2025 LFBV Half Year Report

MANAGEMENT BOARD’S REPORT

The Managing Directors of the company hereby present this Management Board report for the interim period ended on 30

June 2025. These financial statements have been prepared in accordance with the International Financial Reporting

Standards as adopted by the European Union (hereafter IFRS) and with Section 2:362(9) of the Dutch Civil Code. All financial

information is presented in Euro and has been rounded to the nearest million, unless otherwise stated.

General information

Linde Finance B.V. (“the Company”) is a wholly owned subsidiary of Linde plc. Linde is the largest industrial gas company

worldwide and is a major technological innovator in the industrial gases industry. Its primary products in its industrial gases

business are atmospheric gases (oxygen, nitrogen, argon, and rare gases) and process gases (carbon dioxide, helium,

hydrogen, electronic gases, specialty gases, and acetylene). Linde also designs and builds equipment that produces industrial

gases and offers customers a wide range of gas production and processing services such as olefin plants, natural gas plants,

air separation plants, hydrogen and synthesis gas plants and other types of plants.

The Company, is a private company incorporated in the Netherlands, with a statutory seat in Amsterdam, and registered with

the Dutch Trade Register under number 34115238, with its principal office address at 53 Merrion Square, Dublin 2, Ireland and

registered with the Irish Companies Registration Office under number 909743. Although Linde Finance B.V. was incorporated

in the Netherlands, the Irish and Dutch competent authorities determined that the company is solely tax resident in Ireland in

accordance with the Netherlands-Ireland tax treaty with effect from 1 January 2022. The Company’s sole shareholder is Linde

Holdings Netherlands B.V., which in its turn is a 100% subsidiary of Linde plc. The Company acts as a finance company for the

benefit of Linde plc companies, with a focus on EUR financing. The most important geographical areas to Linde Finance B.V.

are within Europe, and include Germany, Ireland, and the UK. Linde plc is listed on the NASDAQ. Linde Finance B.V. has

bonds listed on the Luxembourg Stock Exchange.

Objectives

The objectives of Linde Finance B.V., in accordance with article 2 of the Articles of Association, are to incorporate, to

participate, to manage and finance other group companies. Furthermore, to borrow and lend money, to place public and

private debt and in general to engage in financial and commercial activities which may be conducive to the foregoing.

Tasks and responsibilities

The Management Board (currently comprised of two Managing Directors) is in charge of the management of Linde Finance

B.V. This means that the responsibilities of the Management Board include the policy and business progress within Linde

Finance B.V. and with this the achievement of the goals, strategy, profit development and the social aspects of doing business

that are relevant for Linde Finance B.V.

Principal Risks and Uncertainties

The principal risks and uncertainties facing the Company are: (i) fluctuations in interest rates and currency exchange rates

(market risk); (ii) counterparty credit risk; and (iii) liquidity risk. The Company has a low appetite for risk as it relates to these

areas.

The Management Board is responsible for the compliance with legislation and regulations and the management of the risks

coupled with the activities and the financing of Linde Finance B.V.

The Management Board discusses the internal risk management and control systems with the Supervisory Board. These

controls were set up to identify and manage foreign exchange, interest, liquidity, counterparty, and credit risks. As to these

risks, Linde Finance B.V. has a conservative approach.

There have been no significant failings in the internal risk management and control systems which have been observed in the

financial year.

Financial risk management

The objective of financial risk management at the Company is to minimize the negative impact of interest rate and foreign

exchange rate fluctuations on the Company’s earnings, cash flow and equity. To manage currency risk, the Company uses

various derivative financial instruments. The Company only uses commonly traded and non-leveraged instruments. These

contracts are entered into primarily with major banking institutions thereby minimizing the risk of credit loss.

Counterparty credit risk

Credit risk is the risk of financial loss to the Company if a counterparty to a financial instrument fails to meet its contractual

obligations, and arises principally from the Company’s loans to Group companies. The carrying amounts of financial assets

represents the maximum credit exposure.

