Air Liquide has reported a stronger-than-expected first half of 2026, powered by accelerating second-quarter growth, improved operating performance and a record investment pipeline focused on artificial intelligence, electronics, healthcare and industrial decarbonisation.

 

The industrial gases giant said revenue reached nearly €14 billion in the first half of 2026, with comparable revenue growth of 2.6% and a 4.3% increase excluding currency and energy impacts, including DIG Airgas. Growth accelerated in the second quarter, with business rising 3.5% on a comparable basis, driven by strong performances across the Americas and Asia.

 

François Jackow, Chief Executive Officer of the Air Liquide Group, said: "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.”

 

Jackow highlighted the company’s expanding role in sectors linked to artificial intelligence, semiconductors and industrial transformation.

 

“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.”

 

Air Liquide generated nearly €300 million in efficiencies during the first half, helping drive a significant improvement in operating profitability. The Group’s operating margin increased by 110 basis points, excluding energy and purchase price allocation impacts, compared with the first half of 2025.

 

“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.”

 

The Group’s recurring net profit increased 9.9% excluding currency impacts, while operating cash flow before changes in working capital rose 8% excluding currency effects, strengthening its ability to fund future expansion.

 

“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.”

 

Air Liquide announced nearly €3 billion in investment decisions during the first half, the highest level in the company’s history. The Group’s backlog reached a record €6 billion, reflecting strong demand for future projects.

 

Key investments include major projects supporting semiconductor manufacturing and artificial intelligence infrastructure: A €200 million investment in Hiroshima, Japan, to build and operate two advanced industrial gas production units for a leading semiconductor manufacturer. Nearly €200 million investment in South Korea to support advanced High-Bandwidth Memory (HBM) packaging projects.

 

More than $170 million investment in Indiana, USA, to supply ultra-pure gases for SK hynix’s first US manufacturing site. More than $160 million investment in Arizona and more than $150 million in Idaho to support advanced chip production and rising AI-driven demand.

 

Jackow said: "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 completed the acquisition of DIG Airgas in South Korea for approximately €3 billion, doubling its workforce in the country and adding around €900 million in revenue.

 

The company said the acquisition was completed ahead of schedule and is already contributing to Group performance.

 

In healthcare, Air Liquide secured a historic four-year contract in Spain’s Valencia region to support more than 90,000 respiratory patients at home, using digital tools and artificial intelligence solutions to improve care delivery.

 

The Group also invested in quantum computing through ALIAD, its venture capital arm, backing French start-up Quobly, which develops quantum processors using semiconductor manufacturing techniques.

 

Air Liquide said it remains confident in achieving its 2026 targets, including a 100 basis point increase in operating margin and recurring net profit growth at constant exchange rates.