Summary of Key Points from Conference Call Records Industry Overview - **Industry**: Chemical Industry, specifically focusing on MDI (Methylene Diphenyl Diisocyanate) and companies like DuPont and Huntsman - **Key Events**: US Department of Commerce's preliminary determination in the anti-dumping investigation of MDI from China Company-Specific Insights Huntsman Corporation (HUN) - **MDI Import Data**: Approximately 400kt of MDI was imported last year, with around 75% sourced from China [1] - **Preliminary Dumping Rates**: Covestro and Wanhua faced dumping rates of 376.12%, while other Chinese exporters faced rates of 511.75% [1] - **Future Expectations**: A favorable outcome in the investigation could lead to a final ruling by February or March next year, effective for five years [1] DuPont (DD) - **Investor Day Insights**: DuPont's business remains compelling with potential upside on a Sum-of-the-Parts (SOTP) basis [2] - **Stock Rating**: Maintained a "Buy" rating ahead of the spin-off, with a target price of $93.00, indicating a potential upside of 19.1% from the current price of $78.10 [2][29] - **Financial Flexibility**: The divestiture of the AM&C segment is expected to improve financial flexibility for share repurchases and M&A activities [2] Ecovyst (ECVT) - **Stock Rating Change**: Downgraded from "Buy" to "Neutral" following the announcement of the AM&C segment sale [2] - **Future Outlook**: The remaining Ecoservices business is expected to generate steady cash flow with high earnings predictability [2] Economic Indicators - **Housing Market**: Housing starts and building permits fell by approximately 9% and 4% month-over-month in August, indicating potential weakness in the construction sector [3] - **Retail Sales**: Retail sales increased by 0.6% month-over-month in August, exceeding expectations [9] - **Industrial Production**: Increased by 0.1% month-over-month in August, with capacity utilization remaining flat at 77.4% [9] Other Notable Developments - **LIRC Update**: Zijin Mining commenced production at the Tres Quebradas project in Argentina, with a capacity of 20ktpa LCE [9] - **OLN and Mitsui**: The Blue Water Alliance joint venture will end by the end of the year, allowing OLN to focus on long-term structural opportunities [9] - **Huntsman Product Launch**: Huntsman's Advanced Materials segment launched a new range of ARALDITE epoxy adhesives that are free from BPA and classified CMR substances [9] Market Performance - **Stock Performance YTD**: Notable declines in stock prices for companies like Huntsman (-41.0%) and Dow (-39.0%) indicate challenges in the chemical sector [30] This summary encapsulates the critical insights and developments from the conference call records, providing a comprehensive overview of the chemical industry and specific companies involved.

Summary of Key Points Group 1: Stock Analysis - Apple: The latest iPhone 17 models are considered a bargain, especially with trade-in values and provider incentives [1] - Amazon: Potential for upside if margin expansion continues, particularly in e-commerce and cloud growth [1] - Abbott Laboratories: Valued at approximately 24 times earnings, seen as a high-quality med tech stock worth holding [1] - Broadcom: Recent profit-taking due to exceeding 5% portfolio weighting, but long-term outlook remains positive [1] - Boeing: Newly added to the portfolio, expected to benefit from trade policies and has significant multi-year upside potential [1] - BlackRock: Described as a "bull market stock," with a focus on fast-growing investments [1] - Bristol Myers Squibb: Awaiting results from upcoming studies on its schizophrenia drug, Cobenfy, which could improve sentiment [1] - Capital One: Anticipating share repurchases post-Discover acquisition, with strong management praised [1] - Costco: Long-term outlook remains positive despite recent struggles attributed to market perception [1] - Salesforce: Current levels are not recommended for buying or selling ahead of the Dreamforce conference [1] - CrowdStrike: Ambitious target of $20 billion in annual recurring revenue set, indicating strong management confidence [1] - Cisco Systems: Continued support despite underperformance, with a solid dividend [1] - DuPont: