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Air Liquide (AI) investor relations material
Air Liquide Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary28 Oct, 2025
Executive summary
Q3 2025 delivered 1.9% comparable sales growth, with published sales down 2.4% due to currency effects and lower energy prices.
Record investment backlog near €5 billion, with total capital deployment close to €8 billion including acquisitions.
Growth driven by core investments, energy transition, and strategic acquisitions, including DIG Airgas in South Korea.
Margin improvement and efficiency gains remain on track, supported by structural transformation.
Americas led growth, with strong performance in Healthcare and Industrial Merchant.
Financial highlights
Group revenue reached €6,599 million in Q3 2025 (+1.9% comparable, -2.4% reported); Gas & Services revenue at €6,386 million.
IM pricing increased +3.1% in Q3, with cumulative effect over +30% since 2022.
Cash flow from operations before working capital at €4,947 million YTD (+6.8% excl. currency impact).
Efficiencies delivered +23% growth year-on-year, surpassing full-year 2022 levels.
Net debt at €9,317 million, down €477 million from June 2025.
Outlook and guidance
2025 outlook confirmed: further operating margin improvement and recurring net profit growth expected at constant exchange rates.
Committed to deliver OIR margin improvement of +460 bps over 2022-2026, excluding energy passthrough.
Q4 expected above Q3, with positive momentum in Americas and easier comparisons in Europe.
Guidance for at least €310 million sales contribution from project startups by year-end.
Effective tax rate for 2025 expected around 26%.
What specific synergies drive DIG Airgas value?
Detail ELYgator's impact on hydrogen strategy
What drives Electronics growth excluding equipment?
Impact of CBAM on investment opportunities?
Outlook for Large Industries underlying demand?
Sources of accelerated efficiency gains?
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Next Air Liquide earnings date
Q4 202520 Feb, 2026
Next Air Liquide earnings date
Q4 202520 Feb, 2026
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Frequently asked questions
L'Air Liquide S.A. provides industrial gases and services to various industries including medical, chemical, and electronic sectors. Its products include oxygen, nitrogen, and hydrogen, along with solutions for energy transition and healthcare. The company primarily serves customers in industrial production, healthcare, and technology sectors. L'Air Liquide S.A. is headquartered in Paris, France, and its shares are listed on the Euronext Paris.
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