- Air Liquide’s recurring operating income reached €2.74 billion in the first half of 2025, an increase of 5.2% year over year, but missed the estimate of €2.8 billion.
- The Gas & Services segment’s operating income rose by 7.6% y/y, totaling €2.93 billion.
- The recurring operating margin improved slightly to 19.9% from 19.4% in the previous year but fell short of the estimate of 20.3%.
- Total revenue came in at €13.72 billion, up 2.6% y/y, slightly surpassing the estimate of €13.71 billion.
- Gas & Services revenue increased by 4% to €13.31 billion, below the expected €13.39 billion.
- Americas’ Gas & Services revenue grew 2.2% y/y to €5.29 billion, slightly ahead of expectations.
- Revenue for Europe, Middle East & Africa in Gas & Services was €5.43 billion, with the Asia-Pacific recording a flat performance at €2.59 billion, missing the estimate of €2.69 billion.
- The Large Industries segment saw revenue increase by 7.1% y/y to €3.70 billion, surpassing the estimated €3.68 billion.
- Industrial Merchant revenue hit €6.19 billion, a 3.3% increase, just below the forecast of €6.2 billion.
- Healthcare revenue was up 3.3% y/y to €2.19 billion, slightly below the estimated €2.21 billion.
- Electronics revenue saw a modest uplift of 0.4% y/y to €1.22 billion, short of the estimate of €1.25 billion.
- Net income rose by 9.6% y/y to €1.84 billion, exceeding the estimate of €1.8 billion.
- Comparable sales were up 1.8%.
- Net debt decreased by 3.9% y/y to €9.8 billion, above the estimated €9.73 billion.
- The Engineering & Technologies segment reported revenue of €412 million with operating income at €54 million.
- Air Liquide confirms guidance to increase operating margin and deliver recurring net profit growth at constant exchange rates in 2025.
- The company aims to enhance its operating income margin by 200 basis points by the end of 2026.
- Investment backlog set a new record, reaching €4.6 billion.
A look at Air Liquide SA Smart Scores
| Factor | Score | Magnitude |
|---|---|---|
| Value | 2 | |
| Dividend | 3 | |
| Growth | 4 | |
| Resilience | 4 | |
| Momentum | 4 | |
| OVERALL SMART SCORE | 3.4 |
Smart Score is a compound score for the Company indicating its overall outlook. It is derived by taking an equally weighted average of underlying Factor scores computed by Smartkarma
Based on the Smartkarma Smart Scores, Air Liquide SA shows promising long-term prospects. With above-average scores in Growth, Resilience, and Momentum, the company appears well-positioned to sustain its performance over time. The Growth score of 4 indicates a positive trajectory for the company’s expansion and development. Coupled with a strong Resilience score of 4, Air Liquide SA demonstrates the ability to withstand market challenges and economic fluctuations. Furthermore, a Momentum score of 4 suggests that the company has been trending positively, potentially indicating continued growth momentum in the future.
Air Liquide SA‘s Value score of 2 and Dividend score of 3, although not as high as the other factors, still contribute to its overall outlook. While the Value score points to some undervaluation aspects that investors may consider, the Dividend score reflects a moderate level of dividend performance. Combining these scores with the company’s core operations in industrial and healthcare gases on a global scale positions Air Liquide SA as a notable player in its industry with a favorable long-term outlook.
Disclaimer: This article by Smartkarma is general in nature and based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. Note that our articles may not factor in the latest price-sensitive company announcements or qualitative material.
While all reasonable care has been taken in the preparation, Smartkarma makes no assurance about the accuracy of any generated data or content. All content is indicative only and should be independently checked for accuracy and confirmed before use. Smartkarma accepts no responsibility for any loss or damage caused as a result of any inaccuracy or error within the Lab online tools or generated data.
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