LINDE PLC

Previous wording

Throughout MD&A, the company provides adjusted operating results exclusive of certain items such as Cost reduction program and other charges, purchase accounting impacts of the Linde AG merger, and pension settlement charges. Adjusted amounts are non-GAAP measures which are intended to supplement investors’ understanding of the company’s financial information by providing measures which investors, financial analysts and management find useful in evaluating the company’s operating performance. Items which the company does not believe to be indicative of on-going business performance are excluded from these calculations so that investors can better evaluate and analyze historical and future business trends on a consistent basis. In addition, operating results, excluding these items, is important to management's development of annual and long-term employee incentive compensation plans. Definitions of these non-GAAP measures may not be comparable to similar definitions used by other companies and are not a substitute for similar GAAP measures.

Current wording

Throughout the MD&A, Linde plc ("Linde" or "the company") provides adjusted operating results exclusive of certain items such as Cost reduction program and other charges, purchase accounting impacts of the Linde AG merger, and pension settlement charges. Adjusted amounts are non-GAAP measures which are intended to supplement investors’ understanding of the company’s financial information by providing measures which investors, financial analysts and management find useful in evaluating the company’s operating performance. Items which the company does not believe to be indicative of on-going business performance are excluded from these calculations so that investors can better evaluate and analyze historical and future business trends on a consistent basis. In addition, operating results, excluding these items, is important to management's development of annual and long-term employee incentive compensation plans. Definitions of these non-GAAP measures may not be comparable to similar definitions used by other companies and are not a substitute for similar GAAP measures.

Previous wording

The following table provides summary information for the quarters and six months ended June 30, 2026 and 2025. 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 provides summary information for the quarters and nine months ended September 30, 2026 and 2025 and comparisons of 2026 to the respective 2025 periods. The amounts indicated as adjusted or as other financial data are non-GAAP measures intended to supplement investors' understanding of the company's financial information, which are not a substitute for GAAP measures.

Previous wording

In the second quarter of 2026, Linde's sales were $9,289 million, 9% above the prior year. Sales grew 2% from higher price attainment. Volumes increased sales by 2% primarily driven by the electronics, manufacturing, and chemicals and energy end markets. Currency translation increased sales by 2% primarily driven by the strengthening of the Brazilian real, Chinese yuan, and Euro against the U.S. dollar. Acquisitions increased sales by 1%. Cost pass-through, representing the contractual billing of energy cost variances primarily to onsite customers, increased sales by 1%. Engineering sales increased by 1%.

Current wording

Sales for the third quarter of 2026 were $9,404 million, 9% above the prior year. Sales grew 3% from higher price attainment and 2% from higher volumes primarily driven by the electronics, chemicals and energy, and manufacturing end markets. Sales also increased 1% from currency translation, 1% from acquisitions, 1% from cost pass-through, which represents the contractual billing of energy cost variances primarily to on-site customers, and 1% from engineering sales.

Previous wording

Reported operating profit for the second quarter of 2026 was $2,554 million, or 27.5% of sales, 8% above the prior year. The reported year-over-year increase was primarily driven by higher pricing, currency translation and productivity initiatives, which more than offset adverse impacts from cost inflation. The reported effective tax rate ("ETR") was 24.0% in the second quarter of 2026 versus 24.4% in 2025. Diluted earnings per share ("EPS") was $4.15 in the second quarter of 2026, or 11% above EPS of $3.73 in the second quarter of 2025, primarily due to higher net income - Linde plc and lower diluted shares outstanding.

Current wording

Operating profit for the third quarter of 2026 was $2,150 million, or 22.9% of sales, 9% below the prior year. The decrease was primarily driven by cost reduction program and other charges and cost inflation, partially offset by higher pricing and productivity initiatives. The effective tax rate ("ETR") was 21.1% in the third quarter of 2026 versus 18.0% in 2025. Diluted earnings per share ("EPS") was $3.66 in the third quarter of 2026, or 11% below EPS of $4.09 for 2025. The decrease was due to lower net income - Linde plc partially offset by lower diluted shares outstanding.

