Slide 1: Linde plc Investor Teleconference Presentation
Linde plc Investor Teleconference Presentation Second Quarter 2025 August 1, 2025
Slide 2: Forward-Looking Statement
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, cou
Slide 3: Sale-of-Gas Project Backlog
Sale-of-Gas Project Backlog Characteristics: Evolution ($B) Major projects − Investments >$5mm $7,100 − Contractual EPS growth $9,200 − Secured cash flow 70* − Risk-based returns 107* 70 − High-quality customer 144* -$5,700 Does not include: $3,600 − Merchant plants 33* (Blue Point One) − Investment
Slide 4: Second-Quarter Adjusted Results
(1) Second-Quarter Adjusted Results 2 ($MM) 2Q 2025 1Q 2025 Var 2Q 2024 Var YOY SEQ. Q Sales $8,495 $8,112 5% $8,267 3% Sales Growth + 3% + 5% Volume - 1% + 2% Operating Profit $2,556 $2,438 5% $2,422 6% Price / Mix + 2% + 1% % of Sales 30.1% 30.1% 29.3% Cost pass-thru + 1% - 1% Currency -- + 3% Inc
Slide 5: 2025 Capital Management
2025 Capital Management YTD Capital Allocation Operating Cash Flow (OCF) Trend ($B) Business Return to 2024 2025 Investments Shareholders Base $2.8B capex(1) $3.6B $1.3B Net share buybacks $2.2B Secured growth(2) $1.5B Dividends $1.4B ▪ Access to low-cost capital OCF $1.9 $2.7 $2.8 $2.2 $2.2 (1) • I
Slide 6: 2025 Guidance
2025 Guidance 3rd Quarter 2025 Full-Year 2025 ▪ Adjusted EPS in the range of $4.10 to $4.20 ▪ Adjusted EPS in the range of $16.30 to $16.50 (1) (1) • +4% to +7% vs. 2024 • +5% to +6% vs. 2024 • Estimated YoY currency tailwind +1% • Estimated YoY currency tailwind +1% • +3% to +6% vs. 2024 excluding
Slide 7: Appendix
Appendix 7
Slide 8: Americas
Americas ($MM) 2Q 2025 1Q 2025 Var 2Q 2024 Var YOY SEQ. Sales Growth + 4% + 4% Sales $3,812 $3,666 4% $3,655 4% Volume + 1% + 2% Operating Profit $1,209 $1,137 6% $1,159 4% Price / Mix + 3% + 2% Cost pass-thru + 1% - 1% % of Sales 31.7% 31.0% 31.7% Currency - 2% + 1% Acq / Div + 1% -- Sales by End M
Slide 9: APAC
APAC ($MM) 2Q 2025 1Q 2025 Var 2Q 2024 Var YOY SEQ. Sales Growth -- + 8% Sales $1,655 $1,539 8% $1,657 0% Volume - 1% + 5% Operating Profit $490 $451 9% $474 3% Price / Mix -- -- Cost pass-thru - 1% -- % of Sales 29.6% 29.3% 28.6% Currency -- + 2% Acq / Div + 2% + 1% Sales by End Market ▪ YoY margin
Slide 10: EMEA
EMEA ($MM) 2Q 2025 1Q 2025 Var 2Q 2024 Var YOY SEQ. Sales Growth + 3% + 6% Sales $2,162 $2,031 6% $2,091 3% Volume - 4% + 1% Operating Profit $780 $722 8% $704 11% Price / Mix + 3% + 1% Cost pass-thru -- - 2% % of Sales 36.1% 35.5% 33.7% Currency + 4% + 6% Acq / Div -- -- Sales by End Market ▪ YoY m
Slide 11: Engineering
Engineering ($MM) 2Q 2025 1Q 2025 Var 2Q 2024 Var ▪ Strong margin led by good execution, cost actions and project timing Sales $551 $565 -2% $544 1% Operating Profit $90 $114 -21% $96 -6% ▪ Order intake of projects, $0.3 billion % of Sales 16.3% 20.2% 17.6% ▪ SOP (sale of plant) backlog, $3.2 billio
Slide 12: Global Other
Global Other ($MM) 2Q 2025 1Q 2025 Var 2Q 2024 Var ▪ YoY lower sales driven by advanced materials business to the electronics end market. Expecting Sales $315 $311 1% $320 -2% improvement in 2H Operating Profit ($13) $14 -193% ($11) -18% ▪ YoY lower margins driven by Global Helium business % of Sale
Slide 13: Global End Market Trends
Global End Market Trends 2Q 2025 End Market % of Sales(1) & YoY Trend YoY Sales(2) Growth Seq. Sales(2) Growth Consumer Related End Markets (More Resilient) Healthcare 17% +1% -1% Food & Beverage 9% +3% +6% Electronics 9% -1% -1% Industrial Related End Markets (More Cyclical) Manufacturing 21% -- +2
Slide 14: High-Quality Project Backlog $10.3B
High-Quality Project Backlog $10.3B Geography SOG Backlog(1) SOP Backlog(2) $7.1B $3.2B End Market ✓ Contractual growth ✓ Contractual growth ✓ Secure cash flow ✓ Secure cash flow ✓ Double-digit IRR Clean Energy ✓ Double-digit IRR ✓ High-quality customers ✓ High-quality customers ✓ Increases network
Slide 15: Sustainable Development Highlights
Sustainable Development Highlights Best-in-class Enabled the 360,000 people safety performance avoidance of >2x GHG benefited from global Lost Workday Case Rate more than emissions employee community 11x better than U.S. Occupational than were emitted in all the Health and Safety Administration enga
Slide 16: ESG Performance vs. 2028 Goals
ESG Performance vs. 2028 Goals (1) Target: 35% Reduction in GHG Emissions Intensity 2018-2028 ESG News and Recognitions ▪ Linde Publishes 2024 Sustainable Development Report ▪ Linde Earns FTSE4Good Inclusion for 10th Consecutive Year GHG Emissions Intensity(1) (Target: reduce 35% by 2028) ‒ Sequenti
Slide 17: Non-GAAP Measures
Non-GAAP Measures LINDE PLC AND SUBSIDIARIES SUMMARY NON-GAAP RECONCILIATIONS (UNAUDITED) The following adjusted amounts are Non-GAAP measures and are intended to supplement investors’ understanding of the company’s financial statements by providing measures which investors, financial analysts and m
Slide 18: Non-GAAP Measures, continued
Non-GAAP Measures, continued 18
Slide 19: Non-GAAP Measures, continued
Non-GAAP Measures, continued 19
Slide 20: Non-GAAP Measures, continued
Non-GAAP Measures, continued 20
Slide 21: Non-GAAP Measures, continued
Non-GAAP Measures, continued 21
Slide 22: Non-GAAP Measures, continued
Non-GAAP Measures, continued 22
Slide 23: Non-GAAP Measures, continued
Non-GAAP Measures, continued 23
Slide 24: Non-GAAP Measures, continued
Non-GAAP Measures, continued 24
Slide 25: Non-GAAP Measures, continued
Non-GAAP Measures, continued 25
Slide 26: Non-GAAP Measures, continued
Non-GAAP Measures, continued 26
Slide 27: Non-GAAP Measures, continued
Non-GAAP Measures, continued 27
Slide 28: Non-GAAP Measures, continued
Non-GAAP Measures, continued 28
Slide 29: Thank You for Your Attention
Thank You for Your Attention Investor Relations For further information, please contact Phone: +1-203-837-2210 Internet: Email: investor.relations@linde.com www.linde.com/investors Making our world more productive