Q4/FY 2025 - Linde

Solid line of sight on backlog - very resilient cash flow supports agile capital allocation

Similar to prior quarters, Linde’s performance confirmed the stagnating industrial production growth environment we’ve been seeing for two years now. However, the industrial giant continues to execute on what it can control, and green shoots are emerging.

At the time of writing, shares are down 0.5% following the Q4 report (published before the bell).

Let’s unpack the results and key takeaways, as well as the updated valuation model and how Linde captures the AI opportunity in a very safe manner.