Ul Solutions Inc. · NYSE:ULS
Ul Solutions — Q3 2026 Earnings Presentation
24 slides from Ul Solutions's earnings presentation, Nov 3, 2026
Slide 1: UL Solutions Q3 2026 Earnings presentation
‘O) Solutions UL SOLUTIONS INC. * Q3 2026 Earnings presentation LS
Slide 2: Forward looking statements
Forward looking statements This presentation contains “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 stat
Slide 3: Strong Q3 execution reinforces our foundation for durable profitable growth
Strong Q3 execution reinforces our foundation for durable profitable growth Adjusted EBITDA margin! expansion fueled by revenue growth and ongoing productivity improvements 7.0% 28.6% $0.62 Organic? revenue Adjusted Adjusted Diluted growth EBITDA margin’ Earnings Per Share’ 5.1% +90 10.7% Overall re
Slide 4: Q3 Industrial and Consumer revenue growth more than offset R&C Software divestiture
Q3 Industrial and Consumer revenue growth more than offset R&C Software divestiture S$ inmilions s(t | ia = ae $(14) +5.1% $783 || + EHS software divestiture Q3 2025 Industrial Consumer R&C Q3 2026 FX Acquisition/ Q3 2026 Organic Organic Software Organic Divestiture Organic @) Solutions = 4 ~
Slide 5: Q3 Adjusted EBITDA margin increased bps
Q3 Adjusted EBITDA margin increased 90 bps Sin millons SeAdjusted EBITDA margin $55 mw a $217 $(25) $(12) 27.7% + EHS software ($10) divestiture + Transaction ($3) costs + Other $1 Q3 2025 Organic Organic Q3 2026 FX Acquisition/ Q3 2026 Revenue Expenses Organic Divestiture? 1.) Solutions 1. Acquisti
Slide 6: YTD revenue grew across the refined portfolio
YTD revenue grew across the refined portfolio $ in mitions $9 $2,410 #18 $50 —= $2,397 $87 || +6.4% $(28) 45.9% divestiture Q3 2025 Industrial Consumer R&C Q3 2026 FX Acquisition/ Q3 2026 YTD Organic Organic Software YTD Organic Divestiture YTD Organic UL) Solutions
Slide 7: YTD Adjusted EBITDA margin improved bps
YTD Adjusted EBITDA margin improved 180 bps $146 — $680 Lt $(41 1 $575 (41) $1) $(28) 25.4% * EHS software ($19) divestiture + Transaction ($11) costs * Other $2 Q3 2025 YTD Organic Organic Q3 2026 YTD FX Acquisition/ Q3 2026 YTD Revenue Expenses Organic Divestiture? UL)) Solutions — 1. “Acquisition
Slide 8: Q3 Adjusted Diluted Earnings Per Share rose 10.7%
Q3 Adjusted Diluted Earnings Per Share rose 10.7% $0.27 $0.02 — i —— $0.56 $(0.15) 3(0.01) $(0.05) (0.92) Q3 2025 Organic Organic Interest Tax Acquisition/, Other 2 Q3 2026 Revenue —_ Expenses Divestiture . 4. "Acquisition / Divestiure" includes, among other things, the change in transaction and int
Slide 9: Industrial: Energy and automation and materials drove growth
Industrial: Energy and automation and materials drove growth Q3 2026 results * +8.2% Revenue growth +8.4% Organic — Continued momentum in ongoing certification services and certification testing — Industrial excluding Advisory’ grew ~9.0% organically + Adjusted EBITDA increased $17M; margin increase
Slide 10: Consumer: Consumer technology and retail drove growth
Consumer: Consumer technology and retail drove growth Q3 2026 results + +5.9% Revenue growth +5.9% Organic — Strength in non-certification testing and services and certification testing — Growth offset in part by ~150 bps reduction from previously announced business exits + Adjusted EBITDA increased
Slide 11: Risk & Compliance Software: Steady organic growth
Risk & Compliance Software: Steady organic growth Revenue (17.2)% $64 Q3 2026 results $53 + (17.2)% Revenue decrease | | +4.7% Organic growth a Q3 2025 Q3 2026 — EHS software sale closed April 1, 2026 — Sustained strong demand for supply chain insights . «og + Adjusted EBITDA decreased $9M; Adjusted
Slide 12: Cash flow grew alongside investment targeting growth opportunities
