Summary of UL Solutions Conference Call Company Overview - **Company**: UL Solutions (NYSE: ULS) - **Industry**: Product safety testing, inspection, and certification - **Revenue**: $3.1 billion in the previous year with approximately 14,500 employees - **Market Share**: Approximately 7% of the global market for product and component testing, inspection, and certification [6][12] Key Messages - **Mission-Driven**: UL Solutions has a long-standing mission focused on safety science, starting in 1894, which continues to distinguish the company in a fragmented and consolidating industry [4][5] - **Customer Relationships**: The company has deep, long-lasting relationships with customers, contributing to recurring revenue streams [5] - **Global Presence**: 41% of customers are based in the U.S., 25% in Greater China, and 17% in Europe, Middle East, and Africa [7] Revenue Segmentation - **Certification Testing**: 28% of revenue, driven by regulatory requirements [8] - **Ongoing Certification Services**: 33% of revenue, ensuring products continue to meet safety standards [9] - **Non-Certification Testing and Other Services**: 30% of revenue, including performance testing and wireless product testing [10] - **Enterprise Software**: 9% of revenue, focusing on risk reduction and compliance [11] Industry Dynamics - **Market Size**: The global testing, inspection, and certification industry is valued at over $240 billion, with $99 billion outsourced [12] - **Megatrends**: Key growth drivers include energy transition, electrification, digitalization, and AI, which are reshaping product development and safety requirements [14][15] Strategic Focus - **Consolidation**: The industry is consolidating, with UL Solutions focusing on acquisitions that expand service offerings and operational footprint [18][20] - **Capacity Building**: The company is investing in new labs and facilities to meet customer demands, particularly in battery testing for electric vehicles [22][23] - **Supply Chain Adaptation**: UL Solutions is evolving its geographic distribution to support customers' changing supply chain needs, including expansion in Vietnam, India, and Mexico [26] Financial Performance - **CAGR**: The company has maintained a steady growth rate of 6.8% since 2012, driven by innovation rather than GDP growth [28] - **Margin Expansion**: Adjusted EBITDA grew by 21% last year, with a forecast for additional margin expansion of 60 to 110 basis points in 2026 [48][49] Brand and Global Expansion - **UL Mark**: Recognized as a premier safety brand in North America, with opportunities for global expansion through partnerships with UL Standards & Engagement and UL Research Institutes [51][54] Software and Technology - **EHS Software Business**: The focus is on risk and compliance software, helping customers navigate changing regulations and manage supply chain risks [58][59] - **AI Integration**: The company is developing standards for AI-embedded products and enhancing internal processes through technology [38][42] Capital Allocation - **Investment Strategy**: The company prioritizes reinvestment in growth, with nearly $200 million allocated back into the business last year [63] - **Dividend Policy**: UL Solutions has increased its cash dividend and is considering share repurchases as part of its capital allocation strategy [63] Conclusion - UL Solutions is well-positioned in a consolidating industry with a strong focus on safety, innovation, and customer relationships, supported by a robust financial performance and strategic investments in technology and capacity expansion. The company is leveraging megatrends to drive growth and enhance its market presence globally.

UL SOLUTIONS INC. March 2026 Investor Presentation Disclaimer This presentation and related discussion are being presented by UL Solutions Inc. ("UL Solutions," the "Company," "we," "us" and "our") solely for informational purposes. This presentation and accompanying statements contain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical facts contained in this presentation may be forward-looking statement ...

Core Viewpoint - UL Solutions (ULS) is recognized as a leader in testing and certification, with its 'UL Mark' being the gold standard in the industry, indicating a strong market position and reputation for quality [1]. Group 1: Company Overview - UL Solutions provides essential services and products that are integral to various industries, often without consumers being fully aware of their importance [1]. - The company is positioned for future growth, reflecting optimism about its prospects in an evolving market [1]. Group 2: Investment Perspective - The investment approach emphasizes the importance of adaptability, humility, and a continuous learning mindset to navigate market volatility [1]. - There is a belief that opportunities for investment exist across the market, although they may come with increased volatility [1].

Financial Performance - UL Solutions' 2024 revenue reached $2.9 billion[14] - The company achieved 8.7% organic revenue growth in 2024[14] - Adjusted EBITDA for 2024 was $656 million, representing a 22.9% margin[14, 42] - The average Free Cash Flow from 2022 to 2024 was $249 million, with a 9.2% margin[42] - Q1 2025 saw a 7.6% organic revenue increase and a 22.9% rise in Adjusted EBITDA[60] Business Segments - The Industrial segment generated $1.254 billion in revenue in 2024, with a 31.4% Adjusted EBITDA margin[25, 30] - The Consumer segment's 2024 revenue was $1.238 billion, with a 16.4% Adjusted EBITDA margin[25, 32] - Software and Advisory segment revenue reached $378 million in 2024, with a 15.6% Adjusted EBITDA margin[25, 34] Market Position and Growth - UL Solutions holds the 1 product TIC market share by revenue[21] - The outsourced product TIC market is projected to grow at a 5-6% CAGR from 2022-2026[26]

As filed with the Securities and Exchange Commission on September 3, 2024. Registration No. 333- UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM S–1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 UL Solutions Inc. (Address, including zip code, and telephone number, including area code, of registrant's principal executive offices) Charles Allen Linn Interim Chief Legal Officer UL Solutions Inc. 333 Pfingsten Road Northbrook, Illinois 60062 (847) 272–8800 (Name, address, ...

As filed with the Securities and Exchange Commission on April 2, 2024. Registration No. 333-275468 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Amendment No. 2 to FORM S–1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 UL Solutions Inc. (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporation or organization) (Primary Standard Industrial Delaware 8734 27–0913800 Classification Code Number) Jennifer F. Scanlon President and Chief ...

As filed with the Securities and Exchange Commission on February 29, 2024. Registration No. 333-275468 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Amendment No. 1 to FORM S–1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 UL Solutions Inc. (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporation or organization) (Primary Standard Industrial Delaware 8734 27–0913800 Classification Code Number) Jennifer F. Scanlon President and C ...

As filed with the Securities and Exchange Commission on November 13, 2023. Registration No. 333 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 THE SECURITIES ACT OF 1933 UL Solutions Inc. (Exact name of registrant as specified in its charter) FORM S–1 (State or other jurisdiction of incorporation or organization) (Primary Standard Industrial REGISTRATION STATEMENT UNDER Classification Code Number) Delaware 8734 27–0913800 (I.R.S. Employer Identification No.) Jennifer F. Scanlon Pres ...