Linde plc (LIN): Business Model Canvas [Dec-2025 Updated]

You're digging into the engine room of Linde plc, and what you find is a classic, capital-intensive structure built for decades, not quarters. Forget chasing fads; this model thrives on locking in massive, long-term contracts, evidenced by their staggering \$10 billion to \$10.4 billion project backlog as of late 2025. We're talking about a company funding \$5.0 billion to \$5.5 billion in CapEx this year while guiding toward an adjusted EPS of \$16.35 to \$16.45, all while helping customers slash millions of metric tons of CO2e. I've mapped out the nine essential building blocks-from their deep, on-site customer integration to their proprietary technology-that underpin their \$33.504 billion trailing twelve months revenue, so you can see exactly how this industrial giant maintains its resilience. Keep reading; this canvas shows you where the real, durable value is created.

Linde plc (LIN) - Canvas Business Model: Key Partnerships

You're looking at the backbone of Linde plc (LIN)'s execution strategy, which relies heavily on deep, contractual relationships across critical, capital-intensive sectors. Honestly, these aren't casual vendor agreements; they are multi-year, take-or-pay commitments that secure future revenue streams, which is why the backlog stood at a record $10 billion to $10.4 billion in high-quality projects as of early 2025.

Joint ventures for large-scale blue and green hydrogen projects

Linde plc is aggressively executing on its clean energy strategy through major project partnerships. The company's near-term focus in the U.S. is pragmatic, with 90% of its clean hydrogen projects centered on blue hydrogen, as green hydrogen is still viewed as five to seven years from true economic competitiveness. This execution is backed by significant capital deployment; for instance, a $1.8 billion investment was committed to supply OCI's blue ammonia project on the U.S. Gulf Coast between 2021 and 2024. Furthermore, a new $400 million investment was made in 2025 to supply a low-carbon ammonia facility in Louisiana. For green hydrogen, earlier foundational work included a partnership to develop a 35 MW PEM electrolyzer project in Niagara Falls.

These hydrogen-focused joint ventures and large-scale supply deals are crucial, especially as Linde plc reported Q3 2025 revenue of $8,615 million, demonstrating the scale of operations these partnerships support.

Strategic alliances with major industrial gas consumers like BASF SE

Long-standing relationships with massive industrial consumers drive significant engineering and construction contracts. A prime example is the agreement secured by Linde Engineering with BASF for the engineering, procurement, and construction (EPC) of a synthesis gas plant in Zhanjiang, China. Linde acts as the consortium leader, providing basic engineering and key equipment, while its Chinese partner, East China Engineering Science and Technology (ECEC), handles detailed design and construction. Linde Engineering brings over 30 years of experience in partial oxidation (POX) feedstocks, having installed more than 300 hydrogen and syngas plants globally, which underpins the trust required for such large contracts.

Technology development partners, such as Daimler Truck for sLH2 refueling

Controlling the technology standard is a key partnership strategy, especially in the emerging hydrogen mobility space. Linde Engineering and Daimler Truck jointly developed the subcooled liquid hydrogen, or sLH2, refueling technology. This collaboration aims to make hydrogen refueling as convenient as diesel. The technology allows a 40-ton heavy-duty truck carrying 80 kg of liquid hydrogen to refuel in about 10 to 15 minutes for a range of 1,000 kilometers or more. The partnership has already deployed a public fuel station in Wörth am Rhein, Germany, which has a pilot capacity of 400 kg/h of liquid hydrogen. This sLH2 approach lowers the required investment for a refueling station by a factor of two to three, and operational costs are five to six times lower than gaseous hydrogen alternatives.

Collaborations with engineering firms for plant construction and design

Linde Engineering's ability to deliver complex, world-scale projects is enabled by deep collaboration with other engineering firms and its own global execution experience. The firm has experience engineering around 4,000 plants worldwide. For example, in one complex project in an extreme climate, Linde Engineering prefabricated key plant modules to manage logistics and harsh winter temperatures dropping as low as minus 50 degrees Celsius. These collaborations are essential for maintaining the company's high profitability, evidenced by the 29.7% adjusted operating profit margin reported for Q3 2025.

