LINDE PLC
For the period ended Sep 30, 2025. Filed Oct 31, 2025.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2025 · Filed Oct 31, 2025
LIN$515.25-1.1%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-06-30; filed 2025-08-01.
0001628280-25-037164
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-09-30; filed 2025-10-31.
0001628280-25-047710
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 124 previous paragraphs and 127 current paragraphs.
74 unchanged; 47 reworded; 6 added; 3 removed; 0 previous and 0 current paragraphs rearranged.
Tables are not compared: 19 previous and 19 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (6)
Current report
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations ("MD&A")
Current report
Cost reduction program and other charges were a benefit of $11 million for the third quarter of 2025, and charges of $44 million for the nine months ended September 30, 2025, primarily related to severance charges. On an adjusted basis, these costs have been excluded in both periods. 2024 included severance charges of $148 million and $165 million for the quarter and year to date periods, other cost reduction charges of $40 million and $23 million for the quarter and year to date periods, and other benefit of $43 million for the quarter and year to date periods related to a divestiture in APAC.
Current report
The reported effective tax rate ("ETR") for the quarter and nine months ended September 30, 2025 was 18.0% and 21.9%, respectively, versus 24.1% and 23.3% for the respective 2024 periods. The decrease in the 2025 quarter was primarily due to a tax rate decrease in EMEA including merger-related purchase accounting impacts. The decrease in the year-to-date rate was primarily due to a tax rate decrease in EMEA, partially offset by tax benefits in 2024 from a repatriation that did not recur in 2025. The benefit related to the tax rate decrease in EMEA for the quarter and year-to-date periods was $156 million.
Current report
On an adjusted basis, the ETR for the quarter and nine months ended September 30, 2025 was 22.7% and 23.5%, respectively, versus 23.6% and 23.3% for the respective 2024 periods. The decrease in the quarter rate was primarily due to tax rate change in Germany excluding merger-related purchase accounting impacts. The increase in the year-to-date rate was primarily due to tax benefits from a repatriation in 2024 that did not recur in 2025 partially offset by a tax rate decrease in Germany.
Current report
On July 4, 2025, H.R.1 - One Big Beautiful Bill Act was enacted into law (OBBBA). The Bill makes permanent key elements of the 2017 Tax Cuts and Jobs Act, including 100% bonus depreciation and domestic research cost expensing. These changes provide current and future cash tax benefits to the company. The company continues to evaluate the impact of other provisions of OBBBA but does not expect them to be material.
Current report
divestiture in APAC and a settlement with a supplier in the Americas.
Removed paragraphs (3)
Previous report
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 report
The reported effective tax rate ("ETR") for the quarter and six months ended June 30, 2025 was 24.4% and 24.0%, respectively, versus 23.5% and 22.9% for the respective 2024 periods. On an adjusted basis, the ETR for the quarter and six months ended June 30, 2025 was 24.3% and 23.9%, respectively, versus 23.5% and 23.1% for the respective 2024 periods.
Previous report
On both a reported and adjusted basis, the increase in the quarter rate is primarily due to 2024 tax benefits from a repatriation. The increase in the year-to-date rate is primarily due to 2024 tax benefits from a repatriation and lower tax benefits from share-based compensation in 2025.
Reworded paragraphs (47)
Previous 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:
Current wording
The following table provides summary information for the quarters and nine months ended September 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 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.
Current wording
In the third quarter of 2025, Linde's sales were $8,615 million, 3%, above the prior year. Sales grew 2% from higher price attainment. Acquisitions increased sales by 1% in the third quarter. Currency translation increased sales by 1% in the quarter driven primarily by the strengthening of the Euro and British pound against the U.S dollar. Cost pass-through, representing the contractual billing of energy cost variances primarily to onsite customers, was flat in the quarter. Engineering sales decreased by 1% in the quarter. Volumes were flat in the quarter versus the 2024 respective period, as base volume declines were largely offset by new project start-ups.
Previous 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.
Current wording
Reported operating profit for the third quarter of 2025 was $2,367 million, or 27.5% of sales, 13% above the prior year. The reported year-over-year increase was primarily driven by higher pricing and productivity initiatives and lower cost reduction program and other charges, which more than offset adverse impacts from cost inflation. The reported effective tax rate ("ETR") was 18.0% in the third quarter 2025 versus 24.1% in the third quarter 2024. Diluted earnings per share ("EPS") was $4.09, or 27% above EPS of $3.22 in the third quarter of 2024, primarily due to higher net income - Linde plc and lower diluted shares outstanding.
Previous 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.
