#1Linde plc Investor Teleconference Presentation Fourth Quarter 2023 February 6, 2024 Making our world more productive Linde#2Forward-Looking Statement Linde This document contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are identified by terms and phrases such as: anticipate, believe, intend, estimate, expect, continue, should, could, may, plan, project, predict, will, potential, forecast, and similar expressions. They are based on management's reasonable expectations and assumptions as of the date the statements are made but involve risks and uncertainties. These risks and uncertainties include, without limitation: the performance of stock markets generally; developments in worldwide and national economies and other international events and circumstances, including trade conflicts and tariffs; changes in foreign currencies and in interest rates; the cost and availability of electric power, natural gas and other raw materials; the ability to achieve price increases to offset cost increases; catastrophic events including natural disasters, epidemics, pandemics such as COVID-19, and acts of war and terrorism; the ability to attract, hire, and retain qualified personnel; the impact of changes in financial accounting standards; the impact of changes in pension plan liabilities; the impact of tax, environmental, healthcare and other legislation and government regulation in jurisdictions in which the company operates; the cost and outcomes of investigations, litigation and regulatory proceedings; the impact of potential unusual or non-recurring items; continued timely development and market acceptance of new products and applications; the impact of competitive products and pricing; future financial and operating performance of major customers and industries served; the impact of information technology system failures, network disruptions and breaches in data security; and the effectiveness and speed of integrating new acquisitions into the business. These risks and uncertainties may cause future results or circumstances to differ materially from adjusted projections, estimates or other forward-looking statements. Linde plc assumes no obligation to update or provide revisions to any forward-looking statement in response to changing circumstances. The above listed risks and uncertainties are further described in Item 1A. Risk Factors in Linde plc's Form 10-K for the fiscal year ended December 31, 2022 filed with the SEC on February 28, 2023, which should be reviewed carefully. Please consider Linde plc's forward-looking statements in light of those risks. 2#3Key Highlights - 2023 Human Capital Making our w more produc → Best in-class safety performance → Gender diversity 29%, 2030 goal 30%+ → ~600 community engagement projects globally, +20% YoY → Investing in global talent development, including digital/Al programs Positioning for the Future Making our world more productive Linde Linde Environmental → YoY reduction absolute GHG emissions → Active renewable power +1 TWh → Water Management Planning at >60% of high-water-use sites → Member of DJSI, 21st consecutive year and #1 in Sustainalytics ESG Financials → Awarded SOG project to supply blue H2 to OCI (Texas), ~$2B capex → Backlog $8B+ → 53 small on-site wins, capex $270mm → Pipeline ~200 decarbonization projects with expected capex of $8-$10B → Mitigated challenging macro environment Margins +390 bps, +310 bps ex. CPT → EPS +16%; increased ROC to 25.4% → Delisted from Frankfurt Stock Exchange → Returned $6B+ to shareholders Well positioned for another strong year in 2024 EPS and ROC are non-GAAP measures - see Appendix Gender diversity refers to the global professional employee population 3#45-Year Financial Performance EPS¹ (1) +129% Operating Profit Margin (1) Linde +62% 2018 2019 2020 2021 2022 2023 2018 2019 2020 2021 2022 2023 (2) Operating Cash Flow 2019 2020 2021 2022 +52% (1) ROC +147% 2023 2018 2019 2020 2021 2022 2023 Linde Competitor 1 Competitor 2 Industry leading results where it matters most Source: Competitor filings and Factset. ROC calculated on a similar basis to Linde (1) Non-GAAP measures - see appendix or prior year presentations for reconciliations (2) Operating cash flow starts 2019 due to no 2018 proforma for Linde plc Competitor 1 pending 2023 results. Used consensus estimates for 2023 (dotted line) 4#55-Year Total Shareholder Return() (TSR) 12/31/18 to 12/31/23 Linde +185% Competitor 1 +118% Competitor 2 +92% S&P 500 +107% 2019 LIN vs S&P500 +7.6% Index TSR (Dec. 31, 2018 = 100) 2020 +7.5% 2021 +4.7% 2022 +13.7% Linde 2023 +1.4% Linde, one of only 12 members in S&P500 (and only in sector) with positive alpha 5 consecutive years Source: Competitor filings and Factset (1) Measures change in stock price plus dividends paid A company for all seasons 5#6Fourth-Quarter Adjusted Results() Linde ($MM) 4Q 2023 3Q 