Air Liquide (AI) Q1 2026 earnings summary

Executive summary

• Q1 2026 delivered resilient growth and margin expansion, with sales/revenue up 3.4% excluding FX and energy, driven by organic growth, DIG Airgas integration, and strong Americas and Asia performance.

• Record investment backlog of EUR 5.5 billion secures future profitable growth, supported by major contract wins in the US, Japan, and South Korea.

• Operational continuity maintained in the Middle East, with limited direct financial exposure and robust crisis management.

• Strategic investments and acquisitions, including DIG Airgas, reinforce leadership in industrial, electronics, and healthcare sectors.

• Operating performance improved with €142 million in efficiencies (+8% YoY), and cash flow from operations before working capital up 7% at constant FX.

Financial highlights

• Group sales/revenue reached up to €7,028m, down 3.5% as published but up 3.4% excluding FX and energy; comparable sales growth was +1.9% YoY.

• Americas delivered up to +5.5% comparable growth, with Large Industry up +8.3% and Merchant up +5.3%.

• Asia up +8.3% including DIG, EMEA stable; Healthcare grew +4%, Electronics and Merchant each up +3%.

• Cash flow from operations before working capital was €1,613 million, up 6.7% at constant FX.

• Investment backlog hit a record €5.5bn, with €1.5bn in new investment decisions.

Outlook and guidance

• Q2 growth expected to be similar to Q1, with positive trends in Healthcare, semiconductors, defense, and U.S. manufacturing.

• 2026 outlook confirmed: targeting +100 bps operating margin improvement in 2026, +560 bps cumulative over 2022–2027, and recurring net profit growth at constant FX.

• Transformation plan and efficiency gains expected to continue supporting margin improvement.

• Geopolitical tensions in the Middle East have limited direct financial exposure (~1% of revenue); helium supply interruption from Qatar had limited Q1 impact.