Industrial gas major Linde has doubled down on its blue hydrogen plans and will only pursue green hydrogen projects opportunistically, where low-cost renewables make it viable.
Linde reported Q1 2025 net income of $1.67bn (up 3% from Q1 2024) on flat year-on-year sales of $8.1bn, yet expanded its adjusted operating margin to 30.1% through pricing and productivity gains.
The company reaffirmed its commitment to clean energy with up to $5.5bn in 2025 capital expenditure planned – including hydrogen infrastructure – and a record $7bn sale-of-gas project backlog supporting long-term decarbonisation growth.
Linde also delivered adjusted EPS of $3.95, up 5% year-on-year (8% ex-FX), and generated $2.2bn in operating cash flow, up 11%, supporting its ability to fund major hydrogen investments despite flat sales.
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