2023 Var 4Q 2022 Var YOY SEQ. Sales Growth + 5% +2% Sales $8,302 $8,155 2% $7,899 5% Volume - - 1% Operating Profit $2,272 $2,306 -1% $2,001 14% Price / Mix +4% +1% % of Sales 27.4% 28.3% 25.3% Cost pass-thru -3% +1% Currency +2% - 1% Income $1,753 $1,783 -2% $1,574 11% Acq / Div +1% -- Diluted EPS $3.59 $3.63 -1% $3.16 14% Engineering +1% Op. Cash Flow $2,727 $2,520 8% $2,095 30% +2% ■ Broad-based price attainment & continued progress on productivity initiatives ◉ Capex $1,151 $948 21% $936 23% Operating margins ex. cost pass-thru (bps) YOY Seq. Base Capex (2) $705 $597 18% $663 6% Americas +100 +30 APAC +100 +10 Project Capex(3) $446 $351 27% $273 63% EMEA +350 -60 Consolidated +130 -80 After-Tax ROC 25.4% 25.6% -20 bps 22.9% +250 bps (1) Results other than Sales, Operating Cash Flow and Capex are Non-GAAP measures - see Appendix (2) Represents capex in small growth, maintenance and other non-project capex related investments (3) Capex for projects > $5mm with a long-term customer supply agreement and incremental growth ■ ARS deval. negative impact $30mm, $20mm int. expense and $10mm operating profit ▪ EPS $3.59, YoY +14% ■ Strong operating cash, YoY +30% " $8.5 billion project backlog 6#72023 Capital Management Operating Cash Flow Trend ($B) ■ 2022 ■ 2023 $2.6 $2.7 $2.5 $2.0 $2.1 $2.2 $1.9 $2.1 1Q 2Q 3Q 4Q 2023 full-year $9B+ (YoY +5%) Business Investment $4.7B Linde Cash Outflows ~$11B Base Capex(1) $2.5B Secured Growth (2) $2.2B Net Share Buybacks $3.9B Dividends $2.5B Reinvesting in the business & rewarding shareholders (1) Represents capex in small growth, maintenance and other non-project capex related investments (2) Represents project capex plus acquisitions Return to Shareholders $6.4B 7#82024 Guidance (1) Full-Year 2024 ■ Adjusted EPS in the range of $15.25 to $15.65 • +7% to +10% vs. 2023 • Estimated YoY currency headwind -1% • +8% to +11% vs. 2023 excluding FX . Mid-point assumes no economic improvement • 1st Quarter 2024 (1) Linde Adjusted EPS in the range of $3.58 to $3.68 • +5% to +8% vs. 2023 • Estimated YoY currency headwind -1% +6% to +9% vs. 2023 excluding FX Mid-point assumes no economic improvement ■ CAPEX: $4.5B to $5.0B (1) Non-GAAP measure, see appendix Full-year EPS +8% to +11% ex. FX 8#9Appendix Linde 9#10Full-Year Adjusted Results" YOY Linde ($MM) Sales 2023 2022 Var Sales Growth - 2% $32,854 $33,364 -2% Volume - 1% Operating Profit $9,070 $7,904 15% Price / Mix + 6% Cost pass-thru (CPT) - 3% % of Sales 27.6% 23.7% Currency - 1% Income $6,989 $6,195 13% Acq/Div - 1% Engineering -2% Diluted EPS $14.20 $12.29 16% Op. Cash Flow $9,305 $8,864 5% Capex $3,787 $3,173 19% Base Capex² $2,457 $2,226 10% Project Capex³ $1,330 $947 40% After-Tax ROC 25.4% 22.9% +250 bps (1) Results other than Sales, Operating Cash Flow and Capex are Non-GAAP measures - see Appendix. All amounts are from continuing operations (2) Represents capex in small growth, maintenance and other non-project capex related investments (3) Capex for projects > $5mm with a long-term customer supply agreement and incremental growth ■ Price attainment in all geographic segments ■ Record OP margin, +390 bps; ex. CPT +310 bps Strong operating leverage YoY Sales -2%, OP +15%, EPS +16% Operating leverage across all geographic segments ■ Record EPS $14.20 ☐ Capex increase led by Project Capex $8.5 billion project backlog ▪ Record ROC 25.4%, increased 250 bps 10 10#11Americas Linde ($MM) 4Q 2023 3Q 2023 Var 4Q 2022 Var YOY Sales Sales Growth + 5% $3,583 SEQ. - 1% $3,629 -1% $3,421 5% Volume +1% - 1% Operating Profit $1,075 $1,074 0% $944 14% Price / Mix + 5% +1% % of Sales 30.0% 29.6% 27.6% Cost pass-thru - 5% Currency +1% - 1% Acq/Div + 3% - Sales by End Market Electronics 4% Others 8% Chemicals & Energy 23% Healthcare 25% Metals & Mining 11% Manufacturing 19% Food & Beverage 10% ■ Continued price and productivity initiatives ■ Ex cost pass-thru, YoY margins up 100 bps ■ ARS deval. negative impact $10mm operating profit ■ YoY growth across all end markets except Electronics ☐ - Food & Beverage and Chemicals & Energy the strongest Seq. volumes lower driven due to seasonality 11#12APAC ($MM) 4Q 2023 3Q 2023 Var 4Q 2022 Var YOY Sales Growth + 5% Sales $1,639 $1,639 0% $1,567 5% Volume Operating Profit $452 $459 -2% $416 9% Price / Mix % of Sales 27.6% 28.0% 26.5% -- Sales by End Market Others 12% Chemicals & Energy 24% Electronics 24% Food & Beverage 4% Healthcare 5% Manufacturing Metals & Mining 18% 13% Linde SEQ. -- + 3% +2% -2% -- Cost pass-thru Currency Acq/Div -- ■ YoY margins up 110 bps +2% -- -- ■ Continued good inflation management ■ YoY sales growth led by Chemicals & Energy and Manufacturing end markets Metals & Mining and Electronics lagging - ■ YoY volume growth led by project startups ■ Seq. lower volumes, primarily led by LPG seasonality 12#13EMEA Linde (SMM) 4Q 2023 3Q 2023 Var 4Q 2022 Var YOY