Air Liquide Reports 9.6% Rise in Recurring Net Income, Revenue Growth of 2.6% for H1 2025

Air Liquide reported a 9.6% increase in recurring net income to €1.84bn for H1 2025, with an operating margin of 19.9%, up 100bp. Revenue rose 2.6% to €13.7bn, with a favorable energy effect and stable 12-month investment opportunities at €4.1bn. The company confirmed its target of increasing its operating margin and recurring net income at constant exchange rates in 2025 and aims to increase its operating margin by 200bp over two years until end-2026.

Title: Air Liquide Reports Strong First-Half Performance in 2025

Air Liquide, a leading industrial gases supplier, reported robust financial performance for the first half of 2025, with a 9.6% increase in recurring net income to €1.84 billion. The company's operating margin improved to 19.9%, up by 100 basis points (bps) compared to the previous period. Revenue rose 2.6% to €13.7 billion, driven by a favorable energy effect and stable 12-month investment opportunities valued at €4.1 billion.

The company's strong performance was underpinned by cost controls and investment momentum across energy transition and electronics sectors. Operating margin excluding energy impact rose to 22%, a significant improvement of 130 bps. Cost efficiencies reached €287 million, a 23.3% increase, indicating the company's commitment to operational efficiency.

Air Liquide's gas and services division, which accounts for 97% of total revenue, grew 4% to €13.31 billion. Regionally, revenue increased 2.9% in the Americas, 2.1% in Asia-Pacific, and 0.5% in Europe, Middle East, and Africa (EMEA). The Americas saw strong growth in Large Industries and Healthcare, while Asia-Pacific benefited from increased electronics sales.

The company's investment decisions rose 39% to €2.3 billion, with a significant portion allocated to energy transition projects. New projects include a €250 million investment in Germany and a €200 million expansion in Louisiana. Additionally, Air Liquide finalized a 200 MW electrolyzer in the Netherlands and announced a 250 MW electrolyzer joint venture with TotalEnergies.

Air Liquide remains confident in its ability to achieve its targets of increasing operating margin and recurring net income at constant exchange rates in 2025. The company aims to increase its operating margin by 200 bps over the next two years until the end of 2026.

References:
[1] https://www.investing.com/news/earnings/air-liquide-raises-h1-margins-recurring-profit-up-96-to-184-billion-4156458
[2] https://www.morningstar.com/news/dow-jones/20250729729/air-liquide-posts-higher-profit-revenue