Previous wording

Below is a discussion of the results of operations for the second quarter of 2026 and for the six months ended June 30, 2026 compared to the respective 2025 periods.

Current wording

Below is a discussion of the results of operations for the third quarter of 2026 and for the nine months ended September 30, 2026 compared to the respective 2025 periods.

Previous wording

Sales increased by 9% both in the second quarter of 2026 and for the six months ended June 30, 2026, versus the respective 2025 periods. Currency translation increased sales by 2% in the quarter and increased sales by 3% for the six months ended June 30, 2026, driven primarily by the strengthening of the Chinese yuan, Euro and Brazilian real against the U.S. dollar. Higher price attainment increased sales by 2% both in the quarter and six months ended June 30, 2026. Volumes increased sales by 2% both in the quarter and six months ended June 30, 2026, due primarily to the electronics, manufacturing, and chemicals and energy end markets. Acquisitions increased sales by 1% both in the quarter and six months ended June 30, 2026. Cost pass-through also increased sales by 1% both in the quarter and six months ended June 30, 2026, with minimal impact on operating profit. Engineering sales increased by 1% in the quarter and were flat in the six months ended June 30, 2026.

Current wording

Sales increased by 9% both in the third quarter of 2026 and for the nine months ended September 30, 2026. Higher price attainment increased sales by 3% both in the quarter and nine months ended September 30, 2026. Volumes increased sales by 2% both in the quarter and nine months ended September 30, 2026 primarily driven by the electronics, chemicals and energy, and manufacturing end markets. Currency translation increased sales by 1% in the quarter and 2% for the nine months ended September 30, 2026 driven primarily by the strengthening of the Euro, Mexican peso, Chinese yuan, and Brazilian real against the U.S. dollar. Acquisitions increased sales by 1% both in the quarter and nine months ended September 30, 2026. Cost pass-through also increased sales by 1% both in the quarter and nine months ended September 30, 2026, with minimal impact on operating profit. Engineering sales increased by 1% in the quarter and were flat in the nine months ended September 30, 2026.

Previous wording

Cost of sales, exclusive of depreciation and amortization, increased $555 million, or 13%, for the second quarter of 2026 and increased $921 million, or 11%, for the six months ended June 30, 2026, primarily due to currency translation, and cost inflation, partially offset by productivity gains. Cost of sales, exclusive of depreciation and amortization, was 52.3% and 51.9% of sales for the quarter and six months ended June 30, 2026, respectively, versus 50.7% and 51.0% for the respective 2025 periods. The increase as a percentage of sales was primarily due to higher costs and cost pass-through, partially offset by productivity gains.

Current wording

Cost of sales, exclusive of depreciation and amortization, increased $583 million, or 13%, for the third quarter of 2026 and increased $1,504 million, or 12%, for the nine months ended September 30, 2026. The increases were primarily due to higher costs and currency translation, partially offset by productivity gains. Cost of sales, exclusive of depreciation and amortization, was 52.8% and 52.2% of sales for the quarter and nine months ended September 30, 2026, respectively, versus 50.8% and 50.9% for the respective 2025 periods. The increase as a percentage of sales was primarily due to higher costs and cost pass-through, partially offset by productivity gains.

Previous wording

Selling, general and administrative expenses ("SG&A") increased $21 million, or 2%, for the second quarter of 2026 and increased $128 million, or 8%, for the six months ended June 30, 2026. SG&A was 9.6% and 9.9% of sales for the quarter and six months ended June 30, 2026, respectively, versus 10.2% and 10.0% of sales for the respective 2025 periods. Currency impact increased SG&A by approximately $16 million for the second quarter of 2026 and $53 million for the six months ended June 30, 2026. Excluding currency impacts, the underlying SG&A increase was driven primarily by higher costs.

