ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations. ​ The following management discussion and analysis (“MD&A”) provides information that we believe is useful in understanding our operating results, cash flows and financial condition. We provide quantitative information about the material sales drivers including the impact of changes in volume and pricing and the effect of acquisitions and changes in foreign currency at the corporate and reportable segment level. We also provide quantitative information regarding special (gains) and charges, discrete tax items and other significant factors we believe are useful for understanding our results. Such quantitative drivers are supported by comments meant to be qualitative in nature. Qualitative factors are generally ordered based on estimated significance. ​ The discussion should be read in conjunction with the consolidated financial statements and related notes included in this Form 10-K. Our consolidated financial statements are prepared in accordance with U.S. GAAP. This discussion contains various Non-GAAP Financial Measures and also contains various forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. We refer readers to the statements and information set forth in the sections entitled “Non-GAAP Financial Measures” at the end of this MD&A, and “Forward-Looking Statements” and “Risk Factors” within Items 1 and 1A of this Form 10-K. We also refer readers to the tables within the section entitled “Results of Operations” of this MD&A for reconciliation information of Non-GAAP measures to U.S. GAAP. ​ Comparability of Results ​ Impact of Acquisitions and Divestitures ​ Our non-GAAP financial measures for organic sales, organic operating income and organic operating income margin are at fixed currency and exclude the impact of special (gains) and charges, the results of our acquired businesses from the first twelve months post acquisition and the results of divested businesses from the twelve months prior to divestiture. As part of the separation of ChampionX in 2020, we entered into an agreement with ChampionX to provide, receive or transfer certain products for a transitionary period. Transitionary period sales of product to ChampionX under this agreement are recorded in product and equipment sales in the Corporate segment along with the related cost of sales. The remaining sales to ChampionX are recorded in product and equipment sales in the Global Industrial segment along with the related cost of sales. Further, due to the sale of the global surgical solutions business on August 1, 2024, we have excluded the results of the business for August through December 2023 from these organic measures for the year ended December 31, 2023 to remain comparable to the corresponding period in 2024. These transactions are removed from the consolidated results as part of the calculation of the impact of acquisitions and divestitures. ​ Comparability of Reportable Segments ​ Effective January 1, 2024, the former Textile Care and Colloidal Technologies Group (“CTG”) operating segments are now part of the Water operating segment which continues to remain in the Global Industrial reportable segment. Additionally, the Pest Elimination operating segment, formerly aggregated with the Textile Care and CTG operating segments within Other, is now reported as the stand-alone Global Pest Elimination reportable segment. We made other immaterial changes, including the movement of certain customers and cost allocations between reportable segments. After these changes, we have eight operating segments. ​ Fixed Currency Foreign Exchange Rates ​ Management evaluates the sales and operating income performance of our non-U.S. dollar functional currency international operations based on fixed currency exchange rates, which eliminate the impact of exchange rate fluctuations on our international operations. Fixed currency amounts are updated annually at the beginning of each year based on translation into U.S. dollars at foreign currency exchange rates established by management, with all periods presented using such rates. Public currency rate data provided within the “Segment Performance” section of this MD&A reflect amounts translated at actual public average rates of exchange prevailing during the corresponding period and is provided for informational purposes only. ​ ​ 26 Table of Contents EXECUTIVE SUMMARY ​ In 2024, we delivered record sales, operating income margin, free cash flow, and adjusted diluted earnings per share. Our team generated high single digit sales growth in Institutional & Specialty and Pest Elimination while Industrial and Healthcare and Life Sciences generated good sales growth. Operating income grew by strong double digits, as strong value pricing, lower delivered product costs, and higher volumes overcame investments in the business. ​ Sales ​ Reported sales increased 3% to $15.7 billion in 2024 from $15.3 billion in 2023. When measured in fixed rates of foreign currency exchange, fixed currency sales increased 3% compared to the prior year. Organic sales increased 4% compared to the prior year. ​ Gross Margin ​ Our reported gross margin was 43.5% of sales for 2024, compared to our 2023 reported gross margin of 40.2%. Excluding the impact of special (gains) and charges included in cost of sales, our adjusted gross margin was 43.5% in 2024 and 40.4% in 2023. Our gross profit increase reflected strong value pricing and lower delivered product costs. ​ Operating Income ​ Reported operating income increased 41% to $2.8 billion in 2024, compared to $2.0 billion in 2023. Adjusted operating income, excluding the impact of special (gains) and charges increased 23% in 2024 as strong value pricing, lower delivered product costs, and higher volumes were partially offset by investments in the business. Organic operating income increased 26% in 2024. ​ Earnings from Continuing Operations Attributable to Ecolab Per Common Share (“EPS”) ​ Reported diluted EPS increased 54% to $7.37 in 2024 compared to $4.79 in 2023. Special (gains) and charges had an impact on both years. Special (gains) and charges in 2024 were driven primarily by the gain on sale of the global surgical solutions business and restructuring expense and 2023 were driven primarily by restructuring expense. Adjusted diluted EPS, which excludes the impact of special (gains) and charges and discrete tax items increased 28% to $6.65 in 2024 compared to $5.21 in 2023 which reflected solid organic sales growth, lower delivered product costs and continued investments in the business. ​ Balance Sheet ​ We remain committed to maintaining “A” range ratings metrics over the long-term, supported by our current credit ratings of A-/A3/A- by Standard & Poor’s, Moody’s Investor Services and Fitch, respectively. Our strong balance sheet has allowed us continued access to capital at attractive rates. ​ Cash Flow ​ Cash flow from operating activities was $2.8 billion in 2024 compared to $2.4 billion in 2023. We continued to generate strong cash flow from operations, allowing us to fund our ongoing operations, investments in our business, acquisitions, debt repayments, pension obligations and return cash to our shareholders through share repurchases and dividend payments. ​ Dividends ​ Dividends declared per common share in 2024 was $2.36 per share. In December 2024 we increased our quarterly cash dividend by 14% to $0.65 per share, representing our 33 rd consecutive annual dividend rate increase. We have paid cash dividends on our common shares for 88 consecutive years. Our outstanding dividend history reflects our long-term growth and development, strong cash flows, solid financial position and confidence in our business prospects for the years ahead. ​ ​ 27 Table of Contents CRITICAL ACCOUNTING ESTIMATES ​ Our consolidated financial statements are prepared in accordance with U.S. GAAP. We have adopted various accounting policies to prepare the consolidated financial statements in accordance with U.S. GAAP. Our significant accounting policies are disclosed in Note 2 of the Notes to the Consolidated Financial Statements (“Notes”). ​ Preparation of our consolidated financial statements, in conformity with U.S. GAAP, requires us to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Estimates are considered to be critical if they meet both of the following criteria: (1) the estimate requires assumptions to be made about matters that are highly uncertain at the time the accounting estimate is made, and (2) different estimates that we reasonably could have used for the accounting estimate in the current period, or changes in the accounting estimate that are reasonably likely to occur from period to period, have a material impact on the presentation of our financial condition or results of operations. ​ Besides estimates that meet the “critical” estimate criteria, we make many other accounting estimates in preparing our financial statements and related disclosures. All estimates, whether or not deemed critical, affect reported amounts of assets, liabilities, revenues or expenses as well as disclosures of contingent assets and liabilities. Estimates are based on experience and other information available prior to the issuance of the financial statements. Materially different results can occur as circumstances change and additional information becomes known, even from estimates not deemed critical. Our critical accounting estimates include the following: ​ Revenue Recognition ​ Revenue is measured as the amount of consideration expected to be received in exchange for transferring goods or providing service. Revenue from product and sold equipment is recognized when obligations under the terms of a contract with the customer are satisfied, which generally occurs with the transfer of the product or delivery of the equipment. Revenue from service and leased equipment is recognized when the services are provided, or the customer receives the benefit from the leased equipment, which is over time. Service revenue is recognized over time utilizing an input method and aligns with when the services are provided. Typically, revenue is recognized over time using costs incurred to date because the effort provided by the field selling and service organization represents services provided, which corresponds with the transfer of control. Revenue for leased equipment is accounted for under Topic 842 Leases and recognized on a straight-line basis over the length of the lease contract. ​ Our revenue policies do not provide for general rights of return. We record estimated reductions to revenue for customer programs and incentive offerings including pricing arrangements, promotions and other volume-based incentives based primarily on historical experience and anticipated performance over the contract period. Depending on market conditions, we may increase customer incentive offerings, which could reduce gross profit margins over the term of the incentive. We also record estimated reserves for product returns and credits based on specific circumstances and credit conditions. We record an allowance for uncollectible accounts based on our estimates of expected future credit losses. ​ The revenue standard can be applied to a portfolio of contracts with similar characteristics if it is reasonable that the effects of applying the standard at the portfolio would not be significantly different than applying the standard at the individual contract level. We apply the portfolio approach primarily within each operating segment by geographical region. Application of the portfolio approach was focused on those characteristics that have the most significant accounting consequences in terms of their effect on the timing of revenue recognition or the amount of revenue recognized. We determined the key criteria to assess with respect to the portfolio approach, including the related deliverables, the characteristics of the customers and the timing and transfer of goods and services, which most closely aligned within the operating segments. In addition, the accountability for the business operations, as well as the operational decisions on how to go to market and the product offerings, are performed at the operating segment level. For additional information on revenue recognition, refer to Note 17. ​ Litigation and Environmental Liabilities ​ Our business and operations are subject to extensive environmental laws and regulations governing, among other things, air emissions, wastewater discharges, the use and handling of hazardous substances, waste disposal and the investigation and remediation of soil and groundwater contamination. Some risk of environmental liability is inherent in our operations. ​ We record liabilities related to pending litigation, environmental claims and other contingencies when a loss is probable and can be reasonably estimated. Estimates used to record such liabilities are based on our best estimate of probable future costs. We record the amounts that represent the points in the range of estimates that we believe are most probable or the minimum amount when no amount within the range is a better estimate than any other amount. Potential insurance reimbursements generally are not anticipated in our accruals for environmental liabilities or other insured losses. Expected insurance proceeds are recorded as receivables when recovery is deemed certain. While the final resolution of litigation and environmental contingencies could result in amounts different than current accruals, and therefore have an impact on our consolidated financial results in a future reporting period, we believe the ultimate outcome will not have a significant impact on our consolidated financial position. For additional information on our commitments and contingencies, refer to Note 15. ​ 28 Table of Contents Actuarially Determined Liabilities ​ Pension and Postretirement Healthcare Benefit Plans ​ The measurement of our pension and postretirement benefit obligations are dependent on a variety of assumptions determined by management and used by our actuaries in their valuations and calculations. These assumptions affect the amount and timing of future pension contributions, benefit payments and expense or income recognized. ​ The significant assumptions used in developing the required estimates are the discount rates, expected returns on assets, projected salary and health care cost increases and mortality tables. ​ ● The discount rate assumptions for our U.S. plans are assessed using a yield curve constructed from a subset of bonds yielding greater than the median return from a population of non-callable, corporate bonds that have an average rating of AA when averaging available Moody’s Investor Services, Standard & Poor’s and Fitch ratings. The discount rates are calculated by matching each plans’ projected cash flows to the bond yield curve. For 2024 and 2023, we measured service and interest costs by applying the specific spot rates along that yield curve to the plans’ liability cash flows. We believe this approach provides a more precise measurement of service and interest costs by aligning the timing of the plans’ liability cash flows to the corresponding spot rates on the yield curve. In determining our U.S. pension obligations and U.S. postretirement health care obligation for 2024, our weighted-average discount rate increased to 5.58% from 4.95% at year-end 2023. ​ ● The expected rate of return on plan assets reflects asset allocations, investment strategies and views of investment advisors, and represents our expected long-term return on plan assets. Our weighted-average expected returns on U.S. plan assets used in determining the U.S. pension and U.S. postretirement health care expenses was 8.00% for 2024, 7.75% for 2023 and 7.00% for 2022. ​ ● Projected salary is based on our long-term actual experience, the near-term outlook and assumed inflation. Our weighted-average projected salary increase used in determining the U.S. pension expenses was 3.60% for 2024 and 4.03% for 2023 and 2022. ​ ● For postretirement benefit measurement purposes as of December 31, 2024, the annual rates of increase in the per capita cost of covered health care were assumed to be 8.59% for pre-65 costs. Post-65 costs are no longer used. The rates are assumed to decrease each year until they reach 4.5% in 2035 and remain at those levels thereafter. ​ ● We use mortality tables appropriate in the circumstances, which generally are the recently available mortality tables as of the respective U.S. and international measurement dates. Our year-end U.S. valuations reflect mortality tables that estimate the impacts of COVID in an endemic state. This represents a change from prior year when the impact of COVID on future mortality could not be reasonably estimated. ​ The effects of actual results differing from our assumptions, as well as changes in assumptions, are reflected in the unrecognized gains or losses and amortized into earnings in the future. Significant differences in actual experience or significant changes in assumptions may materially affect future pension and other postretirement obligations and income or expense. The unrecognized net losses on our U.S. qualified and non-qualified pension plans increased to $526 million as of December 31, 2024, from $495 million as of December 31, 2023 (both before tax), primarily due to lower actual return on assets partially offset by current year net actuarial gains. ​ The effect of a decrease in the discount rate or in the expected return on assets assumption as of December 31, 2024, on the December 31, 2024 defined benefit obligation and 2025 expense is shown below, assuming no changes in benefit levels. Expense amounts reflect the accounting for gains or losses as a component of other comprehensive income or expense and recognition of the impacts into earnings over time: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Effect on U.S. Pension Plans ​ ​ ​ ​ Increase in ​ Higher ​ ​ Assumption ​ Recorded ​ 2025 (millions) ​ Change ​ Obligation ​ Expense Discount rate -.25 pts ​ ​ $33.5 ​ ​ ​ $2.5 ​ Expected return on assets -.25 pts ​ ​ N/A ​ ​ ​ 4.6 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Effect on U.S. Postretirement ​ ​ Health Care Benefits Plans ​ ​ ​ ​ Increase in ​ Higher ​ ​ Assumption ​ Recorded ​ 2025 (millions) ​ Change ​ Obligation ​ Expense Discount rate -.25 pts ​ $2.0 ​ ​ $- ​ Expected return on assets -.25 pts ​ N/A ​ ​ ​

