Slide 1: Linde plc Investor Teleconference Presentation First Quarter 2025
Linde plc Investor Teleconference Presentation First Quarter 2025 May 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: Defensive Business Model
Defensive Business Model Defensive2 Sales Two Thirds of Sales1 are Defensive By End Market 22% 22% Cyclical Defensive − Resilient end-markets and 17% 8% 13% global footprint diversifies 9% 9% 5% 18% risk 14% 8% Linde EPS 4% CAGR 12% − Long-term supply Healthcare Electronics Food & Chemicals Metals &
Slide 4: First-Quarter Adjusted Results
(1) First-Quarter Adjusted Results 2 ($MM) 1Q 2025 4Q 2024 Var 1Q 2024 Var YOY SEQ. Q Sales $8,112 $8,282 -2% $8,100 0% Sales Growth -- - 2% Volume - 1% - 2% Operating Profit $2,438 $2,480 -2% $2,341 4% Price / Mix + 2% + 1% % of Sales 30.1% 29.9% 28.9% Cost pass-thru + 1% + 1% Currency - 3% - 1% In
Slide 5: 2025 Capital Management
2025 Capital Management 1Q Capital Allocation Operating Cash Flow (OCF) Trend ($B) Business Return to 2024 2025 Investments Shareholders Base $1.3B capex(1) $1.8B $0.6B Net share buybacks $1.1B Secured growth(2) $0.7B Dividends $0.7B ▪ Raised dividend 8% in 2025 OCF $2.0 $1.9 $2.7 $2.8 $2.2 • 32 con
Slide 6: 2025 Guidance
2025 Guidance 2nd Quarter 2025 Full-Year 2025 ▪ Adjusted EPS in the range of $3.95 to $4.05 ▪ Adjusted EPS in the range of $16.20 to $16.50 (1) (1) • +3% to +5% vs. 2024 • +4% to +6% vs. 2024 • Estimated YoY currency headwind -2% • Estimated YoY currency headwind -2% • +5% to +7% vs. 2024 excluding
Slide 7: Appendix
Appendix 7
Slide 8: Americas
Americas ($MM) 1Q 2025 4Q 2024 Var 1Q 2024 Var YOY SEQ. Sales Growth + 3% + 2% Sales $3,666 $3,609 2% $3,560 3% Volume + 1% - 1% Operating Profit $1,137 $1,150 -1% $1,088 5% Price / Mix + 3% + 2% % of Sales 31.0% 31.9% 30.6% Cost pass-thru + 1% + 1% Currency - 3% -- Acq / Div + 1% -- Sales by End Ma
Slide 9: APAC
APAC ($MM) 1Q 2025 4Q 2024 Var 1Q 2024 Var YOY SEQ. Sales Growth - 3% - 8% Sales $1,539 $1,668 -8% $1,591 -3% Volume - 1% - 6% Operating Profit $451 $500 -10% $447 1% Price / Mix -- -- Cost pass-thru -- -- % of Sales 29.3% 30.0% 28.1% Currency - 2% - 2% Acq / Div -- -- Sales by End Market ▪ YoY marg
Slide 10: EMEA
EMEA ($MM) 1Q 2025 4Q 2024 Var 1Q 2024 Var YOY SEQ. Sales Growth - 3% - 1% Sales $2,031 $2,059 -1% $2,091 -3% Volume - 3% - 2% Operating Profit $722 $686 5% $687 5% Price / Mix + 2% + 1% % of Sales 35.5% 33.3% 32.9% Cost pass-thru + 1% + 1% Currency - 3% - 1% Acq / Div -- -- Sales by End Market ▪ Yo
Slide 11: Engineering
Engineering ($MM) 1Q 2025 4Q 2024 Var 1Q 2024 Var ▪ Strong margin led by good execution, cost actions and project timing Sales $565 $628 -10% $539 5% Operating Profit $114 $106 8% $100 14% ▪ Order intake of projects, $0.5B % of Sales 20.2% 16.9% 18.6% ▪ SOP (sale of plant) backlog $3.3 billion 3rd P
Slide 12: Global Other
Global Other ($MM) 1Q 2025 4Q 2024 Var 1Q 2024 Var ▪ Lower margins driven by Global Helium business despite reduction in corporate cost Sales $311 $318 -2% $319 -3% Operating Profit $14 $38 -63% $19 -26% % of Sales 4.5% 11.9% 6.0% 12
Slide 13: Global End Market Trends
Global End Market Trends 1Q 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% -- Food & Beverage 9% +4% -1% Electronics 9% +6% +2% Industrial Related End Markets (More Cyclical) Manufacturing 21% -- -1%
Slide 14: High-Quality Project Backlog $10.3B
High-Quality Project Backlog $10.3B Geography SOG Backlog(1) SOP Backlog(2) $7.0B $3.3B End Market ✓ Contractual growth ✓ Contractual growth ✓ Secure cash flow ✓ Secure cash flow ✓ Double-digit IRR ✓ Double-digit IRR Clean Energy ✓ 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 Decarbonizing our Future ▪ Linde starts up 35 MW PEM (Proton Exchange Membrane) electrolyzer to produce green hydrogen in Niagara Falls, New York ▪ Linde signs long-term agreements to purchase 120 GWh/year
Slide 17: Non-GAAP Measures
Non-GAAP Measures Linde 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
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5 Non-GAAP Measures, continued LINDE PLC AND SUBSIDIARIES APPENDIX NON-GAAP MEASURES AND RECONCILIATIONS (Millions of dollars) (UNAUDITED) (Millions of dollars) 2025 2024 Q1 Q4 Q3 Q2 Q1 Available Operating Cash Flow (AOCF) and Base Capex - Available operating cash flow is a measure used by investors
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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