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13:00
Jul 31 ◎

LIN FY2026 Q2 Watch

Linde plc (LIN) FY2026 Q2 Earnings Call

LIN ▾

Sanjeev Lamba

Guidance was raised at the bottom end, backlog hit a record, and management expects sequential margin improvement; the tone is cautiously positive, driven by electronics, U.S. manufacturing recovery, and a stronger second half.

"we've left the more difficult comps and are starting to see green shoots of growth across certain geographies and end markets"

LIN WATCH

HIGH

13:00
May 01 ◎

LIN FY2026 Q1 Watch

Linde plc (LIN) FY2026 Q1 Earnings Call

APD AI.PA ANDURIL AIR.PA BA ▾

Matt White

Linde's investment in ultra high purity plants positions it favorably against competitors in the electronics sector, potentially affecting market share.

"we're currently investing more than a billion dollars of the project backlog for ultra high purity plants, which will support the most advanced fabs in the world."

APD WATCH AI.PA WATCH

Matt White

Space vehicle production and launch growth, which Linde highlights, indirectly benefits from Anduril's focus on space and defense technologies.

"half of the increase came from aerospace activity in the United States, primarily supporting space vehicle production, testing, and launch, as this end use continues to see strong double-digit percent growth."

ANDURIL WATCH

Matt White

Aerospace activity, while focused on space, also includes aviation, potentially benefiting companies like Airbus in the broader aerospace supply chain.

"the aerospace activity in the United States, primarily supporting space vehicle production, testing, and launch"

AIR.PA WATCH

Matt White

Linde's aerospace growth, including aviation, could reflect demand from Boeing for gases used in manufacturing and testing.

"aerospace activity in the United States, primarily supporting space vehicle production, testing, and launch"

BA WATCH

Matt White

Linde's management maintains a cautious stance, keeping 2026 guidance at 7-9% growth despite raising the bottom, indicating uncertainty outweighs signs of improvement.

"There are a lot of things happening in the world right now, and I'd like a few more months before considering a top-end raise. Overall, we had a decent start to the year, but remained guarded."

LIN WATCH

Matt White

Linde's growth in supplies for space launches directly benefits companies like SpaceX, which rely on industrial gases for propulsion and testing.

SPACE? WATCH

Matt White

Linde's electronics growth is tied to advanced chip investment, with TSM a key customer for ultra high purity gases in fabs.

"Electronics increased the most at 10%, primarily driven by continued investments in advanced chips to support AI. The growth is heavily weighted toward the US, China, and Korea..."

TSM WATCH

Matt White

Strong refining and upstream activity in the Americas supports demand for Linde's industrial gases from oil and gas producers like Exxon.

"U.S. Gold Coast refining and Latin American upstream energy"

XOM WATCH

Matt White

Refining and upstream activity in the Americas, highlighted by Linde, implies higher gas demand from companies like Chevron.

"U.S. Gold Coast refining and Latin American upstream energy"

CVX WATCH

HIGH

14:00
Feb 05 ◎

LIN FY2025 Q4 Watch

Linde plc (LIN) FY2025 Q4 Earnings Call

BYTEDANCE TSM LIN EMR ROK ▾

Sanjay

BYD, despite complaining about only 28% growth, is still growing rapidly, signaling strong demand in the EV battery supply chain in China, which translates to continued demand for industrial gases in that sector.

"The EV piece, when I was with BYD, one of our customers in China, the chairman was complaining that he wasn't seeing as much growth as he was expecting, and he was unhappy that he was only growing 28%. Hey, 28% in this environment is a"

BYTEDANCE WATCH

Sanjay

TSMC's Fab 1 is fully utilized and Fab 2 is ramping as planned, indicating strong advanced-node production. The gas intensity per fab increases with each new node, meaning Linde's revenue per fab grows alongside TSMC's capacity expansion.

"As you know, our plants for Fab 1 and 2 are in operation already. Fab 2, as you're aware probably from TSMC, is ramping up at their end, and obviously we're there fully supporting them on that. So those assets are on the ground. They have"

TSM WATCH

Matt

The tone is neutral-to-cautiously optimistic. Management guides for 6-9% EPS growth, which implies continued macro softness (0% base volume growth in the midpoint) but benefiting from FX tailwinds and internal cost actions. They feel better about comps but remain guarded and prudent, focusing on self-help actions rather than a macro-driven recovery.

"So we know we've got room to improve. We know we've got opportunities that we need to pursue this year. But at this stage, I think it's appropriate for us to just remain guarded. I do feel better. The comps we have this year are definitely"

LIN WATCH

Sanjay

Linde's US packaged gas business shows investment in automation (hard goods) picking up, but consumption of consumables and gas is flat, indicating customers are preparing for a recovery but haven't seen demand materialize yet. — The divergence between 'automation equipment sales' (up) and 'consumable sales' (flat) is a classic leading indicator. It suggests US manufacturing is bottoming, but a pickup in actual industrial activity is still several months out. If this leads to a broader recovery, Linde's high operating leverage will drive outsized EPS growth.

"What I'd say is the U.S. hard goods automation equipment sales in the fourth quarter were up again. I think we said that in prior quarters as well. So we were seeing investment in hard goods automation, which usually has two potential"

EMR WATCH ROK WATCH

Sanjay

Linde's 'half a billion dollar' investment in space propellants is excluded from their record $10B backlog, and they believe this will become a $1B business, with a new plant started in Brownsville in early January. — The physical supply chain for space launch propellants is capacity-constrained. Linde has strategically prepositioned assets in Texas and Florida, and is expanding to meet demand, suggesting it is securing a dominant share of the growing commercial launch market.

"In fact, we started up a plant in Brownsville earlier this year, in early January, in fact. So we just can't get enough product availability in our network to be able to make sure we meet all of that demand."

RKLB WATCH LUNR WATCH

Sanjay

Linde's management is more positive on industrial activity for 2026 than the guidance suggests. While guidance embeds 0% base volume growth, they noted a slightly more positive ISM/PMI trend and said they are 'slightly more positive' on growth prospects than 12 months ago. — This creates optionality. If the macro environment improves even modestly, Linde is positioned to beat its conservative guidance, similar to their 2021 performance when volumes rose 7-8% and EPS grew 30%.

"If I was reflecting back on the last 12 months, I am today slightly more positive on the industrial activity that I foresee for this year and the potential for growth as well."

EI WATCH APD WATCH

HIGH

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