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Linde plc Investor Teleconference Presentation Third Quarter 2026 October 29, 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 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.
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3 Global End Market Trends 3Q 2026 End Market % of Sales(1) & YoY Trend YoY Sales(2) Growth Seq. Sales(2) Growth Consumer Related End Markets (More Resilient) Healthcare 15% +2% +1% Food & Beverage 9% +3% +3% Electronics 10% +15% +1% Industrial Related End Markets (More Cyclical) Manufacturing 21% +7% +2% Chemicals & Energy 22% +12% +5% Metals & Mining 12% +3% -1% (1) Excludes Engineering sales (2) Excludes impact of currency, cost pass -through, acquisitions/divestitures and non-recurring items Remaining balance of % of Sales relates to Other sales primarily to distributors, competitors and retail
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4 Third-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 Americas +39 APAC -13 EMEA +6 Eng. / Global Other -36 Consolidated -4 ▪ Record EPS $4.59, up 9% YoY ▪ Industry-leading ROC 23.5% ▪ $11 billion project backlog YOY SEQ. Sales Growth + 9% + 1% Volume + 2% -- Price / Mix + 3% + 1% Cost pass-thru + 1% -- Currency + 1% -- Acq / Div + 1% -- Engineering + 1% -- ($MM) 3Q 2026 2 Q 2Q 2026 Var 3Q 2025 Var Sales $9,404 $9,289 1% $8,615 9% Operating Profit $2,763 $2,744 1% $2,558 8% % of Sales 29.4% 29.5% 29.7% Net Income $2,122 $2,089 2% $1,987 7% Diluted EPS $4.59 $4.50 2% $4.21 9% Op. Cash Flow $3,169 $2,271 40% $2,948 8% Capex $1,392 $1,438 -3% $1,276 9% Base Capex(2) $642 $658 -2% $640 0% Project Capex(3) $750 $780 -4% $636 18% After-Tax ROC 23.5% 23.5% -- 24.6% - 110 bps
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5 ▪ Re-invested $4.6B in the business, +10% YoY ▪ Net share purchases $2.6B ▪ 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 $2.9 $3.0 $2.2 2.3 3.2 Base CAPEX ($0.6) ($0.7) ($0.7) ($0.7) ($0.6) Avail. OCF $2.3 $2.3 $1.5 $1.6 $2.6 Operating Cash Flow (OCF) Trend ($B) (1) Strong balance sheet and consistent cash generation 2025 2026 Secured growth(2) $2.6B YTD Capital Allocation Return to Shareholders $4.8B Business Investments $4.6B Net share buybacks $2.6B Dividends $2.2B Base capex(1) $2.0B
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6 2026 Guidance (1) Non-GAAP measure, see Appendix 4th Quarter Full-Year ▪ Adjusted EPS (1) in the range of $17.82 to $17.92 • +8% to +9% vs. 2025 • Estimated YoY currency tailwind +2% • Mid-point assumes no economic improvement ▪ CAPEX: $5.5B to $6.0B Midpoint represents no economic improvement ▪ Adjusted EPS (1) in the range of $4.40 to $4.50 • +5% to +7% vs. 2025 • Estimated YoY currency flat; Sequentially -1% • Mid-point assumes no economic improvement
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7 Appendix
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8 Americas ▪ Price includes recovery of costs in current and prior periods ▪ YoY and sequential margins improving led by price and productivity, slightly offset by cost inflation ▪ YoY volume growth driven by Electronics, Metals & Mining and Chemicals & Energy end markets ▪ YoY FX tailwinds led by MXN and BRL Sales by End Market ($MM) 3Q 2026 2Q 2026 Var 3Q 2025 Var Sales $3,601 $3,504 3% $3,253 11% Operating Profit $1,263 $1,219 4% $1,124 12% % of Sales 35.1% 34.8% 34.6% YOY SEQ. Sales Growth + 11% + 3% Volume + 3% -- Price / Mix + 6% + 3% Cost pass-thru -- -- Currency + 1% -- Acq / Div + 1% --
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9 APAC ▪ YoY price +3% from base business and helium ▪ YoY higher volumes split between project startups and sale of equipment ▪ Ex. cost pass-thru, YoY margins down 40 bps driven by sale of equipment and helium dislocation cost ▪ Seq. higher volumes led by sale of equipment and seasonality in South Pacific ▪ YoY FX tailwinds led by CNY and AUD Sales by End Market ($MM) 3Q 2026 2Q 2026 Var 3Q 2025 Var Sales $1,950 $1,870 4% $1,741 12% Operating Profit $534 $531 1% $490 9% % of Sales 27.4% 28.4% 28.1% YOY SEQ. Sales Growth + 12% + 4% Volume + 5% + 3% Price / Mix + 3% -- Cost pass-thru + 1% -- Currency + 3% + 1% Acq / Div -- --
