Linde: industrial gas pricing power still has to fund the next capex cycle

Linde reported FY2025 revenue of $34.0 billion and 2026 Q1 revenue of $8.8 billion. The thesis depends on gas demand, project discipline, margin quality, capex intensity and cash conversion.

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Linde reported FY2025 revenue of $34.0 billion and 2026 Q1 revenue of $8.8 billion. The thesis depends on gas demand, project discipline, margin quality, capex intensity and cash conversion.

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