Slide 1: Linde plc Investor Teleconference Presentation
Linde plc Investor Teleconference Presentation Fourth Quarter 2024 February 6, 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: Key Highlights - 2024
Key Highlights - 2024 People and Communities Environment 6 → Best in-class safety performance → YoY reduction absolute GHG emissions → Gender diversity 29%, 2030 goal 30%+ → Low-carbon power consumption >40% of total → 800+ community engagement projects globally, 39% YoY → Active low-carbon & renewa
Slide 4: 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 5: Fourth-Quarter Adjusted Results
(1) Fourth-Quarter Adjusted Results 2 ($MM) 4Q 2024 3Q 2024 Var 4Q 2023 Var YOY SEQ. Q Sales $8,282 $8,356 -1% $8,302 0% Sales Growth -- - 1% Volume -- - 1% Operating Profit $2,480 $2,477 0% $2,272 9% Price / Mix + 2% + 1% % of Sales 29.9% 29.6% 27.4% Cost pass-thru -- + 1% Income $1,899 $1,896 0% $
Slide 6: 2024 Capital Management
2024 Capital Management Operating Cash Flow (OCF) Trend ($B) Capital Allocation Business Return to Investments Shareholders $4.8B Base $7.1B capex(1) $2.5B Net share buybacks $4.5B Secured growth(2) $2.3B Dividends $2.6B 2024 OCF $2.0 $1.9 $2.7 $2.8 $9.4 Base CAPEX (1) ($0.6) ($0.6) ($0.6) ($0.7) ($
Slide 7: 2025 Guidance
2025 Guidance Full-Year 2025 1st Quarter 2025 ▪ Adjusted EPS in the range of $16.15 to $16.55 ▪ Adjusted EPS in the range of $3.85 to $3.95 (1) (1) • +4% to +7% vs. 2024 • +3% to +5% vs. 2024 • Estimated YoY currency headwind -4% • Estimated YoY currency headwind -4% • +8% to +11% vs. 2024 excluding
Slide 8: Appendix
Appendix 8 8
Slide 9: Full-Year Adjusted Results
(1) Full-Year Adjusted Results ($MM) 2024 2023 Var YOY Sales $33,005 $32,854 0% Sales Growth -- Volume -- Operating Profit $9,720 $9,070 7% Price / Mix + 2% % of Sales 29.5% 27.6% Cost pass-thru (CPT) - 1% Income $7,475 $6,989 7% Currency - 1% Diluted EPS $15.51 $14.20 9% Acq / Div -- Engineering --
Slide 10: Americas
Americas ($MM) 4Q 2024 3Q 2024 Var 4Q 2023 Var YOY SEQ. Sales Growth + 1% -- Sales $3,609 $3,618 0% $3,583 1% Volume + 1% - 1% Operating Profit $1,150 $1,153 0% $1,075 7% Price / Mix + 2% + 1% % of Sales 31.9% 31.9% 30.0% Cost pass-thru -- + 1% Currency - 3% - 1% Acq / Div + 1% -- Sales by End Marke
Slide 11: APAC
APAC ($MM) 4Q 2024 3Q 2024 Var 4Q 2023 Var YOY SEQ. Sales Growth + 2% - 3% Sales $1,668 $1,716 -3% $1,639 2% Volume + 1% - 2% Operating Profit $500 $497 1% $452 11% Price / Mix -- -- Cost pass-thru + 1% -- % of Sales 30.0% 29.0% 27.6% Currency -- - 1% Acq / Div -- -- Sales by End Market ▪ YoY margin
Slide 12: EMEA
EMEA ($MM) 4Q 2024 3Q 2024 Var 4Q 2023 Var YOY SEQ. Sales Growth - 2% - 2% Sales $2,059 $2,111 -2% $2,100 -2% Volume - 2% - 1% Operating Profit $686 $703 -2% $615 12% Price / Mix + 3% + 1% % of Sales 33.3% 33.3% 29.3% Cost pass-thru - 2% + 1% Currency - 1% - 3% Acq / Div -- -- Sales by End Market ▪
Slide 13: Engineering
Engineering ($MM) 4Q 2024 3Q 2024 Var 4Q 2023 Var ▪ Stable margins led by good execution and benefits from productivity and cost actions Sales $628 $611 3% $658 -5% Operating Profit $106 $108 -2% $119 -11% ▪ Order intake of projects, $0.9B % of Sales 16.9% 17.7% 18.1% ▪ SOP (sale of plant) backlog $
Slide 14: Global Other
Global Other ($MM) 4Q 2024 3Q 2024 Var 4Q 2023 Var ▪ YoY margin improvement led by coatings business and continued optimization of corporate costs Sales $318 $300 6% $322 -1% Operating Profit $38 $16 138% $11 245% ▪ Sequential margin improvement led by productivity initiatives % of Sales 11.9% 5.3%
Slide 15: Global End Market Trends
Global End Market Trends 4Q 2024 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% +6% -4% Electronics 9% +4% +2% Industrial Related End Markets (More Cyclical) Manufacturing 22% +4% --
Slide 16: High-Quality Project Backlog $10.4B
High-Quality Project Backlog $10.4B Geography SOG Backlog (2) SOP Backlog(1) $7.1B $3.3B End Market ✓ Contractual growth ✓ Contractual growth ✓ Secure cash flow ✓ Secure cash flow ✓ Double-digit IRR ✓ Double-digit IRR ✓ High-quality customers ✓ High-quality customers Clean Energy ✓ Increases network
Slide 17: 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 4x better than U.S. Occupational than were emitted in all the Health and Safety Administration engag
Slide 18: ESG Performance vs. 2028 Goals
ESG Performance vs. 2028 Goals (1) Target: 35% Reduction in GHG Emissions Intensity 2018-2028 Decarbonizing our Future ▪ Dow Jones Sustainability World Index Includes Linde for the Twenty-Second Consecutive Year GHG Emissions Intensity(1) (Target: reduce 35% by 2028) ‒ Sequential improvement led by
Slide 19: Strategy + Clean Energy
Strategy ✓ Network density ✓ Capex efficiency Optimize the Base ✓ Productivity/digitalization ✓ Portfolio optimization ✓ Price management ✓ Price and volume Leverage the Recovery ✓ Cost management >10% EPS ✓ Operations optimization Growth ✓ Electronics ✓ Backlog start-up Capitalize on Growth ✓ Healt
Slide 20: 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
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Slide 31: 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