Progressing towards a planned breakup, with Qnity expected to unlock more value [1] - Danaher: Facing headwinds from China but announced a significant buyback [1] - Disney: Shares have stalled, but theme park business remains strong [1] - Dover: Future outlook remains bright despite recent disappointing earnings [1] - Eaton: Potential for increased business from data centers as AI spending rises [1] - GE Vernova: High valuation justified by demand for energy generation in AI infrastructure [1] - Goldman Sachs: Expected revenue growth in investment banking and attractive wealth management business [1] Group 2: Additional Stock Insights - Home Depot: Likely to trim position due to housing market turnaround not meeting expectations [2] - Honeywell International: Shares lagging until split is complete, but value remains [2] - Linde: Continues to deliver for shareholders despite challenging end markets [2] - Eli Lilly: Position maintained due to strong performance and potential game-changing products [2] - Meta Platforms: Dominance in advertising market bolstered by generative AI [2] - Microsoft: Attractive long-term investment, with potential for trimming positions [2] - Nvidia: Partnership with Intel solidifies its leadership in GPUs [2] - Palo Alto Networks: High valuation justified by leadership in cybersecurity [2] - Starbucks: Promising turnaround plan under new CEO [2] - TJX Companies: Strongest earnings performance seen, recognized as a top retail performer [2] - Texas Roadhouse: Stock performance tied to cattle futures, expected surge in share price [2] - Wells Fargo: Positive outlook with increased buybacks and diversification into fee-based businesses [2]

Core Insights - Velo3D, Inc. has entered into an agreement with Linde AMT to supply domestically produced CuNi (70-30 Copper-Nickel) powder [1] - This collaboration aims to support the U.S. Navy and the Maritime Industrial Base (MIB) Program [1] Company Overview - Velo3D, Inc. is recognized as a leading additive manufacturing company specializing in mission-critical metal parts [1] - Linde AMT, previously known as Praxair Surface Technologies, is a global leader in metal powders and coatings [1] Industry Context - The agreement signifies a strategic move to enhance domestic production capabilities for critical materials used in defense applications [1] - The partnership aligns with the U.S. government's focus on strengthening the Maritime Industrial Base [1]

Lindian Resources Limited| ASX: LIN | www.lindianresources.com.au | ACN 090 772 222 Kangankunde Rare Earths Project Iluka Eneabba Rare Earths Refinery For personal use only Not for release to US wire services or distribution in the United States Kangankunde Rare Earths Project Corporate Presentation Institutional Placement and Final Investment Decision 20 August 2025 Lindian Resources Limited| ASX: LIN | www.lindianresources.com.au | ACN 090 772 222 11 IMPORTANT INFORMATION Disclaimer The material in this p ...

Core Insights - Linde reported Q2 2025 revenue of $8.5 billion, reflecting a 3% year-over-year increase [1] - Adjusted EPS for the same period was $4.09, marking a 6% year-over-year growth [1] - The company achieved an operating cash flow of $2.2 billion, indicating strong financial health [1]

Core Insights - Linde reported strong Q2 2025 earnings, with non-GAAP EPS of $4.09, exceeding analyst expectations of $4.03, and operating profit margins improved despite softness in key industrial markets [1][4] - The company continues to focus on technological leadership, energy cost management, and building a resilient revenue stream through long-term contracts [3][7] Financial Performance - Q2 2025 GAAP revenue increased by 3.0% year over year to $8.49 billion, surpassing expectations, while adjusted non-GAAP EPS rose by 6.0% [4] - Operating profit margin improved to 30.1%, up 0.8 percentage points from the previous year, reflecting effective pricing and productivity strategies [4][6] - Operating cash flow increased by 15% year over year to $2.21 billion, with free cash flow at $954 million after capital expenditures of $1.26 billion [8] Segment Performance - The Americas region generated $3.81 billion in sales, up 4% year over year, supported by a 3% price increase [5] - EMEA