LIN · Earnings call · 2026Q3T · Full report

Customer Dynamics

LINDE PLC · 2026-10-29 · Importance 20 · Surprise 24

Linde was supplying Woodside temporarily with hydrogen from its existing pipeline network to support ammonia production while the project’s on-site assets came online. Management said those molecules could otherwise have been sold to other customers, particularly Gulf Coast refiners seeking hydrogen to desulfurize heavy crude and produce middle distillates such as ultra-low-sulfur diesel. Linde expected the Woodside supply to become incremental once the project assets were operating. The company was actively engaged with Woodside during its strategic review and said it considered the ammonia complex a high-quality asset regardless of its ultimate owner.

Key facts

• LINDE PLC said it supplies Woodside hydrogen from its existing network, diverting molecules that could otherwise be sold to other customers; management expected the supply to become incremental when the new assets start up.
• LINDE PLC said Q3 equity income included a customer contract true-up that caused a spike of roughly 1% and was expected to return to run rates in Q4.
• LINDE PLC said it was more selective with some memory projects because of their historically shorter cycle compared with the long-term contracts it prefers for project development.
• Linde added customers with long-term contract commitments during the helium supply crisis.
• LINDE PLC said China and India growth rates remained healthy with its portfolio of Tier 1 customers.
• Linde's global helium sourcing and supply-chain management has supported its ability to meet customer requirements.