Corporate Overview
For additional information contact:
Michael J. Monahan
Senior Vice President External Relations
Telephone: 651-250-2809
Andy Hedberg
Director Investor Relations
Telephone: 651-250-2185
Ecolab Inc.
1 Ecolab Place
St. Paul, MN 55102
www.ecolab.com
CAUTIONARY STATEMENT
Forward-Looking Information: This communication contains forward looking statements as that term is defined in the Private
Securities Litigation Reform Act of 1995. These forward-looking statements include, but are not limited to, statements regarding our
future financial and business performance and prospects, including sales, operating income and return on invested capital growth,
margins, impact of oil prices, macro trends and long-term potential of our business, new business, innovation, targeted credit rating
metrics, dividends, and share repurchase and acquisition activity. These statements are based on the current expectations of
management of the Company. There are a number of risks and uncertainties that could cause actual results to differ materially from
the forward-looking statements. These risks and uncertainties are set forth in our most recent Form 10-K, Form 10-Q and other public
filings with the Securities and Exchange Commission (the “SEC”) and include the vitality of the markets we serve, including the
markets served by our Global Energy segment; the impact of worldwide economic factors such as the worldwide economy, credit
markets, interest rates and foreign currency risk; exposure to economic, political and legal risks related to our international operations;
the costs and effects of complying with laws and regulations relating to our operations; the occurrence of litigation or claims; and other
uncertainties or risks reported from time to time in our reports to the SEC. In light of these risks, uncertainties and factors, the forward-
looking events discussed in this communication may not occur. We caution that undue reliance should not be placed on forward-
looking statements, which speak only as of the date made. Ecolab does not undertake, and expressly disclaims, any duty to update
any forward-looking statement except as required by law.
Non-GAAP Financial Information: This communication includes Company information that does not conform to generally accepted
accounting principles (GAAP). Management believes that a presentation of this information is meaningful to investors because it
provides insight with respect to ongoing operating results of the Company and allows investors to better evaluate the financial results
of the Company. These measures should not be viewed as an alternative to GAAP measures of performance. Furthermore, these
measures may not be consistent with similar measures provided by other companies. Reconciliations of non-GAAP measures to
GAAP results are available in our most recent Form 10-K, Form 10-Q and other of our SEC filings.
Industry and Market Information: Industry and market information, including market data, contained in this communication are
based on management’s current estimates of potential opportunities of Ecolab. These estimates have been made in good faith based
on management’s knowledge and, in some cases, upon industry surveys and other publicly available information. You are cautioned
not to give undue weight to such estimates, and we have not verified the accuracy or completeness of these estimates and
information through independent sources.
Presentation Format: Unless otherwise noted, the data shown is for consolidated Ecolab and does not reflect the planned spin off of
the ChampionX business.
1
ECOLAB: UNIQUELY POSITIONED
TO DELIVER WHAT MATTERS MOST
SAFE
FOOD
CLEAN
WATER
HEALTHY
ENVIRONMENTS
2
LAST YEAR, ECOLAB HELPED:
42%
Produce
of the global processed
milk supply
Generate
22%of the world’spower 45 BILLION
Serve
meals
1 BILLION+Clean
hotel rooms
Clean
BILLIONhands40
Make
of the world’s processed food safe
25%
Conserve
19 TRILLIONBTUs of energy
3
188 BILLION
Save
gallons of water
Reduce
1.4 BILLION pounds
Preventmore than
1 MILLION foodborne
illnesses
greenhouse gas emissions
HOW OUR PLATFORM DRIVES VALUE 4
Business Model and Operating Principles
Technology and Innovation
90%+ recurring revenue
Equipment and digital platforms
FOODSERVICE/HOSPITALITY
FOOD & BEVERAGE PROCESSING
HEALTHCARE/INFECTION
PREVENTION
INDUSTRIAL WATER
SERVICES
Hygiene, Sanitizing and Water Treatment
$0.00
$1.00
$2.00
$3.00
$4.00
$5.00
$6.00
$7.00
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
5
STRONG, CONSISTENT GROWTH
EPS (adjusted)
Adjusted Earnings
Two decades of consistent,
double digit EPS growth
11% 11% 11%
20 yrs 10 yrs 1 yr
ECL
+11% EPS CAGR (1.8x S&P 500)
EPS CAGR
Predictable Quarterly EPS
DELIVERING ON EXPECTATIONS6
$0.00
$0.20
$0.40
$0.60
$0.80
$1.00
$1.20
$1.40
$1.60
$1.80
1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
FORECAST+/- DELIVERY VS.
