annual Report") and under “Risk Factors” in Part I, Item 1A of the Annual Report, as well as other factors described from time to time in the Company's filings with the SEC. Changes in such assumptions or factors could produce materially different results. The information contained in this presentation is as of the date indicated. Except as otherwise required by law, the Company assumes no obligation to publicly update or review any forward-looking statements contained in this presentation, whether as a result of new information, future developments or otherwise. Certain information contained in this presentation and oral statements made during this presentation relate to or are based on estimates regarding market and industry data that the Company prepared based on management’s knowledge and estimates, together with information obtained from publicly available resources, other third-party sources, the Company’s customers and other contacts in the markets in which the Company operates. Management’s estimates are derived in part from third-party sources and data from the Company’s internal research. In presenting market and industry data in this presentation, management has made certain assumptions that it believes to be reasonable based on the data available to the Company and other sources, as well as on management’s knowledge of, and experience to date in, the industry and markets in which the Company operates. Projections, assumptions and estimates of the present or future, as applicable, performance of the industry in which the Company operates and the Company’s future performance are necessarily subject to uncertainty and risk due to a variety of factors. These and other factors could cause results to differ materially from those expressed in the estimates made by third-party sources and by management. All amounts in this presentation are in USD unless otherwise stated. All trademarks and logos depicted in this presentation are the property of their respective owners and are displayed solely for purposes of illustration. Such use should not be construed as an endorsement of the products or services of the Company.Non-GAAP measuresIn addition to financial measures based on accounting principles generally accepted in the United States of America ("GAAP"), this presentation includes supplemental non-GAAP financial information. Management uses non-GAAP measures in addition to GAAP measures to understand and compare operating results across periods and for forecasting and other purposes, including Adjusted EBITDA, Adjusted EBITDA margin, Total Debt/Adjusted EBITDA, Adjusted Net Income, Adjusted Net Income margin, Adjusted Diluted Earnings Per Share, Free Cash Flow and Free Cash Flow margin. Management believes these non-GAAP measures provide useful information to investors and reflect results in a manner that enables, in some instances, more meaningful analysis of trends and facilitates comparison of results across periods. These non-GAAP financial measures have no standardized meaning presented in GAAP and may not be comparable to other similarly titled measures used by other companies due to potential differences between the companies in calculations. The use of these non-GAAP measures has limitations and they should not be considered as substitutes for measures of financial performance and financial position as prepared in accordance with GAAP. Reconciliations and definitions of each non-GAAP measure are included in the appendix to this presentation.
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Global leadership built over 132 years 3 Mission-driven growth company in the fragmented testing, inspection and certification industry. Dedication to applied safety science and sustainability underpins our reputation as a trusted partner.Long-term customer relationships — supported by disciplined account management and reinforced by our robust business model and iconic UL Mark — provide recurring revenue streams. Global scale and operating leverage drive opportunities to expand margins. Healthy balance sheet and disciplined capital allocation strategy supports organic and inorganic growth, targeting best-in-class shareholder returns. 01 02 03 04 05
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4 Our iconic UL Markis recognizedworldwide•More than a century of trust – UL Mark introduced in 1906•Adaptive and scalable – Portfolio evolves with markets and customers•Global reach – Billions of industrial and consumer products carry the UL Mark•Recurring model – Certification testing plus ongoing certification services “UL is a premium Mark … They have the experts in the field who really understand what the right tests and requirements look like. We all become better educated because of this.”-Small appliances customer, North America
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49%43% 8% UL Solutions at a glance 5 92% IndustrialConsumerR&C SoftwareTIC Segments5 41% 25%17%13%4% U.S.China7Europe, Middle East and AfricaAsia PacificOther Americas Customer geographies6 1.As part of the nonprofit Underwriters’ Electrical Bureau, a predecessor to Underwriters Laboratories and UL Solutions2.As of Dec. 31, 20253.Organic, Acquisition / Divestiture and FX are used throughout this presentation to explain the change in revenue and certain other metrics for a given period. Refer to definitions in the Appendix4.Adjusted EBITDA, Adjusted EBITDA margin, Total Debt/Adjusted EBITDA, Adjusted Net Income, Adjusted Net Income margin, Adjusted Diluted Earnings Per Share, Free Cash Flow and Free Cash Flow margin are non-GAAP measures that are used throughout this presentation. Refer to the Appendix for definitions and reconciliations to the most directly comparable GAAP financial measures5.Segments realigned and Software and Advisory segment renamed Risk & Compliance (R&C) Software as of Jan. 1, 20266.Revenue by geography shows breakdown by customer location7.Represents revenue from Greater China — mainland China, Hong Kong and Taiwan Revenue breakdown (2025)üA leading global business services company focused on independent testing, inspection and certification (TIC)üDedicated to safety science since 18941üStrong brand recognition and differentiation through engineering and safety sciencesüMore than 14,500 employees in 145 locations globally2üThe UL Mark is recognized as one of the most iconic symbols of safety in the world $3.1B2025 Revenue +6.2%2025 Organic3 $792M2025 Adjusted EBITDA4
