Air Liquide posted a rise in full-year net profit as all gas and services businesses—accounting for most of group sales—recorded 2% sales growth.
French industrial gases group Air Liquide reported slightly higher than expected recurring operating income for 2025 on Friday, citing efficiencies, pricing management particularly in the Industrial Merchant unit, and dynamic asset portfolio management.
Q3 results showed resilient sales growth and a record €4.9 billion project backlog, supporting medium-term visibility. Growth catalysts include the DIG Gases acquisition, AI/data center tailwinds, and underappreciated electronics and space-related applications. Attractive relative valuation with re-rating potential. We remain buyers.
| Specialty Retail Industry | Consumer Discretionary Sector | Mr. Francois Jackow CEO | OTC PINK Exchange | FR0000120073 ISIN |
| FR Country | 64,124 Employees | 20 May 2025 Last Dividend | 2 Oct 2017 Last Split | - IPO Date |
L'Air Liquide S.A. is a multifaceted corporation focused on the production and supply of gases, technologies, and services catering to the industrial and health sectors globally. Serving regions such as Europe, the Americas, Asia Pacific, the Middle East, and Africa, it has structured its operations across Gas & Services, Engineering & Construction, and Global Markets & Technologies segments. Since its inception in 1902, and with its headquarters rooted in Paris, France, L'Air Liquide S.A. stands as a lifelong proponent of innovation and sustainability across its vast domain of activities, striving towards developing solutions that meet the evolving demands of a diverse clientele ranging from large industries and healthcare providers to technological research zones and renewable energy ventures.
This segment houses four primary lines of business. The Large Industries business line provides a spectrum of gas and energy solutions including vital industrial gases such as oxygen, nitrogen, argon, hydrogen, and carbon monoxide. It also focuses on cogeneration plants producing steam and electricity for the metals, chemicals, refining, and energy industries. The Industrial Merchant business line, on the other hand, supplies a variety of industrial gases, equipment, and pertinent services to sectors including materials and energy, automotive, food and pharmaceuticals, as well as technology and research. The Healthcare business line is pivotal in offering medical gases, home healthcare services, medical equipment, and specialty ingredients to a wide range of healthcare stakeholders including patients, professionals, and hospitals. Lastly, the Electronics business caters to the semiconductor, flat panel, and photovoltaic markets with carrier gases, electronic specialty and advanced materials, alongside equipment and installation services.
This segment designs, develops, and constructs industrial gas production plants for third parties. It boasts a robust portfolio that spans traditional, renewable, and alternative energy sectors, demonstrating L'Air Liquide's commitment to innovation and sustainability. The engineering prowess encompasses creating state-of-the-art facilities that not only meet the current needs but also anticipate future demands of energy production.
Focused on the vanguard of technological solutions, this segment addresses the energy transition and deep technology through the delivery of molecules, equipment, and services. It has a keen focus on biomethane production units, hydrogen refueling stations, and supplying gases for offshore oil and gas platforms, offshore wind turbines, and cryogenic transportation by sea. This branch signifies L'Air Liquide's forward-thinking approach in tapping into new markets and technologies that have the potential to revolutionize industries.