​ ​ ​ 29 Table of Contents Our international pension obligations and underlying plan assets represent approximately one third of our global pension plans, with the majority of the amounts held in the U.K. and Eurozone countries. We use assumptions similar to our U.S. plan assumptions to measure our international pension obligations, however, the assumptions used vary by country based on specific local country requirements and information. ​ Refer to Note 16 for further discussion concerning our accounting policies, estimates, funded status, contributions and overall financial positions of our pension and postretirement plan obligations. ​ Self-Insurance ​ Globally we have insurance policies with varying deductible levels for property and casualty losses. We are insured for losses in excess of these deductibles, subject to policy terms and conditions and have recorded both a liability and an offsetting receivable for amounts in excess of these deductibles. We are self-insured for health care claims for eligible participating employees, subject to certain deductibles and limitations. We determine our liabilities for claims on an actuarial basis. ​ Income Taxes ​ Judgment is required to determine the annual effective income tax rate, deferred tax assets and liabilities, valuation allowances recorded against net deferred tax assets and unrecognized tax benefits. ​ Effective Income Tax Rate ​ Our effective income tax rate is based on annual income, statutory tax rates and tax planning available in the various jurisdictions in which we operate. Our annual effective income tax rate includes the impact of unrecognized tax benefits. We recognize the amount of tax benefit that is greater than 50% likely of being realized upon settlement with a taxing authority. We adjust these liabilities for unrecognized tax benefits in light of changing facts and circumstances. ​ Tax regulations require items to be included in our tax returns at different times than the items are reflected in our financial statements. As a result, the effective income tax rate reflected in our financial statements differs from that reported in our tax returns. Some of these differences are permanent, such as expenses that are not deductible on our tax return, and some are temporary differences, such as depreciation expense. ​ Deferred Tax Assets and Liabilities and Valuation Allowances ​ Deferred tax assets and liabilities are determined based on temporary differences between the financial reporting and tax bases of assets and liabilities, applying enacted tax rates expected to be in effect for the year in which the differences are expected to reverse. Based on the evaluation of available evidence, both positive and negative, we recognize tax assets, such as net operating loss carryforwards and tax credit carryforwards, to the extent that realizing these benefits is considered to be more likely than not. Relevant factors in determining the realizability of deferred tax assets include historical results, sources of future taxable income, the expected timing of the reversal of temporary differences, tax planning strategies and the expiration dates of the various tax attributes. ​ Unrecognized Tax Benefits ​ A number of years may elapse before a particular tax matter, for which we have established a liability for unrecognized tax benefits, is audited and finally resolved. The number of tax years with open tax audits varies depending on the tax jurisdiction. The Internal Revenue Service (“IRS”) has completed examinations of our U.S. federal income tax returns through 2018 and the years 2019 through 2020 are currently under audit. In addition to the U.S. federal examinations, we have ongoing audit activity in several U.S. state and foreign jurisdictions. ​ The tax positions we take are based on our interpretations of tax laws and regulations in the applicable federal, state and international jurisdictions. We believe our tax returns properly reflect the tax consequences of our operations, and our liabilities for unrecognized tax benefits are appropriate and sufficient for the positions taken. Because of the uncertainty of the final outcome of these examinations, we have established a liability for potential reductions of tax benefits (including related interest and penalties) for amounts that do not meet the more-likely-than-not thresholds for recognition and measurement as required by authoritative guidance. The liability for unrecognized tax benefits is reviewed throughout the year, taking into account new legislation, regulations, case law and audit results. Settlement of any particular issue could result in offsets to other balance sheet accounts, cash payments or receipts and/or adjustments to tax expense. Liabilities for unrecognized tax benefits are presented in the Consolidated Balance Sheets within other non-current liabilities. Our gross liability for unrecognized tax benefits was $34.1 million and $24.2 million as of December 31, 2024 and 2023, respectively. For additional information on income taxes refer to Note 12. ​ 30 Table of Contents Long-Lived Assets, Intangible Assets and Goodwill ​ Long-Lived and Amortizable Intangible Assets ​ Purchased long-lived and amortizable intangible assets not acquired as part of a business combination are recorded as of their acquisition date at cost, whereas long-lived and amortizable assets acquired as part of a business combination are recorded as of their acquisition date at their fair values based on the fair value requirements defined in U.S. GAAP. This requires us to make significant estimates and assumptions relating to the present value of its future cash flows, such as growth rates, royalty rates or discount rates. ​ We review our long-lived and amortizable intangible assets, the net value of which was $6.5 billion and $6.3 billion as of December 31, 2024 and 2023, respectively, for impairment when significant events or changes in business circumstances indicate that the carrying amount of the assets may not be recoverable. Such circumstances may include a significant decrease in the market price of an asset or asset group, a significant adverse change in the manner in which asset or asset groups are being used or history of operating or cash flow losses associated with the use of the asset or asset group. Impairment losses could occur when the carrying amount of an asset or asset group exceeds the anticipated future undiscounted cash flows expected to result from the use of the asset or asset group and its eventual disposition. The amount of the impairment loss to be recorded, if any, is calculated as the excess of the asset’s or assets group’s carrying amount over its estimated fair value. ​ We use the straight-line method to recognize amortization expense related to our amortizable intangible assets, including our customer relationships. We consider various factors when determining the appropriate method of amortization for our customer relationships, including projected sales data, customer attrition rates and length of key customer relationships. ​ Globally, we have a broad customer base. Our retention rate of significant customers has aligned with our acquisition assumptions, including the customer bases acquired from our Nalco, Laboratoires Anios (“Anios”), Copal Invest NV, including its primary operating entity CID Lines (collectively, “CID Lines”) and Purolite transactions, which make up the majority of our unamortized customer relationships. Our historical retention rates, coupled with our consistent track record of keeping long-term relationships with our customers, supports our expectation of consistent sales generation for the foreseeable future from the acquired customer bases. If our customer retention rates or other post-acquisition operational activities change materially, we would evaluate the financial impacts and significance of the events given rise to the change which could result in impairment of our customer relationship intangible assets, or absent an impairment, an acceleration of amortization expense. ​ In addition, we periodically reassess the estimated remaining useful lives of our long-lived and amortizable intangible assets. Changes to estimated useful lives would impact the amount of depreciation and amortization expense recorded in earnings. We have experienced no significant changes in the carrying amount or estimated remaining useful lives of our long-lived or amortizable intangible assets. ​ Goodwill and Indefinite Life Intangible Assets ​ Goodwill arises from our acquisitions and represents the excess of the fair value of the purchase consideration exchanged over the fair value of net assets acquired. We had total goodwill of $7.9 billion and $8.1 billion as of December 31, 2024 and 2023, respectively. We test our goodwill for impairment at the reporting unit level. Our reporting units are our eight operating segments. We assess goodwill for impairment on an annual basis during the second quarter. If circumstances change or events occur that demonstrate it is more likely than not that the carrying amount of a reporting unit exceeds its fair value, we complete an interim goodwill impairment assessment of that reporting unit prior to the next annual assessment. If the results of an annual or interim goodwill impairment assessment demonstrate the carrying amount of a reporting unit is greater than its fair value, we will recognize an impairment loss for the amount by which the reporting unit’s carrying amount exceeds its fair value, but not to exceed the carrying amount of goodwill assigned to that reporting unit. ​ For our annual 2024 goodwill impairment assessment, we completed our impairment assessment for our eight reporting units using discounted cash flow analyses that incorporated assumptions regarding future growth rates, terminal values and discount rates. Our goodwill impairment assessments for 2024 indicated the estimated fair values of each of these eight reporting units exceeded the carrying amounts of the respective reporting units by a significant margin. No events were noted during the second half of 2024 that required completion of an interim goodwill impairment assessment in the second half of 2024 for any of our eight reporting units. There has been no impairment of goodwill in any of the periods presented. ​ The Nalco trade name is our only indefinite life intangible asset, which is tested for impairment on an annual basis during the second quarter. For our annual 2024 indefinite life intangible asset impairment assessment, we completed our impairment assessment of the Nalco trade name using the relief from royalty discounted cash flow method, which incorporates assumptions regarding future sales projections, royalty rates and discount rates. Our Nalco tradename impairment assessment for 2024 indicated the estimated fair value of the Nalco trade name exceeded its $1.2 billion carrying amount by a significant margin. No events were noted during the second half of 2024 that required completion of an interim impairment assessment of our Nalco trade name in the second half of 2024. There has been no impairment of the Nalco trade name intangible since it was acquired. ​ ​ 31 Table of Contents RESULTS OF OPERATIONS ​ Net Sales ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Percent Change ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (millions) ​ 2024 ​ 2023 ​ 2022 ​ 2024 ​ 2023 Product and equipment sales ​ ​ $12,473.6 ​ ​ $12,316.8 ​ ​ $11,446.2 ​ ​ ​ ​ ​ ​ Service and lease sales ​ ​ 3,267.8 ​ ​ ​ 3,003.4 ​ ​ ​ 2,741.6 ​ ​ ​ ​ ​ ​ ​ Reported GAAP net sales ​ ​ 15,741.4 ​ ​ ​ 15,320.2 ​ ​ ​ 14,187.8 ​ ​ 3 % ​ 8 % Effect of foreign currency translation ​ 131.6 ​ 55.3 ​ ​ 5.0 ​ ​ ​ ​ ​ ​ ​ Non-GAAP adjusted fixed currency sales ​ ​ 15,873.0 ​ ​ ​ 15,375.5 ​ ​ ​ 14,192.8 ​ ​ 3 % ​ 8 % Effect of acquisitions and divestitures ​ ​ (131.5) ​ ​ ​ (252.5) ​ ​ ​ * ​ ​ ​ ​ ​ ​ ​ Non-GAAP organic sales ​ ​ $15,741.5 ​ ​ ​ $15,123.0 ​ ​ ​ * ​ ​ 4 % ​ * ​

