Q1 2026 - Linde Plc
Steady as she goes with increased exposure to promising long-term growth
Last Friday, Linde reported its Q1 results and the stock rose to a new all-time high (521 USD). Shares are now trading at 495 USD.
Unlike previous earnings webcasts, CEO Sanjiv Lamba wasn’t present on the call. This is not a permanent change but rather a consequence of Mr. Lamba’s corporate schedule as he’s also Linde’s Chairman - similar to how the former Chairman and CEO, Steve Angel, had an alternating timeline for the quarterly calls. Now, CFO White provided all granular detail, and as we’ve previously stated, he’s one of the best CFOs out there.
Let’s break the quarter down, and zoom out to update our valuation model. As is often the case for the type of companies we’re invested in, one quarter does not make or break a year. Linde’s report effectively highlighted that it’s business as usual, as it should be.
In summary, the portfolio is doing what one would expect. As geopolitical events shift production around the world and secular growth trends drive concentrated investments, our business units continue to adapt and capture their fair share. And while no one can predict how the next few months will play out, let alone the next few years, I am confident the Linde team can navigate the volatility and continue to deliver high-quality compounding growth. - Linde’s CFO White
Furthermore, even though Linde’s the leading industrial gases mogul, the growth has been driven by its own actions (smart capital allocation, pricing, cost management, productivity) rather than being subject to the volatility of macroeconomic cycles, which can shift between favorable and adverse conditions.
