Air Liquide (AI) Q3 2025 earnings summary

Executive summary

• Q3 2025 delivered 1.9% comparable sales growth, with published sales down 2.4% due to currency effects and lower energy prices.

• Record investment backlog near €5 billion, with total capital deployment close to €8 billion including acquisitions.

• Growth driven by core investments, energy transition, and strategic acquisitions, including DIG Airgas in South Korea.

• Margin improvement and efficiency gains remain on track, supported by structural transformation.

• Americas led growth, with strong performance in Healthcare and Industrial Merchant.

Financial highlights

• Group revenue reached €6,599 million in Q3 2025 (+1.9% comparable, -2.4% reported); Gas & Services revenue at €6,386 million.

• IM pricing increased +3.1% in Q3, with cumulative effect over +30% since 2022.

• Cash flow from operations before working capital at €4,947 million YTD (+6.8% excl. currency impact).

• Efficiencies delivered +23% growth year-on-year, surpassing full-year 2022 levels.

• Net debt at €9,317 million, down €477 million from June 2025.

Outlook and guidance

• 2025 outlook confirmed: further operating margin improvement and recurring net profit growth expected at constant exchange rates.

• Committed to deliver OIR margin improvement of +460 bps over 2022-2026, excluding energy passthrough.

• Q4 expected above Q3, with positive momentum in Americas and easier comparisons in Europe.

• Guidance for at least €310 million sales contribution from project startups by year-end.

• Effective tax rate for 2025 expected around 26%.