Linde Finance B.V. provides loans solely to companies within Linde plc. Linde plc provides financial support to Linde plc group

companies as necessary so that they are able to settle their liabilities to the Company with respect to the intragroup financing

provided by the Company, i.e. the loans issued to group companies. In addition, Linde Finance B.V. has a letter of support

from Linde plc which covers any risk on loans to group companies. As of 30 June 2025 there were no loans overdue and

expected credit losses were immaterial.

Liquidity risk

Liquidity risk is the risk that the Company will not be able to meet its obligations as they fall due. The Company monitors its

risk to a shortage of funds on a daily basis. This daily analysis considers the maturity of both its financial assets and financial

liabilities. Linde Finance B.V., along with Linde Inc, Linde plc and Linde GmbH have a USD 5 bn syndicated revolving credit

facility at their disposal with a final maturity in 2027, and a further USD 1.5 bn unsecured and undrawn revolving credit

agreement with no associated financial covenants expiring in December 2025. The syndicated revolving credit facilities are

fully undrawn as of 30 June 2025. In addition, Linde plc also gave an insubordinate and unconditional guarantee to Linde

Finance B.V. for the outstanding Notes of Linde Finance B.V.

Market risk

Market risk is the risk that changes in market prices – e.g. as foreign exchange rates, interest rates and equity prices – will

affect the Company’s income or the value of its holdings of financial instruments. The objective of market risk management is

to manage and control market risk exposures within acceptable parameters, while optimizing the return.

It is the objective of Linde Finance B.V. to mitigate foreign currency risk which would be related to intercompany loans and

deposits in multiple currencies. As Linde Finance B.V. is now focused on EUR financing, currently there is only one such loan

that has a natural hedge in a same currency denominated back to back loan.

Linde Finance B.V. has historically entered into derivatives in order to hedge Linde Finance B.V.’s currency exposure. The

underlying assets and liabilities are translated into Euro at the balance sheet date. The derivatives, when used to hedge the

currency risk exposure (cross-currency swaps and FX swaps), are included in the balance sheet at fair value. Hedge

accounting is not applied to these derivatives, therefore fair value movements flow through the statement of profit or loss. The

positions are regularly checked as part of the risk management procedures. There are no active hedges as of 30 June 2025.

Appointment

The members of the Management Board are appointed by the Supervisory Board for an indefinite period. The basis for non-

compliance with the recommendation of the Dutch Corporate Governance Code (appointment for a maximum term of four

years Principle II.1.1 of the Code) rests in the principles of Linde Finance B.V. being oriented towards the long term. The

Supervisory Board notifies the General Meeting of an intended appointment and does not dismiss members of the

Management Board until after the General Meeting has expressed its opinion.

Accounting records

The Management Board is responsible for ensuring that adequate accounting records are kept by the Company. The

measures taken by directors to ensure compliance with the Company’s obligation to keep adequate accounting records are the

use of appropriate systems and procedures and by the employment of competent persons responsible for the preparation and

maintenance of the accounting records.

These financial statements have been prepared in accordance with the International Financial Reporting Standards as

adopted by the European Union (hereafter EU-IFRS) and with the relevant provisions of Part 9 of Book 2 of the Dutch Civil

Code. These condensed financial statements have not been audited or reviewed by auditors.

Going concern

The Management Board have a reasonable expectation that the Company has adequate resources to continue in operational

existence for the foreseeable future, and for this reason, they continue to adopt the going concern concept of preparing the

financial statements. The liquidity risk is actively managed and among others covered by a USD 5 bn syndicated revolving

credit facility, with a final maturity of 2027, and a further USD 1.5 bn unsecured and undrawn revolving credit agreement with

no associated financial covenants expiring in December 2025, both of which are currently fully undrawn as of 30 June 2025. In

addition, Linde Finance B.V. has a letter of support from its ultimate parent, Linde plc.

