Here are 1-3 brief analogies for Linde:

• The Sherwin-Williams of industrial gases.
• The BASF of essential industrial gases.
• The American Tower for industrial gas infrastructure.

• Industrial Gases: Linde produces and supplies atmospheric gases (like oxygen, nitrogen, argon), process gases (like hydrogen, carbon dioxide), and specialty gases for diverse industries including healthcare, manufacturing, chemicals, and food & beverage.
• Engineering: The company designs and builds large-scale industrial plants for the production and processing of gases, such as air separation units, hydrogen plants, and synthesis gas plants.

Linde plc (Symbol: LIN) - Major Customers

Linde plc (symbol: LIN) primarily sells its industrial gases, equipment, and engineering services to other companies (Business-to-Business, or B2B).

Due to the highly diversified nature of its global customer base across a vast array of industries, Linde does not publicly disclose a list of its specific major customer companies by name. Linde serves thousands of enterprises, from large multinational corporations to smaller businesses, across numerous sectors worldwide, making it impractical to identify a few "major customers" that dominate its revenue.

Instead of specific named major customers, Linde identifies its customer base by the major industries it serves. Companies within these industries typically rely on Linde's products and services. Below are examples of major industries served, along with representative public companies that operate within them (and thus would be potential customers of industrial gas suppliers like Linde), though these specific companies are not confirmed major customers of Linde:

• Chemicals & Energy: Companies in this sector require industrial gases for processes such as hydrogen production, refinery operations, and petrochemical manufacturing.
  • ExxonMobil (XOM)
  • Chevron (CVX)
  • LyondellBasell (LYB)
• Manufacturing: This broad category includes companies involved in metals production, automotive, glass manufacturing, and general fabrication, using gases for welding, cutting, heat treatment, and inerting.
  • General Motors (GM)
  • Ford (F)
  • Boeing (BA)
• Healthcare: Hospitals, clinics, and pharmaceutical companies utilize medical gases (oxygen, nitrous oxide) and specialty gases for diagnostics, research, and patient care.
  • Pfizer (PFE)
  • Johnson & Johnson (JNJ)
  • Thermo Fisher Scientific (TMO)
• Food & Beverage: Customers here use gases for freezing, chilling, packaging, carbonation, and modified atmosphere packaging to preserve product quality and extend shelf life.
  • Coca-Cola (KO)
  • PepsiCo (PEP)
  • Tyson Foods (TSN)
• Electronics: Semiconductor manufacturers and other electronics companies rely on high-purity and specialty gases for fabrication processes, etching, and cleaning.
  • Intel (INTC)
  • Micron Technology (MU)
  • Applied Materials (AMAT)

Sanjiv Lamba, Chief Executive Officer & Member of the Board of Directors

Sanjiv Lamba was appointed Chief Executive Officer of Linde plc in March 2022, also joining the Board of Directors. Prior to this, he served as Chief Operating Officer from October 2020 to March 2022 and as Executive Vice President, APAC. Mr. Lamba began his career in 1989 with BOC India in Finance, progressing to Director of Finance and subsequently Managing Director for the India business in 2001. He has worked across various geographies for Linde, including India, the UK, Singapore, and Germany, where he served as a member of the Executive Board of Linde AG. He will also assume the role of Chairman of the Board effective January 31, 2026.

Matt White, Executive Vice President & Chief Financial Officer

Matt White is the Executive Vice President and Chief Financial Officer for Linde plc. He previously served as Praxair's Senior Vice President and CFO. Mr. White joined Praxair in 2004 as Finance Director for its North American Industrial Gases business unit. His career at Praxair included roles such as Vice President and Controller, Vice President and Treasurer, and President of Praxair Canada. Before joining Praxair, he held positions at Fisher Scientific as Vice President of Finance and at GenTek as Group Controller.

