What changed in this filing

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Item 1. Business

2025-02-26 compared with 2024-02-28 · 40 added, 48 removed, 134 unchanged (40% of the section changed)

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

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

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, etc.).

The company also designs and builds equipment that produces industrial gases and offers customers a wide range of gas production and processing services such as olefin plants, natural gas plants, air separation plants, hydrogen and synthesis gas plants and other types of plants.

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Atmospheric gases are the highest volume products produced by Linde.

Using air as its raw material, Linde produces oxygen, nitrogen and argon through several air separation processes of which cryogenic air separation is the most prevalent.

Rare gases, such as krypton, neon and xenon, are also produced through cryogenic air separation.

As a pioneer in the industrial gases industry, Linde is a leader in developing a wide range of proprietary and patented applications and supply systems technology.

Linde also led the development and commercialization of non-cryogenic air separation technologies for the production of industrial gases.

These technologies open important new markets and optimize production capacity for the company by lowering the cost of supplying industrial gases.

These technologies include proprietary vacuum pressure swing adsorption (“VPSA”) and membrane separation to produce gaseous oxygen and nitrogen, respectively.

Process gases, including carbon dioxide, hydrogen, helium, specialty gases and acetylene are produced by methods other than air separation.

Hydrogen is produced from a range of feedstocks using an array of different technologies.

Despite hydrogen being an invisible molecule, colors are often used to designate and differentiate between the production processes used to produce the molecule.

The majority of hydrogen currently produced by Linde is what is termed gray hydrogen and is derived from natural gas or methane, using steam methane reformation technology.

Linde has multiple technologies to produce blue and green hydrogen, which are both considered types of clean energy.

Blue hydrogen is produced by capturing the carbon emissions from the hydrogen plant and either utilizing them in a way that stops them from being emitted or sequestering them in the subsurface for the long term.

Green hydrogen is produced by electrolysis using renewable energy or from the steam methane reforming of biomethane.

Low carbon intensity, high-purity hydrogen is also produced by purifying and recovering by-product hydrogen sources from the chemical and petrochemical industries.

Carbon monoxide can be produced by either steam methane reforming or auto-thermal reforming of natural gas or other feed streams such as naphtha.

Most carbon dioxide is purchased from by-product sources, including chemical plants, refineries and industrial processes or is recovered from carbon dioxide wells.

Carbon dioxide is processed in Linde’s plants to produce commercial and food-grade carbon dioxide.

Using ambient air as feedstock, Linde produces oxygen, nitrogen and argon through several air separation processes of which cryogenic air separation is the most prevalent.

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

As part of this process Linde also produces rare gases, such as krypton, neon, and xenon.

As a pioneer and leader in industrial gases, Linde is continuously developing a wide range of proprietary and patented applications and technologies to produce, store, distribute and increase usage of its gases.

These technologies open important new markets and provide customers with opportunities to reduce costs, by increasing their operational efficiencies, including vacuum pressure swing adsorption (“VPSA”) and membrane separation technology to produce gaseous oxygen and nitrogen on-site.

Process gases, including hydrogen, helium, carbon dioxide, carbon monoxide, specialty gases and acetylene are produced by other production methods.

Hydrogen is produced from a range of different feedstocks using a wide portfolio of technologies.

Today, carbon intensity is used to designate and differentiate between the production processes and the respective feedstocks used to produce the molecule.

The majority of conventional hydrogen currently produced by Linde is derived from natural gas or methane, using steam methane reformation (SMR) or auto-thermal reforming (ATR) technology.

Linde has a range of technologies to produce low-carbon hydrogen from fossil feedstocks, or renewable hydrogen from renewable energy (non-fossil feedstock).

Both products are considered sources of clean energy.

Low-carbon (blue) hydrogen is produced primarily from methane, by capturing carbon emissions from a hydrogen production plant and sequestering them subsurface for the long term.

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

Other sources of low-carbon hydrogen are existing chemical and petrochemical processes, out of which Linde recovers hydrogen for subsequent treatment and cleaning to achieve ultra-high purity levels.