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10 EMEA ▪ Continued pricing and productivity initiatives ▪ Ex. cost pass-thru, YoY margins flat ▪ YoY higher volumes primarily from Healthcare and Food & Beverage end markets Sales by End Market ($MM) 3Q 2026 2Q 2026 Var 3Q 2025 Var Sales $2,327 $2,303 1% $2,178 7% Operating Profit $817 $823 -1% $781 5% % of Sales 35.1% 35.7% 35.9% YOY SEQ. Sales Growth + 7% + 1% Volume + 1% -- Price / Mix + 2% + 1% Cost pass-thru + 3% + 1% Currency -- - 1% Acq / Div + 1% --
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11 Engineering ▪ Operating margins stable driven by good execution, cost actions and project timing ▪ Order intake of projects, $0.5B ▪ SOP (sale of plant) backlog $2.9 billion ($MM) 3Q 2026 2Q 2026 Var 3Q 2025 Var Sales $582 $625 -7% $519 12% Operating Profit $107 $100 7% $101 6% % of Sales 18.4% 16.0% 19.5% 3rd Party Orders ($MM) 3Q 2026 2Q 2026 3Q 2025 Intake $499 $871 $269 SOP Backlog $2,941 $3,016 $2,907
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12 Global Other ▪ YoY operating profit reduction driven by Lincare performance ▪ Seq. operating profit reduction primarily driven by prior quarter benefits in corporate cost ($MM) 3Q 2026 2Q 2026 Var 3Q 2025 Var Sales $944 $987 -4% $924 2% Operating Profit $42 $71 -41% $62 -32% % of Sales 4.4% 7.2% 6.7%
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13 High-Quality Project Backlog $10.8B (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) $7.9B SOP Backlog (1) $2.9B
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14 ESG Performance vs. 2028 Goals 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
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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
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16 Non-GAAP Measures
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17 Non-GAAP Measures
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18 Non-GAAP Measures
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19 Non-GAAP Measures
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20 Non-GAAP Measures
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21 Non-GAAP Measures
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22 Non-GAAP Measures
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23 Non-GAAP Measures
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24 Non-GAAP Measures
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25 Non-GAAP Measures
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26 Non-GAAP Measures (Millions of dollars) Q3 Q2 Q1 Q4 Q3 Q2 Q1 Capex $ 1,392 $ 1,438 $ 1,342 $ 1,458 $ 1,276 $ 1,257 $ 1,270 Less: backlog capex (a) (750) (780) (653) (760) (636) (614) (634) Base Capex $ 642 $ 658 $ 689 $ 698 $ 640 $ 643 $ 636 Operating Cash Flow $ 3,169 $ 2,271 $ 2,240 $ 3,030 $ 2,948 $ 2,211 $ 2,161 Less: base capex (642) (658) (689) (698) (640) (643) (636) Available Operating Cash Flow $ 2,527 $ 1,613 $ 1,551 $ 2,332 $ 2,308 $ 1,568 $ 1,525 Available Operating Cash Flow (AOCF) and Base Capex - Available operating cash flow is a measure used by investors, financial analysts and management to evaluate the ability of a company to pursue opportunities that enhance shareholder value. AOCF measures operating cash flows available after capital expenditures to maintain or replace existing assets (base capex). AOCF equals cash flow from operations less base capex. (a) Backlog capex is defined as capital expenditures for projects greater than $5 million with a customer supply contract. LINDE PLC AND SUBSIDIARIES APPENDIX NON-GAAP MEASURES AND RECONCILIATIONS (Millions of dollars) (UNAUDITED) 20252026
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27 Non-GAAP Measures
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28 Non-GAAP Measures
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29 Non-GAAP Measures
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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