FORECAST
ACTUAL > ECOLAB FORECAST
109 OF 110 QUARTERS (EXCEPTION = 3Q 2001)
7
BALANCED BUSINESSBIG OPPORTUNITY
®
BALANCED BUSINESS
SALES BY REGION
58%North America24%
Europe, Middle East,
Africa
12%Asia Pacific
6%
Latin America
SALES BY SEGMENT
35%Institutional37%
Industrial
22%Energy
6%Other
2019 Sales $15 Billion
Downstream (7%) ChampionX (15%)
8
OUR CORE CAPABILITIES
CHEMISTRY &
DISPENSING
ON-SITE
SERVICE
TRAININGDATA-DRIVEN
INSIGHTS
INTEGRATED DELIVERY MODEL
Core capabilities that drive the best results/lowest total costs for customers.
9
LEADING INNOVATION10
Driving core technologies
▪ Antimicrobials
▪ Hygiene
▪ Clean-in-Place
▪ Solids Chemistry
▪ Digital Solutions
▪ Scale, deposit, & corrosion control
▪ Polymers
▪ Dispensing & Monitoring
Better outcomes, savings, sustainably
▪ Save water, energy, labor & waste
▪ Improve efficiency with automation tools **
Innovation pipeline: Estimated 5th year product sales
Vitality Index: 30% sales from products introduced in prior 5 years
Best Solutions For Customer Needs
$1.3B Innovation
Pipeline
30%Vitality Index
9,400 Patents
1,600 Scientists & Tech Support
11
SALES AND SERVICE FORCE Customer Driven Insights Lead to Superior Solutions
Increasing Sales and Service Force
Experienced and Close to Customers
“Ecolab is among the best U.S.
companies to sell for.” Selling Power Magazine
27,000+ field associates
• 30% > 10 years
• 50% > 5 years
• Providing critical customer intimacy,
yielding better customer solutions
-
5,000
10,000
15,000
20,000
25,000
30,000
Digital: Strategic value drivers
Enhance
Customer Value
and Revenue
Increase
Field
Productivity
Drive
Operational
Performance
Digital offerings
Total site performance
Enterprise optimization
Predictive analytics
Remote monitoring
Ecolab on your phone
Enhanced Customer Self-Service
Expanded Transaction Automation
Scaling Digital Platform Leverage
12
13
▪ 3,000,000 customer sites
▪ 4,000,000+ installed devices
▪ Global monitoring
BETTER:
Customer outcomes
Customer retention
Sales force productivity
Large base of installed devices Generating unique big data
▪ Monitoring/compliance
▪ Controlling
▪ Analyzing/predicting
▪ 27,000 field experts
▪ Global coverage
Enhances on-site
service delivery▪ Leveraging 20 years of
digital know-how
▪ 1,600 scientists and digital experts
Improving customer
solutions
Ecolab’s Strong Digital Position
SAFE, SUSTAINABLE OPERATIONS14
Innovation to help customers meet environmental and social challenges,
reflected in our own operations.
