Lindian Resources Limited| ASX: LIN | www.lindianresources.com.au | ACN 090 772 222 Kangankunde Rare Earths Project Iluka Eneabba Rare Earths Refinery For personal use only Not for release to US wire services or distribution in the United States Kangankunde Rare Earths Project Corporate Presentation Institutional Placement and Final Investment Decision 20 August 2025 Lindian Resources Limited| ASX: LIN | www.lindianresources.com.au | ACN 090 772 222 11 IMPORTANT INFORMATION Disclaimer The material in this p ...

Core Insights - Linde reported Q2 2025 revenue of $8.5 billion, reflecting a 3% year-over-year increase [1] - Adjusted EPS for the same period was $4.09, marking a 6% year-over-year growth [1] - The company achieved an operating cash flow of $2.2 billion, indicating strong financial health [1]

Core Insights - Linde reported strong Q2 2025 earnings, with non-GAAP EPS of $4.09, exceeding analyst expectations of $4.03, and operating profit margins improved despite softness in key industrial markets [1][4] - The company continues to focus on technological leadership, energy cost management, and building a resilient revenue stream through long-term contracts [3][7] Financial Performance - Q2 2025 GAAP revenue increased by 3.0% year over year to $8.49 billion, surpassing expectations, while adjusted non-GAAP EPS rose by 6.0% [4] - Operating profit margin improved to 30.1%, up 0.8 percentage points from the previous year, reflecting effective pricing and productivity strategies [4][6] - Operating cash flow increased by 15% year over year to $2.21 billion, with free cash flow at $954 million after capital expenditures of $1.26 billion [8] Segment Performance - The Americas region generated $3.81 billion in sales, up 4% year over year, supported by a 3% price increase [5] - EMEA revenue reached $2.16 billion, up 3%, with a 4% decline in volumes offset by higher pricing [5] - Asia-Pacific sales remained flat at $1.66 billion, with manufacturing volume weakness partially balanced by steady pricing [5] Strategic Initiatives - Linde's pricing strategy led to global price increases averaging 2% in Q2 2025, contributing to improved operating margins across all regions [6] - The company has a sale-of-gas backlog of $7.1 billion and a $3.2 billion equipment backlog in its engineering division [6] - Linde is advancing its clean energy initiatives, with significant investments in hydrogen and carbon capture projects, estimating $8–10 billion in clean energy projects over the next few years [7] Shareholder Returns - The company returned $1.81 billion to shareholders through dividends and buybacks in Q2 2025, with an 8% increase in the quarterly dividend, marking 32 consecutive years of increases [8] Future Outlook - Linde provided Q3 2025 adjusted EPS guidance of $4.10 to $4.20, indicating 4% to 7% year-over-year growth, and FY2025 adjusted EPS guidance of $16.30 to $16.50, representing 5% to 6% annual growth [9] - Management remains cautious about macroeconomic conditions, particularly in manufacturing and industrial sectors, with no near-term recovery expected in China or Europe [10]

Core Insights - Linde plc reported second-quarter 2025 adjusted EPS of $4.09, exceeding the Zacks Consensus Estimate of $4.03 and improving from $3.85 in the prior year [1][10] - Total revenues for the quarter reached $8,495 million, surpassing the Zacks Consensus Estimate of $8,353 million and increasing from $8,267 million year-over-year [1][10] Revenue and Profit Drivers - Strong quarterly results were driven by higher pricing and increased volumes, particularly from the Americas segment, with additional contributions from the EMEA segment [2] - The Americas segment's operating profit rose 4.3% to $1,209 million, aided by higher pricing and increased volumes in chemicals and energy markets, exceeding the Zacks Consensus Estimate of $1,188 million [3][10] - EMEA segment profit increased approximately 10.8% year-over-year to $780 million, driven by higher pricing despite lower volumes in metals and manufacturing, beating the Zacks Consensus Estimate of $726 million [4][10] - The APAC segment's profit grew from $474 million to $490 million, surpassing the Zacks Consensus