Air Liquide H1 2026: near €14bn revenue with Q2 acceleration
- Q2 comparable revenue growth +3.5%; H1 revenue nearly €14bn, up +2.6% on a comparable basis and +4.3% excluding currency and energy (including DIG Airgas).
- Nearly €300m in efficiencies; operating margin rose +110 basis points excluding energy and PPA amortization versus H1 2025; recurring net profit +9.9% excluding currency.
- Completed DIG Airgas acquisition (~€3bn) as of 13 Jan 2026; H1 investment decisions nearly €3bn, Electronics investments €1bn; backlog reached €6bn.
- Issued a 640m CHF multi-tranche bond; divested biogas activities in US, France, Norway and Sweden; guidance: +100 bps margin improvement in 2026 and +100 bps in 2027 (total +560 bps over 2022–2027).
Financial performance
Air Liquide reported a Q2 comparable revenue increase of +3.5%, lifting H1 revenues to nearly €14 billion (up +2.6% on a comparable basis and +4.3% excluding currency and energy, including DIG Airgas). The Group delivered nearly €300 million of efficiencies and operating margin expanded by +110 basis points excluding energy impact and PPA amortization versus H1 2025. Cash flow from operating activities before changes in working capital rose +8% excluding currency, and recurring net profit increased +9.9% excluding currency.
M&A, financing and investment
The DIG Airgas acquisition in South Korea closed for approximately €3 billion (as of January 13, 2026), doubling the local workforce and adding about €900 million of revenue. The Group completed divestitures of biogas activities in the US, France, Norway and Sweden, and issued a 640 million CHF multi-tranche bond. Investment decisions in H1 reached nearly €3 billion, including €1 billion in Electronics to support AI, and the commercial backlog rose to €6 billion.
Commercial wins and projects
Electronics: commissioning in Taichung (Taiwan) and investments including €200 million in Hiroshima and near‑€200 million for SK hynix in South Korea, plus >$170 million in Indiana; US investments include >$160 million in Arizona and >$150 million in Idaho. Industry and decarbonization: carbon capture project in Obourg (Belgium) for Holcim, >$350 million in Louisiana with Hyundai‑Posco Louisiana LLC, >$200 million in Texas at Oxea’s Bay City site, and a €70 million investment in Kazakhstan. Space: renewed ArianeGroup contracts for Ariane 6 and supply to NASA for Artemis II. Healthcare: a four‑year contract in Valencia (Spain) to support over 90,000 respiratory patients. Innovation: ALIAD invested in Quobly for quantum processors.
Outlook
The Group expects to improve operating margin by +100 basis points in 2026 and by +100 basis points in 2027, targeting a cumulative +560 basis points over 2022–2027, and to deliver recurring net profit growth at constant exchange rates in 2026, with specified exclusions for energy and PPA amortization noted in the report.
Source: Air Liquide
