Q3 2025 Linde PLC Earnings Call

October 31, 2025

All participants are in a listen only mode. Please.

Please be advised that today's conference is being recorded and after the Speakers' presentation. There will be a question and answer session.

Speaker #1: Ladies and gentlemen, good day, and thank you for standing by. Welcome to the LINDE third quarter 2025 earnings call and webcast. At this time, all participants are in a listen-only mode.

I would now like to hand, the conference over to Mr. Juan Pelaez head of Investor Relations. Please go ahead Sir.

Thank you Hello, everyone and thanks for attending our 2025 third quarter earnings call and webcast.

Speaker #1: Please be advised that today's conference is being recorded, and after the speakers' presentation, there will be a question-and-answer session. I would now like to hand the conference over to Mr. Juan Pelaez, Head of Investor Relations.

Normalized <unk> head of Investor Relations and I'm joined this morning by Sanjiv Lumber, Chief Executive Officer, and Matt White, Chief Financial Officer.

Speaker #1: Please go ahead, sir.

Today's presentation materials are available on our website at <unk> dot com in the investors section.

Speaker #2: Abby, thank you. Hello, everyone, and thanks for attending our 2025 third quarter earnings call and webcast. I'm Juan Pelaez, Head of Investor Relations, and I'm joined this morning by Sanjiv Lamba, Chief Executive Officer, and Matt White, Chief Financial Officer.

Please read the forward looking statement disclosure on page two of the slides and note that it applies to all statements made during the teleconference. The.

The reconciliations of the adjusted numbers are in the appendix to this presentation.

Sanjiv will provide some opening remarks, and then Matt will give an update on <unk> third quarter financial performance and outlook after which we will wrap up with Q&A.

Speaker #2: Today's presentation materials are available on our website at LINDE.com in the Investor section. Please read the forward-looking statement disclosure on page two of the slides and note that it applies to all statements made during the teleconference.

Now I'll turn the call over to Sanjiv.

Thanks, a lot and good morning, everyone.

Once again, the third quarter has proven the strength and resilience of our model.

Speaker #2: The reconciliations of the adjusted numbers are in the appendix to this presentation. Sanjiv will provide some opening remarks, and then Matt will give an update on LINDE's third quarter financial performance and outlook, after which we will wrap up with Q&A.

EPS of $1 21.

Grew 7%.

Operating cash flow grew 8% and we.

Speaker #2: Let me now turn the call over to Sanjiv.

We generated $1 $7 billion of free cash flow.

Speaker #3: Thanks, Juan, and good morning, everyone. Once again, the third quarter has proven the strength and resilience of our model. EPS of $4.21 grew 7%.

The backlog remains at $10 billion contractually securing long term EPS growth, while increasing our network density.

Despite the challenging macroeconomic environment, Linda employees continue to generate shareholder value, while maintaining industry, leading results across key metrics that matter most to our investors.

Speaker #3: Operating cash flow grew 8%. We generated $1.7 billion of free cash flow. The backlog remains at $10 billion, contractually securing long-term EPS growth while increasing our network density.

This culture of ownership deeply ingrained throughout our organization is the foundation of our performance Gotcha.

Speaker #3: Despite the challenging macroeconomic environment, Linde employees continue to generate shareholder value while maintaining industry-leading results across key metrics that matter most to our investors.

And it serves us well in both good times and that.

Given the current economic uncertainty I thought it would be helpful to provide you an overview of what we're seeing around the world.

Speaker #3: This culture of ownership, deeply ingrained throughout our organization, is a foundation of our performance culture. And it serves us well in both good times and bad.

Slide three provides the end market trends for organic sales, which include both price and volume.

Starting with consumer related end markets, which make up about a third of global sales.

Speaker #3: Given the current economic uncertainty I thought it would be helpful to provide you an overview of what we are seeing around the world. Slide three provides the end market trends for organic sales, which include both price and volume.

Healthcare encompasses both institutional and home care sales primarily for respiratory ailments.

You may recall last year, we proactively prune certain parts of the U S home care portfolio with <unk>.

Speaker #3: Starting with consumer-related end markets, which make up about a third of global sales. Healthcare encompasses both institutional and home care sales, primarily for respiratory ailments.

<unk> by the end of this year.

Going forward I expect healthcare to remain stable and steadily growing segment.

Food and beverage continues to grow low to mid single digits, driven by a combination of consumption trends and innovative application technologies that enhance food quality and presentation.

Speaker #3: You may recall last year we proactively pruned certain parts of the US home care portfolio. Which lapsed by the end of this year. Going forward, I expect healthcare to remain a stable and steadily growing segment.

This is a workhorse of the portfolio.

You may not get a lot of the spotlight, but it provides consistent growth and is remarkably resilient.

Speaker #3: Food and beverage continues to grow low to mid-single digits, driven by a combination of consumption trends and innovative application technologies that enhance food quality and preservation.

Electronics at 9% of sales was our fastest growing end market this quarter.

Note. This 9% does not include an additional 2% of electronic sales in Taiwan through our non consolidated joint venture, which is also growing well.

Speaker #3: This is a workhorse of the portfolio. That may not get a lot of the spotlight, but it provides consistent growth and is remarkably resilient.

The 6% growth we achieved is evenly split between onsite project startups and demand for processed gases and advanced materials.

Speaker #3: Electronics at 9% of sales was the fastest-growing end market this quarter. Note this 9% does not include an additional 2% of electronic sales in Taiwan through our non-consolidated joint venture, which is also growing well.

Growth was fueled primarily by high end chip production in Korea, Taiwan, and the U S and some lower end chips in China and Southeast Asia.

Speaker #3: The 6% growth we achieved is evenly split between onsite project startups and demand for process gases and advanced materials. Growth was fueled primarily by high-end chip production in Korea, Taiwan, and the US, and some lower-end chips in China and Southeast Asia.

We absorbed increased fab activity in Q3, sparring merchant and packaged gas demand as well as new onside bidding opportunities, particularly for cutting edge advanced nodes I expect this end market to provide robust growth for some time and serve as an important part of our project backlog growth.

Speaker #3: We observed increased fab activity in Q3, spurring merchant and package gas demand as well as new onsite bidding opportunities, particularly for cutting-edge advanced nodes.

Turning to industrial end markets, which account for about two thirds of our sales as many of you know this is an area we've been cautious on for several quarters in a row. So recent macro trends have not been a surprise.

Speaker #3: I expect this end market to provide robust growth for some time, and serve as an important part of our project backlog growth. Turning to industrial end markets, which account for about two-thirds of our sales, as many of you know, this is an area we've been cautious on for several quarters in a row, so recent macro trends have not been a surprise.

Starting with metals and mining.

Which was slightly up.

Largely due to inflationary price increase while the base volumes were mostly negative.

Metals trends, where regional specific and also impacted by tariffs.

China is up where lindsay benefits from supply in tier one customers, but.

Speaker #3: Starting with metals and mining, which was slightly up, largely due to inflationary price increases, while base volumes were mostly negative. Metals trends were region-specific and also impacted by tariffs.

But I believe the trends for tier two and tier three steel mills are considerably more stressed but we do not supply them.

U S peanuts bright spot for metals, not just production levels at all.

Speaker #3: China is up, where LINDE benefits from supplying tier one customers. But I believe the trends for tier two and tier three steel mills are considerably more stressed but we do not supply them.

Also new capacity opportunities as they have been supported by the new tariffs.

Europe by contrast is the weakest as demand continues to drop led by weak industrial activity.

We've been supplying steel mill for many decades.

Speaker #3: US beamers bright spot for metals, not just production levels, but also new capacity opportunities as they've been supported by the new tariffs. Europe, by contrast, is the weakest as demand continues to drop, led by weak industrial activity.

And we've seen the cycles, we have confidence in the competitiveness of our customers, but also the opportunities to deploy our applications that enable our customers to either reduce energy consumption debottleneck and enhance efficiency.

Speaker #3: We've been supplying steel mills for many decades. And we've seen the cycles we have confidence in the competitiveness of our customers but also the opportunity to deploy our applications that enable our customers to either reduce energy consumption, debottleneck, and enhance efficiency.

Chemicals and energy are up 1% driven by inflationary price increases.

Overall base volumes are down as chemicals is one of the most challenged end markets today.

The U S and China soft plaque volumes.

India continued to see moderate growth.

The rest of the World has seen volume decline as they adapt to trade policies and lower demand.

Speaker #3: Chemicals and energy are up 1%, driven by inflationary price increases. Overall, base volumes are down as chemicals is one of the most challenged end markets today.

Europe remains the weakest with continued broad based demand challenges.

Speaker #3: The US and China saw flat volumes. India continues to see moderate growth. While the rest of the world is seeing volume decline as they adapt to trade policies and lower demand.

Fixed payments are being made so the profit impact for US is therefore limited.

Despite the current challenges I expect this cycle to rebound as all proud of on top.

Especially given our confidence in the cost position of our top tier customer base.

Speaker #3: Europe remains the weakest, with continued broad-based demand challenges. Fixed payments are being made. So the profit impact for us is therefore limited. Despite the current challenges, I expect this cycle to rebound as all prior ones have.

Manufacturing, which grew at 3% year on year was our fastest growing industrial end market.

In the Americas.

We are seeing solid volume growth, especially in the United States.

Speaker #3: Especially given our confidence in the cost position of our top tier customer base. Manufacturing, which grew at 3% year on year, was the fastest growing industrial end market.

We seem to have lapped some of the tariff concerns and this has translated into a healthy uptick in manufacturing activity.

In addition, I am pleased with the momentum in our commercial space business.

