Linde plc is the largest industrial gas company worldwide and a major technological innovator in the industrial gases industry. Its primary products include atmospheric gases such as oxygen, nitrogen, argon, and rare gases, and process gases such as hydrogen, helium, carbon dioxide, carbon monoxide, electronic gases, specialty gases, and acetylene. The company also designs and builds equipment that produces industrial gases and offers customers a wide range of gas production and processing services, including olefin plants, natural gas plants, air separation plants, hydrogen and synthesis gas plants, and other types of plants. Linde serves a diverse group of industries including healthcare, chemicals and energy, manufacturing, metals and mining, food and beverage, and electronics.

Linde generates revenue primarily from the sale of its industrial gases and related equipment and services. Its core revenue streams come from supplying atmospheric and process gases to industrial customers and from engineering contracts for the design and construction of gas production and processing facilities. In 2025 the company recorded sales of $33,986 million, in 2024 sales were $33,005 million, and in 2023 sales were $32,854 million. Revenue is derived from a broad customer base across multiple sectors, reducing reliance on any single industry or client.

The company operates through the following segments: Industrial Gases and Engineering.

• Industrial Gases: This segment produces atmospheric gases including oxygen, nitrogen, argon, and rare gases, and process gases such as hydrogen, helium, carbon dioxide, carbon monoxide, electronic gases, specialty gases, and acetylene. It also designs and builds gas production equipment and offers related services such as olefin, natural gas, air separation, and hydrogen and synthesis gas plants. The segment distributes gases through on site, merchant bulk liquid, and packaged cylinder methods to serve industries including healthcare, chemicals and energy, manufacturing, metals and mining, food and beverage, and electronics.

• Engineering: This segment focuses on market segments such as air separation, hydrogen, synthesis, and olefin and natural gas plants. It uses process engineering expertise to plan, design, and construct efficient plants for the production and processing of gases. The segment employs 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, supporting the transition to clean energy. Digital services and solutions are provided to increase plant efficiency and performance. Engineering supplies plant components directly to customers or to Linde’s industrial gas business, which operates the plants under long term gas supply contracts. The segment’s plants are used in petrochemical and chemical industries, refineries, fertilizer plants, to recover air gases, to produce synthesis gases, to treat natural gas, and to produce noble gases.

Linde holds the leading position in the global industrial gases market as the largest producer by volume. Its main competitors include L’Air Liquide S. A., Air Products and Chemicals, Inc., Messer Group GmbH, and Mitsubishi Chemical Holdings Corporation through its Taiyo Nippon Sanso subsidiary, along with numerous small to medium independent regional players. A key competitive advantage derives from its extensive pipeline networks that enable reliable and economic supply to large volume customers. The company also benefits from its technological leadership in non cryogenic air separation and in low carbon hydrogen production methods.

Linde serves a broad customer base that spans multiple industries including healthcare providers, chemical manufacturers, refineries, metal producers, food and beverage processors, and electronics manufacturers. The company’s customers range from hospitals requiring medical gases to large industrial complexes needing bulk oxygen, nitrogen, and hydrogen for production processes. While specific customer names are not disclosed in the filing, the diversified mix reduces dependence on any single client or sector.