Ul Solutions Inc. · NYSE:ULS
Ul Solutions — Q2 2026 Earnings Presentation
20 slides from Ul Solutions's earnings presentation, Aug 4, 2026
Slide 1: Earnings presentation
UL SOLUTIONS INC. • Q2 2026 Earnings presentation
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: Q2 2026 Highlights
Q2 2026 Strong quarter with continued Adjusted EBITDA margin1 expansion fueled by revenue growth and productivity Highlights improvements 5.2% 26.8% $0.59 Revenue growth Adjusted Adjusted Diluted EBITDA margin1 Earnings Per Share1 6.6% +140 13.5% Organic2 Basis points Increase 1. Adjusted EBITDA, Ad
Slide 4: Q2 2026 Revenue +6.6% Organic
Q2 2026 Revenue +6.6% Organic $ in millions $3 $827 $3 $21 $816 +6.6% $27 $(14) +5.2% $776 Q2 2025 Industrial Consumer R&C Q2 2026 FX Acquisition/ Q2 2026 Organic Organic Software Organic Divestiture Organic 4
Slide 5: Q2 Adjusted EBITDA margin increased 140 bps
Q2 Adjusted EBITDA 26.0% margin increased 140 bps $ in millions % Adjusted EBITDA margin $51 $229 $219 $197 $(19) $(1) 26.8% 22.8% $(9) 25.4% Q2 2025 Organic Organic Q2 2026 FX Acquisition/ Q2 2026 Revenue Expenses Organic Divestiture 5
Slide 6: Q2 Adjusted Diluted Earnings Per Share +13.5%
Q2 Adjusted Diluted Earnings Per Share +13.5% $0.25 $0.02 14.5% $0.59 $(0.10) $(0.04) $0.52 $(0.03) 11.3% $(0.03) 1 Q2 2025 Organic Organic Interest Tax Acquisition/ Other Q2 2026 Revenue Expenses Divestiture 1. Other includes FX and change in diluted shares. 6
Slide 7: Industrial
Industrial Revenue +7.8% $402 Q2 2026 results $373 • 7.8% Revenue growth (+7.2% Organic) Q2 2025 Q2 2026 – Continued momentum in ongoing certification services and certification testing – Strength in materials and energy and Adjusted EBITDA and margin % automation • Adjusted EBITDA increased $9M; +7
Slide 8: Consumer
Consumer Revenue +6.5% $362 $340 Q2 2026 results • 6.5% Revenue growth (+6.2% Organic) Q2 2025 Q2 2026 – Strength in certification testing and non- certification testing and services – Higher demand in consumer technology, Adjusted EBITDA and margin % appliances, HVAC and retail – Offset in part by
Slide 9: Risk & Compliance Software
Risk & Compliance Revenue Software (17.5)% $63 Q2 2026 results $52 • 17.5% Revenue decrease (+4.8% Organic growth) Q2 2025 Q2 2026 – EHS software sale closed April 1, 2026 – Increased demand for supply chain insights Adjusted EBITDA and margin % • Adjusted EBITDA decreased $2M; margin increased 90 b
Slide 10: LTM Free Cash Flow
LTM1 Free Cash Flow LTM1 Cash Flow Operating Cash Flow Capital Expenditures $ in millions Free Cash Flow $678 • Generated Free Cash Flow of $436M2, an increase of $72M, 19.8% $581 • Benefited from strong business $436 performance $364 ($242) • Invested 7.7%2 of revenue in capital ($217) expenditures
Slide 11: Full-year 2026 outlook
Full-year 2026 outlook CAPITAL PORTFOLIO REVENUE PROFITABILITY TAX RATE EXPENDITURES OPTIMIZATION Mid-single digit Adjusted Effective Capital Continuing constant EBITDA margin tax rate of expenditures of to pursue currency organic improvement to approximately approximately acquisitions revenue growt
Slide 12: Appendix
Appendix 12
Slide 13: Components of revenue change
Components of revenue change Three Months Ended June 30, 2026 Acquisition / (in millions) Organic1 Divestiture2 FX3 Total Organic % change Total % change Revenue change Industrial $ 27 $ — $ 2 $ 29 7.2 % 7.8 % Consumer 21 — 1 22 6.2 % 6.5 % Risk & Compliance Software 3 (14) — (11) 4.8 % (17.5)% Tota
Slide 14: Adjusted EBITDA and Adjusted EBITDA margin
Adjusted EBITDA and Adjusted EBITDA margin (non-GAAP measures)1, 2 Three Months Ended Six Months Ended June 30, June 30, (in millions, unless otherwise stated) 2026 2025 2026 2025 Net income $ 254 $ 97 $ 352 $ 168 Depreciation and amortization expense 46 46 93 91 Interest expense 5 10 13 22 Gain on
Slide 15: Adjusted EBITDA and margin by segment (three months)
Adjusted EBITDA and Adjusted EBITDA margin (non-GAAP measures)1, 2 by segment Three Months Ended Three Months Ended Three Months Ended June 30, June 30, June 30, (in millions, unless otherwise stated) 2026 2025 (in millions, unless otherwise stated) 2026 2025 (in millions, unless otherwise stated) 2
Slide 16: Adjusted EBITDA and margin by segment (six months)
Adjusted EBITDA and Adjusted EBITDA margin (non-GAAP measures)1, 2 by segment Six Months Ended Six Months Ended Six Months Ended June 30, June 30, June 30, (in millions, unless otherwise stated) 2026 2025 (in millions, unless otherwise stated) 2026 2025 (in millions, unless otherwise stated) 2026 20
Slide 17: Adjusted Net Income and Adjusted Net Income margin
Adjusted Net Income and Adjusted Net Income margin (non-GAAP measures)1, 2 Three Months Ended Six Months Ended June 30, June 30, (in millions, unless otherwise stated) 2026 2025 2026 2025 Net income $ 254 $ 97 $ 352 $ 168 Gain on divestiture (191) — (191) — Other (income) expense, net (2) 4 (2) 7 St
Slide 18: Adjusted Diluted Earnings Per Share
Adjusted Diluted Earnings Per Share (non-GAAP measure)1 Three Months Ended Six Months Ended June 30, June 30, 2026 2025 2026 2025 Diluted earnings per share $ 1.21 $ 0.45 $ 1.66 $ 0.78 Gain on divestiture (0.94) — (0.94) — Other (income) expense, net (0.01) 0.02 (0.01) 0.04 Stock-based compensation
Slide 19: Free Cash Flow and Free Cash Flow margin
Free Cash Flow and Free Cash Flow margin (non-GAAP measures)1, 2 Six Months Ended LTM3 June 30, June 30, (in millions, unless otherwise stated) 2026 2025 2026 2025 Net cash provided by operating activities $ 379 $ 301 $ 678 $ 581 Capital expenditures (138) (93) (242) (217) Free Cash Flow1 $ 241 $ 20
Slide 20: UL Solutions
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