LINDE PLC

Previous wording

The following table provides summary information for the three months ended March 31, 2025 and 2024. The reported amounts are GAAP amounts from the Consolidated Statement of Income. The adjusted amounts are intended to supplement investors' understanding of the company's financial information and are not a substitute for GAAP measures:

Current wording

The following table provides summary information for the quarters and six months ended June 30, 2025 and 2024. The reported amounts are GAAP amounts from the Consolidated Statement of Income. The adjusted amounts are intended to supplement investors' understanding of the company's financial information and are not a substitute for GAAP measures:

Previous wording

In the first quarter of 2025, Linde's sales were $8,112 million, flat versus prior year. Sales grew 2% from higher price attainment. Cost pass-through, representing the contractual billing of energy cost variances primarily to onsite customers, increased sales by 1% in the quarter, with minimal impact on operating profit. Acquisitions increased sales by 1% in the first quarter. Engineering sales were flat in the quarter. Currency translation decreased sales by 3% in the quarter driven primarily by the weakening of the Brazilian real, Mexican peso and Euro against the U.S. dollar. Volumes decreased sales by 1% in the quarter versus the 2024 respective period, as base volume declines were partially offset by new project start-ups.

Current wording

In the second quarter of 2025, Linde's sales were $8,495 million, 3% above the prior year. Sales grew 2% from higher price attainment. Cost pass-through, representing the contractual billing of energy cost variances primarily to onsite customers, increased sales by 1% in the quarter, with minimal impact on operating profit. Acquisitions increased sales by 1% in the second quarter. Engineering sales and currency translation were flat in the quarter. Volumes decreased sales by 1% in the quarter versus the 2024 respective period, as base volume declines were partially offset by new project start-ups.

Previous wording

Reported operating profit for the first quarter of 2025 of $2,184 million, or 26.9% of sales, was 4% above prior year. The reported year-over-year increase was primarily driven by higher pricing and productivity initiatives which more than offset adverse impacts from cost inflation, cost reduction program and other charges and currency translation. The reported effective tax rate ("ETR") was 23.4% in the first quarter 2025 versus 22.3% in the first quarter 2024. This increase was primarily due to lower tax benefits from share based compensation in 2025. Diluted earnings per share ("EPS") was $3.51, or 5% above EPS of $3.35 in the first quarter of 2024, primarily due to higher net income - Linde plc and lower diluted shares outstanding.

Current wording

Reported operating profit for the second quarter of 2025 was $2,354 million, or 27.7% of sales, 8% above the prior year. The reported year-over-year increase was primarily driven by higher pricing and productivity initiatives, which more than offset adverse impacts from cost inflation and lower volumes. The reported effective tax rate ("ETR") was 24.4% in the second quarter 2025 versus 23.5% in the second quarter 2024. Diluted earnings per share ("EPS") was $3.73, or 8% above EPS of $3.44 in the second quarter of 2024, primarily due to higher net income - Linde plc and lower diluted shares outstanding.

Previous wording

In the first quarter of 2025, adjusted operating profit of $2,438 million, or 30.1% of sales, was 4% higher as compared to 2024, driven by higher pricing, and productivity initiatives, partially offset by cost inflation and currency translation. The adjusted ETR was 23.5% in the first quarter 2025 versus 22.7% in the respective 2024 quarter. This increase was primarily due to lower tax benefits from share based compensation in 2025. On an adjusted basis, EPS was $3.95, 5% above the 2024 adjusted EPS of $3.75, driven by higher adjusted net income - Linde plc and lower diluted shares outstanding.

Current wording

In the second quarter of 2025, adjusted operating profit of $2,556 million, or 30.1% of sales, was 6% higher as compared to 2024, driven by higher pricing and productivity initiatives partially offset by cost inflation and lower volumes. The adjusted ETR was 24.3% in the second quarter 2025 versus 23.5% in the respective 2024 quarter. On an adjusted basis, EPS was $4.09, 6% above the 2024 adjusted EPS of $3.85, driven by higher adjusted net income - Linde plc and lower diluted shares outstanding.

Previous wording

Sales were flat for the first quarter of 2025 versus the respective 2024 period. Higher price attainment contributed 2% to sales in the quarter. Acquisitions increased sales by 1% in the quarter. Cost pass-through increased sales by 1% in the quarter, with minimal impact on operating profit. Engineering sales were flat in the quarter. Currency translation decreased sales by 3% in the quarter primarily driven by weakening of the Brazilian real, Mexican peso and Euro against the U.S. dollar. Volume decreased sales by 1% in the quarter versus the respective 2024 period, as base volume declines were partially offset by new project start-ups.

