Slides
Page 1
Linde plc Investor Teleconference Presentation Second Quarter 2026 July 31, 2026
Page 2
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 cybersecurity breaches; 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, 2025 filed with the SEC on February 25, 2026, which should be reviewed carefully. Please consider Linde plc’s forward-looking statements in light of those risks.
Page 3
3 Global End Market Trends 2Q 2026 End Market % of Sales(1) & YoY Trend YoY Sales(2) Growth Seq. Sales(2) Growth Consumer Related End Markets (More Resilient) Healthcare 16% +2% +1% Food & Beverage 9% +3% +5% Electronics 10% +18% +7% Industrial Related End Markets (More Cyclical) Manufacturing 21% +5% +4% Chemicals & Energy 21% +2% +4% Metals & Mining 13% +4% +3% (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
Page 4
4 Second-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 volumes driven by Electronics, Manufacturing and Chemicals & Energy end markets ▪ Weighted operating margins ex. cost pass-thru (bps) YoY Seq. Americas -22 -50 APAC -17 +16 EMEA +11 +13 Eng./Other -2 -25 Consolidated -30 -46 • Americas margins impacted by US homecare business • YoY APAC margins driven by sale of equipment ▪ $11 billion project backlog YOY SEQ. Sales Growth + 9% + 6% Volume + 2% + 3% Price / Mix + 2% + 1% Cost pass-thru + 1% -- Currency + 2% -- Acq / Div + 1% -- Engineering + 1% + 2% ($MM) 2Q 2026 2 Q 1Q 2026 Var 2Q 2025 Var Sales $9,289 $8,781 6% $8,495 9% Operating Profit $2,744 $2,630 4% $2,556 7% % of Sales 29.5% 30.0% 30.1% Net Income $2,089 $2,019 3% $1,937 8% Diluted EPS $4.50 $4.33 4% $4.09 10% Op. Cash Flow $2,271 $2,240 1% $2,211 3% Capex $1,438 $1,342 7% $1,257 14% Base Capex(2) $658 $689 -4% $643 2% Project Capex(3) $780 $653 19% $614 27% After-Tax ROC 23.5% 23.8% - 30 bps 25.1% - 160 bps
Page 5
5 ▪ Re-invested $3.2B in the business, +14% YoY ▪ Net share purchases $1.7B ▪ Maintaining a strong balance sheet 2026 Capital Management (1) Represents capex in base growth, maintenance and other non -project capex related investments (2) Represents project capex plus acquisitions OCF $2.2 $2.9 $3.0 $2.2 2.3 Base CAPEX ($0.6) ($0.6) ($0.7) ($0.7) ($0.7) Avail. OCF $1.6 $2.3 $2.3 $1.5 $1.6 Operating Cash Flow (OCF) Trend ($B) (1) Strong balance sheet and consistent cash generation 2025 2026 Secured growth(2) $1.9B YTD Capital Allocation Return to Shareholders $3.1B Business Investments $3.2B Net share buybacks $1.7B Dividends $1.4B Base capex(1) $1.3B
Page 6
6 2026 Guidance (1) Non-GAAP measure, see Appendix 3rd Quarter Full-Year ▪ Adjusted EPS (1) in the range of $17.70 to $17.90 • +8% to +9% vs. 2025 • Estimated YoY currency tailwind +1% • Mid-point assumes no economic improvement ▪ CAPEX: $5.5B to $6.0B Midpoint represents no economic improvement ▪ Adjusted EPS (1) in the range of $4.45 to $4.55 • +6% to +8% vs. 2025 • Estimated YoY currency flat; Sequentially -1% • Mid-point assumes no economic improvement
Page 7
7 Appendix
Page 8
8 Americas ▪ Continued price and productivity initiatives partially offset by cost inflation in the U.S. homecare business ▪ Ex. US homecare business, YoY margins up 20 bps; Seq. flat ▪ YoY volume growth driven by Electronics and Manufacturing (driven by aerospace) end markets ▪ Seq. volume growth in Manufacturing, Electronics and Chemicals & Energy end markets ▪ YoY FX tailwinds led by MXN and BRL Sales by End Market YOY SEQ. Sales Growth + 7% + 1% Volume + 2% + 2% Price / Mix + 2% -- Cost pass-thru -- - 2% Currency + 2% -- Acq / Div + 1% + 1% ($MM) 2Q 2026 1Q 2026 Var 2Q 2025 Var Sales $4,083 $4,025 1% $3,812 7% Operating Profit $1,272 $1,272 -- $1,209 5% % of Sales 31.2% 31.6% 31.7%
