UL Solutions (ULS) Investor presentation summary

Business overview and market position

• Operates as a global leader in the testing, inspection, and certification (TIC) industry, with a mission-driven focus on safety science and sustainability.

• Holds the #1 market share in outsourced product TIC, serving over 80,000 customers across more than 35 industries.

• The UL Mark, introduced in 1906, is recognized globally as a symbol of safety and is present on billions of products.

• Maintains over 650 technical accreditations in 28 countries and delivers 350+ independent conformity assessment services.

• Employs more than 14,500 people in 145 locations worldwide, with a 2025 revenue of $3.1B.

Service portfolio and recurring revenue

• Integrated service portfolio includes certification testing (28%), ongoing certification (33%), noncertification testing (30%), and software (9%).

• High percentage of recurring revenue, with ongoing certification and SaaS offerings providing stable income.

• Long-term customer relationships, including 60% of Fortune 500 and Global 500 companies, and a 98% retention rate among top clients.

• Diversified revenue mix across industrial, consumer, and software/advisory segments.

Financial performance and growth

• Achieved 6.4% total revenue growth and 6.2% organic growth in 2025, exceeding IPO targets.

• 2025 adjusted EBITDA margin reached 25.9%, with adjusted net income margin at 13.9%.

• Generated record free cash flow of $403M in 2025, representing a 13.2% margin.

• Revenue CAGR of 6.8% from 2011 to 2025, supported by both organic growth and 56 acquisitions since 2010.

• Maintains a conservative leverage profile (total debt/adjusted EBITDA of 0.6x) and investment-grade credit ratings.