L'Air Liquide (AI) Q1 2025 earnings summary

Executive summary

• Q1 2025 revenue reached €7,028 million, up 1.7% year-over-year on a comparable basis and 5.7% as published, demonstrating resilience amid global uncertainty.

• Record investment backlog of €4.5 billion, with over 40% in energy transition projects and a diversified project mix supporting future growth.

• Margin improvement initiatives and efficiencies delivered €131 million in cost savings, up 17% year-over-year.

• Portfolio management included three acquisitions (US, Brazil, Spain) and one divestiture (Japan HHC), supporting strategic growth.

• Business model resilience is supported by local-for-local operations, diversified sectors, and long-term contracts.

Financial highlights

• Group revenue was €7,028 million (+1.7% comparable, +5.7% published) compared to Q1 2024.

• Gas & Services revenue: €6,831 million (+1.8% comparable, +7.4% published); Engineering & Technologies revenue: €198 million (-2.9% comparable).

• IM pricing increased 2.5% in Q1, with a +2.2% effect excluding Argentina, matching Q4 2024.

• Efficiencies delivered €131 million in Q1, a record for the quarter.

• Cash flow from operations before working capital was €1,620 million, up 0.7% year-over-year, or +4.9% excluding exceptional items.

Outlook and guidance

• 2025 outlook confirmed: further operating margin improvement and recurring net profit growth at constant exchange rates.

• Margin improvement target raised to +460 basis points over 2022–2026, excluding energy impact.

• Expectation of significant increase in startup and ramp-up contributions, targeting over €310 million for 2025.