Estimate of $475 million, supported by stable pricing [5] - Operating profit in the Engineering segment declined to $90 million from $96 million year-over-year, missing the Zacks Consensus Estimate of $100 million [5] Backlogs and Capital Investment - At the end of the second quarter, Linde's project backlog amounted to $10.3 billion, including a sale-of-gas backlog of $7.1 billion [6] - Capital expenditures for the second quarter were reported at $1.26 billion, with cash and cash equivalents of $4.8 billion and long-term debt of $19.7 billion [7] Future Guidance - For Q3 2025, Linde estimates adjusted EPS to be in the range of $4.10-$4.20, and for the full year 2025, it expects adjusted EPS to be between $16.30-$16.50 [8] - The company reiterated its full-year capital expenditure guidance to be between $5 billion and $5.5 billion [8]

Core Insights - Linde reported revenue of $8.5 billion for the quarter ended June 2025, reflecting a year-over-year increase of 2.8% and surpassing the Zacks Consensus Estimate of $8.35 billion by 1.7% [1] - The company's EPS for the quarter was $4.09, an increase from $3.85 in the same quarter last year, also exceeding the consensus EPS estimate of $4.03 by 1.49% [1] Revenue Breakdown - Sales in the Americas reached $3.81 billion, slightly above the estimated $3.8 billion, marking a year-over-year increase of 4.3% [4] - EMEA sales were reported at $2.16 billion, exceeding the average estimate of $2.12 billion, with a year-over-year change of 3.4% [4] - Sales from Other regions totaled $315 million, slightly below the estimated $317.93 million, representing a year-over-year decline of 1.6% [4] - Engineering sales amounted to $551 million, compared to the average estimate of $567.47 million, showing a year-over-year increase of 1.3% [4] - APAC sales were reported at $1.66 billion, slightly above the estimated $1.62 billion, with a year-over-year change of -0.1% [4] Stock Performance - Linde's shares have returned -3.2% over the past month, contrasting with the Zacks S&P 500 composite's increase of 2.3% [3] - The stock currently holds a Zacks Rank 4 (Sell), indicating potential underperformance relative to the broader market in the near term [3]

PART I - FINANCIAL INFORMATION [Item 1. Financial Statements](index=4&type=section&id=Item%201.%20Financial%20Statements) This section presents Linde plc's unaudited condensed consolidated financial statements for Q2 and H1 2025, including income, balance sheet, cash flow, and detailed notes [Consolidated Statement of Income](index=4&type=section&id=Consolidated%20Statement%20of%20Income) Linde reported Q2 2025 sales of $8.495 billion, up 3%, with net income of $1.766 billion and diluted EPS of $3.73, up 8% Q2 & H1 2025 Financial Performance Highlights (YoY) | Metric | Q2 2025 | Q2 2024 | % Change | H1 2025 | H1 2024 | % Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | **Sales** | $8,495M | $8,267M | +2.8% | $16,607M | $16,367M | +1.5% | | **Operating Profit** | $2,354M | $2,184M | +7.8% | $4,538M | $4,279M | +6.1% | | **Net Income – Linde plc** | $1,766M | $1,663M | +6.2% | $3,439M | $3,290M | +4.5% | | **Diluted EPS** | $3.73 | $3.44 | +8.4% | $7.24 | $6.79 | +6.6% | [Condensed Consolidated Balance Sheet](index=6&type=section&id=Condensed%20Consolidated%20Balance%20Sheet) Total assets grew to $86.1 billion by June 30, 2025, with liabilities increasing to $46.1 billion, while equity remained stable Balance Sheet Summary (in millions) | Account | June 30, 2025 | Dec 31, 2024 | | :--- | :--- | :--- | | **Total Current Assets** | $13,627 | $12,945 | | **Total Assets** | $86,078 | $80,147 | | **Total Current Liabilities** | $14,714 | $14,544 | | **Long-term debt** | $19,701 | $15,343 | | **Total Liabilities** | $46,092 | $40,659 | | **Total Linde plc Shareholders' Equity** | $38,515 | $38,092 | [Condensed Consolidated Statement of Cash Flows](index=7&type=section&id=Condensed%20Consolidated%20Statement%20of%20Cash%20Flows) H1 2025 net cash from operations increased to $4.37 billion, with $2.83 billion used in investing and $1.75 billion in financing Six Months Ended June 30 Cash Flow Summary (in millions) | Cash Flow Activity | 2025 | 2024 | | :--- | :--- | :--- | | **Net cash