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Linde plc Investor Teleconference Presentation Fourth Quarter 2025 February 5, 2026
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2 Forward-Looking Statement This document contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are identified by terms and phrases such as: anticipate, believe, intend, estimate, expect, continue, should, could, may, plan, project, predict, will, potential, forecast, and similar expressions. They are based on management’s reasonable expectations and assumptions as of the date the statements are made but involve risks and uncertainties. These risks and uncertainties include, without limitation: the performance of stock markets generally; developments in worldwide and national economies and other international events and circumstances, including trade conflicts and tariffs; changes in foreign currencies and in interest rates; the cost and availability of electric power, natural gas and other raw materials; the ability to achieve price increases to offset cost increases; catastrophic events including natural disasters, epidemics, pandemics and acts of war and terrorism; the ability to attract, hire, and retain qualified personnel; the impact of changes in financial accounting standards; the impact of changes in pension plan liabilities; the impact of tax, environmental, healthcare and other legislation and government regulation in jurisdictions in which the company operates; the cost and outcomes of investigations, litigation and regulatory proceedings; the impact of potential unusual or non-recurring items; continued timely development and market acceptance of new products and applications; the impact of competitive products and pricing; future financial and operating performance of major customers and industries served; the impact of information technology system failures, network disruptions and breaches in data security; and the effectiveness and speed of integrating new acquisitions into the business. These risks and uncertainties may cause future results or circumstances to differ materially from adjusted projections, estimates or other forward- looking statements. Linde plc assumes no obligation to update or provide revisions to any forward-looking statement in response to changing circumstances. The above listed risks and uncertainties are further described in Item 1A. Risk Factors in Linde plc’s Form 10-K for the fiscal year ended December 31, 2024 filed with the SEC on February 25, 2025 which should be reviewed carefully. Please consider Linde plc’s forward-looking statements in light of those risks.
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3 Key Highlights - 2025 – 5 → Record EPS and operating cash flow in challenging industrial environment → EBIT Margins 29.8%, +30 bps → Industry-leading ROC 24.2% → Returned $7B+ to shareholders Financials People and Communities Positioning for the Future 6 Environment → YoY reduction absolute GHG emissions, ~2mm mt CO2e → Low-carbon power consumption, ~50% of total → Active low-carbon & renewable power; +23% YoY → 65% SOG Backlog clean energy projects → 90 new customer wins using oxyfuel combustion to decarbonize their operations → Backlog $10B+ → Major win to supply world-scale low-carbon ammonia facility in Louisiana → Major investments to support space sector in Florida and Texas → Acquired over 20 bolt-on acquisitions globally → Best in-class safety performance → ~30% female representation in 80+ countries → 900 community engagement projects globally, 7% YoY → Recognition across leading global employer and equity indices, including Forbes Global 2000 Resilient performance Margins, EPS and ROC are non-GAAP measures – see Appendix Gender diversity refers to the global professional employee population
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4 Fourth-Quarter Adjusted Results (1) (1) Results other than Sales, Operating Cash Flow and Capex are Non-GAAP measures – see Appendix (2) Represents capex in small growth, maintenance and other non -project capex related investments (3) Capex for projects > $5mm with a long -term customer supply agreement and incremental growth ▪ YoY sales growth in all end-markets ▪ YoY higher volume led by Electronics end market and project startups ▪ EPS $4.20, YoY +6% ▪ OCF $3.0B, +8% YoY ▪ YTD >$400 million in bolt-on acquisitions ▪ $10 billion project backlog YOY SEQ. Sales Growth + 6% + 2% Volume + 1% -- Price / Mix + 2% -- Cost pass-thru -- + 1% Currency + 3% -- Acq / Div + 1% -- Engineering - 1% + 1% ($MM) 4Q 2025 2 Q 3Q 2025 Var 4Q 2024 Var Sales $8,764 $8,615 2% $8,282 6% Operating Profit $2,585 $2,558 1% $2,480 4% % of Sales 29.5% 29.7% 29.9% Net Income $1,968 $1,987 -1% $1,899 4% Diluted EPS $4.20 $4.21 0% $3.97 6% Op. Cash Flow $3,030 $2,948 3% $2,809 8% Capex $1,458 $1,276 14% $1,250 17% Base Capex(2) $698 $640 9% $656 6% Project Capex(3) $760 $636 19% $594 28% After-Tax ROC 24.2% 24.6% - 40 bps 25.9% - 170 bps