RESOURCE
EFFICIENCY
ENVIRONMENTAL
SAFETY
EMPLOYEE
SAFETY
GOVERNANCE OF
ENVIRONMENTAL AND
SOCIAL
PERFORMANCE
Zero release goal
ISO environmental certification at 60% of facilities
Product and raw material compliance
Board Safety, Health and Environmental Committee
2012 UN Global Compact for human rights signatory
UN SDG 6 commitment
Aligned to UN Global Ambition for 1.5oC limit
RECOGNITION
✓
12th Consecutive
Year
Ranked #3 in
Chemicals Industry
Corporate Knights
Ranked #32
100 Most Sustainable
Companies (2017)
Ranked #29
ESG RATINGS
AAAMSCI ESG
(scale AAA to CCC)
✓ ✓ ✓
2020
Intensity
Targets
• Water -25%
• GHG -10%
Goal
Zero
Leader in Highly Fragmented, Large and
Growing Market
ECOLAB SALES
2019:
$13 BILLIONExcludes ChampionX
Ecolab Competitors
Market data reflects current estimates of
potential opportunities and excludes ChampionX
15
0
20
40
60
80
100
120
140
1995 2000 2005 2010 2015 2020
MARKET OPPORTUNITY GROWTH SINCE 1995
$130B
$57B$39B
$32B$18B
Ecolab
$106B
10%
$0
$2,000
$4,000
$6,000
$8,000
$10,000
$12,000
$14,000
$16,000
Estimates by category
Major Opportunities in Existing Markets16
$ MILLIONS Ecolab Remaining Opportunity
$0 $5,000 $10,000 $15,000 $20,000 $25,000
Building Services
Other
Mining
Refining
Food Retail
Ed./Government
Life Sciences
Lodging
Light Industry
Paper
Heavy Industry
Food & Beverage
Health Care
Food Service
Market data reflects current estimates of
potential opportunities and excludes ChampionX
DIVERSIFIED GLOBAL CUSTOMER BASENearly 3 Million Customer Locations
Largest customer <2% of sales
Top 10 customers 10% of sales
17
PROVENSTRATEGY
18
®
Circle the Customer – Circle the Globe
19
Custom program design
tailored at customer HQ
Increasing the solutions
and services to better
meet our customers
global needs
PROVEN STRATEGY
Sell
Program design
delivered unit by
unit around the world
Service
Penetrate
IN A RESTAURANT…
Filtration
Drain Treatment
Restroom
Cleaning
Food Safety
Consulting
Pest
Elimination
Surface
Cleaners
Employee
Safety
Food Safety
Auditing
Grease
Management
Food
Treatment
Food
Preparation
Manual
Warewashing
Water
Treatment
Hand Hygiene
Floor CareCarpet
CareFood Contact
Sanitization
Food
Rotation
Time and
Temperature
Beverage
Quality
Clean Wares
Safe FoodClean Facility
Clean Water
Service,
Information
On-Site
Service &
Training
On Site
Tools
Machine
Warewashing
Warewashing
EquipmentSpecialty Items
Field Data
Health Dept.
Intelligence
Data-driven
Insights
20
IN A HOTEL…
Stone Care
Pool & Spa Pest
Elimination
Water
FiltrationEmployee
Safety
Quality
Assurance
Stain
Management
Housekeeping
Training
Housekeeping
Tools
Cooling WaterTreatment
21
Boiler Water Treatment
Carpet Care
Safe Food
Clean, Fresh Linen
Clean SpacesSafe Water
Guest Room
Cleaning
Odor Control
Public
Spaces
Laundry
TrainingOn Premise
Laundry
WarewashingWarewashing
Equipment
Hand
HygieneFood Contact
Sanitization
Food Safety
Training
Food Safety
Solutions
Floor
Care
Service,
Information
On-Site
Service &
Training
On Site
Tools
Field DataData-driven
Insights
Dispensing &
Control Systems
Stain
Management
IN A FOOD & BEVERAGE PLANT…
Environmental Drain Sanitation
Pest Elimination
Hygiene Testing
Antimicrobial Treatments
Sterilants for Aseptic Packaging
Janitorial Products
22
Dispensing & Control Systems
Surface Cleaning &Sanitizing
Hand Cleaners/ Sanitizers
Doorway System
Floor Care
Safe
Facility
Water & WasteSafe Food
Digital Solutions& Insights
CIP
MembraneCleaning
Energy Recovery
Filtration Solutions
Conveyor Lubrication
Boiler Water Treatment
Process WaterTreatment
Effluent Treatment
Cooling Water Treatment
IN AN INDUSTRIAL PLANT…
Water
Safety
Water
Desalination
