LIN · Earnings call · 2026Q3T · Full report

End-Market Demand Trends

LINDE PLC · 2026-10-29 · Importance 42 · Surprise 40

Electronics grew 15%, led by organic growth in APAC and the U.S.; Food & Beverage grew 3%, while Healthcare grew 2% overall and at a mid-single-digit rate excluding Lincare. Chemicals & Energy grew 12% on stronger U.S. and China volumes, and manufacturing grew 7% with stronger volumes in the U.S., China and India, including aerospace activity. Metals and mining was up 3%, led by the Americas, while U.S. packaged gases remained at low-teens growth from construction and data-center activity. Overall, volume growth remained concentrated in specific end markets and geographies, while pricing improvements were broader.

Key facts

• LINDE PLC’s Food & Beverage end market grew 3%, led by the Americas and EMEA.
• LINDE PLC’s healthcare growth was 2%; excluding Lincare, growth was mid-single digit, aligned with demographic trends.
• LINDE PLC’s Chemicals & Energy end market grew 12%, reflecting stronger volumes in the U.S. and China and pricing actions to recover prior cost inflation, especially in the Americas.
• LINDE PLC’s metals and mining end market was up 3%, driven primarily by the Americas, with stronger construction and industrial activity in North America, partly offset by slight contractions in EMEA and APAC.
• LINDE PLC’s manufacturing end market grew 7%, reflecting broad-based price increases and stronger volumes in the U.S., China and India, including continued aerospace growth.