Sean Durbin, Executive Vice President & Chief Operating Officer

Sean Durbin was appointed Chief Operating Officer effective October 1, 2025. Before this, he served as Executive Vice President for North America and Executive Vice President for EMEA. Mr. Durbin has over three decades of experience with Linde and its predecessor, Praxair, Inc., in operations, engineering, project management, business development, and sales.

Guillermo Bichara, Executive Vice President & Chief Legal Officer

Guillermo Bichara serves as Executive Vice President and Chief Legal Officer for Linde.

Desiree Bacher, Senior Vice President, Chief Human Resources Officer

Desiree Bacher holds the position of Senior Vice President and Chief Human Resources Officer at Linde.

Key Business Risks for Linde (LIN)

1. Macroeconomic Headwinds and Cyclical Industry Exposure: Linde's business is significantly exposed to weakening global economic conditions and decremental industrial production, which can reduce demand for industrial gases. The company serves cyclical industries such as chemicals, metals, and energy, making its performance susceptible to downturns in these sectors and leading to potential volume risks.
2. Cost and Currency Volatility: Fluctuations in energy and raw material costs, including electricity, natural gas, and diesel fuel, pose a substantial risk to Linde's profitability, as these are major cost items in industrial gas production and distribution. Additionally, foreign currency exchange rate fluctuations can adversely affect Linde's financial position, particularly given its international operations.
3. Operational and Project Execution Challenges: As a capital-intensive business, Linde faces significant risks related to the execution of its large-scale engineering projects and the continuous operation of its production facilities. Delays, cost overruns, or misexecution of major projects, such as those in its $7.1 billion contractual sale-of-gas backlog, can directly impact profitability and future cash flow. Operational disruptions from equipment failures, natural disasters, or cyber-attacks also pose ongoing threats.

Linde plc, a global industrial gases and engineering company, participates in several significant addressable markets for its main products and services.

• Industrial Gases: The global industrial gases market was valued at approximately USD 109.36 billion in 2024 and is projected to reach USD 172.00 billion by 2032, growing at a Compound Annual Growth Rate (CAGR) of 5.86% from 2025 to 2030. Other estimates place the global market at USD 112.77 billion in 2024, expanding to around USD 198.87 billion by 2034, with a CAGR of 5.84% from 2025 to 2034. The Asia Pacific region dominated the market with a 39.02% share in 2024.

• Carbon Capture and Storage (CCS): The global carbon capture and storage market was estimated at approximately USD 3.68 billion in 2024 and is projected to reach USD 6.72 billion by 2033, growing at a CAGR of 7.0% from 2025 to 2033. Another report suggests the market size was USD 7.31 billion in 2024 and is expected to reach around USD 50.70 billion by 2034, at a CAGR of 21.37% from 2025 to 2034. North America held the largest share of 36.83% of the global market in 2024.

• Hydrogen Generation: The global hydrogen generation market size was valued at USD 186.58 billion in 2024 and is projected to reach USD 317.39 billion by 2030, with a CAGR of 9.2% from 2025 to 2030. Asia Pacific led the global hydrogen generation industry in 2024, accounting for over 35.34% of the revenue share.

• Green Hydrogen: The global green hydrogen market was valued at USD 1.69 billion in 2024 and is projected to reach USD 62.40 billion by 2033, exhibiting a substantial CAGR of 46.89% from 2025 to 2033. Europe currently holds a significant market share in this segment.

• Medical Gases: The global medical gas market size was estimated at USD 15.90 billion in 2024 and is projected to reach USD 25.55 billion by 2030, growing at a CAGR of 8.3% from 2025 to 2030. North America was the largest revenue-generating market in 2024, holding a 36% market share.

• Electronic Specialty Gases: The global electronic specialty gas market was valued at USD 6.80 billion in 2024 and is expected to reach USD 16.37 billion by 2032, with a CAGR of 11.6%. The Asia Pacific region is expected to dominate this market, holding the largest share in 2024.