Water
Analysis
Dispersant
Technology
Automated ControlCooling Water
Treatment
Influent Treatment
RO Membrane Treatment
Boiler Water
Treatment
Steam
Treatment
Foam Control
Mixing
TechnologyPredictive Data
Analytics
EffluentTreatment
On-Site
ServiceWater Reuse and
Recycling
Scale Control
24/7 Support
Remote Monitoring
Engineering
Design
Process Water
DigitalWater & Waste Service
Consulting
Tank Level Monitoring
Water
Balance
Efficiencies
Corrosion Control
23
UNSOLD CUSTOMERS
CIRCLE THE CUSTOMER
$45B$72B
$13B
Leading Scale and Global Footprint Enables Us To Grow
With Customers Around The World
24
BUILD SHARE WITH LARGEST PLAYERS
2019 SALES
Focus where the growth is
Leveraging innovation
Circle the Globe
Market share
New technologies and services
Circle the Customer
Growth synergies
2019 sales exclude ChampionX. Market data
reflects current estimates of potential opportunities
25
RIGHT DRIVERSFOR GROWTH
®
MACRO TRENDS IN OUR FAVOR
Growing demand in:
▪ Population +25% by 2050
▪ Growing middle class
▪ Aging population
Population dynamics
▪ Food processing
▪ Foodservice
▪ Hospitality
▪ Healthcare
▪ Diet shifts: protein vs grain
▪ Food quantity/quality/ingredients
▪ Food industry regulation
▪ Increased healthcare needs
▪Resources shortage vs. increasing demands
▪ Sustainability/climate change
▪ Environmental protection
Resources & Sustainability
▪ Globalization
▪ Data and digital vortex
▪ Social media
Interconnected world
Vital solutions for:
▪ Water reduction/reuse/recycle
▪ Protecting food supply, reducing food waste
▪ Operational efficiency & carbon emission reduction
Customers looking for
innovations:
▪ Smarter services & solutions
▪ Protect reputation & build consumer trust
▪ Minimize risk
▪ Global travel and trade:new food safety, health risks
▪ Technology for actionable insights and better outcomes
▪ Instant consumer feedback
▪ 35% more Water
▪ 50% more Energy
▪ 55% more Food
▪ Circular economy & innovation
Implications…Trends… Impacts…
26
Labor
Asset ProtectionWater &
Energy
Maint./Other
STRONG CUSTOMER VALUE PROPOSITIONBest results, lowest use cost
Ecolab’s customer value proposition
The best results and consistent
improvement in customer satisfaction
Lower total operating costs
Improved sustainability
Specific customer application cost
27
Innovation: Digital Food Safety28
Drives food safety excellence & compliance, while improving
labor efficiency
Mobile customer App digitizes food safety tasks and
temperature monitoring, improves food safety compliance, saves
time and replaces paper logs
Remote monitoring of operational and sanitation compliance;
helps predict Health Department inspection audit violations
Dynamic dashboard reporting consolidates food safety audits,
pest reports, health department inspections, mobile app logs &
sanitation compliance into dashboards & critical metric alerts
Supported by in-unit service and training
Hygiene and Food
Safety compliance
improves to more
than 90% from less
than 50%
Annual Customer Value (1000 Unit Chain)
Metric Before After Value Created
Labor Savings $5,140,000 $2,570,000 $2,570,000
CONNCECTED DISPENSING, CHEMISTRY, MONITORING AND PREDICTIVE ANALYTICS
Innovation: Legionella ProtectionDIGITALLY ENABLED WATER SAFETY PROGRAM: PROTECTING BRAND & CUSTOMERS
29
Enterprise-wide legionella risk mitigation solution
Proactive analytics and digital monitoring – real time
monitoring and predictive analytics to treat legionella risk
Risk mitigation – critical part of operator water
management compliance system to reduce risk of costly
pathogen outbreaks
Reduced remediation costs – proactive treatment
reduces brand risk and outbreak remediation costs
