Company Performance - Ecolab reported quarterly earnings of $1.50 per share, matching the Zacks Consensus Estimate, and showing an increase from $1.34 per share a year ago [1] - The company posted revenues of $3.7 billion for the quarter ended March 2025, slightly missing the Zacks Consensus Estimate by 0.07%, and down from $3.75 billion year-over-year [2] - Over the last four quarters, Ecolab has surpassed consensus EPS estimates three times and topped revenue estimates only once [2] Stock Outlook - Ecolab shares have increased approximately 2% since the beginning of the year, contrasting with a -6% decline in the S&P 500 [3] - The company's earnings outlook is crucial for investors, with current consensus EPS estimates at $1.90 for the coming quarter and $7.51 for the current fiscal year [7] - The current Zacks Rank for Ecolab is 3 (Hold), indicating expected performance in line with the market in the near future [6] Industry Context - The Chemical - Specialty industry, to which Ecolab belongs, is currently ranked in the bottom 40% of over 250 Zacks industries, which may impact stock performance [8] - Empirical research indicates a strong correlation between near-term stock movements and trends in earnings estimate revisions, suggesting that industry outlook can significantly affect stock performance [5][8]

Exhibit 99.1 News Release Investor Contact: Media Contact: Andrew Hedberg (651) 250-2185 Nigel Glennie (651) 250-2576 Cairn Clark (651) 250-2291 ECOLAB DELIVERS CONTINUED DOUBLE-DIGIT EPS GROWTH REPORTED DILUTED EPS $1.41; ADJUSTED DILUTED EPS $1.50, +12% MAINTAINS 2025 ADJUSTED DILUTED EPS OUTLOOK: $7.42 - $7.62, +12% - 15% FIRST QUARTER HIGHLIGHTS OUTLOOK | | | | First Quarter Ended March 31 | | | | | --- | --- | --- | --- | --- | --- | --- | | | Reported | | Adjusted | | | | | (unaudited) | Public Curren ...

Core Insights - The forum highlighted the urgent energy challenges posed by AI, particularly in relation to data centers' increasing electricity and water consumption [9][10] - A significant focus was placed on the need for sustainable practices in AI and data center operations, emphasizing the importance of balancing innovation with sustainability [10][11] Group 1: Energy and Water Consumption - By 2024, data centers are projected to account for approximately 1.5% of global electricity consumption, reaching around 415 terawatt-hours (TWh) [8] - By 2030, global data center electricity demand is expected to more than double to about 945 TWh, and by 2035, it could rise to approximately 1200 TWh [8] - Google's data centers consumed 24.2 billion liters of water in 2023, equivalent to the water volume of 1.7 West Lakes [8] Group 2: Liquid Cooling Technology - Liquid cooling technology is gaining traction due to its ability to enhance cooling efficiency by 1000-3000 times compared to traditional methods [14] - The Chinese liquid cooling server market is projected to reach $2.37 billion in 2024, with a year-on-year growth of 67% [14] - The market is expected to grow at a compound annual growth rate (CAGR) of 46.8% from 2024 to 2029, reaching $16.2 billion by 2029 [14] Group 3: Lifecycle Water Management - Ecolab's Nalco brand has developed a comprehensive lifecycle water management solution for liquid cooling data centers, addressing challenges such as cooling liquid quality and maintenance [15][22] - The implementation of lifecycle management practices has significantly improved system efficiency and reduced operational risks, as demonstrated by a case study where water change frequency increased from bi-weekly to over a year [22][23] - The overall value benefits from improved management practices in liquid cooling data centers can exceed millions, enhancing both operational efficiency and sustainability [22][23]

Core Viewpoint - Ecolab, Inc. is set to report its first-quarter 2025 results, with expectations of mixed performance across its segments, influenced by both growth opportunities and challenges in the current macroeconomic environment [1][9]. Global Industrial Segment - The Global Industrial segment, which includes Water, Food & Beverage, and Paper units, experienced sales growth in Q4 2024, particularly in the Water business, which is expected to positively impact overall industrial performance in the midterm [2][3]. - The Zacks Consensus Estimate for Q1 2025 revenues in the Global Industrial segment is $1.92 billion, reflecting a 4.1% increase from the previous year [4]. Global Institutional & Specialty Segment - The Global Institutional & Specialty segment showed strong growth in the last reported quarter, driven by new business and customer penetration, with