Slide 1: Linde plc Investor Teleconference Presentation Fourth Quarter 2025
Linde plc Investor Teleconference Presentation Fourth Quarter 2025 February 5, 2026
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 - 2025
Key Highlights - 2025 People and Communities Environment 6 → Best in-class safety performance → YoY reduction absolute GHG emissions, ~2mm mt CO2e → ~30% female representation in 80+ countries → Low-carbon power consumption, ~50% of total → 900 community engagement projects globally, 7% YoY → Active
Slide 4: Fourth-Quarter Adjusted Results
Fourth-Quarter Adjusted Results (1) 2 ($MM) 4Q 2025 3Q 2025 Var 4Q 2024 Var YOY SEQ. Q Sales $8,764 $8,615 2% $8,282 6% Sales Growth + 6% + 2% Volume + 1% -- Operating Profit $2,585 $2,558 1% $2,480 4% Price / Mix + 2% -- % of Sales 29.5% 29.7% 29.9% Cost pass-thru -- + 1% Currency + 3% -- Net Incom
Slide 5: 2025 Capital Management
2025 Capital Management Operating Cash Flow (OCF) Trend ($B) Capital Allocation Business Return to Investments Base Shareholders capex(1) $5.7B $2.6B Net share $7.4B buybacks $4.6B Secured growth(2) $3.1B Dividends $2.8B 2025 OCF $2.2 $2.2 $2.9 $3.0 $10.4 (1) ▪ Re-invested in the business $5.7B Base
Slide 6: 2026 Guidance
2026 Guidance Full-Year 1st Quarter ▪ Adjusted EPS in the range of $17.40 to $17.90 ▪ Adjusted EPS in the range of $4.20 to $4.30 (1) (1) • +6% to +9% vs. 2025 • +6% to +9% vs. 2025 • Estimated YoY currency tailwind +1% • Estimated YoY currency tailwind +3% • Mid-point assumes no economic improvemen
Slide 7: Appendix
Appendix 7
Slide 8: Full-Year Adjusted Results
Full-Year Adjusted Results (1) ($MM) 2025 2024 Var Sales $33,986 $33,005 3% Sales Growth + 3% Volume -- Operating Profit $10,137 $9,720 4% Price / Mix + 2% % of Sales 29.8% 29.5% Cost pass-thru (CPT) -- Net Income $7,772 $7,475 4% Currency -- Acq / Div + 1% Diluted EPS $16.46 $15.51 6% Engineering -
Slide 9: Americas
Americas ($MM) 4Q 2025 3Q 2025 Var 4Q 2024 Var YOY SEQ. Sales Growth + 8% + 1% Sales $3,884 $3,846 1% $3,609 8% Volume + 1% -- Operating Profit $1,202 $1,199 0% $1,150 5% Price / Mix + 3% -- % of Sales 30.9% 31.2% 31.9% Cost pass-thru + 2% + 1% Currency + 1% -- Acq / Div + 1% -- Sales by End Market
Slide 10: APAC
APAC ($MM) 4Q 2025 3Q 2025 Var 4Q 2024 Var YOY SEQ. Sales Growth + 3% - 1% Sales $1,726 $1,741 -1% $1,668 3% Volume + 2% - 1% Operating Profit $502 $490 2% $500 0% Price / Mix -- -- Cost pass-thru - 1% -- % of Sales 29.1% 28.1% 30.0% Currency -- -- Acq / Div + 2% -- Sales by End Market ▪ Price posit
Slide 11: EMEA
EMEA ($MM) 4Q 2025 3Q 2025 Var 4Q 2024 Var YOY SEQ. Sales Growth + 6% -- Sales $2,178 $2,178 0% $2,059 6% Volume - 3% - 1% Operating Profit $772 $781 -1% $686 13% Price / Mix + 1% -- % of Sales 35.4% 35.9% 33.3% Cost pass-thru - 1% -- Currency + 8% -- Acq / Div + 1% + 1% Sales by End Market ▪ Contin
Slide 12: Engineering
Engineering ($MM) 4Q 2025 3Q 2025 Var 4Q 2024 Var ▪ Stable margins led by good execution and benefits from productivity and cost actions Sales $615 $519 18% $628 -2% Operating Profit $103 $101 2% $106 -3% ▪ Order intake of projects, $0.4B % of Sales 16.7% 19.5% 16.9% ▪ SOP (sale of plant) backlog $2
Slide 13: Global Other
Global Other ($MM) 4Q 2025 3Q 2025 Var 4Q 2024 Var ▪ YoY global helium business decline impacting operating profit Sales $361 $331 9% $318 14% Operating Profit $6 ($13) 146% $38 -84% ▪ Sequential margin improvement led by productivity initiatives % of Sales 1.7% -3.9% 11.9% 13
Slide 14: Global End Market Trends
Global End Market Trends 4Q 2025 End Market % of Sales(1) & YoY Trend YoY Sales(2) Growth Seq. Sales(2) Growth Consumer Related End Markets (More Resilient) Healthcare 16% +1% +1% Food & Beverage 9% +5% -3% Electronics 10% +7% +5% Industrial Related End Markets (More Cyclical) Manufacturing 21% +2%
Slide 15: High-Quality Project Backlog $10B
High-Quality Project Backlog $10B 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 ✓ High-quality customers Clean Energy ✓ Increases network d
Slide 16: ESG Performance vs. 2028 Goals
ESG Performance vs. 2028 Goals Target: 35% Reduction in GHG Emissions Intensity 2018-2028 (1) Decarbonizing our Future ▪ 25 Years of Participation in the S&P Global CSA “Reaching 25 years of participation in the S&P Global CSA is a testament to your company’s long-standing commitment to meaningful s
Slide 17: Sustainable Development Highlights
Sustainable Development Highlights Best-in-class Enabled the More than 373,000 safety performance avoidance of >2x GHG people benefited from global Lost Workday Case Rate more than emissions than were emitted employee community 9x better than U.S. Occupational in all the company’s operations engagem
Slide 18: 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 30: Investor Relations
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