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    Peter Clark • Sanford C. Bernstein & Co., LLC

    Peter Clark's questions to Solvay SA (SLVYY) leadership

    Peter Clark's questions to Solvay SA (SLVYY) leadership • Q1 2025

    Question

    Peter Clark of AllianceBernstein inquired about the potential benefits from recent competitor capacity shutdowns in the European soda ash market and asked if HPPO license income is included in the H2 guidance.

    Answer

    CEO Philippe Kehren stated that the European shutdowns demonstrate a necessary market restructuring and that he expects a similar, albeit slower, process to occur in China. He also confirmed that potential licensing income is one of the 'business opportunities' the company is actively working on for H2 and is factored into the outlook.

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    Peter Clark's questions to Solvay SA (SLVYY) leadership • Q2 2024

    Question

    Peter Clark asked about the status of the Green River soda ash expansion and its impact on CapEx, and also inquired about the margin drag from the mix shift in soda ash due to softness in the higher-margin European container glass market.

    Answer

    CEO Philippe Kehren confirmed the Green River project is nearing completion and its costs are included in the full-year CapEx guidance of EUR 300-350 million. He described the margin impact from the soft container glass market as 'moderate,' noting it was largely offset by strength in other segments like lithium carbonate and solar panels.

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    Peter Clark's questions to Linde PLC (LIN) leadership

    Peter Clark's questions to Linde PLC (LIN) leadership • Q1 2025

    Question

    Peter Clark of Bernstein inquired about the electronics project pipeline, referencing prior comments about new signatures, and asked if the high EMEA margin was driven by any exceptional factors.

    Answer

    Sanjiv Lamba, CEO, confirmed the recent project win in Korea is the first of several expected electronics announcements and that the overall project backlog remains robust. He clarified that the strong EMEA margin is not due to exceptional items but is a result of fundamental execution of the business model, which has driven margin expansion from 19% in 2019 to over 35% today.

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    Peter Clark's questions to Linde PLC (LIN) leadership • Q4 2024

    Question

    Peter Clark from Bernstein asked if the significant 4% currency headwind in the 2025 guidance was disproportionately driven by highly profitable markets like Mexico and Brazil, and also questioned the tariff risk in those regions.

    Answer

    CFO Matt White confirmed that currencies in Brazil and Mexico were major factors, along with a broader strengthening of the U.S. dollar in Q4. Regarding tariffs, he stated the impact is indirect, affecting customer production levels. He noted Linde's network density positions it well to capture any production shifts, and the guidance already prudently assumes zero industrial production growth.

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    Peter Clark's questions to Linde PLC (LIN) leadership • Q3 2024

    Question

    Peter Clark asked about the progress towards the $8-10 billion clean energy investment target, highlighting the new Dow project and seeking an update on other potential large-scale projects.

    Answer

    CEO Sanjiv Lamba expressed high confidence in achieving the $8-10 billion target, noting they are about halfway there with the OCI and Dow Phase 1 projects. He observed a 'reality check' in the broader hydrogen market, with cancellations of speculative green hydrogen projects. He emphasized that Linde's focus remains on economically viable, low-carbon (blue) hydrogen projects where the technology is mature and cost-competitive.

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