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Linde plc (LIN) · 43 slides · Filed Oct 21, 2026
Every slide of this earnings presentation, with the text as published. Open the original deck ↗ · All LIN deck slides
Slide 1 — Why Linde
Why Linde 6/2026 Edition 2
Slide 2 — Why Linde
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
Introduction to Industrial Gases Why Linde 01 3
Slide 4 — Industrial Gases – Primary Products
Process Gases − Hydrogen − Carbon dioxide − Helium − Carbon monoxide − Acetylene − Propane CO2 H2 He CO C2H2 C3H8 Industrial Gases – Primary Products Why Linde 4 Atmospheric Gases − Nitrogen − Oxygen − Argon − Rare gases: Krypton Neon Xenon Ar N2 O2 Kr Xe Ne
Slide 5 — Industrial Gases – Introduction
Industrial Gases – Introduction Why Linde 5 Industrial Gas Market Size: $100+ Billion Who Are the Global Players? How Are They Produced? − Atmospheric Gases: produced when air is purified, compressed, cooled, distilled and condensed − Process Gases: produced or recovered from natural gas or as by-products of chemical production Healthcare Food & Beverage Electronics Chemicals & Energy Manufacturing Metals & Mining − Most common industrial gases are oxygen, nitrogen, hydrogen, carbon dioxide and argon − Atmosphere consists of 78% nitrogen, 21% oxygen, 1% argon and traces of neon, krypton and xenon Where Are They Used? What Are Industrial Gases? Consumer Related Industry Related
Slide 6 — Industrial Gases – Distribution Modes
Industrial Gases – Distribution Modes Why Linde 6 Pipeline On-site Merchant Packaged Filling Plant Customer Type # of Transactions Low High Volume & Capital Intensity High Low Truck Cylinder Truck Air Separation Unit
Slide 7 — Industrial Gases – Product Overview
Industrial Gases – Product Overview 1. SMR: Steam Methane Reformer; ATR: Auto Thermal Reformer; POX: Partial Oxidation Why Linde 7 Packaged Merchant On-site Products Primary Sources Distribution Modes Feedstock NG Processing Plant Global National Local Oxygen Nitrogen Argon Air + Power Air Separation Helium Hydrocarbons Fields Carbon Dioxide Crude Carbon Dioxide By-product Hydrogen By-product Air + Power Rare Gases SMR, ATR, POX1 and Electrolysis Air Separation Hydrocarbons/Power or Crude Hydrogen Helium Reserve
Slide 8 — Introduction to Linde
Introduction to Linde Overview →A leader in an attractive industry with products & services critical to customers Why Linde 02.1 8
Slide 9 — Vision, Mission & Values
Vision, Mission & Values 6/1/2026 Why Linde 9 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 Inclusion Community Accountability
Slide 10 — Linde Overview
Linde Overview Source: 2025 Public filing, non-GAAP figures. 1. Includes Linde Advanced Material Technologies and Global Helium & Rare Gases. Why Linde 10 Global Company With High-quality Results 2025 Revenue by Segment Engineering Other1 45% 25% 20% 7% 3% APAC EMEA Americas Gases 2025 Key Facts 10.4 OCF ($B) FTEs (‘000) 65 34 Net Sales ($B) EBIT Margin 30% EBIT ($B) 10.1 24% ROC
Slide 11 — Introduction to Linde
Introduction to Linde Gases →Resilience and Growth Why Linde 02.2 11
Slide 12 — Historical Performance
Historical Performance 1. Includes 2025 figures; Pre-2019 (merger) data uses predecessor company Praxair, Inc. 2. Competitors include Air Liquide and Air Products. Why Linde 12 1993 2025 Index EPS (1993 = 100) Linde CAGR 11% S&P 500 CAGR 8% CAGR Linde1 Sales 9% EPS 11% Dividend 13% OCF 11% Key Competitors2 5% 7% 9% 6% Consistently Outperforming Peers and the Market Results 1993–2025
Slide 13 — Integrated Supply Model
Network Density Drives Leading Returns Integrated Supply Model 1. Gases only. Source: 2025 public filings, non-GAAP figures. ASU: Air Separation Unit; HyCO: Hydrogen / Hydrogen-Carbon Monoxide plants; PKG: Packaged. Why Linde 13 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 −Bundle offerings & services ASU plant: 450+ PKG plant: 800+ HyCO plant: 150+ CO2 plant: 100+ 25% 32% 38% Onsite Packaged Sales by Distribution Mode1 5% Merchant Other
Slide 14 — 21%
Sales by End Markets Why Linde 14 A Well-Balanced Portfolio Chemicals & Energy Manufacturing Metals & Mining Food & Beverage Electronics Healthcare 17% Automotive & Aerospace OEMs Pulp & Paper Producers Consumer Goods Manufacturers Battery Manufacturers Steelmakers Metal Recovery & Recycling Companies Mining Companies Oil Companies Chemical Companies Syngas Users Beverage Companies Food & Frozen Food Producers Agricultural Produce & Fish Farmers Semiconductor Fabricators Solar Panel Manufacturers Display / LED Manufacturers Hospitals Medical Offices and Clinics Homecare Customers Diagnostic Facilities (MRI) Consumer Related End Markets More Resilient Industrial Related End Markets More Cyclical 9% 9% 21% 21% 13% Source: 2025 public filings. Total sales excluding Linde Engineering sales. Balance relates to ‘Other End Markets’.
