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Linde plc

Q2 FY26Chemicals

Linde plc Q2 FY26 Results — Earnings Call Analysis

Q2 FY26 earnings call: what management said on revenue, margins and capex.

Price₹502
Market cap₹2.3L Cr
P/E34.1
Updated29 May 2026
Read4 min read

What the Q2 FY26 call signalled

3 of 4 strong

RevenueSlow growth
MarginMargins slightly up
CapexCapex planned
Order bookOrder book rising

The short version

- Underlying sales increased 3% YoY driven by 2% pricing and 1% volume growth, mainly from project start-ups in APAC; both Americas and APAC show base volume growth while EMEA faces declines due to weaker economic activity. - Full-year 2026 EPS guidance updated to $17.60 to $17.90, representing 7% to 9% growth, including a 1% FX tailwind and assuming no economic improvement at the midpoint.

From Linde plc's Q2 FY26 earnings-call transcript · updated 29 May 2026.

Revenue & Sales Performance

Slow growth
  • Underlying sales increased 3% YoY driven by 2% pricing and 1% volume growth, mainly from project start-ups in APAC; both Americas and APAC show base volume growth while EMEA faces declines due to weaker economic activity.
  • Continued confidence in sales backlog, which is over $7 billion, expected to grow to potentially $8 billion by year-end with new electronics and commercial space contracts.
  • Volume trends expected to strengthen in Americas, especially in chemicals and energy sectors, with Q2 anticipated improvements post Q1 weather impacts.
  • Helium volumes are incremental, with some supply constraints but new long-term contracts being secured, offering upside beyond current guidance.

2 more points from Linde plc's call on revenue

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Profitability & Margins

See what Linde plc said on profitability & margins — free account, 30 seconds.

Capital Expenditure Plans

Capex planned
  • Current capital expenditures (CapEx) for the quarter were $1.3 billion, split roughly between base CapEx (maintenance and growth investments not in backlog) and project backlog investments.
  • Base CapEx includes investments to serve commercial space.
  • In the quarter, 10 projects from the sale of gas backlog started up, mostly in Americas and APAC, with investments of about $300 million.
  • Five new projects were signed, adding $100 million to the sale of gas backlog, which ended the quarter at $7.1 billion.
  • Over $1 billion is currently being invested in the project backlog, including ultra-high purity plants that support advanced semiconductor fabs.

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Fundraising & Capital Structure

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Order Book & Pipeline

Order book rising
  • The project backlog for sale of gas is currently a little over $7 billion.
  • Expectation to add a couple of large contracts in electronics during the year.
  • Anticipation of a higher backlog by the end of the year, potentially approaching $8 billion.
  • In Q1, 10 projects from the sale of gas backlog were started, mostly in Americas and APAC, with investments around $300 million.
  • 5 new projects were signed, adding approximately $100 million to the sale of gas backlog.

2 more points from Linde plc's call on order book

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Frequently Asked Questions

What were Linde plc Q2 FY26 results?

- Underlying sales increased 3% YoY driven by 2% pricing and 1% volume growth, mainly from project start-ups in APAC; both Americas and APAC show base volume growth while EMEA faces declines due to weaker economic activity. - Full-year 2026 EPS guidance updated to $17.60 to $17.90, representing 7% to 9% growth, including a 1% FX tailwind and assuming no economic improvement at the midpoint.

What is Linde plc share price analysis?

Linde plc currently shows a neutral. The stock trades at a P/E of 34.1 with a market cap of $232,216. Investors should review the full earnings analysis for detailed insights.

Is Linde plc planning capital expenditure?

- Current capital expenditures (CapEx) for the quarter were $1.3 billion, split roughly between base CapEx (maintenance and growth investments not in backlog) and project backlog investments.

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This analysis is AI-generated based on publicly available earnings data and the company's earnings call transcript. This is not investment advice. Please consult a SEBI-registered advisor before making investment decisions.