SEQ. Sales Growth +4% - Sales $2,100 $2,105 0% $2,026 4% Volume -4% - 2% Operating Profit $615 $634 -3% $509 21% Price / Mix +6% +2% % of Sales 29.3% 30.1% 25.1% Cost pass-thru -2% + 1% Currency +4% - 1% Acq/Div -- -- Sales by End Market Electronics Others 6% Chemicals & Energy 20% Metals & Mining 21% 3% Healthcare 14% Food & Beverage 11% Manufacturing 25% ■ Continued strong pricing plus productivity initiatives Ex cost pass-thru, YoY margins up 350 bps ■ YoY sales growth across all resilient end markets, industrials lagging Seq. volumes lower primarily from industrial onsite customers ■ FX YoY tailwinds led by EUR and GBP 13#14Engineering ($MM) 4Q 2023 3Q 2023 Var 4Q 2022 Var Sales $658 $467 41% $562 17% Operating Profit $119 $116 3% $157 -24% % of Sales 18.1% 24.8% 27.9% 3rd Party Orders ($MM) Intake SOP Backlog 4Q 2023 3Q 2023 | 4Q 2022 $567 $633 $696 $3,628 $3,551 $3,542 Linde ■ Margin impacted by less project settlements Continued productivity initiatives ■ Good order intake of projects, $0.6B ■ SOP (sale of plant) backlog $3.6B 14 14#15Global Other ($MM) 4Q 2023 3Q 2023 Var 4Q 2022 Var Sales $322 $315 2% $323 0% Operating Profit $11 $23 -52% ($25) 144% % of Sales 3.4% 7.3% -7.7% Linde ■ YoY margin improvement led by coatings business and continued optimization of corporate costs 15#16Global End Market Trends 4Q 2023 End Market % of Sales (1) & YoY Trend YoY Sales (2) Growth Consumer Related End Markets (More Resilient) Healthcare Linde Seq. Sales (2) Growth 17% +4% +2% Food & Beverage 9% +9% -4% Electronics 9% -4% +3% Industrial Related End Markets (More Cyclical) (1) Excludes Engineering sales Manufacturing 22% +8% -1% Chemicals & Energy 22% +6% -1% Metals & Mining 14% -2% (2) Excludes impact of currency, cost pass-through, acquisitions/divestitures, non-recurring sale of equipment Remaining balance of % of Sales relates to Other sales primarily to distributors, competitors and retail 16 16#17High-Quality Project Backlog $8.5B SOP Backlog (¹) $3.6B SOG Backlog (2) $4.9B Linde Geography APAC 30% EMEA 8% AMERICAS 62% End Market ✓ Contractual growth Secure cash flow Double-digit IRR High-quality customers Primarily engineering and procurement services Contractual growth ✓ Secure cash flow ✓ Double-digit IRR ✓ High-quality customers Chemicals 38% Metals & Mining 12% Electronics 29% Energy 3% Manufacturing 18% Clean Energy ✓ Increases network density Other 63% Clean Energy 37% (1) 3rd party sale of plant backlog. Represents future sales, secured under a signed agreement (2) Sale of gas backlog. Represents project investments (CAPEX), supported by a long-term supply agreement 17#18Inflation Reduction Act (IRA) Overview Linde IRA was passed into law August 2022, in part to promote US decarbonization projects ▪ US tax code sections 45Q and 45V provide tax credits for carbon capture and low carbon intensity H₂ projects, respectively ■ The US Treasury recently issued proposed regulations for 45V Section 45Q (pre-existing) ■ Tax credit increased to $85/ton for CO2 capture & sequestration (CCS) – e.g. “blue” hydrogen production (1) Final regs issued on base credit under pre-IRA law in 2021 Views on Blue H2 ■ Preferred option for production at scale - low technical risk - lowest overall cost - most reliable and proven solution today Most large opportunities in blue H₂ projects - Linde awarded first world-scale blue H₂ project (OCI) ― Clean energy project pipeline $8B - $10B, including the US Section 45V (new) Tax credit provides up to $3/kg for low carbon intensity hydrogen - e.g. "green" hydrogen production (1) Proposed regs. on base credit ($0.60/kg) for electrolysis: - Incremental: power to be produced by new facilities - Time matched: power used within one hour of being produced - Regionality: power must be produced in the same region Views on Green H2 ■ Lacks scale - primarily for merchant H₂ market - Electrolyzers unproven at gigawatt scale - High overall cost - Requires abundant and cost-effective renewable power Nascent market Disciplined approach to decarbonization opportunities (1) "Blue" implies fossil produced H2 with CCUS; "Green" implies electrolysis produces hydrogen with renewable power 18#19ESG Performance vs. 2028 Goals (1) Target: 35% Reduction in GHG Emissions Intensity 2018-2028 (1 5.3 4.9 4.5 3.9 -41% 3.6 3.2 -35% 3.5 Linde Decarbonizing our Future ■ Linde Increases Hydrogen Production in Southeast United States ■ Linde Starts-up Supply of Clean Hydrogen and Captured Carbon Dioxide to Celanese ■ Linde Signs Long-Term Agreements to Purchase Renewable Energy in China 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 GHG Emissions Intensity(¹) (Target: reduce 35% by 2028) - · FY 2023 improvement led by profitable growth - Scope 1 and 2 improved 1% vs prior year Low-carbon energy (2) (Target: double annual purchase by 2028) 40% of Linde's energy consumption is low carbon · YoY active low-carbon energy increased 28% ESG News and Recognitions ■ Linde Included in Dow Jones Sustainability World Index for the 21st Consecutive Year ■ Linde Recognized as Sustainability Leader by S&P Global (1) Scope 1 and 2 emissions (in million MT) divided by adjusted EBITDA in billion USD (2) Low-carbon energy includes passive and active sourcing of solar, wind, hydro and nuclear 19 19#20Sustainable Development Highlights Best-in-class safety performance Lost Workday Case Rate more than 4x better than U.S. Occupational Health and Safety Administration industrial average Diverted more than 200 million pounds of waste from landfills Recognized leader in diversity & inclusion Enabled the avoidance of >2x more GHG emissions than were emitted in all the company's operations Water management plans in place at 61% of high-water-use sites in areas of high-water-stress Member of Dow Jones Sustainability Indices Powered by the S&P Global CSA FTSE4Good Linde 350,000 people benefited from global employee community engagement projects Sourced more than 1/3 of global electricity from low-carbon sources WORLD'S MOST ETHICAL COMPANIES® SUSTAINALYTICS a Marningstar company RATED 2023 data estimates 20#21Strategy Network density ✓ Capex efficiency Optimize the Base Productivity/digitalization ✓ Portfolio optimization Price management Leverage the Recovery Price and volume Cost management ✓ Operations optimization Capitalize on Growth Electronics ✓ Backlog start-up Healthcare + Clean Energy byxx OMY S Linde >10% EPS Growth + Marec it ITM POWER Every Storage Clean Fuel HYDROGEN STATION Clean Energy Sustainable value creation 2023+ 21#22Non-GAAP Measures Linde LINDE PLC AND SUBSIDIARIES SUMMARY NON-GAAP RECONCILIATIONS (UNAUDITED) The following adjusted amounts are Non-GAAP measures and are intended to supplement investors' understanding of the company's financial statements by providing measures which investors, financial analysts and management use to help evaluate the company's operating performance. Items which the company does not believe to be indicative of ongoing business trends are excluded from these calculations so that investors can better evaluate and analyze historical and future business trends on a consistent basis. 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. See the "NON GAAP MEASURES AND RECONCILIATIONS" starting on page x for additional details relating to the adjustments. (Millions of dollars, except per share amounts) Quarter Ended December 31 Reported GAAP Amounts Other charges (a) Pension settlement charges (b) Purchase accounting impacts - Linde AG (c) Total adjustments Adjusted amounts Sales Operating Profit Net Income Diluted EPS 2023 2022 2023 2022 2023 2022 2023 2022 $ 8,302 $ 7,899 $ 2,028 $ 1,687 $ 1,543 $ 1,328 $ (2) 25 (4) 16 3.16 $ (0.01) 2.67 0.03 3 0.01 246 289 211 230 0.43 0.46 244 314 210 246 0.43 0.49 $ 8,302 $ 7,899 $ 2,272 $ 2,001 $ 1,753 $ 1,574 $ 3.59 $ 3.16 (Millions of dollars, except per share amounts) Sales Operating Profit Net Income Diluted EPS Year to Date December 31 2023 2022 2023 2022 2023 2022 2023 2022 Reported GAAP Amounts $ 32,854 $ 33,364 $ Other charges (a) 8,024 $ 40 5,369 $ 1,029 6,199 $ (41) Pension settlement charges (b) 13 4,147 $ 893 5 12.59 $ 8.23 (0.08) 1.77 0.03 0.01 Purchase accounting impacts - Linde AG (c) Total adjustments 1,006 1,046 1,506 818 1,150 1.66 2.28 2,535 790 2,048 1.61 4.06 Adjusted amounts $ 32,854 $ 33,364 $ 9,070 $ 7,904 $ 6,989 $ 6,195 $ 14.20 $ 12.29 (a) 2023 year to date charges related primarily to severance and delist charges, which were offset by a tax settlement. 2022 year to date charges related primarily to charges associated with the deconsolidation and impairment of Russian subsidiaries resulting from the ongoing war in Ukraine and related sanctions. (b) To adjust for pension settlement charges. (c) To adjust for purchase accounting impacts related to the merger. 22 22#23Non-GAAP Measures, continued Linde LINDE PLC AND SUBSIDIARIES APPENDIX NON-GAAP MEASURES AND RECONCILIATIONS (UNAUDITED) The following Non-GAAP measures are intended to supplement investors' understanding of the company's financial information by providing measures which investors, financial analysts and management use to help evaluate the company's operating performance and liquidity. Items which the company does not believe to be indicative of on-going business trends are excluded from these calculations so that investors can better evaluate and analyze historical and future business trends on a consistent basis. 