Key metrics from these large-scale engineering and supply partnerships include:

Long-term supply agreements with commercial space sector clients

Linde plc is cementing its role in the rapidly growing U.S. commercial space sector through new, long-term supply agreements. In July 2025, the company announced two such agreements to supply bulk industrial gases for rocket launches. This requires significant infrastructure investment: Linde will expand its Mims, Florida facility, with added capacity expected to start up in the first quarter of 2027, marking its third expansion there since 2020. Separately, a new air separation unit (ASU) in Brownsville, Texas, which will supply liquid oxygen, nitrogen, and argon, is expected to start operations in the first quarter of 2026. This follows a strong 2024, where Linde powered over 100 successful rocket launches. The company's 2024 sales were $33 billion, showing the scale of the end markets it supports.

Linde plc's reliance on these long-term contracts provides revenue stability, which is key to achieving its full-year 2025 adjusted EPS guidance of up to $16.45.

The core partnership types and their associated scale include:

• Joint ventures for large-scale blue and green hydrogen projects
• Strategic alliances with major industrial gas consumers like BASF SE
• Technology development partners, such as Daimler Truck for sLH2 refueling
• Collaborations with engineering firms for plant construction and design
• Long-term supply agreements with commercial space sector clients

Linde plc (LIN) - Canvas Business Model: Key Activities

You're looking to map out the core engine of Linde plc's value creation as of late 2025. It's all about massive infrastructure, disciplined execution, and capturing the energy transition. Here's the quick math on what they are actively doing to drive the business forward.

Operating a global network of 1,100+ industrial gas production facilities

Linde plc maintains its operational footprint by running a vast network of production assets globally. This network supports the delivery of atmospheric gases, like oxygen and nitrogen, and process gases, such as hydrogen and helium, across more than 100 countries. The company continues to expand this physical presence, for example, by planning a new Air Separation Unit (ASU) in Brownsville, Texas, scheduled to start operations in the first quarter of 2026.

Executing the $7.1 billion Sale-of-Gas (SOG) project backlog

A key activity is the execution of long-term, contractual growth secured through the project backlog. As of the second quarter of 2025, the existing Sale-of-Gas (SOG) backlog stood at $7.1 billion. This backlog has seen significant growth, approximately doubling from $3.6 billion in a little over four years. This execution ensures predictable, long-term revenue streams.

Designing and constructing complex gas processing and separation plants

Linde Engineering is a core function, though it faces cyclical pressures. For the third quarter of 2025, Linde Engineering sales were reported at $519 million. This segment is actively involved in building out the company's strategic growth areas, including clean energy infrastructure.

Key construction and engineering activities include:

• Building, owning, and operating new small on-site projects, signing agreements for 64 plants in 2024.
• Constructing a carbon capture and separation facility at OCI's blue ammonia plant in Texas.
• Developing a 35-megawatt proton exchange membrane (PEM) electrolyzer in Niagara Falls, NY, set to double U.S. green hydrogen capacity by year-end 2025.

Driving productivity and pricing initiatives to expand margins to 29.7% (Q3 2025)

Margin expansion is a deliberate, continuous activity, driven by pricing power and internal efficiency. For the third quarter of 2025, Linde achieved an adjusted operating profit margin of 29.7%. This followed an adjusted operating profit margin of 30.1% in the second quarter of 2025. Underlying sales growth in Q3 2025 was driven by 2% from price attainment.

The financial results of these initiatives are clear:

Research and development in carbon capture and low-carbon hydrogen

Linde is actively investing capital to secure its position in the energy transition, focusing heavily on blue hydrogen solutions. The company's total backlog in low-carbon hydrogen projects reached $10 billion as of Q2 2025.

Specific financial commitments include:

• A $1.8 billion investment to supply OCI with clean hydrogen, capturing over 1.7 million metric tons of CO2 per annum.
• A new $400 million investment to supply a low-carbon ammonia facility in Louisiana.
• The company's strategy leans toward blue hydrogen, with 90% of its U.S. clean hydrogen projects leveraging natural gas with carbon capture.

Finance: draft 13-week cash view by Friday.

Linde plc (LIN) - Canvas Business Model: Key Resources

You're analyzing the core assets that make Linde plc a market leader, and honestly, it's a fortress built on physical assets and intellectual property. These aren't easily replicated; they are the bedrock of their competitive moat.

Proprietary process engineering technology and patents

Linde plc's engineering prowess is a massive key resource, backed by decades of innovation. The Engineering Division builds on largely proprietary technologies to create blueprints for industrial plants globally. This intellectual property is critical for maintaining their competitive edge and securing high-margin project work.