Slide 15 — Gases Geographic Segments
24% Onsite Merchant Packaged Gases Geographic Segments Source: 2025 Public filings, non-GAAP figures. EBIT: Earnings Before Interest and Taxes, OPM: Operating Profit Margin. Why Linde 15 A Leader Across Segments 24% 32% 42% 2% AMERICAS Sales: $15.2B EBIT: $ 4.7B OPM: 31% Latin America − North Latin America − South Latin America Lincare North America − Linde Gases US − Canada − Linde Gas & Equipment EMEA Sales: $ 8.5B EBIT: $ 3.1B OPM: 36% Europe Germany Gases Europe East (incl ME) Europe Southwest Europe North UK & Ireland Africa 20% 34% 46% APAC Sales: $ 6.7B EBIT: $ 1.9B OPM: 29% Greater China South Pacific South Korea ASEAN & South Asia 42% 33% 21% Other 4%
Slide 16 — Defensive Business Model…
Defensive Business Model… 1. 2025 sales excluding Linde Engineering. 2. Defensive and Cyclical percentage splits by end market and geography are based on 2025 data. …Provides Significant Downside Protection Why Linde 16 ~62% of Sales1 are Defensive By End Market By Geography Defensive2 sales: − Resilient end-markets and global footprint diversifies risk − Long-term supply agreements with high- quality customers and fixed fee elements − Steady rental payments (e.g. tanks, cylinders, equipment) APAC Americas EMEA 9% 9% 14% 8% 4% 7% 5% 17% 9% 17% 21% 21% 10% 1% 13% Defensive Cyclical Health- care Electronics Food & Beverage Chemicals & Energy Metals & Mining Manu- facturing Other 66% 34% 66% 34% 57% 43%
Slide 17 — Introduction to Linde
Introduction to Linde Engineering →World-Class Engineering capabilities to execute large projects Why Linde 02.3 17
Slide 18 — Engineering Overview
Offering Engineering Overview T-EPC: Technology - Engineering, Procurement and Construction. Why Linde 18 Integrator of Technologies Air Separation Units Hydrogen and Syngas Petrochemicals Natural Gas Sustainable Hydrocarbon Solutions Services Technology −Holistic clean hydrogen offerings −Best-in-class air gases technologies −Decarbonization innovations −Partnering with customers and other leading technology partners Business Model −Key enabler for onsite projects (sale of gas) −T-EPC, selective E, E&P, EPC based on risk and profitability −Full plant lifecycle services −Components business Execution −World-class execution capabilities globally −Ability to incorporate any (licensed) technology −Outstanding track record −Efficient processes, tools & optimized organization People −Acknowledged experts in core disciplines −Highly skilled, innovative and talented engineers −Strong loyalty, subject mater expert retention −Empowered leaders
Slide 19 — Strategy
Strategy →Delivers on average 10%+ EPS growth plus clean energy Why Linde 03 19
Slide 20 — ACCELERATE
A Strategy that Grows Shareholder Value Our Strategy… … And Its Execution MAXIMIZE Base ACCELERATE Growth LEVERAGE Technology — Integrated Supply Model — Network Density — Pricing & Productivity — Project Backlog — Acquisitions — New Markets — Engineering — AI & Digital — New Applications Strategy Underpinned by Safety, Compliance, People and Sustainability 20
Slide 21 — Capitalize Growth
Capitalize Growth High-Quality Project Backlog $10B (as of Dec. 2025) 1. 3rd party sale of plant backlog. Represents future sales, secured under a signed agreement. 2. Sale of gas backlog. Represents project investments (CAPEX), supported by a long-term supply agreement. ✓Contractual growth ✓Secure cash flow ✓Double-digit IRR ✓High-quality customers ✓Increases network density ✓Contractual growth ✓Secure cash flow ✓Double-digit IRR ✓High-quality customers ✓Primarily engineering and procurement services Geography End Market Clean Energy SOG Backlog (2) $7.3B SOP Backlog (1) $2.7B
Slide 22 — Clean Energy Transition
