Linde PLC

Linde (LIN) is mentioned in the context of the portfolio profile, with an EPS growth estimate of 10% for 2025-2026 and a P/E ratio of 28x for the most recent quarter. The company is part of a diversified portfolio that includes various high-growth names, but no specific bullish or bearish argument is made regarding its future performance.

Linde (-8.4%) edged down slightly due to a temporary cyclical weakness, without its pricing power or core business losing ground.

Linde plc (LIN) was a positive contributor to portfolio performance in Q1 2026, underpinned by resilient earnings delivery, strong forward visibility, and favorable industry dynamics. The company beat consensus earnings expectations, demonstrating continued margin expansion and pricing discipline despite muted industrial demand. Operationally, Linde delivered robust profitability and cash flow, with adjusted operating margins expanding to ~30% and operating cash flow up double digits year-over-year. Importantly, management maintained a constructive outlook and raised longer-term confidence, effectively signaling higher 2026 earnings power despite ongoing macroeconomic uncertainty.

Linde plc is the largest industrial gas company in the world, operating in over 80 countries. The company captures air and separates it into essential gases that serve mission-critical functions across various industries, including manufacturing, healthcare, and clean energy. This broad applicability ensures durable revenues, as these gases are integral to operations in sectors such as food & beverage, electronics, and chemicals. Given its scale and the essential nature of its products, we believe Linde is well-positioned for long-term growth and stability, making it an attractive addition to our portfolio.

We also initiated a position in U.K.-based Linde, a well-run company operating in an attractive, consolidated end market of industrial gas, which is a key input in many industries including technology, chemicals, manufacturing, health care and electronics. Both the company and the industry are highly disciplined in terms of price and contracting structure, providing downside protection in periods of slower economic growth. The stock’s relative multiple has recently declined due to macroeconomic pressure on sales volumes, providing an attractive entry point. We believe an overlooked feature of Linde’s business is its role as primary provider of gases for rocket propellant and coatings used by companies operating space and satellite businesses.

We initiated a position in U.K.-based Linde, a well-run company operating in an attractive, consolidated end market of industrial gas, which is a key input in many industries including technology, chemicals, manufacturing, health care and electronics. Both the company and the industry are highly disciplined in terms of price and contracting structure, providing downside protection in periods of slower economic growth. The stock’s relative multiple has recently declined due to macroeconomic pressure on sales volumes, providing an attractive entry point. We believe an overlooked feature of Linde’s business is its role as primary provider of gases for rocket propellant and coatings used by companies operating space and satellite businesses.

We initiated a position in U.K.-based Linde, a well-run company operating in an attractive, consolidated end market of industrial gas, which is a key input in many industries including technology, chemicals, manufacturing, health care and electronics. Both the company and the industry are highly disciplined in terms of price and contracting structure, providing downside protection in periods of slower economic growth. The stock’s relative multiple has recently declined due to macroeconomic pressure on sales volumes, providing an attractive entry point. We believe an overlooked feature of Linde’s business is its role as primary provider of gases for rocket propellant and coatings used by companies operating space and satellite businesses.

Linde reported mixed fourth quarter results but provided 2025 earnings per share (EPS) guidance representing 8% to 11% growth excluding the impact of foreign currency. Despite near-term economic uncertainties, Linde’s management has a strong track record of creating shareholder value due to its disciplined capital allocation and management actions. The company emphasized its leadership position in sustainability, with over 40% of its total power consumption being low carbon based in 2024, and has been recognized by the Dow Jones Sustainability Index for the 22nd year.

Linde reported mixed fourth quarter results but provided 2025 earnings per share (EPS) guidance representing 8% to 11% growth excluding the impact of foreign currency. Despite near-term economic uncertainties, Linde’s management has a strong track record of creating shareholder value due to its disciplined capital allocation and management actions. During the fourth quarter, volume and sales were flat year-over-year but operating profit was up 9% and EPS were up 11% driven by price, strong cost controls, and productivity.

Linde reported mixed fourth quarter results but provided 2025 earnings per share (EPS) guidance representing 8% to 11% growth excluding the impact of foreign currency. Despite near-term economic uncertainties, Linde’s management has a strong track record of creating shareholder value due to its disciplined capital allocation and management actions. During the fourth quarter, volume and sales were flat year-over-year but operating profit was up 9% and EPS were up 11% driven by price, strong cost controls, and productivity.