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 29.5% margin [11] - EPS increased by 6% to $4.20, driven by a lower share count despite a higher effective tax rate [13] - Full-year operating margin increased by 30 basis points, aligning with long-term margin expansion expectations of 30-50 basis points per year [12] Business Line Data and Key Metrics Changes - Underlying sales growth was 3%, driven by 2% pricing and 1% volume increases, with volume growth attributed to project startups in the Americas and APAC [11] - The Americas showed stable base volume growth, while EMEA continued to experience industrial softness [11] Market Data and Key Metrics Changes - The economic environment in 2025 was mixed, with strong investment in AI and digital infrastructure contrasting with weakness in traditional industrial markets [4] - EMEA continues to show broad-based weakness, although there are some positive signs in Northern Europe and Germany [19][20] - The U.S. market remains resilient, with sales up across almost every end market, particularly in electronics and commercial space [24] Company Strategy and Development Direction - Linde's strategic focus includes balancing stakeholder needs while delivering long-term value through safety, environmental stewardship, financial performance, and future growth [5][8] - The company has a record project backlog of $10 billion, with significant investments in clean energy and advanced electronics [9] - Restructuring actions were initiated in Q4 to better position the company for 2026, with expected benefits in the second half of the year [10] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism regarding the U.S. manufacturing sector, noting potential growth towards the end of the year [75] - The company remains vigilant about the uneven geographic growth and is adjusting resources accordingly [9] - Management highlighted the importance of maintaining a disciplined approach to capital allocation and shareholder returns [14] 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 substantial progress in environmental initiatives, with a 23% increase in low-carbon power sourcing [7] Q&A Session Summary Question: Are there signs of progress in Europe? - Management noted continued broad-based weakness in Europe, with cautious optimism from Germany's recent manufacturing numbers [19][20] Question: What are the growth expectations across different regions? - Management indicated a slight improvement in industrial activity, particularly in the U.S. and Brazil, while caution remains for Canada and ASEAN markets [24][26][66] Question: What is the expected trajectory of gas backlog sales? - Management expects to return to the $7 billion backlog mark, with significant project startups anticipated in 2026 [35] Question: How will restructuring impact margins? - Management indicated that restructuring actions typically have a payback period of about two years, with expectations of margin improvement in 2026 [39] Question: What is the impact of helium on financial performance? - Helium is expected to remain a low single-digit business, with pricing pressures continuing into 2026 [75][78]

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].