2025: With a record performance and confident in its transformation dynamic, Air Liquide confirms its growth outlook

Paris, France, February 20, 2026

Press Releases
Group

Proposed dividend at €3.70, up +12.1%
New margin objective: additional +100 bps in 2027

Tableau EN FY 2025.png

Commenting on 2025 results, François Jackow, Chief Executive Officer of the Air Liquide Group, stated:

“Thanks to the commitment of our teams, the strength of our business model and our transformation dynamic, we have achieved a remarkable performance in 2025.

Supported by our strong and diversified growth drivers, we accelerated our development and further improved our operational excellence. This momentum has allowed us to reach new heights, with operating margin exceeding 20%, recurring net profit surpassing 3.5 billion euros and cash flow from operating activities before changes in working capital exceeding 6.8 billion euros. Beyond the achievement of innovative projects and numerous commercial successes, Air Liquide’s year has been characterized by several strategic value-creating deals, including signing an acquisition agreement for DIG Airgas.

Our sales amounted to 26,940 million euros in 2025, up +2%⁽¹⁾ on a comparable basis (-0.4% on a reported basis, reﬂecting a negative currency impact mitigated by a favorable energy impact). All Gas & Services businesses, which accounts for 97% of Group sales, recorded growth.

In line with the ongoing transformation plan implemented in mid-2024, we generated record efficiencies totaling 631 million euros, up +27% compared to 2024.

The Group’s recurring net profit⁽²⁾ excluding the currency impact increased by +9.7%. Recurring ROCE increased to 11.2%, despite the increase in investments to prepare for future growth. Cash flow from operating activities before changes in working capital also registered a very strong growth, up more than 8% at constant exchange rates.

We continue to prepare for the future with our innovation capabilities and targeted investments. As a result, investment decisions reached 4.2 billion euros. Furthermore, we acquired DIG Airgas⁽³⁾, for approximately 3 billion euros. It is a major player in South Korea which, in addition to boosting our presence in this dynamic and innovative economy, consolidates our portfolio of opportunities, notably in the semiconductor market. As a result, our backlog now stands at 4.9 billion euros⁽⁴⁾.

Demonstrating our confidence in the future, the dividend that will be submitted to the shareholders’ vote at the General Meeting on May 5, 2026 amounts to 3.70 euros per share, i.e. an increase of +12.1%, as well as a resolution allowing the attribution of free shares in June 2026, on the basis of one share for every 10 shares held.

Our ADVANCE strategic plan for 2022-2025 has now been successfully completed. We are pleased to have achieved or exceeded all of our ambitious financial and extra-financial goals, often ahead of schedule. Among these, we significantly boosted our profitability, achieving our 2023 target of a recurring ROCE of more than 10% by the end of 2022. On the environmental front, the Group achieved its CO₂ emissions inflection target. This performance is reflected in a 13% reduction compared to 2020 and a decrease in carbon intensity of 46% since 2015.

Air Liquide is therefore confident in its ability to increase its operating margin by +100 basis points⁽⁵⁾ and to deliver recurring net profit growth⁽⁶⁾, at constant exchange rates, in 2026.

Building on this confidence in its outlook, the Group also announces today its new margin objective for 2027 of +100 basis points⁽⁷⁾. This brings its total objective to +560 basis points over the 2022-2027 period.

Highlights

Acquisition of DIG Airgas for approximately 3 billion euros, a leading player in the industrial gases sector in South Korea. This deal marks another significant milestone for the Group, 10 years after the major acquisition of Airgas in the United States. Air Liquide is now the leader in the dynamic South Korean market. The company will double its workforce and reach around 900 million euros of combined sales. This acquisition will be net profit accretive one year after integration⁽⁸⁾.
Acquisition of NovaAir, leader in the production and distribution of industrial gases in India. This new investment complements Air Liquide’s existing businesses in the country, and brings in a large portfolio of projects managed by an experienced team. The Group will therefore offer a wide range of solutions and services to various industrial sectors including metals, automotive, electronics and healthcare.