expectations of continued revenue growth in Q1 2025 [5]. - The Zacks Consensus Estimate for Q1 2025 revenues in this segment is $1.37 billion, indicating a 7.9% increase from the prior year [6]. Other Contributing Factors - Ecolab's Life Sciences unit and Global Pest Elimination segment are also expected to contribute positively to revenues, with good new business wins and ongoing digital initiatives [7]. - However, the exit from non-strategic low-margin businesses in the Global Healthcare & Life Sciences segment may negatively impact performance [8]. Overall Revenue and EPS Estimates - The total revenue estimate for Q1 2025 is $3.70 billion, which represents a 1.4% decline from the previous year [9]. - The consensus estimate for EPS is $1.51, suggesting a 12.7% improvement from the prior-year period [10]. Share Price Performance - Over the past three months, Ecolab's shares have decreased by 3.6%, outperforming the Chemical - Specialty sector's decline of 6.6% and the S&P 500's decline of 10.9% [13]. - Comparatively, peers like Hawkins, Inc. and Givaudan SA have outperformed Ecolab, while Balchem Corporation has underperformed [17]. Valuation Metrics - Ecolab's forward 12-month price-to-earnings (P/E) ratio is 30.4X, which is higher than the industry average of 22.1X, indicating a premium valuation [18]. - The company trades at a premium compared to Hawkins but at a discount to peers like Balchem and Givaudan [19]. Long-Term Investment Outlook - Ecolab is making significant strides in its Global Water business and has engaged in partnerships to enhance water safety and efficiency, which are expected to bolster long-term growth [20]. - The Global Institutional & Specialty and Global Pest Elimination segments are aligning with long-term growth objectives, raising optimism about their profitability prospects [21]. Final Assessment - Ecolab demonstrates strong core business strength and growth potential, making it a suitable hold for existing investors [22]. - However, for new investors, the current valuation suggests limited growth potential compared to industry peers, advising caution before adding to positions [23].

Core Viewpoint - Analysts project Ecolab (ECL) will report quarterly earnings of $1.51 per share, a 12.7% increase year over year, with revenues expected to reach $3.7 billion, reflecting a 1.4% decline from the same quarter last year [1]. Earnings Estimates - There has been a 0.2% upward revision in the consensus EPS estimate over the last 30 days, indicating analysts' reassessment of their initial forecasts [2]. - Revisions to earnings projections are crucial for predicting investor behavior and are strongly linked to short-term stock price performance [3]. Revenue Projections - Analysts estimate 'Sales- Global Healthcare and Life Sciences (Fixed Currency rates)' will be $254.92 million, down 33.4% year over year [5]. - 'Sales- Global Industrial (Public Currency rates)' is projected to reach $1.84 billion, showing a slight increase of 0.3% from the previous year [5]. - 'Sales- Global Institutional & Specialty (Public Currency rates)' is expected to be $1.29 billion, reflecting a year-over-year increase of 1.8% [6]. - 'Sales- Global Institutional & Specialty (Fixed Currency rates)' is estimated at $1.37 billion, indicating a 7.9% increase from the same quarter last year [6]. - 'Sales- Global Industrial (Fixed Currency rates)' is forecasted to be $1.92 billion, representing a 4.1% year-over-year increase [6]. Operating Income Estimates - 'Operating Income- Global Industrial (Fixed Currency rates)' is projected to be $302.98 million, up from $265 million in the same quarter last year [7]. - 'Operating Income- Global Institutional & Specialty (Fixed Currency rates)' is expected to reach $279.46 million, compared to $248 million reported in the same quarter last year [8]. - 'Operating Income- Global Healthcare and Life Sciences (Fixed Currency rates)' is estimated at $30.71 million, down from $37 million year over year [8]. - 'Operating Income- Global Institutional & Specialty (Public Currency rates)' is projected to be $283.10 million, compared to $247 million in the same quarter last year [9]. - 'Operating Income- Global Healthcare & Life Sciences (Public Currency rates)' is expected to be $32.69 million, down from $36.30 million year over year [9]. - The consensus estimate for 'Operating Income- Global Industrial (Public Currency rates)' stands at $300.55 million, compared to $265.40 million in the previous year [10]. Stock Performance - Ecolab shares have returned -5.7% over the past month, compared to a -5.1% change in the Zacks S&P 500 composite [11].

