Air Liquide (AI) Q2 2025 earnings summary

Executive summary

• Achieved resilient and profitable growth in H1 2025, with revenue up 2.6% published and 1.8% comparable, and record investment backlog despite a turbulent macroeconomic and geopolitical environment.

• Transformation and streamlining initiatives, including management reductions and digitalization, drove efficiencies and margin expansion.

• Major progress in energy transition and electronics, with significant investments and a focus on sustainability.

• Strong cash flow and cost efficiencies support future growth and recurring net profit improvement.

• Board approved interim financial statements with an unqualified review report from statutory auditors.

Financial highlights

• Group revenue reached €13,722 million in H1 2025, up 2.6% published and 1.8% comparable year-over-year.

• Operating income recurring (OIR) rose to €2,737 million (+5.2%), with group OIR margin at 19.9% (+100 bps excluding energy impact).

• Net profit (Group share) was €1,801 million (+7.2%), recurring net profit €1,842 million (+9.6%), and EPS increased to €3.12 (+6.8%).

• Efficiencies reached €287 million (+23.3%), driven by transformation and digitalization.

• Net debt at €9.8 billion; gearing at 33.5%.

Outlook and guidance

• Confirmed 2025 guidance and ambition to improve OIR margin by +200 bps over two years to end-2026, with further recurring net profit growth at constant exchange rates.

• Expect similar top-line momentum and resilient sales across all geographies for the remainder of 2025.

• Growth strategy based on asset optimization, core investments, energy transition, and acquisitions.