Air Liquide (AI) Q4 2025 earnings summary

Executive summary

• Achieved record operational and financial performance in 2025, with sales up 2% on a comparable basis and recurring net profit up 10% excluding currency impact, despite macroeconomic and geopolitical headwinds.

• Fully met or exceeded ADVANCE strategic plan objectives, including over 6% average annual sales growth since 2021, recurring ROCE above 11%, and CO2 emissions 13% below 2020.

• Transformation program accelerated, leveraging AI, data, and organizational streamlining, reducing global headcount by 5%, deploying new performance management systems, and increasing diversity among managers.

• Record safety levels achieved, with a 60% reduction in lost time accident frequency rate over two years.

• Major acquisitions included DIG Airgas in South Korea and NovaAir in India, strengthening presence in key markets.

Financial highlights

• Group revenue reached €26,940 million, up 2.0% on a comparable basis, with Q4 growth at 2.5%.

• Operating Income Recurring (OIR) rose 3.5% to €5,582 million, with OIR margin at 20.7% (+80bps), and Gas & Services OIR margin at 22.6% (+130bps), both excluding energy pass-through.

• Recurring net profit up 10% (ex-FX), net profit up 6.4%, and earnings per share grew 6.3% to €6.10.

• Record cash flow of €6.86 billion, financing €4.1 billion gross CapEx, €1.9 billion in dividends, and reducing net debt to equity to 31.2%.

• Investment backlog at €4.9 billion, with 40% dedicated to electronics.

Outlook and guidance

• Reiterated target of +100 basis points margin improvement for 2026 and extended ambition to +560 basis points cumulative by 2027.

• Expecting soft growth in 2026, with potential upside from electronics and U.S. industrial activity.

• Confident in delivering recurring net profit growth at constant exchange rates and further OIR margin improvement.

• Capital Markets Day planned for H2 2026 to outline long-term strategy.