Speaker #3: Let's start in the Americas. We're seeing solid volume growth, especially in the United States. We seem to have lapped some of the tariff concerns, and this has translated into a healthy uptick in manufacturing activity.

Growth has been strong as we remain the trusted supplier of fuel for rocket launches and satellite propulsion systems.

This sector continues to present exciting opportunities for lending as we invest in additional capacity.

Speaker #3: In addition, I'm pleased with the momentum in our commercial space business. Growth has been strong as we remain the trusted supplier of fuel for rocket launches and satellite propulsion systems.

Turning to APAC manufacturing volumes are holding steady.

China numbers appear to be leveling off.

While India remains on a strong growth trajectory.

Speaker #3: This sector continues to present exciting opportunities for LINDE as we invest in additional capacity. Turning to APAC, manufacturing volumes are holding steady. China's numbers appear to be leveling off, while India remains on a strong growth trajectory.

Europe again continues to face challenges with widespread softness in manufacturing activity.

Summarizing these trends.

Consumer markets are performing as one would expect.

Pricing continues to track inflation.

And despite some of the volume challenges from the ongoing industrial recession, Lindsay is well positioned to supply as industrial activity and volumes recover.

Speaker #3: Europe again continues to face challenges. With widespread softness in manufacturing activity. Summarizing these trends, consumer markets are performing as one would expect. Pricing continues to track inflation.

In other words, it's business as usual.

Finally, more recently I've heard some talk of a potential recession and the possibility of an economic contraction.

Speaker #3: And despite some of the volume challenges from the ongoing industrial recession, Linde is well positioned to supply as industrial activity and volumes recover. In other words, it's business as usual.

As far as I'm concerned we've been in an industrial recession, but more than two years.

And here at lending, we've taken proactive steps, while navigating contractions across several industrial end markets.

Speaker #3: Finally, more recently I've heard some talk of a potential recession and the possibility of an economic contraction. As far as I'm concerned, we've been in an industrial recession for more than two years.

We've been making our model recession resistant for many years now stretch.

Stressing on productivity and efficiency within our business.

Focusing on targeted high quality growth.

Speaker #3: And here at LINDE, we've taken proactive steps while navigating contractions across several industrial end markets. We've been making our model recession resistant for many years now.

Maintaining disciplined capital management.

Our operating model is designed to plan for the worst and be ready to capitalize on opportunities as they come.

When things get tough there is no group in the world I'd, rather hub in Microrna Dis Lindsay team.

Speaker #3: Stressing productivity and efficiency within our business, focusing on targeted, high-quality growth while maintaining disciplined capital management. Our operating model is designed to plan for the worst and be ready to capitalize on opportunities as they come.

I'll now turn the call over to Matt to walk through our financial results.

Thanks Sanjay.

Third quarter results can be found on slide four.

Sales of $8, $8 6 billion or up 3% from last year and 1% sequentially.

Speaker #3: When things get tough, there is no group in the world that I'd rather have in my corner than this Linde team. I'll now turn the call over to Matt to walk through our financial results.

Recent weakness in the U S dollar led to a currency tailwind of 1%.

Speaker #2: Thanks, Sanjiv. Third quarter results can be found on slide four. Sales of 8.6 billion dollars are up 3% from last year, and 1% sequentially.

Tuck in acquisitions in Americas, and APAC added another 1%.

And engineering impact decreased 1% from project timing.

Excluding these items year over year underlying sales increased 2%.

Speaker #2: Recent weakness in the US dollar led to a currency tailwind of 1%. Tuck in acquisitions in America's and APAC added another 1%. And engineering impact decreased 1% from project timing.

Price increases of 2% were broad based and aligned with globally weighted inflation.

Except for helium, which continues to experience price pressure from excess supply.

Speaker #2: Excluding these items, year over year underlying sales increased 2%. Price increases of 2% were a broad-based and aligned with globally weighted inflation. Except for helium, which continues to experience price pressure from excess supply.

Overall volumes were flat as contribution from the project backlog was offset by weaker base volumes, driven primarily by European industrial customers.

As Sanjay mentioned, the weaker industrial activity it was not a surprise.

As trends, mostly followed our guidance expectations.

Speaker #2: Overall volumes were flat, as contributions to the project backlog were offset by weaker base volumes, driven primarily by European industrial customers. As Sanjiv mentioned, the weaker industrial activity was not a surprise.

Underlying sales were flat sequentially as seasonal increases in APAC were offset by seasonal decreases in EMEA.

Yeah.

Note, we had a supplier settlement in the U S homecare business broken into two separate payments to Lindsay.

Speaker #2: As trends mostly followed our guidance expectations. Underlying sales were flat sequentially, as seasonal increases in APAC were offset by seasonal decreases in EMEA. Note, we had a supplier settlement in the US home care business broken into two separate payments to LINDE.

The majority was paid Q3 2024 as disclosed in the 10-Q.

While a final smaller payment was received in the second quarter 2025.

The payments recovered prior excessive costs and resulted in a current quarter operating profit headwind of approximately 2% or 40 basis points versus last year, and 1% or 20 basis points sequentially.

Speaker #2: The majority was paid Q3 2024. As disclosed in the 10Q. While a final smaller payment was received in the second quarter 2025. The payments recovered prior excessive costs and resulted in a current quarter operating profit headwind of approximately 2% or 40 basis points versus last year, and 1% or 20 basis points sequentially.

Aside from this profit growth was primarily driven by price increases.

EPS of $4 21.

Increased 7% or 4% more than operating profit primarily from a lower share count and tax rate.

Speaker #2: Aside from this, profit growth was primarily driven by price increases. EPS of $4.21 increased 7% or 4% more than operating profit, primarily from a lower share count and tax rate.

While the share count as part of our ongoing repurchase program.

Tax rate relates to favorable timing versus the upcoming fourth quarter.

We anticipate full year ETR to be in the mid to high 23% range.

Which is similar to 2024.

Speaker #2: While the share count is part of our ongoing repurchase program, the tax rate relates to favorable timing versus the upcoming fourth quarter. We anticipate full year ETR to be in the mid to high 23% range.

Slide five provides an update on capital management.

Operating cash flow increased sequentially to $2 9 billion.

Or 8% over prior year.

Speaker #2: Which is similar to 2024. Slide five provides an update on capital management. Operating cash flow increased sequentially to 2.9 billion dollars or 8% over prior year.

Second half operating cash flow is seasonally higher so I expect a similar level for the fourth quarter.

Overall, despite economic headwinds the bar chart validates our resiliency through significant free cash flow generation.

Speaker #2: The second half operating cash flow is seasonally higher. So I expect a similar level for the fourth quarter. Overall, despite economic headwinds, the bar chart validates our resiliency through significant free cash flow generation.

To the right you can see how we deployed year to date capital.

With $4 $2 billion invested into the business using our disciplined investment criteria.

And $5 3 billion returned.

Return to shareholders.

We have an under leveraged balance sheet with significant access to low cost capital.

So, we're well positioned to capitalize on future opportunities.

I'll wrap up with a guidance update on slide six.

Fourth quarter EPS guidance is $4 10.

So $4 20.

Or 3% to 6% growth.

While this assumes a 2% FX tailwind. It also assumes an approximate 2% tax rate headwind.

These two mostly offset.

As mentioned earlier third quarter tax rate was slightly lower than the run rate, but we anticipate fourth quarter to be higher.

There arent any structural reason this rather just timing effects.

It's possible there could be upside to this tax rate estimate, but time will tell.

Excluding these two items underlying EPS growth is holding in the mid single digit range as we maintain the assumption of base volume contraction at the top end of guidance.

Similar to last quarter.

The quarter guidance rolls up to a full year range of $16 35 to $16 45.

Our 5% to 6% growth against the challenging macro backdrop.

In summary, we remain cautious on the outlook.

It's difficult to identify near term catalysts, which could materially improve industrial activity for the remainder of 2025.

And while we May take this prudent view it does not negate our ability to generate shareholder value.

Over the last two years, the global economy experienced recessionary industrial conditions with restrained capital activity.

Yes, Lindsay has grown operating cash and EPS mid to high single digits.

Well contractually securing a record high quality project.

Looking ahead, if conditions worsen we are prepared to take appropriate mitigating actions.

And when things recover.

Well positioned to capitalize.

Either way, we wont spend time predicting the future.

But rather focusing on the actions to shape it.

I'll now turn the call over to Q&A.

Yeah.

Thank you we will now begin the question and answer session.

If you have dialed in and would like to ask a question. Please press star one on your telephone keypad to raise your hand and join the queue.

And when things recover, we're well positioned to capitalize.

Either way, we won't spend time, predicting the future.

If you would like to withdraw your question simply press Star one a second time.

But rather focusing on the actions to shape it.

I'll now turn the call over to Q&A.

If you are called upon to ask your question and our listening via speaker phone on your device. Please pickup your handset and ensure that your phone is not on mute when asking your question.

Can be able to take as many questions as possible. We ask that you. Please limit yourself to one question.

Again, it is star one if you would like to join the queue.

And our first question comes from the line of Laurent <unk> with BNP Paribas. Your line is open.

Yes, good morning, guys.

<unk> is regarding the backlog.

Remember that three months ago, you were talking about defending the 7 billion by year end despite.

Felt that so I was wondering if you think I mean I'm not aware of any significant new wins taken Q3 are you expecting significant new projects coming in in Q4.

Well thanks for that question, obviously, the backlog at 7 billion. This was the sale of gas backlog.