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Integrated service portfolio attractive to customers 6 We have a high percentage of recurring revenue and a differentiated value proposition. 28%33%30%9%SoftwareNon-certification testing and other servicesOngoing certification servicesCertification testingSoftware as a service (SaaS) and licensed tools for product compliance, supply chain risk and sustainability Performance and specialized testing across wireless, electromagnetic compatibility (EMC), wind energy and consumer products Inspections, monitoring and labeling to protect UL Mark integritySafety certification and testing to industry standards and regulatory requirements Note: Percentage of revenue based on fiscal year ended Dec. 31, 2025
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We are a globalleader 7 #1 product TIC market share (by revenue)1 7% 27%66% Global TIC market ~$142BInsourced TIC(product and nonproduct) ~$61BNonproduct TIC ~$38BProduct TIC ~$240B UL SolutionsNext top 10All others $38B Global product TIC market Source: 2022 market data based on UL Solutions estimates1. Outsourced product TIC market
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UL Solutions differentiates with our global accreditations and service portfolio 8 StandardsLeadership positions in national, regional and international standards bodies, leading to testing of over 4,000 standards AccreditationsBroad and global portfolio of more than 650 technical accreditations across 28 countries that help us maintain our commitment to integrity and technical competencies ServicesOver 350 independent third-party conformity assessment services delivered globally at scale Note: As of Dec. 31, 2025 We help our customers navigate the complexities of global requirements
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Megatrends driving growth 9 Energy transition New mobility Sustainability Digitization and AI Supply chain risks Regulatory compliance
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Industrial segment overview1 10 Energy and automationPower, automation and electrical products, renewable energy, and large batteries used in industrial, energy, utility and automotive applications MaterialsWire, cable and plastics used in industrial and consumer electrical products and the built environment Building productsBuilding materials and life safety and security products used in the built environment Advisory1Global services that help manage complex regulatory requirements and operationalize sustainability. Moved to the Industrial segment in 2026. 1.Refer to the appendix for segment historical financial recast. 2025 Adjusted EBITDA marginH1 2026 Organic revenue growth7.7%2025 Organic revenue growth7.6%49%UL Solutions 2025 Revenue2025 RevenueH1 2026 Adjusted EBITDA margin32.6%
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Consumer segment overview1 11 Consumer technologyConsumer electronics, IT equipment, medical devices and components such as rechargeable batteries and power supplies Critical systems and softwareSoftware Intensive Systems embedded in the automotive, medical device, aerospace/defense, and transportation industries Appliances, HVAC and lightingAppliances, HVAC equipment, lighting products, and components such as motors, switches and controls RetailConsumer products, including hardlines, softlines and health, beauty and wellness products sold through traditional and online retailers 1.Refer to the appendix for segment historical financial recast. 2025 Adjusted EBITDA margin 43%UL Solutions 2025 Revenue2025 Revenue 2025 Organic revenue growth4.8%H1 2026 Organic revenue growth4.7% H1 2026 Adjusted EBITDA margin19.4%
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Risk & ComplianceSoftware segment overview1 12 Product complianceEnsure products meet regulatory, safety, and quality requirements across the product lifecycle, reducing risk and enabling market access. Supply chain risk managementCollect, validate and analyze product and supplier data across supply chain networks, enabling transparency, compliance, and resiliency. SustainabilityMeasure, manage, and improve sustainability performance across operations and supply chains, supporting compliance and enterprise decision-making. 1.Segments realigned and Software and Advisory segment renamed Risk & Compliance (R&C) Software as of Jan. 1, 2026. Refer to the appendix for segment historical financial recast. ULTRUS®software portfolioComplementary software solutions that extend the value of TIC services enabling innovation, compliance, sustainability and risk management for UL Solutions’ global manufacturing customers 2025 Adjusted EBITDA margin 8%UL Solutions 2025 Revenue2025 Revenue 2025 Organic revenue growth6.3%H1 2026 Organic revenue growth4.8% H1 2026 Adjusted EBITDA margin26.5%
