Linde Reports Resilient Q1 2025 Performance Amid Macroeconomic Headwinds

Linde plc posted solid first-quarter 2025 results with net income of $1.67 billion and earnings per share of $3.51, both up 3% and 5% year-over-year, respectively. Adjusted EPS rose 5% to $3.95, or 8% excluding currency effects. Sales remained flat at $8.1 billion, with 2% pricing growth offsetting a 1% volume decline.

Adjusted operating profit grew 4% to $2.44 billion, and the margin improved 120 basis points to 30.1%. Operating cash flow increased 11% to $2.2 billion. After $1.27 billion in capital expenditures, free cash flow stood at $891 million. Linde returned $1.81 billion to shareholders during the quarter.

By region, Americas sales rose 3%, APAC and EMEA declined 3% each, but all segments saw operating margin improvement. Linde Engineering sales increased 5% with a $3.3 billion equipment backlog.

CEO Sanjiv Lamba highlighted margin expansion and strong returns on capital as key achievements amid economic uncertainty. For Q2 2025, Linde expects adjusted EPS of $3.95 to $4.05. Full-year guidance was reaffirmed at $16.20 to $16.50 in adjusted EPS, reflecting 4% to 6% growth, or 6% to 8% excluding currency impacts. Capital expenditures for the year are projected between $5.0 billion and $5.5 billion.

Linde to Expand Gas Supply to Samsung in South Korea

Linde announced it will expand its supply of ultra-high-purity gases to Samsung’s semiconductor complex in Pyeongtaek, South Korea. The company will build, own, and operate a new on-site air separation unit to provide nitrogen, oxygen, and argon, and will continue supplying hydrogen from its existing facilities. Operations are expected to begin by mid-2026. Linde emphasized its 45-year partnership with Samsung and highlighted its advanced technologies meeting the high purity standards required for semiconductor manufacturing.

Linde plc (Nasdaq: LIN) announced its Board of Directors has declared a quarterly dividend of $1.50 per share.

The dividend is payable on June 18, 2025 to shareholders of record on June 4, 2025.

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Linde (Nasdaq: LIN) will release its first quarter 2025 financial results by 06:00 EDT/midday CEST on Thursday, May 1, 2025. The Company will host and webcast its conference call at 09:00 EDT/15:00 CEST, which will be available to the public and the media in listen-only mode.

Linde plc (Nasdaq: LIN) today announced its Board of Directors has declared an 8% increase in the company's quarterly dividend to $1.50 per share. This marks the 32nd consecutive year of quarterly dividend increases on the company’s common stock.

The dividend is payable on March 27, 2025, to shareholders of record on March 13, 2025.

Linde plc announced the issuance of €850 million in 2.625% Notes due 2029, €750 million in 3.000% Notes due 2033, and €650 million in 3.250% Notes due 2037. The notes were issued under the company’s European debt issuance program, which allows for up to €15 billion in outstanding unsecured notes. The net proceeds of approximately €2.234 billion will be used for general corporate purposes.

The notes have been listed on the Luxembourg Stock Exchange’s official list and are being traded on the Euro MTF market. They were issued under a subscription agreement with financial institutions acting as bookrunners and managers. Linde GmbH and Linde Inc., wholly owned subsidiaries, provide guarantees for these notes.

The company’s debt issuance program was established in May 2020 and last updated in May 2024, with subsequent supplements in November 2024 and February 2025. Deutsche Bank Aktiengesellschaft serves as the fiscal and paying agent under an amended agreement dated May 8, 2024.

The notes were issued under Regulation S of the U.S. Securities Act, meaning they are not registered for U.S. sales. This report does not constitute an offer to sell securities. The details of the issuance, guarantees, and agreements are included in the exhibits filed with the SEC.

Linde plc has reported its full-year and fourth-quarter 2024 financial results, showcasing steady growth and strong performance despite a challenging environment.

Full-Year Highlights:
- Sales: $33.0 billion, flat year-on-year (YoY), with underlying sales up 2%.
- Operating Profit: $8.6 billion, with adjusted operating profit reaching $9.7 billion, up 7%.
- Operating Profit Margin: 26.2%, with adjusted margin at 29.5%, improving by 190 basis points.
- Earnings Per Share (EPS): $13.62, up 8%; adjusted EPS $15.51, up 9% or 10% excluding foreign exchange (FX).
- Shareholder Returns: $7.1 billion returned via dividends and share repurchases.
- Project Backlog: $10.4 billion.

Fourth-Quarter Highlights:
- Sales: $8.3 billion, flat YoY, with underlying sales up 2%.
- Operating Profit: $2.3 billion, with adjusted operating profit of $2.5 billion, up 9%.
- Operating Profit Margin: 27.4%, with adjusted margin at 29.9%, increasing by 250 basis points YoY.
- EPS: $3.60, up 14%; adjusted EPS $3.97, up 11% or 13% excluding FX.

2025 Guidance:
- First-quarter adjusted EPS: $3.85 - $3.95, indicating 7%-9% growth excluding FX.
- Full-year adjusted EPS: $16.15 - $16.55, showing 8%-11% growth excluding FX.

CEO Sanjiv Lamba commented on the results, highlighting the company's resilience and the execution of its clean energy strategy, including a major product supply agreement, all contributing to the strong project backlog expected to fuel future earnings growth.