Linde PLC (WBO:LIN)

Q2 2026 Linde PLC Earnings Call Transcript

Jul 31, 2026 / 01:00 PM GMT

Release Date Price: €416.2 (-4.98%)

Transcript 10-Q8-K

Key Points

Positve

Record sales and EPS levels in Q2 2026, with both growing at near double-digit percent year-over-year.
Increased the project backlog by $1 billion to $8.1 billion, driven by a new electronics win in the US, with expectations to finish the year with an '8 handle'.
Electronics remains the fastest-growing market, with strong momentum expected to continue, supported by AI-related hardware and new project startups.
Manufacturing recovery is underway, particularly in the US, with aerospace accounting for more than a third of manufacturing growth and strong signals from the package business.
Helium business is navigating Middle East disruptions effectively, signing new long-term contracts and achieving strong price improvements, with expectations of margin recovery in coming quarters.

Negative

Margins excluding cost pass-through declined approximately 30 basis points year-over-year, primarily driven by the Americas segment.
The US home care (LinCare) business continues to face headwinds from higher cost inflation and reimbursement changes, acting as a significant margin drag.
Higher equipment and hard goods sales, while a positive sign for US manufacturing, are diluting margins in the short term.
The company remains cautious on macroeconomic conditions, leaving guidance assumptions unchanged and not incorporating recent volume recovery into future forecasts.
Ongoing Middle East disruptions, particularly in the Strait of Hormuz, are impacting industrial activity in Asia and creating uncertainty, with helium normalization not expected until early next year.

Refinitiv StreetEvents Event Transcript
E D I T E D V E R S I O N

LIN.OQ - Linde PLC
Q2 2026 Linde PLC Earnings Call
Jul 31, 2026 / 01:00PM GMT

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Presentation
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Unidentified_1 [1]
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Bye.

Ladies and gentlemen, good day, thank you for standing by.

Welcome to the Lindisskirt 2026 earnings call and webcast.

At this time, all participants are in a listen-only mode, please be advised that today's conference is being recorded.

After the speaker's presentation, there will be a question-and-answer session.

Over to Mr.

Juan Pala relations, please go ahead, sir.

Abby, thank you.

Good morning, everyone, and thanks for attending our 2026 second quarter earnings call webcast.

I'm Juan Pilar of Investor Relations, and I'm joined this morning by Sanji.

Chief Executive Officer and Matt White, Chief Financial Officer.

Today's presentation

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