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Robust and resilient financial model 13 Strong base of recurring revenue•Essential nature of our services drives stable, predictable revenue streams that are resilient across economic cycles•Ongoing certification services and SaaS are generally recurring•98% customer retention in 2025 for our 500 largest customers since 20211 High-quality revenue growth•Fueled by Organic growth via new technology, product innovation, pricing leverage and acquisitions•56 acquisitions from 2010 to 2025 to supplement strong organic drivers•Long-tenured customers and strong repeat revenue base – Roughly 60% ofFortune 500 and Global500 companies1 Strong free cash flow generation•Consistent and attractive operating margins•Tight working capital management and tax planning•Disciplined approach to capital allocation•Attractive investment opportunities for capital deployment Healthy balance sheet•Conservative leverage profile provides flexibility and capacity for strategic investment•Strong liquidity position through cash and revolving credit facility•Investment-grade ratings from third-party agencies; total debt/adjusted EBITDA2 is 0.6x 1.Customer data as of Dec. 31, 2025. Customer retention in 2025 for the 500 largest customers by revenue since 20212.Reflects total debt of $494 million divided by Adjusted EBITDA of $792 million as of Dec. 31, 2025
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Compelling financial performance 14 2025 Revenue20111 to 2025Total revenue CAGR 2025 Organic revenue growth locationsAcross more than 35 countries2 ScaleGrowth 2025 Free Cash Flow 2025 Free Cash Flow margin Free Cash Flow 1.Revenue for 2011 includes $81 million for UL-CCIC Company Limited, a joint venture interest of UL Solutions that was originally reported using the equity method of accounting2.As of Dec. 31, 2025 Profitability 2025 Adjusted Net Income13.9%2025 Adjusted Net Income margin 2025 Adjusted EBITDA25.9%2025 Adjusted EBITDA margin customersAcross 35 industry verticals
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Exceptional financial momentumA durable, cash-generative growth profile•Long-term stable recurring revenue streams•Attractive organic and total growth•Strong profitability•Significant, durable Free Cash Flow 15 $1,208 $1,437 $1,580 $1,649 $1,691$1,829$2,037$2,242$2,315$2,301$2,517$2,520$2,678$2,870$3,053 $429$547$563$656$792 201120122013201420152016201720182019202020212022202320242025 Consistent revenue growth at attractive margins$ in millions Free Cash Flow$314$208$252$287$403Adj. EBITDA margin17.0%21.7%21.0%22.9%25.9%Organic7.5 %2.7%26.5%8.7%6.2%Total revenue growth9.4 %0.1%26.3%7.2%6.4% Adj. EBITDA 1.Revenue for 2011 includes $81 million for UL-CCIC Company Limited, a joint venture interest of UL Solutions that was originally reported using the equity method of accounting2.Revenue growth in 2022 affected by revenue recognition change in estimate of (0.9)% 20111 CAGR: 6.8%
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Capital allocation strategy prioritizing growth and relevance 16 Reinvest in the business•Organic capital expenditure to support innovation, productivity and top-line growth•Disciplined mergers and acquisitions (M&A) intended to enhance our capabilities or to extend our footprint to serve customers’ evolving needs Maintain strong balance sheet•Conservative leverage consistent withinvestment-grade credit ratings•Strong liquidity positions with committed, unused revolving credit facility capacity and cash Return capital to shareholders1•Intend to pay regular quarterly dividends(most recent $0.145/share)•May consider share repurchases to offset dilution Capital allocation priorities Investment-grade credit ratings and conservative target leverage 1.Any future dividends or share repurchases are subject to board approval, capital availability, applicable law, contractual restrictions and covenants, and the Company’s Charter and Stockholder Agreement. The Company cannot provide assurance that it will continue to declare dividends or repurchase shares in any particular amounts, or at all.
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Growth strategy anchored in three key elements 17 Pursue organic opportunities•Increase existing and new customer wallet share•Expand presence in new and existing markets to address customer needs•Develop innovative offeringsfueled by tailwinds such as sustainability Expand margin through innovation•Automate and digitize work that provides innovation in customer services and operations•Increase utilization of people and assets•Simplify and standardize processes and metrics Be the acquirer of choice•Continue proven, value-enhancing track record of tuck-ins•Selectively pursue M&A that expands service offerings into adjacent verticals, markets or technologies •Commit capital that supports targets’ long-term post-acquisition growth plans Proven results Increasing productivity Accelerated growth
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Acquisitions are a keylever for our growth 18 •More than $1.3B deployed toward 56 acquisitions from 2010 to 2025•Acquisitions executed at attractive multiples in critical end markets•Dedicated team of M&A professionals focused on sourcing, evaluation and execution•Robust integration practice with acquired businesses typically integrated within 12 months Acquisitions since 20101 Select acquisitions Adjacencies Platform additions Quality Assurance Tuck-in acquisitions R&C Software11Consumer28Industrial17 Note: As of Jun. 30, 2026.1.Segments realigned, Advisory moved to the Industrial segment, and Software and Advisory segment renamed Risk & Compliance (R&C) Software, as of Jan. 1, 2026.
