UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM
(Mark One)
⌧ | ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the fiscal year ended December 31, 2025 |
OR
◻ | TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the transition period from _________to_________ |
Commission file number 1-09328
A. | Full title of the plan and the address of the plan, if different from that of the issuer named below: |
ECOLAB PUERTO RICO SAVINGS PLAN
B. | Name of issuer of the securities held pursuant to the plan and the address of its principal executive office: |
1 Ecolab Place
Saint Paul, Minnesota 55102
ECOLAB PUERTO RICO SAVINGS PLAN
REPORT ON AUDITS OF FINANCIAL STATEMENTS
as of December 31, 2025 and 2024
and
for the year ended December 31, 2025
AND SUPPLEMENTAL SCHEDULE
as of December 31, 2025
TABLE OF CONTENTS
Beginning Page | |
2 | |
Financial Statements | |
3 | |
4 | |
5 | |
Schedule H, Line 4i - Schedule of Assets (Held at End of Year) | 10 |
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Plan Administrator, Trustees, and Plan Participants of the
Ecolab Puerto Rico Savings Plan
Opinion on the Financial Statements
We have audited the accompanying statements of net assets available for benefits of Ecolab Puerto Rico Savings Plan (the “Plan”) as of December 31, 2025 and 2024 and the related statement of changes in net assets available for benefits for the year ended December 31, 2025, and the related notes and schedule (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the net assets available for benefits of the Plan as of December 31, 2025 and 2024, and the changes in net assets available for benefits for the year ended December 31, 2025, in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinion
These financial statements are the responsibility of the Plan’s Management. Our responsibility is to express an opinion on the Plan’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Plan in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Plan is not required to have, nor were we engaged to perform, an audit of the Plan’s internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Plan’s internal control over financial reporting. Accordingly, we express no such opinion.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.
Supplemental Information
The supplemental information contained in Schedule H, Line 4i – Schedule of Assets (Held at End of Year) has been subjected to the auditing procedures performed in conjunction with the audit of the Plan’s financial statements. The supplemental information is the responsibility of the Plan's management. Our audit procedures included determining whether the supplemental information reconciles to the financial statements or the underlying accounting and other records, as applicable, and performing procedures to test the completeness and accuracy of the information presented in the supplemental information. In forming our opinion on the supplemental information, we evaluated whether the supplemental information, including its form and content, is presented in conformity with the Department of Labor’s Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. In our opinion, the supplemental information is fairly stated in all material respects, in relation to the financial statements as a whole.
We have served as the Plan’s auditor since 2015.
/s/ Olsen Thielen & Co., Ltd. | |
Roseville, Minnesota | |
June 25, 2026 |
2
STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS
December 31 (in thousands) | | 2025 | | 2024 | |
Investments at fair value | |||||
Ecolab Inc. common stock | $ | $ | |||
Registered investment companies | | | |||
Common/collective trusts | | | |||
Total investments | | | |||
Receivables | |||||
Notes receivable from participants | | | |||
Dividends and interest receivable | | | |||
Employer contributions receivable | | | |||
Total receivables | | | |||
Net assets available for benefits | $ | $ |
The accompanying notes are an integral part of the financial statements.
3
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS
Year ended December 31 (in thousands) | 2025 | ||
Investment results | |||
Net appreciation in fair value of investments | $ | ||
Dividends and interest | | ||
Total investment results | | ||
Interest income on notes receivable from participants | | ||
Contributions | |||
Participants | | ||
Employer | | ||
Total contributions | | ||
| |||
Deductions | |||
Distributions to participants | ( | ||
Plan expenses | ( | ||
Total deductions | ( | ||
| |||
Net decrease | ( | ||
Net assets available for benefits | |||
Beginning of year | | ||
End of year | $ |
The accompanying notes are an integral part of the financial statements.
4
Notes to financial statements
1. Description of Plan
The following brief description of the Ecolab Puerto Rico Savings Plan (the “Plan”) is provided for general information purposes only. Participants should refer to the Plan document for more complete information regarding the Plan's definitions, benefits, eligibility and other matters.
The Plan is sponsored by Ecolab Inc. (“Ecolab”) for the benefit of certain individuals employed by Ecolab’s wholly owned subsidiary, Ecolab Manufacturing Inc. (the “Company”), and is subject to income taxation under Puerto Rico laws.