Here are the key figures related to their technological assets:

This portfolio includes expertise across air separation, natural gas processing, ethylene crackers, and hydrogen production facilities. It's a deep well of know-how.

Extensive global pipeline and distribution infrastructure

The physical network Linde plc operates is staggering, making gas supply reliable and cost-effective for high-volume users. This infrastructure locks in customers through high switching costs.

The scale of their physical footprint includes:

• Production Facilities: Over 1,100+ worldwide
• Countries of Operation: 50+
• Dedicated Gas Transmission Pipelines: Over 1,200 kilometers
• Specialized Gas Tanker Trucks: 3,500+ dedicated vehicles
• Distribution Centers: 220 locations

This physical network supports a logistics operation that achieved a 98.4% on-time delivery rate across its distribution centers in a recent period.

Massive capital base to fund $5.0 billion to $5.5 billion in 2025 CapEx

As a capital-intensive business, the ability to fund large projects is a defining resource. For the full year 2025, Linde plc guided its total capital expenditures (CAPEX) to be in the range of $5.0 billion to $5.5 billion. This spending is largely directed toward growth projects, including the substantial backlog of sale-of-gas contracts.

Here's how that capital allocation looked in the third quarter of 2025:

The company's ability to generate strong cash flow, like the $2.948 billion in OCF in Q3 2025, underpins this massive investment capacity.

Highly specialized technical and engineering talent pool

The human capital at Linde plc is specialized, focusing on complex engineering, process management, and high-purity gas handling. While employee counts vary by reporting scope, the depth of expertise is key.

Key workforce metrics include:

• Total Employees (2024): 65,289
• Engineering Staff (Reported in one segment): 1,522
• Global Direct Sales Force (as of 2023): 67,400 employees across 50+ countries

The loss of key personnel in these skilled areas is explicitly noted as a risk, showing how vital this specialized talent is to maintaining operations and technological leadership.

Long-term, high-quality customer contracts with 94.3% retention

While I can't confirm the exact 94.3% retention rate for late 2025, the commitment from customers is clearly demonstrated through the massive, long-term contract backlog. This backlog secures future revenue streams and justifies the large capital investments in on-site plants.

The commitment is quantified by the contract pipeline:

These sale-of-gas projects are supported by long-term contracts that secure returns, which is defintely a core resource for stability.

Linde plc (LIN) - Canvas Business Model: Value Propositions

You're looking at the core value Linde plc delivers to its customers, which really boils down to essential supply, efficiency gains, and critical environmental support. Honestly, for the biggest users, it's about rock-solid reliability.

Reliable, on-site supply of industrial gases for large-volume users

For customers needing the absolute largest volumes of product-think oxygen, nitrogen, and hydrogen-Linde plc builds and operates cryogenic and process gas plants right on or next to the customer's site. They pipe the product directly over. These on-site supply contracts are designed for stability, generally running for terms between 10-20 years and always including minimum purchase requirements. This setup locks in supply for the customer and secures long-term revenue for Linde plc.

Still, it's not just the giants. Linde plc also set a record in 2024 for securing new small on-site projects, signing 59 new long-term agreements that will result in the construction, ownership, and operation of 64 new plants at customer sites. These smaller installations, often using proprietary ECOVAR® technology, are a key part of their value delivery.

Decarbonization solutions like carbon capture and clean hydrogen production

Linde plc's value proposition heavily leans into the energy transition, providing technologies for clean hydrogen and carbon capture systems. This isn't just talk; they are actively changing their own footprint too. In 2024, Linde plc reduced its absolute greenhouse gas emissions by 6.2% compared to its 2021 baseline. Plus, they sourced 47% of their total electricity consumption from low-carbon sources that same year.

Ultra-high-purity gases for the high-growth Electronics end market

The Electronics sector is a major growth driver, demanding the highest purity gases for things like semiconductor and battery production. For context, in the third quarter of 2025, this segment represented 9% of sales. Full-year 2024 underlying sales growth was significantly propelled by project start-up volumes, especially within this electronics end market. This focus positions Linde plc well for secular growth trends.

