Air Liquide has delivered a standout 2025 performance, smashing profitability targets, ramping up cash generation and sealing a transformative €3 billion acquisition in South Korea — as the French industrial gases giant declares a new phase of accelerated growth.
Commenting on 2025 results, François Jackow, Chief Executive Officer of the Air Liquide Group, stated: "Thanks to the commitment of our teams, the strength of our business model and our transformation dynamic, we have achieved a remarkable performance in 2025.
"Supported by our strong and diversified growth drivers, we accelerated our development and further improved our operational excellence. This momentum has allowed us to reach new heights, with operating margin exceeding 20%, recurring net profit surpassing 3.5 billion euros and cash flow from operating activities before changes in working capital exceeding 6.8 billion euros.
"Beyond the achievement of innovative projects and numerous commercial successes, Air Liquide’s year has been characterized by several strategic value-creating deals, including signing an acquisition agreement for DIG Airgas.”
The topline and bottomline numbers underline the momentum.
Group sales reached €26.94 billion, up 2% on a comparable basis, with Gas & Services — representing 97% of revenues — posting growth across all business lines. Operating margin climbed above 20%, recurring net profit exceeded €3.5 billion, and operating cash flow before working capital changes surged past €6.8 billion.
Efficiency gains hit a record €631 million, up 27% year-on-year, driven by the transformation plan launched in mid-2024. Recurring net profit, excluding currency effects, rose 9.7%, while return on capital employed increased to 11.2% — even as the Group stepped up investment for future expansion.
The headline move of the year: the €3 billion acquisition of DIG Airgas, positioning Air Liquide as the leader in South Korea’s fast-growing industrial gases market. The deal doubles the Group’s workforce in the country and brings combined sales to around €900 million. Management expects the acquisition to be accretive to net profit within a year of integration.
The transaction marks the biggest strategic milestone since Air Liquide’s landmark Airgas acquisition in the United States a decade ago, reinforcing its global scale and exposure to high-growth sectors — particularly semiconductors.
The Group also strengthened its presence in India with the acquisition of NovaAir, broadening its industrial footprint across metals, automotive, electronics and healthcare.
Backed by €4.2 billion in investment decisions in 2025, Air Liquide’s project backlog now stands at €4.9 billion.