General and Eligibility
The Plan is a contributory qualified defined contribution plan available to certain employees of the Company in Puerto Rico. Eligible employees who are employed by the Company and who are subject to income taxation under the laws of Puerto Rico may participate in the Plan as of the first day of the month on or after their date of hire, provided they are not subject to a collective bargaining agreement which does not provide for their participation in the Plan. Employee participation in the Plan is voluntary.
The Plan is subject to the provisions of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”) and the Puerto Rico tax code (“the Code”). The Plan and trust are located and qualified only in Puerto Rico.
The Benefits Finance Committee determines the appropriateness of the Plan’s investment offerings and monitors investment performance. The Plan Administrator is responsible for administration of the Plan.
Contributions
Contributions are made to the Plan as pre-tax savings contributions, participant rollover contributions and employer matching contributions.
Pre-tax savings contributions are contributions made by the Company on behalf of participants who have agreed to have their taxable compensation reduced. Participants may reduce their compensation (subject to a Puerto Rico statutory annual maximum of $15,000 for 2025) for the purpose of making pre-tax savings contributions to the Plan.
Participants who have attained age
Participants may also contribute amounts representing distributions from other qualified plans (rollover).
Participant contributions of up to
The levels of contributions made by or on behalf of participants who are highly compensated, as defined in the Code, are subject to limitations under the Code.
The Plan contains a separate Ecolab Inc. Common Stock account for employer and participant contributions which are invested in Ecolab common stock. The fund allows participants to elect the withdrawal of dividends paid on shares to the account.
Vesting
Participants are fully vested in their accounts at all times.
Plan Benefits
As participants are fully vested at all times, benefits to participants are equal to their account balances. Upon retirement, death, disability or separation from service, a distribution may be made to the participant or beneficiary equal to the participant's account balance. Employees may be eligible to withdraw part or all of their account balance upon attainment of age . Loans and in-service withdrawals for hardships are also available. A participant distribution or withdrawal from the Plan generally is subject to taxation under the tax rules applicable to Puerto Rico residents.
5
Notes Receivable from Participants
Active participants (and beneficiaries who are parties in interest as defined by ERISA) are permitted to borrow from their accounts. The total amount of a participant's note may not exceed the lesser of (a) $
Note payments, together with interest at a market rate determined by the Plan Administrator, are repaid generally over
Notes receivable from participants at December 31, 2025 had interest rates ranging from
Participant Accounts and Allocation
Banco Popular de Puerto Rico (“Banco Popular” or “trustee”) provides investment management, recordkeeping and trustee services for the Plan directly or indirectly through one or more of its subsidiaries. The trust agreement authorizes services to be performed by the trustee, its agents or affiliates.
Each participant's account is credited with the participant's contributions, the employer matching contributions and investment income thereon, net of Plan expenses. Allocations are based on participant earnings, account balances, or specific participant transactions, as defined. The benefit to which a participant is entitled is the benefit that can be provided from the participant’s vested account.
All participant contributions made under the Plan are paid to and invested by Banco Popular in one or more of the available investment options as directed by the participants.
Participants are allowed to allocate their entire account balance in any combination of the available investment options. Participants can transfer their account balance among the investment options and/or change the investment of their future contributions, and earnings thereon, daily.
Plan Termination
Although it has not expressed any intent to do so, the Company has the right under the Plan to discontinue its contributions at any time and Ecolab has the right to terminate the Plan subject to the provisions of ERISA.
2. Summary of Significant Accounting Policies
Basis of Presentation
The accompanying financial statements have been prepared on the accrual basis of accounting.
Use of Estimates
The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and changes therein, and disclosure of contingent assets and liabilities. Actual results could differ from those estimates.
Valuation of Investments and Income Recognition
Banco Popular holds the Plan’s assets and executes transactions therein based upon instructions received from the Plan Administrator, Ecolab and the participants in the Plan. The Plan’s investments are stated at fair value. Fair value is the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. See Note 3 for a discussion of fair value measurements.
Interest income is recorded as earned on an accrual basis and dividend income is recorded on the ex-dividend date. Purchases and sales of securities and realized gains and losses related to sales of investments are recorded on a trade-date basis. Unrealized gains and losses are recorded based on the fair values as of the reporting date.
Notes Receivable from Participants
Notes receivable from participants are measured at their unpaid principal balances plus any accrued interest. Interest income is recorded on the accrual basis of accounting. Related fees are recorded as administrative expenses and are expensed when they are incurred.
