LINLinde plc

Linde has substantial international operations which are subject to risks including devaluations in currency exchange rates, transportation delays and interruptions, political and economic instability and disruptions, restrictions on the transfer of funds, trade conflicts and the imposition of duties and tariffs, import and export controls, changes in governmental policies, labor unrest, possible nationalization and/or expropriation of assets, changes in U.S. and non-U.S. tax policies and compliance with governmental regulations.

The occurrence of catastrophic These events or natural disasters such as extreme weather, including hurricanes and floods; health epidemics; pandemics, such as COVID-19; and acts of war or terrorism, 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, many of Linde’s customers are in businesses that are cyclical in nature, such as the chemicals, chemicals and energy, and metals and energy industries. mining end markets.

Linde may be subject to information technology system failures, network disruptions and cybersecurity breaches in data security. or other related incidents.

Linde relies on information technology systems and networks networks, including systems that utilize advanced technologies for business and operational activities, and also stores and processes sensitive business and proprietary information in these systems and networks.

Future acquisitions or dispositions could result in the incurrence of debt, contingent liabilities or amortization expenses, or impairments of goodwill, goodwill or other intangible assets, any of which could adversely impact Linde’s financial results.

(Millions of dollars, except per share data) 2025 2024 2023 Variance Year Ended December 31, Reported Amounts Sales $33,986 $33,005 $32,854 —% 3% Cost of sales, exclusive of depreciation and amortization $17,389 $17,143 $17,492 (2)% As a percent of sales 51.9% 53.2% Selling, general and administrative $3,337 $3,295 1% As a percent of sales 51.2% 51.9% Selling, general and administrative $3,433 $3,337 3% As a percent of sales 10.1% 10.0% 10.1% Depreciation and amortization $3,763 $3,780 $3,816 (1)% —% Cost reduction program and other charges (a) $273 $145 $40 263% 88% Other income (expense) - net $(58) $185 $(41) 551% (131)% Operating profit $8,923 $8,635 $8,024 8% 3% Operating margin 26.3% 26.2% 24.4% Interest expense - net $255 $256 $200 28% —% Net pension and OPEB cost (benefit), excluding service cost $(229) $(190) $(164) 16% 21% Effective tax rate 22.4% 23.4% 22.7% Income from equity investments $150 $170 $167 2% (12)% Noncontrolling interests $(160) $(172) $(142) 21% (7)% Net Income – Linde plc $6,898 $6,565 $6,199 6% 5% Diluted earnings per share $14.61 $13.62 $12.59 8% 7% Diluted shares outstanding 472,195 482,092 492,290 (2)% Number of employees 65,177 65,289 66,323 (2)% —% Adjusted Amounts (b) Depreciation and amortization $2,986 $2,857 5% Operating profit $10,137 $9,720 $9,070 7% 4% Operating margin 29.8% 29.5% 27.6% Net Income – Linde plc $7,772 $7,475 $6,989 7% 4% Diluted earnings per share $16.46 $15.51 $14.20 9% 6% Other Financial Data (b) EBITDA $12,836 $12,585 $12,007 5% 2% As percent of sales 37.8% 38.1% 36.5% Adjusted EBITDA $13,351 $12,819 $12,133 6% 4% As percent of sales 39.3% 38.8% 36.9%

Linde plc has established a European debt issuance program on May 11, 2020, and filed a base prospectus with the Luxembourg Stock Exchange, Exchange as supplemented, subsequently updated on May 8, 2025 and supplemented by the first supplement on August 21, 2025 and the second supplement on October 31, 2025, for a €15.0 €20.0 billion debt issuance program, program (or the equivalent in other currencies), under which Linde plc may offer debt securities.

(Millions of dollars) Statement of Income Data Twelve Months Year Ended December 31, 2025 2024 Twelve Months Ended December 31, 2023 Sales $ 8,844 $ 7,995 $ 8,143 Operating profit 1,512 1,526 1,656 Net income 3 3,553 735 Transactions with non-guarantor subsidiaries 3,989 7,177 3,004 Balance Sheet Data (at period end) Current assets (a) 4,815 7,827 4,423 Long-term assets (b) 16,808 14,481 13,833 Current liabilities (c) 10,085 10,309 10,882 Long-term liabilities (d) 73,336 64,848 56,546 (a) From current assets above, amount due from non-guarantor subsidiaries 1,097 4,425 1,753 (b) From long-term assets above, amount due from non-guarantor subsidiaries 724 1,031 816 (c) From current liabilities above, amount due to non-guarantor subsidiaries 1,325 1,841 1,684 (d) From long-term liabilities above, amount due to non-guarantor subsidiaries $ 48,301 $ 45,378 $ 39,458

Cost reduction program and other charges were $145 include global severance charges of $308 million largely related to Engineering, and $40 other benefits of $35 million for 2024 and 2023, respectively. largely related to a divestiture. 2024 includes severance charges of $165 million, other cost reduction charges of $23 million, million and other benefit of $43 million related to a divestiture in APAC. divestiture.

As of January 1, 2025 Linde has a captive insurance company that provides coverage for property damage resulting from fire, flood and other perils and business interruption up to $50 million per event, and $100 million, in the annual aggregate, of losses above local deductibles for property damage and business interruption (ranging from $5 to $7.5 million per event) at the group’s group's sites globally.

Cash used for Noncontrolling interest transactions and other was $420 $76 million for the year ended December 31, 2024 2025 versus cash used of $53 $420 million for the respective 2023 2024 period, driven primarily driven by cash inflows from financing related derivative outflows. derivatives and the collection of notes receivable from the sale of the Company's GIST business (see Note 7).

The increase was driven primarily attributable to by higher net income, which was partially offset by higher income adjusted for non-cash charges and lower net working capital requirements, including lower higher inflows for contract liabilities from engineering customer advance payments, and higher cash taxes. payments when compared with 2024.

Purchase accounting impacts - Linde AG (c) 941 940 1,006 Total adjustments 1,214 1,085 1,046 Adjusted operating profit $ 10,137 $ 9,720 $ 9,070 Reported percentage change 8 3 % Adjusted percentage change 7 4 % Reported sales $ 33,986 $ 33,005 $ 32,854 Reported operating margin 26.3 % 26.2 % 24.4 % Adjusted operating margin 29.8 % 29.5 % 27.6 % Adjusted Depreciation and amortization Amortization Reported depreciation and amortization $ 3,763 $ 3,780 $ 3,816 Less:

Operating profit in the Americas segment increased $306 $197 million, or 7%, 4%, in 2025 versus 2024 versus 2023 driven primarily by higher pricing, pricing and continued productivity initiatives and a settlement gain with a supplier, initiatives, which more than offset cost inflation. 2024 included a settlement gain with a supplier.

Purchase accounting impacts - Linde AG (c) 72 Cost reduction program and other charges 6 — Total adjustments 78 72 Adjusted income from equity investments $ 228 $ 242 $ 239 Adjusted Noncontrolling Interests Reported noncontrolling interests $ (160) $ (172) $ (142) Add:

The increase was driven primarily by higher net income, partially offset by higher income and lower net working capital requirements, including lower inflows for contract liabilities from engineering customer advance payments and higher cash taxes. requirements.

Traditionally, For example, hydrogen production plants and a large number of other manufacturing and electricity-generating plants have been identified as sources of carbon dioxide emissions and these plants are subject to carbon taxation or cap-and-trade regulations in jurisdictions including California California, China, Singapore and the European Union. Union impacting both Linde and its customers.