Acquisitions increased sales by 1% in the quarter, while currency translation decreased sales by 3%, driven by the weakening of the Brazilian real, Mexican peso and Euro against the U.S. dollar.

Engineering segment sales increased $26 million, or 5%, in the first quarter as compared to the respective 2024 period, driven by project timing.

At March 31, 2025, Linde's sale of gas backlog of large projects under construction was approximately $7.0 billion. This represents the total estimated capital cost of large plants under construction.

Selling, general, and administrative expenses decreased by $74 million, or 9%, driven by lower costs, restructuring programs, productivity initiatives and currency.

The number of employees at March 31, 2025 was 65,069, a decrease of 1,126 employees from March 31, 2024 primarily due to the ongoing impact of cost reduction programs.

In 2024, Linde secured awards on exclusive jurisdiction with HKIAC, indicating proactive management of legal disputes.

As of March 31, 2025, Linde has a contingent liability of $1.1 billion, which represents advance payments previously recorded in contract liabilities related to terminated engineering projects with RCA.

Despite judgments in Linde's favor, RCA continues to pursue claims in Russia, and local seizures of Linde's assets have occurred.

Currency translation decreased sales by 3% in the quarter primarily driven by the weakening of the Brazilian real, Mexican peso and Euro against the U.S. dollar.

Higher price attainment contributed 2% to sales in the quarter, indicating Linde's ability to maintain pricing power in the market.

Volumes decreased sales by 1% in the quarter as base volume declines primarily in metals & mining

Operating profit growth was driven by higher pricing and productivity initiatives, which more than offset the effects of cost inflation, lower volumes and currency during the first quarter of 2025.

Cost of sales, exclusive of depreciation and amortization decreased $59 million, or 1%, primarily due to productivity gains and lower volumes, which more than offset cost inflation.

Selling, general and administrative expense decreased $74 million, or 9%, driven by lower costs, restructuring programs, productivity initiatives and currency.

The reported year-over-year increase was primarily driven by higher pricing and productivity initiatives which more than offset adverse impacts from cost inflation, cost reduction program and other charges and currency translation.

Capital expenditures for the three months ended March 31, 2025 were $1,270 million, $222 million higher than the prior year due primarily to investments in new plant and production equipment for backlog growth requirements.

Advanced air separation processes also allow on-site delivery to customers with smaller volume requirements.

Linde is responsible for the design, construction, operations and maintenance of the plants and our customers typically have no involvement in these activities.

Net purchases of ordinary shares were $1,100 million in 2025. As of March 31, 2025, $10.8 billion of share repurchases remain authorized under the 2023 program.

Cash dividends of $708 million increased $39 million from 2024 driven primarily by a 8% increase in quarterly dividends per share from $1.39 per share to $1.50 per share.

Capital expenditures for the three months ended March 31, 2025 were $1,270 million, $222 million higher than the prior year due primarily to investments in new plant and production equipment for backlog growth requirements.

Currency translation decreased sales by 3% in the quarter primarily driven by the weakening of the Brazilian real, Mexican peso and Euro against the U.S. dollar.

The company estimates that approximately half of the revenue related to minimum purchase requirements will be earned in the next six years and the remaining thereafter.

The company estimates the consideration related to future minimum purchase requirements and plant sales was approximately $58 billion.