Commenting on the 1^st quarter of 2026, François Jackow, Chief Executive Officer of the Air Liquide Group, stated:

“In a context of geopolitical instability, marked in particular by the conflict in the Middle East, where the safety of our teams and the integrity of our facilities have been our top priority, we delivered another strong performance during the quarter. 

Our resilient and agile business model is the key to our continued growth. It is now more relevant than ever to address the growing challenges, whether industrial or energy, to sovereignty.

Specifically, our sales in the first quarter amounted to nearly 6.8 billion euros, up +3.4% excluding currency and energy, including the contribution from the acquisition of DIG Airgas⁽¹⁾. This growth was notably driven by the Gas & Services businesses, which recorded a +2% increase on a comparable basis. Geographically, the Americas have been the most dynamic region. In terms of businesses, Industrial Merchant (+3%) and Electronics (+3%) were solid growth drivers. Furthermore, Healthcare, which remains once again independent of broader industrial cycles, demonstrated notable strength with sustained growth (+4%).

At the same time, strengthening our operating performance and the ongoing transformation program enabled us to generate 142 million euros of efficiencies, up +8% compared to the same period in 2025. We have also actively managed our portfolio of businesses and adjusted our prices in Industrial Merchant which are up by +3.4%. These actions contributed to our total margin improvement target of +560 basis points excluding the energy impact over the 2022-2027 period. Furthermore, our cash flow from operating activities before changes in working capital has risen sharply, up +7% at constant exchange rates.

Finally, we remain committed to future-focused strategic investments. Our investments decisions during the period therefore totaled 1.5 billion euros, reaching new heights in industrial projects in particular. Our backlog, now at 5.5 billion euros, set a new record. These investments are part of several commercial successes we are proud to have achieved: in the United States, we will be supplying the new joint-venture between Hyundai Steel and Posco with industrial gases essential for its future low-carbon steel plant in Louisiana. In Electronics, we are going to support a world leader in semiconductors, in Japan, with ultra-pure gases for the production of next-generation AI chips. This growth momentum has also taken shape in South Korea, through the successful acquisition of DIG Airgas, which was completed ahead of schedule⁽¹⁾: this value-creating operation positions us at the heart of a dynamic and innovative economy, and has already opened the door to promising new projects.

Air Liquide is therefore confident in its ability to increase its operating margin by +100 basis points⁽²⁾ and to deliver recurring net profit growth, at constant exchange rates in 2026⁽³⁾.

The Group is also confident in its ability to improve its margin by +100 basis points ⁽⁴⁾ again in 2027. This brings its total objective to +560 basis points over the 2022-2027 period. ”

Highlights

Corporate

• Completion of the DIG Airgas acquisition, a leading player in the industrial gases sector in South Korea, for approximately 3 billion euros. The Group will double its workforce in the country and achieve approximately 900 million euros in revenue. Completed ahead of schedule, this acquisition contributes to the Group’s overall performance earlier than expected.

• Successful inaugural multi-tranche bond issued in Swiss Francs, totaling 640 million CHF, to support Air Liquide’s long-term growth.

Industry and Decarbonization

• In Belgium, signature of an agreement to develop a carbon capture solution for Holcim’s near-zero cement plant in Obourg. This project, intended to capture 1.1 million metric tonnes of CO₂ per year, is part of Holcim’s GO4ZERO project aiming for carbon neutrality in Belgium by the end of the decade, and would contribute to the European Union’s net zero objective for 2050.

• In the United States, Airgas continues to contribute to the advancement of space exploration. As part of the Artemis II mission, the subsidiary supplied NASA with high-pressure nitrogen, which was essential for this historic launch. The space sector is one of the Group’s many areas of development, and where it is ideally positioned, particularly due to its long-standing presence in the United States.

• Signature of a long-term agreement with Hyundai-Posco Louisiana LLC (HPLS) to supply oxygen, nitrogen and argon to its future low-carbon steel plant in Louisiana, United States. The Group plans to invest more than 350 million USD in this project, which will also strengthen its presence in the country.

Electronics 

• In Hiroshima, Japan, a new investment of 200 million euros to build, own and operate two state-of-the-art industrial gas production units. This project aims to support a world leader in semiconductors in the manufacture of next-generation chips, playing a key role in Artificial Intelligence technologies. With 78 dedicated units to electronics customers in Japan, Air Liquide is one of the market leaders.

• In Taiwan, inauguration of an Advanced Materials production plant in the city of Taichung. Already present in this strategic and innovative market with 54 dedicated units to the semiconductor industry in Taiwan, this is Air Liquide’s first large-scale production center for advanced deposition and etching materials in Taiwan. These molecules are essential to the development of next-generation chips, engines of artificial intelligence and high-performance computing.

Footnotes :

(1) As of January 13, 2026.

(2) Excluding the energy impact and excluding the Purchase Price Allocation impact from the DIG Airgas acquisition.

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

(4) Excluding energy impact.