Carbon monoxide can be produced by either steam methane reforming (SMR) or auto-thermal reforming (ATR) of natural gas or other feedstock such as naphtha, a by-product in the petrochemical industry.

Most carbon dioxide comes as an industrial by-product, that is sourced from chemical plants, refineries and other processes or is recovered from natural carbon dioxide sources.

Raw carbon dioxide is processed and purified in Linde’s plants to produce commercial and food-grade carbon dioxide.

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

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Customers that require the largest volumes of product (typically oxygen, nitrogen and hydrogen) and that have a relatively constant demand pattern are supplied by cryogenic and process gas on-site plants.

Linde constructs plants on or

adjacent to these customers’ sites and supplies the product directly to customers by pipeline.

Linde constructs plants on or adjacent to these customers’ sites and supplies the product directly to customers by pipeline.

On-site product supply contracts generally are total requirement contracts with terms typically ranging from 10-20 years and containing minimum purchase requirements and price escalation provisions.

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Therefore, plants are typically not dedicated to a single customer.

Advanced air separation processes allow on-site delivery to customers with smaller volume requirements.

The merchant business is generally associated with distributable liquid oxygen, nitrogen, argon, carbon dioxide, hydrogen and helium.

Air separation technologies also allow on-site delivery to customers with smaller volume requirements.

The merchant business is generally associated with distributable liquid oxygen, nitrogen, argon, hydrogen, helium and carbon dioxide.

The deliveries generally are made from Linde’s plants by tanker trucks to storage containers at the customer's site which are usually owned and maintained by Linde and leased to the customer.

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Customers requiring small volumes are supplied products in metal containers called cylinders, under medium to high pressure.

Packaged gases include atmospheric gases, carbon dioxide, hydrogen, helium, acetylene and related products.

Packaged gases include atmospheric gases, hydrogen, helium, carbon dioxide, acetylene and related products.

Linde also produces and distributes in cylinders a wide range of specialty gases and mixtures.

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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.

The company utilizes its extensive process engineering know-how in the planning, design and construction of highly efficient plants for the production and processing of gases.

With its state-of-the-art sustainable technologies Engineering also helps customers avoid, capture and utilize CO2 emissions.

The company utilizes its extensive process engineering expertise in the planning, design and construction of highly efficient plants for the production and processing of gases.

With its state-of-the-art sustainable technologies Engineering also helps customers avoid, capture and utilize carbon dioxide emissions.

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

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The company also has majority or wholly owned subsidiaries that operate in approximately 45 European, Middle Eastern and African countries (including Germany, the United Kingdom (U.K.), France, Sweden, and the Republic of South Africa);

approximately 20 Asian and South Pacific countries (including China, Australia, India, South Korea and Thailand);

and approximately 20 countries in North and South America (including Canada, Mexico and Brazil).

approximately 20 Asian and South Pacific countries (including China, Australia, India and South Korea);

and approximately 20 countries in North and South America (including U.S., Canada, Mexico and Brazil).

The company also has equity method investments operating in Europe, Asia, and the Middle East.

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as well as the frequent introduction of new industrial gas applications.

Research and development is primarily conducted in Pullach, Germany, Tonawanda, New York, Burr Ridge, Illinois and Shanghai, China.

development is primarily conducted in Pullach, Germany, Tonawanda, New York, Burr Ridge, Illinois and Shanghai, China.

Patents and Trademarks – Linde owns or licenses a large number of patents that relate to a wide variety of products and processes.

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However, energy availability and price is unpredictable and may pose future risks.

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

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

Linde has contracts or commitments for, or readily available sources of, most of these raw materials;

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The global head of Human Resources reports to the Chief Executive Officer ("CEO").

A global leader of Diversity, Equity and Inclusion reports to the head of Human Resources.

Linde has aligned diversity and inclusion with its business strategies and implemented diversity action planning into business process and performance management.

Diversity, equity and inclusion are line management responsibilities and Linde seeks competitive advantage through proactive management of its talent pipeline and recruiting processes.