provided by operating activities** | $4,372 | $3,883 | | **Net cash used for investing activities** | $(2,826) | $(2,311) | | **Net cash used for financing activities** | $(1,754) | $(1,476) | | **Change in cash and cash equivalents** | $(64) | $(38) | | **Cash and cash equivalents, end-of-period** | $4,786 | $4,626 | [Notes to Condensed Consolidated Financial Statements](index=8&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) Notes detail debt issuance, derivative hedging, $1.9 billion in Russian project legal contingencies, and segment performance across regions - **Linde issued €850 million, €750 million, and €650 million notes in February 2025, and CHF225 million and CHF275 million notes in June 2025**[32](index=32&type=chunk)[33](index=33&type=chunk) - **Contingent liabilities for suspended Russian projects total $1.9 billion** as of June 30, 2025, including **$1.2 billion for RCA** and **$0.7 billion for Amur GPP**[70](index=70&type=chunk)[74](index=74&type=chunk) Q2 2025 Sales & Operating Profit by Segment (in millions) | Segment | Sales | Operating Profit | | :--- | :--- | :--- | | **Americas** | $3,812 | $1,209 | | **EMEA** | $2,162 | $780 | | **APAC** | $1,655 | $490 | | **Engineering** | $551 | $90 | - **Remaining performance obligations are estimated at $61 billion**, with approximately **half expected to be recognized as revenue within six years**[99](index=99&type=chunk)[100](index=100&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=24&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses Q2 2025 sales growth of 3%, adjusted operating profit up 6% to $2.6 billion, and strong H1 cash flow of $4.4 billion [Consolidated Results](index=26&type=section&id=Consolidated%20Results) Q2 2025 consolidated sales increased 3% to $8.5 billion, with adjusted operating profit up 6% to $2.6 billion and adjusted diluted EPS up 6% to $4.09 Q2 2025 vs Q2 2024 Performance Summary | Metric | Q2 2025 | Q2 2024 | % Change | | :--- | :--- | :--- | :--- | | **Sales** | $8,495M | $8,267M | 3% | | **Reported Operating Profit** | $2,354M | $2,184M | 8% | | **Adjusted Operating Profit** | $2,556M | $2,422M | 6% | | **Reported Diluted EPS** | $3.73 | $3.44 | 8% | | **Adjusted Diluted EPS** | $4.09 | $3.85 | 6% | - **Q2 2025 sales growth of 3%** was driven by **+2% Price/Mix**, **+1% Cost pass-through**, **+1% Acquisitions**, offset by **-1% Volume**[110](index=110&type=chunk) [Segment Discussion](index=30&type=section&id=Segment%20Discussion) Americas sales and profit grew 4%, EMEA profit rose 11% despite volume decline, APAC profit increased 3%, and Engineering profit fell 6% - **Americas Q2 sales rose 4% to $3.8 billion**, with **operating profit up 4% to $1.2 billion**, driven by price, volume, and acquisitions[139](index=139&type=chunk)[140](index=140&type=chunk)[141](index=141&type=chunk) - **EMEA Q2 sales increased 3% to $2.2 billion**, with **operating profit up 11% to $780 million**, driven by pricing and currency despite volume decline[142](index=142&type=chunk)[145](index=145&type=chunk)[146](index=146&type=chunk) - **APAC Q2 sales were flat at $1.7 billion**, while **operating profit grew 3% to $490 million**, due to productivity offsetting cost inflation and lower volumes[147](index=147&type=chunk)[148](index=148&type=chunk)[150](index=150&type=chunk) [Liquidity and Capital Resources](index=35&type=section&id=Liquidity%20and%20Capital%20Resources) H1 2025 cash from operations increased 13% to $4.4 billion, with $2.5 billion in capex and $3.6 billion returned to shareholders - **H1 2025 cash flow from operations was $4.372 billion**, a **13% increase** from $3.883 billion in H1 2024[160](index=160&type=chunk)[161](index=161&type=chunk) - **Capital expenditures for H1 2025 were $2.527 billion**, an increase from $2.181 billion, supporting new projects[162](index=162&type=chunk) - **Sale of gas project backlog was approximately $7.1 billion** as of June 30, 2025[163](index=163&type=chunk) [Item 3. Quantitative and Qualitative Disclosures about Market Risk](index=41&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risk) This section refers to the 2024 Annual Report on Form 10-K for market risk disclosures, with no material changes