L'Air Liquide (AI ) CMD 2026 summary

Strategy and financial objectives

• BEYOND replaces ADVANCE through 2030; performance under ADVANCE exceeded its growth, profitability and extra-financial objectives.

• Recurring EPS CAGR target: 10% ±2% from end-2025 to end-2030; recurring ROCE target: >11% in 2030, excluding strategic acquisitions.

• Sales growth target: 5% ±1% CAGR over 2026–2030 at 2025 FX and energy prices, including acquisition scope; targeted to outpace industrial production by 2–3x.

• OIR margin improvement target: 400–600 bps over 2026–2030, building on 360 bps of improvement over four years in ADVANCE.

Growth priorities and business lines

• Four priority markets are electronics and AI, energy transition, healthcare and space; growth levers also include asset loading, customer densification, gas applications, pricing and acquisitions.

• Electronics sales target: >10% CAGR through 2030; more than half of growth was secured, with H1 2026 backlog spanning 26 projects across 11 countries.

• Healthcare sales target: 4%–6% CAGR in 2026–2030; home healthcare serves 2.3m patients in 30 countries, with AI-enabled and personalized care expansion.

• Energy-transition backlog reached €2.2bn in H1 2026; projects are selected using a >10% IRR hurdle, long-term supply contracts and take-or-pay clauses.

Regional growth plans

• Gas & Services growth targets for 2026–2030: Americas 5%–6%, Asia 8%–9% and EMEA 2%–3%.

• Americas growth is led by electronics, reshoring, data centers, infrastructure, defense and space; >80% of U.S. large-industries and electronics startup contributions are secured.

• EAMEI targets 2%–3% growth in Europe, with restructuring and footprint optimization offsetting high energy costs; Africa, the Middle East and India target >10% growth.

• Asia growth is supported by electronics, expected to reach 40% of Asia-Pacific revenue in 2030 from 29% in 2020, and >€3bn of carrier-gas investment.