Current wording
In the third quarter of 2025, adjusted operating profit of $2,558 million, or 29.7% of sales, was 3% higher as compared to 2024, driven by higher pricing and productivity initiatives partially offset by cost inflation. The adjusted ETR was 22.7% in the third quarter 2025 versus 23.6% in the respective 2024 quarter. On an adjusted basis, EPS was $4.21, 7% above the 2024 adjusted EPS of $3.94, driven by higher adjusted net income - Linde plc and lower diluted shares outstanding.
Previous 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.
Current wording
Sales increased by 3% for the third quarter of 2025 and 2% for the nine months ended September 30, 2025, versus the respective 2024 periods. Higher price attainment increased sales by 2% in the quarter and nine months ended September 30, 2025. Acquisitions increased sales by 1% in the quarter and nine months ended September 30, 2025. Currency translation increased sales by 1% in the quarter, primarily driven by the strengthening of the Euro and British pound against the U.S. dollar. In the nine months ended September 30, 2025, currency translation impact on sales was flat. Cost pass-through was flat in both the quarter and nine months ended September 30, 2025. Volumes were flat in the quarter and decreased sales by 1% for the nine months ended September 30, 2025, as base volume declines were partially offset by new project start-ups. Engineering sales decreased by 1% in the quarter and was flat for the nine months ended September 30, 2025.
Previous 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.
Current wording
Cost of sales, exclusive of depreciation and amortization, increased $23 million, or 1%, for the third quarter of 2025 primarily due to cost inflation, partially offset by productivity gains, and increased $19 million for the nine months ended September 30, 2025. Cost of sales, exclusive of depreciation and amortization, was 50.8% and 50.9% of sales for the third quarter and nine months ended September 30, 2025, respectively, versus 52.1% and 51.9% for the respective 2024 periods. The decrease as a percentage of sales in the quarter and year-to-date periods was primarily due to higher pricing and productivity gains.
Previous wording
Selling, general and administrative expense ("SG&A") increased $30 million, or 4%, for the second quarter of 2025 and decreased $44 million, or 3%, for the six months ended June 30, 2025. SG&A was 10.2% of second quarter sales and 10.0% of sales for the six months ended June 30, 2025 versus 10.2% and 10.4% of sales for the respective 2024 periods. Currency impacts decreased SG&A approximately $15 million for the six months ended June 30, 2025. SG&A increased during the second quarter of 2025 due to higher costs and decreased for the six months ended June 30, 2025, excluding foreign currency impacts, due to lower costs, savings from cost reduction programs, and productivity initiatives.
Current wording
Selling, general and administrative expense ("SG&A") increased $74 million, or 9%, for the third quarter of 2025 and increased $30 million, or 1%, for the nine months ended September 30, 2025. SG&A was 10.4% of third quarter sales and 10.1% of sales for the nine months ended September 30, 2025 versus 9.8% and 10.2% of sales for the respective 2024 periods. Currency impact increased SG&A by approximately $12 million for the third quarter and was flat year to date 2025. Excluding foreign currency, SG&A increased during the third quarter of 2025 and nine months ended September 30, 2025, due to acquisitions and cost inflation, partially offset by savings from cost reduction programs and productivity initiatives.
Previous 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.
Current wording
Reported depreciation and amortization expense was flat for the third quarter of 2025 and decreased $54 million, or 2%, in the nine months ended September 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 $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.
Current wording
On an adjusted basis, depreciation and amortization increased $39 million, or 5%, for the third quarter of 2025 and increased $72 million, or 3%, for the nine months ended September 30, 2025. Currency impact increased depreciation and amortization by $9 million for the third quarter and was flat year to date 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
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.
Current wording
Reported other income (expense) - net was a benefit of $14 million for the third quarter of 2025 and $47 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, recognized during the first quarter, and a benefit of $36 million related to a settlement with a supplier in the Americas segment, recognized during the third quarter.
Previous 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.
Current wording
On a reported basis, operating profit increased $281 million, or 13%, for the third quarter of 2025 and increased $540 million, or 8%, for the nine months ended September 30, 2025. The increase in both periods was primarily due to higher pricing and savings from productivity initiatives and lower cost reduction program and other charges, which more than offset the adverse impacts of cost inflation.
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 $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.
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 $81 million, or 3%, in the third quarter of 2025 and increased $312 million, or 4%, for the nine months ended September 30, 2025. Operating profit growth was driven by higher pricing and productivity initiatives, which more than offset the effects of cost inflation 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 interest expense - net decreased $3 million, or 4%, for the second quarter of 2025 and decreased $8 million, or 6%, for the six months ended June 30, 2025.
Current wording
Reported interest expense - net decreased $4 million, or 6%, for the third quarter of 2025 and decreased $12 million, or 6%, for the nine months ended September 30, 2025.