• Not meaningful ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ The percentage components of the year-over-year sales change are shown below: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (percent) ​ 2024 ​ 2023 Volume ​ ​ 2 % ​

% Price changes ​ ​ 2 ​ ​ * ​ Organic sales change ​ ​ 4 ​ ​ * ​ Acquisitions and divestitures ​ ​ (1) ​ ​ * ​ Fixed currency sales change ​ ​ 3 ​ ​ 8 ​ Foreign currency translation ​ ​

​ ​

​ Reported GAAP net sales change ​ ​ 3 % ​ 8 %

• Not meaningful ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amounts do not necessarily sum due to rounding. ​ Cost of Sales (“COS”) and Gross Profit Margin (“Gross Margin”) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2024 ​ 2023 ​ 2022 ​ ​ ​ ​ Gross ​ ​ ​ ​ Gross ​ ​ ​ ​ Gross (millions/percent) ​ COS ​ ​ Margin ​ ​ COS ​ ​ Margin ​ ​ COS ​ ​ Margin Product and equipment cost of sales ​ $6,990.0 ​ ​ ​ ​ ​ ​ $7,389.2 ​ ​ ​ ​ ​ ​ $7,212.8 ​ ​ ​ ​ Service and lease cost of sales ​ 1,909.7 ​ ​ ​ ​ ​ ​ 1,765.7 ​ ​ ​ ​ ​ ​ 1,618.2 ​ ​ ​ ​ Reported GAAP COS and gross margin ​ 8,899.7 ​ ​ 43.5 % ​ ​ 9,154.9 ​ ​ 40.2 % ​ ​ 8,831.0 ​ ​ 37.8 % Special (gains) and charges ​ 5.3 ​ ​ ​ ​ ​ ​ 22.5 ​ ​ ​ ​ ​ ​ 69.9 ​ ​ ​ Non-GAAP adjusted COS and gross margin ​ $8,894.4 ​ ​ 43.5 % ​ ​ $9,132.4 ​ ​ 40.4 % ​ ​ $8,761.1 ​ ​ 38.2 % ​ Our COS values and corresponding gross margin are shown above. Our gross margin is defined as sales less cost of sales divided by sales. ​ Our reported gross margin was 43.5%, 40.2%, and 37.8% for 2024, 2023 and 2022, respectively. Our 2024, 2023 and 2022 reported gross margins were negatively impacted by special (gains) and charges of $5.3 million, $22.5 million, and $69.9 million, respectively. Special (gains) and charges items impacting COS are shown within the “Special (Gains) and Charges” table below. ​ Excluding the impact of special (gains) and charges, our 2024 adjusted gross margin was 43.5% compared against a 2023 adjusted gross margin of 40.4%. Our adjusted gross margin increased when comparing 2024 against 2023 reflecting strong value pricing and lower delivered product costs. ​ Excluding the impact of special (gains) and charges, our adjusted gross margin was 40.4% and 38.2% for 2023 and 2022, respectively. The increase primarily reflected accelerating value pricing that overcame higher supply chain costs. ​ Selling, General and Administrative Expenses (“SG&A”) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (percent) 2024 ​ 2023 ​ 2022 SG&A Ratio 26.9 % ​ 26.5 % ​ 25.8 % ​ The increased SG&A ratio (SG&A expenses as a percentage of reported net sales) comparing 2024 against 2023 was driven by growth-oriented investments in the business which was partially offset by sales productivity. The increased SG&A ratio (SG&A expenses as a percentage of reported net sales) comparing 2023 against 2022 was driven by higher incentive compensation compared to last year which was partially offset by strong productivity including cost savings initiatives. ​ 32 Table of Contents Special (Gains) and Charges ​ Special (gains) and charges reported on the Consolidated Statements of Income included the following items: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (millions) ​ 2024 ​ 2023 ​ 2022 Cost of sales ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ One Ecolab ​ ​ $1.9 ​ ​ ​ $- ​ ​ ​ $- ​ Other restructuring ​ 3.4 ​ ​ 22.5 ​ ​ ​ 21.4 ​ Acquisition and integration activities ​ ​

​ ​ ​

​ ​ ​ 25.0 ​ Other ​ ​

​ ​ ​

​ ​ ​ 23.5 ​ Cost of sales subtotal ​ 5.3 ​ ​ 22.5 ​ 69.9 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Special (gains) and charges ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ One Ecolab ​ ​ 98.3 ​ ​ ​

​ ​ ​

​ Other restructuring ​ 21.8 ​ ​ 63.2 ​ ​ ​ 85.8 ​ Sale of global surgical solutions business ​ ​ (340.3) ​ ​ ​ 10.3 ​ ​ ​

​ Acquisition and integration activities ​ ​ 12.6 ​ ​ ​ 16.1 ​ ​ ​ 14.5 ​ Other ​ 18.7 ​ ​ 21.8 ​ ​ ​ 40.2 ​ Special (gains) and charges subtotal ​ (188.9) ​ ​ 111.4 ​ 140.5 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating income subtotal ​ ​ (183.6) ​ ​ ​ 133.9 ​ ​ ​ 210.4 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Other (income) expense ​ ​

