Financial Data and Key Metrics Changes - Sales for the fourth quarter reached $8.8 billion, a 6% increase year-over-year and a 2% sequential increase, with foreign currency translation providing a 3% tailwind [11] - Operating profit was $2.6 billion, up 4% from the prior year, resulting in a margin of 29.5% [11] - EPS increased by 6% to $4.20, supported by a lower share count despite a higher effective tax rate [12] - Operating cash flow exceeded $3 billion in the fourth quarter, driven by stronger collections and inventory management [13] Business Line Data and Key Metrics Changes - Underlying sales growth was 3%, driven by 2% pricing and 1% volume increase, with volume growth primarily from project startups in the Americas and APAC [11] - The Americas showed stable sales across almost all end markets, particularly in electronics and commercial space, while manufacturing remained stable [24] - EMEA faced broad-based weakness, with pricing growth slowing to 1% in Q4, although there were some positive signs in Northern Europe and Germany [20][24] Market Data and Key Metrics Changes - In APAC, China showed signs of improvement with growth in the merchant business, while India continued strong growth across all end markets [27][28] - The U.S. manufacturing sector is showing cautious optimism, with hard goods automation equipment sales increasing, indicating potential future growth [84] - The ASEAN region has been stable but flattish, with growth linked to the performance of the Chinese market [66] Company Strategy and Development Direction - Linde's strategic focus includes balancing stakeholder needs while delivering long-term value, with a record project backlog of $10 billion [8][9] - The company is positioning itself for future growth through restructuring actions and productivity initiatives, aiming for stronger EPS growth in 2026 [10][15] - Linde is actively pursuing M&A opportunities to enhance supply density and is optimistic about new signature fab wins in the clean energy and advanced electronics sectors [9][15] Management's Comments on Operating Environment and Future Outlook - The management expressed cautious optimism regarding the U.S. manufacturing recovery, with expectations for growth in the second half of 2026 [75] - There is a recognition of uneven growth geographically, with specific regions still facing challenges [10] - Management remains vigilant about macroeconomic conditions while confident in Linde's ability to create shareholder value [15] Other Important Information - Linde achieved a 24.2% return on capital, leading the industry and validating its disciplined capital allocation policy [8] - The company made significant progress in environmental stewardship, with a 23% increase in low-carbon power sourcing, contributing to a reduction of nearly two million metric tons of CO2 emissions [7] Q&A Session Summary Question: Signs of progress in Europe and pricing expectations - Management noted continued broad-based weakness in EMEA, with cautious optimism for slight pricing improvements in line with CPI [20] Question: Global sales trends and growth expectations - Management indicated a slight improvement in industrial activity, particularly in the U.S. and Brazil, while cautioning about the overall economic environment [24] Question: Trajectory of gas backlog sales - Management expects to return to a backlog closer to $7 billion, with significant project startups anticipated in 2026 [34] Question: Impact of restructuring on margins - Management indicated that restructuring actions typically have a payback period of about two years, with expectations for margin improvement in 2026 [38] Question: Space opportunity and CAPEX increase - Management confirmed that the CAPEX increase includes investments in space-related projects, which are expected to contribute to long-term growth [42] Question: Customer wins in oxy-fuel combustion - Management highlighted strong customer wins across various regions, particularly in China, contributing positively to the growth strategy [48] Question: Impact of acquisitions on top line - Management noted that recent acquisitions contributed approximately 1% to sales, with expectations for continued integration and synergy realization [52] Question: Manufacturing PMIs and helium impact - Management acknowledged positive trends in U.S. manufacturing but remained cautious, noting helium's continued pricing challenges [75][76]