revenue reached $2.16 billion, up 3%, with a 4% decline in volumes offset by higher pricing [5] - Asia-Pacific sales remained flat at $1.66 billion, with manufacturing volume weakness partially balanced by steady pricing [5] Strategic Initiatives - Linde's pricing strategy led to global price increases averaging 2% in Q2 2025, contributing to improved operating margins across all regions [6] - The company has a sale-of-gas backlog of $7.1 billion and a $3.2 billion equipment backlog in its engineering division [6] - Linde is advancing its clean energy initiatives, with significant investments in hydrogen and carbon capture projects, estimating $8–10 billion in clean energy projects over the next few years [7] Shareholder Returns - The company returned $1.81 billion to shareholders through dividends and buybacks in Q2 2025, with an 8% increase in the quarterly dividend, marking 32 consecutive years of increases [8] Future Outlook - Linde provided Q3 2025 adjusted EPS guidance of $4.10 to $4.20, indicating 4% to 7% year-over-year growth, and FY2025 adjusted EPS guidance of $16.30 to $16.50, representing 5% to 6% annual growth [9] - Management remains cautious about macroeconomic conditions, particularly in manufacturing and industrial sectors, with no near-term recovery expected in China or Europe [10]

Core Insights - Linde plc reported second-quarter 2025 adjusted EPS of $4.09, exceeding the Zacks Consensus Estimate of $4.03 and improving from $3.85 in the prior year [1][10] - Total revenues for the quarter reached $8,495 million, surpassing the Zacks Consensus Estimate of $8,353 million and increasing from $8,267 million year-over-year [1][10] Revenue and Profit Drivers - Strong quarterly results were driven by higher pricing and increased volumes, particularly from the Americas segment, with additional contributions from the EMEA segment [2] - The Americas segment's operating profit rose 4.3% to $1,209 million, aided by higher pricing and increased volumes in chemicals and energy markets, exceeding the Zacks Consensus Estimate of $1,188 million [3][10] - EMEA segment profit increased approximately 10.8% year-over-year to $780 million, driven by higher pricing despite lower volumes in metals and manufacturing, beating the Zacks Consensus Estimate of $726 million [4][10] - The APAC segment's profit grew from $474 million to $490 million, surpassing the Zacks Consensus Estimate of $475 million, supported by stable pricing [5] - Operating profit in the Engineering segment declined to $90 million from $96 million year-over-year, missing the Zacks Consensus Estimate of $100 million [5] Backlogs and Capital Investment - At the end of the second quarter, Linde's project backlog amounted to $10.3 billion, including a sale-of-gas backlog of $7.1 billion [6] - Capital expenditures for the second quarter were reported at $1.26 billion, with cash and cash equivalents of $4.8 billion and long-term debt of $19.7 billion [7] Future Guidance - For Q3 2025, Linde estimates adjusted EPS to be in the range of $4.10-$4.20, and for the full year 2025, it expects adjusted EPS to be between $16.30-$16.50 [8] - The company reiterated its full-year capital expenditure guidance to be between $5 billion and $5.5 billion [8]

Core Insights - Linde reported revenue of $8.5 billion for the quarter ended June 2025, reflecting a year-over-year increase of 2.8% and surpassing the Zacks Consensus Estimate of $8.35 billion by 1.7% [1] - The company's EPS for the quarter was $4.09, an increase from $3.85 in the same quarter last year, also exceeding the consensus EPS estimate of $4.03 by 1.49% [1] Revenue Breakdown - Sales in the Americas reached $3.81 billion, slightly above the estimated $3.8 billion, marking a year-over-year increase of 4.3% [4] - EMEA sales were reported at $2.16 billion, exceeding the average estimate of $2.12 billion, with a year-over-year change of 3.4% [4] - Sales from Other regions totaled $315 million, slightly below the estimated $317.93 million, representing a year-over-year decline of 1.6% [4] - Engineering sales amounted to $551 million, compared to the average estimate of $567.47 million, showing a year-over-year increase of 1.3% [4] - APAC sales were reported at $1.66 billion, slightly above the estimated $1.62 billion, with a year-over-year change of -0.1% [4] Stock Performance - Linde's shares have returned -3.2% over the past month, contrasting with the Zacks S&P 500 composite's increase of 2.3% [3] - The stock currently holds a Zacks Rank 4 (Sell), indicating potential underperformance relative to the broader market in the near term [3]