Core Viewpoint - Ecolab, Inc. has announced a 5% trade surcharge on all solutions and services in the U.S. effective May 1, 2025, to offset rising costs and maintain service standards, reflecting a proactive strategy to navigate inflationary pressures and support sustainable growth [1][3]. Company Summary - Following the surcharge announcement, Ecolab's shares increased by 1.9%, closing at $238.73, with a year-to-date gain of 1.9% compared to a 2% decline in the industry and a 10.5% decrease in the S&P 500 [2]. - Ecolab's market capitalization stands at $67.71 billion, and the company has consistently surpassed earnings estimates in the last four quarters, achieving an average surprise of 0.91% [4]. - The surcharge is a response to rising global tariffs, including a 145% tariff on imports from China, which have increased costs for raw materials and packaging. Ecolab's strategy includes a "local for local" approach, with over 90% of sales produced near customers [5]. - In Q4 2024, Ecolab's gross margin expanded by 135 basis points to 43.3%, and the operating margin increased by 141 basis points to 17.1%, indicating effective cost management and pricing adjustments [6]. - The surcharge is expected to enhance both top-line and bottom-line performance, stabilizing gross margins and protecting operating earnings while demonstrating Ecolab's pricing power in an inflationary environment [8]. - Looking ahead, the surcharge will support Ecolab's ability to reinvest in growth areas, maintain product supply, and continue innovation, likely improving financial performance in 2025 and beyond [9]. Industry Summary - The global food safety testing market was valued at $22.6 billion in 2023 and is projected to grow at a CAGR of 7.8% from 2024 to 2030, driven by increasing food-borne illnesses, consumer awareness, stricter regulations, and demand for convenient food products [10].

随着人工智能（AI）产业快速发展，企业部署大模型的门槛不断降低，带动应用端加速渗透，各行业 对算力的需求也持续爆发。目前已有多家上市公司相继披露大额算力服务合同，推动人工智能数据中心 （AIDC）进入高速建设期。 但一个客观现实是，作为一个高耗能产业，AIDC的建设也会带来能源和水资源需求的增加。有数据显 示，到2030年，与人工智能相关的增长预计将消耗相当于印度年需求量的电力[1]，以及与美国全年饮 用水需要相当的水量[2]。 破解水耗之困，需要创新冷却方案 "这表明水危机不再是一个抽象的未来问题，而是在AI时代变得愈发紧迫。全球的企业比以往任何时候 都需要保护水资源。"艺康集团执行副总裁兼大中华区总裁孔听云表示，AI时代，滴水必争。 更关键的是，考虑到当前消费者在可持续方面的消费心理和消费需求，可以确信的是，保护水资源、高 效利用水，也会带来一个企业潜在的增长机会。 算力井喷，带来绿色发展新挑战 AI产业的快速发展推动了算力需求的井喷，但随之而来的即是数据中心对散热有了更高需求，也为数 据中心的绿色发展带来了新挑战。 因为数据中心是典型的耗能大户。2024年7月，国家发展改革委联合有关部门印发《数据中心绿 ...