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Financial trajectory since April 2024 IPO 191.The "Financial Targets at IPO" were made as of the Company's initial public offering of its Class A common stock in 2024 and were provided during the road show in connection therewith. Such previously provided targets are included herein solely for comparison purposes and do not represent, and shall not be deemed to be, additional guidance or reaffirmation of such targets. Financial targets at IPO12025 ResultsOrganic revenue growth~5%-6%6.2%Adjusted EBITDA margin> 24%25.9%Capex % revenue~6%-8%6.5%Free Cash Flow margin> 10%13.2%
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20 Q2 2026 HighlightsStrong quarter with continued Adjusted EBITDA marginexpansion fueled by revenue growth and productivity improvements 5.2%Revenue growth 6.6%Organic 26.8%Adjusted EBITDA margin +140Basis points $0.59Adjusted Diluted Earnings Per Share 13.5%Increase
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Q2 2026 Revenue +6.6% Organic 21 $ in millions +5.2%+6.6%
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Q2 Adjusted EBITDA margin increased 140 bps 22 $ in millions% Adjusted EBITDA margin 22.8% 26.0% 25.4% 26.8%
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Q2 Adjusted Diluted Earnings Per Share +13.5% 23 11.3% 14.5% 1.Other includes FX and change in diluted shares. 1
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LTM1Cash FlowLTM1Free Cash Flow•Generated Free Cash Flow of $436M2, an increase of $72M, 19.8% •Benefited from strong business performance•Invested 7.7%2of revenue in capital expenditures $ in millions LTM Q2 2025 1.Last twelve months.2.Last twelve months ended June30, 2026. LTM Q2 2026 Operating Cash FlowCapital ExpendituresFree Cash Flow 24 Free Cash Flow margin12.3%13.9%
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2026 portfolio management activities 25 Eurofins E&E acquisition1•Transaction value of ~€575M•~14.5x synergized2 estimated 2026 EBITDA3 •Expected to close in Q4 2026•~45% of the purchase price is anticipated to be funded through our portfolio management activities EHS software sale•Transaction proceeds of ~$202M•Closed on April 1, 2026 DQS sale1•Transaction proceeds of ~€105M expected •Expected to close in the second half of 2026 1.The transaction is subject to regulatory approvals and other customary closing conditions.2.Including run-rate net cost synergies expected to be realized within three years following closing of the transaction excluding intangible amortization and integration costs.3.EBITDA multiple represents E&E enterprise value, as of August 31, 2025, divided by projected 2026 E&E earnings (inclusive of run-rate net cost synergies) before interest expense, income tax expense, depreciation expense and amortization expense, further adjusted to exclude other expense (income), stock-based compensation expense, transaction fees and integration costs directly related to the E&E acquisition, and adjusted to remove historical cost allocations from the seller and to reflect estimated incremental costs of the business. The Company cannot provide a reconciliation for synergized estimated 2026 EBITDA because the Company cannot predict, without unreasonable effort, the timing and amount of reconciling items for certain components of net income. This forecasted item is not within the Company’s control, may vary greatly between periods and could significantly impact future financial results.
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Appendix 26
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Announced Eurofins E&E transaction 27 Eurofins E&E overview•Acquiring Eurofins Scientific's E&E business, a global provider of TIC services for electromagnetic compatibility and wireless testing, electrical safety, and other technologies•Expected to generate approximately $200 million in revenue in 2026, with a balanced mix across EMEA, Asia-Pacific and US Strategic rationale Key transaction details •Expected to extend our capabilities in key geographies and help drive continued growth in Consumer by bringing together a global infrastructure of complementary electrical testing and certification services •Aligns with global megatrends shaping our world, especially in digitization and global compliance•Increases breadth of capabilities, geographic reach, and ongoing certification services•Transaction value of ~€575 million,~14.5x synergized1, 2 estimated 2026 EBITDA•Expected to be accretive to Adjusted Diluted EPS in the first full calendar year post-close, excluding intangible amortization and integration costs •Expected closing in Q4 2026, subject to obtaining necessary regulatory approvals and satisfying other customary closing conditions1.Including run-rate net cost synergies expected to be realized within three years following closing of the transaction excluding intangible amortization and integration costs.2.EBITDA multiple represents E&E enterprise value, as of August 31, 2025, divided by projected 2026 E&E earnings (inclusive of run-rate net cost synergies) before interest expense, income tax expense, depreciation expense and amortization expense, further adjusted to exclude other expense (income), stock-based compensation expense, transaction fees and integration costs directly related to the E&E acquisition, and adjusted to remove historical cost allocations from the seller and to reflect estimated incremental costs of the business. The Company cannot provide a reconciliation for synergized estimated 2026 EBITDA because the Company cannot predict, without unreasonable effort, the timing and amount of reconciling items for certain components of net income. This forecasted item is not within the Company’s control, may vary greatly between periods and could significantly impact future financial results.