Is that a record level I had said three months ago. My expectation is we will end the year with a seven handle on the backlog despite starting up a billion in projects. During the course of the year. We're on track for that and I believe at this stage. We are on track to getting that seven handle by the end of the year as well.

And you talked about new projects in the steel side in missiles in the U S.

Can you talk about that opportunity is it something for the near term or do you see multiple opportunities over the next 12 to 18 months.

So I just want to make sure I understood that correctly, you are asking about opportunity pipeline broadly and then in the U S.

No it was more about missiles.

Say traditional project away from electronics away from Decarbonization.

Good question <unk>. So yes, I think we are seeing that as a result of the tariffs that steel and metals broadly are likely to see some continued expansion in the U S. We find ourselves well positioned with the right players who are contemplating that expansion. So the answer is yes, we are looking at steel and metals opportunities.

And potential for new expansion projects, which will lead to greater gas demand, which we will either feed from our existing network or with additional assets that we're proposing to book.

Thank you.

And our next question comes from the line of Duffy Fischer with Goldman Sachs. Your line is open.

Yes, good morning Fellows.

If you would could you take a peek into next year.

You've got obviously, the Q4 guide out.

<unk> as a baseline to springboard into 26, how comfortable do you feel.

What does the project startup look like next year and then if you just kind of anniversary. The price you have now how much benefit does that look like it will bring in 26. So just you know anything that you can kind of see forward into 'twenty six would be helpful. Thank you.

So duffy in two weeks' time, we will have the entire team here going through a rigorous planning process. The planned presentations will happen there and we will come back to you and give you good visibility on next year and provided the guide for next year as well in February as we normally do.

As you are aware off so I want to go through that process.

Planning processes fairly rigorous and I think that's what gives us the confidence to come out and give visibility on next year I'll say, a couple of things to kind of whet your appetite a little bit value wait for us to come in February.

The backlog that we have under execution, obviously is a strong input into continued EPS growth that we're likely to see into next year and beyond so I expect that for sure and of course, there is a variable in all of this as you know and our EPS algorithm, which holds well today.

Planning process is fairly rigorous and I think that's what gives us the confidence to come out and give visibility on next year I'll say, a couple of things to kind of whet your appetite a little bit while you wait for us to come in February.

The backlog that we have under execution, obviously is a strong input and you continued EPS growth that we'd like you to see into next year and beyond so expect that for sure and of course, there is a variable in all of this as you know and you know our EPS algorithm, which holds about today.

Sure that management actions on capital allocation does what it needs to do at the end of the day the variable that we've been looking at for next year, we'll all be around the macro and I think that's going to be one of the factors that we will spend a lot of time talking about and planning for to ensure that we have a solid guide when we come in February.

And sure that management actions on capital allocation does what it needs to do at the end of the day the variable that we've been looking at for next year, we'll all be around the macro and I think that's going to be one of the factors that we will spend a lot of time talking about and planning for to ensure that we have a solid guide when we come in February.

Great. Thank you.

And our next question comes from the line of Matthew Deyoe with Bank of America. Your line is open.

Okay.

Good morning, everyone.

I could be wrong, but I think this is like the first quarter in some time, where pricing didn't really move up sequentially.

Great. Thank you.

And our next question comes from the line of Matthew Deyoe with Bank of America. Your line is open.

And I don't know, maybe it's just coincidence or rounding, but I think it just <unk>.

Good morning, everyone.

Question on like that.

I could be wrong, but I think just like the first quarter in some time, where pricing didn't really move up sequentially.

The backdrop for pricing and whether you remain confident that you can continue to do to move the needle just given some of the.

Slower macro that we're talking about here.

And I don't know, maybe it's just coincidence or rounding, but I think it just <unk>.

Hey, Matt This is Matt.

I think when you think pricing sequentially, you're always going to have timing differences of when the anniversaries are for certain contracts for the escalations on certain contract. So that's a normal part of our process.

Question on like the backdrop for pricing and whether you remain confident that you can continue to do to move the needle just given some of the slower macro that we're talking about here.

I always like to look at year over year as the key.

Hey, Matt. This is Matt I think when you think pricing sequentially, you're always going to have timing differences of when the anniversaries are for certain contracts.

Way to understand our pricing and then compare that to how globally weighted inflation is.

And when we look at the 2% we have year over year.

The escalations on certain contracts. So that's a normal part of our process.

It's pretty much aligned with what we're seeing in our geographies on the weighted inflation basis.

I always like to look at year over year as the key.

So I, probably wouldn't look too much into the sequential timing just because of some of the different timings of when increases occur.

Way to understand our pricing and then compare that to how globally weighted inflation is and when we look at the 2% we have year over year, that's pretty much aligned with what we're seeing in our geographies on the weighted inflation basis.

Matt I might just add one comment which is helium and rare gases, which is a drag on pricing has been something we've mentioned in the past as well now remember helium and rare gases for US is a small portion of our revenue. So the overall impact for us at the enterprise level isn't that great, but nonetheless, thats been a drag for us, particularly in APAC, which you've probably seen.

So I, probably wouldn't look too much into the sequential timing just because of some of the different timings of when increases occur.

Matt I might just add one comment which is helium and rare gases, which is a drag on pricing.

Yeah.

Yes, understood and I'll pass it back.

Has it been something we've mentioned in the past as well now remember helium and rare gases for US is a small portion of our revenue. So you know the overall impact for us at the enterprise level isn't that great, but nonetheless, that's been a drag for us, particularly in APAC, which you probably see.

Okay.

And our next question comes from the line of David Begleiter with Deutsche Bank. Your line is open.

Good morning, and thank you. Thank you, Matt one more try on 26.

You need base organic volume growth to achieve your EPS growth algorithm next year.

Yes, understood and I'll pass it back thank you.

Okay.

Yeah.

And our next question comes from the line of David Begleiter with Deutsche Bank. Your line is open.

Hey, David.

So when you think about the algorithm there's three parts as we've described in the past.

Thank you syndrome at one more try on 26 do.

And the capital allocation part and the management action parts don't need any economic health.

Do you need base organic volume growth to achieve your EPS growth algorithm next year. Thank you.

And as we've said time and time again, those two parks, we view kind of mid single digit individually and so the combination of those two should get us to about 10 per center or hopefully a little more without any help from macro.

Hey, David.

So when you think about the algorithms there's three parts as we described in the past.

And the capital allocation part and the management action parts don't need any economic health.

And then the third piece is the macro which really we view has two parts.

And as we've said time and time again, those two parts, we view kind of mid single digit individually and so the combination of those two should get us to about 10 per center or hopefully a little more without any help from macro.

The FX translation, given or one dollar functional and the base volumes that we've seen even though they are under contract the customers how many molecules they take will drive that base volume.

So that's the part that's been the drag the headwind for a few years now, but the rest of the model continues to deliver on the algorithm, hence why we've been able to achieve the growth we have with even the face of negative base volumes and up until recently unfavorable FX translation.

Then the third piece is the macro which really we view has two parts.

The FX translation, given or one dollar functional and the base volumes that we see even though they are under contract the customers how many molecules they take will drive that base volume.

So we feel quite good about management actions and we feel quite good about our capital allocation portion of our backlog.

We've talked about the strength of our backlog projects coming on stream, we've talked about the free cash flow that we can deploy on everything from stock repurchases to M&A activity.

Actions and we feel quite good about our capital allocation portion of the backlog and we've talked about the strength of our backlog projects coming on stream, we've talked about the free cash flow that we can deploy on everything from stock repurchases to M&A activity.

So we feel good that that will deliver and we feel good the management actions will continue to deliver so the macro.

As Rick mentioned, we'll give a more of an update on that from February and how we view that and how we will put that together in the guide in February.

Very good thank you.

Okay.

So we feel good that that will deliver and we feel good the management actions will continue to deliver.

Our next question comes from the line of Tony Jones with Rothschild Your line is open.

The macro it sounds you mentioned, we'll get a more of an update on that in February and how we view that and how we will put that together in the guide in February.

Thank you.

This is Matt speaking on behalf of Tony.

I would just like to ask one question about the project backlog and what's the major end markets do you expect to drive growth once the electronic capex cycle peaks over the next year or so thank you.

Very good thank you.

Okay.

Our next question comes from the line of Tony Jones with Rothschild Your line is open.

Thank you.

Thanks, So our view remains that the electronic cycle doesn't peak next year the electronic cycle in our mind is here for the next five to seven years and potentially a little bit beyond that as well with all the build out thats contemplated having said that the visibility we have on the electronic.

This is Matt speaking on behalf of Tony.

I just like to ask one question about the project backlog and what's major end markets do you expect to drive growth once the electronic capex cycle peaks over the next year or so thank you.

Thanks, So our view remains that the electronic cycle doesn't peak next year the electronic cycle in our mind is here for the next five to seven years and potentially a little bit beyond that as well with all the build out that's contemplated having said that the visibility we have on the electronics.

Cycle comes through the engagement with various of the leading semiconductor.

Companies and who are currently contemplating fab expansion. So that's what gives me the confidence to give you that sense.

Spect that electronics in the car.

The cycle of Capex investments to continue for some time to come.

Cycle comes through the engagement with various of the leading semiconductor.

Beyond that too.

Today, we have a fairly strong pipeline of projects that we're working on.

Companies and who are currently contemplating fab expansion. So that's what gives me the confidence to give you that sense.

And that happens to be across a number of end markets.

Bank that electronics in the capital cycle of Capex investments to continue for some time to come.

And I still feel pretty confident that we will continue to see growth certainly in electronics as I mentioned, but also in a number of other areas, including <unk>.

Beyond that too.

Today, we have a fairly strong pipeline of projects that we're working on.

