Strong Financial Performance: Linde reported an EPS of $4.09 and an operating margin of 30.1%, both achieving record quarterly highs. Operating cash flows increased by 15%, with return on capital (ROC) at 25.1%, outperforming the industry average and demonstrating operational effectiveness.

Mixed Market Outlook: - Americas: Forecasted flat to slightly positive volume growth due to resilient end markets, particularly electronics and clean energy projects. The company remains optimistic about the ongoing demand for industrial gases tied to space launches. - Europe: Expected muted demand with negative volume growth anticipated in the second half of 2025 due to challenges in the industrial sector, particularly in Western Europe, with no immediate catalyst for recovery. - APAC: A mixed outlook with India showing strong growth in merchant volumes, but China's volume anticipated to remain flat due to weakened metals and chemicals demand.

Project Backlog Stability: Linde maintained a substantial backlog of $7.1 billion for sale of gas projects. The company expects to sustain this level through robust investment in infrastructure and new customer contracts, offsetting any potential declines in current volume commitments.