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. (Millions of dollars, except per share data) Year to Date December 31, Q4 2022 2023 Q3 Q2 Q1 Year to Date December 31, Q4 Q3 Q2 Q1 Adjusted Operating Profit and Operating Margin Reported operating profit $ Add: Other charges (a) 8,024 $ 40 2,028 $ 2,052 $ (2) 2 2,011 $ 22 1,933 18 $ 5,369 $ 1,029 1,687 $ 25 1,613 $ 15 589 $ 993 1,480 (4) Add: Pension settlement charges Add: Purchase accounting impacts - Linde AG (c) Total adjustments Adjusted operating profit Reported percentage change Adjusted percentage change Reported sales Reported operating margin Adjusted operating margin 1,006 246 252 253 255 1,506 289 382 406 429 1,046 244 254 275 273 2,535 314 397 1,399 425 $ 9,070 $ 2,272 $ 2,306 $ 2,286 $ 2,206 $ 7,904 $ 2,001 $ 2,010 $ 1,988 $ 1,905 49 % 15% 20% 14 % 27% 15% 241 % 15% 31 % 16% 8% 10% 26% 9% 25% 11 % (48)% 22% 8% 13% $ 32,854 $ 8,302 $ 8,155 $ 8,204 $ 8,193 $ 33,364 $ 7,899 $ 8,797 $ 8,457 $ 8,211 24.4 % 24.4% 25.2 % 27.6% 27.4 % 28.3 % 24.5% 27.9% 23.6% 26.9% 16.1 % 23.7 % 21.4 % 25.3% 18.3% 22.8% 7.0% 23.5% 18.0 % 23.2% Adjusted Depreciation and amortization Reported depreciation and amortization $ 3,816 $ 949 $ 959 $ 960 $ 948 $ 4,204 $ 956 $ Less: Purchase accounting impacts - Linde AG (c) (991) (241) (249) (251) (250) (1,481) (285) 1,045 $ (377) $ 1,091 $ 1,112 (401) Adjusted depreciation and amortization $ 2,825 $ 708 $ 710 $ 709 $ 698 $ 2,723 $ 671 $ 668 $ 690 $ (418) 694 Adjusted Other Income (Expense) - net Reported Other Income (Expense) - net $ (41) $ (25) $ 16 $ (27) (5) S (62) $ (4) $ (34) $ (36) $ 12 Add: Purchase accounting impacts - Linde AG (c) (15) (5) (3) (2) (5) (25) (4) (5) (5) (11) Adjusted Other Income (Expense) - net (26) $ (20) $ 19 $ (25) $ (37) $ - S (29) $ (31) $ 23 23#24Non-GAAP Measures, continued Linde (Millions of dollars, except per share data) 2023 2022 Year to Date Q4 Q3 Q2 Q1 December 31, Year to Date December 31, Q4 Q3 Q2 Q1 Adjusted Net Pension and OPEB Cost (Benefit), Excluding Service Cost Reported net pension and OPEB cost (benefit), excluding service cost $ Add: Pension settlement charges (164) $ (16) (39) $ (35) $ (45) (45) $ (237) $ (58) $ (53) $ (62) $ (64) (4) (12) (6) (6) Adjusted Net Pension and OPEB cost (benefit), excluding service costs $ (180) $ (43) $ (47) $ (45) $ (45) (243) $ (58) $ (59) $ (62) $ (64) Adjusted Interest Expense - Net Reported interest expense net Add: Purchase accounting impacts - Linde AG (c) བྷུས 8 Adjusted interest expense - net $ 200 $ 71 $ 40 $ 52 $ 37 $ 63 $ 31 $ 18 $ 5 $ 9 16 1 9 35 8 8 9 10 $ 216 $ 72 $ 42 $ 56 $ 46 $ 98 $ 39 $ 26 $ 14 $ 19 Adjusted Income Taxes (a) Reported income taxes $ 1,814 $ 459 $ 487 $ 438 Add: Purchase accounting impacts - Linde AG (c) 232 49 59 67 Add: Pension settlement charges 3 1 2 Add: Other charges (a) 81 2 34 Total adjustments Adjusted income taxes 316 52 61 101 $ 2,130 $ 511 $ 548 $ 539 $ སྱཱཥ །༄༄g 430 $ 1,434 $ 388 $ 391 $ 286 $ 369 57 374 66 92 108 108 1 1 136 9 26 104 (3) 102 511 75 119 212 105 532 $ 1,945 $ 463 $ 510 $ 498 $ 474 Adjusted Effective Tax Rate (a) Reported income before income taxes and equity investments $ Add: Pension settlement charge 7,988 $ 16 1,996 $ 2,047 $ 2,004 1,941 $ 4 12 5,543 $ 6 1,714 $ 1,648 $ 646 $ 1,535 6 Add: Purchase accounting impacts - Linde AG (c) 990 245 250 249 246 1.471 281 374 397 419 Add: Other charges (a) 40 (2) 2 22 18 1,029 25 15 993 (4) Total adjustments 1,046 247 264 271 264 2,506 306 395 1,390 415 Adjusted income before income taxes and equity investments. $ 9,034 $ 2,243 $ 2,311 $ 2,275 $ 2,205 $ 8,049 $ 2,020 $ 2,043 $ 2,036 $ 1,950 24 24#25Non-GAAP Measures, continued (Millions of dollars, except per share data). Reported Income taxes Reported effective tax rate Adjusted income taxes. Adjusted effective tax rate Linde 2023 2022 Year to Date Year to Date Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 December 31, December 31, $ 1,814 $ 459 $ 487 $ 438 $ 430 $ 1,434 $ 388 $ 391 $ 286 $ 369 22.7% 23.0% 23.8% 21.9% 22.2% 25.9% 22.6 % 23.7 % 44.3 % 24.0% $ 2,130 $ 23.6% 511 $ 548 $ 539 $ 532 $ 22.8 % 23.7 % 23.7% 24.1% 1,945 $ 24.2 % 463 $ 22.9 % 510 $ 25.0 % 498 $ 474 24.5% 24.3% Income from Equity Investments Reported income from equity investments $ 167 $ 39 $ 41 $ 46 41 $ 172 $ 35 $ 43 $ 50 $ 44 Add: Other charges - - - Add: Purchase accounting impacts - Linde AG (c) Total adjustments Adjusted income from equity investments 72 18 18 18 18 75 18 18 19 20 72 18 18 18 18 75 18 18 19 20 $ 239 $ 57 $ 59 $ 64 $ 59 $ 247 $ 53 $ 61 $ 69 $ 64 Adjusted Noncontrolling Interests Reported noncontrolling interests $ Add: Purchase accounting impacts - Linde AG (c) (142) $ (12) (33) $ (3) (36) $ (37) (36) $ (3) (3) (3) (134) $ (22) (33) $ (3) (27) $ (38) $ (36) (12) (3) (4) Adjusted noncontrolling interests $ (154) $ (36) $ (39) $ (40) $ (39) $ (156) $ (36) $ (39) $ (41) $ (40) Adjusted Net Income - Linde plc (b) Reported net income $ 6,199 $ 1,543 $ 1,565 $ 1,575 1,516 $ Add: Pension settlement charge 13 3 10 - $ 4,147 $ 5 1,328 $ 1,273 $ 372 $ 1,174 5 Add: Other charges (a) (41) (4) 2 (12) $ (27) 893 16 (11) 889 (1) Add: Purchase accounting impacts - Linde AG (c) 818 211 206 197 