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Linde Expands Long-Term Gas Supply Agreement with Tata Steel
Linde announced it has expanded its long-term supply of industrial gases to Tata Steel Limited at its Kalinganagar Industrial Complex in Odisha, India. Under a long-term supply agreement, Linde has doubled its on-site capacity for Tata Steel through the de-captivation of two air separation units at Kalinganagar. The newly acquired units are now providing oxygen, nitrogen and argon for Tata Steel's iron and steelmaking operations. The additional capacity will help enable Tata Steel to increase annual steel production at Kalinganagar from three million tons to eight million tons per year. The new ASUs bring Linde's total capacity in the Kalinganagar region to more than seven thousand tons of oxygen per day. In addition to supporting Tata Steel's growth, the additional ASUs will help Linde meet increasing demand for industrial gases across the regional merchant market.
Linde Reports Q2 Revenue of $9.3B, Exceeds Expectations
Reports Q2 revenue $9.3B, consensus $9.01B. Reports project backlog $11B. Commenting on the financial results and business outlook, Chief Executive Officer Sanjiv Lamba said, "Linde employees delivered another solid quarter, generating record sales and EPS while maintaining industry-leading profitability with 29.5% operating margin and 23.5% return on capital. During the quarter, we also signed another long-term electronics supply contract in the U.S., increasing the sale of gas backlog to a record $8.1 billion."
Company Expects 2026 Adjusted EPS of $17.70 to $17.90
The company said, "For the full year 2026, the company expects adjusted diluted earnings per share to be in the range of $17.70 to $17.90, up 8% to 9% when assuming favorable currency of 1% versus prior year. Full-year capital expenditures are expected to be in the range of $5.5 billion to $6.0 billion to support growth and maintenance requirements including the $8.1 billion contractual sale of gas project backlog."
Linde Confident in Future Growth Projects
Lamba continued, "Customer proposal activity remains robust, primarily across the electronics end market, giving us confidence to further grow the backlog. Regardless of the economic climate, I'm confident the Linde team will continue to secure high-quality future growth projects while delivering long-term shareholder value."
Linde Signs Long-Term Agreement with Semiconductor Manufacturer, Investing $1B
Linde announced that it has been awarded a new long-term agreement to supply ultra-high-purity industrial gases to a semiconductor manufacturer. The agreement will support the expansion of the customer's semiconductor manufacturing complex in Phoenix, Arizona. Linde will invest $1B to expand its existing on-site industrial gases complex in Phoenix, making the site one of Linde's largest investments for an electronics customer globally. Under the agreement, Linde will build, own and operate two new Spectra air separation units and associated infrastructure. The new units will complement the three existing ASUs at the site. The expansion will increase Linde's supply of ultra-high-purity nitrogen, oxygen and argon to support two new semiconductor fabrication facilities. The new plants will use Linde's leading-edge Spectra technology to deliver the purity, reliability and operating efficiency required for advanced semiconductor manufacturing. Separately, Linde LienHwa, Linde's joint venture partner in Taiwan, has been selected by the same customer to supply industrial gases to new semiconductor manufacturing and advanced packaging facilities at multiple sites in Taiwan. Linde LienHwa plans to invest approximately $800M to build, own and operate several ASUs and hydrogen production units.
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