LIN · Earnings call · 2026Q3T · Full report

Middle East Conflict Impact

LINDE PLC · 2026-10-29 · Importance 26 · Surprise 24

Management said Middle East conflict-related sourcing and logistics disruption costs are being recovered through pricing on new helium contracts, while also increasing Linde’s cost structure. Helium prices rose across markets and segments, but the CEO said the recovery did not translate into margin improvement. The CFO said European power-price movements may result either in a recurring three-to-six-month recovery lag or, if elevated costs persist and feed into broader inflation, permanent pricing; the duration remained uncertain heading into winter 2026.

Key facts

• LINDE PLC said U.S. Gulf Coast and China customers benefited from relative raw-material advantages amid the Middle East conflict, supporting stronger demand, particularly among complex refiners needing more hydrogen to process heavier and higher-sulfur crude.
• LINDE PLC said the Middle East conflict had helped shore up part of Europe’s chemical industry, while industry restructuring included facility and site shutdowns.