Exhibit 99.1

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News Release

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ECOLAB DELIVERS VERY STRONG FIRST QUARTER OPERATING PERFORMANCE

REPORTED DILUTED EPS $0.82; ADJUSTED DILUTED EPS $0.88, +7%

CONTINUE TO EXPECT FURTHER PERFORMANCE IMPROVEMENT THROUGH 2023

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FIRST QUARTER HIGHLIGHTS:

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2023 OUTLOOK

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ST. PAUL, Minn., May 2, 2023

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CEO Comment

Christophe Beck, Ecolab’s chairman and chief executive officer, said, “We had a very strong start to 2023 with our team delivering continued double-digit organic sales growth, consistent with our expectations. We continued taking steps to further strengthen our growth foundation, like making investments in our Life Sciences business to capitalize on its long-term growth opportunities. Overall, our efforts drove organic operating income margin expansion with continued strong pricing and further productivity gains, in addition to easing but ongoing inflationary headwinds. This excellent performance resulted in 19% growth in organic operating income and accelerating growth in adjusted earnings per share despite significant currency translation and interest expense headwinds in a challenging macroeconomic environment.

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“Looking ahead, we are well positioned to build on our operating momentum and expect further performance improvement in 2023. While the macroeconomic headwinds and inflationary pressures are expected to persist, our focus remains on offense – driving robust sales growth as we leverage our leading customer value proposition and our innovation pipeline, as well as on capturing our significant operating margin expansion opportunity. As a result, we continue to anticipate strong organic sales gains, double-digit growth in organic operating income, and adjusted earnings per share growth that accelerates towards our low double-digit historical performance.”

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First Quarter 2023 Consolidated Results

Ecolab’s first quarter reported sales increased 9% and organic sales increased 13% when compared to the prior year.

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First quarter 2023 reported operating income increased 38% and includes the impact of special gains and charges, which were a net charge primarily related to restructuring costs. Organic operating income growth accelerated to 19%, as strong pricing overcame investments in the business, higher delivered product costs, and softer volume.

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Reported other income decreased $6 million in the first quarter of 2023 due to higher pension costs.

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Reported interest expense increased 40% reflecting the impact from higher average interest rates on floating rate debt and last year’s fourth quarter debt issuance.

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The reported income tax rate for the first quarter of 2023 was 18.0% compared with the reported rate of 20.7% in the first quarter of 2022. Excluding special gains and charges and discrete tax items, the adjusted tax rate for the first quarter of 2023 was 19.8% compared with the adjusted tax rate of 19.5% in the first quarter of 2022.

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Reported net income increased 36% versus the prior year. Excluding the impact of special gains and charges and discrete tax items, adjusted net income increased 6% versus the prior year.

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Reported diluted earnings per share increased 37% versus the prior year. Adjusted diluted earnings per share increased 7% when compared against the first quarter of 2022. Currency translation had a $0.05 unfavorable impact on first quarter 2023 earnings per share.

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First Quarter 2023 Segment Review

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The Industrial segment includes Water, Food & Beverage, and Paper

Effective January 1, 2023, the Company’s former Downstream operating segment is now part of the Water operating segment. This change did not have any impact on the Global Industrial reportable segment.

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Organic sales increased 12%, led by double-digit gains in Water and Food & Beverage. Organic operating income growth accelerated to 20% as strong pricing overcame higher delivered product costs, investments in the business, and softer volume.

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The Institutional & Specialty segment includes Institutional and Specialty

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Organic sales growth accelerated to 14%. Continued double-digit growth in the Institutional division reflected strong pricing and new business wins. Specialty sales growth accelerated, driven by robust quickservice sales growth. Organic operating income growth accelerated to 16% as strong pricing overcame investments in the business, higher delivered product costs, and unfavorable mix.

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The Healthcare & Life Sciences segment includes Healthcare and Life Sciences

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Organic sales grew 9%, driven by double-digit growth in Life Sciences and strengthening Healthcare sales growth. Organic operating income decreased 16%, as strong pricing was more than offset by softer volume, targeted investments in the business, and higher delivered product costs.

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The Other segment includes Pest Elimination, Textile Care and Colloidal Technologies

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Organic sales growth accelerated to 15%, reflecting double-digit growth across all divisions, with continued strong performance in Pest Elimination. Organic operating income increased 35% as strong pricing overcame investments in the business, higher delivered product costs, and unfavorable mix.

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First quarter of 2023 corporate segment includes:

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Special gains and charges for the first quarter of 2022 were a net charge of $77 million and primarily reflected Purolite acquisition costs, COVID-related charges, and charges related to our operations in Russia.

