Linde : 2026 Q1 Presentation

Published: 2026-05-01 05:39:06 ET LIN

Published on 05/01/2026 at 05:39 am EDT

First Quarter 2026

May 1, 2026

Global End Market Trends

1Q 2026

End Market

% of Sales(1) & YoY Trend

YoY Sales(2) Growth

Seq. Sales(2) Growth

Consumer Related End Markets (More Resilient)

Healthcare

16%

+1%

Food & Beverage

+5%

-1%

Electronics

10%

+10%

+1%

Industrial Related End Markets (More Cyclical)

Manufacturing

21%

+5%

Chemicals & Energy

22%

+3%

+1%

Metals & Mining

13%

+3%

+1%

Excludes Engineering sales

Excludes impact of currency, cost pass-through, acquisitions/divestitures, non-recurring sale of equipment

Remaining balance of % of Sales relates to Other sales primarily to distributors, competitors and retail 3

YOY

SEQ.

Sales Growth

+ 8%

Volume

+ 1%

- 1%

Price / Mix

+ 2%

+ 1%

Cost pass-thru

Currency

+ 5%

+ 1%

Acq / Div

+ 1%

Engineering

- 1%

($MM)

1Q 2026

4Q 2025

Var

1Q 2025

Var

Sales

$8,781

$8,764

$8,112

Operating Profit

% of Sales

$2,630

$2,585

$2,438

30.1%

30.0%

29.5%

Net Income

$2,019

$1,968

$1,880

Diluted EPS

$4.33

$4.20

$3.95

10%

Op. Cash Flow

$2,240

$3,030

-26%

$2,161

Capex

$1,342

$1,458

-8%

$1,270

Base Capex(2)

$689

$698

-1%

$636

Project Capex(3)

$653

$760

-14%

$634

After-Tax ROC

23.8%

24.2%

- 40 bps

25.7%

- 190 bps

YoY higher volume driven project startups

Price led by the Americas segment

EPS $4.33, YoY +10%

Signed 9 bolt-on acquisitions globally

YoY FX tailwind led by EUR

$10 billion project backlog

Results other than Sales, Operating Cash Flow and Capex are Non-GAAP measures - see Appendix

Represents capex in small growth, maintenance and other non-project capex related investments 4

Capex for projects > $5mm with a long-term customer supply agreement and incremental growth

Operating Cash Flow (OCF) Trend ($B)

Business

1Q Capital Allocation

Return to

2025 2026

Investments

$1.5B

Base capex(1)

$0.7B

Secured

growth(2)

$0.8B

Net share buybacks

$0.8B

Dividends

$0.7B

Shareholders

$1.5B

OCF $2.2 $2.2 $2.9 $3.0 $2.2

Raised dividend 7% in 2026

(1)

Base CAPEX

($0.6)

($0.7)

Avail. OCF

$1.6

$2.3

$1.5

33 consecutive years of dividend increase

Maintaining a strong balance sheet

Represents capex in base growth, maintenance and other non-project capex related investments

Represents project capex plus acquisitions 5

Adjusted EPS(1) in the range of $17.60 to $17.90

• +7% to +9% vs. 2025

Estimated YoY currency tailwind +1%

Mid-point assumes no economic improvement

Assumes no helium improvement vs. February guide

CAPEX: $5.0B to $5.5B

Full-Year

Midpoint represents no economic improvement

Adjusted EPS(1) in the range of $4.40 to $4.50

• +8% to +10% vs. 2025

Estimated YoY currency tailwind +1%

Mid-point assumes no economic improvement

Assumes no helium improvement vs. February guide

2nd Quarter

($MM)

1Q 2026

4Q 2025

Var

1Q 2025

Var

Sales

$4,025

$3,884

$3,666

10%

Operating Profit $1,272 $1,202 6% $1,137 12%

% of Sales 31.6% 30.9% 31.0%

Sales by End Market

YOY

SEQ.

Sales Growth

+ 10%

+ 4%

Volume

+ 2%

Price / Mix

+ 4%

+ 2%

Cost pass-thru

+ 2%

+ 1%

Currency

+ 2%

+ 1%

Acq / Div

Continued price and productivity initiatives

YoY margins +60 bps, 110 bps ex. cost pass-thru

YoY volumes growth driven by Electronics and Manufacturing end markets

Seq. volumes growth in Manufacturing and Metals & Mining offset by lower Healthcare and Chemicals & Energy end markets

($MM)

1Q 2026

4Q 2025

Var

1Q 2025

Var

Sales

$1,701

$1,726

-1%

$1,539

11%

Operating Profit

$477

$502

-5%

$451

% of Sales

28.0%

29.1%

29.3%

Sales by End Market

YOY

SEQ.

