UL Solutions (ULS) Investor presentation summary

Strategic positioning and business model

• Operates as a global leader in the testing, inspection, and certification (TIC) industry, with over 132 years of experience and a mission-driven approach focused on safety science and sustainability.

• Maintains long-term customer relationships, recurring revenue streams, and a robust business model anchored by the globally recognized UL Mark.

• Holds the #1 market share in outsourced product TIC, serving over 80,000 customers across 35 industries and 145 locations worldwide.

• Differentiates through global accreditations, leadership in standards bodies, and a broad portfolio of over 650 technical accreditations in 28 countries.

Financial performance and growth

• Achieved $3.1B in 2025 revenue, with 6.2% organic growth and a 25.9% adjusted EBITDA margin.

• Q1 2026 saw 7.5% revenue growth, 5.7% organic growth, and a 320 bps increase in adjusted EBITDA margin to 26.0%.

• Free cash flow reached $450M in the last twelve months, a 47.1% increase, with a 14.5% margin.

• Maintains a healthy balance sheet with conservative leverage (total debt/adjusted EBITDA of 0.6x) and investment-grade ratings.

Segment highlights

• Industrial segment: $1,480M revenue in 2025, 32.9% adjusted EBITDA margin, and 7.6% organic growth.

• Consumer segment: $1,319M revenue, 18.0% adjusted EBITDA margin, and 4.8% organic growth.

• Risk & Compliance Software: $254M revenue, 26.8% adjusted EBITDA margin, and 6.3% organic growth.