​ ​ ​

​ ​ ​ 50.6 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total special (gains) and charges ​ ​ ($183.6) ​ ​ ​ $133.9 ​ ​ ​ $261.0 ​ ​ For segment reporting purposes, special (gains) and charges are not allocated to reportable segments, which is consistent with our internal management reporting. ​ One Ecolab ​ On July 30, 2024, we announced the One Ecolab initiative, which will enhance our growth and margin expansion journey. As a program within this initiative, we also announced that we commenced a restructuring plan to leverage our digital technologies to realign the functional work done in many countries into global centers of excellence. We anticipate restructuring costs of $175 million ($136 million after tax) or $0.47 per diluted share and special charges of $50 million ($39 million after tax) or $0.14 per diluted share by the end of 2027. We anticipate that the restructuring costs will primarily be cash expenditures for severance costs relating to team reorganization. ​ In anticipation of this One Ecolab initiative, a limited number of actions were taken in the first and second quarter of 2024. As a result, we reclassified $5.3 million ($4.0 million after tax) or $0.01 per diluted share from other restructuring to One Ecolab in the third quarter of 2024. ​ In 2024 we recorded restructuring charges of $76.5 million ($59.0 million after tax), or $0.21 per diluted share primarily related to severance and professional services. In addition, we recorded non-restructuring special charges of $23.7 million ($17.9 million after tax), or $0.06 per diluted share in 2024 primarily related to professional services. We have recorded $81.8 million ($63.0 million after tax), or $0.22 per diluted share of cumulative restructuring charges and $23.7 million ($17.9 million after tax), or $0.06 per diluted share of cumulative special charges under the One Ecolab initiative. Net cash payments were $26.9 million during 2024. ​ The net restructuring liability related to the One Ecolab initiative was $54.9 million as of December 31, 2024. The remaining liability is expected to be paid over a period of a few months to several quarters and will continue to be funded from operating activities. ​ One Ecolab has delivered $12 million of cumulative cost savings with estimated annualized cost savings of $140 million in continuing operations by 2027. ​ Other restructuring ​ Other restructuring activities are primarily related to the Combined Program which is described below. These activities have been included as a component of cost of sales and special (gains) and charges on the Consolidated Statements of Income. Restructuring liabilities have been classified as a component of other current and other noncurrent liabilities on the Consolidated Balance Sheets. ​ Further details related to our restructuring charges are included in Note 3. ​ Combined Program ​ In November 2022, we approved a Europe cost savings program. In February 2023, we expanded our previously announced Europe cost savings program to focus on our Institutional and Healthcare businesses in other regions. In connection with the expanded program (the “Combined Program”), we expected to incur total pre-tax charges of $195 million ($150 million after tax) or $0.52 per diluted share. These restructuring charges were completed at the end of 2024. Program actions included headcount reductions from terminations, not filling 33 Table of Contents certain open positions, and facility closures. The Combined Program charges were primarily cash expenditures related to severance and asset disposals. ​ In anticipation of this Combined Program, a limited number of actions were taken in the fourth quarter of 2022. As a result, we reclassified $19.3 million ($14.5 million after tax) or $0.05 per diluted share from other restructuring to the Combined Program in the first quarter of 2023. ​ In 2024, 2023 and 2022 we recorded restructuring charges of $25.2 million ($18.6 million after tax) or $0.06 per diluted share, $77.7 million ($66.4 million after tax) or $0.23 per diluted share and $67.2 million ($56.0 million after tax) or $0.20 per diluted share, respectively, primarily related to severance and professional services. Restructuring activities were completed at the end of 2024, with total costs $184.1 million ($151.5 million after tax), or $0.53 per diluted share. ​ We reclassified $5.3 million ($4.0 million after tax) or $0.01 per diluted share from the combined restructuring program to other restructuring activities in the second quarter of 2024. ​ The net liability related to the Combined Program was $12.8 million and $43.1 million as of December 31, 2024 and 2023, respectively. Net cash payments were $48.9 million and non-cash net charges were $1.3 million during 2024.The remaining liability is expected to be paid over a period of a few months to several quarters and will continue to be funded from operating activities. ​ The Combined Program has delivered our targeted $175 million of annual cost savings. ​ Other Restructuring Activities ​ During 2024, we recorded restructuring charges of $10.6 million ($8.0 million after tax), or $0.03 per diluted share related to an immaterial restructuring plan approved in the second quarter. This plan became part of the One Ecolab initiative in the third quarter. ​ During 2023 and 2022, we recorded restructuring charges of $8.0 million ($6.0 million after tax), or $0.03 per diluted share and $40.0 million ($31.1 million after tax), or $0.11 per diluted share, respectively, related to immaterial or subsequently concluded restructuring programs. The charges were primarily related to severance and asset write-offs. ​ The restructuring liability balance for all other restructuring plans excluding the One Ecolab and Combined Program, were $6.5 million and $8.2 million as of December 31, 2024 and 2023, respectively. The remaining liability is expected to be paid over a period of a few months to several quarters and will continue to be funded from operating activities. Cash payments during 2024 related to all other restructuring plans excluding the One Ecolab and Combined Programs were $2.2 million. ​ Sale of global surgical solutions business On April 27, 2024, we reached a definitive agreement to sell our global surgical solutions business, which closed on August 1, 2024. During 2024 we recorded a gain on sale of $355.9 million ($257.7 million after tax) or ($0.90) per diluted share, as described in Note 4. Excluding the gain on sale, we recorded charges of $15.6 million ($12.0 million after tax) or $0.05 per diluted share in 2024, which are primarily related to professional fees to support the sale. During 2023 we recorded charges of $10.3 million ($7.7 million after tax) or $0.03 per diluted share, primarily related to professional fees to support the sale. ​ Acquisition and integration related costs ​ Acquisition and integration related costs reported in special (gains) and charges on the Consolidated Statements of Income in 2024 include $12.6 million ($9.6 million after tax) or $0.03 per diluted share, primarily related to the Purolite transaction. ​ Acquisition and integration related costs reported in special (gains) and charges on the Consolidated Statements of Income in 2023 include $16.1 million ($12.0 million after tax) or $0.04 per diluted share. Charges are integration related costs primarily related to the Purolite transaction. ​ Acquisition and integration related costs reported in special (gains) and charges on the Consolidated Statements of Income in 2022 include $14.5 million ($11.4 million after tax) or $0.04 per diluted share. Charges are related primarily to the Purolite transaction and consist of integration related costs, advisory and legal fees. Acquisition and integration related costs reported in product and equipment cost of sales on the Consolidated Statements of Income in 2022 include $25.0 million ($19.6 million after tax) or $0.07 per diluted share. Charges are related primarily to the recognition of fair value step-up in the Purolite inventory and other integration costs. ​ Other operating activities ​ During 2022, we recorded other operating activities to cost of sales on the Consolidated Statements of Income of $23.5 million ($19.6 million after tax), or $0.06 per diluted share relating primarily to COVID-19 activities. ​ During 2024, we recorded other operating activities to special (gains) and charges on the Consolidated Statements of Income of $18.7 million ($13.9 million after tax), or $0.05 per diluted share, relating primarily to a liability relating to a prior divestiture, COVID-19 activities, and certain legal charges. During 2023 and 2022, we recorded other operating activities to special (gains) and charges on the Consolidated Statements of Income of $21.8 million ($16.7 million after tax), or $0.05 per diluted share, and $40.2 million ($31.4 million after tax), or $0.11 per diluted share, respectively, relating primarily to certain legal charges. 34 Table of Contents Other (income) expense ​ During 2022, we incurred settlement expense recorded in other (income) expense on the Consolidated Statements of Income of $50.6 million ($38.2 million after tax) or $0.13 per diluted share, respectively, related to U.S. pension plan lump-sum payments to retirees. ​ Operating Income and Operating Income Margin ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Percent Change ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (millions) 2024 2023 2022 ​ ​ 2024 ​ 2023 Reported GAAP operating income ​ ​ $2,802.4 ​ ​ ​ $1,992.3 ​ ​ ​ $1,562.5 ​ ​ ​ ​ 41 % ​ ​ 28 % Special (gains) and charges ​ (183.6) ​ ​ ​ 133.9 ​ ​ ​ 210.4 ​ ​ ​ ​ ​ ​ ​ ​ Non-GAAP adjusted operating income ​ 2,618.8 ​ ​ ​ 2,126.2 ​ ​ ​ 1,772.9 ​ ​ ​ 23 ​ ​ 20 ​ Effect of foreign currency translation ​ 32.9 ​ ​ ​ 9.4 ​ ​ ​ (5.3) ​ ​ ​ ​ ​ ​ ​ ​ Non-GAAP adjusted fixed currency operating income ​ ​ 2,651.7 ​ ​ ​ 2,135.6 ​ ​ ​ 1,767.6 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Effect of acquisitions and divestitures ​ ​ (7.5) ​ ​ ​ (38.4) ​ ​ ​ * ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Non-GAAP organic operating income ​ ​ $2,644.2 ​ ​ ​ $2,097.2 ​ ​ ​ * ​ ​ ​ ​ 26 % ​ ​ * ​

• Not meaningful ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (percent) 2024 ​ 2023 ​ 2022 ​ ​ ​ ​ ​ ​ ​ Reported GAAP operating income margin ​ ​ 17.8 % ​ ​ 13.0 % ​ ​ 11.0 % ​ ​ ​ ​ ​ ​ ​ ​ ​ Non-GAAP adjusted operating income margin ​ ​ 16.6 % ​ ​ 13.9 % ​ ​ 12.5 % ​ ​ ​ ​ ​ ​ ​ ​ ​ Non-GAAP adjusted fixed currency operating income margin ​ ​ 16.7 % ​ ​ 13.9 % ​ ​ 12.5 % ​ ​ ​ ​ ​ ​ ​ ​ ​ Non-GAAP organic operating income margin ​ ​ 16.8 % ​ ​ 13.9 % ​ ​

​ ​ ​ ​ ​ ​ ​ ​ ​ ​

• Not meaningful ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Our operating income and corresponding operating income margin are shown in the previous tables. Operating income margin is defined as operating income divided by sales. ​ Our reported operating income was $2,802.4 million, $1,992.3 million and $1,562.5 for 2024, 2023 and 2022, respectively. Our 2024, 2023 and 2022 operating incomes were negatively (positively) impacted by special (gains) and charges of ($183.6 million), $133.9 million, and $210.4 million, respectively. ​ Excluding the impacts of special (gains) and charges, 2024 adjusted operating income increased 23% as strong value pricing, lower delivered product costs, and higher volumes were partially offset by investments in the business. Excluding the impacts of special (gains) and charges 2023 adjusted operating income increased 20% as strong pricing overcame investments in the business including incentive compensation, higher supply chain costs and unfavorable mix. ​ Other (Income) Expense ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (millions) 2024 2023 2022 Reported GAAP other (income) expense ​ ​ ($51.3) ​ ​ ​ ($59.9) ​ ​ ​ ($24.5) Special (gains) and charges ​ ​