Clean Energy Transition 1. Clean Energy (CE) is associated with minimal or no emissions, especially greenhouse gases like CO2 which are responsible for climate change. Renewable Energy (i.e. wind, solar, hydro, biomass) is critical to CE, as is Carbon, Capture und Storage (CCS). At Linde we use/limit this term only in relation to hydrogen and CCS. Why Linde 22 A Growth Opportunity in Linde’s Wheelhouse Clean Energy Market … with C02 footprint Today’s Energy Market >80% is Fossil Fuel based (coal, oil & natural gas) Green Hydrogen (incl. ammonia & methanol) Water electrolysis powered by renewable energy with no CO2 emission Grey H2 production with CO2 capture and permanent storage Blue Hydrogen (incl. ammonia & methanol) CO2 capture from industrial processes with permanent CO2 storage Carbon Solutions
Slide 23 — Clean Energy Technology
Clean Energy Technology Full Portfolio to Support Decarbonization Why Linde 23 Leading Technologies Enable Linde & Customers to Avoid or Capture and Store CO2 Blue and Green Hydrogen H2 Transportation incl. Carrier HISORP® CC, Amine Wash (Pre-Combustion Capture & PCC) Carbon Solutions Flexible Air Separation + Carbon Capture technologies SMR, ATR, POX H2 Liquefaction Scale-Up H2 Refueling 2024 SOEC Electrolysis – PEM, AEL Production Distribution Refueling Carbon Avoidance Carbon Capture Ammonia Cracking Blue / Green Ammonia Synthesis EDHOX for Ethylene Production Coolbrook Roto Dynamic Reactor Linde Sustainable Olefin Technology incl. e-Furnace Direct Air Capture 50 tpd 200 tpd
Slide 24 — Capabilities Throughout the H2 Value Chain
−Rail −Trucks Capabilities Throughout the H2 Value Chain SMR: Steam Methane Reformer; ATR: Autothermal Reformer; POX: Partial Oxidation; CCS: Carbon Capture and Storage. Why Linde 24 Electrolysis Underground storage Pipelines Liquefaction Trailers Production Distribution, Storage & Service …with CCS SMR, ATR, POX… Tanks H2 refueling stations Markets Industry −Chemicals industry −Fertilizer −Steel Power −Power generation −NH3 co-firing Mobility −Aviation −Buses −Marine fuel Blue H2 Grey H2 Green H2 CO2
Slide 25 — Capital Allocation Policy
Capital Allocation Policy →Good stewards of capital – no surprises Why Linde 04 25
Slide 26 — Capital Allocation Policy
Capital Allocation Policy WACC: Weighted Average Cost of Capital. Why Linde 26 Mandate Priority Surplus Cash Maintain A / A2 Credit Rating Annually increase dividend Invest in the Business Share Buybacks Key Drivers — Double digit returns — Reputable customers — Competitive customer assets — Strong terms and conditions — Core geographies Risk / Reward % Return WACC Premium Risk Adders Unlevered, post tax, low double-digit returns High Risk Low Risk Disciplined Investment Approach
Slide 27 — Through an ESG Lens
Through an ESG Lens →We help our customers avoid more than 2x our own GHG emissions Why Linde 05 27
Slide 28 — ~2.7x
Environmental Values are based on 2025 reported and consolidated results from Linde plc subsidiaries following Linde plc reporting standards. CO2e = CO2 equivalents. Why Linde 28 12.3 million MT CO2e avoided from O2 for steelmaking 2.0 million MT CO2e avoided from Kr in windows and Ar in welding 17.7 million MT CO2e avoided from coatings for thermal barriers for industrial gas turbine and jet engine efficiency 66.1 million MT CO2e avoided from H2 for ultra-low sulfur diesel (ULSD) Linde Applications Enable More Than 2x Carbon Productivity 16.4 million MT CO2e Scope 1 GHG emissions: 12.3 million MT from hydrogen production, 4.1 million from other GHG emissions, driving and natural gas use 19.4 million MT CO2e Scope 2 indirect GHG emissions emitted mainly from the power consumed at air separation plants ~2.7x 98 million Total MT CO2e benefits enabled by Linde applications 35.8 million Emitted MT CO2e Linde GHG footprint
Slide 29 — Environmental
Environmental 1. Aligned with the Paris Agreement. Targets relate to all of Linde’s Scope 1 and Scope 2 emissions. 2. Greenhouse gas (GHG) emissions / Adj. EBITDA. 3. Carbon Capture and Sequestration Road to Climate Neutrality1 Why Linde 29 2028 Status: Ahead of Goal Achievements include: −Realized steady GHG intensity reduction since 2018 −Increased active procurement of renewable and low-carbon energy −Continued discussions on several blue and green hydrogen projects 35% Reduction of GHG Intensity2 2035 Status: Progressing Activities include: - Evaluation and procurement of active renewable and low-carbon electricity - Electrification of stream driven ASUs - Evaluating several CCS3 projects 35% Reduction of Absolute GHG Emissions 2035 goal approved by: 2050 Status: Roadmap in Place Activities include: −Deploy widespread use of CCS and renewable feedstocks −Transition fleet to zero emissions −Target sourcing of ~100% renewable / low-carbon power −Address remainder through negative emissions projects Climate Neutral Requires strong policy and regulatory support Requires strong policy and regulatory support