Steel and parts of the World, where we continue to see some possible opportunities. We mentioned the U S is one India is potentially another we expect chemicals and refining in other parts of the world to also continue to see some some level of activity and last but not least while we don't explicitly look at decarbonization projects separately, they said embedded within our.

And that happens to be across a number of end markets and I still feel pretty confident that we will continue to see growth certainly in electronics as I mentioned.

Also in a number of other areas, including steel.

Steel and parts of the World, where we can do to see some possible opportunities. We mentioned the U S is one India is potentially another we expect chemicals and refining in other parts of the World also can do see some some level of activity and last but not least while we don't explicitly look at decarbonization projects separately, they said embedded within our.

And market cap.

These are still looking at the programs for decarbonization and that will continue to provide an opportunity pipeline that looks pretty good suddenly for projects that have strong economic basis on which to progress.

That's very helpful. Thank you.

Our end markets companies are still looking at the programs for decarbonization and that will continue to provide an opportunity pipeline that looks pretty good suddenly for projects that have strong economic basis on which to progress.

Yeah.

And our next question comes from the line of Vincent Andrews with Morgan Stanley. Your line is open.

Thank you and good morning, everyone. Just wondering you know is we're far enough along in the fourth quarter are you getting any sense.

That's very helpful. Thank you.

Particularly maybe in Europe that we will see earlier than normal seasonal shutdowns or is the sense you are getting that.

Yeah.

And our next question comes from the line of Vincent Andrews with Morgan Stanley. Your line is open.

There was a comment or is it maybe theres a little bit less pessimism now that some of the trade deals have gotten pushed along so just any any thoughts on that would be helpful.

Thank you and good morning, everyone. Just wondering you know is we're far enough along in the fourth quarter are you getting any sense.

So generally events in Europe, Q3 tends to have a seasonal impact in my expectation remains that Q4 will largely be flat.

Particularly maybe in Europe.

That will see earlier than normal seasonal shutdowns or is the sense you are getting that.

There was a comment to this that maybe theres a little bit less pessimism now that some of the trade deals have gotten pushed along so just any any thoughts on that would be helpful.

But I look at the broader European context today. Unfortunately, as you know we are seeing negative volumes there sequentially.

So generally events in Europe, Q3 tends to have a seasonal impact in my expectation remains that Q4 will largely be flat.

That industrial market remains soft I don't see a catalyst for change in the in the near term to kind of change that fundamentally I'll talk about a couple of geographies that are looking like we might see movement. So I'll start with Germany to begin with the economy is slow.

But I look at the broader European context today. Unfortunately, as you know we are seeing negative volumes there sequentially.

Probably just saw data that came out yesterday and this morning, suggesting that maybe a slight uptick there is an expectation that again, we don't base, our plans and strategy on hold but generally there was an expectation and hope in Germany that the spend on infrastructure to 500 billion. That's been planned will probe.

<unk> and.

Morning, suggesting that maybe a slight uptick there is an expectation that again, we don't base, our plans and strategy on hold but generally there was an expectation and hope in Germany that the spend on infrastructure 500 billion. That's been plan, we'll provide it.

Impetus or momentum for industrial it did it pick up I don't see that happening before middle or maybe even Q3 of next year, but nonetheless that is that is something that people are looking forward to.

The UK economy on the other hand also lodge in the European context remains stagnant and we aren't seeing much movement there.

An impetus or momentum for industrial activity pick up I don't see that happening before middle or maybe even Q3 of next year, but nonetheless that is that is something that people are looking forward to it.

I don't see really a catalyst there either for a fundamental change there is a bright spot in Europe I have to mention that which is the nordics Scandinavian businesses seem to be seeing growth they seem to be seeing some momentum and thats. Good news, but they are large enough to move the overall European context, So I would say to you for the rest of the year I expect that.

Okay economy on the other hand also large and in the European context remain stagnant and we aren't seeing much movement there.

I don't see really a catalyst there either for a fundamental change there is a bright spot in Europe I have to mention that which is the nordics Scandinavian businesses seem to be seeing growth they seem to be seeing some momentum and that's good news, but the odd large enough to move the overall European context, So I'd say to you for the rest of the year I expect that.

Declining trend that we havent volumes to remain consistent.

Sequentially, you should expect that to be flattish nothing.

Nothing beyond that at this stage.

Okay.

And our next question comes from the line of Patrick Cunningham with Citi. Your line is open.

<unk> trend that we havent volumes to remain consistent.

Hi, good morning.

Sequentially, you should expect that to be flattish.

One of the desired outcome from the trade and tax policy is clearly an increase in U S manufacturing and it seems like we've lapped some of the tariff concerns you started to see some uptick here.

Nothing beyond that at this stage.

Okay.

And our next question comes from the line of Patrick Cunningham with Citi. Your line is open.

Could you frame the market risk you know near term, which seems to be getting a bit better versus what maybe your customers are saying in terms of we're doing new projects Capex plans in the level of certainty on sort of forward growth expectations.

Hi, good morning.

One of the desired outcome from the trade and tax policy is clearly an increase in U S manufacturing and it seems like we've lapped some of the tariff concerns you started to see some uptick here.

Hey, Patrick Thats a good question, let me kind of give you a two part answer to that I'll talk to you about our U S packaged business.

Could you frame the market risk <unk>.

Near term, which seems to be getting a bit better versus what maybe your customers are saying in terms of we're doing new projects Capex plans and the level of certainty on sort of forward growth expectations.

That reflects the near term realities of what we're seeing and what we saw in Q3, we expect that to be consistent into Q4 and that will give you a little bit of a sentiment view from what I'm hearing from customers as well, let's start with the bucket. So.

Hey, Patrick Thats a good question, let me kind of give you a two part answer to that I'll talk to you about our U S package business that reflects the near term realities of what we're seeing and what we saw in Q3, we expect that to be consistent into Q4 and that will give you a little bit of a sentiment view from what I'm hearing from customers as well last time.

The package business the U S market business grew mid single digit organic volume and price together.

Gas volumes was down low single digits.

They were impacted by helium as well within that so the industrial demand underlying there was quite stable.

The package so.

<unk> sales were up mid single digit volumes.

The package business the U S market business grew mid single digit organically.

Volumes are particularly up do you do growth in automation and equipment sales and Thats, usually a good sign because it shows that customers are preparing for order book pick up so happened and therefore getting ready for that so that's a good signal that obviously track quite quite closely so let's see.

And price together.

Gas volumes was down low single digits.

They were impacted by helium as well within that so the industrial demand underlying there was quite stable.

Hard goods sales were up mid single digit volumes are particularly do you do growth in automation and equipment sales and that's usually a good sign because it shows that customers are preparing for order book pick up so happened and therefore getting ready for that so that's a good signal that we obviously track quite quite closely.

Our growth in automation equipment, suggesting that they're willing to make some of that upfront investment to be prepared for the orders as they as they come through.

On larger projects and I think the answer to your question around customer sentiment now I'd say that it remains a degree of caution. There is no question, we have lapped the tariff concerns.

That growth in automation equipment, suggesting that they are willing to make some of that upfront investment to be prepared for the orders as they as they come through.

There still remains a degree of caution and I think we see people progressing on looking at.

The major expansion projects, our capex investment into the ground, but we still see a degree of caution around that.

Larger projects and I think the answering your question around customer sentiment now I'd say that it remains a degree of caution. There is no question, we have lapped the tariff concerns, but there still remains a degree of caution and I think we see people progressing on looking at the major expansion projects, our capex our investment into the ground.

Probably I'd say when I look at broader manufacturing.

The volumes are resilient, but suggest that that trend is likely to continue into Q4 with hopefully the pickup happening in the first half maybe middle of next year in terms of actual.

But we still see a degree of caution around that.

Projects on the ground, ensuring that volumes have a pick up.

Broadly I would say when I look at broader manufacturing.

Yeah.

Volumes are resilient, but suggest that that trend is likely to continue into Q4 with hopefully the pickup happening in the first half maybe middle of next year in terms of actual.

Yeah.

And our next question comes from the line of John Roberts with Mizuho Securities. Your line is open.

Thank you I think China is lowering the prices quickly on Electrolyze. There's the same way they did on equipment for solar and wind do you think that might be.

Projects on the ground and shoring that volumes have a pick up.

Yeah.

Okay.

Cause any.

And our next question comes from the line of John Roberts with Mizuho Securities. Your line is open.

Recovery and green hydrogen ammonia, it's been very quiet in the last.

A couple of years here.

Thank you I think China is lowering the prices quickly on Electrolyze. There's the same way they did on equipment for solar and wind do you think that might cause any.

Yeah.

John I think the Chinese cost go along Electrolyze as outlined in particular has been declining for some time this isn't necessarily new.

Recovery and green hydrogen ammonia, it's been very quiet in the last.

Had a couple of hiccups around the scale of technology being reliable and working through but notwithstanding that I fully expect Chinese electrolyze us to provide a very.

A couple of years here.

Yeah.

John I think the Chinese Costco born Electrolyze as outlined in particular has been declining for some time this isn't necessarily new.

A good option and the in the market as people evaluate the economics of green hydrogen or renewable hydrogen, but I would say to you though is that the issues with renewable hydrogen are slightly more fundamental and they come with three thoughts and I know you know this John but I'm going to repeat this anyway.

Had a couple of hiccups around the scale up technology being reliable and working through but notwithstanding that I fully expect Chinese electrolyze us to provide a very.