Linde has aligned inclusion as a core value with its business strategies and implemented inclusive workforce development planning into business process and performance management.

Advancing inclusivity is a line management responsibility and Linde seeks competitive advantage through proactive management of its talent pipeline and recruiting processes.

Linde provides equal employment opportunity, and recruits, hires, promotes and compensates people based solely on their performance and ability.

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Senior managers participate directly in the company’s growth in value through the Long Term Incentive Plan of Linde plc.

In addition, annually managers have the ability to grant leadership awards under the Long Term Incentive Plan to certain eligible employees.

From time to time, Linde may introduce special compensation schemes to recognize or reward specific individuals such as the one implemented in 2020 for global front-line employees.

In addition, annually managers have the ability to grant leadership equity awards under the Long Term Incentive Plan to certain eligible employees.

Linde also invests in professional development of its employees through formal and on-the-job training.

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In addition, the public may read and copy any materials filed with the SEC free of charge at the SEC’s website, www.sec.gov, that contains reports, proxy information statements and other information regarding issuers that file electronically.

Executive Officers – The following Executive Officers have been elected by the Board of Directors and serve at the pleasure of the Board.

It is expected that the Board will elect officers annually following each annual meeting of shareholders.

Executive Officers – The following Executive Officers have been elected by the Board of Directors.

Sanjiv Lamba, 60, was appointed Chief Executive Officer of Linde effective March 1, 2022.

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from 2013 to 2019.

Hoyt, 54, became the Chief Accounting Officer of Linde in October 2018.

Hoyt, 55, was appointed Senior Vice President of Accounting, Financial Planning & Analysis, and Sustainability in April 2024 and has served as the Chief Accounting Officer of Linde since October 2018.

Prior to this, she served as Vice President and Controller of Praxair, Inc.

beginning in August 2016.

Prior to becoming Controller, she served as Praxair’s Director of Investor Relations since 2010.

Prior to becoming Controller, she served as Praxair’s Director of Investor Relations beginning in 2010.

She joined Praxair in 2002 and served as Director of Corporate Accounting and SEC Reporting through 2008, and later served as Controller for various divisions within Praxair’s North American Industrial Gas business.

Previously, she was in audit at KPMG, LLP.

Prior to joining Praxair, she was in audit at KPMG, LLP.

Juergen Nowicki, 61, was appointed Executive Vice President and CEO, Linde Engineering in April 2020.

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Nowicki assumed the role of Managing Director, Linde Engineering in 2011.

John Panikar, 56, was appointed Executive Vice President, APAC of Linde effective in January 2021.

Previously, he served as President UK & Africa of Linde since October 2018.

From 2014 to 2018, Mr.

Panikar was President of Praxair Asia.

He began his career with Praxair in 1991 as an Applications Engineer.

Over the years, Mr.

Panikar held increasingly responsible positions including Manager of Site Services and Equipment, Business Development Director for Praxair Asia, Managing Director of Praxair India, VP, South Region, North American Industrial Gases and President, Praxair Distribution, Inc.

Binod Patwari, 54, was appointed Senior Vice President of Linde APAC in November 2024.

Prior to this, he served as Managing Director of Region South Pacific.

Patwari joined Linde in 1997 in India's Finance organization and held various positions in Finance and Operations including assignments in Asia, Australia and the United Kingdom.

He later served as the Chief Financial Officer for the Asia-Pacific region and Head of Linde's ASEAN business where he oversaw operations across six countries.

Oliver Pfann, 56, was appointed Senior Vice President, EMEA effective September 1, 2023.

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He transitioned to Global Key Accounts and was named General Manager of Linde Italy in 2004.

Since 2007, Pfann led a

regional cluster in Eastern Europe with an increasing number of countries.

Since 2007, Pfann led a regional cluster in Eastern Europe with an increasing number of countries.

In 2017, he was promoted to lead the Region UK, Ireland and Africa before assuming his assignment as Business President for Region Europe East in 2019.

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Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 1. Business