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Eurofins E&E global presence and capabilities 28 Eurofins E&E overview•Eurofins Scientific's E&E business is a global provider of TIC services for electromagnetic compatibility and wireless testing, electrical safety, and other technologies•Helps enable clients to navigate complex regulatory landscapes and accelerate market access •Well-invested laboratory network, with strength in EMEA and Asia-Pacific, and growing US footprintSouth Korea Asia-Pacific12 laboratoriesUnited States7 laboratoriesEMEA 25 laboratories UK Global footprint >1,200Accreditations 44Global laboratories ~$200M2026E Revenue Electromagnetic compatibilityElectrical safetyWirelessField evaluation Performance testingSimulationExplosive atmosphereProduct safety certification Key capabilities
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Advances our mission of working for a safer worldElectrical safety and connected products with focus on electromagnetic compatibility, wireless and safety testing Broadens our product TIC capabilities >1,200 accreditations globally including the MET certification mark Enhances the ULS accreditation portfolioDigitalization and global product compliance for increasingly connected products propelling growth Aligned with megatrends shaping our world 44 laboratories across EMEA, Asia Pacific, and the US Increases client proximityFunded through existing cash andcredit facilities; expected to be accretive to Adjusted Diluted EPS in the first full calendar year post-close, excluding intangible amortization and integration costs Funding and expected financial impact E&E acquisition broadens global product TIC portfolio 29
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UPS/battery energy storage system (BESS)Artificial intelligence (AI) and cybersecurity risk managementHigh-voltage (HV)/medium- voltage (MV) power cablesPower and energy complianceComponent and subassembly safety Fire detection and suppression Cooling and thermal management Cable and connectivity Immersion cooling equipment program Backup and alternative power supply Physical safety and security Data center needs span our business and fuel growth with over 70 applicable UL Standards 30 Data center certificationPersonnel certificationAdditional servicesEnergy (resource) efficiency and sustainability Modular data centerAdditional offering areas: Our Data Center Offerings Note: As of Dec. 2025.
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20+certifiedcomponents Laptop certification 5+services 10+services 3services 10+services 80+countries for safety60+countries for wireless Benchmarking ConnectivityPerformance and quality Safety certification Sustainability Market access Example Laptop Our comprehensive offerings range from testing individual componentsto benchmarking finished products Note: As of Oct. 2025. One example of our services – Laptop ecosystem 31
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Expanded capabilities: Ultrasound machineTraditional requirements Performance and quality Safety certification Connectivity Product and regulatory complexity increased testing requirements Market access Sustainability •Cybersecurity testing•Software testing and certification•Usability testing•Human factors engineering New capabilities•Functional safety•Magnetic resonance imaging (MRI) safety testing •Interoperability testing Electrical, mechanical, environmental and radiation safetyTesting for essential performance of the medical device Electromagnetic interference/EMC•Restricted substance testing (REACH1/RoHS2)•Zero waste to landfill validation•Responsible sourcing in supply chain•Market access consulting•Registration•In-country representation1.Registration, Evaluation, Authorization and Restriction of Chemicals (REACH)2.Restriction of Hazardous Substances (RoHS) Example Ultrasound32
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2026 Segment realignment1 33 Note: On April 1, 2026, the Company closed on the sale of its Employee Health and Safety software business.1.Segments realigned and Software and Advisory segment renamed Risk and Compliance Software as of January 1, 2026 Software$198 EHS$56Advisory$139 2026: Risk & Compliance Software segment ULTRUS®software portfolio enables innovation, compliance, sustainability and risk management for ourglobal manufacturing customers Supply Chain Risk ManagementSustainability Product Compliance Sale of non-core Employee Health and Safety Software business Moved to Industrial segment to align with core TIC offerings 2025: Software and Advisory segment Revenue $ in millions