Cost issues around scalability of that technology, because we are still talking in terms of five megawatts 20 megawatts tax that is the scale at which we can really operate so youll have hundreds of modules to come together. It gets you want to build a 200 or 500 megawatt facility, which again in the larger scheme of things when you compare that to a large.

You know a good option and the in the market as people evaluate the economics of green hydrogen or renewable hydrogen what I would say to you though is that the issues with renewable hydrogen are slightly more fundamental and they come with three parts and I know you know this John but I'm going to repeat this anyway.

Cost issues around scalability of that technology, because we are still talking in terms of five megawatts 20 megawatts stacks that isn't scale at which we can really operate so youll have hundreds of bond yields have come together in case, you want to build a 200 or 500 megawatt facility, which again in the larger scheme of things when you compare that to a large.

Steam methane reformer is a fraction of what the steam methane reformer deliver.

So I think from that scalability point of view there is a challenge for electrodes us as is the challenge around reliability in terms of being able to operate clearly knocked 27 because of the availability of renewable energy, but even from the grid I think the ability to give that 'twenty seven consistently over the course of the year is still fairly challenged.

Steam methane reformer is a fraction of what the steam methane reformers deliver so I think from that scalability point of view there is a challenge for electrified list.

Owned Electrolyze it technology.

This is the challenge around reliability in terms of being able to operate clearly not 27 because of the availability of renewable energy, but even from the grid I think the ability to give that 'twenty seven consistently over the course of the year is still fairly challenged around electrolyze. It technology. So that's the first piece the second piece is what Europe.

First piece the second piece is what you referred to which is capital efficiency or the lack thereof, but and I think that's being addressed and Bob certainly by the Chinese more rapidly than anyone else.

<unk> said this before so at the risk of repeating myself, that's probably the cost of the capital side needs to probably get a reduction of between 60% to 70% before you start seeing an inflection point, which makes renewable or green hydrogen more competitive and last but not least and all of this we shouldn't forget the fact that we need.

Which is capital efficiency or the lack thereof, and I think that's being addressed and Bob certainly by the Chinese more rapidly than anyone else.

I've said this before so at the risk of repeating myself, that's probably the cost on the capital side needs to probably get a reduction of between 60% to 70% before you start seeing an inflection point, which makes renewable or green hydrogen more competitive and last but not least and all of this we shouldn't forget the fact that we.

Need availability of renewed electrons generally, but renewable energy in particular, because that's what the preferred option for green or renewable hydrogen is as you know about today any electron gets gets taken up very quickly and all of this.

Build out on data centers and AI led data center development means that renewable energy is going to get.

Sorry, if you will from a renewable hydrogen perspective. So that's something also that is structural for now that needs to get addressed before we get to a point, where you see that scale up hopper.

Build out on data centers and E. I led datacenter development means that renewable energy is gonna get.

Alright, thank you.

Yeah.

And our next question comes from the line of Jeff Zekauskas with Jpmorgan. Your line is open.

Scarce, if you will from a renewable hydrogen perspective. So that's something also that is structural for now that needs to get addressed before we get to a point, where you see that scale up happen.

Thanks very much.

And your commentary on the APAC segment, you said your prices.

Would have been up or they were up in all areas, except for helium and rare gases.

Alright, thank you.

Okay.

And our next question comes from the line of Jeff Zekauskas with Jpmorgan. Your line is open.

So if half of the penalty as helium, maybe that's $15 million.

Thanks very much.

In your commentary on the APAC segment, you said your prices.

And in your other segment.

We're losing about $15 million in that segment used to earn about $15 million.

Would have been up or they were up in all areas, except for helium and rare gases.

So helium hit there is at least 15 million, maybe it's $30 million.

So if half of the penalty as helium, maybe that's $15 million.

So it looks like maybe the helium penalties this quarter it was $50 million year over year, it had to be a minimum of 30.

And in <unk>.

Our other segment.

We're losing about $15 million in that segment used to earn about $15 million.

So helium hit there is at least 15 million, maybe a $30 million.

So if you annualize that that's trimming your EPS growth by about 2%, maybe its one and a half to two and a half.

So it looks like maybe the helium penalties this quarter was $15 million year over year, it had to be a minimum of 30.

Is that the correct math.

So I'm sure you've done the math I'll, let mark kind of respond back to that I'll. Just give you my flavor on on what is happening to APAC pricing to just reconfirm that.

And so if you annualize that that's trimming your EPS growth by about 2%, maybe its one and a half to two and a half.

APAC pricing, excluding helium and rare gases, so I would urge you to not forget that.

Is that the correct math.

So APAC pricing, excluding helium and rare gases is positive yes.

So I'm sure you've done the math I'll, let mark kind of respond back to that I'll. Just give you my flavor on on what is happening to APAC pricing to just reconfirm that.

Now you have to remember in APAC also that China is going through deflation. So we do see that reflected the Chinese pricing more broadly but.

APAC pricing, excluding helium and rare gases. So I would urge you to not forget that helium, so APAC pricing, excluding helium and rare gases is positive.

What do you say that the amount that Jeff.

Jeff just I think on a high level Jeff.

I would agree with the basics of your math when you think about full year booked stick with full year basis, rather than quarter, but on a full year basis between helium Amerigas. If you take both the volume impact because you did see some curtailment of volume, whether it's for balloon or whether it's for MRI, coupled with some of the pricing impact.

Now you have to remember in APAC also that China is going through deflation. So we do see that reflected the Chinese pricing more broadly, but what are you.

What do you say to the math that Geoff.

Jeff just I think on a high level Jeff.

I would agree with the basics of your math when you think about full year, but booked stick with full year basis, rather than quarter, but on a full year basis between helium Amerigas. If you take both the volume impact because you did see some curtailment of volume, whether it's for balloon or whether it's for MRI, coupled with some of the pricing impact.

You could argue on a year on year basis, that's probably a 1% to 2% impact probably on the lower end of that range, but on the EPS year on year that bad in APAC. Unfortunately is impacted the most given that's where the larger percentage of demand for those products are.

You could argue on a year on year basis, that's probably a 1% to 2% impact probably on the lower end of that range, but on the EPS year on year that that in APAC. Unfortunately is impacted the most given that's where the larger percentage of demand for those products are.

But that is how I would summarize I mean, when you think about helium and rare gas. It is low single digit percent of our global sales.

Just given some of the volume and pricing impacts you'll have seen that impact year on year related to that so I would say pretty much flow as close to those numbers.

But we hopefully <unk> seen some stabilization definitely on the pricing of rare gases and helium I think it still remains to be seen on some of the Russian supply.

But that is how I would summarize I mean, when you think about helium and rare gas. It is low single digit percent of our global sales and just given some of the volume and pricing impacts you have seen that impact year on year related to that so I would say pretty much flows close to those numbers.

Okay, great. Thank you so much.

And our next question comes from the line of Mike Sison with Wells Fargo. Your line is open.

But we hopefully <unk> seen some stabilization definitely on the pricing of rare gases and helium I think it still remains to be seen on some of the Russian supply.

Hey, guys nice quarter.

Sanjiv I wanted to dig in a little bit in your comments on the chemical industry.

First thing I see I'll read today for our sector in terms of stock prices, but then you had commented that you thought.

Okay, great. Thank you so much.

Yes.

And our next question comes from the line of Mike Sison with Wells Fargo. Your line is open.

The cycle will turn positive.

<unk> seen a lot of companies this quarter have asset write downs as more announcements of.

Hey, guys nice quarter.

Sanjiv I wanted to dig in a little bit in your comments on the chemical industry.

You know.

You know asset reductions or rationalization, particularly in Europe and in other parts of the world. So.

Unfortunately, I see I'll read today.

Our sector in terms of stock prices, but.

You had commented that you thought.

What do you think you know why do you think there could be a recovery in the sector over time and I just worry that maybe there are structural issues that that could prevent that.

The cycle will turn positive we've seen a lot of companies this quarter have asset write downs as more announcements of.

Recovery anytime soon so just curious on what you think needs to happen for that industry that turned the corner.

Asset reductions or rationalization, particularly in Europe and in other parts of the world. So.

What do you think you know why do you think there could be a recovery in the sector over time and I just worry that maybe there are structural issues that that could prevent a recovery anytime soon so just curious on what you think needs to happen for that industry.

Okay.

So Mike.

Good observation I think the chemical industry as I said in my remarks is probably the most impacted at this point in time and therefore every every view on the industry are all perspectives on the industry tend to be quite negative three.

Turning the corner.

The reality is and you know this well Mike we've seen the chemical industry go through these cycles before.

Yes.

So Mike.

There are some elements that are structural there is nothing that we have to accept that particularly Europe right and we have seen the rationalization of capacity in Europe supporting capacities elsewhere in the world. The one market, where chemicals is still doing reasonably including in the last quarter was China, obviously, a lot of capacity put in.

R&D is and you know this well Mike we've seen the chemical industry go through these cycles before.

In China on chemicals, which doesn't help the global supply demand situation, but nonetheless, we have seen chemicals continue to have reasonable growth in China in the quarter and they expect it remains a double that'll be the case I do expect that with the rationalization in Europe, you will see the broader chemical asset.

In China on chemicals, which you know it doesn't help the global supply demand situation, but nonetheless, we have seen chemicals continue to have reasonable growth in China and in the quarter and the expectation remains that that'll that'll be the case I do expect that with the rationalization in Europe, you will see the broader chemical asset.

Base stopped looking at the recovery or a rebound over time I'm not suggesting it's happening tomorrow anytime soon but I do expect that cycle to done and based on feedback we have.

From many of our customers now the expectation remains at once the rationalization actions are being taken into account there will be a fundamental shift back to a point, where you will see that that chemical industry coming back.

