Slide 1: Why Linde
Why Linde 6/2026 Edition 2
Slide 2: Outline
Why Linde Outline 1. Introduction to Industrial Gases 2. Introduction to Linde 2.1 Overview 2.2 Gases 2.3 Engineering 3. Strategy 4. Capital Allocation Policy 5. Through an ESG Lens 6. Linde EPS Growth Algorithm 7. Summary 8. Appendix
Slide 3: Introduction to Industrial Gases
Why Linde 01 Introduction to Industrial Gases 3
Slide 4: Industrial Gases – Primary Products
Why Linde Industrial Gases – Primary Products Atmospheric Gases N2 − Nitrogen − Rare gases: Ne Ar − Oxygen Krypton Neon O2 − Argon Xenon Xe Kr Process Gases H2 CO2 − Hydrogen − Carbon monoxide C2H2 − Carbon dioxide − Acetylene He CO − Helium − Propane C3H8 4
Slide 5: Industrial Gases – Introduction
Why Linde Industrial Gases – Introduction What Are Industrial Gases? How Are They Produced? − Most common industrial gases are oxygen, nitrogen, − Atmospheric Gases: produced when air is purified, hydrogen, carbon dioxide and argon compressed, cooled, distilled and condensed − Atmosphere consists of
Slide 6: Industrial Gases – Distribution Modes
Why Linde Industrial Gases – Distribution Modes Customer Type Pipeline On-site High Low Truck Merchant Volume & # of Capital Transactions Intensity Air Separation Cylinder Truck Packaged Unit Low High Filling Plant 6
Slide 7: Industrial Gases – Product Overview
Why Linde Industrial Gases – Product Overview Products Primary Sources Feedstock Distribution Modes Packaged Merchant On-site Local Oxygen Nitrogen Air Separation Air + Power Argon Hydrocarbons/Power National Hydrogen SMR, ATR, POX1 By-product and Electrolysis or Crude Hydrogen Crude Carbon Carbon D
Slide 8: Introduction to Linde: Overview
Why Linde 02.1 Introduction to Linde Overview → A leader in an attractive industry with products & services critical to customers 8
Slide 9: Vision, Mission & Values
Why Linde Vision, Mission & Values Our Vision To be the best performing global industrial gases and engineering company, where our people deliver innovative and sustainable solutions for our customers in a connected world. Our Mission Making our world more productive. Our Values Safety Integrity Inc
Slide 10: Linde Overview
Why Linde Linde Overview 2025 Key Facts 2025 Revenue by Segment Net Sales ($B) 34 Other1 Engineering EBIT ($B) 10.1 3% 7% Gases EBIT Margin 30% 20% Americas APAC 45% OCF ($B) 10.4 EMEA ROC 24% 25% FTEs (‘000) 65 Global Company With High-quality Results Source: 2025 Public filing, non-GAAP figures. 1
Slide 11: Introduction to Linde: Gases
Why Linde 02.2 Introduction to Linde Gases → Resilience and Growth 11
Slide 12: Historical Performance
Why Linde Historical Performance Results 1993–2025 Linde CAGR 11% CAGR Linde1 Key Competitors2 Sales 9% 5% EPS 11% 7% S&P 500 CAGR 8% Dividend 13% 9% OCF 11% 6% 1993 Index EPS 2025 (1993 = 100) Consistently Outperforming Peers and the Market 1. Includes 2025 figures; Pre-2019 (merger) data uses pred
Slide 13: Integrated Supply Model
Why Linde Integrated Supply Model Contracts Types On-site: 15–20 years − Take-or-pay, guaranteed return − Cost pass-through Merchant: 3–7 years − Creates network density − Contracts & services − Scale, efficient production, distribution & low-cost energy Packaged: 1–3 years − Creates network density
Slide 14: Sales by End Markets
Why Linde Sales by End Markets Healthcare Food & Beverage Electronics Consumer Related Hospitals Beverage Companies Semiconductor Fabricators Medical Offices and Clinics Food & Frozen Food Producers Solar Panel Manufacturers End Markets Homecare Customers Agricultural Produce & Fish Display / LED Ma
Slide 15: Gases Geographic Segments
Why Linde Gases Geographic Segments 2% 24% 4% 24% 20% 21% 42% 46% 42% AMERICAS 32% EMEA 34% APAC 33% Sales: $15.2B Sales: $ 8.5B Sales: $ 6.7B EBIT: $ 4.7B EBIT: $ 3.1B EBIT: $ 1.9B OPM: 31% OPM: 36% OPM: 29% North America Europe Germany Gases Greater China − Linde Gases US − Canada Europe East (inc
