French industrial gases giant Air Liquide reported solid third-quarter growth, powered by a surge in electronics demand and stronger industrial merchant sales, as the company stepped up investments and rolled out its ambitious strategic plan through 2030.

 

The Group reported revenue of nearly €7.3 billion as of September 30, 2026, marking growth of 4.3% excluding currency and energy impacts and 3% on a comparable basis.

 

Its Gas & Services business, which accounts for more than 97% of Group revenue, grew 3.6% on a comparable basis. Industrial Merchant sales rose 5%, while Electronics delivered a robust 12% increase, fuelled by sustained semiconductor demand linked to artificial intelligence.

 

Asia-Pacific and the Americas emerged as the strongest regional performers, recording comparable growth of 7% and 6%, respectively.

 

The company said the acceleration in sales volumes across Electronics and Industrial Merchant was particularly encouraging, with growth extending beyond the positive impact of pricing.

 

Commenting on the performance, Air Liquide Chief Executive Officer François Jackow said the Group had entered a new phase of growth following the unveiling of its BEYOND strategic plan on October 5.

 

“On October 5th, with the unveiling of BEYOND, our strategic plan through 2030, we opened a new chapter. Our ambition is clear: reach the next frontier in lasting value creation by accelerating operational performance, capturing all profitable growth opportunities, and evolving our capital allocation program to boost shareholder returns.

 

"BEYOND is already being implemented by our teams worldwide. Our third quarter is a perfect illustration, delivering robust performance driven by the momentum of our sales and investments in growth markets. As a reflection of our deep conviction in our strategic roadmap and our commitment to accelerating performance, we are announcing today the launch of the first €1 billion tranche of our share buyback program, to be completed by the end of December," he said.

 

Air Liquide is also accelerating capital expenditure to capitalise on growth opportunities, particularly in the semiconductor and artificial intelligence sectors.

 

Investment decisions reached €1.25 billion in the third quarter, taking the total to more than €4.1 billion since the beginning of 2026. The Group's ongoing investment portfolio has climbed to an unprecedented €6.2 billion.

 

Investments in Electronics alone have almost doubled in the first nine months of 2026 compared with the whole of 2025.

 

Operational performance also strengthened, with the Group generating €441 million in efficiencies through September.

 

Jackow highlighted the scale of the investment push and the growing contribution of technology-driven demand.

 

“Reaching nearly €7.3 billion as of September 30, 2026, our revenue is up +4.3% excluding currency and energy impacts and +3% on a comparable basis. Gas & Services activities(1) grew by +3.6% on a comparable basis, particularly in Industrial Merchant, which rose +5%, confirming a steady growth since the beginning of the year. 

 

"Electronics also acted as a key driver with a strong +12% increase, boosted by sustained semiconductors’ demand for AI, for which our carrier gases and advanced materials are essential. Geographically, Asia-Pacific and the Americas stood out, advancing by +7% and +6% respectively on a comparable basis. 

 

"The key development this quarter is the acceleration of volume growth in Electronics and Industrial Merchant segments, going beyond positive pricing effects. While subject to fluctuations in this volatile environment, this is a very positive sign."

 

Alongside its investment drive, Air Liquide is moving ahead with plans to boost shareholder returns.

 

The company will execute the first €1 billion tranche of its share buyback programme by the end of December 2026. The initiative forms part of a broader €4 billion buyback programme scheduled through the end of 2028.

 

Air Liquide has also successfully issued a €2 billion multi-tranche bond in the European market, with the offering significantly oversubscribed by investors. The company said the strong investor response reflected confidence in its BEYOND strategy.

 

The new BEYOND strategy sets an ambitious growth and profitability roadmap through 2030, with a focus on high-potential markets, operational efficiency and stronger shareholder returns.

 

Air Liquide is targeting compound annual growth of 10%, plus or minus 2%, in recurring net earnings per share over the 2025-2030 period.

 

The plan also aims to deliver recurring return on capital employed (ROCE) above 11% by 2030 while maintaining a significant increase in industrial investments.

 

Its environmental commitment includes a 33% reduction in Scope 1 and 2 CO2 emissions by 2035 compared with the 2020 baseline.

 

Three key levers will drive the earnings ambition: annual sales growth of 5%, plus or minus 1%; operating margin improvement of 400 to 600 basis points; and capital allocation exceeding €40 billion over 2026-2030.

 

More than half of the planned capital allocation will go towards industrial investments, bolt-on deals and strategic acquisitions. The company will also combine regular dividend growth with its €4 billion share buyback programme.

 

Air Liquide is translating the AI-driven semiconductor opportunity into large-scale investments across key manufacturing markets.

 

In Japan, the Group is investing more than €170 million to support the expansion of a leading semiconductor manufacturer's production capacity, including an existing logic chip manufacturing facility. Air Liquide will build, own and operate several production units supplying large volumes of ultra-pure gases.

 

In Idaho, the company is investing more than $150 million in a new industrial gas production plant to support advanced memory chip manufacturing and meet surging AI-related demand.

 

It is also investing more than $170 million to build and operate two industrial gas production units for SK hynix's first US facility in Indiana.

 

Beyond semiconductors, Air Liquide is investing more than $200 million in Texas to establish a new low-carbon gas production facility at the Bay City site of its long-standing partner Oxea, supporting the development of the state's chemical industry.

 

The Group has also joined hands with Ecole normale supérieure (ENS-PSL) and the ENS Foundation to establish a research chair focused on “Artificial Intelligence for chemistry and through chemistry”.

 

Despite an uncertain operating environment, Air Liquide has reaffirmed its financial targets for both 2026 and 2027.

 

For 2026, the Group expects to increase its operating margin by 100 basis points and deliver growth in recurring net profit at constant exchange rates.

 

It is also targeting a further 100-basis-point improvement in operating margin in 2027, taking the cumulative improvement to 560 basis points over the 2022-2027 period.