Building on its resilience, Air Liquide is staying the course in the first quarter of 2025

• Sales growth
• Continuing actions to increase margin
• Record investment backlog to build the future 

Commenting on the 1st quarter of 2025, François Jackow, Chief Executive Officer of the Air Liquide Group, stated:

“Demonstrating the resilience of our business model and the agility of our teams in an uncertain environment, sales are progressing and we are successfully pursuing actions to increase our margin. Our Group is also continuing to prepare for the future with a record investment backlog, a source of future growth.

In detail, sales amounted to 7.0 billion euros in the first quarter of 2025, up +1.7% on a comparable basis (+5.7% as published, reflecting a positive currency impact and the rise in energy prices, changes in which are passed through to our customers). Sales in our Gas & Services businesses, which represent 97% of Group sales, were up +1.8% on a comparable basis. In particular, sales increased by +3.6% and +5.3%, respectively, in the areas of Electronics and Healthcare. Electronics is driven by the rapid development of artificial intelligence, while the activity in Healthcare follows a dynamic that is distinct from economic developments in the industrial sector.

At the same time, we are continuing to carry out actions aimed at strengthening our performance. Group efficiencies increased by +17% and amounted, for the first time, to 131 million euros in the first quarter; we also pursued the active management of our business portfolio and the adjustment of Industrial Merchant prices, based on our ability to create added value for our customers. These actions sustain our confirmed ambition to increase our margin by +460 basis points, excluding the energy impact, over five years (2022-2026).

A source of future growth, the investment backlog reached a record level of 4.5 billion euros, thanks to a balanced and diversified project mix. This includes projects in all geographies in Large Industries and Electronics - the latter of which represents one-third of this backlog.

As a result, in 2025, Air Liquide stays the course and is confident in its ability to further increase its operating margin and to deliver recurring net profit growth, at constant exchange rates."