Corporate Governance

Linde Finance B.V. has a Management Board and a Supervisory Board. The Management Board is accountable to the

Supervisory Board and the General Meeting for its policy. Based on the number of Supervisory Directors, the Supervisory

Board of Linde Finance B.V. can operate without separate committees. This means that the Supervisory Board also acts as

Audit Committee.

Corporate governance, the General Meeting

The Linde Finance B.V. General Meeting has the authority to approve certain Management Board decisions. These decisions,

which are stipulated in the Articles of Association, are major decisions relating to the operations, legal structure and financial

structure of the Linde Finance B.V. (and the companies in which it holds shares) as well as decisions related to major

investments.

The most important other authorities of the General Meeting are:

– adoption of the Linde Finance B.V. financial statements and profit appropriation;

– discharging the members of the Management Board for their management and the members of the Supervisory

Board for their supervision of the Management Board;

– adoption of the dividend;

– appointment and dismissal of the external independent auditor;

– amendments to the Articles of Association; and

– issuing of shares, exclusion of the application right, authorization to repurchase the Linde Finance B.V. own shares,

reduction of the paid-up capital, dissolution, application for bankruptcy.

Corporate governance conflict of interests

Linde Finance B.V. as part of Linde plc has policies to prevent form and appearance of a conflict of interest between the Linde

Finance B.V. and the members of the Management Board and the members of the Supervisory Board. Decisions to enter into

transactions involving conflicting interests of Management Board or Supervisory Board members of a material significance for

the Linde Finance B.V. and/or for the relevant individual must, in accordance with these rules, be approved by the Supervisory

Board. During the year under review no conflicts of interests were reported.

Corporate Social Responsibility

As part of Linde plc, Linde Finance B.V. adheres to the broader Linde plc governance guidelines which have established five

core values: safety, inclusion, accountability, integrity and community. A code of ethics has been adopted that provides clear

instructions on expected behavior and for reporting of concerns about potential non-conformance. This code is named the

“Code of Business Integrity” and is made widely available to employees and third parties and is posted on the company’s

public website (https://www.linde.com/about-linde/corporate-governance).

Safety and community are core values. Linde plc requires its businesses around the world to conform to its worldwide Health,

Safety and Environment policy that reinforces its ambition of zero incidents causing harm to people, communities, or the

environment. Linde is committed to improving the communities where employees live and work which includes a commitment

to minimize Linde’s environmental impact. Its charitable contributions, along with employee voluntarism, support initiatives that

make important and sustainable contributions to the world, including direct impact in the Netherlands and Ireland.

Accountability and integrity are core values. Interaction between management, employees and Linde's business partners is

expected to be transparent and respectful, consistent with our Code of Business Integrity. Ethical values and performance are

significant factors in the selection of directors and members of the leadership team. Linde does not tolerate the use of

kickbacks or bribery in any form. Third parties acting on behalf of Linde are prohibited from giving or accepting bribes, directly

or indirectly. Linde’s Code of Business Integrity prohibits activities that are or may be seen to be corrupt and prohibits any form

of bribery. Linde plc enforces a global compliance program designed to prevent possible policy breaches that focuses on

information, training sessions and management advice. The global compliance organization helps identify potential

compliance-related risks and develops measures to mitigate them. As part of Linde plc, employees of Linde Finance B.V. are

subject to mandatory compliance training and have access to the Integrity Hotline to report potential non-compliance issues.

Third parties can also use the Integrity Hotline to report potential concerns.

Inclusion is a core value. Linde Finance B.V. seeks to maintain a Board that contains a range of experiences, competencies,

and perspectives (including gender, ethnic, and cultural diversity) that is well-suited for advice and counsel to, and oversight of,

the company’s business and operations. The target defined by Linde Finance of male / female portioning of management

board members is not yet within the requirements from the 'Wet bestuur en toezicht', which is 30% minimum male and female.

This will be taken into consideration should there be a need to appoint new management board members in the future.

