Repeat pull from proven relationships plus room left

Linde plc (LIN) — this company's answers

The model's full reasoning — Q2 2022 call → NOThe question asks whether management describes existing customers/relationships that are currently taking more from the company, and whether these relationships remain lightly penetrated. Let me search the transcript for evidence of existing customers expanding their usage. Key passages to examine: 1. Sanjiv's comments about oxyfuel: "we've had a lot of traction with customers in the course of the first half of this year, helping them improve their processes by injecting oxygen and substituting in part air, but also reducing their natural gas consumption as a consequence. 10 wins already in the first half. We've got at least 15 to 20 other proposals that we're working on." This is about customers adopting new applications (oxyfuel) - this could be existing customers taking more, but it's framed as new wins/proposals, not necessarily existing relationships deepening. 2. The packaged gas business: "our U.S. packaged gas business has been one of our fastest growing businesses, with underlying sales up 16% from prior year led by aerospace, construction, electronics and met fab." - This is growth but not specifically about existing customers taking more. 3. Electronics: "we are winning more than our fair share in terms of the new projects that are coming up" - this is about new wins, not existing customers deepening. 4. The question specifically asks about existing customers/accounts that are currently taking more on their own initiative, and whether management conveys these relationships remain lightly penetrated. Looking for evidence of existing relationships expanding: - The oxyfuel example: customers adopting oxygen to reduce natural gas - this is existing customers taking more, but it's described as "wins" and "proposals" - somewhat new business. - No clear statement that existing customers are expanding their footprint, adding sites, or that there's substantial room left within existing relationships. The transcript doesn't clearly describe a story of existing customers deepening their relationships with room to grow. Most growth is attributed to pricing, new project wins, and new customer acquisition. The oxyfuel example is about new application adoption but not framed as "lightly penetrated existing relationships." The answer appears to be NO.

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