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Three Months Ended June 30, 2026 (in millions)Organic1Acquisition / Divestiture2FX3 TotalOrganic % changeTotal % changeRevenue changeIndustrial$ 27$ —$ 2$ 297.2%7.8%Consumer21—1226.2%6.5%Risk & Compliance Software3(14)—(11)4.8%(17.5)%Total$ 51$ (14)$ 3$ 406.6%5.2% 1.Organic reflects revenue or expense change in a given period excluding Acquisition / Divestiture and FX in that same period, expressed in dollars or as a percentage of revenue in the prior period, as applicable. 2.Acquisition / Divestiture is calculated as revenue change in a given period related to acquisitions or disposals of businesses using prior period exchange rates, expressed in dollars or as a percentage of revenue in the prior period. Revenues from an acquisition or disposal are measured as Acquisition / Divestiture for the initial twelve month period following the acquisition or disposal date. Subsequently, the revenue impact from the acquired or disposed business is measured as Organic. 3.FX reflects the impact that foreign currency exchange rates have on revenue in a given period, expressed in dollars or as a percentage of revenue in the prior period. The Company uses constant currency to calculate the FX impact on revenue in a given period by translating current period revenues at prior period exchange rates, expressed as a percentage of revenue in the prior period. Components of revenue change 34 Six Months Ended June 30, 2026 (in millions)Organic1Acquisition / Divestiture2FX3 TotalOrganic % changeTotal % changeRevenue changeIndustrial$ 55$ —$ 9$ 647.7%9.0%Consumer30—6364.7%5.6%Risk & Compliance Software6(14)1(7)4.8%(5.6)%Total$ 91$ (14)$ 16$ 936.1%6.3%
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1.Organic reflects revenue or expense change in a given period excluding Acquisition/Divestiture and FX in that same period, expressed in dollars or as a percentage of revenue in the prior period, as applicable. 2.Acquisition/Divestiture is calculated as revenue change in a given period related to acquisitions or disposals of businesses using prior-period exchange rates, expressed in dollars or as a percentage of revenue in the prior period. Revenues from an acquisition or disposal are measured as Acquisition / Divestiture for the initial twelve-month period following the acquisition or disposal date. Subsequently, the revenue impact from the acquired or disposed business is measured as Organic. 3.FX reflects the impact that foreign currency exchange rates have on revenue in a given period, expressed in dollars or as a percentage of revenue in the prior period. The Company uses constant currency to calculate the FX impact on revenue in a given period by translating current period revenues at prior period exchange rates, expressed as a percentage of revenue in the prior period. Components of revenue change (cont.) 35 YearEnded December 31, 2025 (in millions)Organic1Acquisition / Divestiture2 FX3 TotalOrganic % changeTotal % changeRevenue changeIndustrial$ 104$ (8)$ 7$ 1037.6%7.5 %Consumer60—5654.8%5.2%Risk & Compliance Software15——156.3%6.3%Total$ 179$ (8)$ 12$ 1836.2%6.4%
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1.The Company defines Adjusted EBITDA as net income adjusted for depreciation and amortization expense, interest expense, gains on divestitures, other (income) expense, net, income tax expense, as well as stock-based compensation expense for equity-settled awards, material asset impairment charges and restructuring expenses, as applicable. The Company believes that the presentation of Adjusted EBITDA provides additional information to investors about certain non-cash items and unusual items that are not expected to continue at the same level in the future. Further, the Company believes Adjusted EBITDA provides a meaningful measure of business performance. There are material limitations to using Adjusted EBITDA. Adjusted EBITDA does not take into account certain significant items, including depreciation and amortization, interest expense, gains on divestitures, other (income) expense, net, income tax expense, stock-based compensation expense for equity-settled awards, material asset impairment charges and restructuring expenses which directly affect the Company’s net income, as applicable. These limitations are best addressed by considering the economic effects of the excluded items independently, and by considering Adjusted EBITDA in conjunction with net income as calculated in accordance with GAAP.2.Adjusted EBITDA margin is calculated as Adjusted EBITDA as a percentage of revenue. Adjusted EBITDA and Adjusted EBITDA margin (non-GAAP measures)1, 2 36 Three Months EndedJune30, Year Ended December 31,(in millions, unless otherwise stated)2026202520252024202320222021Net income$ 254$ 97$ 345$ 345$ 276$ 309$ 238Depreciation and amortization expense4646188 172 154135142Interest expense51041 55 35171Gain on divestiture(191)——(24)(2)——Other (income) expense, net (2)411 16(11)1212Income tax expense8428125 70 707436Stock-based compensation231347 23 ———Goodwill Impairment————37——Restructuring—(1)35 (1)4——Adjusted EBITDA1 $ 219$ 197$ 792 $ 656 $ 563$ 547$ 429Revenue$ 816$ 776$ 3,053 $ 2,870 $ 2,678$ 2,520$ 2,517Net income margin31.1%12.5%11.3%12.0%10.3%12.3%9.5%Adjusted EBITDA margin2 26.8%25.4%25.9%22.9%21.0%21.7%17.0%
