H1 2026 Results: with an acceleration in the second quarter, Air Liquide combines growth with continuous performance improvement

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H1 2026 Results_ with an acceleration in the second quarter, Air Liquide combines growth with continuous performance improvement

Commenting on the first half of 2026, François Jackow, Chief Executive Officer of the Air Liquide Group, stated:

“In a still complex and changing environment, Air Liquide has once again demonstrated its ability to combine operational performance with dynamic growth. Building on the growth of our business, major commercial successes and a growing backlog, we have successfully secured our long-term growth and performance trajectory. 

I would particularly like to highlight a sharp increase in business in the second quarter, marked by a +3.5% growth, on a comparable basis. This performance boosted the Group's revenue to nearly 14 billion euros in the first half of the year, up +4.3% excluding currency and energy impacts (including DIG Airgas) and +2.6% on a comparable basis. All geographies contributed to this performance, in particular the Americas and Asia, driven by our Electronics, Industrial Merchant and Healthcare businesses, which are real growth drivers. 

At the same time, we generated nearly 300 million euros in efficiencies thanks to our improved operating performance, thus contributing to a significant increase in our operating margin of +110 basis points excluding energy and PPA(1) impact, compared to the first half of 2025. 

Furthermore, our cash flow from operating activities before changes in working capital has risen sharply, up +8% excluding the currency impact. Our strong cash flow ensures that the financing of our future growth is secured. The Group's recurring net profit increased by +9.9%, excluding the currency impact. 

Finally, we continue to actively prepare for our future growth, combining strategic acquisitions and record investment. In addition to the acquisition of DIG Airgas in South Korea(2), our investment decisions totaled a record of nearly 3 billion euros in the first half of the year. This trajectory is based on major commercial successes, particularly in Electronics — where our investment decisions totaled 1 billion euros in the first half of the year to support AI — and in the United States, where our leadership positions us ideally to support both industrial expansion and reshoring projects. Our backlog has achieved a new record of 6 billion euros. 

Air Liquide is therefore confident in its ability to increase its operating margin by +100 basis points(3) and to deliver recurring net profit growth, at constant exchange rates in 2026(4).

The Group is also confident in its ability to improve its margin by +100 basis points(5) in 2027. This brings its total objective to +560 basis points over the 2022-2027 period.”

Highlights

Corporate

  • Completion of the DIG Airgas acquisition for approximately 3 billion euros. The Group has doubled its workforce in South Korea and achieved approximately 900 million euros in revenue. Completed ahead of schedule, this acquisition contributes to the Group's overall performance earlier than expected.

  • Divestiture of biogas production activities in the United States, France, Norway and Sweden, including several production units and distribution assets. It illustrates Air Liquide’s strategy to create value and actively manage its portfolio. 

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

Electronics 

  • Taichung, Taiwan: Successful commissioning of a new Air Liquide Advanced Materials production plant, strengthening the supply chain for next-generation chips.

  • Hiroshima, Japan: 200 million euro investment to build, own and operate two state-of-the-art industrial gas production units, to support the business of a world leader in semiconductors for AI chips.

  • SK hynix support: 

    • South Korea: a nearly 200 million euro investment to supply pioneering solutions for a large-scale industrial project dedicated to the state-of-the-art packaging of HBM (High-Bandwidth Memory). 

    • Indiana, USA: Investment of more than 170 million USD to build, own and operate two new industrial gas production units. They will supply ultra-pure gases to SK hynix's first US site.

  • In the United States, the Group supports the expansion of its customers' sites: 

    • Arizona: More than 160 million USD invested to build, own, and operate a new large-scale production unit and supply advanced chip manufacturing with high-purity gases. 

    • Idaho: More than 150 million USD invested to build, own and operate a new industrial gas production plant. The plant will produce large volumes of essential gases to manufacture advanced memory chips to meet the surging demand for AI in the U.S. and global markets.

Industry and Decarbonization

  • Obourg, Belgium: Agreement to develop a carbon capture solution for Holcim's near-zero cement plant.

  • United States:

    • Louisiana: Investment of more than 350 million USD to support the steel industry. A long-term agreement has been signed with Hyundai-Posco Louisiana LLC (HPLS) including the supply of oxygen, nitrogen and argon for its future low-carbon steel plant. 

    • Texas: More than 200 million USD invested to support the development of the chemical industry in this US state. Air Liquide is strengthening its production capacity at its long-standing partner Oxea's site in Bay City. 

  • Kazakhstan: 70 million euro investment for the Silleno industrial complex. Air Liquide Karabatan Tech Gases LLP (ALKTG) will supply nitrogen and compressed dry air to the future polyethylene plant of this chemical industry player.

  • Space industry:

    • Renewal of the industrial partnership with ArianeGroup, with two major contracts for the operational phase of Ariane 6. These agreements cover the supply of essential cryogenic equipment for the European heavy launcher, and gas for its propulsion.

    • Supply of high-pressure nitrogen to NASA through the Airgas subsidiary as part of the Artemis II mission. 

Healthcare

  • Region of Valencia, Spain: Historic four-year contract to support over 90,000 patients living with respiratory conditions at home. Thanks to its operational excellence and the effectiveness of its digital and AI solutions, the Group provides bespoke healthcare services and contributes to patients’ adherence to treatment.

Innovation

  • Quantum computing: Investment by ALIAD (Air Liquide Venture Capital) in the French start-up Quobly, which develops quantum processors using proven semiconductor manufacturing processes. This strategic partnership aims to support the shift from fundamental research to industrial-scale manufacturing.

Footnotes

(1) Amortization of intangible assets recognized as part of the Purchase Price Allocation for DIG Airgas in South Korea.
(2) As of January 13, 2026.
(3) Excluding energy impact and excluding the amortization of intangible assets recognized as part of Purchase Price Allocation following DIG Airgas acquisition. 
(4) Recurring net profit excluding exceptional and significant transactions that have no impact on the operating income recurring. 
(5) Excluding energy impact.

  • H1 2026_Results with an acceleration in the second quarter, Air Liquide combines growth with continuous performance improvement

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