Current wording

Sales increased 3% for the second quarter of 2025 and increased 1% for the six months ended June 30, 2025 versus the respective 2024 periods. Higher price attainment increased 2% in the quarter and six months ended June 30, 2025. Acquisitions increased sales by 1% in the quarter and were flat for the six months ended June 30, 2025. Cost pass-through increased sales by 1% in both the quarter and six months ended June 30, 2025, with minimal impact on operating profit. Volumes decreased sales by 1% in the quarter and six months ended June 30, 2025, as base volume declines were partially offset by new project start-ups. Currency translation was flat in the quarter and decreased sales by 1% for the six months ended June 30, 2025, primarily driven by the weakening of Brazilian real and Mexican peso partially offset by the strengthening of the Euro against the U.S. dollar year to date. Engineering sales were flat in the quarter and six months ended June 30, 2025.

Previous wording

Cost of sales, exclusive of depreciation and amortization decreased $59 million, or 1%, for the first quarter of 2025 primarily due to productivity gains and lower volumes, which more than offset cost inflation. Cost of sales, exclusive of depreciation and amortization was 51.2% of sales for the first quarter versus 52.0% for the respective 2024 period. The decrease as a percentage of sales in the quarter was primarily due to higher pricing and productivity gains.

Current wording

Cost of sales, exclusive of depreciation and amortization, increased $55 million, or 1%, for the second quarter of 2025, primarily due to cost inflation partially offset by lower volumes and productivity gains and decreased $4 million, for the six months ended June 30, 2025. Cost of sales, exclusive of depreciation and amortization was 50.7% and 51.0% of sales for the second quarter and six months ended June 30, 2025, respectively, versus 51.4% and 51.7% for the respective 2024 periods. The decrease as a percentage of sales in the quarter and year to date was primarily due to higher pricing and productivity gains.

Previous wording

Reported depreciation and amortization expense decreased $39 million for the first quarter of 2025, primarily due to lower depreciation and amortization of assets acquired in the merger partially offset by the net impact of new project start ups.

Current wording

Reported depreciation and amortization expense decreased $16 million, or 2%, for the second quarter of 2025 and decreased $55 million, or 3%, in the six months ended June 30, 2025, primarily due to lower depreciation and amortization of assets acquired in the merger, partially offset by the net impact of new project start-ups.

Previous wording

On an adjusted basis, depreciation and amortization increased $10 million, for the first quarter of 2025. Currency impacts decreased depreciation and amortization by $16 million. Excluding currency, the underlying depreciation and amortization increase was driven largely by new project start ups.

Current wording

On an adjusted basis, depreciation and amortization increased $23 million, or 3%, for the second quarter of 2025 and increased $33 million, or 2%, for the six months ended June 30, 2025. Currency impacts decreased depreciation and amortization by $12 million for the six months ended June 30, 2025. Excluding currency, for the quarter and year-to-date periods, the underlying depreciation and amortization increase was driven largely by new project start-ups.

Previous wording

Cost reduction program and other charges were $55 million for the first quarter of 2025, primarily related to severance charges. On an adjusted basis, these costs have been excluded. There were no charges during the respective 2024 period.

Current wording

There were no cost reduction program and other charges for the second quarter of 2025. For the six months ended June 30, 2025, cost reduction program and other charges of $55 million primarily related to severance charges. On an adjusted basis, these costs have been excluded. There were no charges during the respective 2024 periods.

Previous wording

Reported other income (expense) - net was a benefit of $18 million for the first quarter of 2025 versus benefit of $58 million for the respective 2024 period. 2024 other income included a benefit of $43 million in insurance recoveries primarily within the Other segment.

Current wording

Reported other income (expense) - net was a benefit of $15 million for the second quarter of 2025 and $33 million for the year-to-date period. 2024 other income (expense) for the year-to-date period included a benefit of $43 million in insurance recoveries primarily within the Other segment.

Previous wording

On a reported basis, operating profit increased $89 million, or 4%, for the first quarter of 2025. The increase in the quarter was primarily due to higher pricing and savings from productivity initiatives which more than offset the adverse impacts of cost inflation, cost reduction program and other charges, lower volumes, and currency.