Financial Performance - Reported sales for Q4 2024 were $4.0 billion, an increase of 2% year-over-year, with organic sales growth of 4% driven by strong performance in Industrial and Healthcare & Life Sciences segments[2]. - Adjusted diluted EPS for Q4 2024 was $1.81, up 17% from the previous year, while reported diluted EPS increased 18% to $1.66[2][7]. - Full-year 2024 cash flow from operating activities reached $2.8 billion, with record free cash flow of $1.8 billion[2]. - For 2025, the company expects adjusted diluted EPS in the range of $7.42 to $7.62, representing a growth of 12% to 15% compared to 2024[1][20]. - The first quarter of 2025 is projected to have adjusted diluted EPS between $1.47 and $1.53, reflecting a 10% to 14% increase year-over-year[22]. - For Q4 2024, net sales increased by 2% to $4,005.2 million compared to Q4 2023, while annual net sales rose by 3% to $15,741.4 million[40]. - Operating income for Q4 2024 was $582.8 million, a slight decrease of 1% year-over-year, but annual operating income surged by 41% to $2,802.4 million[40]. - Net income attributable to Ecolab for Q4 2024 was $472.9 million, reflecting a 17% increase from Q4 2023, with annual net income rising by 54% to $2,112.4 million[40]. - Diluted earnings per share for Q4 2024 were $1.66, an 18% increase compared to $1.41 in Q4 2023, while annual diluted earnings per share increased by 54% to $7.37[40]. - For the full year 2024, consolidated reported GAAP net sales were $15,741.4 million, reflecting a 3% increase from $15,320.2 million in 2023[50]. - The diluted EPS attributable to Ecolab for the full year 2024 was $7.37, compared to $4.79 in 2023, marking a significant increase of 54%[52]. - Non-GAAP adjusted operating income for the full year 2024 was $2,618.8 million, a 23% increase from $2,126.2 million in 2023[51]. - The company reported a GAAP operating income margin of 17.8% for the full year 2024, compared to 13.0% in 2023, indicating improved operational efficiency[51]. Segment Performance - The Industrial segment reported sales of $2.066 billion, a 4% increase, with operating income rising 11% to $374.6 million[8]. - The Global Institutional & Specialty segment saw sales increase by 6% to $1.367 billion, with operating income up 18% to $288.4 million[10]. - The Healthcare & Life Sciences segment experienced a 23% decline in sales to $322.1 million, but organic sales grew by 3%[11][12]. - Global Industrial segment net sales increased by 4% to $2,066.5 million, while Global Healthcare & Life Sciences saw a significant decline of 23% to $322.1 million[43]. - Operating income for the Global Institutional & Specialty segment rose by 18% to $288.4 million, while the Global Healthcare & Life Sciences segment experienced a 14% decrease to $40.7 million[43]. - The Global Institutional & Specialty segment reported an 8% increase in net sales to $5,413.9 million, while the Global Healthcare & Life Sciences segment declined by 11% to $1,434.1 million[50]. Cash Flow and Financial Strength - Ecolab emphasizes the importance of free cash flow as a measure of performance, defined as net cash from operating activities minus capital expenditures[35]. - Cash provided by operating activities for the year ended December 31, 2024, was $2,813.9 million, an increase from $2,411.8 million in 2023, representing a growth of 16.7%[56]. - Free cash flow for Q4 2024 was $407.0 million, down from $589.9 million in Q4 2023, a decrease of 30.9%[56]. - The total assets of the company increased to $22,387.8 million in 2024 from $21,846.6 million in 2023, indicating a growth in financial strength[47]. Future Outlook and Risks - Ecolab anticipates a 3% unfavorable impact from currency translation on 2025 reported sales growth and a 4% impact on adjusted diluted EPS growth[19]. - Ecolab plans to modify its segment reporting effective Q1 2025, with the Global Industrial segment being renamed Global Water and including additional categories[24]. - The company anticipates disclosing further details regarding 2023 and 2024 sales and operating income in a Form 8-K prior to the Q1 2025 results[24]. - Ecolab's forward-looking statements highlight potential risks including macroeconomic conditions, supply chain challenges, and geopolitical instability[26][27]. Currency Impact - The company experienced a currency impact of $(45.9) million on net sales in Q4 2024, compared to $(43.6) million in Q4 2023[54].