Slide 30 — Sustainable Development
Sustainable Development 1. Values are based on 2025 Linde sustainability results. Making Our World More Productive, Sustainably Why Linde 30 Diverted more than 200 million pounds of waste from landfills Saved more than 1 billion gallons of water through sustainability initiatives Helped customers avoid approximately 98 million metric tons1 of equivalent carbon dioxide Achieved 78% Inclusion score on employee survey Provided philanthropic support to ~2,100 organizations globally Best-in-class safety performance Achievements Recognition & Awards Dow Jones Best-in-Class Indices Included in Dow Jones Best-in-Class Indices for 23 consecutive years S&P Global Corporate Sustainability Assessment −98th Percentile in Chemicals; #1 in Industrial Gases −Recognition for 25 years of participation FTSE4Good Index −Constituent for 10th consecutive year World's Most Ethical Companies −Ethisphere Institute CDP −Leadership Level (A-) for Climate & Water Security S&P Sustainability Yearbook 2026 Benefitted more than 373,000 people through employee community engagement projects Sourced 50% of electricity from low-carbon and renewable resources
Slide 31 — Social Responsibility
Social Responsibility 1. A workforce development program. Why Linde 31 18% of our total Linde giving in 2025 funded inclusion-related initiatives First all-women operated Air Separation Unit (ASU) in India >$20 Million cumulative earnings potential for “Skills pipeline”1 welders 82,000 volunteer hours as part of 2025 community engagement efforts Awarded $4.8 million in scholarships and other academic opportunities in 2025 27 local Employee Resource Groups with >1,200 diverse members 62% sites participated in Linde's Zero Waste Program in 2025 Benefited 373,000 people through employee community engagement projects
Slide 32 — Governance
Governance Why Linde 32 −Annual Election of Directors −Chairman and CEO roles combined −Lead Independent Director role ensuring robust independent Board oversight −Board diversity: −Board is 55% diverse by gender & ethnicity −Appropriate mix of newer & longer-tenured Directors −Significant stock ownership guidelines for Directors and Executives −Clawback policy & prohibition on hedging or pledging Linde stock −Dedicated Board committees focused on: − Environment – Sustainability Committee − Social – Human Capital Committee − Governance – Nomination & Governance Committee − Financial Matters – Audit Committee
Slide 33 — Linde EPS Growth Algorithm
Linde EPS Growth Algorithm →Consistently delivering alpha for shareholders Why Linde 06 33
Slide 34 — EPS Algorithm Enabling Resilient Growth
EPS Algorithm Enabling Resilient Growth EPS Algorithm Intact, 10% average EPS Growth ex. Economy Management Actions Capital Allocation Economy Annual EPS Growth 8% - 12% — Backlog contribution — Share buybacks — Bolt-on acquisitions — Capital structure efficiencies — Pricing — Productivity — Cost management — Foreign currency translation (FX) — Base volume (globally weighted IP) Controllable Non-Controllable 34
Slide 35 — Six-year (‘19 – ’25) Average Annual Growth Rate