Information concerning application of code of business integrity

Linde Finance B.V. adheres to the Linde plc corporate governance guidelines, including the code of business integrity, which is

available at https://www.linde.com/about-linde/corporate-governance. Compliance with the Code of Business Integrity is

mandatory and employees certify compliance annually. The Code clearly outlines what to do to comply with laws and

regulations and addresses the Linde plc’s values and principles – safety, integrity, sustainability, and respect.

Fraud

Linde Finance B.V. as a part of Linde plc group falls within the control environment of the group, including the annual fraud risk

assessment process. The fraud risk assessment involves interviews with process and control owners, the mapping of risks

and fraud scenarios to the existing control environment and the identification and remediation of gaps as needed. The

internal control policies specific to Linde Finance B.V. cover areas primarily related to record to report business processes and

include assessment of the risk of management override. In addition to the local controls, the Linde plc group has the following

entity level controls: the Whistleblower Hotline which is an independent and anonymous channel for the reporting of potential

non-compliance, the group Audit Committee meetings incorporate review of fraud reporting and status and the existence of the

Code of Business Integrity discussed above. In 2024, the internal controls for Linde Finance B.V. were deemed to be

operating effectively and no fraud instances specific to Linde Finance B.V. had been reported.

Climate Change

As part of Linde plc, Linde Finance B.V. is part of the overall group’s sustainable development goals. Linde plc reports on

issues related to climate change on its website, in its Sustainable Development report and related disclosures referencing

climate-related frameworks and standards such as the Global Reporting Initiative (GRI) and standards set forth by the

International Sustainability Standards Board (ISSB). These outline Linde plc’s sustainable development goals which include

several managed targets related to climate change. The Linde plc Board of Directors’ Sustainability Committee reviews

progress toward these goals in environmental sustainability in meetings scheduled through the year. Linde Finance B.V. does

not expect climate change to have significant impacts on its financial position.

Financial highlights

At the end of June 2025, the debt outstanding is EUR 2.6 bn (31.12.2024: EUR 2.6 bn).

Linde GmbH and Linde Finance B.V. have a USD 6.5 bn multicurrency Commercial Paper (CP) Program which is

unconditionally guaranteed by Linde plc. As per 30 June 2025, Linde Finance B.V. had EUR 1.5 bn Commercial Paper

outstanding (31.12.2024: EUR 1.7 bn).

Linde plc, Linde Inc, Linde GmbH and Linde Finance B.V. have a USD 5 bn syndicated revolving credit facility at their disposal

with a final maturity in 2027, and a further USD 1.5 bn unsecured and undrawn revolving credit agreement with no associated

financial covenants expiring in December 2025, both of which are currently fully undrawn.

During the interim period to 30 June 2025 the interest income amounted to EUR 120.1 m (June 2024: EUR 122.5 m). The

interest expense amounted to EUR 117.9 m (June 2024: EUR 115.0 m). Net interest income has decreased due to the

decreasing interest rate environment during this period.

A majority of the EU members states, including Ireland, adopted the Organization for Economic Cooperation & Development's

(“OECD”) framework for a 15% global minimum tax rate (“Pillar 2”) generally effective for tax years beginning January 1, 2024.

Linde Finance B.V. applies the required exception for recognising deferred tax assets and liabilities related to Pillar 2 income

taxes. There has been no material impact to Linde Finance B.V. from Pillar 2 to date in 2025.

The profit after taxation during the interim period was EUR 0.3 m (June 2024: EUR 4.6 m). Although LFBV aims to minimise

its operating risk by matching the maturities of its borrowings to those of its loans, in the first half of 2025, its short-term

borrowings had slightly longer maturities than its short-term loans. This mismatch in maturities, coupled with a series of rate

cuts by the ECB, resulted in a fall in its profits in the interim period. Of late, LFBV has had the opportunity to better align the

maturities of its borrowings and loans, and ECB rates have stabilized. Therefore, LFBV is expecting to report an increase in

its profits in the second half of 2025.