Sales Growth

+ 11%

- 1%

Volume

+ 6%

- 3%

Price / Mix

Cost pass-thru

- 1%

Currency

+ 4%

+ 2%

Acq / Div

+ 2%

YoY price +1% excluding helium and rare gases impact

YoY higher volumes split between project startups and

sale of equipment

Seq. lower volumes led by seasonality

YoY FX tailwinds led by CNY and AUD

($MM)

1Q 2026

4Q 2025

Var

1Q 2025

Var

Sales

$2,171

$2,178

$2,031

Operating Profit

$784

$772

$722

% of Sales

36.1%

35.4%

35.5%

Sales by End Market

YOY

SEQ.

Sales Growth

+ 7%

Volume

- 3%

Price / Mix

+ 1%

+ 2%

Cost pass-thru

- 2%

Currency

+ 10%

+ 1%

Acq / Div

+ 1%

Continued pricing and productivity initiatives

YoY lower volumes primarily from Manufacturing and Chemicals & Energy end markets

Seq. lower volumes primarily from Manufacturing end market

YoY FX tailwind led by EUR and GBP

($MM)

1Q 2026

4Q 2025

Var

1Q 2025

Var

Sales $517

$615

-16%

$565

-8%

Operating Profit $101

$103

-2%

$114

-11%

% of Sales 19.5%

16.7%

20.2%

Stable margins led by good execution and benefits from productivity and cost actions

Order intake of projects, $0.6B

SOP (sale of plant) backlog $2.8 billion

3rd Party Orders ($MM)

1Q 2026

4Q 2025

1Q 2025

Intake

$640

$434

$516

SOP Backlog

$2,802

$2,719

$3,326

($MM)

1Q 2026

4Q 2025

Var

1Q 2025

Var

Sales

$367

$361

$311

18%

Operating Profit

($4)

-167%

$14

-129%

% of Sales

-1.1%

1.7%

4.5%

YoY sales growth driven by the coatings business, primarily to Electronics end market and Commercial Aerospace sector

Operating profit decrease due to global helium & higher costs partially offset by coatings volumes & productivity

Contractual growth

Secure cash flow

Double-digit IRR

High-quality customers

Increases network density

SOG Backlog(2)

$7.1B

End Market

Geography

Contractual growth

Secure cash flow

Double-digit IRR

High-quality customers

Primarily engineering and procurement services

SOP Backlog(1)

$2.8B

Clean Energy

3rd party sale of plant backlog. Represents future sales, secured under a signed agreement

Sale of gas backlog. Represents project investments (CAPEX), supported by a long-term supply agreement

Target: 35% Reduction in GHG Emissions Intensity 2018-2028(1)

GHG Emissions Intensity(1) (Target: reduce 35% by 2028)

Improvement led by scope 1 and 2 reduction and profitable growth

Low-carbon energy(2) (Target: double annual purchase by 2028)

~50% of Linde's energy consumption is low carbon

Since 2021, active low-carbon energy procurement has almost tripled

Scope 1 and 2 emissions (in million MT) divided by adjusted EBITDA in billion USD

Low-carbon energy includes passive and active sourcing of solar, wind, hydro and nuclear

Ethisphere Names Linde to 2026 World's Most Ethical Companies

Linde Earns Dow Jones Best-in-Class and S&P Global Recognition for Sustainability Leadership

Best-in-class safety performance

Lost Workday Case Rate more than 9x better than U.S. Occupational Health and Safety Administration industrial average

Enabled the

avoidance of >2x GHG emissions than were emitted in all the company's operations

More than 373,000 people benefited from global employee community engagement projects

Diverted more than 200 million pounds of waste from landfills

Saved more than 1 billion gallons of water through sustainability initiatives

Approximately 50% of global electricity from low-carbon sources

Recognized leader in

diversity & inclusion

2025 data estimates 15

For further information, please contact

Phone: +1-203-837-2210

Email: [email protected]

Internet:

https://www.linde.com/investors

Making our world more productive

Disclaimer

Linde plc published this content on April 30, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on May 01, 2026 at 09:38 UTC.