Risk factor changes · LIN

What changed in Linde's risk factors

Item 1A (Risk Factors) of Linde's FY2025 10-K compared with its FY2024 10-K, sentence by sentence.

Newer: 10-K filed 2026-02-25 · Older: 10-K filed 2025-02-26

New in the latest 10-K 6

• Currency exchange rate fluctuations and other related risks may adversely affect Linde's results.
• 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.
• 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.
• Linde is subject to regulations in the following areas, among others: securities laws applicable in the United States, the European Union, and other jurisdictions;
• Potential product defects or inadequate customer care may adversely impact Linde s business or results of operations.
• Changes in tax laws may result in higher tax expense and tax payments.

Reworded 18

Removed words are struck through; added words are highlighted.

• In addition, many of Linde s customers are in businesses that are cyclical in nature, such as the chemicals, chemicals and energy, and metals and energy industries. mining end markets.
• 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 8 Table of Contents 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. and non-U.S. tax policies and compliance with governmental regulations.
• These events could have an adverse effect on the international operations of Linde in the future by reducing the demand for its products, decreasing the prices at which it can sell its products, reducing the revenue from international operations or otherwise having an adverse effect on its business. 8 Table of Contents Currency exchange rate fluctuations and other related risks may adversely affect Linde's results.
• As of December 31, 2024, 2025, the net carrying value of goodwill and other indefinite-lived intangible assets was approximately $26 $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.
• Despite these steps, however, these situations such events are outside Linde s control and may have a significant adverse impact on its financial results.
• The inability to attract and hire qualified individuals or the loss of key employees in very skilled areas could have a negative effect on Linde s financial results. 9 Table of Contents If Linde fails to keep pace with technological advances in the industry or if new technology initiatives do not become commercially accepted, customers may not continue to buy Linde s products and results of operations could be adversely affected.
• If Linde s research and 9 Table of Contents 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.
• Linde may be subject to information technology system failures, network disruptions and cybersecurity breaches in data security. or other related incidents.
• Linde relies on information technology systems and networks 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.
• 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. attacks and disruptions.
• In addition, the process of integrating an acquired company, business or group of assets may create unforeseen operating 10 Table of Contents difficulties and expenditures.
• Although historically Linde has been successful with its acquisition strategy and execution, the areas where Linde may face risks include: the need to implement or remediate controls, procedures and policies appropriate for a larger public company at companies that prior to the acquisition lacked these controls, procedures and policies; diversion of management time and focus from operating existing business to acquisition integration challenges; cultural challenges associated with integrating employees from the acquired company into the existing organization; the need to integrate each company s accounting, management information, human resources and other administrative systems to permit effective management; difficulty with the assimilation of acquired operations and products; failure to achieve targeted synergies and cost reductions; and 10 Table of Contents inability to retain key employees and business relationships of acquired companies.
• Future acquisitions or dispositions could result in the incurrence of debt, contingent liabilities or amortization expenses, or impairments of goodwill, goodwill or other intangible assets, any of which could adversely impact Linde s financial results.
• U.S. and non-U.S. tax laws and currency controls; safety; securities laws applicable in the United States, the European Union, and other jurisdictions; trade and import/export restrictions, as well as economic sanctions laws; antitrust matters; safety; environmental protection, including climate change and energy efficiency laws and policies, and environmental related reporting and disclosures; data protection; protection including artificial intelligence; global anti-bribery laws, including the U.S.
• If Linde fails to comply with laws governing the conduct of international operations, Linde may be subject to criminal and civil penalties and other remedial measures, which could materially adversely affect its reputation, business and results of operations. 11 Table of Contents The outcome of litigation or governmental investigations may adversely impact the company s business or results of operations.
• An unfavorable outcome or determination could cause a material adverse impact on the company s results of operations. 11 Table of Contents Potential product defects or inadequate customer care may adversely impact Linde s business or results of operations.
• 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 12 Table of Contents tax.
• 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. 12 Table of Contents Changes in tax laws may result in higher tax expense and tax payments.

Removed since the previous 10-K 4

• 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.
• The inability to attract and hire qualified individuals or the loss of key employees in very skilled areas could have a negative effect on Linde s financial results.
• Linde is subject to regulations in the following areas, among others: environmental protection, including climate change and energy efficiency laws and policies;
• The outcome of litigation or governmental investigations may adversely impact the company s business or results of operations.

Source: SEC EDGAR filings, compared sentence by sentence by EdgarStack. Sentence matching is automated and may pair or split passages imperfectly; check the linked filings before relying on any passage. A software tool, not financial advice. Not affiliated with the U.S. Securities and Exchange Commission.