LIN · Earnings call · 2026Q3T · Full report

Helium Supply Chain

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

Management said Linde maintained helium supply through the crisis and added customers with long-term contract commitments, supported by its global sourcing network. Pricing actions were focused on recovering dislocation costs from supply-chain and sourcing challenges, rather than applying excessive pricing. Management estimated Qatar could reach about 75% of production levels, but said exports remain constrained by Strait of Hormuz issues, difficult land-route logistics, port access, and insufficient tanks for sustained rerouting. Linde moved about 340 helium containers in the last quarter from sources in the U.S., North Africa, Europe, and Asia; management said the timing of normalization and the 2027 outlook remain uncertain.

Key facts

• Linde expects Qatar to reach about 75% of production levels, while export logistics remain a challenge.
• LINDE PLC said helium prices had increased across the world and across all markets in its segments, partly reflecting recovery of Middle East conflict-related dislocation, sourcing and logistics costs in new contracts.
• Rerouting helium from Qatar overland to distant ports adds cost and complexity, and the system lacks enough tanks to sustain the rerouting over the longer term.
• Linde moved about 340 helium containers in the last quarter, sourcing them from the U.S., North Africa, Europe, and Asia.
• LINDE PLC said the helium price increases were also reflected in its cost structure, limiting the margin improvement.
• Linde's helium sourcing and supply chain enables it to continue serving customer needs during periods of supply disruption.
• Linde managed helium supply through the crisis period and served its existing customers extremely well.