Linde’s first quarter results were met with a neutral market reaction, as shares closed up 1.4% after earnings. The quarter showed steady mid-single digit growth in several key end markets, though management flagged ongoing softness in European operations and continued cautiousness regarding impacts from geopolitical events.

• Adjusted EPS rose 10% to $4.33, with operating margin reaching 30% and return on capital remaining at 24%.
• Total sales grew 8% year over year to $8.8 billion, though were flat sequentially.
• Healthcare end-market grew 1%, held back by flat U.S. home care volumes due to policy changes; food & beverage and electronics grew 5% and 10%, respectively, with electronics supported by AI chip-related demand.
• Industrial end market growth was led by the Americas; EMEA volumes remained pressured in chemicals, energy, and metals due to production shifting outside Continental Europe.
• Helium supply remains well managed despite global shortages, with Linde focused on contracted long-term business rather than spot sales for the remainder of the year.