Innovation

A world first: Air Liquide has developed an innovative technology to convert ammonia into hydrogen at an industrial scale, paving the way for new low-carbon supply chains.
The SupraMarine consortium, comprising five leading European players including Air Liquide, has launched an innovative project to connect offshore wind farms to land using a system of superconductor cables. One of the challenges is the extreme cold required for the system to operate. This is where the Group’s expertise will be crucial, with its proprietary Turbo-Brayton technology.

Industry and Energy Transition

Announcement of two large-scale projects in the Netherlands to produce renewable and low-carbon hydrogen in Europe: the ELYgator project, a 200 MW Air Liquide electrolyzer, having received support from the Dutch government and the Group’s ﬁnal investment decision in July, as well as the creation of a 50/50 joint venture with TotalEnergies to study the building a 250 MW electrolyzer on the Zeeland refinery site.
In the United States, on the Gulf Coast, Air Liquide expanded its hydrogen production business. Air Liquide will build on its existing infrastructure with close to 50 million US dollars in targeted investments to supply two of the country’s largest reﬁners.
In the United States, investment of up to 200 million US dollars in Louisiana to expand Air Liquide’s pipeline network and to modernize one of its plants as part of a contract renewal with Dow.

Electronics

In Germany, more than 250 million euros were invested to build new state-of-the-art industrial gas production units for a major customer in the semiconductor industry located in Silicon Saxony.
In the United States, a 50 million US dollar investment to support the growth of the semiconductor industry. An additional ultra-pure gas production plant will be built on the site of one of the largest manufacturers in the world for advanced chip design.
In South Korea, a new molybdenum production plant has been inaugurated and will supply a critical new advanced material for next-generation semiconductors. Through this strategic investment, Air Liquide strengthens its leadership, as the ﬁrst industrial player able to provide these solutions at large scale to its partners.
To meet the demand for advanced electronic components, several new contracts were signed in Singapore. Firstly, the Group will build, own and operate new state-of-the-art industrial gas production facilities that will support the expansion of a major manufacturer, for a total investment of 130 million euros. Secondly, a long-term supply contract has been signed with VSMC, worth approximately 70 million euros. Air Liquide will build a new production unit there to supply very high purity gases to support the semiconductor industry.

Healthcare

Award of a major ﬁve-year contract with the Community of Madrid to provide home care for 70,000 patients suffering from respiratorydiseases. This success consolidates Air Liquide’s leading position in the Spanish market.
In Germany, strengthening of the Home Healthcare business through the acquisition of two residential intensive care companies (intensivLeben GmbH and AP-Sachsen GmbH), thereby expanding Air Liquide’s presence in the market for assisted living facilities.

Sustainable Development

Effectiveness of the Group’s proactive approach to low-carbon electricity supply confirmed. 2025 was marked by the start-up of 3 TWh per year from multi-year Power Purchase Agreements (PPAs), supporting Air Liquide’s long-term decarbonization trajectory.
In China, Air Liquide will expand and electrify its oxygen production unit in Shaanxi, supporting the national commitment to decarbonize this industry.

Footnotes

(1) Includes a limited contribution from Argentina (hyperinflation). See table in appendix 5.1.

(2) Group’s net profit recurring grew by +8.4% excluding the currency impact and excluding the contribution of Argentina. See table in appendix 5.1.

(3) As of January 13, 2026

(4) Includes 0.2 billion euros of investment backlog in South Korea (DIG Airgas integration).

(5) Excluding the energy impact and excluding the Purchase Price Accounting impact from the DIG Airgas acquisition.

(6) Recurring net profit excluding exceptional and significant transactions that have no impact on the operating income recurring.

(7) Excluding energy impact

(8) Before Purchase Price Allocation

2025_With a record performance and confident in its transformation dynamic, Air Liquide confirms its growth outlook

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