Current wording

On a reported basis, operating profit increased $170 million, or 8%, for the second quarter of 2025 and increased $259 million, or 6%, for the six months ended June 30, 2025. The increase in the quarter was primarily due to higher pricing and savings from productivity initiatives, which more than offset the adverse impacts of cost inflation and lower volumes.

Previous wording

On an adjusted basis, which excludes the impacts of merger-related purchase accounting as well as cost reduction programs and other charges, operating profit increased $97 million, or 4% in the first quarter of 2025. Operating profit growth was driven by higher pricing and productivity initiatives, which more than offset the effects of cost inflation, lower volumes and currency during the first quarter of 2025. A discussion of operating profit by segment is included in the segment discussion that follows.

Current wording

On an adjusted basis, which excludes the impacts of merger-related purchase accounting as well as cost reduction programs and other charges, operating profit increased $134 million, or 6%, in the second quarter of 2025 and increased $231 million, or 5%, for the six months ended June 30, 2025. Operating profit growth was driven by higher pricing and productivity initiatives, which more than offset the effects of cost inflation and lower volumes during the quarter and year-to-date periods of 2025. A discussion of operating profit by segment is included in the segment discussion that follows.

Previous wording

Reported net pension and OPEB cost (benefit), excluding service cost was a benefit of $56 million for the quarter, versus $50 million for the respective 2024 period. The increase in the benefit primarily relates to lower interest cost due to lower benefit obligations and higher amortization of deferred gains year-over-year, partially offset by lower expected return on plan assets.

Current wording

Reported net pension and OPEB cost (benefit), excluding service cost, was a benefit of $59 million and $115 million for the quarter and six months ended June 30, 2025, respectively, versus $49 million and $99 million for the respective 2024 periods. The increase in the benefit primarily relates to lower interest cost due to lower benefit obligations and higher amortization of deferred gains year-over-year, partially offset by lower expected return on plan assets.

Previous wording

Reported income from equity investments for the first quarter was $38 million versus $48 million for the respective 2024 period.

Current wording

Reported income from equity investments for the second quarter and six months ended June 30, 2025 was $33 million and $71 million, respectively, versus $45 million and $93 million for the respective 2024 periods.

Previous wording

On an adjusted basis, income from equity investments for the first quarter was $56 million versus $66 million for the respective 2024 period.

Current wording

On an adjusted basis, income from equity investments for the second quarter and six months ended June 30, 2025 was $51 million and $107 million, respectively, versus $63 million and $129 million for the respective 2024 periods.

Previous wording

At March 31, 2025, noncontrolling interests consisted primarily of non-controlling shareholders' investments in APAC (primarily China). Reported noncontrolling interests income was $34 million for the first quarter of 2025 and $38 million for the respective 2024 period.

Current wording

At June 30, 2025, noncontrolling interests consisted primarily of non-controlling shareholders' investments in APAC (primarily China). Reported noncontrolling interests income was $40 million and $74 million for the second quarter of 2025 and six months ended June 30, 2025, respectively. Noncontrolling interest was $37 million and $75 million for the respective 2024 periods.

Previous wording

Reported net income - Linde plc increased $46 million, or 3%, for the first quarter of 2025 versus the respective 2024 period. On an adjusted basis, which excludes the impacts of purchase accounting and cost reduction program and other charges, net income - Linde plc increased $59 million, or 3%, for the first quarter of 2025 versus the respective 2024 period. On both a reported and adjusted basis, the increase was driven by higher operating profit.

Current wording

On an adjusted basis, which excludes the impacts of merger-related purchase accounting and cost reduction program and other charges, net income - Linde plc increased $78 million, or 4%, for the second quarter of 2025 and increased $137 million, or 4%, for the six months ended June 30, 2025 versus the respective 2024 period.

Previous wording

The number of employees at March 31, 2025 was 65,069, a decrease of 1,126 employees from March 31, 2024 primarily due to the ongoing impact of cost reduction programs.

Current wording

The number of employees at June 30, 2025 was 64,842, a decrease of 1,145 employees from June 30, 2024, primarily due to the ongoing impact of cost reduction programs.

Previous wording

EBITDA was $3,132 million for the first quarter of 2025 as compared to $3,092 million in the respective 2024 period. Adjusted EBITDA increased to $3,213 million for the first quarter 2025 from $3,116 million in the respective 2024 period. On a reported and adjusted basis, the increase was driven by higher operating profit versus prior year.