Cash flow grew alongside investment targeting growth opportunities * Generated LTM' Free Cash Flow of $481M, an increase of $92M, 23.7% * Benefited from strong business performance * Invested 8.1% of revenue in capital expenditures 4. Last twelve months. UL) Solutions LTM' Cash Flow @ Operating Cash
Slide 13: Full-year outlook confirms growth and Adjusted EBITDA margin improvement
REVENUE Constant currency organic revenue growth to approximately 6.5% Inclusive of approximately 70 basis points revenue reduction from business exits nced in the Restructuring Plan ar Full-year outlook confirms growth and Adjusted EBITDA margin improvement PROFITABILITY Adjusted EBITDA margin impr
Slide 14: E&E acquisition completed and integration underway
E&E acquisition completed and integration underway A highly complementary business that broadens our global TIC portfolio ~$200M 44 ~1,400 Annualized estimated 2026 revenue Global laboratories Employees October 1, 2026 Year-end 2027 Year-end 2028 Acquisition completed Back-office integration expecte
Slide 15: Appendix
Appendix
Slide 16: Components of revenue change
Components of revenue change Three Months Ended September 30, 2026 Acquisition {in mitions) Organic Div F Organic % change | Total % change Revenue change Industrial $ 32 $ —$ (1) $ 31 8.4% 8.2% Consumer 20 = = 20 5.9 % 5.9% Risk & Compliance Software 3 (14) = (11) 47% (17.2)% Total $ 55 $ (14) $ (1
Slide 17: Adjusted EBITDA and Adjusted EBITDA margin
Adjusted EBITDA and Adjusted EBITDA margin (non-GAAP measures): 2 Three Months Ended Nine Months Ended September 30, September 30, Net income $ $ $ 469 $ Depreciation and amortization expense 142 Interest expense 6 18 Gain on divestiture — - (191) _ Other (income) expense, net (4) _ (5) 7 Income tax
Slide 18: Adjusted EBITDA and Adjusted EBITDA margin by segment
Adjusted EBITDA and Adjusted EBITDA margin (non-GAAP measures)" ? by segment Three Months Ended September 30, (in millions, unless otherwis 202 Industrial Segment operating income $ 120 Depreciation and 17 amortization expense Stock-based compensation 10 Restructuring 1 Adjusted EBITDA" $ 148 Revenu
Slide 19: Adjusted EBITDA and Adjusted EBITDA margin by segment (nine months)
Adjusted EBITDA and Adjusted EBITDA margin (non-GAAP measures)" ? by segment Nine Months Ended September 30. Nine Months Ended September 30, (in millions, unless otherwis (in millions, unless otherwise stated) Nine Months Ended September 31 (in millions, unless otherwise stated) Industrial Consumer
Slide 20: Adjusted Net Income and Adjusted Net Income margin
Adjusted Net Income and Adjusted Net Income margin (non-GAAP measures): 2 Three Months Ended Nine Months Ended September 30, September 30, (in millions, unl . 2026 Net income $ 17S $ 469 $ Gain on divestiture = — (191) = Other (income) expense, net (4) = (5) 7 Stock-based compensation 23 15 58 36 Re
Slide 21: Adjusted Diluted Earnings Per Share
Adjusted Diluted Earnings Per Share (non-GAAP measure)! Three Months Ended Nine Months Ended September 30, September 30, T2025 | Diluted earnings per share $ 0.53 $ 0.49 $ 219 $ 1.27 Gain on divestiture a _ (0.94) _ Other (income) expense, net (0.02) _ (0.02) 0.03 Stock-based compensation 0.11 0.08
Slide 22: Free Cash Flow and Free Cash Flow margin
Free Cash Flow and Free Cash Flow margin (non-GAAP measures) 2 Nine Months Ended September 31 Net cash provided by operating acti 594 Capital expenditures (199) (139) (257) (197) Free Cash Flow! $ 395 $ 317 $ 481 $ 389 Revenue $ 2,397 § 2,264 $ 3,186 $ 3,003 Net cash provided by operating activities
Slide 23: Acquisition and Divestiture Transaction Costs
Acquisition and Divestiture Transaction Costs' en eo $ 8 Change YoY on % of revenue f revenue Qi 11% $ 1 0.1% 10% Q2 5 0.6 % 4 0.5 % 0.1% Q3 6 07% 3 0.4% 0.3 % 2 Q4 Estimate (2026) / Actual (2025) Full Year Total - Estimate (2026) / Actual (2025) Represents transaction and integration costs for acqu
Slide 24: UL Solutions
@) Solutions