What changed in this filing

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Item 1. Business

2026-02-25 compared with 2025-02-26 · 34 added, 29 removed, 145 unchanged (30% of the section changed)

1 unchanged sentence

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 (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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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.

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

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

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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.

Carbon monoxide can be produced by either SMR or 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.

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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 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.

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

Engineering uses sustainable technologies to help 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.

2 unchanged sentences

in the petrochemical and chemical industries, in refineries and fertilizer plants, to recover air gases, to produce synthesis gases, to treat natural gas and to produce noble gases.

The Engineering business either supplies plant components directly to the customer or to the industrial gas business of Linde which operates the plants under a long-term gases supply contract.

The Engineering business either supplies plant components directly to the customer or to the industrial gas business of Linde which operates the plants under long-term gases supply contracts.

Inventories – Linde carries inventories of merchant and cylinder gases and hardgoods to supply products to its customers on a reasonable delivery schedule.

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approximately 15 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.

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

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

Linde’s non-U.S.

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

Research and Development – Linde’s research and development is directed toward development of gas processing, separation and liquefaction technologies, and clean energy technologies;

Research and Development – Linde’s research and development are directed toward development of gas processing, separation and liquefaction technologies, and clean energy technologies;

improving distribution of industrial gases and the development of new markets and applications for these gases.

2 unchanged sentences

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

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

Research and 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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The Human Capital Committee assists the Board in its oversight of Linde’s compensation policies and programs, particularly in regard to reviewing executive compensation for Linde’s executive officers.

The Human Capital Committee also annually reviews the company’s management development and succession programs, diversity policies and objectives, and the associated programs to achieve those objectives.

The Human Capital Committee also annually reviews the company’s management development and succession programs and the associated programs to achieve those objectives.

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

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As of December 31, 2025, Linde had 65,177 employees worldwide comprised of approximately 28 percent women and 72 percent men.

The total professional workforce is comprised of approximately 29 percent women and 71 percent men.

Environment – Information required by this item is incorporated herein by reference to the section captioned “Management’s Discussion and Analysis – Environmental Matters” in Item 7 of this 10-K.

Available Information – The company makes its periodic and current reports available, free of charge, on or through its website, www.linde.com, as soon as practicable after such material is electronically filed with, or furnished to, the Securities and Exchange Commission ("SEC").

Securities and Exchange Commission ("SEC").

Investors may also access from the company website other investor information such as press releases and presentations.

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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.

Sanjiv Lamba, 61, was appointed Chief Executive Officer of Linde effective March 1, 2022 and Chairman of the Board effective January 31, 2026.

Prior to being appointed CEO, he was Chief Operating Officer starting in January 2021 and after serving as Executive Vice President, APAC, beginning in October 2018.

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Lamba was appointed a Member of the Executive Board of Linde AG in 2011, responsible for the Asia Pacific segment of the Gases Division, for Global Gases Businesses Helium & Rare Gases, Electronics as well as Asia Joint Venture Management.

Lamba started his career 1989 with BOC India in Finance where he progressed to become Director of Finance before being appointed as Managing Director for BOC’s India’s business in 2001.

Throughout his years with BOC/Linde, he worked in various roles across a number of different geographies including Germany, the U.K., Singapore and India.

Lamba started his career in 1989 with BOC India in Finance where he progressed to become Director of Finance before being appointed as Managing Director for BOC’s India’s business in 2001.

Throughout his years with BOC/Linde, he worked in various roles across a number of different geographies including the U.S., Germany, the U.K., Singapore and India.

Desiree Bacher, 54, was appointed Senior Vice President - Chief Human Resources Officer of Linde effective September 1, 2025.

Previously, she served as Senior Vice President of Communications, AI, and Corporate Procurement beginning in 2024 and as Vice President of Financial Planning and Analysis and Corporate Procurement from 2019 to 2024.

She joined the company in 1999 as Controller of Linde Philippines and was later appointed Commercial Manager.

In 2003, she became Vice President of Finance and held several senior finance roles across the Asia Pacific region.

Guillermo Bichara, 51, is Executive Vice President and Chief Legal Officer.

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Bichara previously held roles at Cemex and various global law firms.

Sean Durbin, 54, became Executive Vice President, North America effective September 1, 2023.

Previously, he served as Executive Vice President, EMEA from April 2021 to September 2023 and Senior Vice President, Global Functions from July 2020.

Sean Durbin, 55, was appointed Chief Operating Officer of Linde effective October 1, 2025.

Previously, he has served as Executive Vice President of North America beginning in September 2023, Executive Vice President of EMEA from April 2021 to September 2023 and Senior Vice President of Global Functions from July 2020.

Durbin joined Praxair, Inc.

2 unchanged sentences

from 2013 to 2019.

Ben Glazer, 52, was appointed Senior Vice President of Americas effective October 1, 2025.

He previously served as President of Linde Gas and Equipment Inc.

and Senior Vice President - South America.

Glazer joined Praxair in 2002 in the Treasury department.

From 2004 to 2012, he held various leadership roles across Praxair business units.

Glazer became Director of Executive Staff, where he supported the office of the CEO.

He was named President of Praxair Mexico and Central America in 2014.

In 2017, he was named Manager of Merger Integration, where he led integration efforts for Linde plc during the merger of Praxair and Linde AG.

Hoyt, 56, 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.

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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.

Prior to this, he was Senior Vice President, Commercial, Linde Engineering.

Nowicki joined Linde in 1991 as an Internal Auditor and held various positions in Finance and Controlling.

In 2002, he was appointed CFO Linde Gas North America, USA, and was named Head of Finance and Control for The Linde Group in 2006.

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

Stefano Innocenzi, 52, was appointed Senior Vice President of Linde Engineering effective May 1, 2025.

He previously served as President of Region Europe West since rejoining Linde in 2023 after serving as Senior Vice President at Siemens Energy.

Innocenzi originally joined Linde in 2001 and held various roles within Linde Engineering and Linde Gas businesses before relocating to Asia in 2013.

After serving in several Business Development positions, he became part of the leadership team of Linde Gas APAC and was then named head of Engineering APAC in 2019.

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

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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.

Strauss, 66, has been Executive Vice President and Chief Human Resources Officer since 2022.

From 2018 to 2021, he was Senior Vice President and Chief Human Resources Officer.

Strauss joined Linde in 1990 as an Applications Engineer before being promoted to lead the electronics materials business.

From 2000 to 2013, he served as the General Manager for Linde Advanced Material Technologies Inc.

(formerly “Praxair Surface Technologies, Inc.”).

In 2013, he became Vice President of Safety, Health and Environment before being named Chief Human Resources Officer of Praxair, Inc., a position he held from 2016 until 2018.

White, 53, became Executive Vice President and Chief Financial Officer of Linde in October 2018.

7 unchanged sentences

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