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1.See definition on previous slide.2.See definition on previous slide. Adjusted EBITDA and Adjusted EBITDA margin (non-GAAP measures)1, 2by segment 37 Six Months EndedJune 30,(in millions, unless otherwise stated)20262025IndustrialSegment operating income$204$183Depreciation and amortization expense3232Stock-based compensation168Restructuring1—Adjusted EBITDA1$253$223Revenue$777$713Operating income margin26.3%25.7%Adjusted EBITDA margin232.6%31.3% Six Months EndedJune 30,(in millions, unless otherwise stated)20262025ConsumerSegment operating income$77$59Depreciation and amortization expense4139Stock-based compensation1510Restructuring(1)(2)Adjusted EBITDA1$132$106Revenue$680$644Operating income margin11.3%9.2%Adjusted EBITDA margin219.4%16.5% Six Months EndedJune 30,(in millions, unless otherwise stated)20262025Risk & Compliance SoftwareSegment operating income$7$6Depreciation and amortization expense2020Stock-based compensation43Restructuring——Adjusted EBITDA1$31$29Revenue$117$124Operating income margin6.0%4.8%Adjusted EBITDA margin226.5%23.4%
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1.The Company defines Adjusted Net Income as net income adjusted for other expense (income), net, stock-based compensation expensefor equity-settled awards, material asset impairment charges and restructuring expenses, as applicable, adjusted to give effect to the income tax impact of such adjustments. The Company believes that the presentation of Adjusted Net Income provides additional information to investors about certain non-cash items and unusual items that are not expected to continue at the same level in the future. Further, the Company believes Adjusted Net Income provides a meaningfulmeasure of business performance.There are material limitations to using Adjusted Net Income. Adjusted Net Income does not take into account certain significant items, including other expense (income), net, stock-based compensation expense for equity-settled awards, material asset impairment charges and restructuring expenses which directly affect the Company’s net income, as applicable. These limitations are best addressed by considering the economic effects of the excluded items independently, and by considering Adjusted Net Income in conjunction with net income as calculated in accordance with GAAP.2.Adjusted Net Income margin is calculated as Adjusted Net Income as a percentage of revenue.3.The Company computed the tax effect of adjustments to net earnings by applying the statutory tax rate in the relevant jurisdictions to the taxable income or expense items that are adjusted in the period presented. If a valuation allowance exists, the rate applied is zero. Adjusted Net Income and Adjusted Net Income margin (non-GAAP measures)1, 2 38 YearEndedDecember 31,(in millions, unless otherwise stated)20252024Net income $ 345$ 345Other expense, net 11 (8)Stock-based compensation 47 23Restructuring 35 (1)Tax effect of adjustments3 (15)2Adjusted Net Income1 $ 423$ 361Revenue $ 3,053$ 2,870Net income margin 11.3%12.0%Adjusted Net Income margin2 13.9%12.6%
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Three Months EndedJune 30,20262025Diluted earnings per share$ 1.21$ 0.45Gain on divestiture (0.94)—Other (income) expense, net(0.01)0.02Stock-based compensation 0.110.06Restructuring ——Tax effect of adjustments2 0.22(0.01)Adjusted Diluted Earnings Per Share1 $ 0.59$ 0.52 1.The Company defines Adjusted Diluted Earnings Per Share as diluted earnings per share attributable to stockholders of UL Solutions adjusted for gains on divestitures, other expense, net, stock-based compensation expense for equity-settled awards, material asset impairment charges and restructuring expenses, as applicable, adjusted to giveeffect to the income tax impact of such adjustments. The Company believes that the presentation of Adjusted Diluted Earnings Per Share provides additional information to investors about certain non-cash items and unusual items that are not expected to continue at the same level in the future. Further, the Company believes Adjusted Diluted Earnings Per Share provides a meaningful measure of business performance. There are material limitations to using Adjusted Diluted Earnings Per Share. Adjusted Diluted Earnings Per Share does not take into account certain significant items, including gains on divestitures, other (income) expense, net, stock-based compensation expense for equity-settled awards, material asset impairment charges and restructuring expenses which directly affect the Company’s diluted earnings per share, as applicable. These limitations are bestaddressed by considering the economic effects of the excluded items independently, and by considering Adjusted Diluted Earnings Per Share in conjunction with diluted earnings per share as calculated in accordance with GAAP.2.See definition on previous slide. Adjusted Diluted Earnings Per Share (non-GAAP measure) 1 39
