Linde Plc · NASDAQ:LIN
Linde — Q1 2026 Earnings Presentation
19 slides from Linde's earnings presentation, May 1, 2026
Slide 1: 1Q26 Earnings Teleconference and Webcast
Linde plc 1Q26 Earnings Teleconference and Webcast - Transcript May 1, 2026 Operator Ladies and gentlemen, good day and thank you for standing by. Welcome to the Linde First Quarter 2026 Earnings Call and Webcast. At this time, all participants are in listen-only mode. Please be advised that today's
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equipment, which is reflected in the current run rate, and will continue for the next several quarters. Aside from this particular issue, the rest of healthcare is performing as anticipated, while providing a resilient balance to the more cyclical markets. At 9% of sales, food and beverage grew 5% f
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integrated blast furnaces when compared to EAFs primarily from constraints associated with cost-effective scrap and electrical infrastructure. The last industrial end market of manufacturing grew 5%. Half of the increase came from aerospace activity in the United States, primarily supporting space v
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Operating profit of $2.6 billion increased 8% year-over-year and resulted in a margin of 30%, similar to prior year. Sequentially, margins improved 50 basis points, driven by management actions in pricing and cost productivity that more than compensated for seasonal volume declines. We expect manage
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And when compared to the prior guidance, we raised the bottom by $0.20 from increased confidence in the overall business resiliency. However, we left the top at $17.90 because it is still early to signal increased optimism. There are a lot of things happening in the world right now, and I would like
Slide 6: Q&A: Laurent Favre follow-up on commercial space
Q - Laurent Favre Thank you. And as a follow-up, you mentioned that you would disclose commercial space sales when you get to 5% of the group, which is about $1.7 billion. And I think recently or on a prior call, you mentioned that you thought sales in commercial space would get to about $1 billion
Slide 7: Q&A: energy transition and energy security
so I am curious how you are thinking about the potential for how conventional energy and energy transition projects should trend as a result. A - Matt White Yes. Thanks, Patrick. I mean, the natural reaction is exactly like you stated, right? Energy independence will be more accelerated. One can arg
Slide 8: Q&A: Vincent Andrews on space capacity
I think it just needs--that money needs to find its way on the ground. If it does, that could help turn some of that around. So that is to me what we just need to see. If we see a catalyst there of some significant type, it should help. And it could be anywhere from maybe some import restrictions to
Slide 9: Q&A: Duffy Fischer on helium
Q - Vincent Andrews Thank you. Operator And our next question comes from the line of Duffy Fischer with Goldman Sachs. Your line is open. Q - Duffy Fischer Good morning, guys. By far the most incoming questions I am getting on you guys is around helium. And I know you guys talked about it being kind
Slide 10: Q&A: David Begleiter on electronics and backlog
Operator And our next question comes from the line of David Begleiter with Deutsche Bank. Your line is open. Q - David Begleiter Thank you. Good morning. Hi, Matt. On electronics, I know you are expecting a couple of large contracts this year. Are they still in progress on the come for 2026? A - Mat
Slide 11: Q&A: Joshua Spector on regional volumes
Q - Joshua Spector Yes. Hi. Good morning. I was wondering if you could talk about the overall volume landscape across kind of the two major areas here between Asia and then Europe and the Americas. I mean, understanding your guidance is kind of no economic improvement, but I mean, just the geographi
Slide 12: Q&A: PMI and hard goods
As far as the PMI, that was kind of per the prepared remarks. Our hard goods business is up double-digit percent right now in the U.S., packaged business. Our packaged gases are up mid-single-digit. And really, where we are seeing that strength is on some of the construction and energy side, which y
Slide 13: Q&A: energy costs, surcharges and pricing
A - Matt White So Matt, the way to think about it is, is it a sustained increase in energy or is it a volatile up and down? Right now, so far it has been volatile up and down. When it's volatile up and down, it is surcharging that goes up, that goes down. And that's what we are seeing. When you see
Slide 14: Q&A: Americas, EMEA and APAC trajectory
And look, I think the Americas, and the U.S., especially, has been a little bit of an indicator that, to some extent, certain placed protectionist policies can work. I mean, we have seen it in the metals. We have seen it in some other areas. Yes, it brings some confusion initially, but the U.S., has
Slide 15: Q&A: Americas chemicals and energy
Latin America, which is an opportunity for further volume expansion. So, I feel pretty good about the Americas position, competitiveness and capability in chemicals and energy. As mentioned before, it has been on a good trend, and I would expect that to continue. And recall, there were a little bit
Slide 16: Q&A: John Roberts on EMEA
Operator And our next question comes from the line of John Roberts with Mizuho. Your line is open. Q - John Roberts Thank you. Could I ask if Sanjiv is not available today, or is this the new format for the earnings calls? A - Matt White So John, yes, if you may recall in the past, we have always ki
Slide 17: Q&A: Americas recovery
think there's too much war-related uncertainty and potential for an oil shock to start playing offense, if you will, in the Americas? A - Matt White So, Kevin, I always remain a little guarded, right? I need to. But I sort of think about it as we have an engine here with a few cylinders, right? And
Slide 18: Q&A: Laurence Alexander on project delays
And our next question comes from the line of Laurence Alexander with Jefferies. Your line is open. Q - Laurence Alexander So, good morning. Two quick ones. Just first, are you seeing in any regions or significant delays in projects where you are seeing kind of the CapEx decisions at least get delaye
Slide 19: Q&A: FX and capital allocation
put a 1% FX tailwind in the assumption. I will say, and as you probably well know, we base this number on sort of the first-of-month forwards, which is about a month old. Right now, spots are better. The foreign currency strengthened since that time. So, that would provide FX upside if these spots r