Base stopped looking at the recovery or a rebound over time I'm not suggesting it's happening tomorrow anytime soon but I do expect that cycle to done and based on feedback we have.

Got it and then just one quick follow up SG&A was up 9% year over year sequentially up three any particularly any reason for that trend and how do you see that going forward.

Yes, the answer to that is fairly simple, Mike and I always look at SG&A because.

Thirdly trends up things in and out you've got <unk>, you've got inflation, you've got stuff like that I always look at year to date year to date.

Got it and then just one quick follow up SG&A was up 9% year over year sequentially up three any particularly any reason for that trend and how do you see that going forward.

<unk> is up 1%.

And really I think when you dig a little bit deeper under that.

Yeah. The answer to that is fairly simple, Mike and I always look at SG&A because.

<unk> got M&A impacting that by about 1% inflation impacting that by about 2% and that we have as you know a whole restructuring setup.

Trends are things in and outs, you've got <unk>, you've got inflation, you've got stuff like that I always look at year to date year to date.

Set of actions happening, which take down our SG&A by 2%. So net net year to date, we are up about 1%.

<unk> is up 1%.

And really I think when you dig a little bit deeper under that.

God M&A impacting that by about 1%, you've got inflation impacting that by about 2% and we have as you know our whole restructuring setup.

Thank you.

And our next question comes from the line of John Mcnulty with BMO capital markets. Your line is open.

Set of actions happening, which take down our SG&A by 2%. So net net year to date, we're up about 1%.

Yeah. Good morning, Thanks for taking my question, maybe a follow up around some of the European capacity closures. So it looks like there have been a lot of announced at this point and so far you all seem like you.

Thank you.

And our next question comes from the line of John Mcnulty with BMO capital markets. Your line is open.

Avoided being tied to too many of them.

Likely a lot of good partnerships that you've kind of picked over the years I guess can you help us to think about at least given the announcements that have come out and then in the last quarter. So if theres any speed bumps that we should be aware of as we look out over the next year or two where assets are getting shut down maybe you get a big onetime payout and then and then the business disappears I guess how should.

Yes. Good morning, Thanks for taking my question, maybe a follow up around some of the European capacity closures. So it looks like there have been a lot announced at this point and so far you all seem like you.

Avoided being tied to too many of them.

Likely a lot of good partnerships that you've kind of picked over the years I guess can you help us to think about at least given the announcements that have come out and then in the last quarter or so if theres any speed bumps that we should be aware of as we look out over the next year or two where assets are getting shut down maybe you get a big onetime payout and then and then the business disappears I guess how should.

Are we be thinking about that.

John I would say to you that the rationalization has been something that we have looked at and to some extent we internally.

Mapped out what we call the base of that would be all of us playing to exactly how we thought it would be so I'm not I'm not seeing any surprises in there I would also say to you that there are a few customers that are below and top at the moment in Europe, largely around steel and chemicals and I think we still are being paid the thing that I look at when I when I.

We be thinking about that.

John I would say to you that the rationalization has been something that we have looked at and to some extent we internally.

Mapped out what we call the base of that would be all of that is playing to exactly how we thought it would be so I'm not I'm not seeing any surprises in there I would also say to you that there are a few customers that are below and top at the moment in Europe, largely around steel and chemicals and I think we still are being paid you know the thing that I look at when I when I.

Look at these large customers, whether we're getting paid a fixed fee and thats, what contractually protects us from any exposure. So we see that happen I do not expect any significant rationalization impact of the order and kind of the way you define that where things shut down with large one off payments. We are just seeing.

Look at these large customers, whether we're getting paid a fixed fee and thats, what contractually protects us from any exposure. So we see that happen I do not expect any significant rationalization impact off the order and kind of the way you define that where things shut down with large.

Again, it's the pedigree of the customers we have the cost positions that they have which ensure that these tier one customers in the chemical sector that we saw will remain there will be much much the last man standing if you will.

And I feel good about that portfolio.

One off payments, we are just seeing.

Yeah.

Great. Thanks, very much for the color.

Again, it's the pedigree of the customers we have the cost positions that they have which ensure that these tier one customers in the chemical sector that we saw will remain there will be much much.

And our next question comes from the line of Josh Spector with UBS. Your line is open.

Hey, good morning.

My understanding if you will and I feel good about that portfolio.

Hello up but just on the manufacturing comments I mean, I think if you look at the declines you're calling out in Europe, but then the growth in the U S side or Americas broadly.

Great. Thanks, very much for the color.

Yeah.

And our next question comes from the line of Josh Spector with UBS. Your line is open.

We're doing much better than the PMI metrics than what we're looking at so just curious if you could comment maybe a little bit more detail by market or wins and how that's driving itself for the quarter, maybe some of that is redundant.

Yeah, Hey, good morning, I had a follow up just on the manufacturing comments I mean, I think if you look at the declines you're calling out in Europe, but then the grocer in the U S side or Americas broadly I mean, you're doing much better than the PMI metrics than what we're looking at so just curious if you can comment maybe a little bit more detail by market or.

Patrick but I wasn't sure if there's anything else to add.

Yes, so I think as I as I.

Claim that Josh the manufacturing piece more broadly.

We're seeing two things.

Our wins and how that's driving itself for the quarter. There would be some of that is redundant, but you answered Patrick but I wasn't sure if there's anything else to add.

Things are happening right, we're lapping the tariff concerns of the trade concerns over there and I think thats resulted in manufacturing coming back in and re basing so the uptick in manufacturing that I referenced earlier on is driven by that and then obviously we are seeing some of the clarity that that is now coming into the market, allowing people to plan and progress with that.

Yeah, So I think that's right.

Claim that Josh the manufacturing piece more broadly.

Is seeing.

Two things are happening right, we're lapping the tariff concerns over trade concerns over there and I think thats resulted in manufacturing coming back in and re basing so the uptick in manufacturing that I referenced earlier on is driven by that and then obviously we are seeing some of the clarity that that is now coming into the market, allowing people to plan and progress with.

Our activity and potentially expansion in that space as well I won't point out any specific element I will give you a couple of examples of the U S manufacturing clearly I've given you. The example of the U S. Packaged gas business that is a great proxy for U S. Manufacturing has done well mid single digit organic growth that is of course.

There, you know activity and potentially expansion and in that space as well.

Both price and volume, but I'll also give you examples in China as an example, which you know we've been struggling with manufacturing being in baking and steady decline, we have seen particularly around selective sub parts of the manufacturing end market, we've seen EV batteries.

I won't point out any specific element I will give you a couple of examples of the U S manufacturing clearly I've given you. The example of the U S package gas business that is a great proxy for U S. Manufacturing has done well mid single digit organic growth that is of course, both price and volume, but I'll also give you examples in China as an example, which you know we've been struggling.

Sure. Some some growth so we're seeing a bit of a mixed bag around the world. The U S leave that in terms of the manufacturing activity and the growth we see him there be seeing obviously, India I gave you. The example of China.

With manufacturing being in baking and steady decline, we have seen particularly around select too.

Parts of the manufacturing end market, we've seen EV batteries.

Where we see manufacturing broadly remain struggling is is Europe and I think it is.

So some some growth. So we are we are seeing a bit of a mixed bag around the world. The U S leave that in terms of the manufacturing activity and the growth we see him. There we're seeing obviously, India I gave you. The example of China.

Shouldnt come as a surprise to you we've been kind of looking at that and it is exactly as we had expected. Unfortunately.

Now the expectation there is that the 500 billion spend in Germany is going to support some of that manufacturing activity.

Where we see manufacturing broadly remain struggling is is Europe and I think it is it should come as a surprise to you we've been kind of looking at that and it is exactly as we had expected. Unfortunately.

Love to tell you that I was going to happen in the first of January 2026, but you and I, both know and by the time the German system puts its whole process around that it's going to be a few quarters before we get the benefit of that and you will see that play out I think there's uncertainty around that but again, we love to watch for that to happen before we can really kind of comment on that.

Now the expectation there is that the 500 billion spend in Germany is going to support some of that manufacturing activity.

Love to tell you that what's going to happen in the first of January 2026, but you and I, both know and by the time the German system puts its whole process around that it's going to be a few quarters before we get the benefit of that and you will see that play out I think there's uncertainty around that but again, we love to watch for that to happen before we can really kind of comment on that.

And Josh this is Matt the only other one thing I would add to <unk> points are we do put commercial space and the manufacturing.

That is growing and clearly driving some of the growth in that end market that obviously will not correlate with PMI given it's a very different type of growth trajectory, but that is also having a positive impact on the manufacturing end market, but I don't know how I forgot that because I think the space of that end market by itself.

And Josh this is Matthew the only other one thing I'd add to <unk> points are we do put commercial space and the manufacturing.

It's about time, we grow that enough to be able to show that as an end market, but yes, very healthy double digit growth feeling really good about aerospace broadly in commercial space, specifically, Josh and I will just give a bit more color. There just to say look the reason. We're excited is not only are we seen as a reliable partner for by almost all the spa.

It's about time, we grow that enough to be able to show that as an end market, but yeah very healthy double digit growth feeling really good about you know aerospace broadly and promotional space, specifically, Josh and I will just give a bit more color. There just to say look the reason. We're excited is not only are we seen as a reliable partner for by almost all the spa.

Base large companies, but as the companies are wrapping up their activity and accelerating their manufacturing process around both in the production of engine testing of engines are obviously launch do you see this.

Significant opportunity for growth and we are putting a lot of capacity on the ground today.

