L'Air Liquide (AI) Q2 2026 earnings summary

Executive summary

• Revenue for H1 2026 reached €13,828 million, up 4.3% excluding currency and energy impacts, and 2.6% on a comparable basis, driven by DIG Airgas acquisition and strong Electronics and Healthcare performance.

• Operating income recurring (OIR) rose 10.2% excluding currency, with margin improvement to 20.9% (+110 bps excl. energy and PPA), supported by efficiencies and price increases.

• Record investment decisions of €2.9 billion and a backlog of €6 billion, with Electronics and Large Industries as key growth drivers.

• Major strategic moves included the €3 billion DIG Airgas acquisition in South Korea, doubling workforce and adding €900 million in revenue, and divestiture of biogas activities in multiple countries.

• Cash flow from operating activities before working capital changes was €3,372 million, up 8% excluding currency.

Financial highlights

• Group OIR margin improved to 20.9% (+100/110 bps), Gas & Services OIR margin to 22.8% (+80 bps).

• Net profit (Group share) was €1,823 million (+1.2% as published, +6.5% excl. currency); recurring net profit €1,923 million (+4.4% as published, +9.9% excl. currency).

• Cash flow from operations before working capital was €3,372 million (+3.7% as published, +8% excl. currency).

• Net debt at June 30, 2026: €13.9 billion, up €5.5 billion from December 2025, mainly due to DIG Airgas acquisition and dividend payments; net debt-to-equity ratio at 45.1%.

• Efficiencies achieved: €299 million (+4.0% YoY).

Outlook and guidance

• Expects H2 2026 growth to be similar or slightly higher than H1, despite geopolitical instability.

• Confirms 2026–2027 outlook, targeting +100 bps operating margin improvement each year and +560 bps over 2022–2027.

• Recurring net profit growth expected at constant exchange rates.

• Capital Markets Day scheduled for October 5, 2026, to present new medium-term strategy.