What changed in this filing

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Item 1A. Risk Factors

2026-02-25 compared with 2025-02-26 · 18 added, 18 removed, 158 unchanged (19% of the section changed)

5 unchanged sentences

For example, global political and economic uncertainty could reduce investment activities of Linde’s customers, which could adversely affect Linde’s business.

In addition, many of Linde’s customers are in businesses that are cyclical in nature, such as the chemicals, metals and energy industries.

In addition, 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.

Downturns in these industries may adversely impact Linde during these cycles.

14 unchanged sentences

Linde’s international operations are subject to the risks of doing business abroad and international events and circumstances may adversely impact its business, financial condition or results of operations.

Linde has substantial international operations which are subject to risks including devaluations in currency exchange rates, transportation delays and interruptions, political and economic instability and disruptions, restrictions on the transfer of funds, 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, changes in U.S.

funds, 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, changes in U.S.

tax policies and compliance with governmental regulations.

15 unchanged sentences

Catastrophic events could disrupt the operations of Linde and/or its customers and suppliers and may have a significant adverse impact on the results of operations.

The occurrence of catastrophic events or natural disasters such as extreme weather, including hurricanes and floods;

health epidemics;

pandemics, such as COVID-19;

and acts of war or terrorism, could disrupt or delay Linde’s ability to produce and distribute its products to customers and could potentially expose Linde to third-party liability claims.

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, as well as catastrophic events such as health epidemics;

and acts of war or terrorism.

These events could disrupt or delay Linde’s ability to produce and distribute its products to customers, result in asset impairments, and could potentially expose Linde to third-party liability claims.

In addition, such events could impact Linde’s customers and suppliers resulting in temporary or long-term outages and/or the limitation of supply of energy and other raw materials used in normal business operations.

Linde evaluates the direct and indirect business risks, consults with vendors, insurance providers and industry experts, makes investments in suitably resilient design and technology, and conducts regular reviews of the business risks with management.

Despite these steps, however, these situations are outside Linde’s control and may have a significant adverse impact on its financial results.

Despite these steps, however, such events are outside Linde’s control and may have a significant adverse impact on its financial results.

The inability to attract and retain qualified personnel may adversely impact Linde’s business.

8 unchanged sentences

These technologies help Linde to create a competitive advantage and to provide a platform to grow its business.

If Linde’s research and

development activities do not keep pace with competitors or if Linde does not create new technologies that benefit customers, future results of operations could be adversely affected.

If Linde’s research and development activities do not keep pace with competitors or if Linde does not create new technologies that benefit customers, future results of operations could be adversely affected.

Risks related to pension benefit plans may adversely impact Linde’s results of operations and cash flows.

11 unchanged sentences

Material operating failures at production, storage facilities or pipelines, including fire, toxic release and explosions, or the occurrence of vehicle transportation accidents could result in loss of life, damage to the environment, loss of production and/or extensive property damage, all of which may negatively impact Linde’s financial results.

Linde may be subject to information technology system failures, network disruptions and breaches in data security.

Linde relies on information technology systems and networks for business and operational activities, and also stores and processes sensitive business and proprietary information in these systems and networks.

Linde may be subject to information technology system failures, network disruptions and cybersecurity breaches or other related incidents.

Linde relies on information technology systems and networks, including systems that utilize advanced technologies for business and operational activities, and also stores and processes sensitive business and proprietary information in these systems and networks.

These systems are susceptible to outages due to fire, flood, power loss, telecommunications failures, viruses, break-ins and similar events, or breaches of security.

Linde has taken steps to address these risks and concerns by implementing advanced security technologies, internal controls, network and data center resiliency and recovery processes.

Despite these steps, however, our information technology systems have in the past been and in the future will likely be subject to increasingly sophisticated cyber attacks.

Despite these steps, however, our information technology systems have in the past been and in the future will likely be subject to increasingly sophisticated cyber attacks and disruptions.

Operational failures and breaches of security from such attempts could lead to the loss or disclosure of confidential information or personal data belonging to Linde or our employees and customers or suppliers.

4 unchanged sentences

Many of these transactions, if consummated, could be material to its financial condition and results of operations.

In addition, the process of integrating an acquired company, business or group of assets may create unforeseen operating difficulties and expenditures.

In addition, the process of integrating an acquired company, business or group of assets may create unforeseen operating

difficulties and expenditures.

Although historically Linde has been successful with its acquisition strategy and execution, the areas where Linde may face risks include:

8 unchanged sentences

Also, the anticipated benefit of potential future acquisitions may not materialize.

Future acquisitions or dispositions could result in the incurrence of debt, contingent liabilities or amortization expenses, or impairments of goodwill, any of which could adversely impact Linde’s financial results.

Future acquisitions or dispositions could result in the incurrence of debt, contingent liabilities or amortization expenses, or impairments of goodwill or other intangible assets, any of which could adversely impact Linde’s financial results.

Linde is subject to a variety of international laws and government regulations and changes in, or failure to comply with, these laws or regulations could have an adverse impact on the company’s business, financial position and results of operations.

Linde is subject to regulations in the following areas, among others:

• environmental protection, including climate change and energy efficiency laws and policies;

tax laws and currency controls;

• securities laws applicable in the United States, the European Union, and other jurisdictions;

tax laws and currency controls;

• trade and import/export restrictions, as well as economic sanctions laws;

• antitrust matters;

• data protection;

• environmental protection, including climate change and energy efficiency laws and policies, and environmental related reporting and disclosures;

• data protection including artificial intelligence;

• global anti-bribery laws, including the U.S.

52 unchanged sentences

Under current economic and political conditions tax rates and policies in any jurisdiction, including the U.S., the U.K.

and the EU, are subject to significant changes which could result in a significant change to Linde's current and deferred income tax.

and the EU, are subject to significant changes which could result in a significant change to Linde's current and deferred income

In particular, since Linde is currently treated as U.K.

16 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 1A. Risk Factors