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5 2025 Capital Management ▪ Re-invested in the business $5.7B ▪ Returned to shareholders $7.4B ▪ Maintaining a strong balance sheet Secured growth(2) $3.1B Capital Allocation Return to Shareholders $7.4B Business Investments $5.7B Net share buybacks $4.6B Dividends $2.8B Base capex(1) $2.6B (1) Represents capex in base growth, maintenance and other non -project capex related investments (2) Represents project capex plus acquisitions OCF $2.2 $2.2 $2.9 $3.0 $10.4 Base CAPEX ($0.6) ($0.6) ($0.6) ($0.7) ($2.6) Avail. OCF $1.6 $1.6 $2.3 $2.3 $7.8 Operating Cash Flow (OCF) Trend ($B) (1) Consistently investing in the business and rewarding shareholders 2025
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6 2026 Guidance (1) Non-GAAP measure, see appendix 1st Quarter ▪ Adjusted EPS (1) in the range of $4.20 to $4.30 • +6% to +9% vs. 2025 • Estimated YoY currency tailwind +3% • Mid-point assumes no economic improvement Full-Year ▪ Adjusted EPS (1) in the range of $17.40 to $17.90 • +6% to +9% vs. 2025 • Estimated YoY currency tailwind +1% • Mid-point assumes no economic improvement ▪ CAPEX: $5.0B to $5.5B Midpoint represents no economic improvement
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7 Appendix
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8 Full-Year Adjusted Results (1) (1) Results other than Sales, Operating Cash Flow and Capex are Non -GAAP measures – see Appendix (2) Represents capex in small growth, maintenance and other non -project capex related investments (3) Capex for projects > $5mm with a long-term customer supply agreement and incremental growth ▪ Price attainment aligned with weighted average CPI ▪ OP margin 29.8%, +30 bps ▪ Continued operating leverage • YoY Sales 3%, OP +4%, EPS +6% • Operating leverage across all geographic segments (ex. CPT) ▪ Record EPS $16.46 despite challenging industrial backdrop ▪ Record OCF $10.4 billion; +10% ▪ >$400 million in bolt-on acquisitions ▪ $10 billion project backlog ▪ Industry-leading ROC 24.2% Sales Growth + 3% Volume -- Price / Mix + 2% Cost pass-thru (CPT) -- Currency -- Acq / Div + 1% Engineering -- ($MM) 2025 2024 Var Sales $33,986 $33,005 3% Operating Profit $10,137 $9,720 4% % of Sales 29.8% 29.5% Net Income $7,772 $7,475 4% Diluted EPS $16.46 $15.51 6% Op. Cash Flow $10,350 $9,423 10% Capex $5,261 $4,497 17% Base Capex2 $2,618 $2,494 5% Project Capex3 $2,643 $2,003 32% After-Tax ROC 24.2% 25.9% -170 bps
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9 Americas ▪ Continued price and productivity initiatives ▪ YoY margins primarily impacted by cost pass-through ▪ YoY volumes growth driven by Electronics and Metals & Mining ▪ YTD closed 8 M&A deals across Americas, primarily in U.S. packaged gases Sales by End Market ($MM) 4Q 2025 3Q 2025 Var 4Q 2024 Var Sales $3,884 $3,846 1% $3,609 8% Operating Profit $1,202 $1,199 0% $1,150 5% % of Sales 30.9% 31.2% 31.9% YOY SEQ. Sales Growth + 8% + 1% Volume + 1% -- Price / Mix + 3% -- Cost pass-thru + 2% + 1% Currency + 1% -- Acq / Div + 1% --
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10 APAC ▪ Price positive excluding helium and rare gases impact ▪ YoY higher volumes in Electronics and Chemicals & Energy end markets ▪ Seq. lower volumes led by LPG seasonality ▪ Sequential margin improvement driven by good cost management ▪ YTD closed 7 M&A deals across APAC Sales by End Market ($MM) 4Q 2025 3Q 2025 Var 4Q 2024 Var Sales $1,726 $1,741 -1% $1,668 3% Operating Profit $502 $490 2% $500 0% % of Sales 29.1% 28.1% 30.0% YOY SEQ. Sales Growth + 3% - 1% Volume + 2% - 1% Price / Mix -- -- Cost pass-thru - 1% -- Currency -- -- Acq / Div + 2% --
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11 EMEA ▪ Continued strong pricing plus productivity initiatives ▪ YoY lower volumes primarily from Manufacturing and Chemicals & Energy end markets ▪ Seq. lower volumes primarily from Chemicals & Energy end market ▪ YTD closed 5 M&A deals across EMEA ▪ YoY FX tailwind led by EUR Sales by End Market ($MM) 4Q 2025 3Q 2025 Var 4Q 2024 Var Sales $2,178 $2,178 0% $2,059 6% Operating Profit $772 $781 -1% $686 13% % of Sales 35.4% 35.9% 33.3% YOY SEQ. Sales Growth + 6% -- Volume - 3% - 1% Price / Mix + 1% -- Cost pass-thru - 1% -- Currency + 8% -- Acq / Div + 1% + 1%