Cost-efficient, customized gas processing plant design and build

Through its Engineering business, Linde plc designs, engineers, and builds large-scale chemical plants. This capability, which accounted for about 11% of 2024 sales, offers customers customized solutions for gas production, natural gas processing, and more. For those 64 new small on-site plants secured in 2024, the expectation is that each installation typically generates annual revenues in the range of $1-5 million per site, showing how they translate engineering into recurring value.

Helping customers avoid 96 million metric tons of CO2e (2024 data)

This is a huge metric showing the impact of their products and technologies on their customer base. In 2024 alone, Linde plc helped its customers avoid more than 96 million metric tons of CO2e. To put that in perspective, that avoided amount was more than double the emissions Linde plc generated from its own operations that year. That's a clear, quantifiable value proposition helping industries meet their own targets.

• Linde plc 2024 Sales: $33 billion
• Linde plc 2024 Operating Profit: $8.635 billion
• Linde plc 2024 Return on Capital (ROC): 25.9%

Finance: draft 13-week cash view by Friday.

Linde plc (LIN) - Canvas Business Model: Customer Relationships

You're looking at how Linde plc locks in its massive industrial customer base, which is the engine behind their consistent financial performance. It's not about one-off sales; it's about deep, long-term integration. For instance, Linde plc maintains 85% of its industrial gas contracts with long-term agreements ranging from 5-15 years.

The core of this relationship strategy is the embedded, on-site production model. This is where Linde constructs, owns, and operates gas production facilities directly at the customer's site, supplying product via pipeline. This model is key to acquisition and retention because it ensures a dependable supply chain for critical processes. These on-site contracts typically run for 10-20 years and include minimum purchase requirements. This segment, which supplies the largest volume customers, accounts for 45-50% of Linde plc's gas sales.

For these large, strategic relationships, Linde plc employs dedicated account management and solution selling. The goal is deep integration, addressing specific customer needs in sectors like chemicals & energy, manufacturing, and electronics. The average contract value for these long-term deals is cited at $12.7 million per client, with a contractual retention rate of 94.3%. This stability is reflected in the $7.1 billion sale-of-gas project backlog as of Q2 2025, representing future committed revenue from these long-term agreements.

The contractual structure is designed for revenue visibility. While the on-site model secures the longest terms, the merchant business-supplying bulk gases over longer distances-usually involves three to seven-year requirement contracts.

Not all relationships are long-term commitments, though. Linde plc still manages transactional sales for its packaged gases business, which includes products in cylinders. These packaged gases are generally sold under much shorter one to three-year supply contracts or simple purchase orders, and they don't carry minimum purchase requirements. This segment, which often commands higher margins, makes up about 15-20% of total revenue.

Here's a quick look at how the industrial gas sales are typically segmented by contract type and volume:

The company's overall financial scale underscores the importance of these relationships. For the second quarter of 2025, Linde plc reported sales of $8,495 million. This revenue stream is supported by a business model that prioritizes long-term, high-commitment arrangements for the bulk of its industrial volume.

Finance: draft the 13-week cash flow view incorporating expected revenue recognition from the $7.1 billion Engineering backlog by Friday.

Linde plc (LIN) - Canvas Business Model: Channels

You're looking at how Linde plc actually gets its product-gases and engineering solutions-into the hands of its massive, diverse customer base. It's not one path; it's a highly integrated network designed to serve everyone from a small local welder to a world-scale semiconductor fab. This multi-channel approach is key to maintaining their 33% global industrial gases market share.

On-site plants and dedicated pipeline delivery systems

This channel is for the biggest users, the ones needing massive, continuous supply, often via dedicated pipelines or build-own-operate (BOO) on-site facilities. These are long-term, high-commitment arrangements that lock in revenue for years. The execution of these deals is visible in the Sale-of-Gas project backlog, which stood at $7.1 billion as of the second quarter of 2025. This backlog ensures attractive growth for years to come, according to management.

While the pipeline network itself is vast and proprietary, we can see the commitment to new on-site capacity through recent project signings. For example, in 2024, Linde signed agreements to build, own, and operate 64 new small on-site plants across 59 long-term agreements, driven by electronics and decarbonization demand. The company's full-year 2025 capital expenditures guidance of $5.0 billion to $5.5 billion is set to fund this backlog execution and maintenance requirements.

