Air Liquide backs guidance as H1 margin rises 1 point to 20.9%

Air Liquide reported H1 revenue of €13.83B, up 2.6% on a comparable basis, and backed its full-year guidance.

"All geographies contributed to this performance, in particular the Americas and Asia, driven by our Electronics, Industrial Merchant and Healthcare businesses," Chief Executive Officer François Jackow said.

The gas-and-services business, which accounts for 97% of group revenue, rose 2.6% on a comparable basis to €13.41B. Recurring operating profit reached €2.89B, compared with €2.74B a year earlier and just below the €2.91B consensus estimate compiled by Vara Research. Net profit rose 1.2% to €1.82B.

The company delivered nearly €300M in efficiency gains, helping lift its operating margin by more than 1 percentage point to 20.9%. Air Liquide confirmed its target of a 100-basis-point improvement in operating margin in 2026 and a further 100 basis points in 2027, bringing the cumulative gain over 2022-2027 to 560 basis points.

Revenue excluding currency and energy impacts rose 4.3% from a year earlier. The company said growth in electronics and industrial gases helped offset a still-muted industrial backdrop. Reported revenue rose 0.8% to €13.83B, reflecting currency headwinds.

Air Liquide also expects recurring net profit to grow at constant exchange rates in 2026.

The guidance reaffirmation signals management expects steady demand from electronics and healthcare to sustain momentum. Investors will watch the full-year results for progress toward the 2027 margin target.

This article is for informational purposes only and does not constitute investment advice.