Large companies, but as the companies are wrapping up their activity and accelerating their manufacturing process around both in the production of engines testing of engines are obviously launch we see this significant opportunity for growth and we're putting a lot of capacity on the ground to date.

Particularly in the U S to source additional oxygen nitrogen hydrogen demand.

And of course <unk> four.

Propulsion systems for satellites as well so yeah.

Certainly since the amount of factoring in.

Monro is absolutely right and just pointing that out.

<unk> in the U S to solve additional oxygen nitrogen hydrogen demand.

Yeah.

Great. Thank you.

And our next question comes from the line of Kevin Mccarthy with vertical Research partners. Your line is open.

And of course, you know rare gases for propulsion.

Systems for satellites as well so yeah.

Yes, Thank you and good morning, Sanjiv you commented in the prepared remarks with regard to electronics that you expect robust growth for some time. So I was wondering if you could unpack that for us a little bit for example, what sort of industry level growth do you see over the next few years. However, you think about that.

That's certainly sits in manufacturing and.

Demand was absolutely right and just pointing it out.

Yeah.

Great. Thank you.

And our next question comes from the line of Kevin Mccarthy with vertical Research partners. Your line is open.

Square inches of silicon or otherwise.

And in the past I think that.

You have asserted that industrial gas.

Demand into electronics actually grows at a premium rate due to shrinking nodes and maybe changes to chip architecture et cetera.

Square inches of silicon or otherwise.

That's still the case and and what is that premium and how do you see it evolving with AI data centers et cetera.

And in the past I think that.

You've asserted that industrial gas.

Demand into electronics actually grows at a premium rate due to shrinking nodes and maybe changes to chip architecture et cetera is that still the case and and you know what is that premium and how do you see it evolving with AI data centers et cetera.

Sure Kevin Thats, a great question.

I said in our prepared remarks and also in the response to a question earlier, we still see a very robust pipeline for growth over the years to come over there I think when you think about semiconductors broadly the expectation remains that over the next five years or so you should see semiconductor industry grow to Australia, and I think they expect.

Sure Kevin that's a great question.

I said in our prepared remarks and also in a response to a question earlier, we still see a very robust pipeline for growth over the years to come over there I think when you think about semiconductors broadly the expectation remains that over the next five years or so you should see semiconductor industry growth to Australia, and I think they expect.

Station of growth between 9% to 11% I think it depends on which study you pick up within that clearly as you are aware and logic is the steady growth element in there and of course remember.

Memory more recently driven by.

H Bob.

Nation of growth between 9% to 11% I think it depends on which study you pick up within that Chile, as Youre aware and logic is the steady growth element in there and of course memory more recently driven by it.

Really is is <unk>.

Seeing a signal.

And pick up as well and that's why I love the capacities today, both in terms of logic for the Gpus as well as HBM memory are really finding the investments play out I would say to you that I expect that.

H Bob.

The 9% to 10, 9% to 11% growth range is a good number to begin with.

Really is is I'm seeing.

Seeing a significant pick up as well and that's why I love the capacities today, both in terms of logic for the Gpus as well as HBM memory are really finding the investments play out I would say to you that I expect that the.

You will see is as it always happens months Pops come on the ground.

Terms of actual consumption from an industrial gas perspective, we tend to we tend to start the plants up and obviously you see a bit of a momentum there and there'll be evens out and gives you that 911% longer term. So I feel good about how we will see that reflected both coming from logic as well as HBM, particularly but memory more broadly as well.

The nine to 10, 9% to 11% growth range is a good number to begin with you.

You will see is as it always happens months fabs come off the ground.

Or actual consumption from an industrial gas perspective, we tend to we.

The second part of your question was around the intensity of gases and the answer is absolutely yes.

Tend to start the plants up and obviously you see a bit of a momentum there and then evens out and gives you that 911% longer term. So I feel good about how we will see that reflected both coming from logic as well as H b M, particularly but memory more broadly as well.

More advanced nodes, we see the intensity of gases goes up and has continued to go up the tools that we now see with the Oems who are putting the tools together, even looking at the next generation of tools in our R&D engagement with them suggests that that gas intensity increased continues to be the.

The second part of your question was around the intensity of gases and the answer is absolutely yes.

The more advanced nodes, we see the intensity of gases goes up and has continued to go up.

Case and.

That's what gets US excited right that there is significant growth happening, but not just that you are actually seeing a higher intensity of gas obligation in that process as well I know for a fact that one's done some really good work around that.

Let me now see with the Oems, who are putting the tools together, even looking at the next generation of tools in our R&D engagement with them suggests that that gas intensity increased continues to be the case.

Gas intensity analysis, if you want you can reach out to him he can share some more information with you.

That's what gets US excited right that there is significant growth happening, but not just that youre actually seeing a higher intensity of gas obligations in that process as well I know for a fact that one's done some really good work around that.

Thank you.

And our next question comes from the line of Jim Suva with Bernstein. Your line is open.

Morning, guys. Thank you very much for taking my questions. My question is more on the margins.

Gas intensity analysis, if you want you can reach out to him he can share some more information with you.

Mary I mean, 36% is very very pressure than you've done over 200 basis points year on year or excluding poster, but all receipts starting to reach terminal velocity emergence here without.

Thank you.

And our next question comes from the line of Jim Suva with Bernstein. Your line is open.

Good morning, guys. Thank you very much for taking my questions. My question is more on the margins in EM EMEA I mean, sorry.

Volumes coming back how much further can we go in and what levers you're looking to pull to keep keep growing here. Thanks.

6% is very very impressive and you've done over 200 basis points year on year, excluding poster, but always see it starting to reach terminal velocity emergence here.

Hey, James This is Matt I think starting with yes, as you look at EMEA right now clearly a negative volumes and positive price.

Without.

And that combination is creating a very strong margin contribution result year on year.

Volumes coming back how much further can we go and what levers you listen to pull to keep keep Greg here.

And as we mentioned on the volume side, the industrial onsite customers are primarily driving a portion of that so we are still getting paid but they are in some cases noticeably below the top ups. So you will get a little bit of a boost on that when you see some recovery in those onsite customers I don't expect any margin.

Hey, James This is Matt I think starting with yes as you look at EMEA right now clearly you have negative volumes and positive price.

And that combination is creating a very strong margin contribution result year on year.

Expansion, if anything you might have a minor margin dilution as simply as you start to bring up some of the power cost, which essentially flows through.

So that component would have an impact on the recovery as far as base merchant and package recovery that would be margin accretive right that that would be as you would expect as that volume flows back through so we've always tend to found in our history that in more difficult times, our margin expansion tends to be greater.

<unk> expansion, if anything you might have a minor margin dilution as simply as you start to bring up some of the power cost, which essentially is flows through.

And that's simply because of the earnings algorithm that we talked about earlier that you tend to have more contribution from management actions, which can be highly margin accretive when we get recovery periods, we still get margin expansion, but not at the same clip simply because then you shift more of your growth towards volume.

And you just get a little bit of a mix change affect there. So that's how I think of EMEA, but they are doing what you would expect this model should do in the environment they're in.

Which is they are getting price to inflation there fixed contracts are maintaining as you would expect and they're managing their cost stack given the environment there.

Can you just get a little bit of a mix change affect there. So that's how I'd think of EMEA, but they are doing what you would expect this model should do in the environment, they're in which is theyre getting price to inflation. There fixed contracts are maintaining a as you would expect and they're managing their cost stack given the environment there.

Yeah.

Okay.

And our next question comes from the line of Laurence Alexander with Jefferies. Your line is open.

Hi would you mind updating us specifically on packaged gases are two issues one is what.

What youre seeing in terms of demand trends.

Yeah.

There, particularly in sort of the welding applications.

And our next question comes from the line of Laurence Alexander with Jefferies. Your line is open.

But also.

Where we are on the regional consolidation.

Hi would you mind updating specifically on packaged gases are two issues one is.

Europe versus the U S.

And how much farther do you think you can go in terms of consolidating the U S markets like where do you think your market share might pop out.

What youre seeing in terms of demand trends.

They're particularly in sort of the welding applications, but also.

Where we are on the regional consolidation in <unk>.

Thanks, Laurence So I described the U S package business earlier on and I think within the comment I made was we are seeing certainly on the hard goods side.

Europe versus the U S.

And how much farther do you think you can go in terms of consolidating the U S markets like where do you think your market share might top out.

In the last quarter in fact, we saw mid single digit growth.

Organic sales perspective volumes were up, particularly driven around growth in automation and equipment. That's a good sign because that shows that the building end of optimal fracturing cycle is looking stronger obviously some of that is going into large construction projects.

Thanks, Laurence so I describe the U S package business earlier on and I think within that the comment I made was we are seeing certainly on the hard goods side.

In the last quarter in fact, we saw mid single digit growth.

From an organic sales perspective volumes were up particularly driven around growth in automation and equipment. That's a good sign because that shows that.

Adding in a data center is something we don't normally talk about but and obviously LNG projects in the U S et cetera, which are driving some of that growth and I think the growth still looks pretty robust.

Building end of optimal factoring cycle is looking stronger obviously some of that is going into large construction projects.

And as manufacturing lots sold as concerns around tariffs et cetera, we have an opportunity to see a good growth pattern. There as we look ahead into the into the future.

Flooding in a data center is something we don't normally talk about but and obviously LNG projects in the U S et cetera, which are driving some of that growth and I think the growth still looks pretty robust.

On consolidation I'll give you a global view and then I'll focus a bit on the U S. Because that's where the action is so there was consolidation and there are opportunities for consolidation on tuck in acquisitions in the packaged gas space.

