Linde (LIN): what its 10-K says it depends on

Customers

Chemicals and energy industry

earns fromnamed as a risk

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.Risk factors (Item 1A)

Metals and mining industry

earns fromnamed as a risk

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.Risk factors (Item 1A)

Other companies

Euro

exposed to its price · approximately $1,805 millionnamed as a risk

Holding all other variables constant, if there were a 10% increase in foreign-currency exchange rates on the external debt portfolio, consisting largely of Euro-denominated debt, the fair market value of foreign-currency denominated debt outstanding would decrease by approximately $1,805 million and $1,334 million at December 31, 2025 and 2024, respectively, which would be largely offset by an offsetting loss or gain on the underlying foreign net investment being hedged.Market risk (Item 7A)

Also named by ABBV, ABNB, ABT, ADBE, ADI, AME, AMG, AMGN and 186 more

Goodwill from 2018 Praxair-Linde AG merger

approximately $28 billionnamed as a risk

As of December 31, 2025, the net carrying value of goodwill and other indefinite-lived intangible assets was approximately $28 billion and $2 billion, respectively, primarily as a result of the business combination and the related acquisition method of accounting applied to the 2018 merger between Linde plc's predecessor companies.Risk factors (Item 1A)

Competitors

Messer Group GmbH

competes with

Competitors in the industrial gases industry include global and regional companies such as L’Air Liquide S.A., Air Products and Chemicals, Inc., Messer Group GmbH, Mitsubishi Chemical Holdings Corporation (through Taiyo Nippon Sanso Corporation) as well as an extensive number of small to medium size independent industrial gas companies which compete locally as producers or distributors.Business (Item 1)

Also named by APD

L’Air Liquide S.A.

competes with

Competitors in the industrial gases industry include global and regional companies such as L’Air Liquide S.A., Air Products and Chemicals, Inc., Messer Group GmbH, Mitsubishi Chemical Holdings Corporation (through Taiyo Nippon Sanso Corporation) as well as an extensive number of small to medium size independent industrial gas companies which compete locally as producers or distributors.Business (Item 1)

Air Products and Chemicals, Inc.

competes with

Competitors in the industrial gases industry include global and regional companies such as L’Air Liquide S.A., Air Products and Chemicals, Inc., Messer Group GmbH, Mitsubishi Chemical Holdings Corporation (through Taiyo Nippon Sanso Corporation) as well as an extensive number of small to medium size independent industrial gas companies which compete locally as producers or distributors.Business (Item 1)

Taiyo Nippon Sanso Corporation (Mitsubishi Chemical Holdings)

competes with

Competitors in the industrial gases industry include global and regional companies such as L’Air Liquide S.A., Air Products and Chemicals, Inc., Messer Group GmbH, Mitsubishi Chemical Holdings Corporation (through Taiyo Nippon Sanso Corporation) as well as an extensive number of small to medium size independent industrial gas companies which compete locally as producers or distributors.Business (Item 1)

Places

United States

earns from · approximately 64% of its 2025 sales outside of the United States

International – Linde is a global enterprise with approximately 64% of its 2025 sales outside of the United States.Business (Item 1)

Also named by ABBV, ADP, AJG, AMGN, APA, AXGN, AXP, BALL and 139 more

Mexico

operates innamed as a risk

Linde’s exchange-rate exposures result primarily from its investments and ongoing operations in Latin America (primarily Brazil and Mexico), Europe (primarily Germany, Scandinavia, and the U.K.), Canada, Asia Pacific (primarily Australia and China) and other business transactions such as the procurement of equipment from foreign sources.Market risk (Item 7A)

Also named by AAP, AME, AMRC, ANET, AOS, ARES, AYI, AZO and 83 more

China

operates innamed as a risk

Linde’s exchange-rate exposures result primarily from its investments and ongoing operations in Latin America (primarily Brazil and Mexico), Europe (primarily Germany, Scandinavia, and the U.K.), Canada, Asia Pacific (primarily Australia and China) and other business transactions such as the procurement of equipment from foreign sources.Market risk (Item 7A)

Also named by A, AA, AAOI, AAP, AAPL, AB, ADI, AEHR and 261 more

Brazil

operates innamed as a risk

Linde’s exchange-rate exposures result primarily from its investments and ongoing operations in Latin America (primarily Brazil and Mexico), Europe (primarily Germany, Scandinavia, and the U.K.), Canada, Asia Pacific (primarily Australia and China) and other business transactions such as the procurement of equipment from foreign sources.Market risk (Item 7A)

Also named by ADM, ASO, AZO, BALL, CPAY, CPRT, CTVA, DE and 32 more

Ireland

operates innamed as a risk

A judgment for the payment of money rendered by a court in the United States based on civil liability would not be automatically enforceable in Ireland.Risk factors (Item 1A)

Also named by AAPL, ACN, ADI, AGX, BEN, CDNS, CELH, COR and 13 more

Germany

operates innamed as a risk

Linde and its subsidiaries are subject to the tax rules and regulations in the U.S., Germany, Ireland, the U.K. and other countries in which they operate.Risk factors (Item 1A)

Also named by APO, AXGN, BF/B, CPRT, DASH, EBAY, GD, GDDY and 12 more

Hazards

Hurricanes and floods

operates innamed as a risk

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; pandemics; and acts of war or terrorism.Risk factors (Item 1A)

Also named by HON, PLD, SOLS

Commodities and inputs

Natural gas

exposed to its pricenamed as a risk

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.Business (Item 1)

Also named by AA, ADM, AEE, AEP, AES, AESI, AGX, ALB and 132 more

Diesel fuel

exposed to its pricenamed as a risk

Energy is the single largest cost item in the production and distribution of industrial gases.Risk factors (Item 1A)

Also named by ADM, BLDR, BTU, CAH, CHD, CHRW, COST, CP and 43 more

Electricity

exposed to its pricenamed as a risk

Most of Linde’s energy requirements are in the form of electricity, natural gas and diesel fuel for distribution.Risk factors (Item 1A)

Also named by AA, AESI, APD, APLD, ATI, ATO, BA, BMNR and 22 more

Helium

depends onnamed as a risk

Helium is sourced from certain helium-rich natural gas streams in the United States, with additional supplies being acquired from outside the United States.Business (Item 1)

Also named by ATI, GEHC, LRCX, MCHP, WOR

Carbon dioxide

depends onnamed as a risk

A disruption in supply of such raw materials could impact Linde’s ability to meet contractual supply commitments.Risk factors (Item 1A)

Also named by TAP

Calcium carbide

depends onnamed as a risk

Where feasible, Linde sources several of these raw materials, including hydrogen, carbon dioxide, and calcium carbide, as chemical or industrial byproducts.Risk factors (Item 1A)

Regulators

Internal Revenue Service (IRS)

subject tonamed as a risk

If the IRS successfully asserted such a position or the law were to change, significant adverse tax consequences may result for Linde, the company and Linde’s shareholders.Risk factors (Item 1A)

Also named by AAPL, ABNB, ADI, AJG, AMGN, BBSI, BMNR, BRO and 39 more

Laws and programs

U.S. Foreign Corrupt Practices Act

subject tonamed as a risk

global anti-bribery laws, including the U.S. Foreign Corrupt Practices Act; andRisk factors (Item 1A)

Also named by A, ADBE, ADP, AIR, AJG, ALB, AME, AMZN and 112 more

United Kingdom tax residency

subject tonamed as a risk

In particular, since Linde is currently treated as U.K. tax resident, any potential changes in the tax rules applying to U.K. tax-resident companies would directly affect Linde.Risk factors (Item 1A)