Standard and Poor’s credit rating for Linde Finance B.V. is “A/A-1” (long and short-term). Moody’s credit rating for Linde

Finance B.V. is “A2/P-1” (long- and short- term). The outlook for all credit ratings is stable. All credit ratings are aligned with the

credit ratings of the ultimate parent Linde plc.

Future Developments

Linde Finance B.V., will continue to act as a finance company for the benefit of Linde plc companies. The company's main

focus remains as EUR financing for the group. The company believes it is adequately staffed to handle current and future

anticipated activity and does not foresee changes in staffing levels for the near term.

The Management Board believes that it has sufficient operating flexibility and funding sources to maintain adequate amounts

of liquidity to meet its business needs around the world. The company has a USD 5 billion syndicated revolving credit facility,

with a final maturity of 2027, and a further USD 1.5 bn unsecured and undrawn revolving credit agreement with no associated

financial covenants expiring in December 2025. No borrowings were outstanding under the credit agreement as of 30 June

2025. The company does not anticipate any limitations on its ability to access the debt capital markets and/or other external

funding sources and remains committed to its strong ratings from Moody's and Standard & Poor's. Therefore the outlook is

stable.

Subsequent Events

There have been no subsequent events to report to the date of these financial statements.

Corporate Governance Statement

The Management Board of Linde Finance B.V. is responsible for the maintenance and development of an accurate framework

for risk management and control and the active management of the strategic, technological, operational, financial and

compliance risks that Linde Finance B.V. faces.

We declare that the substantial risks with which Linde Finance B.V. is confronted are described in these financial statements.

These financial statements provide insight into the extent to which risks are prevented and controlled. Based on the above and

our own observations and experiences from the past, the Management Board declares, that the framework for risk

management and control, as described above, provides a reasonable assurance that the financial reporting does not contain

any errors of material importance and that this framework worked correctly in 2025.

18 September 2025

T H E M A N A G E M E N T B O A R D

____________________________

REGINA MCKEON

____________________________

JUSTYNA GULA

RESPONSIBILITY STATEMENT

The Management Board of Linde Finance B.V. wish to state:

– that the interim financial statements for 2025 give a true and fair view of the assets, liabilities, financial position and

profit and loss of Linde Finance B.V.

– that the Management Board’s Report for 2025 give a true and fair view of the position, as per the balance sheet date,

of the development during the financial period of Linde Finance B.V. and a description of the principle risks that it

faces.

18 September 2025

T H E M A N A G E M E N T B O A R D

______________________

REGINA MCKEON

____________________________

JUSTYNA GULA

STATEMENT OF FINANCIAL POSITION AS AT 30 June 2025 (BEFORE THE APPROPRIATION

OF RESULT)


in € thousand	Note	30.6.2025	31.12.2024
ASSETS

Long-term loans to Group companies	[2]	2,329,591	2,365,746
Prepaid expenses		131	177
Non-current assets		2,329,722	2,365,923

Short-term loans to Group companies	[2]	6,085,884	7,655,537
Current tax assets		428	49
Other receivables from third parties		93	93
Cash and cash equivalents		18	17
Current assets		6,086,423	7,655,696

TOTAL ASSETS		8,416,145	10,021,619

EQUITY	[3]

Share capital		5,000	5,000
Share premium		210,000	210,000
Retained earnings		217,252	208,555
Result for the reporting period		319	8,697
TOTAL EQUITY		432,571	432,252

LIABILITIES
Loans and borrowings	[4]	2,559,548	2,576,291
Non-current liabilities		2,559,548	2,576,291

Short term Loans and borrowings	[4]	9,321	11,907
Euro Commercial Paper	[4]	1,461,035	1,651,442
Deposits from Group companies	[5]	3,953,364	5,349,042
Other payables to Group companies		221	552
Other payables to third parties		85	133
Current liabilities		5,424,026	7,013,076

TOTAL LIABILITIES		7,983,574	9,589,367

TOTAL LIABILITIES AND EQUITY		8,416,145	10,021,619

STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME FOR THE

PERIOD ENDED 30 June 2025


in € thousand	Note	2025	2024
Interest income on Group company loans	[7]	120,069	122,333
Other interest income		—	130
Interest expense on deposits from Group companies	[8]	79,182	64,341
Other interest expense		38,703	50,681
Net interest income		2,184	7,441