Environmental and Sustainability Initiatives - The company invested approximately $56 million in environmental, health, and safety projects worldwide in 2024, with a budget of $60 million for 2025[85]. - The company has capital expenditures for environmental projects of $46 million in 2023 and $35 million in 2022[85]. - In 2023, the company invested $63 million in capital and $5.7 million in operating environmental program expenses, resulting in a reduction of total energy consumption by almost 5.7 billion BTUs and emissions by 700 metric tons CO2e[92]. - The company aims to reduce absolute Scope 1 and 2 emissions by 50% from 2018 levels and Scope 3 emissions by 25% from 2022 levels by 2030[91]. - The company has set a goal to help customers reduce GHG emissions by 6.0 million metric tons by 2030 and conserve over 300 billion gallons of water annually[93]. - The company has committed to achieving net zero operational GHG emissions by 2050, with a near-term target for Science Based Targets initiative (SBTi) validation[91]. - The company has established a target to move to 100% renewable energy by 2030[91]. - The company recognizes climate change as both a risk and an opportunity, aligning its strategies with TCFD recommendations[87]. - The company continues to monitor and evaluate climate change regulations, including California's 2023 GHG emissions reporting regulations[86]. - The company has met all REACH registration requirements, which are essential for managing chemical safety risks in the European Union[76]. Financial Performance - The company's net sales for 2024 were $15,741.4 million, an increase from $15,320.2 million in 2023, representing a growth of 2.8%[361]. - Operating income for 2024 was $2,802.4 million, up from $1,992.3 million in 2023, reflecting a significant increase of 40.6%[361]. - Net income attributable to Ecolab for 2024 was $2,112.4 million, compared to $1,372.3 million in 2023, marking a year-over-year increase of 54%[361]. - The total comprehensive income attributable to Ecolab for 2024 was $1,980.8 million, an increase from $1,248.5 million in 2023[364]. - The cost of sales for 2024 was $8,899.7 million, a decrease from $9,154.9 million in 2023, indicating a reduction of 2.8%[361]. - Earnings per share attributable to Ecolab for 2024 were $7.43 (basic) and $7.37 (diluted), compared to $4.82 (basic) and $4.79 (diluted) in 2023, representing increases of 54% and 54% respectively[361]. - Net income for 2024 increased to $2,131.9 million, up from $1,393.0 million in 2023, representing a growth of 53%[369]. - Total assets rose to $22,387.8 million in 2024, compared to $21,846.6 million in 2023, reflecting an increase of 2.5%[366]. - Cash provided by operating activities reached $2,813.9 million, an increase from $2,411.8 million in 2023, marking a growth of 16.7%[369]. - Total liabilities decreased to $13,598.6 million in 2024 from $13,774.4 million in 2023, a reduction of 1.3%[366]. - The company declared cash dividends of $670.7 million in 2024, compared to $615.7 million in 2023, an increase of 8.9%[371]. - Capital expenditures for 2024 were $994.5 million, up from $774.8 million in 2023, indicating a rise of 28.3%[369]. - The company’s retained earnings increased to $11,517.1 million in 2024 from $10,075.4 million in 2023, a growth of 14.3%[371]. - The total equity of the company rose to $8,789.2 million in 2024, compared to $8,072.2 million in 2023, reflecting an increase of 8.9%[366]. - The company reported a gain of $381.7 million from the sale of its global surgical solutions business[369]. - The company’s cash and cash equivalents at the end of the period increased to $1,256.8 million from $919.5 million in 2023, a growth of 36.7%[369]. Regulatory and Compliance Issues - The company is subject to various regulatory requirements in the United States, European Union, and Australia for its medical devices and pharmaceutical products[89]. - The company has not experienced material difficulties in complying with pesticide regulations, maintaining several hundred product registrations with the EPA[78]. - Compliance with evolving environmental laws and regulations could increase