Current wording

Selling, general and administrative expenses ("SG&A") decreased $5 million, or 1% including an increase of $4 million from currency, in the third quarter of 2026 and increased $123 million, or 5% including an increase of $57 million from currency, for the nine months ended September 30, 2026. SG&A was 9.5% and 9.7% of sales for the quarter and nine months ended September 30, 2026, respectively, versus 10.4% and 10.1% of sales for the respective 2025 periods. Excluding currency impacts, the underlying year-to-date SG&A increase was driven primarily by higher costs.

Previous wording

Reported depreciation and amortization expense increased $21 million, or 2%, for the second quarter of 2026 and increased $62 million, or 3%, for the six months ended June 30, 2026. On an adjusted basis, excluding merger-related impacts, depreciation and amortization increased $29 million, or 4%, including currency impact of $14 million in the second quarter of 2026 and increased $70 million, or 5%, including currency impact of $43 million for the six months ended June 30, 2026. Excluding currency, the underlying depreciation and amortization increase was largely driven by new project start-ups.

Current wording

Depreciation and amortization expense increased $4 million, or 0%, for the third quarter of 2026 and increased $66 million, or 2%, for the nine months ended September 30, 2026. On an adjusted basis, excluding merger-related impacts, depreciation and amortization increased $18 million, or 2% including an increase of $6 million from currency, in the third quarter of 2026 and increased $88 million, or 4% including an increase of $49 million from currency, for the nine months ended September 30, 2026. Excluding currency, the underlying depreciation and amortization increases were largely driven by new project start-ups.

Previous wording

There were no cost reduction program and other charges for the quarter and six months ended June 30, 2026. For the respective 2025 periods, there were no cost reduction program and other charges for the second quarter of 2025, and $55 million for the six months ended June 30, 2025, primarily related to severance charges. On an adjusted basis, these costs have been excluded.

Current wording

Cost reduction program and other charges increased $436 million for the third quarter of 2026 and increased $381 million for the nine months ended September 30, 2026. The increase is due to the 2026 program recognized during the third quarter, which includes global severance and other cost reduction charges of $200 million and $42 million, respectively, and various non-cash charges totaling $183 million primarily related to the U.S. homecare business. On an adjusted basis, these costs have been excluded.

Previous wording

On an adjusted basis, which excludes the impacts of merger-related purchase accounting as well as cost reduction program and other charges, operating profit increased $188 million, or 7%, for the second quarter of 2026 and increased $380 million, or 8%, for the six months ended June 30, 2026. The increases were driven by savings from productivity initiatives, higher pricing, and currency translation, which more than offset the effects of cost inflation. 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 program and other charges, operating profit increased $205 million, or 8%, for the third quarter of 2026 and increased $585 million, or 8%, for the nine months ended September 30, 2026. Adjusted operating profit growth was driven by higher pricing and productivity initiatives, partially offset by cost inflation. 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 $53 million and $107 million for the quarter and six months ended June 30, 2026, respectively, versus a benefit of $59 million and $115 million for the respective 2025 periods. The decrease for both periods was primarily driven by lower amortization of deferred gains year-over-year.

Current wording

Net pension and OPEB benefit, excluding service cost, decreased $8 million for the third quarter of 2026 and decreased $16 million for the nine months ended September 30, 2026. The decreases were primarily driven by lower amortization of deferred gains.

Previous wording

On an adjusted basis, the ETR for the quarter and six months ended June 30, 2026 was 23.9% and 23.7%, respectively, versus 24.3% and 23.9% for the respective 2025 periods.

Current wording

On an adjusted basis, the ETR for the quarter and nine months ended September 30, 2026 was 23.8% and 23.7%, respectively, versus 22.7% and 23.5% for the respective 2025 periods.

Previous wording

On an adjusted basis, income from equity investments for the quarter and six months ended June 30, 2026 was $55 million and $114 million, respectively, versus $51 million and $107 million for the respective 2025 periods.

Current wording

On an adjusted basis, income from equity investments increased $20 million for the third quarter of 2026 and increased $27 million for the nine months ended September 30, 2026.