Notes receivable from participants have been classified as an investment asset for Form 5500 reporting purposes and, accordingly, have been included as an investment in the supplemental schedule, Schedule H, line 4i – Schedule of Assets (Held at End of Year).
6
Contributions
Participant pre-tax contributions are recorded in the period the employer makes the payroll deductions. Employer matching contributions are recorded based on participant contributions in the same period.
Risks and Uncertainties
The Plan provides for a range of investment options in various combinations of investment funds. Investments are exposed to a number of risks, such as interest rate, market and credit risks. Due to the level of risk associated with certain investment securities, including Ecolab Inc. common stock, it is at least reasonably possible that changes in the values of investment securities will occur in the near term and that such changes could materially affect participants' account balances and the amounts reported in the Statements of Net Assets Available for Benefits.
Concentration of Market Risk
At December 31, 2025 and 2024, approximately
Distributions to Participants
Distributions to participants are recorded when paid.
Plan Expenses
The Company pays a portion of the administrative expenses of the Plan, which are excluded from these financial statements, and a portion is paid by Plan participants within the Plan. Certain asset management and administrative fees of the Plan are charged against the Plan’s investment results.
Subsequent Events
The Plan Administrator has evaluated subsequent events through the date and time the financial statements were issued.
3. Fair Value Measurements
Accounting guidance establishes a framework for measuring fair value. That framework provides a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (level 1 measurements) and the lowest priority to unobservable inputs (level 3 measurements). The three levels of the fair value hierarchy under accounting guidance are described below:
Level 1 - Unadjusted quoted prices in active markets for identical assets or liabilities that the reporting entity has the ability to access at the measurement date.
Level 2 - Inputs other than quoted prices within Level 1 that are observable for the asset or liability, either directly or indirectly; and fair value is determined through the use of models or other valuation methodologies. If the asset or liability has a specific (contractual) term, the Level 2 input must be observable for substantially the full term of the asset or liability. A significant adjustment to a Level 2 input could result in the Level 2 measurement becoming a Level 3 measurement.
Level 3 - Inputs are unobservable for the asset or liability and include situations where there is little, if any, market activity for the asset or liability. The inputs into the determination of fair value are based upon the best information in the circumstances and may require significant management judgment or estimation.
The asset’s or liability’s fair value measurement level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. Valuation techniques used need to maximize the use of observable inputs and minimize the use of unobservable inputs.
The following is a description of the valuation methodologies used for investments measured at fair value. There have been no changes in the methodologies used at December 31, 2025 and 2024.
Registered investment companies and Ecolab Inc. common stock: Investments in registered investment companies are valued at the daily closing price as reported by the fund. Investments in registered investment companies held by the Plan are open-end mutual funds that are registered with the Securities and Exchange Commission. These funds are required to publish their daily net asset value and to transact at that price. Investments in Ecolab Inc. common stock are recorded at fair value based on the quoted market price of Ecolab's common stock on the New York Stock Exchange.
Common/collective trusts: Investments in common/collective trusts are recorded at the underlying net asset value per unit, which approximates fair value based on the audited financial statements of these funds. This practical expedient would not be used if it is determined to be probable that the fund will sell the investment for an amount different from the reported net asset value.
7
The Plan reviews the fair value hierarchy classification on an annual basis. Changes in the ability to observe valuation inputs may result in a reclassification of levels for certain securities within the fair value hierarchy. The Plan’s policy is to recognize transfers into and out of levels within the fair value hierarchy at the end of the fiscal year in which the actual event or change in circumstances that caused the transfer occurs. There were no transfers between Levels during the years ended December 31, 2025 and 2024. When a determination is made to classify an asset or liability within Level 3, the determination is based upon the significance of the unobservable inputs to the overall fair value measurement. At December 31, 2025 and 2024, the Plan did not have any assets or liabilities classified within Level 2 or Level 3.
The methods described above may produce a fair value calculation that may not be indicative of net realizable value or reflective of future fair values. Furthermore, while the Plan believes its valuation methods are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different fair value measurement at the reporting date.