PART I - FINANCIAL INFORMATION [Item 1. Financial Statements](index=4&type=section&id=Item%201.%20Financial%20Statements) This section presents Linde plc's unaudited condensed consolidated financial statements for Q2 and H1 2025, including income, balance sheet, cash flow, and detailed notes [Consolidated Statement of Income](index=4&type=section&id=Consolidated%20Statement%20of%20Income) Linde reported Q2 2025 sales of $8.495 billion, up 3%, with net income of $1.766 billion and diluted EPS of $3.73, up 8% Q2 & H1 2025 Financial Performance Highlights (YoY) | Metric | Q2 2025 | Q2 2024 | % Change | H1 2025 | H1 2024 | % Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | **Sales** | $8,495M | $8,267M | +2.8% | $16,607M | $16,367M | +1.5% | | **Operating Profit** | $2,354M | $2,184M | +7.8% | $4,538M | $4,279M | +6.1% | | **Net Income – Linde plc** | $1,766M | $1,663M | +6.2% | $3,439M | $3,290M | +4.5% | | **Diluted EPS** | $3.73 | $3.44 | +8.4% | $7.24 | $6.79 | +6.6% | [Condensed Consolidated Balance Sheet](index=6&type=section&id=Condensed%20Consolidated%20Balance%20Sheet) Total assets grew to $86.1 billion by June 30, 2025, with liabilities increasing to $46.1 billion, while equity remained stable Balance Sheet Summary (in millions) | Account | June 30, 2025 | Dec 31, 2024 | | :--- | :--- | :--- | | **Total Current Assets** | $13,627 | $12,945 | | **Total Assets** | $86,078 | $80,147 | | **Total Current Liabilities** | $14,714 | $14,544 | | **Long-term debt** | $19,701 | $15,343 | | **Total Liabilities** | $46,092 | $40,659 | | **Total Linde plc Shareholders' Equity** | $38,515 | $38,092 | [Condensed Consolidated Statement of Cash Flows](index=7&type=section&id=Condensed%20Consolidated%20Statement%20of%20Cash%20Flows) H1 2025 net cash from operations increased to $4.37 billion, with $2.83 billion used in investing and $1.75 billion in financing Six Months Ended June 30 Cash Flow Summary (in millions) | Cash Flow Activity | 2025 | 2024 | | :--- | :--- | :--- | | **Net cash provided by operating activities** | $4,372 | $3,883 | | **Net cash used for investing activities** | $(2,826) | $(2,311) | | **Net cash used for financing activities** | $(1,754) | $(1,476) | | **Change in cash and cash equivalents** | $(64) | $(38) | | **Cash and cash equivalents, end-of-period** | $4,786 | $4,626 | [Notes to Condensed Consolidated Financial Statements](index=8&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) Notes detail debt issuance, derivative hedging, $1.9 billion in Russian project legal contingencies, and segment performance across regions - **Linde issued €850 million, €750 million, and €650 million notes in February 2025, and CHF225 million and CHF275 million notes in June 2025**[32](index=32&type=chunk)[33](index=33&type=chunk) - **Contingent liabilities for suspended Russian projects total $1.9 billion** as of June 30, 2025, including **$1.2 billion for RCA** and **$0.7 billion for Amur GPP**[70](index=70&type=chunk)[74](index=74&type=chunk) Q2 2025 Sales & Operating Profit by Segment (in millions) | Segment | Sales | Operating Profit | | :--- | :--- | :--- | | **Americas** | $3,812 | $1,209 | | **EMEA** | $2,162 | $780 | | **APAC** | $1,655 | $490 | | **Engineering** | $551 | $90 | - **Remaining performance obligations are estimated at $61 billion**, with approximately **half expected to be recognized as revenue within six years**[99](index=99&type=chunk)[100](index=100&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=24&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses Q2 2025 sales growth of 3%, adjusted operating profit up 6% to $2.6 billion, and strong H1 cash flow of $4.4 billion [Consolidated Results](index=26&type=section&id=Consolidated%20Results) Q2 2025 consolidated sales increased 3% to $8.5 billion, with adjusted operating profit up 6% to $2.6 billion and adjusted diluted EPS up 6% to $4.09 Q2 