204 1,150 230 288 305 327 Total adjustments 790 210 218 185 177 2,048 246 282 1,194 326 Adjusted net income - Linde plc $ 6,989 $ 1,753 $ 1,783 $ 1,760 $ 1,693 $ 6,195 $ 1,574 $ 1,555 $ 1,566 $ 1,500 25 25#26Non-GAAP Measures, continued (Millions of dollars, except per share data) Adjusted Diluted EPS (b) Reported diluted EPS Add: Pension settlement charge Add: Other charges (a) Add: Purchase accounting impacts - Linde AG (c) Total adjustments Adjusted diluted EPS Reported percentage change Adjusted percentage change Adjusted Diluted EPS Guidance (d) 2024 Adjusted Guidance Adjusted percentage changes versus 2023 adjusted diluted EPS Add: Estimated currency headwind/(tailwind) Adjusted percentage change excluding currency Linde 2023 2022 Year to Date Q4 Q3 Q2 Q1 December 31, Year to Date December 31, Q4 Q3 Q2 Q1 $ 12.59 $ 3.16 $ 3.19 $ 0.03 0.01 0.02 3.19 $ $ 3.06 $ 8.23 $ 2.67 $ 2.54 $ 0.74 $ 2.30 0.01 0.01 (0.08) (0.01) (0.02) $ (0.05) 1.77 0.03 (0.02) 1.76 1.66 0.43 0.42 0.40 $ 0.41 2.28 0.46 0.57 0.60 0.63 1.61 0.43 0.44 0.38 0.36 4.06 0.49 0.56 2.36 0.63 $ 14.20 $ 3.59 $ 3.63 $ 3.57 $ 3.42 $ 12.29 $ 3.16 $ 3.10 $ 3.10 $ 2.93 53% 18% 26% 331 % 33 % 16% 14 % 17% 15 % 17% 12% 15% 35% 35% (54)% 24 % 14 % 14 % 15% 18 % First Quarter 2024 Full Year 2024 Low End High End Low End High End 3.58 $ 3.68 $ 15.25 $ 15.65 5% 8% 7% 10% 1 % 1 % 1% 1% 6% 9% 8% 11 % 26 26#27Non-GAAP Measures, continued (Millions of dollars, except per share data) Adjusted EBITDA and % of Sales Net Income Linde plc Add: Noncontrolling interests Add: Net pension and OPEB cost (benefit), excluding service cost Add: Interest expense Add: Income taxes. Add: Depreciation and amortization EBITDA Add: Other charges (a) Add: Purchase accounting impacts - Linde AG (c) Total adjustments Adjusted EBITDA Reported sales % of sales EBITDA Adjusted EBITDA Linde 2023 Year to Date Q4 December 31, Year to Date Q3 Q2 Q1 Q4 December 31, 70 2022 Q3 Q2 Q1 $ 6,199 $ 1,543 $ 1,565 $ 1,575 $ 142 33 36 37 1,516 36 $ 4,147 $ 1,328 $ 134 33 1,273 $ 27 372 $ 38 1,174 36 (164) (39) (35) (45) (45) (237) (58) (53) (62) (64) 200 71 40 52 37 63 31 18 5 9 1,814 459 487 438 430 1,434 388 391 286 369 3,816 949 959 960 948 4,204 956 1,045 1,091 1,112 12,007 3,016 3,052 3,017 ? 2,922 9,745 2,678 2,701 1,730 2,636 40 (2) 2 86 23 20 22 22 18 1,029 25 15 993. (4) 20 23 99 22 23 23 31 126 21 22 42 41 1,128 47 38 1,016 27 $ 12,133 $ 3,037 $ 3,074 $ 3,059 $ 2,963 $ 10,873 $ 2,725 $ 2,739 $ 2,746 $ 2,663 $ 32,854 $ 8,302 $ 8,155 $ 8,204 $ 8,193 $ 33,364 $ 7,899 $ 8,797 $ 8,457 $ 8,211 36.5% 36.3% 37.4 % 36.8% 35.7% 29.2% 33.9% 30.7 % 20.5 % 36.9% 36.6% 37.7% 37.3 % 36.2% 32.6 % 34.5% 31.1 % 32.5% 32.1 % 32.4% 27 27#28Non-GAAP Measures, continued Linde (a) The income tax expense (benefit) on the non-GAAP pre-tax adjustments was determined using the applicable tax rates for the jurisdictions that were utilized in calculating the GAAP income tax expense (benefit) and included both current and deferred income tax amounts. (b) Net of income taxes which are shown separately in "Adjusted Income Taxes and Effective Tax Rate". (c) The company believes that its non-GAAP measures excluding Purchase accounting impacts - Linde AG are useful to investors because: (i) the 2018 business combination was a merger of equals in an all-stock merger transaction, with no cash consideration, (ii) the company is managed on a geographic basis and the results of certain geographies are more heavily impacted by purchase accounting than others, causing results that are not comparable at the reportable segment level, therefore, the impacts of purchasing accounting adjustments to each segment vary and are not comparable within the company and when compared to other companies in similar regions, (iii) business management is evaluated and variable compensation is determined based on results excluding purchase accounting impacts, and; (iv) it is important to investors and analysts to understand the purchase accounting impacts to the financial statements. A summary of each of the adjustments made for Purchase accounting impacts - Linde AG are as follows: Adjusted Operating Profit and Margin: The purchase accounting adjustments for the periods presented relate primarily to depreciation and amortization related to the fair value step up of fixed assets and intangible assets (primarily customer related) acquired in the merger and the allocation of fair value step-up for ongoing Linde AG asset disposals (reflected in Other Income/(Expense)). Adjusted Interest Expense - Net: Relates to the amortization of the fair value of debt acquired in the merger. Adjusted Income Taxes and Effective Tax Rate: Relates to the current and deferred income tax impact on the adjustments discussed above. The income tax expense (benefit) on the non-GAAP pre-tax adjustments was determined using the applicable tax rates for