​ ​

​ ​ 50.6 Non-GAAP adjusted other (income) expense ​ ​ ($51.3) ​ ​ ​ ($59.9) ​ ​ ​ ($75.1) ​ Our reported other income was $51.3 million, $59.9 million and $24.5 million in 2024, 2023 and 2022, respectively. Other (income) expense decreased when comparing 2024 against 2023 primarily due to higher pension costs. Other (income) expense increased when comparing 2023 against 2022 as higher pension costs were more than offset by the comparison to last year’s $50.6 million settlement expense related to U.S. pension plan lump-sum payments to retirees. Excluding the impact of settlements and curtailments recorded in special (gains) and charges during 2024, 2023 and 2022, our adjusted other income was $51.3 million, $59.9 million and $75.1 million, respectively. ​ Interest Expense, Net ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (millions) 2024 2023 2022 Reported GAAP interest expense, net ​ ​ $282.5 ​ ​ ​ $296.7 ​ ​ ​ $243.6 ​ Our reported net interest expense totaled $282.5 million, $296.7 million and $243.6 million during 2024, 2023 and 2022, respectively. ​ The decrease in net interest expense when comparing 2024 against 2023 was driven primarily by lower interest expense from the repayment of our January 2024 note and the impact from higher interest income earned on cash balances driven by strong free cash flows and proceeds from the sale of the global surgical solutions business. The increase in interest expense when comparing 2023 against 2022 was driven primarily by the higher average interest rates on outstanding debt. ​ 35 Table of Contents Provision for Income Taxes ​ The following table provides a summary of our tax rate: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (percent) 2024 ​ 2023 2022 Reported GAAP tax rate ​ 17.1 % ​ 20.6 % ​ 17.5 % Tax rate impact of: ​ ​ ​ ​ ​ ​ ​ ​ ​ Special (gains) and charges (1.1) ​ ​ (0.1) 0.5 Discrete tax items ​ 3.3 ​ ​ (0.6) ​ ​ 0.7 ​ Non-GAAP adjusted tax rate 19.3 % ​ 19.9 % 18.7 % ​ Our reported tax rate was 17.1%, 20.6%, and 17.5%, for 2024, 2023 and 2022, respectively. The change in our tax rate includes the tax impact of special (gains) and charges and discrete tax items, which have impacted the comparability of our historical reported tax rates, as amounts included in our special (gains) and charges are derived from tax jurisdictions with rates that vary from our tax rate, and discrete tax items are not necessarily consistent across periods. The tax impact of special (gains) and charges and discrete tax items will likely continue to impact comparability of our reported tax rate in the future. ​ We recognized a net tax benefit related to discrete tax items of $78.6 million during 2024. Discrete items include tax benefits of $62.1 million associated with capital losses and $30.4 million of additional basis of foreign intangible assets. The remaining net discrete tax expense of $13.9 million was primarily related to the filing of federal, state and foreign tax returns and other income tax adjustments including the impact of changes in tax laws, audit settlements, share-based compensation excess tax benefit and other changes in estimates. ​ We recognized a net tax expense related to discrete tax items of $11.2 million during 2023. The net discrete tax expense was primarily related to the filing of federal, state and foreign tax returns and other income tax adjustments including the impact of changes in tax laws, audit settlements, share-based compensation excess tax benefits and other changes in estimates. ​ We recognized a net tax benefit related to discrete tax items of $11.8 million during 2022. This included a deferred tax benefit of $14.6 million associated with utilization of tax attributes as a result of legal entity rationalization and share-based compensation excess tax benefits of $6.0 million. The remaining discrete tax expense of $8.8 million was primarily related to the filing of federal, state and foreign tax returns and other income tax adjustments including the impact of changes in tax laws, audit settlements and other changes in estimates. ​ The change in our adjusted tax rates from 2023 to 2024 was primarily driven by geographic income mix. Future comparability of our adjusted tax rate may be impacted by various factors, including but not limited to other changes in global tax rules, further tax planning projects and geographic income mix. ​ Net Income Attributable to Ecolab ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Percent Change ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (millions) 2024 2023 2022 2024 ​ 2023 Reported GAAP net income attributable to Ecolab ​ ​ $2,112.4 ​ ​ ​ $1,372.3 ​ ​ $1,091.7 ​ 54 % ​ 26 % Adjustments: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Special (gains) and charges, after tax ​ (126.7) ​ ​ ​ 109.2 ​ ​ 207.3 ​ ​ ​ ​ ​ ​ Discrete tax net (benefit) expense ​ ​ (78.6) ​ ​ ​ 11.2 ​ ​ (11.8) ​ ​ ​ ​ ​ ​ Non-GAAP adjusted net income attributable to Ecolab ​ ​ $1,907.1 ​ ​ ​ $1,492.7 ​ ​ $1,287.2 ​ 28 % ​ 16 % ​ Diluted EPS ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Percent Change ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (dollars) 2024 2023 2022 2024 ​ 2023 Reported GAAP diluted EPS ​ ​ $7.37 ​ ​ ​ $4.79 ​ ​ $3.81 ​ 54 % ​ 26 % Adjustments: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Special (gains) and charges, after tax ​ (0.44) ​ ​ 0.38 ​ 0.72 ​ ​ ​ ​ ​ ​ Discrete tax net (benefit) expense ​ (0.28) ​ ​ 0.04 ​ (0.04) ​ ​ ​ ​ ​ ​ Non-GAAP adjusted diluted EPS ​ ​ $6.65 ​ ​ ​ $5.21 ​ ​ $4.49 ​ 28 % ​ 16 % ​ Per share amounts do not necessarily sum due to rounding. ​ Currency translation had an unfavorable ($0.09) impact on reported and adjusted diluted EPS when comparing 2024 to 2023 and unfavorable ($0.05) impact when comparing 2023 to 2022. ​ 36 Table of Contents SEGMENT PERFORMANCE ​ The non-U.S. dollar functional currency international amounts included within our reportable segments are based on translation into U.S. dollars at the fixed currency exchange rates established by management for 2024. The difference between the fixed currency exchange rates and the actual currency exchange rates is reported as “effect of foreign currency translation” in the following tables. All other accounting policies of the reportable segments are consistent with U.S. GAAP and the accounting policies described in Note 2. Additional information about our reportable segments is included in Note 18. ​ Fixed currency net sales and operating income for 2024, 2023 and 2022 for our reportable segments are shown in the following tables. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net Sales ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Percent Change ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (millions) 2024 2023 2022 2024 ​ 2023 Global Industrial ​ ​ $7,857.2 ​ ​ $7,640.5 ​ $7,172.6 ​ 3 % ​ 7 % Global Institutional & Specialty ​ 5,413.9 ​ ​ 5,014.6 ​ 4,433.2 8 ​ ​ 13 ​ Global Healthcare & Life Sciences ​ ​ 1,434.1 ​ ​ ​ 1,607.5 ​ ​ 1,534.3 ​ (11) ​ ​ 5 ​ Global Pest Elimination ​ 1,167.8 ​ ​ 1,070.2 ​ 963.5 9 ​ ​ 11 ​ Corporate ​ ​

​ ​ ​ 42.7 ​ ​ 89.2 ​ (100) ​ ​ (52) ​ Subtotal at fixed currency ​ 15,873.0 ​ ​ 15,375.5 ​ 14,192.8 3 ​ ​ 8 ​ Effect of foreign currency translation ​ (131.6) ​ ​ (55.3) ​ (5.0) ​ ​ ​ ​ ​ Consolidated reported GAAP net sales ​ $15,741.4 ​ ​ ​ $15,320.2 ​ ​ $14,187.8 3 % ​ 8 % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating Income ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Percent Change ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (millions) 2024 2023 2022 2024 ​ 2023 Global Industrial ​ ​ $1,300.6 ​ ​ $1,122.0 ​ $948.9 ​ 16 % ​ 18 % Global Institutional & Specialty ​ 1,182.7 ​ ​ 841.8 ​ 631.9 40 ​ ​ 33 ​ Global Healthcare & Life Sciences ​ ​ 147.2 ​ ​ ​ 160.8 ​ ​ 193.4 ​ (8) ​ ​ (17) ​ Global Pest Elimination ​ 220.4 ​ ​ 210.4 ​ 197.3 5 ​ ​ 7 ​ Corporate ​ (15.8) ​ ​ (332.8) ​ (414.3) (95) ​ ​ (20) ​ Subtotal at fixed currency ​ 2,835.1 ​ ​ 2,002.2 ​ 1,557.2 42 ​ ​ 29 ​ Effect of foreign currency translation ​ (32.7) ​ ​ (9.9) ​ 5.3 ​ ​ ​ ​ ​ Consolidated reported GAAP operating income ​ $2,802.4 ​ ​ ​ $1,992.3 ​ ​ $1,562.5 41 % ​ 28 % ​ The following tables reconcile the impact of acquisitions and divestitures within our reportable segments. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended ​ ​ December 31 Net Sales ​ 2024 ​ 2023 (millions) Fixed Currency ​ Impact of Acquisitions and Divestitures ​ Organic ​ Fixed Currency ​ Impact of Acquisitions and Divestitures ​ Organic Global Industrial ​ $7,857.2 ​ ($89.3) ​ $7,767.9 ​ $7,640.5 ​ ($26.7) ​ $7,613.8 Global Institutional & Specialty 5,413.9 ​ (32.0) ​ 5,381.9 ​ 5,014.6 ​

​ 5,014.6 Global Healthcare & Life Sciences ​ 1,434.1 ​

​ 1,434.1 ​ 1,607.5 ​ (183.1) ​ 1,424.4 Global Pest Elimination 1,167.8 ​ (10.2) ​ 1,157.6 ​ 1,070.2 ​

​ 1,070.2 Corporate ​

​

​

​ 42.7 ​ (42.7) ​

Subtotal at fixed currency 15,873.0 ​ (131.5) ​ 15,741.5 ​ 15,375.5 ​ (252.5) ​ 15,123.0 Effect of foreign currency translation (131.6) ​ ​ ​ ​ ​ (55.3) ​ ​ ​ ​ Consolidated reported GAAP net sales $15,741.4 ​ ​ ​ ​ ​ $15,320.2 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating Income ​ 2024 ​ 2023 (millions) Fixed Currency ​ Impact of Acquisitions and Divestitures ​ Organic ​ Fixed Currency ​ Impact of Acquisitions and Divestitures ​ Organic Global Industrial ​ $1,300.6 ​ ($6.1) ​ $1,294.5 ​ $1,122.0 ​ ($1.3) ​ $1,120.7 Global Institutional & Specialty 1,182.7 ​ (1.8) ​ 1,180.9 ​ 841.8 ​

​ 841.8 Global Healthcare & Life Sciences 147.2 ​

​ 147.2 ​ 160.8 ​ (35.7) ​ 125.1 Global Pest Elimination ​ 220.4 ​ 0.4 ​ 220.8 ​ 210.4 ​

​ 210.4 Corporate ​ (199.2) ​

​ (199.2) ​ (199.4) ​ (1.4) ​ (200.8) Non-GAAP adjusted fixed currency operating income 2,651.7 ​ (7.5) ​ 2,644.2 ​ 2,135.6 ​ (38.4) ​ 2,097.2 Special (gains) and charges (183.4) ​ ​ ​ ​ ​ 133.4 ​ ​ ​ ​ Subtotal at fixed currency 2,835.1 ​ ​ ​ ​ ​ 2,002.2 ​ ​ ​ ​ Effect of foreign currency translation (32.7) ​ ​ ​ ​ ​ (9.9) ​ ​ ​ ​ Consolidated reported GAAP operating income $2,802.4 ​ ​ ​ ​ ​ $1,992.3 ​ ​ ​ ​ 37 Table of Contents Global Industrial ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2024 ​ 2023 ​ 2022 Sales at fixed currency (millions) ​ ​ $7,857.2 ​ ​ ​ $7,640.5 ​ ​ ​ $7,172.6 ​ Sales at public currency (millions) ​ ​ 7,777.2 ​ ​ ​ 7,626.5 ​ ​ ​ 7,197.1 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Organic sales change ​ ​ 2 % ​ ​ * ​ ​ ​ ​ ​ Acquisitions and divestitures ​ 1 % ​ ​ * ​ ​ ​ ​ ​ Fixed currency sales change ​ 3 % ​ ​ 7 % ​ ​ ​ ​ Foreign currency translation ​ ​ (1) % ​ ​ (1) % ​ ​ ​ ​ Public currency sales change ​ 2 % ​ ​ 6 % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating income at fixed currency (millions) ​ ​ $1,300.6 ​ ​ ​ $1,122.0 ​ ​ ​ $948.9 ​ Operating income at public currency (millions) ​ ​ 1,280.5 ​ ​ ​ 1,122.0 ​ ​ ​ 959.8 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fixed currency operating income change ​ ​ 16 % ​ ​ 18 % ​ ​ ​ ​ Fixed currency operating income margin ​ 16.6 % ​ 14.7 % ​ 13.2 % Organic operating income change ​ 16 % ​ * ​ ​ ​ ​ ​ Organic operating income margin ​ 16.7 % ​ 14.7 % ​ ​ * ​ Public currency operating income change ​ ​ 14 % ​ ​ 17 % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