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12 Engineering ▪ Stable margins led by good execution and benefits from productivity and cost actions ▪ Order intake of projects, $0.4B ▪ SOP (sale of plant) backlog $2.7 billion 3rd Party Orders ($MM) 4Q 2025 3Q 2025 4Q 2024 Intake $434 $269 $880 SOP Backlog $2,719 $2,907 $3,271 ($MM) 4Q 2025 3Q 2025 Var 4Q 2024 Var Sales $615 $519 18% $628 -2% Operating Profit $103 $101 2% $106 -3% % of Sales 16.7% 19.5% 16.9%
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13 Global Other ▪ YoY global helium business decline impacting operating profit ▪ Sequential margin improvement led by productivity initiatives ($MM) 4Q 2025 3Q 2025 Var 4Q 2024 Var Sales $361 $331 9% $318 14% Operating Profit $6 ($13) 146% $38 -84% % of Sales 1.7% -3.9% 11.9%
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14 Global End Market Trends 4Q 2025 End Market % of Sales(1) & YoY Trend YoY Sales(2) Growth Seq. Sales(2) Growth Consumer Related End Markets (More Resilient) Healthcare 16% +1% +1% Food & Beverage 9% +5% -3% Electronics 10% +7% +5% Industrial Related End Markets (More Cyclical) Manufacturing 21% +2% -- Chemicals & Energy 21% +2% +2% Metals & Mining 13% +1% -2% (1) Excludes Engineering sales (2) Excludes impact of currency, cost pass -through, acquisitions/divestitures, non-recurring sale of equipment Remaining balance of % of Sales relates to Other sales primarily to distributors, competitors and retail
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15 High-Quality Project Backlog $10B (1) 3rd party sale of plant backlog. Represents future sales, secured under a signed agreement (2) Sale of gas backlog. Represents project investments (CAPEX), supported by a long-term supply agreement ✓ Contractual growth ✓ Secure cash flow ✓ Double-digit IRR ✓ High-quality customers ✓ Increases network density ✓ Contractual growth ✓ Secure cash flow ✓ Double-digit IRR ✓ High-quality customers ✓ Primarily engineering and procurement services Geography End Market Clean Energy SOG Backlog (2) $7.3B SOP Backlog (1) $2.7B
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16 ESG Performance vs. 2028 Goals Decarbonizing our Future ▪ 25 Years of Participation in the S&P Global CSA “Reaching 25 years of participation in the S&P Global CSA is a testament to your company’s long-standing commitment to meaningful sustainability action. We are proud to have accompanied you on this journey and look forward to supporting your continued progress in the years ahead.” Robert Dornau Senior Director, Head of Corporate Solutions & EngagementGHG Emissions Intensity(1) (Target: reduce 35% by 2028) ‒ Improvement led by scope 1 and 2 reduction and profitable growth Low-carbon energy(2) (Target: double annual purchase by 2028) ‒ ~50% of Linde’s energy consumption is low carbon ‒ Since 2021, active low-carbon energy procurement has almost tripled Target: 35% Reduction in GHG Emissions Intensity 2018 -2028 (1) (1) Scope 1 and 2 emissions (in million MT) divided by adjusted EBITDA in billion USD (2) Low-carbon energy includes passive and active sourcing of solar, wind, hydro and nuclear
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17 Sustainable Development Highlights Best-in-class safety performance Lost Workday Case Rate more than 9x better than U.S. Occupational Health and Safety Administration industrial average Enabled the avoidance of >2x GHG emissions than were emitted in all the company’s operations Approximately 50% of global electricity from low-carbon sources More than 373,000 people benefited from global employee community engagement projects Saved more than 350 million gallons of water through sustainability initiatives Diverted more than 200 million pounds of waste from landfills Recognized leader in diversity & inclusion 2025 data estimates
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18 Non-GAAP Measures
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19 Non-GAAP Measures, continued
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Making our world more productive For further information, please contact Internet: www.linde.com/investors Phone: +1-203-837-2210 Email: investor.relations@linde.com Investor Relations