And as manufacturing lab sold as concerns around tariffs et cetera, we have an opportunity to see a good growth pattern. There as we look ahead into the into the future.

And we've seen that now taking.

On consolidation I'll give you a global view and then I'll focus a bit on the U S. Because that's where the action is so there is consolidation and there are opportunities for consolidation on tuck in acquisitions in the packaged gas space and we've seen that now.

Taking the model that we've got in the U S and we've applied that and elsewhere in the world, including in Asia and increasingly now looking at opportunities in Europe as well. So there are opportunities for consolidation globally, but the biggest opportunity lies in the U S. There is no question around that.

And while I cannot comment on the market share piece I can only say this to you I still believe we have a number of opportunities for tuck in acquisitions in the U S and we have the balance sheet strength and the appetite to go out to go about doing that.

<unk> taken the model that we've got in the U S and we've applied that and elsewhere in the world, including in Asia and increasingly now looking at opportunities in Europe as well. So there are opportunities for consolidation globally.

Biggest opportunity lies in the U S. There is no question around that.

From memory I am just trying to think back I think we closed 18 deals last year globally.

And while I will not comment on the market share piece I can only say this to you I still believe we have number of opportunities for tuck in acquisitions in the U S and we have the balance sheet strengthened the appetite to go out to go about doing that.

This year, we're seeing about 1% of our sales are going to come from acquisitions much of that is going to be tuck in acquisitions coming out of the package gas space. So we feel really good about that space, we expect significant opportunity still in that space for us to continue to do that.

From memory I am just trying to think back I think we closed 18 deals last year globally.

This year, we're seeing about 1% of our sales.

And just if I may on the <unk>.

Going to come from our acquisitions much of that is going to be tuck in acquisitions coming out of the package gas space. So we feel really good about that space, we expect significant opportunities still in that space for us to continue to do that.

Under rental price increases over the last five seven years, given how soft the end markets have been or have you seen any material pushback or pricing fatigue, where you might need or where you feel you need to walk practice cylinder rentals to help the market or just describe what's going on there.

And then just if I may on the <unk>.

The cylinder rental price increases over the last five seven years, given how soft the end markets have been or have you seen any material pushback or pricing fatigue, where you may need where you feel you need to walk back the cylinder rentals to help the markets or just describe what's going on there.

The easy answer is no we have a robust rental process and of course, our customers see the value that comes out of that and the rental stream and the growth you've seen within that has matched.

CPI globally made at CPI that we see as a proxy for price increases that we would normally expect so we've seen exactly that trend come through on rentals as well.

The easy answer is no we have a robust rental process and of course, our customers see the value that comes out of that and the rental stream and the growth you've seen but then that has matched.

Okay perfect. Thank you.

And our next question comes from the line of Arun Viswanathan with RBC capital markets. Your line is open.

CPI globally made at CPI that we see as a proxy for price increases that we would normally expect so we've seen exactly that trend come through on rentals as well okay perfect. Thank you.

Yeah.

Great. Thanks for taking my question and hope you guys are well.

Last quarter, you mentioned, maybe some some.

Thoughts around.

And our next question comes from the line of Arun Viswanathan with RBC capital markets. Your line is open.

This investment in and are in Europe, and your thoughts that maybe that would not continue maybe you can provide an update and our updated thoughts there as well as you know here in the U S. And you just mentioned you know strong opportunities.

Great. Thanks for taking my question and Hope you guys are well last quarter you mentioned.

Maybe some some thoughts around our disinvestment in in in Europe, and your thoughts that maybe that would not continue and maybe you can just provide an update and our updated thoughts there as well as.

However, we're also seeing some rollbacks here. So maybe you can just kind of elaborate on how you think the path forward could look in both of those reasons from our industrial and an investment standpoint. Thanks.

Sure. So let me give you a quick.

Here in the U S and you just mentioned strong opportunities.

I gave a walk around the world. So you've got to get a sense of what the different end markets are doing I'll now maybe channel that has the opportunity pipeline that we're looking at so it's fair to say that most of our opportunity pipeline today comes from the Americas and Asia, that's where the opportunity pipeline today is providing projects that we're currently working on.

However, we're also seeing some rollbacks here. So maybe you can just kind of elaborate on how you think of the path forward could look in both those regions.

Industrial and investment standpoint thanks.

Sure. So let me give you a quick.

I gave a walk around the world. So you've got to get a sense of what the different end markets are doing I'll now maybe channel that into the opportunity pipeline that we're looking at so it's fair to say that most of our opportunity pipeline today comes from the Americas and Asia, that's where the opportunity pipeline today is providing projects that we're currently working on and.

And if those projects meet our investment criteria and obviously these are projects that then go into the backlog and get developed now the U S opportunity remains robust we see opportunities across a spectrum of end market. I gave examples of electronics earlier on we talked a little bit about steel clearly even in other.

Those projects meet our investment criteria and obviously these are projects that then go into the backlog and get developed now the U S opportunity remains robust we see opportunities across a spectrum of end market. I gave examples of electronics earlier on we talked a little bit about steel daily even in other end market.

End markets, we are seeing opportunities for growth in the U S market. So it's a robust.

Pipeline of projects that we see in that space of Europe I'm not sure I quite got your comment on disinvestment, what I would say to you is that the number the opportunity pipeline for Europe or EMEA in our case looks a little bit lighter when compared to either Americas or APAC.

We are seeing opportunities for growth in the U S market. So it's a robust pipeline of projects that we see in that space on Europe I'm not sure I quite got your comment on disinvestment with I would say to you is that the number the opportunity pipeline for Europe or EMEA eye in our case looks a little bit lighter when compared to.

Not not surprising as you would expect just given the industrial weakness that is currently there in Europe, but we still do have a number of projects in Europe that are progressing.

Some of them are related to the decarbonization, whereas others are related to growth in other different end markets. So we still see opportunity pipeline in Europe.

Either Americas or APAC.

Not not surprising as you would expect just given the industrial weakness that is currently there in Europe, but we still do have a number of projects in Europe that are progressing.

Over time as we develop that will convert into projects that we would take into the backlog oriented base growth.

Some of them are related decarbonization, whereas others are related to growth in other different end market. So we still see opportunity pipeline in Europe.

Thanks.

Yeah.

And our final question comes from the line of Mike Harrison with Seaport Research Partners. Your line is open.

Over time as we develop that will convert into projects that we would take into the backlog or into base growth.

Hi, Good morning, Thanks for squeezing me in.

We have highlighted in the past some opportunities for AI to help you improve operational efficiency and productivity was wondering if you could speak about any new use cases that you've found for AI that <unk>.

Thanks.

And our final question comes from the line of Mike Harrison with Seaport Research Partners. Your line is open.

Hi, Good morning, Thanks for squeezing me in you have highlighted in the past some opportunities for AI to help you improve operational efficiency and productivity was wondering if you could speak about any new use cases that you've found for AI that you may be implementing.

You may be implementing as we get into next year.

So Mike I don't know how much time, you have but I could carry on the on the use cases for AI. Obviously, it's very topical discussion today is complete unless we've talked about AI in our case of course, we have been doing a lot of work with data, which we've been capturing for about 30 years plus in a lot of machine learning work that's been done over the last four or five.

As we get into next year.

Okay.

So Mike I don't know how much time, you have but I could carry on the on the use cases very I, obviously, its very topical no discussion today is complete unless we've talked about it in our case of course, we have been doing a lot of work with data, which we've been capturing for about 30 years plus in a lot of machine learning work that's been done over the last four or five years, so much of that.

So much of that is in deployments today.

The top of my head I would say to you. We have about 300 use cases are above that and the range across the entire spectrum of operations.

Some some of the front end on the sales process and some in our engineering and design process as well so healthy number of use cases.

Isn't deployments today.

At the top of my head I would say to you. We have about 300 use cases are above that and the range across the entire spectrum of operations.

Very robust deployment process, we havent AIG council that ensures that that deployment and it works well with the overall <unk>.

Some of the front end on the sales process and some in our engineering and design process as well so healthy number of use cases.

Strategy that the company has laid out for ourselves and we're excited about that and you know.

The one change I would say to you is rather than just look at Standalone use cases for AI. We are now looking at different domains and trying to understand how we can introduce AI tools across domains. So that we can harvest some value.

Very robust deployment process, we have an AI council that ensures that that deployment and it works well with the overall strategy that the company has laid out for ourselves and we are excited about that and.

Frac AI projects, just like we track all our productivity projects its on or in total.

Platform in which they get reviewed and validated and the team I can tell you has a very stretching goal in terms of what it needs to deliver as a benefit. So we will use it look at every use case and look at the business case underpinning that and those benefits are looking interesting and exciting as we speak but again all of that scales up over the next two to three.

AI projects, just like we track all our productivity projects, it's on our internal.

Platform in which they get reviewed and validated and the AI team I can tell you has a very stretching goal in terms of what it needs to deliver as a benefit. So we will use that look at every use case and look at the business case underpinning that and those benefits are looking interesting and exciting as we speak but again all of that scales up over the next two to three years.

To have some major impact on the business.

Yeah.

And I would now like to turn the call back to <unk> for any additional or closing remarks.

Abby Thank you and thanks, everyone for participating today's call have a great day.

Do you have some major impact on the business.

Yeah.

And ladies and gentlemen that will conclude today's conference call and we thank you for your participation you may now disconnect.

Okay.

And I would now like to turn the call back to <unk> for any additional or closing remarks.

Thank you and thanks, everyone for participating today's call have a great day.

Yeah.

And ladies and gentlemen that will conclude today's conference call and we thank you for your participation you may now disconnect.

Yeah.

Okay.

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