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Air Liquide
Air Liquide (AI) investor relations material
Air Liquide Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary20 Feb, 2026
Executive summary
Achieved record operational and financial performance in 2025, with sales up 2% on a comparable basis and recurring net profit up 10% excluding currency impact, despite macroeconomic and geopolitical headwinds.
Fully met or exceeded ADVANCE strategic plan objectives, including over 6% average annual sales growth since 2021, recurring ROCE above 11%, and CO2 emissions 13% below 2020.
Transformation program accelerated, leveraging AI, data, and organizational streamlining, reducing global headcount by 5%, deploying new performance management systems, and increasing diversity among managers.
Record safety levels achieved, with a 60% reduction in lost time accident frequency rate over two years.
Major acquisitions included DIG Airgas in South Korea and NovaAir in India, strengthening presence in key markets.
Financial highlights
Group revenue reached €26,940 million, up 2.0% on a comparable basis, with Q4 growth at 2.5%.
Operating Income Recurring (OIR) rose 3.5% to €5,582 million, with OIR margin at 20.7% (+80bps), and Gas & Services OIR margin at 22.6% (+130bps), both excluding energy pass-through.
Recurring net profit up 10% (ex-FX), net profit up 6.4%, and earnings per share grew 6.3% to €6.10.
Record cash flow of €6.86 billion, financing €4.1 billion gross CapEx, €1.9 billion in dividends, and reducing net debt to equity to 31.2%.
Investment backlog at €4.9 billion, with 40% dedicated to electronics.
Outlook and guidance
Reiterated target of +100 basis points margin improvement for 2026 and extended ambition to +560 basis points cumulative by 2027.
Expecting soft growth in 2026, with potential upside from electronics and U.S. industrial activity.
Confident in delivering recurring net profit growth at constant exchange rates and further OIR margin improvement.
Capital Markets Day planned for H2 2026 to outline long-term strategy.
DIG Airgas: key growth areas in S. Korea
Structural levers for 2027 margin objective
Industrial-scale low-carbon innovations
Drivers for 2027 margin improvement target
Electronics growth: margin mix or competition impact?
Reasoning for dropping start-up revenue guidance
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Next Air Liquide earnings date
Q1 202623 Apr, 2026
Air Liquide
Next Air Liquide earnings date
Q1 202623 Apr, 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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