… which makes it all the more important to take advantage of minor setbacks.

Position expanded

$LIN (-1.45%)

Long-term buy-and-hold portfolio focused on a core of global ETFs, supplemented by small-cap stocks, India, and selected high-quality companies. Certain portfolio holdings are locked in and are therefore intentionally excluded from ongoing optimization.

Current savings rate: €1,950/month

€1,000 FTSE All-World $VWRL (+0.85%)
,

€450 MSCI World Small Cap $WSML (+0.8%)
,

€150 FTSE India $FLXI (-0.4%),

150 € Euro Government Bonds $SEGA (+0.15%)
,

€100 Linde $LIN (-1.45%),

50 € Gold $SGBS (+1.77%) and

50 € Bitcoin $BTC.

My goal is to build a broadly diversified long-term portfolio that is continuously optimized. I welcome constructive feedback, alternative perspectives, and engaging discussions on asset allocation, individual securities, and long-term strategy.

Getting Started at Linde $LIN (-1.45%)

Here's the the latest news from Linde $LIN (-1.45%)
(NASDAQ: LIN) Q2 2026 Earnings Release:

🚀 Top-line Performance & Record Revenue

Linde plc $LIN surpassed the $9.29 billion . This represents robust growth of +9.0% year-over-year (organic growth of +4.0%, driven by +2% pricing power and +2% volume). The industrial gas giant thus easily shattered Wall Street’s expectations (the consensus was ~$8.96 to $9.02 billion). The main drivers were the electronics, manufacturing, and chemicals & energy end markets.

🔮 Record-High Backlog

The fact that the engine continues to run with rock-solid predictability is evident from the full order backlog:

Project Backlog: Climbed to the staggering mark of $11.0 billion (driven by massive large-scale orders from the semiconductor/electronics industry and the decarbonization sector).

Cash Flow Machine: Operating cash flow for the quarter was $2.27 billion (+3% Y/Y). After deducting CapEx of 1.44 billion USD, $833 million in net free cash flow.

🤖 Double-digit EPS growth & record margins

The bottom line is that Linde remains the undisputed benchmark for margin discipline:

The GAAP net income rose by +9.0% to $1.93 billion.

Adjusted earnings per share (Adjusted EPS) climbed by +10.0% year-over-year to $4.50 (previous year: $4.09) and hit the upper end of expectations exactly.

The adjusted operating margin reached a rock-solid 29.5% with operating profit of $2.74 billion (+7% Y/Y).

📈 Raised Full-Year Forecast & Perks for Shareholders

Forecast Upgrade: CEO Sanjiv Lamba is raising the bar for the full year 2026. Linde now expects adjusted EPS of between $17.70 and $17.90 (an increase of +8% to +9% year-over-year). For Q3, Linde is projecting adjusted EPS of $4.55 to $4.65 (+6% to +8%).

Capital Return: In the past quarter alone, Linde returned $1.59 billion directly to shareholders through dividends and aggressive share buybacks.

⚡ 💡 Jack’s Conclusion

What a masterclass in precision! 9% revenue growth, a 10% jump in EPS, and a $11 billion order backlog prove that Linde is perfectly leveraging its pricing power and margins despite global macroeconomic uncertainties. That’s defensive, fortress-like quality with built-in immunity to interest rates and inflation!

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$LIN (-1.45%)
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Advantages – Why Linde Is a Clear Beneficiary of the AI & Semiconductor Boom

• Structural Winner — Every new chip fab (TSMC, Samsung, Intel) needs Linde gases: nitrogen, argon, hydrogen, silanes, NF₃.

• AI Data Centers — HPC clusters and AI server farms use Linde’s cooling gases → rising demand.

• Helium Shortage — Global supply constraints are driving up prices → Linde benefits from its strong market position.

• Long-Term Contracts — 10–20-year “take-or-pay” deals ensure predictable, stable cash flows.

• Low Competition — Ultra-pure process gases are extremely difficult to produce → high moat.

• Diversified regions — Americas, EMEA, APAC → no concentration risk like that faced by pure-play semiconductor companies.

• Defensive + growth — combination of infrastructure stability and AI growth → a rare mix.

---

Disadvantages / Risks — primarily from Asia

• China is building its own gas production capacity — could cost market share in the long term, but high-purity production remains challenging.

• Geopolitics in Taiwan — the industry’s dependence on TSMC → systemic risk for all suppliers.

• Helium export controls — China halts exports → global risk, but more of an opportunity for Linde.

• Japanese specialty chemicals — strong competition in chemicals, but not in gases.

• Cyclical semiconductor investments — When Capex declines, gas demand also falls (but less sharply than for equipment companies).

• Regulatory risks — Environmental regulations and energy prices can affect margins.

$LIN (-1.45%)

https://www.telepolis.de/article/ASML-als-Schluessel-Ohne-diese-Technik-funktioniert-Musks-Terafab-nicht-11321222.html

Indirectly, I do benefit from Crazy Musk. $ASML (-2.4%)

Another indirect investment will follow on June 29 with the spin-off of Honeywell Aerospace. (I will only place a first tranche)

Perhaps even my seemingly boring $LIN (-1.45%) might even find a catalyst again.

As one of the most important strategic partners for commercial space travel, Linde has invested around 100 million US dollars in the construction of a new air separation plant in Brownsville, Texas.

Right next to the SpaceX Starbase.

Space travel is an extremely lucrative market for gas companies like Linde - gases are absolutely vital for the launch of a rocket, but account for only a tiny fraction of the total launch costs. So SpaceX is not cutting corners here.

But, of course, the segment currently only accounts for around 1-2%.

$LIN (-1.45%)

- Rising demand for industrial gases due to more satellite launches and larger launch vehicles

- Industrial gases are essential for rocket propulsion, cryogenics, testing and launch operations

- The expansion of commercial space travel could become a long-term growth driver

- UBS expects demand for industrial gases from the space sector to accelerate by the end of the decade