Linde - Key Themes Ahead of 2Q26 Results

Research evidence excerpt

Linde - Key Themes Ahead of 2Q26 Results

NSTEIN FLASHMAIL

30 June 2026

James Hooper

+44 20 7676 6995

European Chemicals james.hooper@bernsteinsg.com

Linde plc Sebastien Afoy

+44 207 762 1032

Rating sebastien.afoy@bernsteinsg.com

Outperform Specialist Sales

Price Target James Brady

+44 20 7762 5272

LIN.UW 561.00 USD james.brady@bernsteinsg.com

We regularly hold calls with companies, making sure we are up-to-date with their latest communications. We recently caught up with

Linde in the lead up to their 2Q26 reporting, and provide an update of the key themes below.

Business as usual. A 30th consecutive EPS beat remains possible. Linde expects strong growth in the Americas to continue, with the

US outperforming. Electronics, refining and manufacturing remain key contributors to offset the more difficult medical end-market.

Europe remains weak, with volumes still declining. In Asia, volumes are still expected to remain positive, supported by solid momentum

in China, where all industrial end markets have now posted YoY growth for three consecutive quarters. Linde also were able to satisfy

customer helium requests. In this context, management appears comfortable with consensus EPS expectations (and ours) of $4.48.

The emerging North American electronics opportunity. The majority of Linde’s recent investment committee discussions were

on potential electronics projects in North America. Memories of Covid-era supply disruptions, the US’s reshoring drive as well as the

CHIPS act are all considered supportive. Interestingly, management noted that most of the facilities under consideration were 2nm

or close to the leading edge, which implies high gas intensity requirements, further reinforcing the attractiveness of the electronics

growth opportunity.