Lincoln Electric: Management Call Takeaways

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Lincoln Electric: Management Call Takeaways

Equity Research

U.S. Machinery & Construction

27 May 2026

Lincoln Electric

Management Call Takeaways

We hosted LECO's CFO Gabe Bruno as part of a series of

management calls. The focus of the call was industry growth,

insights from Q1 on 2026, and progress toward 2030 targets LECO OVERWEIGHT U.S. Machinery &

Constructionon sales and margins. POSITIVE

Price Target USD 300.00

Price (26-May-26) USD 265.31

Potential Upside/Downside +13.1%

Source: Bloomberg, Barclays Research

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Key Takeaways: 1) 2H volume improvement intact including positive Americas consumables

volumes in Q1. Recent month trends supportive of growth, particularly in General industries but

retaining "cautious optimism" posture for now. 2) Price/cost neutrality expected in Q3 after

pricing actions in Q2 (May). 3) Datacenters 5-10% of Harris business but also a growth driver in

core welding. 4) Automation can contribute 30%+ incrementals with volume leverage; above the

overall high 20% incremental target. 5) Our read on sentiment: positive on potential for volume

improvement into 2H (heavy industries and general industries particularly).

Details From the Call

Q1 & Short Term Insights: LECO reported 30%+ growth in general industries, which represents

~1/3 of the business and was driven by broad-based activity. Americas consumables volumes