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Air Liquide reported slightly weaker-than-expected first-quarter results, as foreign exchange pressures and elevated energy costs weighed on performance. The industrial gases giant posted revenue of €6.79 billion, narrowly missing Vara consensus estimates of €6.83 billion, highlighting ongoing macroeconomic challenges affecting global operations.
On a comparable basis, revenue growth reached 1.9%, just below the anticipated 2% increase. Regional performance was mixed, with the Americas delivering solid momentum at 5.5% growth, driven by strong demand across key sectors. In contrast, both EMEA and Asia-Pacific regions experienced mild contractions, posting declines of -0.4% and -0.7% respectively, reflecting softer industrial activity and external headwinds.
Within Air Liquide’s core Gas & Services division, which generates the majority of its revenue, performance varied by segment. Healthcare emerged as the top performer with 4% comparable growth, supported by resilient demand for medical gases and services. The Electronics segment followed with a 2.9% increase, benefiting from semiconductor-related demand, while Industrial Merchant grew 2.7%. However, the Large Industries segment declined by 0.9%, indicating weaker activity in energy-intensive industries.
Operating cash flow before changes in working capital remained stable year-over-year at €1.61 billion, signaling consistent financial discipline despite external pressures. Meanwhile, Air Liquide’s investment backlog expanded significantly, rising 12% to €5.5 billion compared to €4.9 billion at the end of 2025. This increase reflects a strong pipeline of new projects, with €1.5 billion in fresh investment decisions made during the quarter.
Looking ahead, Air Liquide reaffirmed its strategic outlook, maintaining its target of achieving 100 basis points of margin improvement in both 2026 and 2027. The company continues to focus on operational efficiency, growth in high-value segments, and disciplined capital allocation to support long-term profitability.
Overall, while Air Liquide’s Q1 earnings slightly missed expectations, its steady cash flow, expanding investment pipeline, and commitment to margin growth position it well for future performance.