Valuation results	[6]	(1,632)	(1,944)
Other income		(1,632)	(1,944)

TOTAL INCOME		552	5,497

Wages and Salaries		127	144
Other general and administrative expenses		61	75
Total operating expenses		188	219

PROFIT BEFORE TAXATION		364	5,278

Income tax expense		45	660

NET PROFIT AFTER TAXATION		319	4,618

Other comprehensive income		—	—

TOTAL COMPREHENSIVE INCOME FOR THE PERIOD		319	4,618

STATEMENT OF CHANGES IN EQUITY FOR THE PERIOD ENDED 30 JUNE 2025


in € thousand	Share Capital	Share Premium	Retained Earnings	Result for the reporting period	Total Equity
At 31 December 2024 / At 1 January 2025	5,000	210,000	208,555	8,697	432,252
Transfer to retained earnings	—	—	8,697	(8,697)	—
Unappropriated Profits	—	—	—	319	319
At 30 June 2025	5,000	210,000	217,252	319	432,571

CASH FLOW STATEMENT FOR THE PERIOD ENDED 30 JUNE 2025


in € thousand	Note	2025	2024
NET PROFIT		319	4,618

Changes in:
Loans to group companies		1,605,808	(1,796,965)
Deposits from group companies		(1,395,678)	1,660,270
Other assets and liabilities		(20,041)	8,127
NET CASH FLOW GENERATED FROM/(USED IN) OPERATING ACTIVITIES		190,408	(123,950)

Repayment of loans and borrowings		—	(300,000)
Issuance of Euro Commercial Paper		(190,407)	429,587
NET CASH FLOW (USED IN)/GENERATED FROM FINANCING ACTIVITIES		(190,407)	129,587

Net increase in cash and cash equivalents		1	5,637

Cash and cash equivalents at beginning of the period		17	59
Cash and cash equivalents at end of the period		18	5,696

INCLUDED IN THE CASH FLOW FOR THE YEAR ARE THE FOLLOWING AMOUNTS
Interest Income received		110,667	118,083
Interest expenses paid		145,281	88,585
Income taxes paid		425	700

(a) For the half year ended 30 June 2025, interest income received and interest expenses paid both included noncash interest

of EUR 18 million and EUR 20 million. For the half year ended 30 June 2024, interest income received and interest expenses

paid included noncash interest of EUR 35 million and EUR 33 million, respectively. This interest is included as a noncash

reconciling item from net income to operating cash flows and will be settled upon maturity.

NOTES TO THE FINANCIAL STATEMENTS FOR THE

PERIOD ENDED 30 JUNE 2025

[1] Basis of Preparation

General

Linde Finance B.V. (‘the Company’ or ‘Linde’) is a private limited liability company under Dutch law, with a statutory seat in

Amsterdam, having its registered address at 53 Merrion Square, Dublin, Republic of Ireland. The Company was incorporated

in the Netherlands on 12 May 1999 under Dutch law, and is registered with the Dutch Trade Register under number 34115238.

Although Linde Finance B.V. was incorporated in the Netherlands, the Irish and Dutch competent authorities determined that

the company is solely tax resident in Ireland in accordance with the Netherlands-Ireland tax treaty with effect from 1 January

2022. Linde Finance B.V. acts as a finance company for the benefit of Linde plc companies. The ultimate parent of Linde

Finance B.V. is Linde plc, which is an Irish incorporated entity, with registered office in Ireland and principal executive offices in

the UK and the United States. Linde plc is listed on the NASDAQ. Linde Finance B.V. has bonds listed on the Luxembourg

Stock Exchange.

These condensed financial statements of Linde for the six months ended 30 June 2025 have been prepared in accordance

with Accounting Standard IAS 34, Interim Financial Reporting as adopted by the European Union.

