Linde plc

“Linde is the largest industrial gas company worldwide and is a major technological innovator in the industrial gases industry.”

“The majority of Linde’s business is conducted through long-term contracts which provide stability in cash flow and the ability to pass through changes in energy and feedstock costs to customers.”

“Seasonality – Linde’s business is generally not subject to seasonal fluctuations to any significant extent.”

“Linde’s Engineering business has a global presence, with its focus on market segments such as air separation, hydrogen, synthesis, olefin and natural gas plants.”

“Linde serves a diverse group of industries including healthcare, chemicals and energy, manufacturing, metals and mining, food and beverage, and electronics.”

“There are three basic distribution methods for industrial gases: (i) on-site or tonnage; (ii) merchant or bulk liquid; and (iii) packaged or cylinder gases.”

“Its primary products in its industrial gases business are atmospheric gases (oxygen, nitrogen, argon, and rare gases) and process gases (hydrogen, helium, carbon dioxide, carbon monoxide, electronic gases, specialty gases, and acetylene).”

“Renewable (green) hydrogen is produced by electrolysis using renewable energy and water as feedstock.”

“in 2025 90% of sales were generated by Linde's three geographic segments (Americas, EMEA and APAC) and the remaining 10% were related largely to the Engineering segment”

“Major pipeline complexes are primarily located in the United States and China.”

“Helium is sourced from certain helium-rich natural gas streams in the United States, with additional supplies being acquired from outside the United States.”

“For hydrogen, helium, carbon dioxide, carbon monoxide, and specialty gases, raw materials are largely purchased from outside sources.”

“Linde is dependent upon a highly skilled, experienced and efficient workforce to be successful.”

“On January 5, 2023, Linde completed the acquisition of nexAir, LLC, a gas distribution and welding supply company in the United States”

“The fair value of purchase consideration for acquisitions, net of cash acquired was $412 million, $317 million and $953 million for the years ended December 31, 2025, 2024 and 2023, respectively. Acquisitions in 2025 primarily related to APAC and EMEA.”

“Sales grew 2% from higher price attainment. Acquisitions increased sales by 1% during the year. Volumes were flat, as new project start-ups were largely offset by base volume declines.”

“Divestitures, net of cash divested and asset sales were $42 million, $170 million, and $70 million for the years ended December 31, 2025, 2024 and 2023, respectively.”

“Linde is the market leader in the field of non-cryogenic air separation technologies for the production of industrial gases.”

“Linde’s research and development are directed toward development of gas processing, separation and liquefaction technologies, and clean energy technologies”

“Its technology portfolio covers the entire value chain for production, liquefaction, storage, distribution and application of hydrogen which supports the transition to clean energy.”

“Energy is the single largest cost item in the production and distribution of industrial gases. Most of Linde’s energy requirements are in the form of electricity, natural gas and diesel fuel for distribution.”

“Costs include global severance charges of $308 million, largely related to Engineering, and other benefits of $35 million largely related to a divestiture.”

“The company maintains a $5 billion and a $1.5 billion unsecured and undrawn revolving credit agreement with no associated financial covenants.”

“Linde issued €4,000 million Euro-denominated notes and CHF500 million Swiss-franc denominated notes, and redeemed or repaid $1,000 million U.S. dollar-denominated notes and €1,000 million Euro denominated notes”

“Sales of $33,986 million were 3% above 2024 sales of $33,005 million.”

“Linde provides quarterly updates on operating results, material trends that may affect financial performance, and financial guidance via earnings releases and investor teleconferences.”

“the net carrying value of goodwill and other indefinite-lived intangible assets was approximately $28 billion and $2 billion, respectively”

“Because a significant portion of Linde's revenue is denominated in currencies other than its reporting currency, the U.S. dollar, changes in exchange rates will produce fluctuations in revenue, costs and earnings”

“trade conflicts and the imposition of duties and tariffs, import and export controls, changes in governmental policies, labor unrest, possible nationalization and/or expropriation of assets”

“many of Linde’s customers are in businesses that are cyclical in nature, such as the chemicals and energy, and metals and mining end markets.”

“Linde's operations are exposed to physical risks associated with the occurrence of natural disasters linked to climate change, such as extreme weather events including hurricanes and floods”