Air Liquide Q3 2026: sales growth and BEYOND plan drive acceleration
- Revenue reached nearly €7.3 billion in Q3 2026, up +4.3% excluding currency and energy impacts and +3% on a comparable basis.
- Electronics grew +12% and Industrial Merchant +5%; Asia‑Pacific and the Americas advanced +7% and +6% respectively on a comparable basis.
- Investments totaled €1.25 billion in the quarter and more than €4.1 billion year‑to‑date, underpinning an ongoing investment plan of €6.2 billion.
- Air Liquide launched the first €1 billion tranche of a €4 billion buyback to be completed by end‑December 2026 and set BEYOND targets including recurring EPS CAGR +10% (±2%) to 2030 and recurring ROCE above 11% in 2030.
Q3 performance
Revenue reached nearly €7.3 billion as of 30 September 2026, up +4.3% excluding currency and energy impacts and +3% on a comparable basis. Gas & Services grew +3.6% comparable, led by Industrial Merchant (+5%) and Electronics (+12%), with Asia‑Pacific and the Americas up +7% and +6% respectively. The Group reported €441 million of efficiencies through the end of September.
BEYOND strategic plan
BEYOND, unveiled on 5 October, sets targets to 2030: recurring net EPS CAGR of +10% (±2%), recurring ROCE above 11% in 2030, and a 33% reduction in Scope 1 and 2 CO2 emissions by 2035 versus 2020. Three levers will be flexibly deployed: sales CAGR ~+5% (±1%), margin improvement of +400 to +600 basis points over the period, and capital allocation of over €40 billion to 2030, including a €4 billion share buyback program through end‑2028.
Investments and projects
Investment decisions reached €1.25 billion in the quarter and more than €4.1 billion year‑to‑date, with Electronics investments almost doubling versus full‑year 2025 and ongoing investments reaching €6.2 billion. Notable project commitments include >€170 million in Japan, >USD150 million in Idaho, >USD170 million for SK hynix in Indiana, and >USD200 million for a low‑carbon gas facility in Texas.
Capital allocation and outlook
The Group launched the first €1 billion tranche of the share buyback to be completed by end‑December 2026 and issued a €2 billion multi‑tranche bond. Air Liquide confirmed its 2026 and 2027 outlook and expects to improve operating margin by +100 basis points in both 2026 (excluding energy impact) and 2027, while delivering recurring net profit growth at constant exchange rates in 2026.
Source: Air Liquide