Air Liquide (AI) Q4 2025 earnings summary

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.

• Fully met or exceeded ADVANCE strategic plan objectives, including over 6% average annual sales growth since 2021 and recurring ROCE above 11%.

• Transformation program accelerated, leveraging AI, data, and new global business services to streamline operations and reduce management layers.

• Record safety levels achieved, with a 60% reduction in lost time accident frequency rate over two years and increased diversity among managers.

• 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 to €5,582 million (+3.5% published, +7.6% comparable), with OIR margin at 20.7% (+80bps), and Gas & Services OIR margin up 130bps to 22.6% (ex-energy impact).

• Recurring net profit up 10% excluding FX, net profit (Group share) up 6.4% to €3,518 million, and earnings per share at €6.10 (+6.3%).

• Record cash flow from operations of €6,855 million, supporting €4.1 billion gross CapEx, €1.9 billion in dividends, and major acquisitions.

• Net debt-to-equity ratio at 31.2%, with net debt at €8.4 billion, expected to rise post-DIG acquisition.

Outlook and guidance

• Reiterated target of +100bps margin improvement for 2026 and extended ambition to +560bps cumulative by 2027.

• Confident in delivering recurring net profit growth at constant exchange rates, regardless of macro environment.

• Capital Markets Day planned for H2 2026 to outline long-term strategy.