Current wording

Adjusted EBITDA increased to $3,351 million for the second quarter 2025 from $3,206 million in the respective 2024 period. Adjusted EBITDA increased to $6,564 million for the six months ended June 30, 2025 from $6,322 million in the respective 2024 period. The increase on both a reported and adjusted basis was driven by higher net income - Linde plc versus prior year.

Previous wording

Other comprehensive income for the first quarter of 2025 was $131 million. The income in the quarter resulted primarily from currency translation adjustments of $134 million. The translation adjustments reflect the impact of translating local currency foreign subsidiary financial statements to U.S. dollars, and are largely driven by the movement of the U.S. dollar against major currencies including the Euro, British pound and the Chinese yuan. See the "Currency" section of the MD&A for exchange rates used for translation purposes and Note 10 to the condensed consolidated financial statements for a summary of the currency translation adjustment component of accumulated other comprehensive income (loss) by segment.

Current wording

Other comprehensive income for the second quarter and six months ended June 30, 2025 was $541 million and $672 million, respectively. The income in the quarter and year-to-date periods resulted primarily from currency translation adjustments of $499 million and $633 million, respectively. The translation adjustments reflect the impact of translating local currency foreign subsidiary financial statements to U.S. dollars, and are largely driven by the movement of the U.S. dollar against major currencies, including the Euro, British pound and the Chinese yuan. See the "Currency" section of the MD&A for exchange rates used for translation purposes and Note 10 to the condensed consolidated financial statements for a summary of the currency translation adjustment component of accumulated other comprehensive income (loss) by segment.

Previous wording

Sales for the Americas segment increased $106 million, or 3%, in the first quarter versus the respective 2024 period. Higher pricing contributed 3% to sales in the quarter. Cost pass-through increased sales by 1% in the first quarter with minimal impact on operating profit. Volumes increased sales by 1% in the first quarter primarily driven by electronics and chemicals & energy end markets including to project start-ups. Acquisitions increased sales by 1% in the first quarter. Currency translation decreased sales by 3% in first quarter, driven primarily by the weakening of the Brazilian real and Mexican peso against the U.S. dollar.

Current wording

Sales for the Americas segment increased $157 million, or 4%, in the second quarter and increased $263 million, or 4%, for the six months ended June 30, 2025 versus the respective 2024 periods. Higher pricing contributed 3% to sales in both the quarter and year-to-date periods. Cost pass-through increased sales by 1% in the second quarter and increased sales by 2% year to date, with minimal impact on operating profit. Acquisitions increased sales by 1% in both the quarter and year-to-date periods. Volumes increased sales by 1% in both the quarter and year-to-date periods, primarily driven by chemicals & energy end markets including project start-ups. Currency translation decreased sales by 2% in the second quarter and decreased sales by 3% year to date, driven primarily by the weakening of the Brazilian real and Mexican peso against the U.S. dollar.

Previous wording

Operating profit in the Americas segment increased $49 million, or 5%, in the first quarter versus the respective 2024 period, driven primarily by higher pricing and continued productivity initiatives, which more than offset cost inflation and currency translation.

Current wording

Operating profit in the Americas segment increased $50 million, or 4%, in the second quarter and increased $99 million, or 4%, for the six months ended June 30, 2025 versus the respective 2024 period, driven primarily by higher pricing and continued productivity initiatives, which more than offset cost inflation and currency translation.

Previous wording

EMEA segment sales decreased $60 million, or 3%, in the first quarter compared to the respective 2024 period. Higher price attainment increased sales by 2% in the quarter. Cost pass-through increased sales by 1% in the quarter with minimal impact on operating profit. Currency translation decreased sales by 3% in the first quarter, driven primarily by the weakening of the Euro against the U.S. dollar. Volumes decreased sales by 3% in the quarter, primarily driven by the metals & mining and chemicals & energy end markets.

Current wording

EMEA segment sales increased $71 million, or 3%, in the second quarter and were flat for the six months ended June 30, 2025 compared to the respective 2024 periods. Higher price attainment increased sales by 3% in the quarter and increased 2% year to date. Currency translation increased sales by 4% in the second quarter and increased sales by 1% year to date, driven primarily by the strengthening of the Euro and British pound against the U.S. dollar. Volumes decreased sales by 4% in the quarter and 3% in the year-to-date period, primarily driven by the metals & mining and manufacturing end markets. Cost pass-through was flat in both the quarter and year-to-date periods with minimal impact on operating profit.