Six-year (‘19 – ’25) Average Annual Growth Rate 1. Excludes 1% of cost pass-thru. 2. Adjusted EPS. Why Linde 35 Sustainable Growth Algorithm Driven by Management Actions & Disciplined Capital Allocation − For 6 consecutive years, Linde has grown EPS double-digits (ex macro) despite macro headwinds − The major driver for EPS growth is management actions – pricing, productivity and cost management − Despite divestitures, capital allocation (primarily project startups & share repurchases) has steadily contributed 3% per year to EPS growth − Resiliency demonstrated in a recessionary year like 2020; EPS grew 12% − In a year of volume growth, 2021, EPS grew 30% − Anticipate double-digit EPS growth (ex macro) for the years to come CAGR MACRO (FX, Volumes) Sales 2% 1 EPS 2 14% Capital Allocation (Investments, Share Count, M&A/Divestitures, Taxes & Int.) Management Actions (Price, Productivity, Cost Mgmt.) -2% -3% 0% 3% 4% 14%
Slide 36 — Valuation versus Top S&P Materials Members
Valuation versus Top S&P Materials Members Source: Factset. Valuations based on last twelve months. Why Linde 36 Trading at a Discount Despite Resiliency & Strong Growth Opportunities − Currently trading at a discount in P/E (2x – 9x) and EV / EBITDA (4x – 5x) versus highest valued members in the S&P Materials sector − Linde’s defensive business model has demonstrated resiliency during economic downturns and significant growth in the up cycles − Linde’s financial results have consistently outperformed members in the S&P Materials − Linde at the forefront of a significant decarbonization opportunity Price / Earnings (P/E) Enterprise Value / EBITDA (EV/EBITDA) Linde Member 1 Member 2 2019 2020 2021 2022 2023 2024 2025 P/E 2019 2020 2021 2022 2023 2024 2025 EV/EBITDA
Slide 37 — Financials versus Top S&P Materials Members
Financials versus Top S&P Materials Members Source: FactSet. Graphs based on 100 index. Non-GAAP measures – see appendix to Feb. 5, ‘25 earnings release presentation or prior year presentations for reconciliations. Why Linde 37 Continued Growth During Different Economic Cycles Earnings / Share (Growth) Return on Capital (Capital Management) Linde Member 1 Member 2 Operating Margin (Quality) Free Cash Flow (Cash generation) 2019 2020 2021 2022 2023 2024 2025 EPS 2019 2020 2021 2022 2023 2024 2025 Operating Profit Margin 2019 2020 2021 2022 2023 2024 2025 ROC 2019 2020 2021 2022 2023 2024 2025 Free Cash Flow
Slide 38 — Summary
Summary →The best performing global industrial gases and engineering company Why Linde 07 38
Slide 39 — Linde Because…
Linde Because… Why Linde →Leader in an attractive industry with products & services critical to customers →Unrivalled network density across all supply modes →Enabling energy transition, ~$50B investment opportunity pipeline globally →World-class capabilities with proven track record of execution →Providing customers with solutions that avoid >2X our GHG emissions →Best-in-class financial performance with unwavering capital discipline →EPS algorithm enabling resilient growth →Exceptional team with business owner mentality 39 Focused on Consistently Creating Value for Stakeholders
Slide 40 — Appendix
Appendix Why Linde 08 40
Slide 41 — Financial Performance
Financial Performance Source: Competitor filings and FactSet. ROC calculated on a similar basis to Linde. 1. Non-GAAP measures – see appendix or prior year presentations for reconciliations. 2. Operating cash flow starts 2019 due to no 2018 proforma for Linde plc. Why Linde 41 Industry Leading Results Where It Matters Most EPS ($)1 Operating Profit Margin1 Linde Competitor 1 Competitor 2 Operating Cash Flow ($B)2 ROC1 +166% +75% +69% +135% 2018 2019 2020 2021 2022 2023 2024 2025 2018 2019 2020 2021 2022 2023 2024 2025 2018 2019 2020 2021 2022 2023 2024 2025 2019 2020 2021 2022 2023 2024 2025
Slide 42 — Historical Performance1
Historical Performance1 1. Information prior to merger (2019) is considered of Praxair. 2. Non-GAAP measures – see prior year presentations for reconciliations. Why Linde 42 0 2 4 6 8 10 12 14 16 1993 1997 2002 2007 2012 2017 2025 +11% 0 5 10 15 20 25 30 35 1993 1997 2002 2007 2012 2017 2025 +9% 0 2 4 6 8 10 1993 1997 2002 2007 2012 2017 2025 +11% 0 1 2 3 4 5 6 1993 1997 2002 2007 2012 2017 2025 +13% Sales ($B) Operating Cash Flow ($B) EPS2 ($) Dividend ($)
Slide 43 — For further information, please contact
For further information, please contact Phone: +203-837-2210 Email: [email protected] Website: linde.com Making our world more productive