Air Liquide Confirms 2025 Growth and Sets New Margin Goals

Financial Performance

In 2025, Air Liquide achieved a sales figure of 26.940 billion euros, marking a 2% increase on a comparable basis. The company's operating margin exceeded 20%, with recurring net profit surpassing 3.5 billion euros. Cash flow from operating activities before changes in working capital exceeded 6.8 billion euros.

Investments and Acquisitions

Air Liquide made significant investment decisions totaling 4.2 billion euros. A key acquisition was DIG Airgas for approximately 3 billion euros, enhancing the company's presence in South Korea and the semiconductor market. The backlog now stands at 4.9 billion euros.

Efficiency and Profitability

The company generated record efficiencies totaling 631 million euros, a 27% increase compared to 2024. Recurring ROCE increased to 11.2%, despite higher investments for future growth. Cash flow from operating activities grew by more than 8% at constant exchange rates.

Future Outlook

Air Liquide is confident in its ability to increase its operating margin by 100 basis points and deliver recurring net profit growth at constant exchange rates in 2026. A new margin objective for 2027 has been set at an additional 100 basis points, bringing the total objective to 560 basis points over the 2022-2027 period.

Dividend Proposal

The proposed dividend for shareholders is 3.70 euros per share, reflecting a 12.1% increase. A resolution for the attribution of free shares in June 2026 is also planned, based on one share for every 10 shares held.