Air Liquide (AI) Q1 2025 earnings summary

Executive summary

• Q1 2025 revenue reached €7,028 million, up 1.7% year-over-year on a comparable basis and 5.7% as published, driven by favorable energy and currency impacts.

• Gas & Services accounted for 97% of sales, with notable growth in Electronics (+3.6% to +5.0%) and Healthcare (+5.3% to +12.3%), while Engineering & Technologies declined by 2.9%.

• Record investment backlog of €4.5 billion, with a diversified project mix supporting future growth, especially in Electronics and energy transition projects.

• Margin improvement initiatives and efficiencies delivered €131 million in cost savings, up 17% year-over-year.

• Portfolio management included three acquisitions (US, Brazil, Spain) and one divestiture (Japan HHC).

Financial highlights

• Group revenue: €7,028 million (+1.7% comparable, +5.7% published year-over-year).

• Gas & Services revenue: €6,831 million (+1.8% comparable, +7.4% published year-over-year).

• Engineering & Technologies revenue: €198 million (-2.9% comparable year-over-year), with order intake up 34%.

• Efficiencies reached €131 million, a record for Q1, up 17% year-over-year.

• Cash flow from operating activities before working capital: €1,620 million, up 0.7% year-over-year, or +4.9% excluding exceptional items.

Outlook and guidance

• Confident in further operating margin improvement and recurring net profit growth at constant exchange rates for 2025.

• Margin improvement target raised to +460 basis points over 2022–2026, excluding energy impact.

• Record €4.5 billion investment backlog and a robust pipeline of €4.1 billion in 12-month investment opportunities, with 40% supporting the energy transition.

• Expectation of significant increase in startup and ramp-up contributions, targeting €310–340 million for 2025.