Air Liquide achieved a solid performance in the third quarter, highlighting the resilience of its diversified business model and its ability to prepare for future growth in a challenging macroeconomic and geopolitical environment.

The Group’s performance this quarter was characterized by growth of its activity on a comparable basis and a record level of investment decisions. In line with its ADVANCE strategic plan, the Group continued its actions to steadily improve operating performance, in particular to generate efficiencies.

François Jackow, Chief Executive Officer, Air Liquide Group, commented: “Revenue reached 6.81 billion euros, an increase of +1.5% on a comparable basis in the third quarter. On a published basis, it stood at -17.4%, mainly due to the drop in energy prices (whose variations are contractually passed through to Large Industries customers) as well as negative currency impacts. The Gas & Services activity, which represented 95% of the Group’s revenue, was up +1.7% on a comparable basis. Industrial Merchant and Healthcare were the growth drivers of this activity.

“Constantly improving its operating performance, the Group has notably generated significant efficiencies of 320 million euros over nine months, which represents an increase of +22%, despite an inflationary environment unfavorable to cost savings on purchases. It also continued the dynamic management of its business portfolio, while its ability to create value enabled it to adjust its prices in Industrial Merchant. Cash flow grew by +8.6% excluding the currency impact.

“The Group’s investment momentum was particularly strong, reflecting its commitment to climate and paving the way for future growth. The project backlog, at 4.2 billion euros, and investment decisions, at 1.3 billion euros this quarter, reached record levels. With more than 40% of projects linked to the energy transition, 12-month investment opportunities are also numerous and total 3.4 billion euros.

“In 2023, Air Liquide is confident in its ability to further increase its operating margin and to deliver recurring net profit growth, at constant exchange rates.”