reported this quarter - The report refers to **Item 7A of Linde's 2024 Annual Report on Form 10-K** for market risk discussion[190](index=190&type=chunk) [Item 4. Controls and Procedures](index=41&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded disclosure controls and procedures were effective, with no material changes to internal control over financial reporting - Disclosure controls and procedures were concluded to be **effective as of June 30, 2025**, by principal executive and financial officers[191](index=191&type=chunk) - **No material changes to internal control over financial reporting** occurred during the quarter[191](index=191&type=chunk) PART II - OTHER INFORMATION [Item 1. Legal Proceedings](index=43&type=section&id=Item%201.%20Legal%20Proceedings) This section refers to Note 8 of the condensed consolidated financial statements for details on current legal proceedings - Information on legal proceedings is available in **Note 8 of the condensed consolidated financial statements**[193](index=193&type=chunk) [Item 1A. Risk Factors](index=43&type=section&id=Item%201A.%20Risk%20Factors) No material changes to risk factors previously disclosed in the 2024 Annual Report on Form 10-K are reported - **No material changes to risk factors** disclosed in the company's **2024 Annual Report on Form 10-K** have occurred[194](index=194&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=43&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) Linde repurchased **2.445 million shares for $1.11 billion** in Q2 2025, with **$9.7 billion remaining** under the $15 billion repurchase program Q2 2025 Share Repurchases | Period | Shares Purchased (Thousands) | Average Price Paid Per Share | | :--- | :--- | :--- | | April 2025 | 693 | $442.80 | | May 2025 | 959 | $455.31 | | June 2025 | 793 | $466.44 | | **Q2 2025 Total** | **2,445** | **$455.38** | - **$9.7 billion of share repurchases remain authorized** under the **$15.0 billion program** approved in October 2023[200](index=200&type=chunk)

Financial Data and Key Metrics Changes - Earnings per share (EPS) reached $4.9, marking an all-time quarterly high, with an operating margin of 30.1%, also a record [6][19] - Operating cash flows increased by 15%, and return on capital employed (ROCE) stood at 25.1%, leading the industry [6][19] - Sales for Q2 were $8.5 billion, a 3% increase year-over-year and a 5% sequential increase [16] Business Line Data and Key Metrics Changes - The sale of gas project backlog grew from $3.6 billion to $7.1 billion over four years, with the number of projects increasing from 33 to 70 [9] - Operating profit for the quarter was $2.6 billion, a 6% increase year-over-year, with a 30.1% operating margin, up 80 basis points [19] - Volumes decreased by 1% year-over-year, primarily due to weaker base volumes in EMEA, despite contributions from the project backlog [18] Market Data and Key Metrics Changes - In The Americas, volumes are expected to be flat or slightly up, driven by resilient end markets, while Western Europe is anticipated to see a decline in demand [26][30] - Asia presents a mixed outlook, with India showing strong growth while China remains flat due to weaker metals and chemicals [32][34] - The overall trend indicates low to mid-single-digit growth in resilient end markets, offset by declines in the industrial sector, particularly in EMEA [34] Company Strategy and Development Direction - The company emphasizes disciplined project backlog management, focusing on high-quality contracts with fixed fees [8] - Investments in clean energy projects are highlighted, with a total of approximately $5 billion in low carbon contracts [10] - The company plans to continue its strategy of base volume growth through annual CapEx exceeding $1 billion [12] Management's Comments on Operating Environment and Future Outlook - Management remains cautious about the economic environment, particularly in Europe, where no immediate catalysts for improvement are seen [30][31] - The company expects to maintain positive pricing despite macroeconomic challenges, with a historical track record of achieving positive pricing through cycles [36] - Future growth is anticipated from the space