Previous 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.
Current wording
Reported net pension and OPEB cost (benefit), excluding service cost, was a benefit of $57 million and $172 million for the quarter and nine months ended September 30, 2025, respectively, versus $45 million and $144 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.
Previous 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.
Current wording
Reported income from equity investments for the third quarter and nine months ended September 30, 2025 was $36 million and $107 million, respectively, versus $38 million and $131 million for the respective 2024 periods.
Previous 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.
Current wording
On an adjusted basis, income from equity investments for the third quarter and nine months ended September 30, 2025 was $60 million and $167 million, respectively, versus $56 million and $185 million for the respective 2024 periods.
Previous 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.
Current wording
At September 30, 2025, noncontrolling interests consisted primarily of non-controlling shareholders' investments in APAC (primarily China). Reported noncontrolling interests income was $43 million and $117 million for the third quarter of 2025 and nine months ended September 30, 2025, respectively. Noncontrolling interest was $53 million and $128 million for the respective 2024 periods, which included the impact of a divestiture in the APAC segment.
Previous wording
Reported net income - Linde plc increased $103 million, or 6%, for the second quarter of 2025 and increased $149 million, or 5%, for the six months ended June 30, 2025 versus the respective 2024 period.
Current wording
Reported net income - Linde plc increased $379 million, or 24%, for the third quarter of 2025 and increased $528 million, or 11%, for the nine months ended September 30, 2025 versus the respective 2024 period.
Previous 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.
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 $91 million, or 5%, for the third quarter of 2025 and increased $228 million, or 4%, for the nine months ended September 30, 2025 versus the respective 2024 period.
Previous wording
On both a reported and adjusted basis, the increase was driven by higher operating profit.
Current wording
On both a reported and adjusted basis, the increase was largely driven by higher operating profit.
Previous wording
Reported diluted earnings per share increased $0.29, or 8%, for the second quarter of 2025 versus the respective 2024 period. Reported diluted earnings per share increased $0.45, or 7%, for the six months ended June 30, 2025 versus the respective 2024 period.
Current wording
Reported diluted earnings per share increased $0.87, or 27%, for the third quarter of 2025 versus the respective 2024 period. Reported diluted earnings per share increased $1.32, or 13%, for the nine months ended September 30, 2025 versus the respective 2024 period.
Previous wording
On an adjusted basis, diluted EPS increased $0.24, or 6%, for the second quarter versus the respective 2024 period. On an adjusted basis, diluted EPS increased $0.44, or 6%, for the six months ended June 30, 2025, versus the respective 2024 period.
Current wording
On an adjusted basis, diluted EPS increased $0.27, or 7%, for the third quarter versus the respective 2024 period. On an adjusted basis, diluted EPS increased $0.72, or 6%, for the nine months ended September 30, 2025, versus the respective 2024 period.
Previous 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.
Current wording
The number of employees at September 30, 2025 was 65,489, a decrease of 107 employees from September 30, 2024, primarily due to the ongoing impact of cost reduction programs, partially offset by acquisitions.
Previous wording
EBITDA was $3,329 million for the second quarter of 2025 as compared to $3,187 million in the respective 2024 period. EBITDA was $6,461 million for the six months ended June 30, 2025 as compared to $6,279 million in the respective 2024 period.
Current wording
EBITDA was $3,364 million for the third quarter of 2025 as compared to $3,084 million in the respective 2024 period. EBITDA was $9,825 million for the nine months ended September 30, 2025 as compared to $9,363 million in the respective 2024 period.
Previous 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.
Current wording
Adjusted EBITDA increased to $3,377 million for the third quarter of 2025 from $3,253 million in the respective 2024 period. Adjusted EBITDA increased to $9,941 million for the nine months ended September 30, 2025 from $9,575 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 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.
Current wording
Other comprehensive loss for the third quarter was $165 million and income was $507 million for the nine months ended September 30, 2025. The loss in the quarter and income in the year-to-date periods resulted primarily from currency translation adjustments of $167 million and $466 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 and British pound. 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 $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.
Current wording
Sales for the Americas segment increased $228 million, or 6%, in the third quarter and $491 million, or 5%, for the nine months ended September 30, 2025 versus the respective 2024 periods. Higher pricing contributed 3% to sales in the third quarter and 3% year to date. Cost pass-through increased sales by 2% in both the quarter and year-to-date periods, with minimal impact on operating profit. Volumes increased sales by 1% in both the quarter and year-to-date periods, primarily driven by electronics and metals and mining end markets including project start-ups. Acquisitions were flat in the quarter and increased sales by 1% year to date. Currency translation was flat in the third quarter and decreased sales by 2% 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 $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.