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1.The Company defines Free Cash Flow as cash from operating activities less cash outlays related to capital expenditures. The Company defines capital expenditures to include purchases of property, plant and equipment and capitalized software. These items are subtracted from cash from operating activities because they represent long-term investments that are required for normal business activities. The Company uses Free Cash Flow as an additional liquidity measure and believes it provides useful information to investors about the cash generated from its core operations that may be available to repay debt, make other investments and return cash to stockholders. There are material limitations to using Free Cash Flow. Free Cash Flow adjusts for cash items that are ultimatelywithin management’s discretion to direct, and therefore, may imply that there is less or more cash that is available than the most comparable GAAP measure. Free Cash Flow is not intended to represent residual cash flow fordiscretionary expenditures since debt repayment requirements and other non-discretionary expenditures are not deducted. These limitations are best addressed by considering the economic effects of the excluded itemsindependently, and by considering Free Cash Flow in conjunction with net cash provided by operating activities as calculated in accordance with GAAP.2.Free Cash Flow margin is calculated as Free Cash Flow as a percentage of revenue.3.Last 12 months. Free Cash Flow and Free Cash Flow margin (non-GAAP measures)1, 2 40 SixMonths EndedJune 30, LTM2June 30, Year Ended December 31,(in millions, unless otherwise stated)202620252026202520252024202320222021Net cash provided by operating activities$ 379 $ 301$ 678$ 581$ 600 $ 524 $ 467 $ 372 $ 421 Capital expenditures(138)(93)(242)(217)(197)(237)(215)(164)(107)Free Cash Flow1 $ 241$ 208$ 436$ 364$ 403 $ 287 $ 252 $ 208 $ 314 Revenue $ 1,574 $ 1,481 $ 3,146$ 2,951$ 3,053 $ 2,870 $ 2,678 $ 2,520 $ 2,517 Net cash provided by operating activities margin24.1%20.3%21.6%19.7%19.7%18.3%17.4%14.8%16.7%Free Cash Flow margin3 15.3%14.0%13.9%12.3%13.2%10.0%9.4%8.3%12.5%
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Industrial – Historical Adjusted EBITDA and Adjusted EBITDA margin (non-GAAP measures)1, 2 Recast 411.As previously defined.2.As previously defined. Three Months Ended March 31,Three Months Ended June 30,Three Months Ended September 30,Three Months Ended December 31,Year Ended December 31,(in millions, unless otherwise stated)202520252025202520252024IndustrialSegment operating income$ 83$ 100$ 109$ 104$ 396$ 349Depreciation and amortization expense 161615176454Stock-based compensation3 5 7 52010Restructuring— —— 77—Adjusted EBITDA1 $ 102$ 121$ 131$ 133$ 487$ 413Revenue$ 340$ 373$ 379$ 388$ 1,480$ 1,377Operating income margin24.4%26.8%28.8%26.8%26.8%25.3%Adjusted EBITDA margin2 30.0%32.4%34.6%34.3%32.9%30.0%
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Consumer – Historical Adjusted EBITDA and Adjusted EBITDA margin (non-GAAP measures)1, 2Recast 421.As previously defined.2.As previously defined. Three Months Ended March 31,Three Months Ended June 30,Three Months Ended September 30,Three Months Ended December 31,Year Ended December 31,(in millions, unless otherwise stated)202520252025202520252024ConsumerSegment operating income$ 22$ 37$ 40$ 9$ 108$ 98Depreciation and amortization expense 192020238280Stock-based compensation4 6 7 42111Restructuring(1)(1)—2826(1)Adjusted EBITDA1 $ 44$ 62$ 67$ 64$ 237$ 188Revenue$ 304$ 340$ 340$ 335$ 1,319$ 1,254Operating income margin7.2%10.9%11.8%2.7%8.2%7.8%Adjusted EBITDA margin2 14.5%18.2%19.7%19.1%18.0%15.0%
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Risk & Compliance – Historical Adjusted EBITDA and Adjusted EBITDA margin (non-GAAP measures)1, 2Recast 431.As previously defined.2.As previously defined. Three Months Ended March 31,Three Months Ended June 30,Three Months Ended September 30,Three Months Ended December 31,Year Ended December 31,(in millions, unless otherwise stated)202520252025202520252024Risk & Compliance SoftwareSegment operating income$ 4$ 2$ 7$ 5$ 18$ 15Depreciation and amortization expense 101011114238Stock-based compensation1 2 1 262Restructuring— —— 22—Adjusted EBITDA1 $ 15$ 14$ 19$ 20$ 68$ 55Revenue$ 61$ 63$ 64$ 66$ 254$ 239Operating income margin6.6%3.2%10.9%7.6%7.1%6.3%Adjusted EBITDA margin2 24.6%22.2%29.7%30.3%26.8%23.0%