the jurisdictions that were utilized in calculating the GAAP income tax expense (benefit) and included both current and deferred income tax amounts. Adjusted Income from Equity Investments: Represents the amortization of increased fair value on equity investments related to depreciable and amortizable assets. Adjusted Noncontrolling Interests: Represents the noncontrolling interests' ownership portion of the adjustments described above determined on an entity by entity basis. (d) We are providing adjusted earnings per share ("EPS") guidance for 2024. This is a non-GAAP financial measure that represents diluted earnings per share (a GAAP measure) but excludes the impact of certain items that we believe are not representative of our underlying business performance, such as cost reduction and other charges and the impact of potential divestitures or other potentially significant items. Given the uncertainty of timing and magnitude of such items, we cannot provide a reconciliation of the differences between the non- GAAP adjusted EPS guidance and the corresponding GAAP EPS measure without unreasonable effort. 28#29Non-GAAP Measures, continued LINDE PLC AND SUBSIDIARIES APPENDIX NON-GAAP MEASURES AND RECONCILIATIONS (Millions of dollars) (UNAUDITED) Linde (Millions of dollars) Q4 2023 Q3 Q2 Q1 Q4 2022 Q3 Q2 Q1 Available Operating Cash Flow (AOCF) and Base Capex - Available operating cash flow is a measure used by investors, financial analysts and management to evaluate the ability of a company to pursue opportunities that enhance shareholder value. AOCF measures operating cash flows available after capital expenditures to maintain or replace existing assets (base capex). AOCF equals cash flow from operations less base capex. Capex $ 1,151 $ Less: backlog capex (a) (446) Base Capex $ 705 $ 948 $ (351) 597 $ 859 $ 829 $ 936 $ (282) 577 $ (251) (273) 762 $ (225) 826 $ (259) 649 (190) 578 $ 663 $ 537 $ 567 $ 459 Operating Cash Flow $ 2,727 $ 2,520 $ 2,150 $ 1,908 $ 2,095 $ 2,636 $ Less: backlog capex (705) (597) (577) (578) (663) (537) 2,133 $ (567) 2,000 (459) Available Operating Cash Flow $ 2,022 $ 1,923 $ 1,573 $ 1,330 $ 1,432 $ 2,099 $ 1,566 $ 1,541 Backlog capex is defined as capital expenditures for projects greater than $5 million with a customer supply contract. 29#30Non-GAAP Measures, continued LINDE PLC AND SUBSIDIARIES APPENDIX NON-GAAP MEASURES AND RECONCILIATIONS (Millions of dollars) (UNAUDITED) Linde (Millions of dollars) Q4 2023 Q3 Q2 Q1 Q4 Q3 2022 Q1 Q2 Free Cash Flow (FCF) - Free cash flow is a measure used by investors, financial analysts and management to evaluate the ability of a company to pursue opportunities that enhance shareholder value. FCF equals cash flow from operations less capital expenditures. Operating Cash Flow Less: Capital Expenditures Free Cash Flow $ $ 2,727 $ (1,151) 1,576 $ 2,520 $ (948) 2,150 $ (859) 1,908 $ (829) 2,095 $ (936) 2,636 $ (762) 2,133 $ (826) 2,000 (649) 1,572 $ 1,291 $ 1,079 $ 1,159 $ 1,874 $ 1,307 $ 1,351 Net Debt - Net debt is a financial liquidity metric used by investors, financial analysts and management to evaluate the ability of a company to repay its debt and is calculated as total debt (excluding purchase accounting impacts) less liquid assets. Debt $ 19,373 $ 18,003 $ Less: Cash and cash equivalents (4,664) Net debt 14,709 (3,894) 14,109 17,490 $ (3,357) 14,133 18,777 $ (4,962) 13,815 17,914 $ (5,436) 12,478 15,338 $ 16,043 $ 16,456 (3,756) (3,655) 11,582 12,388 Less: Purchase accounting impacts - Linde AG Adjusted net debt $ (7) 14,702 $ (8) 14,101 $ (10) 14,123 $ (13) 13,802 $ (22) 12,456 $ (28) 11,554 $ (38) 12,350 $ (4,464) 11,992 (50) 11,942 Less: Net assets held for sale Adjusted net debt $ 14,702 $ 14,101 $ 14,123 $ 13,802 $ 12,456 $ 11,554 $ 12,350 $ 11,942 After-tax Return on Capital and Adjusted After-tax Return on Capital (ROC) - After-tax return on capital is a measure used by investors, financial analysts and management to evaluate the return on net assets employed in the business. ROC measures the after-tax operating profit that the company was able to generate with the investments made by all parties in the business (debt, noncontrolling interests and Linde plc shareholders' equity). 