The following tables represent the Plan’s fair value hierarchy for those assets measured at fair value on a recurring basis as of December 31, 2025 and 2024:
(in thousands) | 2025 | ||||||||
Total | | Level 1 | | Level 2 | | Level 3 | |||
Ecolab Inc. common stock | $ | $ | $- | $- | |||||
Registered investment companies | | | - | - | |||||
Total assets in the fair value hierarchy | | | - | - | |||||
Common/collective trusts measured at net asset value (*) | | - | - | - | |||||
Investments at fair value | $ | $ | $- | $- | |||||
(in thousands) | 2024 | ||||||||
Total | | Level 1 | | Level 2 | | Level 3 | |||
Ecolab Inc. common stock | $ | $ | $- | $- | |||||
Registered investment companies | | | - | - | |||||
Total assets in the fair value hierarchy | | | - | - | |||||
Common/collective trusts measured at net asset value (*) | | - | - | - | |||||
Investments at fair value | $ | $ | $- | $- | |||||
(*) Certain investments that were measured at net asset value per share (or its equivalent) have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the line items presented in the Statements of Net Assets Available for Benefits.
The following table sets forth additional disclosures of the Plan investments whose fair value is estimated using net asset value per share as of December 31, 2025 and 2024:
(in thousands) | |||||||||
Fair | Unfunded | Redemption | Redemption | ||||||
| Value | | Commitment | | Frequency | | Notice Period |
| |
Common/collective trusts | |||||||||
As of December 31, 2025 | | $ | - | Immediate | |||||
As of December 31, 2024 | $ | - | Immediate |
The fair value of investments in this category has been estimated using the net asset value per share of the underlying investments. All of these funds are subject to potential withdrawal safeguards to protect the interest of all participants, while providing the maximum level of liquidity that can be prudently made available to all participants. These withdrawal safeguards permit redemptions resulting from ordinary course activity, subject to certain thresholds.
8
4. Tax Status
The Plan constitutes a and trust under the Puerto Rico tax code. The Plan is maintained as a foreign trust covering only individuals subject to taxation under the Puerto Rico tax code and therefore no provision for United States federal income taxes has been included in the Plan's financial statements.
A favorable determination letter, dated
U.S. GAAP requires plan management to evaluate tax positions taken by the Plan and recognize a tax liability (or asset) if the Plan has taken an uncertain position that more likely than not would not be sustained upon examination by the Puerto Rico tax authority. The Plan Administrator has analyzed tax positions taken by the Plan and has concluded that as of December 31, 2025, there are no uncertain tax positions taken, or expected to be taken, that would require recognition of a liability or that would require disclosure in the financial statements. The Plan is subject to routine audits by taxing jurisdictions, however, there are currently no audits for any tax periods in progress.
5. Related Party and Party-In-Interest Transactions
The trustee is authorized under contract provisions, or by ERISA regulations providing an administrative or statutory exemption, to invest in funds under its control and in securities of Ecolab.
Participant contributions and employer matching contributions are invested in one or more of the investment fund options offered under the Plan, including Ecolab Inc. common stock.
During 2025 and 2024, the Plan invested in Ecolab Inc. common stock. The Plan held
9
SUPPLEMENTAL SCHEDULE
SCHEDULE H, LINE 4i – SCHEDULE OF ASSETS (HELD AT END OF YEAR)
As of December 31, 2025
EIN
Plan Number:
(in thousands) | |||||
(c) | |||||
(a) | (b) | Description of investment | (e) | ||
Identity of Issue, Borrower, Lessor, | including maturity date, rate of interest, | Current | |||
or Similar Party | collateral, par, or maturity value | Value | |||
Registered investment companies | |||||
$ | |||||
| |||||
| |||||
| |||||
| |||||
| |||||
| |||||
| |||||
| |||||
Total registered investment companies | | ||||
Common/collective trusts | |||||
| |||||
| |||||
| |||||
| |||||
| |||||
| |||||
| |||||
| |||||
| |||||
| |||||
| |||||
| |||||
Total common/collective trusts | | ||||
Ecolab Inc. common stock | Common Stock | | |||
* | Notes receivable from participants | Participant notes due on various | |||
dates through August 2030 (stated | |||||
interest rates ranging from | | ||||
$ | |||||
(*) Party-in-interest | |||||
(d) Cost is omitted for participant-directed investments |
10
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the trustees (or other persons who administer the employee benefit plan) have duly caused this annual report to be signed on its behalf by the undersigned hereunto duly authorized.
Ecolab Puerto Rico Savings Plan | ||||
Date: | June 25, 2026 | By: | /s/ Timothy Leier | |
Timothy Leier, | ||||
Director Human Resources - | ||||
International Benefits | ||||
Ecolab Inc. | ||||
(Plan Administrator) | ||||
12