ECOLAB INC. Debt Disclosure

6. DEBT AND INTEREST

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Short-term Debt

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The following table provides the components of the Company’s short-term debt obligations, along with applicable interest rates as of December 31, 2025 and 2024:

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Line of Credit

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As of December 31, 2024, the Company had in place a $2.0 billion multi-currency revolving credit facility which was due to expire in April 2026. In March 2025, the Company entered into an amended and restated credit facility which extended the maturity from April 2026 to March 2030. The credit facility has been established with a diverse syndicate of banks and supports the Company’s U.S. and Euro commercial paper programs. There were no borrowings under the Company’s credit facility as of December 31, 2025 and 2024.

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The Company has $428 million of available bank supported letters of credit, surety bonds and guarantees available in support of its commercial business transactions of which $217 million is outstanding as of December 31, 2025.

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Commercial Paper

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The Company’s commercial paper program is used as a potential source of liquidity and consists of a $2.0 billion U.S. commercial paper program and a $2.0 billion Euro commercial paper program. The maximum aggregate amount of commercial paper that may be issued by the Company under its commercial paper programs may not exceed $2.0 billion.

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The Company had $100 million and zero outstanding commercial paper under its U.S. and Euro commercial paper programs, respectively as of December 31, 2025, and no outstanding commercial paper as of December 31, 2024.

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Notes Payable

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The Company’s notes payable consists of uncommitted credit lines with major international banks and financial institutions, primarily to support global cash pooling structures. As of December 31, 2025 and 2024, the Company had $11.0 million and $3.6 million, respectively, outstanding under these credit lines. Approximately $2,191 million and $2,153 million of these credit lines were available for use as of December 31, 2025 and 2024, respectively.

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Long-term Debt

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The following table provides the components of the Company’s long-term debt obligations, along with applicable interest rates as of December 31, 2025 and 2024:

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Public Notes and Other

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In June 2025, the Company issued $500 million aggregate principal three-year fixed rate notes with a coupon rate of 4.30%. In August 2025, the Company issued $500 million aggregate principal ten-year fixed rate notes with a coupon rate of 5.00%. The proceeds were used for general corporate purposes, which included partial funding of the Ovivo Electronics acquisition.

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In July 2025, the Company repaid in full €575 million ($674 million) on its ten-year 2015 senior notes. In January 2024, the Company repaid €575 million ($630 million) of long-term debt.

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The Company’s public notes may be redeemed by the Company at its option at redemption prices that include accrued and unpaid interest and a make-whole premium. Upon the occurrence of a change of control accompanied by a downgrade of the public notes below investment grade rating, within a specified time period, the Company would be required to offer to repurchase the public notes at a price equal to 101% of the aggregate principal amount thereof, plus any accrued and unpaid interest to the date of repurchase. The public notes are senior unsecured and unsubordinated obligations of the Company and rank equally with all other senior and unsubordinated indebtedness of the Company.

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In June 2025, one of the Company’s Chinese subsidiaries entered into a construction loan facility that provides up to 1.1 billion in Chinese Yuan (“CNY”) ($155 million) of proceeds to fund capital expenditures. This loan facility has a tenor of 13 years and is secured by certain assets of its Chinese subsidiaries. Any borrowings under this facility are included in Finance lease obligations and other in the table above.

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Covenants and Future Maturities

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The Company is in compliance with all covenants under the Company’s outstanding indebtedness at December 31, 2025.

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As of December 31, 2025, the aggregate annual maturities of long-term debt for the next five years were:

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Net Interest Expense

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Interest expense and interest income incurred during 2025, 2024 and 2023 were as follows:

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Interest expense generally includes the expense associated with the interest on the Company’s outstanding borrowings, including the impact of the Company’s interest rate swap agreements. Interest expense also includes the amortization of debt issuance costs and debt discounts, which are both recognized over the term of the related debt.