sector, with significant investments planned to support this market [70][71] Other Important Information - The company issued bonds totaling CHF 5 billion with an average yield of less than 1%, indicating strong access to low-cost capital [21] - The guidance for Q3 EPS is projected to be between $4.1 and $4.2, reflecting a cautious outlook amid economic uncertainty [22][23] Q&A Session Summary Question: Insights on global business conditions - Management provided a geographical overview, indicating flat volumes in The Americas, a decline in Europe, and mixed signals from Asia, with India showing growth potential [26][30][32] Question: Risks of future price increases - Management expressed confidence in maintaining positive pricing, citing historical performance and alignment with global inflation trends, except for challenges in China [36][38] Question: Margin performance in The Americas - Management noted that margin performance can vary by quarter, with expectations for continued improvement in margins across segments [41][44] Question: Customer appetite for new projects - Management remains optimistic about maintaining a backlog above $7 billion, supported by ongoing project starts and a healthy pipeline [48] Question: EBIT growth in Europe - Management attributed EBIT growth to favorable currency effects and pricing opportunities, despite negative volume trends [53][54] Question: Long-term outlook for Europe - Management acknowledged short-term challenges in Europe but highlighted potential long-term improvements driven by infrastructure investments and recovery efforts [61][65] Question: Growth potential in the space sector - Management emphasized significant growth opportunities in the space sector, with substantial investments planned to support this market [70][71] Question: Energy transition investments - Management expects continued demand for low carbon products, with a focus on economically viable projects moving forward [93][95]

Financial Data and Key Metrics Changes - Earnings per share (EPS) reached $4.9, and operating margin was 30.1%, both representing all-time quarterly highs [2][3][18] - Operating cash flows grew by 15%, and return on capital employed (ROCE) was 25.1%, leading the industry [3][18] - Sales for the second quarter were $8.5 billion, a 3% increase year-over-year and a 5% sequential increase [15][18] - Operating profit increased by 6% year-over-year to $2.6 billion [18] Business Line Data and Key Metrics Changes - The sale of gas project backlog doubled from $3.6 billion to $7.1 billion over four years, with the number of projects increasing from 33 to 70 [6][9] - The backlog turnover was over 150% in 4.5 years, with $5.7 billion of new projects started [6][9] - Base volume growth investments totaled over $1 billion annually, supporting packaged and merchant supply modes [10][12] Market Data and Key Metrics Changes - In The Americas, volumes are expected to be flat, with growth in resilient end markets offset by a softer industrial sector [27][30] - Europe is expected to see a decline in demand, particularly in Western Europe, with negative volume trends anticipated in the second half of the year [31][32] - Asia presents a mixed outlook, with India showing growth while China remains flat due to weaker metals and chemicals [33][34] Company Strategy and Development Direction - The company emphasizes disciplined project backlog management, focusing on high-quality contracts with fixed fees [5][6] - Investments in clean energy projects are a priority, with a total of approximately $5 billion in low carbon contracts signed [8][9] - The company aims to leverage its strong position in the space market, with significant investments planned to support growth in this sector [29][75] Management's Comments on Operating Environment and Future Outlook - Management remains cautious about the economic environment, particularly in Europe, where no immediate catalysts for improvement are seen [32][66] - The company expects to maintain positive pricing despite macroeconomic challenges, with a historical track record of achieving positive pricing through cycles [39][40] - Future growth is anticipated from self-help initiatives and industrial