Brand Protection
$8 MILLION average revenue loss per outbreak
from business interruption and
brand reputation harm
Cost Avoidance
$2.6 MILLION in estimated legionella
outbreak litigation cost
avoidance
Improved Risk
Management
8xUp to 8x better at
detecting legionella than
using traditional methods
Innovation: Food ServiceMULTI-USE, NO-RINSE FOOD CONTACT CLEANING AND SANITIZING SOLUTION
30
▪ Concentrated formula for food contact surfaces and 3rd sink
sanitization streamlines operations & improves compliance
▪ Kills Norovirus (#1 cause of foodborne illness)
▪ Foodborne pathogen protection E.coli, Staph, Salmonella,
Listeria
▪ Visual indication of concentration, “at a glance”
SINK & SURFACE CLEANER SANITIZER
Annual Customer Value
100 Unit Chain
Metric Before After Value Created
Labor Cost2 step process
$152,000
2 step process
$152,000
Labor savings
$152,000
Packaging
Waste
Competitor’s 2 product,
diluted solution
218,000 lbs
Ecolab’s concentrated
solution
1,100 lbs
Reduced packaging
waste
216,900 lbs
50% reduction in
table turn time and
99% reduction in
packaging waste
3131
STRONGFINANCIALS
®
FINANCIAL OBJECTIVES Positioned to Drive Sustainable, Profitable Growth
EPS GROWTH
~2x net debt / adjusted
EBITDA
RETURNS: IMPROVE
ROIC ANNUALLY
LEVERAGE
1. Grow dividend in line with
EPS growth
2. Acquisitions
3. Share repurchase
CASH PRIORITIES
15% +100
bps
32
Ecolab: A Cash and Return Machine
$9B Cumulative Cash Returned 2009-2019Increased cash
dividend for
28 consecutive
years
Total Returns
2009-2019
$5B SHARES REPURCHASED
$4BDIVIDENDS TO
SHAREHOLDERS
($ Billions)
$0.3 $0.4 $0.6 $0.9 $1.1
$1.5 $1.9
$2.3 $2.7
$3.2 $3.8
$0.4 $0.7
$1.4
$1.6
$1.9
$2.4
$3.1
$3.9
$4.5
$5.0
$5.3
$0.7
$1.1
$2.0
$2.5 $3.0
$3.8
$5.0
$6.1
$7.2
$8.2
$-
$1.0
$2.0
$3.0
$4.0
$5.0
$6.0
$7.0
$8.0
$9.0
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
Common Dividends Paid Shares Repurchased
33
33
$9.1
34
CHAMPIONX SEPARATIONExpected merger with Apergy in a Reverse Morris Trust transaction in 1H 2020
Planned merger of Ecolab’s ChampionX business with Apergy in a Reverse Morris Trust transaction; Ecolab to retain Downstream Energy business
▪ 2019 ChampionX: $2.3 billion sales, ~$180 million operating income
▪ Existing Ecolab shareholders to own approximately 62% of the Combined Company
▪ To include a net cash payment of approximately $492 million to Ecolab
▪ Expected to be a tax-free transaction to Ecolab’s U.S. shareholders
▪ Expected to be completed by the end of 2Q 2020
Strengthens Ecolab focus as leader in product innovation, service excellence and digital solutions in hygiene, food safety and industrial water
Expect Ecolab to maintain its current dividend and grow it in the future
34
35
SUMMARY®
36
ECOLAB SUMMARY
GLOBAL LEADER WITH SMALL SHARE OF $130+B, GROWING MARKET
$117+ Billion Remains to be Sold
SERVING FUNDAMENTAL, GLOBAL AND INCREASINGLY COMPLEX LONG-TERM NEEDS
Water, Food Safety, Energy, HAI Prevention, Sustainability
POWERFUL, PROVEN STRATEGY TO DRIVE TOP-LINE GROWTH
Circle the Customer – Circle the Globe, High Recurring Revenue
MULTIPLE OPPORTUNITIES FOR NEW GROWTH
Geographic and Market Expansion, Emerging Businesses, Bolt-on M&A
SIGNIFICANT MARGIN IMPROVEMENT WORK UNDERWAY
Simplification, Scale, Leverage, Process Efficiency
SUBSTANTIAL COMPETITIVE ADVANTAGE
Scale, Global Reach, Product Technology, Corporate Accounts, Sales/Service Force, Field Technology, Brand Name, Data and Actionable Insights
STRONG AND CONSISTENT FINANCIALS, FREE CASH FLOW, RETURNS
Strong Business Model For Consistent, Superior Growth
Market data reflects current estimates of
potential opportunities