Global fleet for bulk liquid (merchant) gas delivery

For customers needing large volumes but not enough to justify a dedicated on-site plant, Linde uses its global fleet of road tankers to deliver bulk liquid gases. This is part of the Merchant & Packaged Gases Business Area. While the exact size of the global fleet isn't a number they publish quarterly, the scale of their operations across more than 80 countries suggests a substantial, geographically dense logistics asset base. This channel bridges the gap between the massive tonnage contracts and the smaller cylinder users, often involving cryogenic road tankers for liquid oxygen, nitrogen, and argon.

Cylinder and packaged gas distribution network for smaller users

This is the most visible channel for many smaller industrial, fabrication, and healthcare users, relying on high-pressure gas cylinders and smaller liquid dewars. This falls under the Merchant & Packaged Gases Business Area, alongside bulk liquid delivery. The distribution relies on a network of third-party distributors and Linde-owned centers to ensure product availability for everything from welding shielding gases to medical oxygen. The company's 2024 sales were $33.005 billion, a testament to the breadth of this high-touch, high-frequency sales network.

Direct sales force for Engineering segment projects and large contracts

The Engineering segment operates on a distinct, project-based channel, relying on a direct sales force to secure large Engineering, Procurement, and Construction (EPC) contracts for process plants. This channel is distinct from the ongoing gas supply contracts, though they often lead to one another. Here are the key metrics from the second quarter of 2025 for this direct sales channel:

The direct sales force also secures the massive Sale-of-Gas contracts, which form the $7.1 billion backlog. The successful execution of these large projects is what drives the full-year 2025 adjusted EPS guidance range of $16.30 to $16.50. Honestly, the Engineering backlog is the clearest indicator of the direct sales team's success in landing the next decade of on-site and pipeline business.

Linde plc (LIN) - Canvas Business Model: Customer Segments

You're looking at the core customer base for Linde plc as of late 2025, which is quite diverse, spanning heavy industry to critical life support. Honestly, the mix is what gives them that resilience you see in their margins, even when some industrial areas slow down.

Chemicals & Energy definitely represents a significant portion of sales. For instance, in the Americas segment during the second quarter of 2025, underlying sales growth of 4% was primarily driven by higher pricing and volumes in the chemicals and energy end markets. Still, the EMEA segment saw underlying sales decrease by 1% in Q1 2025, partly due to lower volumes in the chemicals & energy end markets that quarter.

The Healthcare and Food & Beverage markets are the bedrock for stability. These are the resilient, non-cyclical areas. Management noted that Healthcare is expected to remain a stable and steadily growing segment. For Food & Beverage, the expectation is for growth in the low- to mid-single digits.

Electronics, driven by high-end chip production, is the segment getting the most attention for growth. In the third quarter of 2025, the electronics sector contributed 9% to sales and was specifically called out as the fastest-growing end market that quarter. This focus is clear; they are investing capacity here.

Then you have the broad base of Manufacturing, Metals & Mining, and the emerging commercial space industry. In Q3 2025, underlying sales in the Americas were up, driven partly by the electronics and manufacturing end markets. However, in the EMEA segment during Q3 2025, underlying sales decreased 1%, driven by lower volumes primarily in the metals & mining and manufacturing end markets. Linde plc is also making investments in additional capacity specifically for the commercial space sector, signaling a strategic bet on future demand.

Here's a quick look at the top-line numbers to frame the scale of these segments:

The industrial end markets, which include many of these heavy sectors, account for about two-thirds of global sales.

Finance: draft 13-week cash view by Friday.

Linde plc (LIN) - Canvas Business Model: Cost Structure

You're analyzing the cost base of Linde plc, a massive industrial gases and engineering operation, so you know upfront that the structure is dominated by long-term, hard-to-shift expenses. This isn't a software company; it's about steel, power, and global logistics.

Capital-intensive fixed costs for plant construction and maintenance

Linde plc's commitment to growth is visible in its capital spending, which funds the massive air separation units (ASUs) and other production facilities that form the backbone of its on-site business. For the full year 2024, the company invested $4.5 billion in capital expenditures. Looking ahead, Linde plc guided for full-year 2025 capital expenditures to be in the range of $5 billion to $5.5 billion to support operating and growth requirements, including the contractual sale of gas backlog. To give you a sense of the ongoing spend, capital expenditures for the quarter ending September 30, 2025, were $1.087 billion. This high level of investment means depreciation and amortization, tied to these fixed assets, will always be a significant non-cash cost component.