Previous wording

Operating profit for the EMEA segment increased by $35 million, or 5%, in the first quarter compared to the respective 2024 period. The increase in the first quarter was driven primarily by higher pricing and continued productivity initiatives, partially offset by cost inflation, lower volumes and currency translation.

Current wording

Operating profit for the EMEA segment increased by $76 million, or 11%, in the second quarter and increased $111 million, or 8%, for the six months ended June 30, 2025 compared to the respective 2024 periods. The increase in the second quarter and year to date was driven primarily by higher pricing, currency translation, and continued productivity initiatives, partially offset by cost inflation and lower volumes.

Previous wording

The APAC segment includes Linde's industrial gases operations in approximately 20 Asian and South Pacific countries and regions including China, Australia, India, and South Korea.

Current wording

The APAC segment includes Linde's industrial gases operations in approximately 15 Asian and South Pacific countries and regions including China, Australia, India, and South Korea.

Previous wording

Sales for the APAC segment decreased $52 million, or 3%, in the first quarter versus the respective 2024 period. Currency translation decreased sales by 2% in the quarter, primarily due to the weakening of the Korean won and Australian dollar against the U.S. dollar. Volumes decreased sales by 1% in the quarter asbase volume declines primarily in metals & mining and manufacturing were partially offset by new project start-ups. Price, cost pass-through and acquisitions & divestitures were flat in the first quarter.

Current wording

Sales for the APAC segment were flat in the second quarter and decreased $54 million, or 2%, for the six months ended June 30, 2025 versus the respective 2024 periods. Acquisitions increased sales by 2% in the quarter and increased 1% in the year-to- date period. Price was flat in the quarter and year-to-date periods. Volumes decreased sales by 1% in the quarter andyear-to-date periodsas base volume declines primarily in the manufacturing end market were partially offset by new project start-ups. Currency translation was flat in the quarter anddecreased sales by 1% year to date, primarily due to the weakening of the Korean won and Australian dollar against the U.S. dollar. Cost pass-through decreased sales by 1% in both the second quarter and year-to-date periods with minimal impact on operating profit.

Previous wording

Operating profit in the APAC segment increased $4 million, or 1%, in the first quarter driven primarily by productivity initiatives, which more than offset cost inflation and currency translation.

Current wording

Operating profit in the APAC segment increased $16 million, or 3%, in the second quarter and increased $20 million, or 2%, for the six months ended June 30, 2025, driven primarily by productivity initiatives, which more than offset cost inflation and lower volumes.

Previous wording

Engineering segment sales increased $26 million, or 5%, in the first quarter as compared to the respective 2024 period, driven by project timing. Currency translation decreased sales by 2% in the quarter, primarily due to the weakening of the Euro against the U.S. dollar.

Current wording

Engineering segment sales increased $7 million, or 1%, in the second quarter and increased $33 million, or 3%, for the six months ended June 30, 2025, as compared to the respective 2024 periods. The increase in the quarter was primarily driven by currency translation, which increased sales by 3% in the quarter due to the strengthening of the Euro against the U.S. dollar and was flat year to date. The increase in the year-to-date period was primarily driven by project timing.

Previous wording

Engineering segment operating profit increased $14 million, or 14%, in the first quarter compared to the respective 2024 period primarily driven by project timing.

Current wording

Engineering segment operating profit decreased $6 million, or 6%, in the second quarter and increased $8 million, or 4%, for the six months ended June 30, 2025 as compared to the respective 2024 periods primarily driven by project timing.

Previous wording

Sales for Other decreased $8 million, or 3%, for the first quarter versus the respective 2024 period. Underlying sales decreased by 2% in the quarter primarily due to lower volumes in global helium. Currency translation decreased sales by 1% in the quarter.

Current wording

Sales for Other decreased $5 million, or 2%, for the second quarter and decreased $13 million, or 2% for the six months ended June 30, 2025, versus the respective 2024 periods. Underlying sales decreased by 3% in the quarter anddecreased 2% in the year-to-date period primarily due to lower volumes in LAMT. Currency translation increased sales by 1% in the quarter and was flat year to date.

Previous wording

Operating profit in Other decreased $5 million in the first quarter versus the respective 2024 period. The decrease in the quarter was driven by higher costs due to helium and an insurance recovery in 2024, partially offset bylower corporate costs and continued productivity initiatives.