Page 9
9 APAC ▪ YoY price +2% from base business and helium ▪ YoY higher volumes split between project startups and sale of equipment ▪ Ex. cost pass-thru, YoY margins down 70; Seq. up 100 bps • YoY margin decline driven by sale of equipment and helium dislocation cost ▪ Seq. higher volumes led by seasonality ▪ YoY FX tailwinds led by CNY and AUD Sales by End Market ($MM) 2Q 2026 1Q 2026 Var 2Q 2025 Var Sales $1,870 $1,701 10% $1,655 13% Operating Profit $531 $477 11% $490 8% % of Sales 28.4% 28.0% 29.6% YOY SEQ. Sales Growth + 13% + 10% Volume + 6% + 5% Price / Mix + 2% + 3% Cost pass-thru + 2% + 2% Currency + 3% -- Acq / Div -- --
Page 10
10 EMEA ▪ Continued pricing and productivity initiatives ▪ Ex. cost pass-thru, YoY margins up 10 bps; Seq. up 20 bps ▪ YoY lower volumes primarily from Manufacturing end market ▪ Seq. higher volumes primarily from Food & Beverage (seasonality) and Chemicals & Energy end markets ▪ YoY FX tailwind led by EUR Sales by End Market ($MM) 2Q 2026 1Q 2026 Var 2Q 2025 Var Sales $2,303 $2,171 6% $2,162 7% Operating Profit $823 $784 5% $780 6% % of Sales 35.7% 36.1% 36.1% YOY SEQ. Sales Growth + 7% + 6% Volume - 1% + 4% Price / Mix + 2% + 1% Cost pass-thru + 2% + 2% Currency + 3% - 1% Acq / Div + 1% --
Page 11
11 Engineering ▪ Operating margins driven by project timing and mix of intercompany vs. 3rd party plant sales ▪ Order intake of projects, $0.9B ▪ SOP (sale of plant) backlog $3.0 billion ($MM) 2Q 2026 1Q 2026 Var 2Q 2025 Var Sales $625 $517 21% $551 13% Operating Profit $100 $101 -1% $90 11% % of Sales 16.0% 19.5% 16.3% 3rd Party Orders ($MM) 2Q 2026 1Q 2026 2Q 2025 Intake $871 $640 $311 SOP Backlog $3,016 $2,802 $3,230
Page 12
12 Global Other ▪ YoY sales growth driven by the advanced materials business, primarily to Electronics end market and Commercial Aerospace sector ▪ YoY operating profit improvement primarily led by advanced materials business and benefits in corporate cost ($MM) 2Q 2026 1Q 2026 Var 2Q 2025 Var Sales $408 $367 11% $315 30% Operating Profit $18 ($4) 550% ($13) 238% % of Sales 4.4% -1.1% -4.1%
Page 13
13 High-Quality Project Backlog $11.1B (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) $8.1B SOP Backlog (1) $3.0B
Page 14
14 ESG Performance vs. 2028 Goals Decarbonizing our Future ▪ Linde Expands Renewable Energy Sourcing in EMEA and APAC ▪ Linde Marks 11th Consecutive Year in FTSE4Good Index Series GHG 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
Page 15
15 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 1 billion gallons of water through sustainability initiatives Diverted more than 200 million pounds of waste from landfills Recognized leader in diversity & inclusion 2025 reported data
Page 16
16 Non-GAAP Measures
Page 17
17 Non-GAAP Measures, continued
Page 18
18 Non-GAAP Measures, continued
Page 19
19 Non-GAAP Measures, continued
Page 20
20 Non-GAAP Measures, continued
Page 21
21 Non-GAAP Measures, continued
Page 22
22 Non-GAAP Measures, continued
Page 23
23 Non-GAAP Measures, continued
Page 24
24 Non-GAAP Measures, continued
Page 25
25 Non-GAAP Measures, continued
Page 26
26 Non-GAAP Measures, continued
Page 27
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