30#31Non-GAAP Measures, continued Linde (Millions of dollars) Reported net income - Linde plc Add: noncontrolling interests. Add: interest expense - net 2023 2022 Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 $ 1,543 $ 33 1,565 $ 36 1,575 $ 1,516 $ 1,328 $ 1,273 $ 372 $ 37 $ 36 33 27 38 1,174 36 71 40 52 $ 37 31 18 5 9 Less: tax benefit on interest expense - net * Reported NOPAT (16) (12) (12) (9) (7) (5) (1) (2) $ 1,631 $ 1,629 $ 1,652 $ 1,580 $ 1,385 $ 1,313 $ 414 $ 1,217 Adjusted net income - Linde plc $ 1,753 $ 1,783 $ 1,760 $ 1,693 $ 1,574 $ 1,555 $ 1,566 $ 1,500 Add: adjusted noncontrolling interests 36 39 40 39 36 39 41 40 Add: adjusted interest expense - net 72 42 56 46 39 26 14 19 Less: tax benefit on interest expense net * (17) (13) (13) (11) (9) (7) (3) (5) Adjusted NOPAT $ 1,844 $ 1,851 $ 1,843 $ 1,767 $ 1,640 $ 1,613 $ 1,618 $ 1,554 4-quarter trailing reported NOPAT 4-quarter trailing adjusted NOPAT $ 6,492 $ 6,246 $ 5,930 $ 4,692 $ 4,329 $ 4,021 $ 3,723 $ $ 7,305 $ 7,101 $ 6,863 $ 6,638 $ 6,425 $ 6,281 $ 6,137 $ 4,198 5,997 *Tax benefit on interest expense - net is generally presented using the reported effective rate. Equity and redeemable noncontrolling interests: Redeemable noncontrolling interests $ Linde plc shareholders' equity 13 $ 39,720 13 $ 13 $ 13 $ Noncontrolling interests 1,362 38,898 1,327 39,911 1,324 Total equity and redeemable noncontrolling interests $ 41,095 $ 40,238 $ 41,248 $ 39,970 1,353 41,336 $ 13 $ 40,028 1,346 41,387 $ 13 $ 37,628 1,298 38,939 $ 13 $ 13 39,674 1,353 42,963 1,414 41,040 $ 44,390 31#32Non-GAAP Measures, continued Linde (Millions of dollars) Reported capital 2023 2022 Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 $ 55,804 $ 54,347 $ 55,381 $ 55,151 $ 53,865 $ 50,521 $ 53,428 $ 56,382 Total equity and redeemable noncontrolling interests $ 41,095 $ 40,238 $ 41,248 $ 41,336 $ 41,387 $ 38,939 $ 41,040 $ 44,390 Add: Adjusted net debt 14,702 14,101 14,123 13,802 12,456 11,554 12,350 11,942 Less: Linde AG Goodwill (a) 24,256 24,256 24,256 24,256 24,256 24,256 24,256 24,256 Less: Linde AG Indefinite lived intangibles (a) 1,868 1,868 1,868 1,868 1,868 1,868 1,868 1,868 Adjusted capital $ 29,673 $ 28,215 $ 29,247 $ 29,014 $ 27,719 $ 24,369 $ 27,266 $ 30,208 (a) Represent opening balance sheet purchase accounting impacts of non-amortizing assets related to the Linde AG merger. Ending capital (see above) $ 55,804 $ 54,347 $ 55,381 $ 55,151 $ 53,865 $ 50,521 $ 53,428 $ 56,382 5-quarter average ending capital $ 54,910 $ 53,853 $ 53,669 $ 53,869 $ 54,204 $ 54,984 $ 56,796 $ 57,967 Ending adjusted capital (see above) $ 29,673 $ 28,215 $ 29,247 $ 29,014 $ 27,719 $ 24,369 $ 27,266 $ 30,208 5-quarter average ending adjusted capital $ 28,774 $ 27,713 $ 27,523 $ 27,715 $ 28,040 $ 28,810 $ 30,611 $ 31,770 After-tax ROC (4 quarter reported NOPAT / 5-quarter average ending capital) 11.8% 11.6 % 11.0 % 8.7 % 8.0 % 7.3 % 6.6 % 7.2 % Adjusted after-tax ROC (4 quarter trailing adjusted NOPAT / 5-quarter average ending adjusted capital) 25.4% 25.6% 24.9 % 24.0 % 22.9% 21.8 % 20.0 % 18.9 % 32#33Purchase Price Accounting (PPA) Outlook 2018 Merger Linde PPA NBV US$ (MM) 12/31/23 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 Amortization 11,643 (464) (436) (436) (433) (420) (420) (420) (420) (420) (420) (420) (416) (414) Depreciation 2,059 (478) (341) (302) (152) (113) (91) (76) (66) (58) (50) (39) (27) (18) Total 13,702 (942) (777) (737) (585) (533) (510) (496) (486) (478) (470) (459) (444) (432) US$ (MM) 2037 2038 2039 2040 2041 2042 2043 2044 2045 2046 2047 2048 INDEFINITE Amortization (414) (408) (380) (380) (380) (380) (373) (357) (343) (333) (333) (278) 1,745 Depreciation (13) (10) (7) (5) (4) (3) (2) 0 0 0 0 0 205 Total (428) (419) (387) (385) (384) (383) (375) (357) (342) (333) (333) (278) 1,950 Amounts above represent estimates of forward-looking merger related amortization and depreciation utilizing currency exchange rates as of December 31, 2023 and may have rounding differences. We believe these estimates provide useful information to investors for modeling the annual impact to our financial statements. Future amounts may be different due to changes in currency exchange rates, changes in estimated useful lives and disposition or impairment of assets. Linde plc assumes no obligation to update or provide revisions to these estimates in response to changing circumstances. The 2018 business combination of Praxair, Inc. and Linde AG was a merger of equals in an all-stock merger transaction, with no cash consideration. PPA NBV above represents the remaining net book value as of December 31, 2023 related to the fair value step up of fixed assets and intangible assets (primarily customer related) due to the merger. The related depreciation and amortization of the remaining net book value has been scheduled out above over the remaining estimated useful lives using exchange rates at December 31, 2023. Amounts shown are pre-tax and do not include the related deferred tax impact. These amounts are adjusted out of depreciation and amortization in the company's non-GAAP adjusted operating profit. The remaining balance of $1.95 billion after 2048 represents indefinite lived assets, primarily the Linde brand of $1.745 billion in intangibles (non-amortizing asset) and land of $0.205 billion (non depreciating asset). 33#34Investor Relations For further information, please contact: @ Phone: +1-203-837-2210 Email: [email protected] Internet: www.linde.com/en/investors Linde 34 34