In line / mixed
Q2 comparable growth reached about 3.5%, margin improved roughly 110 basis points excluding energy and purchase accounting, and backlog rose to €6.0 billion.
AIMaterialsIndustrial Gases
Air Liquide
A real second-quarter growth beat, record backlog and above-plan margin were partly offset by weak cash conversion.
ResultIn line / mixedGuidanceMaintainedEnvironmentimproving
Latest eventH1 202628 Jul 2026Open full analysis
Latest quarter
The investment read-through
Maintained
Air Liquide reiterated 2026 and 2027 margin objectives ahead of the capital-markets update, leaving the framework looking conservative.
Acceleration
Air Liquide reiterated 2026 and 2027 margin objectives ahead of the capital-markets update, leaving the framework looking conservative.
Qualitative
The operational surprise was positive, but higher leverage and weak first-half free cash flow made the print less clean.
Latest narrative
What the market is now debating
The story progressed from expected acceleration to delivered growth, with cash conversion now the incremental test.
Market environment deltaEnvironmentimproving
A real second-quarter growth beat, record backlog and above-plan margin were partly offset by weak cash conversion.
- Demand
- Electronics accelerated and Industrial Merchant pricing strengthened; Europe remained nearly flat.
- Supply
- The backlog and a large near-term project pipeline improved supply visibility, while factoring normalization and DIG financing raised debt.
- Competition
- Competitive positioning remained strong in Electronics and large projects, with valuation the main constraint on re-rating.
Industry-specific KPIs
What this company should be judged on
Comparable sales growthVolumePriceEfficiencyProject backlog
Latest KPI read-through
Air Liquide reiterated 2026 and 2027 margin objectives ahead of the capital-markets update, leaving the framework looking conservative.
[AS-ME-104]Eight-event history
Guidance and narrative timeline
8
28 Jul 2026
H1 2026
GuidanceMaintainedEnvironmentimproving
A real second-quarter growth beat, record backlog and above-plan margin were partly offset by weak cash conversion.
GuidanceAir Liquide reiterated 2026 and 2027 margin objectives ahead of the capital-markets update, leaving the framework looking conservative.NarrativeThe story progressed from expected acceleration to delivered growth, with cash conversion now the incremental test.
H1 2026Full analysis→
7
28 Apr 2026
Q1 2026 sales
GuidanceMixed / newly framedEnvironmentworsening
A conservative second-quarter growth signpost reset expectations after a strong run in the shares.
GuidanceAt a sales-only event, management pointed to roughly 2% Q2 comparable growth while reiterating annual earnings and margin objectives.NarrativeThe market moved from assuming acceleration to requiring evidence of it.
Q1 2026 salesFull analysis→
6
20 Feb 2026
FY2025
GuidanceMixed / newly framedEnvironmentimproving
A flat top line concealed stronger cash, a larger dividend and a longer margin runway.
GuidanceAir Liquide extended the roughly 100-basis-point margin-improvement cadence into 2027, although the 2026 margin guide screened below consensus.NarrativeThe equity story became an Electronics-plus-margin compounding case with better cash support.
FY2025Full analysis→
5
28 Oct 2025
9M 2025 sales
GuidanceMixed / newly framedEnvironmentmixed
A small, anticipated sales beat lacked a fresh catalyst against a rich valuation and weak sector tape.
GuidanceManagement kept the annual profit and margin ambitions intact at the sales update.NarrativeThe narrative was stable: reliable self-help awaiting a volume catalyst.
9M 2025 salesFull analysis→
4
29 Jul 2025
H1 2025
GuidanceMaintainedEnvironmentmixed
Margin resilience won the half-year debate, but the absence of a volume inflection prevented a re-rating.
GuidanceAir Liquide reaffirmed the annual earnings and margin framework, with no need to rely on a stronger macro recovery.NarrativeThe market increasingly looked toward 2026 projects and strategy rather than near-term volumes.
H1 2025Full analysis→
3
24 Apr 2025
Q1 2025 sales
GuidanceMaintainedEnvironmentmixed
Resilient sales, a record backlog and improving March activity supported the margin thesis without proving a volume recovery.
GuidanceThe profit-growth and margin objectives remained unchanged at a sales-only event.NarrativeInvestors continued to value self-help while questioning whether demand had genuinely turned.
Q1 2025 salesFull analysis→
2
21 Feb 2025
FY2024
GuidanceRaisedEnvironmentimproving
A record year extended the margin ambition and confirmed that pricing, efficiency and backlog could offset weak volumes.
GuidanceManagement raised the cumulative margin objective and retained confidence in recurring earnings growth.NarrativeThe narrative shifted from a one-year margin step-up to a multi-year operational-improvement program.
FY2024Full analysis→
1
23 Oct 2024
9M 2024 sales
GuidanceMaintainedEnvironmentimproving
At a sales-only update, a new margin signpost and record investment decisions mattered more than an in-line top line.
GuidanceAir Liquide reiterated the annual profit-growth ambition and disclosed roughly 100 basis points of margin improvement excluding energy.NarrativeThe story became margin-led while investors waited for industrial volumes to recover.
9M 2024 salesFull analysis→