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Business Outlook

2023

Ecolab continues to expect to deliver performance that improves despite a challenging macro environment characterized by high delivered product costs and easing demand. In addition, higher interest expense and currency translation are estimated to have a combined $0.30 per share unfavorable impact in 2023, or a 7% headwind to year-over-year earnings growth.

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The Company expects double-digit growth in organic operating income, driven by continued robust sales growth, easing delivered product cost inflation, and improved productivity. This strong performance is expected to more than overcome the challenging environment to deliver quarterly adjusted earnings per share growth that accelerates towards our low double-digit historical performance.

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2023 – Second Quarter

Ecolab expects second quarter 2023 adjusted diluted earnings per share in the $1.15 to $1.25 range, compared with adjusted diluted earnings per share of $1.10 a year ago. This forecast includes an estimated unfavorable $0.12 per share impact from higher interest expense and currency translation, or a 11% headwind to year-over-year earnings growth.

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The Company currently expects quantifiable special charges in the second quarter of 2023 to be approximately $0.08 per share, principally related to restructuring charges. Other than the special gains and charges noted above, other such amounts are not currently quantifiable.

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About Ecolab

A trusted partner for millions of customers, Ecolab (NYSE:ECL) is a global sustainability leader offering water, hygiene and infection prevention solutions and services that protect people and the resources vital to life. Building on a century of innovation, Ecolab has annual sales of $14 billion, employs more than 47,000 associates and operates in more than 170 countries around the world. The company delivers comprehensive science-based solutions, data-driven insights and world-class service to advance food safety, maintain clean and safe environments, and optimize water and energy use.

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Ecolab’s innovative solutions improve operational efficiencies and sustainability for customers in the food, healthcare, life sciences, hospitality and industrial markets. www.ecolab.com

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Ecolab will host a live webcast to review the first quarter earnings announcement today at 1:00 p.m. Eastern Time. The webcast, along with related materials, will be available to the public on Ecolab's website at www.ecolab.com/investor. A replay of the webcast and related materials will be available at that site.

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Cautionary Statements Regarding Forward-Looking Information

This news release contains certain statements relating to future events and our intentions, beliefs, expectations and predictions for the future which are forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. Words or phrases such as “will likely result,” “are expected to,” “will continue,” “is anticipated,” “we believe,” “we expect,” “estimate,” “project,” “may,” “will,” “intend,” “plan,” “believe,” “target,” “forecast” (including the negative or variations thereof) or similar terminology used in connection with any discussion of future plans, actions or events generally identify forward-looking statements. These forward-looking statements include, but are not limited to, statements regarding macroeconomic conditions, delivered product costs, demand, inflation, currency translation, and our financial and business performance and prospects, including sales, earnings, special charges, margins, interest expense, and productivity. 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 included in this news release. In particular, the ultimate results of any restructuring initiative depend on a number of factors, including the development of final plans, the impact of local regulatory requirements regarding employee terminations, the time necessary to develop and implement the restructuring initiatives and the level of success achieved through such actions in improving competitiveness, efficiency and effectiveness.

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Additional risks and uncertainties that may affect operating results and business performance are set forth under Item 1A of our most recent Form 10-K, and our other public filings with the Securities and Exchange Commission (the "SEC"), and include the impact of economic factors such as the worldwide economy, capital flows, 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 serve; exposure to global economic, political and legal risks related to our international operations, including geopolitical instability, the impact of sanctions or other actions taken by the U.S. or other countries, and retaliatory measures taken by Russia in response, in connection with the conflict in Ukraine; difficulty in procuring raw materials or fluctuations in raw material costs; our ability to attract, retain and develop high caliber management talent to lead our business and successfully execute organizational change and changing labor market dynamics; information technology infrastructure failures or breaches in data security; the effects and duration of the COVID-19 pandemic or other public health outbreaks, epidemics or pandemics; our ability to acquire complementary businesses and to effectively integrate such businesses, including Purolite; our ability to execute key business initiatives, including restructurings and our Enterprise Resource Planning system upgrades; our ability to successfully compete with respect to value, innovation and customer support; pressure on operations from consolidation of customers or vendors; restraints on pricing flexibility due to contractual obligations and our ability to meet our contractual commitments; the costs and effects of complying with laws and regulations, including those relating to the environment, climate change standards, and to the manufacture, storage, distribution, sale and use of our products, as well as to the conduct of our business generally, including labor and employment and anti-corruption; potential chemical spill or release; our commitments, goals, targets, objectives and initiatives related to sustainability; potential to incur significant tax liabilities or indemnification liabilities relating to the separation and split-off of our ChampionX business; the occurrence of litigation or claims, including class action lawsuits; the loss or insolvency of a major customer or distributor; repeated or prolonged government and/or business shutdowns or similar events; acts of war or terrorism; natural or man-made disasters; water shortages; severe weather conditions; changes in tax laws and unanticipated tax liabilities; potential loss of deferred tax assets; our indebtedness, and any failure to comply with covenants that apply to our indebtedness; potential losses arising from the impairment of goodwill or other assets; and other uncertainties or risks reported from time to time in our reports to the SEC. In light of these risks, uncertainties, assumptions and factors, the forward-looking events discussed in this news release 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 whether as a result of new information, future events or changes in expectations, except as required by law.

