LINLinde plc

Targeted Improvements to Reportable Segments Disclosures the Accounting for Internal-Use Software - In November 2023, September 2025, the FASB issued guidance requiring enhanced disclosure related that amends the existing standard for internal-use software by removing the software development project stage model and introducing a recognition and capitalization framework to reportable segments. reflect current software development practices. The new standard is effective for fiscal years beginning after December 15, 2023, 2027, and interim periods within fiscal years beginning after December 15, 2024. those annual reporting periods, with early adoption permitted. The standard can be applied prospectively, retrospectively, or via a modified prospective transition method. The adoption of this standard includes enhanced disclosure of is not expected to have a material impact on the company's segment reporting as it relates to the CODM's title and position, how the CODM uses the reported measure of segment's profit or loss, and the inclusion of significant expense categories and amounts that are regularly provided to the CODM and included in reported segment profit or loss (See Note 18). financial statements.

Cash used for financing activities was $4,554 million in 2025 as compared to $4,359 million in 2024 compared to $5,400 million in 2023. 2024. Cash provided by debt was $2,911 million in 2025 versus $3,167 million in 2024 versus $1,060 million in 2023, 2024, driven primarily by higher lower net debt issuances in 2025 partially offset by lower higher commercial paper issuances in 2024. In February 2024, Linde repaid €550 million of 1.20% notes that became due and issued €700 million of 3.00% notes due in 2028, €850 million of 3.20% notes due in 2031 and €700 million of 3.40% notes due in 2036. In May 2024, Linde repaid €300 million of 1.875% notes that became due. In June 2024, issuances. For the twelve months ended December 31, 2025, Linde issued €750 €4,000 million of 3.375% Euro-denominated notes due in 2030, €750 and CHF500 million of 3.500% Swiss-franc denominated notes, and redeemed or repaid $1,000 million U.S. dollar-denominated notes due in 2034 and €700 €1,000 million of 3.75% Euro denominated notes due in 2044. In December 2024, Linde repaid $300 million of 4.800% notes that became due. (see Note 11).

The Linde's operations are exposed to physical risks associated with the occurrence of catastrophic events or natural disasters linked to climate change, such as extreme weather, weather events including hurricanes and floods; floods, as well as catastrophic events such as health epidemics; pandemics, such as COVID-19; pandemics; and acts of war or terrorism, terrorism. These events could disrupt or delay Linde’s ability to produce and distribute its products to customers customers, result in asset impairments, and could potentially expose Linde to third-party liability claims. In addition, such events could impact Linde’s customers and suppliers resulting in temporary or long-term outages and/or the limitation of supply of energy and other raw materials used in normal business operations. Linde evaluates the direct and indirect business risks, consults with vendors, insurance providers and industry experts, makes investments in suitably resilient design and technology, and conducts regular reviews of the business risks with management. Despite these steps, however, these situations are outside Linde’s control and may have a significant adverse impact on its financial results.

In February During 2024, the St. Petersburg Court decided the GPP Claim in favor of RCA (the “GPP Decision”) and in October 2024, later that year, decided the LNG Claim in favor of RCA (the “LNG Decision”). Linde unsuccessfully appealed the GPP Decision in March and September 2024. During the fourth quarter of 2024, RCA executed enforcement actions related to the GPP Decision within Russia for Linde’s shares in two Linde Russian joint ventures and locally RCA received payment from the purchase of these shares by Linde’s joint venture partners. RCA previously initiated the enforcement process for the GPP Decision within Russia for the remainder of Linde’s local assets, and these proceedings are currently pending a court appointed local valuation of Linde’s assets. Additionally, during November 2024, RCA seized the ruble equivalent of approximately €238 million from one of the guarantor bank’s accounts in Russia. ongoing.