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Edge27 Aug 2024
The Silicon Empire: TSMC's Revolution and Morris Chang's Legacy
The story of how Morris Chang founded one of the most important companies in history – the world's largest semiconductor foundry – TSMC.
L'Air Liquide
L'Air Liquide (AI ) investor relations material
L'Air Liquide Q3 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2026 earnings summary29 Oct, 2026
Executive summary
Q3 revenue was €7.259bn, up 3.0% on a comparable basis and 4.3% excluding FX and energy; Electronics and Industrial Merchant led growth.
Record investment decisions and a €6.2bn backlog supported profitable growth; 2026 and 2027 margin guidance was reaffirmed.
Financial highlights
Published Q3 revenue rose 10.0%, including +4.2% energy, +1.5% currency and +1.3% significant scope impacts.
Gas & Services revenue was €7.075bn, up 10.8% as published, 5.0% excluding FX and energy, and 3.6% comparable.
Operating cash flow before working-capital changes reached €5.129bn through September, up 5.9% excluding currency; YTD efficiencies totaled €441m.
Net debt was €13.532bn at September-end, down €389m quarter over quarter and up €5.116bn from year-end 2025.
Outlook and guidance
2026 outlook reaffirmed: +100 bps operating margin improvement excluding energy pass-through and DIG AIRGAS purchase price accounting impact; recurring net profit growth expected at constant exchange rates.
Q4 comparable sales growth is expected to be similar to Q3; a further +100 bps margin improvement is targeted in 2027, bringing the 2022–2027 objective to +560 bps.
BEYOND targets 2025–2030 recurring EPS CAGR of 10% ±2%, recurring ROCE above 11% by 2030, sales CAGR of 5% ±1%, and 400–600 bps margin improvement.
BEYOND includes a 33% reduction in Scope 1 and 2 CO₂ emissions by 2035 versus 2020.
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Latest events from L'Air Liquide
- Comparable operating income rose 11.4% as investment backlog reached €4.4bn.AI
Q4 2023 - BEYOND pairs 2030 growth targets with >€40bn of capital allocation and a €4bn buyback.AICMD 2026
- Strong revenue and margin growth, record investments, and robust recurring profit increase.AIQ2 2026
- Q1 2026 delivered 3.4% sales growth (ex-FX/energy), record backlog, and margin expansion.AIQ1 2026
- Record profit, margin expansion, and strategic acquisitions drive strong 2025 performance.AIQ4 2025
- Margin up 100bps, 2.6% sales growth, and record energy transition investments in H1 2024.AIQ2 2024
- $850M investment boosts U.S. oxygen capacity, enabling major CO₂ cuts and hydrogen production.AIInvestor Update
- CO2 emissions fell 11%, energy transition and social targets exceeded, CSRD reporting led peers.AIESG Update
- Q1 2025 saw resilient growth, record investments, and margin gains, led by Healthcare and Electronics.AIQ1 2025
Next L'Air Liquide earnings date
Q4 202619 Feb, 2027
L'Air Liquide
Next L'Air Liquide earnings date
Q4 202619 Feb, 2027
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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.