Previous wording

At June 30, 2026, noncontrolling interests consisted primarily of non-controlling shareholders' investments in APAC (primarily China). Reported noncontrolling interests income was $44 million and $87 million for the quarter and six months ended June 30, 2026, respectively, versus $40 million and $74 million for the respective 2025 periods.

Current wording

At September 30, 2026, noncontrolling interests consisted primarily of noncontrolling shareholders' investments in APAC (primarily China). Noncontrolling interest income increased $5 million for the third quarter of 2026 and increased $18 million for the nine months ended September 30, 2026.

Previous wording

Reported net income - Linde plc increased $162 million, or 9%, for the second quarter of 2026, and increased $346 million, or 10%, for the six months ended June 30, 2026. 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 $152 million, or 8%, for the second quarter of 2026, and increased $291 million, or 8%, for the six months ended June 30, 2026. On both a reported and adjusted basis, the increase was largely driven by higher operating profit.

Current wording

Net income - Linde plc decreased $237 million, or 12%, for the third quarter of 2026, and increased $109 million, or 2%, for the nine months ended September 30, 2026. 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 $135 million, or 7%, for the third quarter of 2026, and increased $426 million, or 7%, for the nine months ended September 30, 2026. The increases were largely driven by higher operating profit.

Previous wording

The number of employees at June 30, 2026 was 64,649, a decrease of 193 employees from June 30, 2025 due to the ongoing impact of the cost reduction program, partially offset by acquisitions.

Current wording

The number of employees at September 30, 2026 was 64,512, a decrease of 977 employees from September 30, 2025 due to the ongoing impact of cost reduction programs, partially offset by acquisitions.

Previous wording

See the "Non-GAAP Measures and Reconciliations" section for definitions and reconciliations of these adjusted non-GAAP measures to reported GAAP amounts.

Current wording

See the "Non-GAAP Measures and Reconciliations" section for definitions and reconciliations of adjusted non-GAAP measures to reported GAAP amounts.

Previous wording

Other comprehensive income for the quarter and six months ended June 30, 2026 was $228 million and $307 million, respectively, which primarily related to currency translation adjustments of $246 million and $301 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.

Current wording

Other comprehensive income for the quarter and nine months ended September 30, 2026 was $310 million and $617 million, respectively, which primarily related to currency translation adjustments of $298 million and $599 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

The following summary of sales and operating profit by segment provides a basis for the discussion that follows. Linde plc evaluates the performance of its reportable segments based on operating profit, excluding items not indicative of ongoing business trends. The reported amounts are GAAP amounts from the Consolidated Statement of Income.

Current wording

The following summary of sales and operating profit by segment provides a basis for the discussion that follows. Linde evaluates the performance of its reportable segments based on operating profit, excluding items not indicative of ongoing business trends. The reported amounts are GAAP amounts from the Consolidated Statement of Income.

Previous wording

Sales for the Americas segment increased $271 million, or 7%, in the second quarter of 2026 and increased $630 million, or 8%, for the six months ended June 30, 2026. Higher pricing increased sales by 2% in the quarter and 3% year-to-date. Volumes increased sales by 2% both in the quarter and year-to-date periods primarily drivenby the electronics and manufacturing end markets. Cost pass-through was flat in the quarter and increased sales by 1% year-to-date, with minimal impact on operating profit. Currency translation increased sales by 2% both in the quarter and year-to-date periods, driven primarily by the strengthening of the Mexican peso and Brazilian real against the U.S. dollar. Acquisitions increased sales by 1% in the quarter and were flat year-to-date.

Current wording

Sales for the Americas segment increased $348 million, or 11%, in the third quarter of 2026 and increased $996 million, or 10%, for the nine months ended September 30, 2026. Pricing increased sales by 6% in the quarter, primarily from ongoing price actions in addition to recovery of costs incurred in the current and prior periods. Volumes increased sales by 3% both in the quarter and year-to-date periods primarily driven by the electronics, chemicals and energy, and metals and mining end markets. Cost pass-through was flat in the quarter and year-to-date, with minimal impact on operating profit. Currency translation increased sales by 1% in the quarter and 2% year-to-date driven primarily by the strengthening of the Mexican peso and Brazilian real against the U.S. dollar. Acquisitions increased sales by 1% in the quarter and year-to-date.