Financial Data and Key Metrics Changes - Sales for the fourth quarter reached $8.8 billion, a 6% increase year-over-year and a 2% sequential increase [10] - Operating profit was $2.6 billion, up 4% from the prior year, resulting in a 29.5% margin [10] - EPS increased by 6% to $4.20, driven by a lower share count [11] - Operating cash flow exceeded $3 billion in the fourth quarter, supported by stronger collections and inventory management [12] Business Line Data and Key Metrics Changes - Underlying sales increased by 3%, driven by 2% pricing and 1% volume growth [10] - Volume growth was primarily attributed to project startups in the Americas and APAC, while base volume growth in the Americas was offset by industrial softness in EMEA [10] - CAPEX grew by 17%, reflecting spending for the record project backlog [11] Market Data and Key Metrics Changes - The economic environment in 2025 showed a divergence, with strong investment in AI and digital infrastructure contrasting with weakness in traditional industrial markets [3] - EMEA continues to experience broad-based weakness, with pricing growth slowing to +1% in Q4 [18] - The Americas market showed resilience, with sales up across almost every end market, particularly in electronics and commercial space [24] Company Strategy and Development Direction - The company aims to balance stakeholder needs while delivering long-term value creation through safety, environmental stewardship, financial performance, and future growth [4] - A record project backlog of $10 billion positions the company for future growth, with significant investments in clean energy projects [7] - The company is focused on restructuring actions to better position itself for 2026, expecting benefits primarily in the second half of the year [9] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism regarding the recovery in certain regions, particularly in the U.S. manufacturing sector [72] - The company anticipates continued investment in the space sector and expects to capture a significant share of this growing market [42] - Management remains vigilant about the economic landscape, emphasizing the unpredictability of macroeconomic conditions [15] Other Important Information - The company achieved a 24.2% return on capital, leading the industry and validating its disciplined capital allocation policy [6] - The company has made substantial progress in reducing its environmental footprint, with a 23% increase in low-carbon power sourcing [5] Q&A Session Summary Question: Are there signs of progress in Europe? - Management noted continued broad-based weakness in Europe, with some optimism in Northern Europe and Germany, but no substantial recovery catalysts are evident [18] Question: What are the growth expectations across different regions? - Management expressed a slightly more positive outlook for industrial activity, particularly in the U.S. and India, while cautioning about the ongoing challenges in Europe and ASEAN [24][64] Question: What is the expected trajectory of gas backlog sales? - Management expects to return to a backlog closer to $7 billion, with significant project startups anticipated in 2026 [34] Question: How will restructuring impact margins? - Management indicated that restructuring actions typically yield a payback period of about two years, with expectations of margin expansion in 2026 [38] Question: What is the impact of helium on financial performance? - Helium is expected to remain a low single-digit business, with a headwind of 1%-2% on EPS for 2025, and no significant changes anticipated for 2026 [74][76]

Linde plc Investor Teleconference Presentation Fourth Quarter 2025 February 5, 2026 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 e ...

分组1 - Linde reported quarterly earnings of $4.2 per share, exceeding the Zacks Consensus Estimate of $4.18 per share, and showing an increase from $3.97 per share a year ago, resulting in an earnings surprise of +0.59% [1] - The company achieved revenues of $8.76 billion for the quarter ended December 2025, surpassing the Zacks Consensus Estimate by 2.37% and up from $8.28 billion year-over-year [2] - Linde has consistently outperformed consensus EPS estimates over the last four quarters, achieving this four times [2] 分组2 - The stock has gained approximately 11% since the beginning of the year, significantly outperforming the S&P 500's gain of 0.5% [3] - The current consensus EPS estimate for the upcoming quarter is $4.24, with expected revenues of $8.41 billion, while for the current fiscal year, the estimates are $17.83 EPS on $35.07 billion in revenues [7] - The Zacks Industry Rank indicates that the Chemical - Specialty sector is currently in the bottom 25% of over 250 Zacks industries, which may impact stock performance [8]

EX-99.1 2 lin_ex991.htm PRESS RELEASE EXHIBIT 99.1 Linde Reports Full-Year and Fourth-Quarter 2025 Results Full-Year Highlights Fourth-Quarter Highlights 2026 Guidance Woking, UK, February 5, 2026 – Linde plc (Nasdaq: LIN) today reported fourth-quarter 2025 net income of $1,530 million and diluted earnings per share of $3.26, down 11% and 9%, respectively. Excluding Linde AG purchase accounting impacts and restructuring charge impacts, adjusted net income was $1,968 million, up 4% versus prior year. Adjuste ...

Core Viewpoint - Linde plc has provided updated earnings guidance for the first quarter and full year of 2026, indicating a positive outlook for the company's financial performance [1]. Earnings Guidance - The company expects adjusted earnings for Q1 2026 to be in the range of $4.20 to $4.30 per share [1]. - For the full year 2026, Linde anticipates earnings to be between $17.40 and $17.90 per share [1]. - Analysts' consensus estimates for Q1 earnings is $4.24 per share, while for the full year, it is $17.83 per share [1]. Stock Performance - In pre-market trading, Linde's stock is priced at $462.88, reflecting a decrease of $10.45 or 2.21 percent [2].

Core Viewpoint - Linde plc reported a decline in net income and diluted earnings per share for the fourth quarter of 2025, but adjusted figures show growth compared to the previous year [1] Financial Performance - The net income for the fourth quarter was $1,530 million, representing an 11% decrease year-over-year [1] - Diluted earnings per share were $3.26, down 9% compared to the prior year [1] - Adjusted net income, excluding purchase accounting impacts and restructuring charges, was $1,968 million, reflecting a 4% increase from the previous year [1] - Adjusted earnings per share stood at $4.20, which is 6% higher than the prior year [1] - Total sales for the fourth quarter reached $8,764 million, marking a 6% increase year-over-year [1]