The condensed financial statements presented do not constitute full statutory financial statements for the company and should

be read in conjunction with the 2024 financial statements, which have been prepared in accordance with IFRS as adopted by

the European Union. The 2024 financial statements were authorized for issue by the Board of Directors on 25 April 2025 and

are available on the company’s website.

The condensed financial statements have been prepared using the same accounting policies as those used in the preparation

of the financial statements for the year ended 31 December 2024. There are no changes to IFRS standards that became

effective in 2025 that had a significant effect on the condensed consolidated financial information included in this report.

The Directors consider it appropriate to continue to adopt the going concern basis of accounting in preparing these condensed

financial statements. The company believes that it has sufficient operating flexibility, cash reserves, and funding sources to

maintain adequate amounts of liquidity to meet its business needs around the world. The company has a USD 5 billion

syndicated revolving credit facility, with a final maturity of 2027, and a further USD 1.5 bn unsecured and undrawn revolving

credit agreement with no associated financial covenants expiring in December 2025. No borrowings were outstanding under

the credit agreement as of 30 June 2025. The company does not anticipate any limitations on its ability to access the debt

capital markets and/or other external funding sources and remains committed to its strong ratings.

Statement of compliance

The financial statements of the Company are part of the statutory financial statements of the Company. These financial

statements have been prepared in accordance with International Financial Reporting Standards as adopted by the European

Union (EU-IFRS) and with the relevant provisions of Part 9 of Book 2 of the Dutch Civil Code.

The consolidated financial statements were authorized for issue by the Board of Directors on 18 September 2025.

Functional and presentation currency

All financial information is presented in Euro, which is the Company’s functional currency. All amounts have been rounded to

the nearest million, unless otherwise stated.

Assets

[2] Loans to group companies

The movements in loans to Group companies during the interim period were as follows:


MOVEMENT IN LOANS TO GROUP COMPANIES
in € thousand	2025
At 1 January	10,021,283
New loans	1,917,671
Change in interest receivable	8,179
Amortisation	(910)
Translation adjustment and other	(23,488)
Loans redeemed	(3,507,260)
At 30 June	8,415,475

Equity and Liabilities

[3] Equity

Share capital and share premium

Authorized share capital consists of 15,000 shares of EUR 1,000 each, divided into 15,000 ordinary shares. As per 30 June

2025, the total number of shares outstanding which are fully paid in are 5,000 (31.12.2024: 5,000). All shares of Linde Finance

B.V. are held by Linde Holdings Netherlands B.V. No dividend was paid in 2025.

All ordinary shares rank equally with regard to the Company’s residual assets.

In accordance with Article 27 of Linde Finance B.V. Articles of Association, profits, if any, are at the disposal of the General

Meeting. Share premium reserve can be considered as freely attributable share premium as referred to in the 2001 income Tax

Act. The ultimate parent of Linde Finance B.V. is Linde plc, which is listed on the NASDAQ.

[4] Loans and borrowings and European Commercial Paper

Loans and borrowings are comprised of bonds payable and European Commercial Paper.

Bonds Payable

The movement schedule and contractual maturity of the bonds payable can be shown as follows:


Movement In Bonds Notes Payable
in € thousand
Book Value as at 1 January 2025	2,588,198
Repayments	—
Amortisation	6,745
Accrued interest	(2,586)
Fair value basis adjustment due to the application of fair value hedge accounting	(23,488)
Book value as at 30 June 2025	2,568,869
of Which
Duration <1	9,321
Duration >= and <= 5 Years	1,713,281
Duration > 5	846,267

European Commercial paper

Short-term securities were issued as part of the USD 6.5 bn Euro Commercial Paper Program (guaranteed by Linde plc) for

the purpose of short-term financing. At the balance sheet date 30 June 2025, EUR 1.50 bn of these commercial Papers

remained outstanding (2024: EUR 1.7 bn).


