Linde's second-quarter operating profit increases by 6%

Linde, a leading global industrial gases and engineering company, has announced its financial results for Q2 2025, showcasing a robust performance across various regions.

The company reported a 6% increase in operating profit, reaching $2.6bn, and a 15% surge in operating cash flow to $2.2bn compared to the same period last year. Adjusted EPS grew by 6% to $4.09, while Linde Engineering's operating profit stood at $90m for Q2 2025.

Sales for the quarter increased by 3% year-on-year, reaching $8.5bn. In the Americas, sales grew by 4%, driven by higher pricing and volume growth in chemicals and energy markets. Sales in EMEA grew by 3%, despite a 1% decline in underlying sales. Sales in the Asia-Pacific region remained flat at $1.65bn, while in the region's operating profit improved to 29.6%.

Linde Engineering's sales for Q2 2025 were $551m, marking a 1% increase. The company's order intake for engineering during the quarter was $311m. After capital expenditures of $1.26bn, free cash flow was $954m in Q2 2025.

The third-party sale of equipment backlog for Linde Engineering stood at $3.2bn for Q2 2025. Linde returned $1.81bn to shareholders through dividends and stock repurchases during the quarter.

Notably, Linde secured a long-term agreement for supplying gases to a low-carbon ammonia facility in the US Gulf Coast, named the "Blue Ammonia" supply agreement. The company maintains its full-year adjusted EPS guidance at $16.30 to $16.50 for 2025, representing a 5% to 6% increase compared to the prior year.

Looking ahead, Linde expects adjusted EPS for the third quarter of 2025 to range between $4.10 and $4.20, representing a 4% to 7% increase compared to the same period last year, or 3% to 6% excluding foreign exchange impacts.

"For the second half of 2025, we maintain a more measured view of the underlying macro trends," said Sanjay Lamba, CEO of Linde. "But regardless of this economic outlook, we will continue to generate long-term shareholder value."