• Not meaningful Percentages in the above table do not necessarily sum due to rounding. ​ Net Sales ​ Organic sales for Global Industrial increased in 2024 driven by strong new business wins and value pricing which overcame uneven end-market trends. Organic sales for Global Industrial increased in 2023 driven by strong pricing and new business wins partially offset by weaker markets. ​ At an operating segment level, Water organic sales increased 3% in 2024 reflecting strong growth in downstream and light water. Water organic sales increased 8% in 2023 driven by strong pricing and new business wins. Light water reported strong sales growth in 2024 driven by strong performance across institutional, food & beverage and high-tech and good sales growth in 2023 driven by strong performance across high-tech and institutional. Heavy water in 2024 reported sales growth driven by new business wins that overcame softer market trends in primary metals and chemicals and good sales growth in 2023 driven by strong pricing, gains in primary metals and growth in chemicals. Downstream reported strong sales growth in 2024 driven by strong growth in refining and water management and strong growth in 2023 driven by innovative water treatment programs. Food & Beverage organic sales increased 1% in 2024 as good new business wins more than offset continued soft industry trends and comparisons to last year’s strong growth. Organic sales increased 9% in 2023 reflecting continued pricing, strong performance in dairy, and solid growth in beverage & brewing and animal health. Paper organic sales were flat in 2024 as strong new business wins were offset by soft but stabilizing customer production rates. ​Organic sales decreased 1% in 2023 as pricing and new business wins were offset by easing customer production rates. Operating Income Organic operating income and organic operating income margins for Global Industrial increased in both 2024 and 2023 when compared to prior periods. ​ Organic operating income margins increased 2.0 percentage points during 2024 compared to 2023, as the 4.2 percentage point positive impacts of lower delivered product costs, strong pricing, and higher volumes were partially offset by the 2.3 percentage point negative impacts of investments in the business. Organic operating income margins increased in 2023 compared to 2022, as the positive impacts of strong pricing overcame the negative impacts of investments in business including incentive compensation, lower volume, and higher supply chain costs. ​ 38 Table of Contents Global Institutional & Specialty ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2024 ​ 2023 ​ 2022 Sales at fixed currency (millions) ​ ​ $5,413.9 ​ ​ ​ $5,014.6 ​ ​ ​ $4,433.2 ​ Sales at public currency (millions) ​ ​ 5,382.6 ​ ​ ​ 4,999.2 ​ ​ ​ 4,432.1 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Organic sales change ​ ​ 7 % ​ ​

​ ​ ​ ​ ​ Acquisitions and divestitures ​ 1 % ​ ​ * ​ ​ ​ ​ ​ Fixed currency sales change ​ 8 % ​ ​ 13 % ​ ​ ​ ​ Foreign currency translation ​ ​

% ​ ​

% ​ ​ ​ ​ Public currency sales change ​ 8 % ​ ​ 13 % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating income at fixed currency (millions) ​ ​ $1,182.7 ​ ​ ​ $841.8 ​ ​ ​ $631.9 ​ Operating income at public currency (millions) ​ ​ 1,173.8 ​ ​ ​ 838.7 ​ ​ ​ 632.5 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fixed currency operating income change ​ ​ 40 % ​ ​ 33 % ​ ​ ​ ​ Fixed currency operating income margin ​ 21.8 % ​ 16.8 % ​ 14.3 % Organic operating income change ​ 40 % ​ * ​ ​ ​ ​ ​ Organic operating income margin ​ 21.9 % ​ 16.8 % ​ ​ * ​ Public currency operating income change ​ ​ 40 % ​ ​ 33 % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

• Not meaningful Percentages in the above table do not necessarily sum due to rounding. ​ Net Sales ​ Organic sales for Global Institutional & Specialty increased in 2024 continuing to significantly outperform end-market trends. The 2023 sales increased driven by strong pricing and new business wins. At an operating segment level,  Institutional organic sales increased 7% in 2024 reflecting sales growth across restaurants and lodging. Organic sales increased 12% in 2023, driven by strong pricing and new business wins. Specialty organic sales increased 7% in 2024 and 13% in 2023 reflecting growth in quick service and food retail in both years. ​ Operating Income ​ Organic operating income and organic operating income margin for our Global Institutional & Specialty segment increased in both 2024 and 2023 when compared to prior periods. ​ Organic operating income margins increased 5.1 percentage points during 2024, as the 6.6 percentage point positive impacts from strong pricing, lower supply chain costs and higher volumes were partially offset by the 1.9 percentage point negative impacts of investments in the business. Organic operating income margins increased during 2023, as the positive impact from strong pricing and cost savings initiatives overcame the negative impacts of investments in the business including incentive compensation and higher supply chain costs. ​ ​ ​ ​ 39 Table of Contents Global Healthcare & Life Sciences ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2024 ​ 2023 ​ 2022 Sales at fixed currency (millions) ​ ​ $1,434.1 ​ ​ ​ $1,607.5 ​ ​ ​ $1,534.3 ​ Sales at public currency (millions) ​ ​ 1,418.8 ​ ​ ​ 1,586.0 ​ ​ ​ 1,510.5 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Organic sales change ​ ​ 1 % ​ ​

​ ​ ​ ​ ​ Acquisitions and divestitures ​ (11) % ​ ​ * ​ ​ ​ ​ ​ Fixed currency sales change ​ (11) % ​ ​ 5 % ​ ​ ​ ​ Foreign currency translation ​ ​

% ​ ​

% ​ ​ ​ ​ Public currency sales change ​ (11) % ​ ​ 5 % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating income at fixed currency (millions) ​ ​ $147.2 ​ ​ ​ $160.8 ​ ​ ​ $193.4 ​ Operating income at public currency (millions) ​ ​ 143.3 ​ ​ ​ 154.9 ​ ​ ​ 189.4 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fixed currency operating income change ​ ​ (8) % ​ ​ (17) % ​ ​ ​ ​ Fixed currency operating income margin ​ 10.3 % ​ 10.0 % ​ 12.6 % Organic operating income change ​ 18 % ​ * ​ ​ ​ ​ ​ Organic operating income margin ​ 10.3 % ​ 8.8 % ​ ​ * ​ Public currency operating income change ​ ​ (7) % ​ ​ (18) % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

• Not meaningful Percentages in the above table do not necessarily sum due to rounding. ​ Net Sales ​ Reported sales for 2024 reflected the sale of Ecolab’s global surgical solutions business, which closed in the third quarter 2024. Organic sales for Global Healthcare & Life Sciences increased in 2024 as compared to 2023 driven by continued growth in Life Sciences partially offset by modestly lower Healthcare sales. Organic sales for Global Healthcare & Life Sciences increased in 2023 as compared to 2022 driven by strong pricing and new business wins. ​ At an operating segment level, Healthcare organic sales decreased 1% in 2024 as strategic low margin business exits were partially offset by value pricing. Organic sales increased 7% in 2023 driven by pricing and strong growth in North America. Life Sciences organic sales increased 3% in 2024 reflecting new business wins and progressively improving industry trends. Organic sales increased 1% in 2023 as pricing was more than offset by soft near-term industry demand. ​ Operating Income ​ Organic operating income and organic operating income margins for our Global Healthcare & Life Sciences segment both increased in 2024 when compared to 2023. Organic operating income and organic operating income margins for our Global Healthcare & Life Sciences segment both decreased in 2023 when compared to 2022. ​ Organic operating income margins increased 1.5 percentage points in 2024, as the 3.5 percentage point positive impact from strong pricing and lower supply chain costs were partially offset by the 1.6 percentage point negative impacts from lower volumes in the business. Organic operating income margins decreased in 2023, as the positive impact from strong pricing was more than offset by the negative impacts from targeted investments in the business, unfavorable mix and higher supply chain costs. ​ ​ 40 Table of Contents Global Pest Elimination ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2024 ​ 2023 ​ 2022 Sales at fixed currency (millions) ​ ​ $1,167.8 ​ ​ ​ $1,070.2 ​ ​ ​ $963.5 ​ Sales at public currency (millions) ​ ​ 1,162.8 ​ ​ ​ 1,066.0 ​ ​ ​ 959.0 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Organic sales change ​ ​ 8 % ​ ​

​ ​ ​ ​ ​ Acquisitions and divestitures ​ 1 % ​ ​ * ​ ​ ​ ​ ​ Fixed currency sales change ​ 9 % ​ ​ 11 % ​ ​ ​ ​ Foreign currency translation ​ ​

% ​ ​

% ​ ​ ​ ​ Public currency sales change ​ 9 % ​ ​ 11 % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating income at fixed currency (millions) ​ ​ $220.4 ​ ​ ​ $210.4 ​ ​ ​ $197.3 ​ Operating income at public currency (millions) ​ ​ 219.5 ​ ​ ​ 209.7 ​ ​ ​ 195.6 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fixed currency operating income change ​ ​ 5 % ​ ​ 7 % ​ ​ ​ ​ Fixed currency operating income margin ​ 18.9 % ​ 19.7 % ​ 20.5 % Organic operating income change ​ 5 % ​ * ​ ​ ​ ​ ​ Organic operating income margin ​ 19.1 % ​ 19.7 % ​ ​ * ​ Public currency operating income change ​ ​ 5 % ​ ​ 7 % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

