EX-99.1 2 lin_ex991.htm PRESS RELEASE EXHIBIT 99.1 Linde Reports Full-Year and Fourth-Quarter 2025 Results Full-Year Highlights Fourth-Quarter Highlights 2026 Guidance Woking, UK, February 5, 2026 – Linde plc (Nasdaq: LIN) today reported fourth-quarter 2025 net income of $1,530 million and diluted earnings per share of $3.26, down 11% and 9%, respectively. Excluding Linde AG purchase accounting impacts and restructuring charge impacts, adjusted net income was $1,968 million, up 4% versus prior year. Adjuste ...

While reporting financial results for the fourth quarter on Thursday, industrial gases and engineering company Linde plc (LIN,LIN.DE) said it now expects adjusted earnings for the first quarter in a range of $4.20 to $4.30 per share and for the full year 2026 in a range of $17.40 to $17.90 per share.On average, 15 analysts polled expect the company to report earnings of $4.24 per share for the quarter and $17.83 per share for the year. Analysts' estimates typically exclude special items.In Thursday's pre-m ...

Core Viewpoint - Linde plc reported a decline in net income and diluted earnings per share for the fourth quarter of 2025, but adjusted figures show growth compared to the previous year [1] Financial Performance - The net income for the fourth quarter was $1,530 million, representing an 11% decrease year-over-year [1] - Diluted earnings per share were $3.26, down 9% compared to the prior year [1] - Adjusted net income, excluding purchase accounting impacts and restructuring charges, was $1,968 million, reflecting a 4% increase from the previous year [1] - Adjusted earnings per share stood at $4.20, which is 6% higher than the prior year [1] - Total sales for the fourth quarter reached $8,764 million, marking a 6% increase year-over-year [1]

Linde plc (NASDAQ:LIN) is included among the Dividend Growth Stocks: 25 Aristocrats. Linde’s (LIN) Global Expansion and Hydrogen Strategy Shape Its Long-Term Outlook Linde plc (NASDAQ:LIN) has spent years building out practical hydrogen solutions, from efficient compression systems to safe refueling technology. It has also developed ways to cut hydrogen’s carbon footprint by pairing production with carbon capture and storage. That work is already translating into large projects. In 2024, Linde reached a ...

Core Viewpoint - Linde plc is expected to report its fourth-quarter 2025 results on February 5, with earnings per share (EPS) projected at $4.15, reflecting a year-over-year improvement of 4.53% from the previous year's quarter [1][2][9]. Financial Performance - In the last reported quarter, Linde's earnings were $4.21 per share, surpassing the Zacks Consensus Estimate of $4.18, primarily due to higher pricing and increased volumes from the Americas segment [2]. - The Zacks Consensus Estimate for fourth-quarter revenues is $8.5 billion, indicating a year-over-year increase of 3.04% [3]. Operational Factors - Linde is a leading producer of industrial gases, serving various end markets including healthcare, manufacturing, and chemicals & refining [4]. - The company is anticipated to maintain stable performance in the upcoming quarter, supported by long-term contracts with major on-site clients and operations in resilient markets such as healthcare and food and beverages [5]. Challenges - Economic sluggishness in Europe is expected to pose challenges, with softer industrial activity likely dampening growth in cyclical end markets like manufacturing, chemicals, and energy [6]. - Declining manufacturing activity in China is also anticipated to reduce demand for Linde's products, affecting overall performance [6][7]. Segment Performance - The Zacks Consensus Estimate for operating profit in the Americas segment is projected at $1.21 billion, an increase from $1.15 billion in the fourth quarter of 2024 [7]. - Conversely, the operating profit estimate for the Engineering business unit is expected to be $100 million, down from $106 million recorded a year ago [7].

Core Insights - The article highlights the performance and outlook of several companies, including Applied Materials, Linde, Abbott Laboratories, and Flanigan's Enterprises, as featured in the Zacks Analyst Blog [1][2]. Applied Materials - Applied Materials' shares have outperformed the Zacks Electronics - Semiconductors industry over the past six months, with a gain of 80.2% compared to the industry's 19.5% [4]. - The company is benefiting from a rebound in the semiconductor industry, particularly in the foundry and logic sectors, along with consistent progress in its services and strength in its diversified portfolio [5]. - However, increasing U.S.-China tensions and export restrictions on semiconductor manufacturing equipment may undermine its near-term growth prospects [6]. Linde - Linde's shares have outperformed the Zacks Chemical - Specialty industry over the past year, with a gain of 2.2% compared to the industry's decline of 0.2% [7]. - The company has a record-high order book of $10 billion, supported by fixed-fee contracts and a strong execution track record [7]. - Despite maintaining industry-leading operating margins, Linde is cautious about the European economy, expecting demand to shrink, particularly in the industrial sector, and facing falling prices for helium and other rare gases due to oversupply [9]. Abbott Laboratories - Abbott's shares have underperformed the Zacks Medical - Products industry over the past year, with a decline of 16.1% compared to the industry's 14.4% [10]. - The company's nutrition business is transitioning, with expectations for growth in the second half of 2026, supported by a strong product pipeline and the Medical Devices segment, particularly the FreeStyle Libre CGM franchise [11]. - Demand in Diagnostics is improving outside of COVID, with momentum in Core Laboratory and Point of Care segments [12]. Flanigan's Enterprises - Flanigan's shares have outperformed the Zacks Retail - Restaurants industry over the past year, with a gain of 35.4% compared to the industry's decline of 5.1% [13]. - The company reported a 9.6% revenue increase in fiscal 2025, driven by pricing discipline and strong performance in its package store segment [14]. - Risks include structural cost pressures, labor inflation, and high fixed costs, which may limit margin scalability and organic growth [15].

