Our strategic plan ADVANCE

Launched in 2022, the ADVANCE strategic plan was successfully completed by the end of the 2025 fiscal year. By placing sustainable development at the heart of its strategy, Air Liquide demonstrated its ability to combine profitable growth with an ambitious decarbonization trajectory.

A chapter closed, a foundation built

The three objectives set by the plan were achieved, demonstrating the Group's resilience and the relevance of its positioning in the markets of the future.

This chart outlines the goals and targets achieved by 2025. Details are provided below.
(a) Group comparable sales CAGR from year-end 2021 to year-end 2025, at 2021 energy price and FX, excluding significant scope.
(b) Recurring ROCE based on Recurring Net Profit.
(c) Including +2.6% Argentina impact.
(d) Scope 1 and 2 emissions, scope 2 on a "market basis", restated emissions.
  • The compound annual comparable growth rate (CAGR) of the revenue over the 2022-2025 period reached +6.1%1, in line with the ADVANCE plan's target of +5% to +6%. It is calculated based on 2021 sales, at the 2021 currency rate and energy price, excluding the impact of significant scope (acquisition of Sasol’s ASUs and deconsolidation of the Russian subsidiaries).
  • The return on capital employed (ROCE2) stood at 11.2% at the end of 2025. The ADVANCE target of a recurring ROCE above 10% from 2023 was achieved as early as the end of 2022, one year ahead of schedule.
  • The ADVANCE objective of reaching an inflection point in absolute CO₂ emissions was achieved, following two consecutive years of significant decline in CO₂ emissions in absolute value in 2023 and 2024. In 2025, the trajectory was confirmed, with a further reduction in emissions (Scopes 1 and 2) of -2.0% compared to 2024 and -13.0% compared to the 2020 baseline.

Financial performance

To achieve these objectives, the Group optimized its capital resources and improved its operating margin. This performance is based on a dynamic pricing policy, structural efficiencies, and active business portfolio management. 

The initial operating margin improvement ambition (excluding the energy impact) of the ADVANCE plan communicated in March 2022 was +160 basis points over 4 years from 2022 to 2025. In February 2024, it was revised upwards to +320 basis points, a doubling of the initial ambition. 

At the end of 2025, the operating margin improvement (excluding the energy impact) reached +360 basis points, over 4 years, from 2022 to 2025.

Sustainability commitments

In 2025, the Group’s Scopes 1 and 2 CO₂ emissions are down -13.0%3 compared with the 2020 baseline. 2050 The Group’s carbon intensity4 stood at 4.0, a -46% decrease compared to 2015, exceeding the reduction target of -30% in 2025.

1. Including +2.6% Argentina impact.
2. Recurring ROCE based on Recurring Net Profit.
3. Scopes 1 & 2 CO₂ emissions, Scope 2 “market-based”, restated emissions. 
4. In kg CO₂-equivalent/euro of operating income before depreciation and amortization and excluding IFRS 16 at 2015 exchange rates on Scopes 1 and 2 of greenhouse gas emissions, Scope 2 on a “market-based” methodology.