Air Liquide has kicked off 2026 with robust momentum, reporting solid revenue growth, rising efficiencies, and record investment activity despite a volatile global backdrop marked by geopolitical instability.

 

Commenting on the first quarter, François Jackow, Chief Executive Officer of the Air Liquide Group, said: "In a context of geopolitical instability, marked in particular by the conflict in the Middle East, where the safety of our teams and the integrity of our facilities have been our top priority, we delivered another strong performance during the quarter.

 

"Our resilient and agile business model is the key to our continued growth. It is now more relevant than ever to address the growing challenges, whether industrial or energy, to sovereignty.”

 

The industrial gases giant posted Q1 sales of nearly €6.8 billion, up +3.4% excluding currency and energy effects, boosted by the acquisition of DIG Airgas. Growth was led by its Gas & Services division, which rose +2% on a comparable basis.

 

Regional performance was strongest in the Americas, while Industrial Merchant and Electronics each delivered +3% growth. Healthcare remained a standout, rising +4%, continuing its independence from broader industrial cycles.

 

Efficiency gains also accelerated. The company generated €142 million in cost efficiencies, up 8% year-on-year, while Industrial Merchant pricing rose +3.4%, reinforcing margin expansion efforts.

 

Jackow highlighted the impact of ongoing transformation initiatives: “At the same time, strengthening our operating performance and the ongoing transformation program enabled us to generate 142 million euros of efficiencies, up +8% compared to the same period in 2025.”

 

Cash generation also strengthened, with operating cash flow before working capital up 7% at constant exchange rates.

 

Air Liquide continued to ramp up investment, deploying €1.5 billion in the quarter as part of a long-term growth strategy. Its project backlog hit a record €5.5 billion, underscoring strong industrial demand and a deep pipeline of future projects.

 

Among major wins, the company will supply Hyundai Steel and Posco’s joint venture in Louisiana with industrial gases for a low-carbon steel plant, and support a leading semiconductor manufacturer in Japan with ultra-pure gases for next-generation AI chip production. In South Korea, the acquisition of DIG Airgas was completed ahead of schedule, strengthening its position in a fast-growing market.

 

Jackow added: “Air Liquide is therefore confident in its ability to increase its operating margin by +100 basis points and to deliver recurring net profit growth, at constant exchange rates in 2026.”

 

He further projected continued momentum, stating: “The Group is also confident in its ability to improve its margin by +100 basis points again in 2027. This brings its total objective to +560 basis points over the 2022-2027 period.”