recovery, with a goal of returning to double-digit EPS growth [24][25] Other Important Information - The company issued bonds totaling CHF 5 billion with an average yield of less than 1%, ensuring access to low-cost capital [21] - The guidance for the third quarter EPS is projected to be between $4.1 and $4.2, reflecting a cautious outlook amid economic uncertainty [22][23] Q&A Session Summary Question: Insights on global business conditions - Management provided a geographical overview, indicating flat volumes in The Americas, a decline in Europe, and mixed signals from Asia, particularly highlighting growth in India and challenges in China [27][30][34] Question: Future pricing risks - Management expressed confidence in maintaining positive pricing, citing historical performance and current pricing trends across most regions, with some exceptions in China [39][40] Question: Margin performance in The Americas - Management noted that margin performance can vary by quarter due to business mix, but overall margins are expected to improve [44][47] Question: Appetite for new projects - Management remains optimistic about maintaining a backlog above $7 billion, supported by ongoing project opportunities [51] Question: EBIT growth in Europe - Management attributed EBIT growth to favorable currency effects and pricing opportunities, despite negative volume trends [56][58] Question: Helium pricing impact - Management indicated that helium volumes remain flat, with pricing down due to market oversupply, but this exposure is smaller compared to competitors [60][61] Question: Long-term outlook for Europe - Management expressed cautious optimism about potential recovery in Europe driven by infrastructure investments and rebuilding efforts in Ukraine [69][70] Question: Space market growth potential - Management highlighted significant growth in the space sector, with plans for substantial investments to support this market [75][78] Question: Energy transition projects - Management expects continued demand for low carbon products, emphasizing that economic viability will drive future projects [99][100]

August 1, 2025 Linde plc Investor Teleconference Presentation Second Quarter 2025 Forward-Looking Statement This document contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are identified by terms and phrases such as: anticipate, believe, intend, estimate, expect, continue, should, could, may, plan, project, predict, will, potential, forecast, and similar expressions. They are based on management's reasonable exp ...

Company Performance - Linde reported quarterly earnings of $4.09 per share, exceeding the Zacks Consensus Estimate of $4.03 per share, and up from $3.85 per share a year ago, representing an earnings surprise of +1.49% [1] - The company posted revenues of $8.5 billion for the quarter ended June 2025, surpassing the Zacks Consensus Estimate by 1.70%, compared to revenues of $8.27 billion in the same quarter last year [2] - Linde has surpassed consensus EPS estimates in all four of the last quarters, but has only topped consensus revenue estimates once during the same period [2] Stock Performance - Linde shares have increased approximately 9.9% since the beginning of the year, outperforming the S&P 500's gain of 7.8% [3] - The stock's immediate price movement will largely depend on management's commentary during the earnings call and future earnings expectations [3][4] Earnings Outlook - The current consensus EPS estimate for the upcoming quarter is $4.21 on revenues of $8.52 billion, and for the current fiscal year, it is $16.42 on revenues of $33.55 billion [7] - The estimate revisions trend for Linde was unfavorable prior to the earnings release, resulting in a Zacks Rank 4 (Sell) for the stock, indicating expected underperformance in the near future [6] Industry Context - The Chemical - Specialty industry, to which Linde belongs, is currently ranked in the bottom 30% of over 250 Zacks industries, suggesting that the industry outlook may negatively impact stock performance [8] - Empirical research indicates a strong correlation between near-term stock movements and trends in earnings estimate revisions, which can be tracked by investors [5]