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    James Hooper • AB Bernstein

    James Hooper's questions to Linde PLC (LIN) leadership

    James Hooper's questions to Linde PLC (LIN) leadership • Q2 2025

    Question

    James Hooper of AB Bernstein asked about the energy transition opportunity in Europe for Linde's backlog, noting competitors have been winning low-carbon hydrogen projects in the region.

    Answer

    CEO Sanjiv Lamba acknowledged a move towards more pragmatism in Europe's energy transition goals, which could benefit economically sound projects. However, he cautioned that regulatory and implementation processes in Europe take significant time. He believes it will be a while before this translates into cost-competitive hydrogen and a meaningful number of contracted projects.

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    James Hooper's questions to Air Products and Chemicals Inc (APD) leadership

    James Hooper's questions to Air Products and Chemicals Inc (APD) leadership • Q3 2025

    Question

    James Hooper from AB Bernstein requested an update on the status of other major projects in Edmonton, Rotterdam, and Arizona, and asked if they could be delayed.

    Answer

    CEO Eduardo Menezes noted that since these are long-duration projects, their capital and schedule forecasts have not changed in the last three months. CFO Melissa Schaeffer added a key distinction, clarifying that the Edmonton and Rotterdam projects are underpinned by customer contracts, giving them a different risk profile than the larger merchant-based projects in NEOM and Louisiana.

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    James Hooper's questions to PPG Industries Inc (PPG) leadership

    James Hooper's questions to PPG Industries Inc (PPG) leadership • Q2 2025

    Question

    James Hooper from AB Bernstein inquired about the profitability of the recent market share gains, asking if they came at segment-average margins and if those margins could expand over time.

    Answer

    CEO Timothy Knavish explained that the share gains are expected to have segment-average gross margins. However, he anticipates that the increased volume will drive net margin expansion through fixed cost leverage and improved manufacturing efficiencies, with the benefits becoming more apparent in the second half of the year.

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    James Hooper's questions to PPG Industries Inc (PPG) leadership • Q2 2025

    Question

    James Hooper from AB Bernstein inquired whether the recent share gains have affected incremental margins and if those margins are expected to improve as the new business is consolidated.

    Answer

    Chairman & CEO Timothy Knavish explained that the new business is being won at approximately segment-average gross margins. However, he expects net margins to expand as the increased volume provides fixed cost leverage and manufacturing efficiencies. This dynamic is expected to drive both top-line growth and net margin expansion in the second half of the year.

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