EPS

Q3 2025

$3.95 to $4.05 "

$4.1 to $4.2 "

raised

EPS

FY 2025

$16.20 to $16.50 "

$16.3 to $16.5 "

raised

Consistent Project Backlog & Pipeline Growth

Q1 discussed a strong $10B backlog with long‐term, high‐quality sale-of-gas projects " " ; Q4 highlighted a record backlog over $10B with diversified projects and acquisition initiatives " " ; Q3 emphasized a record $10B+ backlog with robust pipeline wins and strong conversion " " "

Q2 detailed a $7.1B backlog concentrated in the Americas, strong project pipeline execution, and future growth confidence " " " "

Consistently strong focus with a maintained and even sharpened geographic and sectoral emphasis in Q2. " "

Stable Pricing Power and Margin Expansion

Q1 highlighted pricing tracking with inflation, global pricing stability, and a 120-basis point margin improvement through cost and productivity actions " " " " ; Q4 stressed strong pricing power from global networks and quoted margin expansion targets " " " ; Q3 noted positive pricing trends across base gases despite some deflationary pressures "

Q2 emphasized historical pricing stability, despite segment-specific pressures in helium in China, and achieved a 30.1% operating margin with expectations for further margin expansion " " "

Consistent pricing stability and margin improvement, with Q2 reinforcing the same disciplined approach amid regional challenges. " "

Recurring Volume and Demand Challenges amid Macroeconomic and Regional Weakness (Europe, China)

Q1 reported weak industrial activity in Europe and softness in China despite pockets of strength " " ; Q4 described flat base volumes with softer volumes in EMEA and seasonal factors in Asia, compounded by FX impacts " " ; Q3 pointed to declining industrial volumes driven by European weakness and mixed signals from China " "

Q2 noted Europe is expected to continue softening and China remains a mixed bag with high single-digit declines in helium pricing, confirming ongoing demand challenges " " "

The headwinds remain persistent over periods with Q2 maintaining cautious outlooks in key regions. " "

Persistent FX and Currency Risk Impacts on Earnings

Q1 reported FX headwinds averaging 3% with volatile currency effects impacting SG&A and earnings " " " " ; Q4 cited a 2% FX headwind in results and expected a 4% headwind in 2025, influenced by regional currency devaluations " " ; Q3 described a roughly 1% negative impact on EPS and adjustments in guidance due to strengthening of the U.S. dollar " " "

Q2 disclosed a 3% sequential FX improvement with anticipation of a 1% tailwind in Q3, though maintaining a cautious stance amid economic uncertainty " "

A modest improvement in FX conditions appears in Q2, yet the inherent volatility and cautious outlook remain consistent over time. " "

Ongoing Technological Innovation and Productivity Enhancements (digital, AI, decaptivation)

Q1 detailed extensive AI and digital initiatives – from predictive telemetry to over 105 AI use cases driving 30–32% of productivity efforts " " ; Q4 emphasized digital and AI innovation as key contributors to operating efficiency and margin stability " " ; Q3 mentioned decaptivation projects in India and consistent productivity projects alongside cost reductions " " "

Q2 contains no mention of technological innovation, digital or AI enhancements [N/A]

Previously a strong focus, but notably absent in the Q2 discussion, indicating a diminishing or deprioritized mention in the current period. " [N/A]

Steady Clean Energy Transition with Low‑Carbon Hydrogen Opportunities

Q1 emphasized a strategic focus on low‑carbon (blue) hydrogen supported by 45Q incentives with cautious green hydrogen participation " " ; Q4 discussed clean hydrogen projects and global pipeline across regions, underpinned by the 45Q provision and multi-phase investments " " " ; Q3 highlighted a major blue hydrogen project with Dow and reiterated a selective, economically viable approach for hydrogen opportunities " " "

Q2 reaffirmed commitment to the clean energy transition with steady low‑carbon hydrogen opportunities, highlighting supportive incentives and measured regulatory progress " " "

The clean energy focus remains consistent and robust, with Q2 reinforcing selective and economically driven low‑carbon hydrogen development. " "

Emerging Investment in the Space Segment

Q1, Q4, and Q3 did not mention space investments [N/A]

Q2 introduced significant investments in the space segment, noting a historical role in over four out of five U.S. launches, quadrupled revenues over three years, and nearly $1B in planned infrastructure investments " "

A new topic in Q2 with strong growth potential, emerging as an important strategic focus that was not discussed in previous periods. " "

New Regulatory Uncertainty and Green Energy Funding Pullback

Q1 addressed regulatory challenges in Europe and a strategic pullback from overly hyped green hydrogen, reinforcing a focus on economically viable low‑carbon projects " " ; Q4 discussed regulatory uncertainties, cautious partner negotiations, and reliance on stable 45Q incentives despite funding pullback " ; Q3 mentioned cancellations of green hydrogen projects due to unclear incentives and regulatory delays " "

Q2 referenced a measured regulatory uncertainty in Europe with pragmatic target setting and clearly noted a pullback in green energy funding, reinforcing focus on cost-effective low‑carbon alternatives " "

The topic persists with an evolving emphasis: while uncertainty and funding pullback remain concerns, Q2 underscores a pragmatic, economically driven approach. " "

Increasing Competitive Dynamics and Peer Strategy Influences

Q1, Q4, and Q3 did not provide specific details on competitive dynamics or peer strategy influences [N/A]

Q2 briefly noted competitive dynamics in project bidding, with Linde highlighting customer “make or buy” decisions and selective project pursuits in a competitive landscape "

A minor, emerging mention in Q2 suggesting that competitive positioning is gaining attention, albeit not a major focus. "

Diminishing Emphasis on Workforce Cost Reduction Initiatives

Q1 indicated a strategic shift from heavy workforce cuts to broader productivity via AI and operational improvements " ; Q3 noted active cost reduction including a 2% workforce reduction as part of broader initiatives " " " ; Q4 did not prominently feature the topic [N/A]

Q2 does not mention workforce cost reductions at all [N/A]

The absence of discussion in Q2 suggests a diminishing emphasis on workforce reductions, possibly indicating a strategic pivot toward technological and operational productivity. " [N/A]

Evolving Dynamics in the Electronics Sector Demand and Recovery

Q1 highlighted resiliency in the electronics sector with strong project wins (e.g., Samsung in South Korea) and onshoring trends in the U.S., amid mixed regional demand " " " " ; Q4 discussed a significant portion of the backlog (20%) being driven by electronics projects and noted expectations for recovery from destocking events " " " ; Q3 described sequential growth and normalization after temporary destocking in advanced materials "

Q2 outlined robust electronics end market growth with continued year-on-year and sequential improvement, a healthy pipeline, and sustained recovery despite some declines due to destocking in the advanced materials segment "

The electronics sector remains a consistent bright spot, with steady recovery and onshoring momentum confirmed in Q2 while overcoming temporary setbacks. " "