Previous wording

Sales for the EMEA segment increased $141 million, or 7%, in the second quarter of 2026 and increased $281 million, or 7%, for the six months ended June 30, 2026. Currency translation increased sales by 3% in the quarter and 6% year-to-date largely due to the strengthening of the Euro against the U.S. dollar. Higher price attainment increased sales by 2% both in the quarter and the year-to-date periods. Acquisitions increased sales by 1% both in the quarter and the year-to-date periods. Cost pass-through increased sales by 2% in the quarter, with minimal impact on operating profit, and was flat year-to-date. Volumes decreased sales by 1% in the quarter and decreased sales by 2% year-to-date primarily driven by the manufacturing end market.

Current wording

Sales for the EMEA segment increased $149 million, or 7%, in the third quarter of 2026 and increased $430 million, or 7%, for the nine months ended September 30, 2026. Currency translation was flat in the quarter and increased sales by 4% year-to-date largely due to the strengthening of the Euro against the U.S. dollar. Higher price attainment increased sales by 2% both in the quarter and the year-to-date periods. Acquisitions increased sales by 1% both in the quarter and the year-to-date periods. Cost pass-through increased sales by 3% in the quarter and 1% year-to-date with minimal impact on operating profit. Volumes increased sales by 1% in the quarter and decreased sales by 1% year-to-date.

Previous wording

Operating profit in the EMEA segment increased $43 million, or 6%, for the second quarter of 2026, and increased $105 million, or 7%, for the six months ended June 30, 2026. The increase was driven by continued productivity initiatives, currency translation, and higher pricing, which more than offset cost inflation and lower volumes.

Current wording

Operating profit in the EMEA segment increased $36 million, or 5%, for the third quarter of 2026, and increased $141 million, or 6%, for the nine months ended September 30, 2026. The increase was driven by productivity initiatives, currency translation, and higher pricing, partially offset by cost inflation.

Previous wording

Sales for the APAC segment increased $215 million, or 13%, in the second quarter of 2026 and increased $377 million, or 12%, for the six months ended June 30, 2026. Volumes increased sales by 6% both in thequarter and year-to-date periods, primarily driven by new project start-ups and equipment sales. Currency translation increased sales by 3% both in thequarter and year-to- date periods primarily due to the strengthening of the Australian dollar and Chinese yuan against the U.S. dollar. Acquisitions were flat in the quarter and increased sales by 1% year-to-date. Price increased sales by 2% in the quarter and 1% year-to-date. Cost pass-through increased sales by 2% in the second quarter and 1% year-to-date, with minimal impact on operating profit.

Current wording

Sales for the APAC segment increased $209 million, or 12%, in the third quarter of 2026 and increased $586 million, or 12%, for the nine months ended September 30, 2026. Volumes increased sales by 5% both in thequarter and year-to-date periods, primarily driven by electronics and chemicals and energy end markets and project start-ups. Currency translation increased sales by 3% both in thequarter and year-to-date periods primarily due to the strengthening of the Chinese yuan and Australian dollar against the U.S. dollar. Higher pricing increased sales by 3% in the quarter and 2% year-to-date. Acquisitions were flat in the quarter and increased sales by 1% year-to-date. Cost pass-through increased sales by 1% in the third quarter and year-to-date, with minimal impact on operating profit.

Previous wording

Operating profit in the APAC segment increased $41 million, or 8%, in the second quarter of 2026 and increased $67 million, or 7%, for the six months ended June 30, 2026. The increase was driven primarily by higher pricing, continued productivity initiatives, volumes, and currency translation, which more than offset cost inflation.

Current wording

Operating profit in the APAC segment increased $44 million, or 9%, in the third quarter of 2026 and increased $111 million, or 8%, for the nine months ended September 30, 2026. The increase was driven primarily by higher pricing, productivity initiatives, and currency translation, partially offset by cost inflation.