2025 vs Q2 2024 Performance Summary | Metric | Q2 2025 | Q2 2024 | % Change | | :--- | :--- | :--- | :--- | | **Sales** | $8,495M | $8,267M | 3% | | **Reported Operating Profit** | $2,354M | $2,184M | 8% | | **Adjusted Operating Profit** | $2,556M | $2,422M | 6% | | **Reported Diluted EPS** | $3.73 | $3.44 | 8% | | **Adjusted Diluted EPS** | $4.09 | $3.85 | 6% | - **Q2 2025 sales growth of 3%** was driven by **+2% Price/Mix**, **+1% Cost pass-through**, **+1% Acquisitions**, offset by **-1% Volume**[110](index=110&type=chunk) [Segment Discussion](index=30&type=section&id=Segment%20Discussion) Americas sales and profit grew 4%, EMEA profit rose 11% despite volume decline, APAC profit increased 3%, and Engineering profit fell 6% - **Americas Q2 sales rose 4% to $3.8 billion**, with **operating profit up 4% to $1.2 billion**, driven by price, volume, and acquisitions[139](index=139&type=chunk)[140](index=140&type=chunk)[141](index=141&type=chunk) - **EMEA Q2 sales increased 3% to $2.2 billion**, with **operating profit up 11% to $780 million**, driven by pricing and currency despite volume decline[142](index=142&type=chunk)[145](index=145&type=chunk)[146](index=146&type=chunk) - **APAC Q2 sales were flat at $1.7 billion**, while **operating profit grew 3% to $490 million**, due to productivity offsetting cost inflation and lower volumes[147](index=147&type=chunk)[148](index=148&type=chunk)[150](index=150&type=chunk) [Liquidity and Capital Resources](index=35&type=section&id=Liquidity%20and%20Capital%20Resources) H1 2025 cash from operations increased 13% to $4.4 billion, with $2.5 billion in capex and $3.6 billion returned to shareholders - **H1 2025 cash flow from operations was $4.372 billion**, a **13% increase** from $3.883 billion in H1 2024[160](index=160&type=chunk)[161](index=161&type=chunk) - **Capital expenditures for H1 2025 were $2.527 billion**, an increase from $2.181 billion, supporting new projects[162](index=162&type=chunk) - **Sale of gas project backlog was approximately $7.1 billion** as of June 30, 2025[163](index=163&type=chunk) [Item 3. Quantitative and Qualitative Disclosures about Market Risk](index=41&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risk) This section refers to the 2024 Annual Report on Form 10-K for market risk disclosures, with no material changes reported this quarter - The report refers to **Item 7A of Linde's 2024 Annual Report on Form 10-K** for market risk discussion[190](index=190&type=chunk) [Item 4. Controls and Procedures](index=41&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded disclosure controls and procedures were effective, with no material changes to internal control over financial reporting - Disclosure controls and procedures were concluded to be **effective as of June 30, 2025**, by principal executive and financial officers[191](index=191&type=chunk) - **No material changes to internal control over financial reporting** occurred during the quarter[191](index=191&type=chunk) PART II - OTHER INFORMATION [Item 1. Legal Proceedings](index=43&type=section&id=Item%201.%20Legal%20Proceedings) This section refers to Note 8 of the condensed consolidated financial statements for details on current legal proceedings - Information on legal proceedings is available in **Note 8 of the condensed consolidated financial statements**[193](index=193&type=chunk) [Item 1A. Risk Factors](index=43&type=section&id=Item%201A.%20Risk%20Factors) No material changes to risk factors previously disclosed in the 2024 Annual Report on Form 10-K are reported - **No material changes to risk factors** disclosed in the company's **2024 Annual Report on Form 10-K** have occurred[194](index=194&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=43&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) Linde repurchased **2.445 million shares for $1.11 billion** in Q2 2025, with **$9.7 billion remaining** under the $15 billion repurchase program Q2 2025 Share Repurchases | Period | Shares Purchased (Thousands) | Average Price Paid Per Share | | :--- | :--- | :--- | | April 2025 | 693 | $442.80 | | May 2025 | 959 | $455.31 | | June 2025 | 793 | $466.44 | | **Q2 2025 Total** | **2,445** | **$455.38** | - **$9.7 billion of share repurchases remain authorized** under the **$15.0 billion program** approved in October 2023[200](index=200&type=chunk)