Slide 16: Defensive Business Model…
Why Linde Defensive Business Model… …Provides Significant Downside Protection 21% 21% Defensive2 sales: By End Market 17% 7% 13% − Resilient end-markets 17% 9% 9% 5% 10% and global footprint 14% Defensive 8% 9% diversifies risk Cyclical 4% 1% Health- Electronics Food & Chemicals & Metals Manu- Other
Slide 17: Introduction to Linde: Engineering
Why Linde 02.3 Introduction to Linde Engineering → World-Class Engineering capabilities to execute large projects 17
Slide 18: Engineering Overview
Why Linde Engineering Overview Business Model Technology Execution People − Key enabler for onsite projects − Holistic clean hydrogen offerings − World-class execution capabilities − Acknowledged experts in core (sale of gas) − Best-in-class air gases technologies globally disciplines − T-EPC, selec
Slide 19: Strategy
Why Linde 03 Strategy → Delivers on average 10%+ EPS growth plus clean energy 19
Slide 20: A Strategy that Grows Shareholder Value
A Strategy that Grows Shareholder Value Our Strategy… … And Its Execution — Integrated Supply Model MAXIMIZE — Network Density Base — Pricing & Productivity — Project Backlog ACCELERATE — Acquisitions Growth — New Markets — Engineering LEVERAGE — AI & Digital Technology — New Applications Strategy U
Slide 21: Capitalize Growth
Capitalize Growth High-Quality Project Backlog $10B (as of Dec. 2025) Geography SOG Backlog (2) SOP Backlog(1) $7.3B $2.7B End Market ✓ Contractual growth ✓ Contractual growth ✓ Secure cash flow ✓ Secure cash flow ✓ Double-digit IRR ✓ Double-digit IRR ✓ High-quality customers Clean Energy ✓ High-qua
Slide 22: Clean Energy Transition
Why Linde Clean Energy Transition Today’s Energy Market Clean Energy Market >80% is Fossil Fuel based Blue Hydrogen Green Hydrogen Carbon Solutions (coal, oil & natural gas) (incl. ammonia & methanol) (incl. ammonia & methanol) … with C02 footprint Grey H2 production with Water electrolysis powered
Slide 23: Clean Energy Technology
Why Linde Clean Energy Technology Full Portfolio to Support Decarbonization 2024 SMR, ATR, POX + Carbon Capture technologies Production Electrolysis – PEM, AEL SOEC Green Hydrogen Blue and Blue / Green Ammonia Synthesis Ammonia Cracking Distribution H2 Liquefaction Scale-Up 50 tpd 200 tpd H2 Transpo
Slide 24: Capabilities Throughout the H2 Value Chain
Why Linde Capabilities Throughout the H2 Value Chain Production Distribution, Storage & Service Markets Industry Underground SMR, ATR, POX… Pipelines storage − Chemicals industry − Fertilizer − Steel Tanks Power CO2 …with CCS Liquefaction − Power generation − NH3 co-firing H2 refueling Mobility Elec
Slide 25: Capital Allocation Policy
Why Linde 04 Capital Allocation Policy → Good stewards of capital – no surprises 25
Slide 26: Capital Allocation Policy
Why Linde Capital Allocation Policy Risk / Reward Mandate Maintain A / A2 Credit Rating Key Drivers Annually increase dividend High Risk Unlevered, post tax, — Double digit returns low double-digit returns Low Risk — Reputable customers % Return — Competitive Priority Invest in the Business customer
Slide 27: Through an ESG Lens
Why Linde 05 Through an ESG Lens → We help our customers avoid more than 2x our own GHG emissions 27
Slide 28: Environmental
Why Linde Environmental ~2.7x Linde Applications Enable More Than 2x Carbon Productivity 98 17.7 million MT CO2e avoided from coatings for thermal barriers for industrial gas turbine and jet engine efficiency 35.8 million Emitted MT CO2e Linde GHG footprint million 66.1 million MT CO2e avoided 16.4
Slide 29: Environmental: Road to Climate Neutrality
Why Linde Environmental Road to Climate Neutrality1 2050 Climate Neutral 2035 Status: Roadmap in Place 35% Reduction of Absolute 2028 GHG Emissions Activities include: − Deploy widespread use of CCS and 35% Reduction of GHG renewable feedstocks Status: Progressing − Transition fleet to zero emission
