Financials Linde plc

Equities

LIN

IE000S9YS762

Commodity Chemicals

Real-time Estimate Cboe BZX Other stock markets 01:49:29 2025-12-05 pm EST			5-day change	1st Jan Change
400.32 ^USD	-0.85%		-2.24%	-4.19%

Dec. 03	CICC Initiates Linde at Outperform With $510 Price Target	MT
Dec. 01	TD Cowen Adjusts Price Target on Linde to $565 From $560, Maintains Buy Rating	MT

Projected Income Statement: Linde plc

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Net sales ¹	27,243	30,793	33,364	32,854	33,005	33,873	35,572	37,500
Change	-	13.03%	8.35%	-1.53%	0.46%	2.63%	5.02%	5.42%
EBITDA ¹	8,645	10,179	10,873	12,133	12,819	13,317	14,129	15,112
Change	-	17.74%	6.82%	11.59%	5.65%	3.89%	6.09%	6.96%
EBIT ¹	5,797	7,176	7,900	9,070	9,720	10,100	10,835	11,692
Change	-	23.79%	10.09%	14.81%	7.17%	3.91%	7.27%	7.91%
Interest Paid ¹	-115	-77	-98	-200	-256	-252.2	-270	-291.2
Earnings before Tax (EBT) ¹	3,384	5,099	5,543	7,988	8,569	9,215	9,997	11,027
Change	-	50.68%	8.71%	44.11%	7.27%	7.54%	8.48%	10.31%
Net income ¹	2,501	3,826	4,147	6,199	6,565	7,110	7,689	8,365
Change	-	52.98%	8.39%	49.48%	5.9%	8.31%	8.14%	8.79%
Announcement Date	2/5/21	2/10/22	2/7/23	2/6/24	2/6/25	-	-	-

¹USD in Million

Estimates

Fiscal Period: December	2020 Q4	2021 Q1	2021 Q2	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2	2025 Q3	2025 Q4	2026 Q1	2026 Q2	2026 Q3	2026 Q4	2027 Q1	2027 Q2	2027 Q3
Net sales ¹	7,272	7,243	7,584	7,668	8,298	8,211	8,457	8,797	7,899	8,193	8,204	8,155	8,302	8,100	8,267	8,356	8,282	8,112	8,495	8,615	8,639	8,522	8,866	9,058	9,054	9,124	9,457	9,674
Change	-	-0.4%	4.71%	1.11%	8.22%	-1.05%	3%	4.02%	-10.21%	3.72%	0.13%	-0.6%	1.8%	-2.43%	2.06%	1.08%	-0.89%	-2.05%	4.72%	1.41%	0.27%	-1.35%	4.03%	2.16%	-0.04%	0.78%	3.65%	2.29%
EBITDA ¹	2,347	2,438	2,585	2,559	2,597	2,663	2,746	2,739	2,725	2,963	3,059	3,074	3,037	3,116	3,206	3,253	3,244	3,213	3,351	3,377	3,377	3,393	3,527	3,620	3,617	3,724	3,846	3,916
Change	-	3.88%	6.03%	-1.01%	1.48%	2.54%	3.12%	-0.25%	-0.51%	8.73%	3.24%	0.49%	-1.2%	2.6%	2.89%	1.47%	-0.28%	-0.96%	4.3%	0.78%	-0%	0.48%	3.95%	2.64%	-0.1%	2.97%	3.26%	1.84%
EBIT ¹	1,613	1,688	1,837	1,810	1,841	1,905	2,000	2,010	2,000	2,206	2,286	2,306	2,272	2,341	2,422	2,477	2,480	2,438	2,556	2,558	2,572	2,594	2,721	2,762	2,756	2,816	2,938	3,008
Change	-	4.65%	8.83%	-1.47%	1.71%	3.48%	4.99%	0.5%	-0.5%	10.3%	3.63%	0.87%	-1.47%	3.04%	3.46%	2.27%	0.12%	-1.69%	4.84%	0.08%	0.56%	0.86%	4.9%	1.49%	-0.22%	2.18%	4.31%	2.41%
Charge d'intérêts ¹	-35	-20	-18	-8	-31	-19	-14	-26	-39	-37	-52	-40	-71	-67	-70	-68	-53	-60	-67	-64	-66.75	-68.25	-69	-69.5	-70.25	-	-	-
Earnings before Tax (EBT)	1,040	-	-	-	1,355	1,535	646	1,648	1,714	1,941	2,004	2,047	1,996	2,080	2,163	-	-	-	-	-	-	-	-	-	-	-	-	-
Change	-	-	-	-	-	13.28%	-57.92%	155.11%	4%	13.24%	3.25%	2.15%	-2.49%	4.21%	3.99%	-	-	-	-	-	-	-	-	-	-	-	-	-
Net income ¹	770	980	841	979	1,026	1,174	372	1,273	1,328	1,516	1,575	1,565	1,543	1,627	1,663	1,550	1,725	1,673	1,766	1,929	1,794	1,785	1,867	1,914	1,954	1,977	2,068	2,120
Change	-	27.27%	-14.18%	16.41%	4.8%	14.42%	-68.31%	242.2%	4.32%	14.16%	3.89%	-0.63%	-1.41%	5.44%	2.21%	-6.79%	11.29%	-3.01%	5.56%	9.23%	-6.98%	-0.51%	4.57%	2.52%	2.11%	1.15%	4.62%	2.53%
Announcement Date	2/5/21	5/6/21	7/30/21	10/28/21	2/10/22	4/28/22	7/28/22	10/27/22	2/7/23	4/27/23	7/27/23	10/26/23	2/6/24	5/2/24	8/2/24	10/30/24	2/6/25	5/1/25	8/1/25	10/31/25	-	-	-	-	-	-	-	-

