Air Liquide Q3 2025: Sales Growth and Strategic Successes

Financial Performance

Air Liquide reported a revenue of nearly 6.6 billion euros for Q3 2025, marking a 1.9% increase on a comparable basis. The Gas and Services segment, contributing 97% of the Group's revenue, also grew by 1.9% comparably, reaching 6,386 million euros. Healthcare and Industrial Merchant sectors were key growth drivers, with increases of 5% and 3% respectively. The Americas region showed notable growth at 5%.

Operational Efficiency

The Group achieved record efficiencies of 23% by the end of September. Cash flow increased by 7%, excluding currency impacts, supported by dynamic business portfolio management and strategic price adjustments in the Industrial Merchant sector.

Investment Initiatives

Air Liquide's investment momentum remains robust, with a backlog at a record level of nearly 5 billion euros. Investment decisions amounted to 0.9 billion euros, focusing on major industrial projects like the 200 MW ELYgator electrolyzer in the Netherlands and new industrial gas production units in Dresden, Germany, aimed at supporting the energy transition and electronics sectors.

Strategic Acquisitions

The planned acquisition of DIG Airgas, a leading industrial gas company in South Korea, is expected to create value through business complementarity and 20 secured projects. This acquisition is anticipated to contribute to net profit in the year following its integration.