• Not meaningful Percentages in the above table do not necessarily sum due to rounding. ​ Net Sales ​ Organic sales for Global Pest Elimination increased 8% in 2024 led by strong growth in food & beverage, restaurants and food retail. ​ Operating Income ​ Organic operating income in Global Pest Elimination increased in 2024 compared to 2023. Organic operating income margins decreased in 2024 when compared to 2023. ​ Organic operating income margins in Global Pest Elimination decreased 0.6 percentage points in 2024, as the 4.4 percentage point positive impacts from strong pricing and higher volumes were more than offset by the 5.8 percentage point negative impacts of investments in the business and costs associated with a fourth quarter spike in accidents. ​ ​ Corporate ​ Consistent with our internal management reporting, Corporate amounts in the table on page 37 include sales to ChampionX in accordance with the transitional supply agreement entered into with the transaction post-separation, as discussed in Note 17, intangible asset amortization specifically from the Nalco and Purolite transactions and special (gains) and charges that are not allocated to our reportable segments. Items included within special (gains) and charges are shown in the table on page 33. ​ ​ ​ ​ 41 Table of Contents FINANCIAL POSITION, CASH FLOW AND LIQUIDITY ​ Financial Position ​ Total assets were $22.4 billion as of December 31, 2024, compared to total assets of $21.8 billion as of December 31, 2023. Total liabilities were $13.6 billion as of December 31, 2024, compared to total liabilities of $13.8 billion as of December 31, 2023. Total debt was $7.6 billion as of December 31, 2024 and $8.2 billion as of December 31, 2023. See further discussion of our debt activity within the “Liquidity and Capital Resources” section of this MD&A. Our net debt to EBITDA is shown in the following table. EBITDA is a non-GAAP measure discussed further in the “Non-GAAP Financial Measures” section of this MD&A. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2024 ​ 2023 ​ 2022 (ratio) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net debt to EBITDA ​ 1.7 ​ ​ 2.4 ​ ​ 3.2 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (millions) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total debt ​ ​ $7,564.9 ​ ​ ​ $8,181.8 ​ ​ ​ $8,580.4 ​ Cash ​ 1,256.8 ​ ​ ​ 919.5 ​ ​ ​ 598.6 ​ Net debt ​ ​ $6,308.1 ​ ​ ​ $7,262.3 ​ ​ ​ $7,981.8 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income including noncontrolling interest ​ ​ $2,131.9 ​ ​ ​ $1,393.0 ​ ​ ​ $1,108.9 ​ Provision for income taxes ​ 439.3 ​ ​ ​ 362.5 ​ ​ ​ 234.5 ​ Interest expense, net ​ 282.5 ​ ​ ​ 296.7 ​ ​ ​ 243.6 ​ Depreciation ​ 634.9 ​ ​ ​ 616.7 ​ ​ ​ 618.5 ​ Amortization ​ 300.5 ​ ​ ​ 306.9 ​ ​ ​ 320.2 ​ EBITDA ​ $3,789.1 ​ ​ ​ $2,975.8 ​ ​ ​ $2,525.7 ​ ​ Cash Flows ​ Operating Activities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Dollar Change (millions) 2024 ​ 2023 2022 2024 2023 Cash provided by operating activities ​ ​ $2,813.9 ​ ​ ​ $2,411.8 ​ ​ ​ $1,788.4 ​ ​ ​ $402.1 ​ ​ ​ $623.4 ​ ​ We continue to generate cash flow from operations allowing us to fund our ongoing operations, acquisitions, investments in the business and pension obligations along with returning cash to our shareholders through dividend payments and share repurchases. ​ Cash provided by operating activities increased $402 million in 2024 compared to 2023, driven by a $739 million increase in net income less $258 million net gain on sale of global surgical solutions business. ​ Cash provided by operating activities increased $623 million in 2023 compared to 2022, driven primarily by $332 million net favorable change in working capital and $284 million increase in net income. The cash flow impact from working capital was primarily driven by improvement in inventory due to management efforts following easing global supply chain constraints and an improvement in receivables offset by a decrease in accounts payable primarily associated with our inventory reduction efforts. ​ The impact on operating cash flows of pension and postretirement plan contributions, cash activity related to restructuring, cash paid for income taxes and cash paid for interest, are shown in the following table: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Dollar Change (millions) ​ 2024 ​ 2023 2022 2024 2023 Pensions and postretirement plan contributions $54.4 ​ ​ ​ $109.3 ​ ​ $64.3 ​ ​ ($54.9) ​ ​ $45.0 ​ Restructuring payments ​ 78.0 ​ ​ 118.3 ​ ​ 41.0 ​ ​ (40.3) ​ ​ 77.3 ​ Income tax payments ​ 647.4 ​ ​ 469.2 ​ ​ 308.9 ​ ​ 178.2 ​ ​ 160.3 ​ Interest payments ​ 342.6 ​ ​ 324.8 ​ ​ 222.4 ​ ​ 17.8 ​ ​ 102.4 ​ ​ ​ 42 Table of Contents Investing Activities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Dollar Change (millions) 2024 ​ 2023 2022 2024 2023 Cash used for investing activities ​ ​ ($433.8) ​ ​ ​ ($990.5) ​ ​ ​ ($716.8) ​ ​ ​ $556.7 ​ ​ ​ ($273.7) ​ ​ Cash provided by (used for) investing activities is primarily impacted by the timing of business acquisitions and dispositions as well as from capital investments in the business. ​ We continue to make capital investments in the business, including merchandising and customer equipment and manufacturing facilities. Total capital expenditures were $995 million, $775 million and $713 million in 2024, 2023 and 2022, respectively. ​ Total cash provided by (used for) acquisitions, net of cash acquired along with dispositions, net of cash divested, in 2024, 2023 and 2022 was $313 million, $180 million and $7 million, respectively. Our acquisitions and divestitures are discussed further in Note 4. We continue to target strategic business acquisitions which complement our growth strategy and expect to continue to make capital investments and acquisitions in the future to support our long-term growth. Financing Activities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Dollar Change (millions) 2024 ​ 2023 2022 2024 2023 Cash used for financing activities ​ ​ ($2,024.1) ​ ​ ​ ($1,054.7) ​ ​ ​ ($837.3) ​ ​ ​ ($969.4) ​ ​ ​ ($217.4) ​ ​ Our cash flows from financing activities primarily reflect the issuances and repayment of debt, common stock repurchases, proceeds from common stock issuances related to our equity incentive programs and dividend payments. ​ There were no long-term debt issuances in 2024 or 2023. We issued $500 million par value and received $494 million in proceeds of long-term debt in 2022. The proceeds received from the debt issuances were used for repayment of outstanding debt, repayment of commercial paper and general corporate purposes. In addition, we had commercial paper and notes payable net issuances of $2 million in 2024 and net repayments of $2 million and $404 million in 2023 and 2022, respectively. We repaid $630 million and $500 million of long-term debt in 2024 and 2023, respectively. Shares are repurchased for the purpose of partially offsetting the dilutive effect of our equity compensation plans, to manage our capital structure and to efficiently return capital to shareholders. We repurchased a total of $987 million, $14 million, and $518 million of shares in 2024, 2023 and 2022, respectively. ​ The impact on financing cash flows of commercial paper and notes payable repayments, long-term debt borrowings and long-term debt repayments, are shown in the following table: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Dollar Change (millions) ​ 2024 ​ 2023 2022 2024 2023 Net issuances (repayments) of commercial paper and notes payable ​ $1.9 ​ ​ ​ ($1.9) ​ ​ ($404.3) ​ ​ $3.8 ​ ​ $402.4 ​ Long-term debt borrowings ​

​ ​

​ ​ 494.0 ​ ​

​ ​ (494.0) ​ Long-term debt repayments ​ (630.4) ​ ​ (500.0) ​ ​

​ ​ (130.4) ​ ​ (500.0) ​ In December 2024, we increased our quarterly dividend rate by 14%. This represents the 33 rd consecutive year we have increased our dividend. We have paid dividends on our common stock for 88 consecutive years. We paid dividends of $664 million, $617 million and $603 million in 2024, 2023 and 2022, respectively. Cash dividends declared per share of common stock, by quarter, for each of the last three years were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ First ​ Second ​ Third ​ Fourth ​ ​ ​ ​ Quarter ​ Quarter ​ Quarter ​ Quarter ​ Year 2024 ​ ​ $0.57 ​ ​ ​ $0.57 ​ ​ ​ $0.57 ​ ​ ​ $0.65 ​ ​ ​ $2.36 ​ 2023 ​ $0.53 ​ ​ ​ $0.53 ​ ​ ​ $0.53 ​ ​ ​ $0.57 ​ ​ ​ $2.16 ​ 2022 ​ $0.51 ​ ​ ​ $0.51 ​ ​ ​ $0.51 ​ ​ ​ $0.53 ​ ​ ​ $2.06 ​ ​ ​ 43 Table of Contents Liquidity and Capital Resources ​ We currently expect to fund all of our cash requirements which are reasonably foreseeable for the next twelve months, including scheduled debt repayments, new investments in the business, share repurchases, dividend payments, possible business acquisitions and pension and postretirement contributions with cash from operating activities, and as needed, additional short-term and/or long-term borrowings. We continue to expect our operating cash flow to remain strong. ​ As of December 31, 2024, we had $1,257 million of cash and cash equivalents on hand, of which $382 million was held outside of the U.S. As of December 31, 2023, we had $920 million of cash and cash equivalents on hand, of which $880 million was held outside of the U.S. Our cash balance is intended to fund current maturities of long-term debt. We will continue to evaluate our cash position in light of future developments. ​ In January 2024, we repaid €575 million ($630 million) of long-term debt. ​ As of December 31, 2024, we had a $2.0 billion multi-year credit facility, which expires in April 2026. The credit facility has been established with a diverse syndicate of banks and supports our U.S. and Euro commercial paper programs. The maximum aggregate amount of commercial paper that may be issued under our U.S. commercial paper program and our Euro commercial paper program may not exceed $2.0 billion. At year end, we had no commercial paper outstanding under our U.S. program nor our Euro program. There were no borrowings under our credit facility as of December 31, 2024 or 2023. As of December 31, 2024, both programs were rated A-2 by Standard & Poor’s, P-2 by Moody’s and F-1 by Fitch. ​ Additionally, we have uncommitted credit lines with major international banks and financial institutions. These credit lines support our daily global funding needs, primarily our global cash pooling structures. As of December 31, 2024 we had $165 million of bank supported letters of credit, surety bonds and guarantees outstanding in support of our commercial business transactions. We do not have any other significant unconditional purchase obligations or commercial commitments. ​ As of December 31, 2024, Standard & Poor’s, Fitch and Moody’s rated our long-term credit at A- (stable outlook), A- (stable outlook) and A3 (stable outlook), respectively. A reduction in our credit ratings could limit or preclude our ability to issue commercial paper under our current programs or could also adversely affect our ability to renew existing, or negotiate new, credit facilities in the future and could increase the cost of these facilities. As of December 31, 2024, we were in compliance with our debt covenants and other requirements of our credit agreements and indentures. A schedule of our various obligations as of December 31, 2024 are summarized in the following table: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Payments Due by Period ​ ​ ​ ​ ​ Less ​ ​ ​ ​ ​ ​ ​ More ​ ​ ​ ​ ​ Than ​ 2-3 ​ 4-5 ​ Than (millions) ​ Total ​ 1 Year ​ Years ​ Years ​ 5 Years Notes payable ​ ​ $4 ​ ​ $4 ​ ​ $- ​ ​ $- ​ ​ $- ​ One-time transition tax ​ 68 ​ 32 ​ ​ 36 ​ ​