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Non-GAAP Financial Information

This news release and certain of the accompanying tables include financial measures that have not been calculated in accordance with accounting principles generally accepted in the U.S. (“GAAP”).

These non-GAAP financial measures include:

•fixed currency sales

•organic sales, formerly known as acquisition adjusted fixed currency sales

•adjusted cost of sales

●adjusted gross profit

•adjusted gross margin

•fixed currency operating income

•adjusted operating income

•adjusted fixed currency operating income

•adjusted fixed currency operating income margin

●adjusted tax rate

•adjusted net income attributable to Ecolab

•adjusted diluted earnings per share

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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.

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Our non-GAAP financial measures for adjusted cost of sales, adjusted gross margin, adjusted gross profit and adjusted operating income exclude the impact of special (gains) and charges and our non-GAAP financial measures for adjusted tax rate, adjusted net income attributable to Ecolab and adjusted 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.

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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.

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We evaluate the performance of our international operations based on fixed currency rates of foreign exchange, which eliminate the translation impact of exchange rate fluctuations on our international results. Fixed currency amounts included in this release are based on translation into U.S. dollars at the fixed foreign currency exchange rates established by management at the beginning of 2023. We also provide our segment results based on public currency rates for informational purposes.

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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 the Company’s reportable segments.

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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. In addition, as part of the separation, we also entered into a Master Cross Supply and Product Transfer agreement with ChampionX to provide, receive or transfer certain products for a period up to 36 months and for a small set of products with limited suppliers over the next few years. 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. These transactions are removed from the consolidated results as part of the calculation of the impact of acquisitions and divestitures.

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These non-GAAP financial measures are not in accordance with, or an alternative to, 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 GAAP measures included in this news release. Reconciliations of our non-GAAP measures are included in the following "Supplemental Non-GAAP Reconciliations" and “Supplemental Diluted Earnings per Share Information” tables included in this news release.

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We do not provide reconciliations for non-GAAP estimates on a forward-looking basis (including those contained in this news release) when we are unable to provide a meaningful or accurate calculation or estimation of reconciling items and the information is not available without unreasonable effort. This is due to the inherent difficulty of forecasting the timing and amount of various items that have not yet occurred, are out of our control and/or cannot be reasonably predicted, and that would impact reported earnings per share and the reported tax rate, the most directly comparable forward-looking GAAP financial measures to adjusted earnings per share and the adjusted tax rate. For the same reasons, we are unable to address the probable significance of the unavailable information.

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ECOLAB INC.

CONSOLIDATED STATEMENTS OF INCOME

(unaudited)

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(a) Special charges of $0.8 million and $52.0 million in the first quarter of 2023 and 2022, respectively, were recorded in product and equipment cost of sales. Special charges of $2.4 million and $0.9 million in the first quarter of 2023 and 2022, respectively, were recorded in service and lease cost of sales.

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ECOLAB INC.

REPORTABLE SEGMENT INFORMATION

(unaudited)

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* Not meaningful.

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As shown in the “Fixed Currency Rates” tables above, we evaluate the performance of our international operations based on fixed currency exchange rates, which eliminate the impact of exchange rate fluctuations on our international operations. Amounts shown in the “Public Currency Rates” tables above reflect amounts translated at actual public average rates of exchange prevailing during the corresponding period and are provided for informational purposes. The difference between the fixed currency exchange rates and the public currency exchange rates is reported as “Currency impact” in the “Fixed Currency Rates” tables above.

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The Corporate segment includes amortization from the Nalco and Purolite transactions intangible assets. The Corporate segment also includes special (gains) and charges reported on the Consolidated Statement of Income.

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ECOLAB INC.

CONSOLIDATED BALANCE SHEETS

(unaudited)

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ECOLAB INC.

SUPPLEMENTAL NON-GAAP RECONCILIATIONS

(unaudited)

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ECOLAB INC.

SUPPLEMENTAL NON-GAAP RECONCILIATIONS

(unaudited)

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ECOLAB INC.

SUPPLEMENTAL NON-GAAP RECONCILIATIONS

(unaudited)

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ECOLAB INC.

SUPPLEMENTAL DILUTED EARNINGS PER SHARE INFORMATION

(unaudited)

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The table below provides a reconciliation of diluted earnings per share, as reported, to the non-GAAP measure of adjusted diluted earnings per share.

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