operating costs and expose the company to financial liabilities[138]. - The company faces risks related to compliance with evolving international trade policies and tariffs, which could increase costs and reduce sales[121]. - The company is currently evaluating the impact of new accounting standards, including ASU 2024-03 and ASU 2023-09, on its financial statements[425]. Operational Challenges and Strategic Initiatives - The ongoing geopolitical conflicts and macroeconomic conditions have resulted in demand uncertainty and increased operational challenges[114]. - The company is making supply chain investments to secure supply and add new capacity in its Life Sciences business[134]. - The implementation of ERP system upgrades is expected to improve efficiency in financial and transactional processes over the next several years[134]. - The company has limited its Russian operations to essential services due to geopolitical tensions, which may heighten various operational risks[120]. - The use of AI technologies is increasing, but it presents competitive, legal, and operational risks that could adversely impact the business[130]. - Economic downturns in key markets such as foodservice and hospitality have negatively affected demand for the company's products and services[116]. - The company is undertaking restructuring programs, including the One Ecolab initiative, to enhance operational efficiency[134]. Debt and Financial Liabilities - The company has approximately $7.6 billion in outstanding indebtedness as of December 31, 2024, with $1.5 billion in floating rate debt[154]. - A one percentage point increase in the average interest rate on floating rate debt would increase future interest expense by approximately $15 million per year[154]. - The company may incur significant tax liabilities if the separation and split-off of its Upstream Energy business is determined to be taxable[151]. - Changes in tax laws, including the implementation of a 15% global minimum taxation regime starting in 2024, could increase tax compliance burdens and costs[152]. Restructuring and Special Charges - In 2024, the Company recorded special charges totaling $188.9 million, compared to $111.4 million in 2023 and $140.5 million in 2022[427]. - The One Ecolab initiative is expected to incur restructuring costs of $175 million ($136 million after tax) and special charges of $50 million ($39 million after tax) by the end of 2027[428]. - The Company recorded restructuring charges of $76.5 million ($59.0 million after tax) in 2024 related to the One Ecolab initiative[430]. - The net restructuring liability related to the One Ecolab initiative was $54.9 million as of December 31, 2024[431]. - The Combined Program incurred total pre-tax charges of $195 million ($150 million after tax), with restructuring activities completed by the end of 2024[433]. - The Company recorded non-restructuring special charges of $23.7 million ($17.9 million after tax) in 2024, primarily related to professional services[430]. Goodwill and Intangible Assets - As of December 31, 2024, the company reported goodwill of $7.9 billion, which includes goodwill from the Nalco and Purolite transactions[156]. - The carrying amount of goodwill as of December 31, 2024, was $7.91 billion, a decrease from $8.15 billion in 2023, primarily due to a divestiture of businesses[393]. - The company's intangible assets subject to amortization had a weighted-average useful life of 15 years as of December 31, 2024[395]. - Amortization expense related to other intangible assets was $301 million in 2024, down from $307 million in 2023, indicating a decrease of approximately 2%[398].

Additional risks and uncertainties are set forth under Item 1A of our most recent Form 10-K, and our other public filings with the Securities and Exchange Commission ("SEC"), and include the impact of economic factors such as the worldwide economy, interest rates, foreign currency risk, reduced sales and earnings in our international operations resulting from the weakening of local currencies versus the U.S. dollar, demand uncertainty, supply chain challenges and inflation; the vitality of the markets we se ...