Previous wording

Sales for the Engineering segment increased $74 million, or 13%, in the second quarter of 2026 and increased $26 million, or 2%, for the six months ended June 30, 2026 primarily due to project timing. Currency translation increased sales by 2% in the quarter and 4% year-to-date primarily due to the strengthening of the Euro against the U.S. dollar.

Current wording

Sales for the Engineering segment increased $63 million, or 12%, in the third quarter of 2026 and increased $89 million, or 5%, for the nine months ended September 30, 2026 primarily due to project timing. Currency translation was flat in the quarter and increased sales by 3% year-to-date primarily due to the strengthening of the Euro against the U.S. dollar.

Previous wording

Operating profit for the Engineering segment increased $10 million, or 11% for the second quarter of 2026, primarily driven by project timing and currency translation. For the six months ended June 30, 2026, operating profit decreased $3 million, or 1%, primarily driven by project timing, partially offset by currency translation.

Current wording

Operating profit for the Engineering segment increased $6 million, or 6% for the third quarter of 2026 and $3 million, or 1%, for the nine months ended September 30, 2026 primarily due to project timing and currency translation.

Previous wording

Other consists of corporate costs and a few smaller businesses including Linde Advanced Material Technologies (LAMT) and global helium wholesale, which individually do not meet the quantitative thresholds for separate presentation.

Current wording

Other consists of corporate costs and a few smaller businesses including Linde Advanced Material Technologies (LAMT), U.S. homecare and global helium wholesale, which individually do not meet the quantitative thresholds for separate presentation.

Previous wording

Sales for Other increased $93 million, or 30%, in the second quarter of 2026 and increased $149 million, or 24%, for the six months ended June 30, 2026. Sales increased primarily due to higher volume/price and pass through costs in LAMT. Currency translationwas flat in the quarter and increased sales by 1% year-to-date.

Current wording

Sales for Other increased $20 million, or 2%, in the third quarter of 2026 and increased $151 million, or 6%, for the nine months ended September 30, 2026 primarily due tohigher volume/price and pass-through costs in LAMT.

Previous wording

Cash provided by operations of $4,511 million for the six months ended June 30, 2026, increased $139 million, or 3%, versus 2025. The increase was driven primarily by higher net income.

Current wording

Cash provided by operations of $7,680 million for the nine months ended September 30, 2026, increased $360 million, or 5%, versus 2025. The increase was driven primarily by higher net income adjusted for non-cash charges, partially offset by higher working capital requirements.

Previous wording

Linde estimates that the total 2026 required contributions to its pension plans will be in the range of approximately $25 million to $35 million, of which $18 million has been made through June 30, 2026.

Current wording

Linde estimates that the total 2026 required contributions to its pension plans will be in the range of approximately $25 million to $35 million, of which $23 million has been made through September 30, 2026.

Previous wording

Net cash used for investing activities of $3,042 million for the six months ended June 30, 2026 increased $216 million, or 8%, versus 2025 as higher capital expenditures and acquisition spend, net of cash acquired more than offset cash inflows from divestitures and asset sales.

Current wording

Net cash used for investing activities of $4,368 million for the nine months ended September 30, 2026 increased $108 million, or 3%, versus 2025. The increase was primarily due to higher capital expenditures, partially offset by higher inflows from divestitures and asset sales.

Previous wording

Capital expenditures for the six months ended June 30, 2026 were $2,780 million, $253 million higher than the prior year, primarily due to investments in new plant and production equipment for backlog growth requirements.

Current wording

Capital expenditures for the nine months ended September 30, 2026 were $4,172 million, $369 million higher than the prior year, primarily due to investments in new plant and production equipment for backlog growth requirements.

Previous wording

At June 30, 2026, Linde's sale of gas backlog of large projects under construction was approximately $8.1 billion. This represents the total estimated capital cost of large plants under construction.

Current wording

At September 30, 2026, Linde's sale of gas backlog of large projects under construction was approximately $7.9 billion. This represents the total estimated capital cost of large plants under construction.