Group 1 - Precious metals, particularly silver and gold, have reached all-time highs in early 2026, indicating a strong market sentiment among "gold bugs" [1] - The S&P 500 Materials Sector SPDR (XLB) is not reflecting the same bullish sentiment, suggesting a divergence between precious metals and industrial materials [2][4] - XLB includes major companies in the industrial sector, such as Linde PLC, Newmont Corp, and Freeport-McMoRan, but is struggling to keep pace with the S&P 500 Index despite higher metal prices [4] Group 2 - The current market situation indicates a cooling industrial demand for materials, as chemical companies and construction material providers face margin pressures from rising energy costs and slowing manufacturing data [5] - Historically, a scenario where precious metals rise while industrial materials lag signals a speculative rally rather than one based on economic fundamentals [6] - XLB is currently near its 200-day moving average and unable to break resistance levels, suggesting potential exhaustion in the rally of gold and silver [7] Group 3 - The high Percentage Price Oscillator (PPO) level and stretched price nature of XLB indicate caution for investors, although a rally in energy stocks could mitigate some of the potential downturn in precious metals [8]

Core Viewpoint - Linde plc (NASDAQ:LIN) is recognized as a strong investment opportunity in the materials sector, with analysts maintaining bullish ratings and raising price targets, indicating significant upside potential for investors [1][2]. Group 1: Analyst Ratings and Price Targets - Citi analyst Patrick Cunningham has maintained a Buy rating on Linde plc and increased the price target from $520 to $540, suggesting an upside of nearly 25% from current levels [1]. - BMO Capital reaffirmed its Outperform rating on Linde plc, setting a target price of $501, which translates to an upside potential of approximately 16% for investors [2]. Group 2: Business Growth and Management Insights - Management's recent business review indicates potential for earnings per share (EPS) growth exceeding 10% through various strategies [3]. - An artificial intelligence presentation by management is expected to enhance operational efficiencies and generate cost savings for the company [3]. - Management believes the stock is undervalued following a three-month sell-off, presenting attractive entry points for investors [3]. Group 3: Company Overview - Linde plc is a global leader in industrial gases and engineering solutions, providing a range of atmospheric and process gases, including hydrogen, oxygen, nitrogen, carbon dioxide, helium, and argon [4]. - The company also has a healthcare subsidiary that supplies medical gases for respiratory care, along with offerings in surface coatings, metal powders, and carbon capture [4].

Core Thesis - Linde plc is viewed positively due to its diversified revenue streams, strong earnings growth, and robust dividend profile despite recent share price declines attributed to sector-wide pressures [1][5][7] Company Overview - Linde plc is a leading global industrial gases and engineering company serving various end markets, including chemicals, energy, healthcare, food and beverage, electronics, manufacturing, and metals and mining [2] - The company's industrial gases and technologies are utilized in critical applications such as clean hydrogen production, carbon capture systems, medical oxygen, and specialty gases for electronics [2] Financial Performance - Linde reported diluted earnings per share of $4.21, reflecting a 7% year-over-year increase, with management forecasting a 3% to 6% increase for the next quarter and 5% to 6% growth for the full year 2025 [3] - The company has maintained a strong dividend profile, increasing dividends for over 30 years, currently offering a yield of approximately 1.5%, with annual dividend growth of about 8% to 9% and a payout ratio near 40% [4] Market Context - Despite strong fundamentals, Linde's share price has declined roughly 18% since October, influenced by broader sector pressures rather than company-specific issues, with peers like Air Liquide and Air Products experiencing similar declines [5] - The decline has been linked to softer global industrial demand and lower volumes reported by competitors, alongside macroeconomic concerns following disappointing earnings from Air Products [5] Insider Confidence and Analyst Outlook - Linde's CEO, Sanjiv Lamba, made a significant insider purchase of approximately $1 million, indicating strong confidence in the company's long-term outlook [6] - Analysts maintain a positive outlook, with average price targets around $497 compared to the current price of approximately $404, suggesting meaningful upside potential [6]

Market Overview - US equities showed strong momentum in 2025, achieving double-digit gains for the second consecutive year, with a rapid recovery from a bear market dip in April [1] - Market leadership has narrowed, with Mega-cap stocks and AI-driven companies dominating [1] Mar Vista U.S. Quality Strategy Performance - The Mar Vista U.S. Quality strategy reported a net-of-fees gain of +0.20% in Q4 2025, compared to the Russell 1000® Index's +2.41% and the S&P 500® Index's +2.65% [1] - Favorable stock selection in communication services, consumer discretionary, and financials contributed positively, while information technology, materials, and healthcare detracted from performance [1] Economic Outlook - For 2026, markets are expected to balance strong fundamentals with increasing economic uncertainties [1] Company Spotlight: Linde plc - Linde plc (NASDAQ:LIN) is highlighted as a leading industrial gas company with a market capitalization of $207.68 billion [2] - As of January 13, 2026, Linde's stock closed at $442.90 per share, with a one-month return of 4.87% and a 52-week gain of 3.49% [2] Linde plc Performance Challenges - Despite being a high-quality leader, Linde's shares declined nearly 10% in Q4 2025 due to a persistent industrial gas volume recession and softer guidance [3] - The company faces negative base volumes in core segments, attributed to economic stagnation in Europe and suppressed demand in China, with price increases insufficient to offset 1-3% volume declines in these regions [3]