Linde Reports Second-Quarter 2024 Results Second-Quarter Highlights ? Sales $8.3 billion, up 1%, underlying sales up 3% ? Operating profit $2.2 billion, adjusted operating profit $2.4 billion, up 6% ? Operating profit margin 26.4%; adjusted operating profit margin 29.3%, up 140 basis points ? EPS $3.44, up 8%; adjusted EPS $3.85, up 8% YoY ? Full-year 2024 adjusted EPS guidance of $15.40 - $15.60 representing 9% to 11% growth year-over-year excluding FX Woking, UK, August 2, 2024 – Linde plc (Nasdaq: LIN) today reported second-quarter 2024 net income of $1,663 million and diluted earnings per share of $3.44, up 6% and 8% respectively. Excluding Linde AG purchase accounting impacts and other charges, adjusted net income was $1,859 million, up 6% versus prior year. Adjusted earnings per share was $3.85, 8% above prior year. Linde’s sales for the second quarter were $8,267 million, up 1% versus prior year. Compared to prior year, underlying sales increased 3% from price attainment as volume growth was flat. Second-quarter operating profit was $2,184 million. Adjusted operating profit of $2,422 million was up 6% versus prior year led by higher price and continued productivity initiatives across all segments. Adjusted operating profit margin of 29.3% was 140 basis points above prior year. Second-quarter operating cash flow of $1,929 million decreased 10% versus prior year driven primarily by engineering project prepayment timing. After capital expenditures of $1,133 million, free cash flow was $796 million. During the quarter, the company returned $2,100 million to shareholders through dividends and stock repurchases, net of issuances. Commenting on the financial results and business outlook, Chief Executive Officer Sanjiv Lamba said, “Despite the challenging macro, the Linde team again delivered high-quality results, growing EPS 8%, increasing ROC to 25.7% and expanding operating margins 140 basis points, reaching 29.3%. This exemplifies our ability to continuously grow the integrated industrial gas model while developing and winning high-quality growth opportunities.” Lamba continued, “Looking ahead, the economic environment remains uncertain. However, we are well positioned to win more than our fair share of high-quality projects and continue to create shareholder value.” For the third quarter of 2024, Linde expects adjusted diluted earnings per share in the range of $3.82 to $3.92, up 5% to 8% versus prior-year quarter or 6% to 9% when excluding 1% of estimated currency headwind. For the full year 2024, the company expects adjusted diluted earnings per share to be in the range of $15.40 to $15.60, up 8% to 10% versus prior year or 9% to 11% when excluding 1% of estimated currency headwind. Full-year capital expenditures are expected to be in the range of $4.0 billion to $4.5 billion to support growth and maintenance requirements including the $4.7 billion contractual sale of gas project backlog. Page 2/10 Second-Quarter 2024 Results by Segment Americas sales of $3,655 million increased 3% versus prior-year quarter. Compared with second quarter 2023, underlying sales increased 4% driven by higher pricing as volumes were flat. Operating profit of $1,159 million was 31.7% of sales, 150 basis points above prior year. APAC (Asia Pacific) sales of $1,657 million were down 2% versus prior year driven by negative currency translation. Compared with second quarter 2023, underlying sales were stable as price and volume were flat versus prior year quarter. Operating profit of $474 million was 28.6% of sales, 60 basis points above prior year. EMEA (Europe, Middle East & Africa) sales of $2,091 million were down 3% versus prior year. Compared with second quarter 2023, underlying sales grew 2% driven by 3% higher pricing partially offset by 1% lower volumes, primarily in the metals and mining end market. Operating profit of $704 million was 33.7% of sales, 450 basis points above prior year. Linde Engineering sales were $544 million, increased 10% versus prior year, and operating profit was $96 million or 17.6% of sales. Order intake for the quarter was $336 million and third-party sale of equipment backlog was $3.2 billion. Earnings Call A teleconference on Linde’s second-quarter 2024 results is being held today at 9:00 am EDT. Live conference call US Toll-Free Dial-In Number: 1 888 770 7292 UK Toll-Free Dial-In Number: 0800 358 0970 Access code: 6877110 Live webcast (listen-only) https://www.linde.com/investors/financial-reports Materials to be used in the teleconference are also available on the website. About Linde Linde is a leading global industrial gases and engineering company with 2023 sales of $33 billion. We live our mission of making our world more productive every day by providing high-quality solutions, technologies and services which are making our customers more successful and helping to sustain, decarbonize and protect our planet. The company serves a variety of end markets such as chemicals & energy, food & beverage, electronics, healthcare, manufacturing, metals and mining. Linde's industrial gases and technologies are used in countless applications including production of clean hydrogen and carbon capture systems critical to the energy transition, life-saving medical oxygen and high-purity & specialty gases for electronics. Linde also delivers state-of-the-art gas processing solutions to support customer expansion, efficiency improvements and emissions reductions. For more information about the company and its products and services, please visit www.linde.com Adjusted amounts, free cash flow and return on capital are non-GAAP measures. See the attachments for a summary of non- GAAP reconciliations and calculations for adjusted amounts. Attachments: Summary Non-GAAP Reconciliations, Statements of Income, Balance Sheets, Statements of Cash Flows, Segment Information and Appendix: Non-GAAP Measures and Reconciliations.
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