Current wording
Operating profit in the Americas segment increased $46 million, or 4%, in the third quarter and $145 million, or 4%, for the nine months ended September 30, 2025 versus the respective 2024 period, driven primarily by higher pricing and continued productivity initiatives, which more than offset cost inflation. 2024 included a settlement gain with a supplier, recognized during the third quarter.
Previous wording
The EMEA segment includes Linde's industrial gases operations in approximately 45 European, Middle Eastern and African countries including Germany, United Kingdom, France, the Republic of South Africa and Sweden.
Current wording
The EMEA segment includes Linde's industrial gases operations in approximately 45 European, Middle Eastern and African countries including Germany, the United Kingdom, France, the Republic of South Africa and Sweden.
Previous 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.
Current wording
EMEA segment sales increased $67 million, or 3%, in the third quarter and increased $78 million, or 1%, for the nine months ended September 30, 2025, compared to the respective 2024 periods. Currency translation increased sales by 5% in the third quarter and 3% year to date, driven primarily by the strengthening of the Euro and British pound against the U.S. dollar. Higher price attainment increased sales by 2% in both the quarter and year-to-date periods. Cost pass-through decreased sales by 1% in the quarter with minimal impact on operating profit and was flat year to date. Volumes decreased sales by 3% in the quarter and 4% in the year-to-date period, primarily driven by the metals and mining, manufacturing, and chemicals and energy end markets.
Previous 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.
Current wording
Operating profit for the EMEA segment increased by $78 million, or 11%, in the third quarter and $189 million, or 9%, for the nine months ended September 30, 2025, compared to the respective 2024 periods. The increase in the third quarter and year to date was driven primarily by higher pricing, currency translation, and continued productivity initiatives, partially offset by lower volumes.
Previous 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.
Current wording
Sales for the APAC segment increased $25 million, or 1%, in the third quarter and decreased $29 million, or 1%, for the nine months ended September 30, 2025 versus the respective 2024 periods. Acquisitions increased sales by 3% in the quarter and 1% in the year-to-date period. Volumes were flat in the quarter anddecreased sales by 1% in theyear-to-date period. Price decreased sales by 1% in the quarter largely due to helium and was flat year to date. Currency translation decreased sales by 1% in the quarter and year-to-date periods, primarily due to the weakening of the Australian dollar against the U.S. dollar.
Previous 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.
Current wording
Operating profit in the APAC segment decreased $7 million, or 1%, in the third quarter, driven primarily by lower helium pricing, currency translation, partially offset by acquisitions. In the nine months ended September 30, 2025, operating profit increased $13 million, or 1%, driven primarily by productivity initiatives and acquisitions, partially offset by cost inflation, lower volumes, and currency translation.
Previous 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.
Current wording
Engineering segment sales decreased $92 million, or 15%, in the third quarter and decreased $59 million, or 3%, for the nine months ended September 30, 2025, as compared to the respective 2024 periods, driven by project timing. Currency translation increased sales by 4% in the quarter and increased sales by 2% in the year-to-date period, primarily due to the strengthening of the Euro against the U.S. dollar.
Previous 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.
Current wording
Engineering segment operating profit decreased $7 million, or 6%, in the third quarter primarily driven by project timing, partially offset by currency translation impacts and was flat for the nine months ended September 30, 2025, as compared to the respective 2024 periods.
Previous 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.
Current wording
Sales for Other increased $31 million, or 10%, for the third quarter and $18 million, or 2% for the nine months ended September 30, 2025, versus the respective 2024 periods. Underlying sales increased by 8% in the quarter and 1% in the year-to-date period, primarily due to higher volumes in LAMT. Currency translation increased sales by 1% in the quarter and year-to-date periods.
Previous 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.
Current wording
Operating profit in Other decreased $29 million in the third quarter and $36 million for the nine months ended September 30, 2025 versus the respective 2024 periods. The decrease in the quarter was primarily driven by helium and cost inflation. The decrease in theyear-to-date period was driven by helium and an insurance recovery in 2024, partially offset bylower costs and continued productivity initiatives.
Previous 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.
Current wording
Cash provided by operations of $7,320 million for the nine months ended September 30, 2025 increased $706 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.
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 $15 million has been made through June 30, 2025.
Current wording
Linde estimates that the total 2025 required contributions to its pension plans will be in the range of approximately $25 million to $35 million, of which $20 million has been made through September 30, 2025.
Previous 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.
Current wording
Net cash used for investing activities of $4,260 million for the nine months ended September 30, 2025 increased $992 million, or 30%, versus 2024, due to higher capital expenditures and acquisition spend, net of cash acquired.
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