1. Expansion in Clean Energy and Decarbonization Projects, particularly Hydrogen: Linde is strategically positioned at the forefront of the energy transition, with a substantial project backlog exceeding $10 billion in low-carbon hydrogen projects. The company is actively pursuing both green hydrogen (produced via renewables) and blue hydrogen (natural gas-based with carbon capture) initiatives across various geographies, including significant investments in the U.S., Germany, and Brazil. These projects, such as the 35-megawatt PEM electrolyzer in Niagara Falls, NY, set to double Linde's U.S. green hydrogen capacity by the end of 2025, and a $2 billion investment for a clean hydrogen and atmospheric gases facility in Alberta, Canada, are expected to translate into substantial revenue gains as global hydrogen demand is projected to grow significantly through 2030.
2. Strong Pricing Power and Operational Efficiencies: Linde has consistently demonstrated its ability to implement broad-based price increases, generally in line with globally weighted inflation, and improve operating margins through predictive maintenance, dynamic pricing, and overall productivity gains. This disciplined approach to pricing and cost management is expected to continue supporting revenue growth and margin expansion, even amidst varying economic conditions.
3. Conversion of Record Project Backlog: The company maintains a robust and growing project backlog, which was reported at $10 billion as of Q3 2025 and $7.1 billion in sale of gas projects as of December 2024. This backlog, anchored by long-term "sale-of-gas" agreements (often spanning decades) and infrastructure contracts in clean energy and electronics, is a key driver for steady, multi-year revenue and earnings growth as these projects are brought online and begin generating revenue.
4. Growth in High-Value End Markets: Linde is well-positioned to benefit from increasing demand in high-growth sectors such as electronics, healthcare, and commercial space launches. Specifically, the electronics segment has been a fast-growing market, fueled by semiconductor demand in regions like Korea, Taiwan, and the U.S. The company's strategic investments and customer commitments in these rapidly expanding markets are expected to provide high-margin revenue streams.

Share Repurchases

• In October 2023, Linde's Board of Directors approved a new share repurchase program for up to $15 billion of its ordinary shares. This added to an existing $2 billion authority from February 2022, making a total of $17 billion available for repurchases.
• In 2024, net purchases of ordinary shares amounted to $4.451 billion, and as of December 31, 2024, $11.9 billion of share repurchases remained authorized under the 2023 program.
• In February 2022, a new share repurchase program for up to $10 billion was authorized, which replaced the previous $5 billion program approved in January 2021.

Share Issuance

• Linde's shares outstanding have seen a net decline over the past few years, with 0.482 billion shares outstanding in 2024, a 2.07% decrease from 2023, and a 3.42% decline from 2021 to 2022.
• The company's reported figures for cash returned to shareholders through dividends and stock repurchases are consistently presented "net of issuances," indicating that any share issuances during these periods were offset by repurchases.

Outbound Investments

• In October 2022, Linde acquired a 77.2% stake in nexAir for $866 million ($811 million net of cash acquired), which provides welding equipment, supplying, automation, and industrial training services.
• Linde's clean energy portfolio includes approximately $5 billion worth of high-quality projects, such as supplying low-carbon hydrogen to Dow in Alberta, Canada, and Woodside Energy in Texas.
• In July 2025, Linde announced significant investments to expand its Mims, Florida facility and build a new air separation unit in Brownsville, Texas, to support the rapidly expanding U.S. commercial space sector, with operations expected to commence in 2027 and 2026, respectively.

Capital Expenditures

• Capital expenditures for 2024 were $4.497 billion, primarily focused on investments in new plant and production equipment for backlog growth requirements, with approximately 58% allocated to the Americas segment.
• For the full year 2025, expected capital expenditures are projected to be in the range of $5 billion to $5.5 billion, to support operating and growth requirements, including the contractual sale of gas project backlog.
• Linde's capital expenditures averaged $3.246 billion annually from 2020 to 2024, peaking at $4.497 billion in 2024.