​ ​

​ Long-term debt ​ 7,561 ​ 612 ​ ​ 1,696 ​ ​ 500 ​ ​ 4,753 ​ Operating leases ​ 809 ​ 159 ​ ​ 268 ​ ​ 130 ​ ​ 252 ​ Interest* ​ 3,526 ​ 295 ​ ​ 543 ​ ​ 379 ​ ​ 2,309 ​ Total ​ ​ $11,968 ​ ​ $1,102 ​ ​ $2,543 ​ ​ $1,009 ​ ​ $7,314 ​ ​ *Interest on variable rate debt was calculated using the interest rate at year end 2024. ​ As of December 31, 2024, our gross liability for unrecognized tax benefits was $34 million. We are not able to reasonably estimate the amount by which the liability will increase or decrease over an extended period of time or whether a cash settlement of the liability will be required. Therefore, these amounts have been excluded from the schedule of contractual obligations. We do not have required minimum cash contribution obligations for our qualified pension plans in 2024. We are required to fund certain international pension benefit plans in accordance with local legal requirements. We estimate contributions to be made to our international plans will approximate $48 million in 2025. These amounts have been excluded from the schedule of contractual obligations. We lease certain sales and administrative office facilities, distribution centers, research and manufacturing facilities and other equipment under longer-term operating leases. Vehicle leases are generally shorter in duration. Vehicle leases have residual value requirements that have historically been satisfied primarily by the proceeds on the sale of the vehicles. 44 Table of Contents Market Risk ​ We enter into contractual arrangements (derivatives) in the ordinary course of business to manage foreign currency exposure and interest rate risks. We do not enter into derivatives for speculative or trading purposes. Our use of derivatives is subject to internal policies that provide guidelines for control, counterparty risk, and ongoing monitoring and reporting, and is designed to reduce the volatility associated with movements in foreign exchange and interest rates on our income statement and cash flows. We enter into foreign currency forward contracts to hedge certain intercompany financial arrangements, and to hedge against the effect of exchange rate fluctuations on transactions related to cash flows denominated in currencies other than U.S. dollars. We use net investment hedges as hedging instruments to manage risks associated with our investments in foreign operations. As of December 31, 2024, we had a total of €575 million senior notes designated as net investment hedges. ​ We enter into cross-currency swap derivative contracts to hedge certain Euro denominated exposures from our investments in certain of its Euro denominated functional currency subsidiaries. We use net investment hedges as hedging instruments to manage risks associated with our investments in foreign operations. As of December 31, 2024, we had €1,575 million of cross-currency swap derivative contracts outstanding designated as a net investment hedge. ​ We enter into cross-currency swap derivative contracts to hedge certain Chinese Yuan (“CNY”) denominated exposures from our investments in certain CNY denominated functional currency subsidiaries. We use net investment hedges as hedging instruments to manage risks associated with our investments in foreign operations. As of December 31, 2024, we had CNH 3,619 million (CNH is the CNY traded in the offshore market) of cross-currency swap derivative contracts outstanding designated as a net investment hedge. ​ We manage interest expense using a mix of fixed and floating rate debt. To help manage borrowing costs, we may enter into interest rate swap agreements. Under these arrangements, we agree to exchange, at specified intervals, the difference between fixed and floating interest amounts calculated by reference to an agreed-upon notional principal amount. As of December 31, 2024, we had $1,500 million of interest rate swaps outstanding. Refer to Note 8 for further information on our hedging activity. Based on a sensitivity analysis (assuming a 10% change in market rates) of our foreign exchange and interest rate derivatives and other financial instruments, changes in exchange rates or interest rates would increase/decrease our financial position and liquidity by approximately $262 million. The effect on our results of operations would be substantially offset by the impact of the hedged items. ​ ​ GLOBAL ECONOMIC AND POLITICAL ENVIRONMENT ​ Global Economies ​ Approximately half of our sales are outside of the U.S. Our international operations subject us to changes in economic conditions and foreign currency exchange rates as well as political uncertainty in some countries which could impact future operating results. ​ Argentina, Turkey and Egypt are classified as highly inflationary economies in accordance with U.S. GAAP, and the U.S. dollar is the functional currency for our subsidiaries in Argentina, Turkey and Egypt. During 2024, sales in Argentina, Turkey and Egypt represented approximately 1% of our consolidated sales. Assets held in Argentina, Turkey and Egypt at the end of 2024 represented less than 1% of our consolidated assets. ​ In light of Russia’s invasion of Ukraine and the sanctions against Russia by the United States and other countries, we have made the determination to limit our Russian business to operations that are essential to life, providing minimal support for our healthcare, life sciences, food and beverage and certain water businesses. We may further narrow our presence in Russia depending on future developments, such as the imposition of additional sanctions by the United States. Our Russian and Ukraine operations represented approximately 1% of our 2024 consolidated net sales. We recorded charges of $1.4 million and $13.1 million in 2023 and 2022, respectively, primarily related to recoverability risk of certain assets in both Russia and Ukraine. We cannot predict the progress or outcome of world geopolitical events, including the Russia and Ukraine conflict, or the consequences thereof. ​ ​ NEW ACCOUNTING PRONOUNCEMENTS ​ Information regarding new accounting pronouncements is included in Note 2. ​ ​ ​ 45 Table of Contents SUBSEQUENT EVENTS ​ In February 2025, we entered into cross-currency swap derivative contracts with notional amounts of €300 million and CAD 280 million. These cross-currency swap derivative contracts are designated as net investment hedges of our Euro or CAD denominated exposures from our investments in certain of our Euro or CAD denominated functional currency subsidiaries. ​ Effective in the first quarter of 2025, we modified our organizational structure. As a result, our Global Industrial reportable segment was renamed Global Water and includes the Light & Heavy (previously named Water), Food & Beverage, and Paper operating segments. Our Global Institutional & Specialty reportable segment continues to include the Institutional and Specialty operating segments. Our former healthcare operating segment moved into the Institutional operating segment. Global Life Sciences was elevated to a standalone reportable segment. The Global Pest Elimination segment remains a standalone reportable segment. ​ ​ NON-GAAP FINANCIAL MEASURES ​ This MD&A includes financial measures that have not been calculated in accordance with U.S. GAAP. These non-GAAP measures include: ●   Fixed currency sales ●   Adjusted net sales ●   Adjusted fixed currency sales ●   Organic sales, formerly known as acquisition adjusted fixed currency sales ●   Adjusted cost of sales ●   Adjusted gross margin ●   Fixed currency operating income ●   Fixed currency operating income margin ●   Adjusted operating income ●   Adjusted operating income margin ●   Adjusted fixed currency operating income ●   Adjusted fixed currency operating income margin ●   Organic operating income, formerly known as acquisition adjusted fixed currency operating income ●   Organic operating income margin, formerly known as acquisition adjusted fixed currency operating income margin ●   Adjusted other (income) expense ●   Adjusted interest expense, net ●   EBITDA ●   Adjusted tax rate ●   Adjusted net income attributable to Ecolab ●   Adjusted diluted EPS ​ We provide these measures as additional information regarding our operating results. We use these non-GAAP measures internally to evaluate our performance and in making financial and operational decisions, including with respect to incentive compensation. We believe that our presentation of these measures provides investors with greater transparency with respect to our results of operations and that these measures are useful for period-to-period comparison of results. Our non-GAAP adjusted financial measures for cost of sales, gross margin, operating income and other (income) expense exclude the impact of special (gains) and charges and our non-GAAP adjusted financial measures for tax rate, net income attributable to Ecolab and diluted earnings per share further exclude the impact of discrete tax items. We include items within special (gains) and charges and discrete tax items that we believe can significantly affect the period-over-period assessment of operating results and not necessarily reflect costs and/or income associated with historical trends and future results. After tax special (gains) and charges are derived by applying the applicable local jurisdictional tax rate to the corresponding pre-tax special (gains) and charges. EBITDA is defined as the sum of net income including non-controlling interest, provision for income taxes, net interest expense, depreciation and amortization. EBITDA is used in our net debt to EBITDA ratio, which we view as important indicators of the operational and financial health of our organization. ​ We evaluate the performance of our international operations based on fixed currency rates of foreign exchange. Fixed currency amounts included in this Form 10-K are based on translation into U.S. dollars at the fixed foreign currency exchange rates established by management at the beginning of 2024. We also provide our segment results based on public currency rates for informational purposes. ​ Our reportable segments do not include the impact of intangible asset amortization from the Nalco and Purolite transactions or the impact of special (gains) and charges as these are not allocated to our reportable segments. ​ ​ 46 Table of Contents Our non-GAAP financial measures for organic sales, organic operating income and organic operating income margin are at fixed currency and exclude the impact of special (gains) and charges, the results of our acquired businesses from the first twelve months post acquisition and the results of divested businesses from the twelve months prior to divestiture. Further, due to the sale of the global surgical solutions business on August 1, 2024, we have excluded the results of the business for August through December 2023 from these organic measures for the years ended December 31, 2023 to remain comparable to the corresponding period in 2024. As part of the separation of ChampionX in 2020, we entered into an agreement with ChampionX to provide, receive or transfer certain products for a transitionary period. Transitionary period sales of product to ChampionX under this agreement are recorded in product and equipment sales in Corporate along with the related cost of sales. The remaining sales to ChampionX are recorded in product and equipment sales in the Global Industrial segment along with the related cost of sales. These transactions are removed from the consolidated results as part of the calculation of the impact of acquisitions and divestitures. ​ These non-GAAP measures are not in accordance with, or an alternative to U.S. GAAP and may be different from non-GAAP measures used by other companies. Investors should not rely on any single financial measure when evaluating our business. We recommend that investors view these measures in conjunction with the U.S. GAAP measures included in this MD&A and we have provided reconciliations of reported U.S. GAAP amounts to the non-GAAP amounts in this MD&A. ​ ​ ​ Item 7A. Quantitative and Qualitative Disclosures about Market Risk. ​ The discussion under the heading entitled "Market Risk" and “Global Economic and Political Environment” is incorporated by reference from Part II, Item 7 of this Form 10-K. ​ ​ 47 Table of Contents Item 8. Financial Statements and Supplementary Data. ​ REPORTS OF MANAGEMENT ​ To our Shareholders: ​ Management’s Responsibility for Financial Statements ​ Management is responsible for the integrity and objectivity of the consolidated financial statements. The statements have been prepared in accordance with accounting principles generally accepted in the United States of America and, accordingly, include certain amounts based on management’s best estimates and judgments. ​ The Board of Directors, acting through its Audit Committee composed solely of independent directors, is responsible for determining that management fulfills its responsibilities in the preparation of financial statements and maintains internal control over financial reporting. The Audit Committee recommends to the Board of Directors the appointment of the Company’s independent registered public accounting firm, subject to ratification by the shareholders. It meets regularly with management, the internal auditors and the independent registered public accounting firm. ​ The independent registered public accounting firm has audited the consolidated financial statements included in this annual report and have expressed their opinion regarding whether these consolidated financial statements present fairly in all material respects our financial position and results of operation and cash flows as stated in their report presented separately herein. ​ Management’s Report on Internal Control Over Financial Reporting ​ Management is responsible for establishing and maintaining adequate internal control over financial reporting, as such term is defined in Exchange Act Rule 13a-15(f). Under the supervision and with the participation of management, including the principal executive officer and principal financial officer, an evaluation of the design and operating effectiveness of internal control over financial reporting was conducted based on the 2013 framework in Internal Control — Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission. Based on the evaluation under the framework in Internal Control — Integrated Framework , management concluded that internal control over financial reporting was effective as of December 31, 2024. ​ The Company’s independent registered public accounting firm, PricewaterhouseCoopers LLP, has audited the effectiveness of the Company’s internal control over financial reporting as of December 31, 2024 as stated in their report which is included herein. ​ Christophe Beck Scott D. Kirkland Chairman and Chief Executive Officer Chief Financial Officer ​ 48 Table of Contents