Core Insights - Linde plc is recognized as one of the Dividend Growth Stocks: 25 Aristocrats, highlighting its strong dividend history and commitment to shareholder returns [1] - The company has made significant advancements in hydrogen solutions, focusing on efficient compression systems and carbon capture technologies to reduce hydrogen's carbon footprint [2] Group 1: Hydrogen Projects and Investments - In 2024, Linde will build a 100-megawatt renewable hydrogen plant for Shell in Germany, with operations expected to commence in 2027 [3] - Linde signed a long-term contract in June 2025 to supply industrial gases to a $4 billion low-carbon ammonia facility in Louisiana, planning to invest $400 million in a new on-site facility [3] - The company anticipates that hydrogen technology will take five to seven years to mature before achieving full economic viability, leading to selective investments in the interim [4] Group 2: Clean Energy Commitment - Linde plans to invest up to $50 billion in clean energy projects over the next decade, emphasizing its commitment to clean energy initiatives [5] - The company expanded its global presence by acquiring Airtec, a major industrial gas company in the Middle East, in September 2025 [5] Group 3: Company Overview - Linde plc is a UK-based industrial gases and engineering company serving diverse markets, including chemicals, energy, food and beverage, electronics, healthcare, manufacturing, metals, and mining [6] - The company has a strong track record of increasing dividends for 31 consecutive years, demonstrating its reliability in returning value to shareholders [5]

Core Viewpoint - Linde plc is expected to report its fourth-quarter 2025 results on February 5, with earnings per share (EPS) projected at $4.15, reflecting a year-over-year improvement of 4.53% from the previous year's quarter [1][2][9]. Financial Performance - In the last reported quarter, Linde's earnings were $4.21 per share, surpassing the Zacks Consensus Estimate of $4.18, primarily due to higher pricing and increased volumes from the Americas segment [2]. - The Zacks Consensus Estimate for fourth-quarter revenues is $8.5 billion, indicating a year-over-year increase of 3.04% [3]. Operational Factors - Linde is a leading producer of industrial gases, serving various end markets including healthcare, manufacturing, and chemicals & refining [4]. - The company is anticipated to maintain stable performance in the upcoming quarter, supported by long-term contracts with major on-site clients and operations in resilient markets such as healthcare and food and beverages [5]. Challenges - Economic sluggishness in Europe is expected to pose challenges, with softer industrial activity likely dampening growth in cyclical end markets like manufacturing, chemicals, and energy [6]. - Declining manufacturing activity in China is also anticipated to reduce demand for Linde's products, affecting overall performance [6][7]. Segment Performance - The Zacks Consensus Estimate for operating profit in the Americas segment is projected at $1.21 billion, an increase from $1.15 billion in the fourth quarter of 2024 [7]. - Conversely, the operating profit estimate for the Engineering business unit is expected to be $100 million, down from $106 million recorded a year ago [7].

Core Insights - The article highlights the performance and outlook of several companies, including Applied Materials, Linde, Abbott Laboratories, and Flanigan's Enterprises, as featured in the Zacks Analyst Blog [1][2]. Applied Materials - Applied Materials' shares have outperformed the Zacks Electronics - Semiconductors industry over the past six months, with a gain of 80.2% compared to the industry's 19.5% [4]. - The company is benefiting from a rebound in the semiconductor industry, particularly in the foundry and logic sectors, along with consistent progress in its services and strength in its diversified portfolio [5]. - However, increasing U.S.-China tensions and export restrictions on semiconductor manufacturing equipment may undermine its near-term growth prospects [6]. Linde - Linde's shares have outperformed the Zacks Chemical - Specialty industry over the past year, with a gain of 2.2% compared to the industry's decline of 0.2% [7]. - The company has a record-high order book of $10 billion, supported by fixed-fee contracts and a strong execution track record [7]. - Despite maintaining industry-leading operating margins, Linde is cautious about the European economy, expecting demand to shrink, particularly in the industrial sector, and facing falling prices for helium and other rare gases due to oversupply [9]. Abbott Laboratories - Abbott's shares have underperformed the Zacks Medical - Products industry over the past year, with a decline of 16.1% compared to the industry's 14.4% [10]. - The company's nutrition business is transitioning, with expectations for growth in the second half of 2026, supported by a strong product pipeline and the Medical Devices segment, particularly the FreeStyle Libre CGM franchise [11]. - Demand in Diagnostics is improving outside of COVID, with momentum in Core Laboratory and Point of Care segments [12]. Flanigan's Enterprises - Flanigan's shares have outperformed the Zacks Retail - Restaurants industry over the past year, with a gain of 35.4% compared to the industry's decline of 5.1% [13]. - The company reported a 9.6% revenue increase in fiscal 2025, driven by pricing discipline and strong performance in its package store segment [14]. - Risks include structural cost pressures, labor inflation, and high fixed costs, which may limit margin scalability and organic growth [15].