Air Liquide Q1 2026: growth and record investments
- Q1 sales nearly €6.8B, up 3.4% ex-currency/energy; Gas & Services +2%, Industrial Merchant +3%, Electronics +3%, Healthcare +4%.
- Generated €142M efficiencies (+8% vs Q1 2025), operating cash flow before working capital +7% at constant FX, Industrial Merchant prices +3.4%, and targets +100 bp margin in 2026 and +100 bp in 2027 (total +560 bp 2022-2027, ex-energy).
- Investment decisions €1.5B in Q1, backlog €5.5B, completed DIG Airgas acquisition ~€3B adding ~€900M revenue in South Korea, and issued a 640M CHF multi-tranche bond.
- Key projects/contracts: supply O2, N2 and Ar to Hyundai‑Posco Louisiana low‑carbon steel plant (Group to invest >$350M); Holcim Obourg CO2 capture project (1.1 Mt/yr); €200M in Hiroshima for ultra‑pure gases for AI chips; Taichung advanced materials plant; supplied high‑pressure N2 for NASA Artemis II.
Q1 financials and operations
Sales nearly €6.8 billion, up +3.4% excluding currency and energy; Gas & Services +2%; Industrial Merchant +3%; Electronics +3%; Healthcare +4%; Americas were the most dynamic region.
Operational performance
Generated €142 million of efficiencies (+8% vs Q1 2025); operating cash flow before changes in working capital +7% at constant FX; Industrial Merchant prices increased +3.4%; group targets to improve operating margin by +100 basis points in 2026 and another +100 in 2027, totaling +560 basis points over 2022–2027 excluding energy impact.
Investments and portfolio
Investment decisions totaled €1.5 billion in the quarter; backlog reached a record €5.5 billion; completed acquisition of DIG Airgas for ~€3 billion, adding ~€900 million of revenue and expanding presence in South Korea.
Major projects and contracts
Signed to supply O₂, N₂ and Ar to Hyundai‑Posco Louisiana low‑carbon steel plant with planned group investment >$350 million; agreed to develop a CO₂ capture solution for Holcim Obourg (1.1 Mt/yr); €200 million investment in Hiroshima for ultra‑pure gases for semiconductor production; opened an advanced materials plant in Taichung; Airgas supplied high‑pressure nitrogen for NASA’s Artemis II mission.
Source: Air Liquide