Slide 30: Sustainable Development
Why Linde Sustainable Development Making Our World More Productive, Sustainably Recognition & Awards Dow Jones Best-in-Class Indices CDP FTSE4Good Index Included in Dow Jones Best-in-Class Indices for − Leadership Level (A-) for Climate & Water − Constituent for 10th consecutive year 23 consecutive
Slide 31: Social Responsibility
Why Linde Social Responsibility 18% of our total Linde giving Awarded $4.8 million in in 2025 funded inclusion-related scholarships and other academic initiatives opportunities in 2025 First all-women operated Air 27 local Employee Resource Groups with Separation Unit (ASU) in India >1,200 diverse m
Slide 32: Governance
Why Linde Governance − Annual Election of Directors − Clawback policy & prohibition on hedging or pledging Linde stock − Chairman and CEO roles combined − Dedicated Board committees focused on: − Lead Independent Director role ensuring robust independent Board oversight − Environment – Sustainabilit
Slide 33: Linde EPS Growth Algorithm
Why Linde 06 Linde EPS Growth Algorithm → Consistently delivering alpha for shareholders 33
Slide 34: EPS Algorithm Enabling Resilient Growth
EPS Algorithm Enabling Resilient Growth Controllable Non-Controllable Capital Allocation Management Actions Economy — Backlog contribution — Pricing — Foreign currency translation (FX) — Share buybacks — Productivity — Base volume (globally weighted IP) — Bolt-on acquisitions — Cost management — Cap
Slide 35: Six-year Average Annual Growth Rate
Why Linde Six-year (‘19 – ’25) Average Annual Growth Rate CAGR MACRO Capital Allocation Management Actions (FX, Volumes) (Investments, Share Count, (Price, Productivity, Cost Mgmt.) M&A/Divestitures, Taxes & Int.) 1 Sales 2% -2% 0% 4% 2 EPS 14% -3% 3% 14% − For 6 consecutive years, Linde has grown E
Slide 36: Valuation versus Top S&P Materials Members
Why Linde Valuation versus Top S&P Materials Members Price / Earnings (P/E) Enterprise Value / EBITDA (EV/EBITDA) P/E EV/EBITDA Linde Member 1 Member 2 2019 2020 2021 2022 2023 2024 2025 2019 2020 2021 2022 2023 2024 2025 − Currently trading at a discount in P/E (2x – 9x) and EV / EBITDA (4x – 5x) v
Slide 37: Financials versus Top S&P Materials Members
Why Linde Financials versus Top S&P Materials Members Earnings / Share (Growth) Return on Capital (Capital Management) EPS ROC 2019 2020 2021 2022 2023 2024 2025 2019 2020 2021 2022 2023 2024 2025 Operating Margin (Quality) Free Cash Flow (Cash generation) Operating Profit Margin Free Cash Flow 2019
Slide 38: Summary
Why Linde 07 Summary → The best performing global industrial gases and engineering company 38
Slide 39: Linde Because…
Why Linde Linde Because… → Leader in an attractive industry with products & services critical to customers → Unrivalled network density across all supply modes → Enabling energy transition, ~$50B investment opportunity pipeline globally → World-class capabilities with proven track record of executio
Slide 40: Appendix
Why Linde 08 Appendix 40
Slide 41: Financial Performance
Why Linde Financial Performance EPS ($)1 +166% Operating Profit Margin1 +75% 2018 2019 2020 2021 2022 2023 2024 2025 2018 2019 2020 2021 2022 2023 2024 2025 Operating Cash Flow ($B)2 +69% ROC1 +135% 2019 2020 2021 2022 2023 2024 2025 2018 2019 2020 2021 2022 2023 2024 2025 Linde Competitor 1 Competi
Slide 42: Historical Performance
Why Linde Historical Performance1 35 Sales ($B) 16 EPS2 ($) 30 14 25 12 +9% 10 20 +11% 8 15 6 10 4 5 2 0 0 1993 1997 2002 2007 2012 2017 2025 1993 1997 2002 2007 2012 2017 2025 10 Operating Cash Flow ($B) 6 Dividend ($) 8 5 4 6 +11% +13% 3 4 2 2 1 0 0 1993 1997 2002 2007 2012 2017 2025 1993 1997 200
Slide 43: For further information, please contact
For further information, please contact Phone: +203-837-2210 Email: investor.relations@linde.com Website: linde.com Making our world more productive