Financial Data and Key Metrics Changes - Earnings per share (EPS) reached $4.9, marking an all-time quarterly high, with an operating margin of 30.1%, also a record [6][19] - Operating cash flows increased by 15%, and return on capital employed (ROCE) stood at 25.1%, leading the industry [6][19] - Sales for Q2 were $8.5 billion, a 3% increase year-over-year and a 5% sequential increase [16] Business Line Data and Key Metrics Changes - The sale of gas project backlog grew from $3.6 billion to $7.1 billion over four years, with the number of projects increasing from 33 to 70 [9] - Operating profit for the quarter was $2.6 billion, a 6% increase year-over-year, with a 30.1% operating margin, up 80 basis points [19] - Volumes decreased by 1% year-over-year, primarily due to weaker base volumes in EMEA, despite contributions from the project backlog [18] Market Data and Key Metrics Changes - In The Americas, volumes are expected to be flat or slightly up, driven by resilient end markets, while Western Europe is anticipated to see a decline in demand [26][30] - Asia presents a mixed outlook, with India showing strong growth while China remains flat due to weaker metals and chemicals [32][34] - The overall trend indicates low to mid-single-digit growth in resilient end markets, offset by declines in the industrial sector, particularly in EMEA [34] Company Strategy and Development Direction - The company emphasizes disciplined project backlog management, focusing on high-quality contracts with fixed fees [8] - Investments in clean energy projects are highlighted, with a total of approximately $5 billion in low carbon contracts [10] - The company plans to continue its strategy of base volume growth through annual CapEx exceeding $1 billion [12] Management's Comments on Operating Environment and Future Outlook - Management remains cautious about the economic environment, particularly in Europe, where no immediate catalysts for improvement are seen [30][31] - The company expects to maintain positive pricing despite macroeconomic challenges, with a historical track record of achieving positive pricing through cycles [36] - Future growth is anticipated from the space sector, with significant investments planned to support this market [70][71] Other Important Information - The company issued bonds totaling CHF 5 billion with an average yield of less than 1%, indicating strong access to low-cost capital [21] - The guidance for Q3 EPS is projected to be between $4.1 and $4.2, reflecting a cautious outlook amid economic uncertainty [22][23] Q&A Session Summary Question: Insights on global business conditions - Management provided a geographical overview, indicating flat volumes in The Americas, a decline in Europe, and mixed signals from Asia, with India showing growth potential [26][30][32] Question: Risks of future price increases - Management expressed confidence in maintaining positive pricing, citing historical performance and alignment with global inflation trends, except for challenges in China [36][38] Question: Margin performance in The Americas - Management noted that margin performance can vary by quarter, with expectations for continued improvement in margins across segments [41][44] Question: Customer appetite for new projects - Management remains optimistic about maintaining a backlog above $7 billion, supported by ongoing project starts and a healthy pipeline [48] Question: EBIT growth in Europe - Management attributed EBIT growth to favorable currency effects and pricing opportunities, despite negative volume trends [53][54] Question: Long-term outlook for Europe - Management acknowledged short-term challenges in Europe but highlighted potential long-term improvements driven by infrastructure investments and recovery efforts [61][65] Question: Growth potential in the space sector - Management emphasized significant growth opportunities in the space sector, with substantial investments planned to support this market [70][71] Question: Energy transition investments - Management expects continued demand for low carbon products, with a focus on economically viable projects moving forward [93][95]