Movement In European Commercial Paper
in € thousand
Book Value as at 1 January 2025	1,651,442
Borrowings	7,208,937
Repayments	(7,399,344)
Book value as at 30 June 2025	1,461,035

[5] Deposits from group companies

Linde Finance B.V. holds deposits from group companies in a total amount of EUR 4.0 bn (31.12.2024: EUR 5.3 bn). The

remaining principal portions are due and payable within one year. Interest rates are determined based on the at arm’s length

principle.

[6] Financial instruments

The following table shows the carrying amounts and fair values of financial assets and financial liabilities, including their levels

in the fair value hierarchy, if applicable. It does not include fair value information for financial assets and financial liabilities not

measured at fair value if the carrying amount is a reasonable approximation of fair value.


Financial Assets
	Carrying amount
in € thousands	30.6.2025	31.12.2024
Financial assets at amortised cost
Loans to Group companies (1)	8,415,475	10,021,283
Other receivables from third parties	93	93
Cash and cash equivalents	18	17
Total	8,415,586	10,021,393


Financial Liabilities
	Carrying amount
in € thousands	30.6.2025	31.12.2024
Financial liabilities at amortised cost
Loans and borrowings (2)	2,568,869	2,588,198
European Commercial Paper (2)	1,461,035	1,651,442
Deposits from Group companies (2)	3,953,364	5,349,042
Other payables to third parties	85	133
Total	7,983,353	9,588,815

(1) The fair value of loans to group companies at 30 June 2025 and 31 December 2024 was €8,296,933 and € 9,897,949 respectively.

(2) The fair value of loans and borrowings, European commercial paper, and deposits from group companies at 30 June 2025 and 31 December

2024 was €7,843,406 and €9,425,916 respectively.

Measurement of fair values

The fair value of financial instruments which include loans to group companies and loans and borrowings are determined using

measurement methods customary in the market, based on market parameters specific to the instrument.

Fair values reflect the credit risk of the instruments and include adjustments to take account of the credit risk of the Company

and the counterparty where appropriate.

The gain (loss) included in other income related to change in fair value is EUR (1,632)k in 2025 ((1,944)k in 2024).

Master netting or similar agreements

Financial assets and financial liabilities are offset, and the net amount presented in the statement of financial position when,

and only when, the Company currently has a legally enforceable right to set off the amounts and it intends either to settle them

on a net basis or to realize the asset and settle the liability simultaneously.

The Company did not net any balances.

Statement of Profit or Loss

[7] Interest income

The interest income includes EUR 120 m (2024: EUR 122 m) of interest income on loans given to Group companies. The

other interest income EUR 0 m (2024: EUR 0.1 m) is income generated from external derivatives, amortization of discounts

and other interest income. Interest income by geographical area is illustrated below:


Interest Income by Geographical Area (EUR Millions)

2025		2024
Ireland	60	Germany	80
Germany	53	Ireland	37
Great Britain	5	Great Britain	3
Other	2	Other	2
TOTAL	120	Total	122

[8] Interest expense

Interest expense includes EUR 79 m, (2024: EUR 64 m) of interest on loans from Group companies. The other interest

expense of EUR 39 m (2024: EUR 51 m) comprises mainly interest expense on external bonds, European Commercial Paper,

external derivatives and the amortization of discounts. The interest expense includes EUR 0.5 m (2024: EUR 0.5m) of internal

fees which includes the reimbursement of expenses related to the revolving credit facility paid by Linde plc on behalf of Linde

Finance B.V.

[9] Subsequent events

There have been no subsequent events to report to the date of these financial statements.


MANAGEMENT BOARD’S REPORT	1

RESPONSIBILITY STATEMENT	6

FINANCIAL STATEMENTS
- Statement of Financial Position as at 30 June 2025	7
- Statement of Profit or Loss and Other Comprehensive Income for the year ended 30 June 2025	8
- Statement of Changes in Equity for the year ended 30 June 2025	9
- Cash Flow Statement for the year ended 30 June 2025	10
- Notes to the Financial Statements for the year ended 30 June 2025	11