Linde plc

- The transcript does not mention any current or planned new fundraising through debt or equity. - The company emphasizes a disciplined capital allocation approach, focusing on maintaining a fortress balance sheet during uncertain times. - Capital expenditures of $1.3 billion are split between base CapEx and project backlog, with investments primarily funded from operating cash flow. - The company repurchased $800 million of stock during the quarter and raised the dividend by 7%, indicating strong cash flow and no immediate need for external financing. - Management actions and capital allocation strategies are used to support growth rather than new fundraising. - Overall, no indications of plans for issuing new debt or equity were disclosed on the call.

- 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. - Strategy focuses on disciplined capital allocation across investing in the business and returning capital to shareholders through dividends and share repurchases. - Management actions and investments target margin expansion and future EPS growth, particularly focusing on growth areas like commercial space and electronics.

- 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. - Commercial space sales projected to increase, potentially reaching $1.7 billion with expanding launch cadence and capacity aligned with customer needs. - Overall, 2026 sales/revenue/volume growth is expected at mid-single digits with positive pricing and volume trends in select regions and end markets.

- 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. - Q2 2026 EPS expected in the range of $4.40 to $4.50, or 8% to 10% growth, also including a 1% currency benefit. - Management targets an 8% to 12% underlying EPS growth range excluding macro factors, aiming to return to this despite current drags from helium and engineering business timing. - Operating margins expected to rise full-year, likely at the upper end or above the typical 40-60 basis points improvement range. - Incremental management actions and capital allocation may be employed to achieve double-digit EPS growth if needed. - No guidance assumes helium business improvement; any volume or pricing gains there would be upside. - Operating profit grew 8% year-over-year in Q1, with a 30% margin maintained.

- 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. - Confidence in securing more long-term helium contracts in progress. - Positive outlook on new contracts especially in commercial space and electronics sectors.