Current wording

Operating profit in Other decreased $2 million in the second quarter anddecreased $7 million for the six months ended June 30, 2025 versus the respective 2024 periods. The decrease in theyear to date period was driven by higher costs due to helium and an insurance recovery in 2024, partially offset bylower corporate costs and continued productivity initiatives.

Previous wording

Cash provided by operations of $2,161 million for the three months ended March 31, 2025 increased $207 million, or 11% versus 2024. The increase was driven primarily by higher net income adjusted for non-cash charges and lower net working capital requirements.

Current wording

Cash provided by operations of $4,372 million for the six months ended June 30, 2025 increased $489 million, or 13%, versus 2024. The increase was driven primarily by higher net income adjusted for non-cash charges and lower net working capital requirements.

Previous wording

Linde estimates that total 2025 required contributions to its pension plans will be in the range of approximately $25 million to $35 million, of which $5 million has been made through March 31, 2025.

Current wording

Linde estimates that total 2025 required contributions to its pension plans will be in the range of approximately $25 million to $35 million, of which $15 million has been made through June 30, 2025.

Previous wording

Net cash used for investing activities of $1,369 million for the three months ended March 31, 2025 increased $328 million versus 2024, due to higher capital expenditures and acquisition spend, net of cash acquired.

Current wording

Net cash used for investing activities of $2,826 million for the six months ended June 30, 2025 increased $515 million, or 22% versus 2024, due to higher capital expenditures and acquisition spend, net of cash acquired.

Previous wording

Capital expenditures for the three months ended March 31, 2025 were $1,270 million, $222 million higher than the prior year due primarily to investments in new plant and production equipment for backlog growth requirements.

Current wording

Capital expenditures for the six months ended June 30, 2025 were $2,527 million, $346 million higher than the prior year primarily due to investments in new plant and production equipment for backlog growth requirements.

Previous wording

At March 31, 2025, Linde's sale of gas backlog of large projects under construction was approximately $7.0 billion. This represents the total estimated capital cost of large plants under construction.

Current wording

At June 30, 2025, Linde's sale of gas backlog of large projects under construction was approximately $7.1 billion. This represents the total estimated capital cost of large plants under construction.

Previous wording

Acquisitions, net of cash acquired were $112 million for the three months ended March 31, 2025 and relate primarily to businesses in the Americas and APAC.

Current wording

Acquisitions, net of cash acquired, were $270 million for the six months ended June 30, 2025, and relate primarily to businesses in the Americas and APAC.

Previous wording

Divestitures, net of cash divested and asset sales for the three months ended March 31, 2025 were $13 million. 2024 divestitures, net of cash divested and asset sales were $7 million.

Current wording

Divestitures, net of cash divested and asset sales for the six months ended June 30, 2025 were $24 million. 2024 divestitures, net of cash divested and asset sales were $22 million.

Previous wording

Cash used for financing activities was $388 million for the three months ended March 31, 2025 as compared to $668 million for the three months ended March 31, 2024. Cash provided by debt was $1,493 million in 2025 versus $1,215 million in 2024, driven primarily by higher commercial paper issuances partially offset by lower net debt issuances in 2025. In February 2025, Linde issued €850 million of 2.625% notes due in 2029, €750 million of 3.00% notes due in 2033, €650 million of 3.250% notes due in 2037. In February 2025, Linde redeemed $600 million of 4.70% notes that were due in 2025 and repaid $400 million of 2.65% notes that became due.

Current wording

Cash used for financing activities was $1,754 million for the six months ended June 30, 2025 as compared to $1,476 million for the six months ended June 30, 2024. Cash provided by debt was $1,839 million in 2025 versus $2,535 million in 2024, driven primarily by higher commercial paper issuances partially offset by lower net debt issuances in 2025. For the six months ended June 30, 2025, Linde issued €2,250 million Euro-denominated notes and CHF500 million Swiss-franc denominated notes and redeemed or repaid $1,000 million U.S. dollar-denominated notes and €500 million Euro denominated notes.

Previous wording

Net purchases of ordinary shares were $1,100 million in 2025 versus $1,025 million in 2024. For additional information related to the share repurchase programs, see Part II Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.

Current wording

Net purchases of ordinary shares were $2,207 million in 2025 versus $2,460 million in 2024. For additional information related to the share repurchase programs, see Part II Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.