¹USD in Million

Estimates

Forecast Balance Sheet: Linde plc

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Net Debt ¹	12,400	11,384	12,478	14,709	16,773	20,169	21,091	21,573
Change	-	-8.19%	9.61%	17.88%	14.03%	20.25%	4.57%	2.29%
Announcement Date	2/5/21	2/10/22	2/7/23	2/6/24	2/6/25	-	-	-

¹USD in Million

Estimates

Cash Flow Forecast: Linde plc

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
CAPEX ¹	3,400	3,086	3,173	3,787	4,497	5,121	4,893	4,862
Change	-	-9.24%	2.82%	19.35%	18.75%	13.86%	-4.44%	-0.64%
Free Cash Flow (FCF) ¹	4,029	6,639	5,691	5,518	4,926	5,399	6,469	7,000
Change	-	64.78%	-14.28%	-3.04%	-10.73%	9.6%	19.83%	8.2%
Announcement Date	2/5/21	2/10/22	2/7/23	2/6/24	2/6/25	-	-	-

¹USD in Million

Estimates

Forecast Financial Ratios: Linde plc

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Profitability
EBITDA Margin (%)	31.73%	33.06%	32.59%	36.93%	38.84%	39.32%	39.72%	40.3%
EBIT Margin (%)	21.28%	23.3%	23.68%	27.61%	29.45%	29.82%	30.46%	31.18%
EBT Margin (%)	12.42%	16.56%	16.61%	24.31%	25.96%	27.21%	28.1%	29.41%
Net margin (%)	9.18%	12.42%	12.43%	18.87%	19.89%	20.99%	21.62%	22.31%
FCF margin (%)	14.79%	21.56%	17.06%	16.8%	14.93%	15.94%	18.19%	18.67%
FCF / Net Income (%)	161.1%	173.52%	137.23%	89.01%	75.03%	75.93%	84.14%	83.68%
Profitability
ROA	5%	6.57%	7.68%	7.73%	9.29%	9.49%	10.09%	13.92%
ROE	9.07%	12.21%	14.74%	15.55%	19.21%	19.8%	20.94%	22.44%
Financial Health
Leverage (Debt/EBITDA)	1.43x	1.12x	1.15x	1.21x	1.31x	1.51x	1.49x	1.43x
Debt / Free cash flow	3.08x	1.71x	2.19x	2.67x	3.4x	3.74x	3.26x	3.08x
Capital Intensity
CAPEX / Current Assets (%)	12.48%	10.02%	9.51%	11.53%	13.63%	15.12%	13.76%	12.96%
CAPEX / EBITDA (%)	39.33%	30.32%	29.18%	31.21%	35.08%	38.45%	34.63%	32.17%
CAPEX / FCF (%)	84.39%	46.48%	55.75%	68.63%	91.29%	94.85%	75.64%	69.46%
Items per share
Cash flow per share ¹	13.99	18.63	17.59	18.9	19.55	22.57	24.51	26.58
Change	-	33.23%	-5.63%	7.48%	3.41%	15.46%	8.61%	8.46%
Dividend per Share ¹	3.85	4.24	4.68	5.1	5.56	5.982	6.42	6.922
Change	-	10.13%	10.38%	8.97%	9.02%	7.59%	7.33%	7.82%
Book Value Per Share ¹	90.42	86.57	80.1	80.68	79.01	82.41	84.67	86.11
Change	-	-4.26%	-7.47%	0.73%	-2.07%	4.29%	2.75%	1.7%
EPS ¹	4.71	7.33	8.23	12.59	13.62	15.02	16.58	18.39
Change	-	55.63%	12.28%	52.98%	8.18%	10.29%	10.35%	10.97%
Nbr of stocks (in thousands)	523,393	508,987	492,561	484,890	476,158	466,949	466,949	466,949
Announcement Date	2/5/21	2/10/22	2/7/23	2/6/24	2/6/25	-	-	-