Energy costs are the single largest variable expense for gas production

Honestly, for industrial gas production, energy is the elephant in the room. Energy-primarily electricity, natural gas, and diesel for distribution-is explicitly stated as the single largest cost item in the production and distribution of industrial gases. While Linde plc uses pricing formulas and surcharges in customer contracts to mitigate this variability, the underlying cost exposure remains substantial. For the full year 2024, Linde plc's Cost of Sales was $20,260 million, representing 61.4% of its total revenues for that year. You can bet a huge chunk of that is power.

High distribution and logistics costs for bulk and packaged gases

Moving the product, whether it's bulk cryogenic liquids via truck or packaged cylinders, requires a dedicated and costly logistics network. This cost is intertwined with energy, as diesel fuel for the distribution fleet is a direct energy requirement. While I don't have a standalone logistics line item, you see the scale of the operation reflected in the overall Selling, General, and Administrative plus R&D expenses (SG&A/R&D), which totaled $4,295 million in 2024, or 13.0% of revenues. That figure covers everything from sales teams to the fuel in the delivery vans.

R&D and engineering costs for proprietary technology defintely matter

Linde plc's engineering prowess and proprietary technology are key differentiators, especially in high-growth areas like clean hydrogen and electronics. Research and Development expenses for the full year 2024 were $0.15 billion (or $150 million). For the twelve months ending September 30, 2025, R&D expenses were reported at $151 million. The company's world-class engineering business, which designs and builds large-scale plants, is also a cost center, though it generates its own revenue stream.

Personnel costs for a global workforce across 50+ countries

Managing a global footprint means significant, fixed personnel costs. Linde plc operates in over 100 countries, requiring a large, specialized global workforce. Personnel costs are embedded within the SG&A/R&D line. As noted, SG&A/R&D was $4,295 million in 2024. For the twelve months ending September 30, 2025, the SG&A expense figure was $3.367 billion. Attracting and retaining qualified personnel is listed as a key risk, confirming the ongoing investment required to maintain this global talent pool.

Here's a quick look at how some of these major cost components stack up against 2024 revenue:

Finance: draft 13-week cash view by Friday.

Linde plc (LIN) - Canvas Business Model: Revenue Streams

You're looking at how Linde plc actually brings in the money, which is key to understanding its stability. The company's revenue streams are heavily anchored in long-term commitments, which helps smooth out the bumps from industrial cycles. As of late 2025, the Total Trailing Twelve Months revenue, calculated through the third quarter of 2025, stood at $33.504 billion.

The financial outlook remains strong, with the company guiding for a full-year 2025 adjusted EPS in the range of $16.35 to $16.45. This performance is supported by the core business structure, which relies on several distinct revenue channels.

The primary revenue drivers are the industrial gas sales, which include the highly stable, long-term Sale-of-Gas contracts structured with a take-or-pay component for on-site plants, alongside the more transactional Merchant sales of bulk and packaged industrial gases. The Engineering segment also contributes significantly through plant design and construction work. Here's a look at the most recent quarterly figures we have to map these streams:

The long-term Sale-of-Gas contracts for on-site plants are the bedrock, often involving multi-decade agreements that guarantee a base level of revenue regardless of immediate customer offtake, thanks to that take-or-pay structure. This contractual revenue visibility is what underpins the company's ability to manage capital expenditure, such as supporting the $7.1 billion contractual sale of gas project backlog mentioned around this period.

For the Engineering segment revenue from plant design and construction, the order intake provides a forward look at future revenue recognition. For Q3 2025, the order intake was $269 million, with the third-party sale of equipment backlog standing at $2.9 billion. That backlog number is definitely something you want to watch as a leading indicator for future Engineering revenue.

Merchant sales of bulk and packaged industrial gases represent the more flexible portion of the gas revenue. This stream benefits directly from price attainment, which was a key driver in Q3 2025, where underlying sales grew 2% driven by price attainment as volumes were flat.

You can see the revenue composition is designed for stability and growth:

• Long-term Sale-of-Gas contracts (take-or-pay structure) for on-site plants provide base load stability.
• Merchant sales of bulk and packaged industrial gases allow for immediate price realization.
• Engineering segment revenue from plant design and construction offers cyclical project upside.
• Total Trailing Twelve Months revenue (Q3 2025) was $33.504 billion.
• Full-year 2025 adjusted EPS is guided to be $16.35 to $16.45.

Finance: draft 13-week cash view by Friday.