Previous wording

Acquisitions, net of cash acquired, were $385 million for the six months ended June 30, 2026, and primarily related to businesses in the Americas and EMEA. Acquisitions, net of cash acquired, were $270 million for the six months ended June 30, 2025 and related primarily to businesses in the Americas and APAC.

Current wording

Acquisitions, net of cash acquired, were $411 million for the nine months ended September 30, 2026, and primarily related to businesses in the Americas and EMEA. Acquisitions, net of cash acquired, were $393 million for the nine months ended September 30, 2025 and related primarily to businesses in the Americas, APAC, and EMEA segments.

Previous wording

Divestitures, net of cash divested and asset sales, for the six months ended June 30, 2026 were $123 million and included proceeds from the sale of a business in the Americas. Divestitures for the six months ended June 30, 2025, net of cash divested and asset sales, were $24 million.

Current wording

Divestitures, net of cash divested and asset sales, for the nine months ended September 30, 2026 were $178 million and included proceeds from the sale of a business in the Americas. Divestitures for the nine months ended September 30, 2025, net of cash divested and asset sales, were $31 million.

Previous wording

Cash outflows related to other investing, net decreased $53 million for the six months ended June 30, 2026, versus 2025, due to a decrease in cash settlements of foreign exchange contracts designated in a net investment hedging relationship.

Current wording

Other investing, net for the nine months ended September 30, 2026 was an inflow of $37 million versus an outflow of $95 million in the respective 2025 period, due to a decrease in cash outflows for settlement of foreign exchange contracts designated in a net investment hedging relationship.

Previous wording

Cash used for financing activities was $1,647 million for the six months ended June 30, 2026 as compared to $1,754 million for the six months ended June 30, 2025. Cash provided by debt was $1,645 million for the six months ended June 30, 2026, versus cash provided by debt of $1,839 million for the six months ended June 30, 2025, driven primarily by lower net debt issuances in 2026. During the six months ended June 30, 2026, Linde issued €1.6 billion of Euro-dominated notes and repaid $725 million of U.S. dollar-denominated notes.

Current wording

Cash used for financing activities was $4,445 million for the nine months ended September 30, 2026 as compared to $3,536 million for the nine months ended September 30, 2025. Cash provided by debt was $504 million for the nine months ended September 30, 2026, versus cash provided by debt of $1,917 million for the nine months ended September 30, 2025, driven primarily by lower net debt issuances in 2026. During the nine months ended September 30, 2026, Linde issued €1.6 billion of Euro-denominated notes and repaid $925 million and €700 million of U.S. dollar-denominated and Euro-denominated notes, respectively.

Previous wording

Net purchases of ordinary shares were $1,656 million for the six months ended June 30, 2026, versus $2,207 million for the six months ended June 30, 2025. 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 $2,606 million for the nine months ended September 30, 2026, versus $3,191 million for the nine months ended September 30, 2025. For additional information related to the share repurchase programs, see Part II Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.

Previous wording

Cash dividends for the six months ended June 30, 2026 were $1,479 million, having increased $67 million from the six months ended June 30, 2025, driven primarily by a 7% increase in quarterly dividends per share from $1.50 per share to $1.60 per share and partially offset by lower shares outstanding. Cash used for noncontrolling interest transactions and other was $157 million for the six months ended June 30, 2026 versus cash provided by noncontrolling interest transactions and other of $26 million for the six months ended June 30, 2025, primarily due to higher cash requirements for withholding taxes related to share-based compensation arrangements and lower cash inflows from financing related derivatives.

Current wording

Cash dividends for the nine months ended September 30, 2026 were $2,214 million, having increased $101 million from the nine months ended September 30, 2025, driven primarily by a 7% increase in quarterly dividends per share from $1.50 per share to $1.60 per share and partially offset by lower shares outstanding. Cash used for noncontrolling interest transactions and other was $129 million for the nine months ended September 30, 2026 versus $149 million for the nine months ended September 30, 2025.