Q2 2025 - Linde Plc - Full Analysis
Forward returns are supported by Linde's proven resilience
Today, Linde, the world’s leading industrial gases and engineering company, reported its Q2 2025 results. At the time of writing this recap, Linde shares are lower by 0.5%, after being down 2%. It’s now been a little over a year since we shared our in-depth report on this boring, but highly reliable compounder.
On our Discord, we mentioned that today was our so-called zen day with the Linde earnings on tap. Listening to their conference call reminds you of what resilience, focus, and patience is all about to compound shareholder value. Today, it’s easy to get lost in noise and share price volatility, forgetting about what gets you to the annualized returns we aspire (>12% IRRs).
During the call, CFO Matt White walked through the puts and takes on cautious full-year guidance, which assumes recessionary conditions (negative industrial production growth) even at the top end.