Record investment backlog underpins Air Liquide's confidence for 2025

(Alliance News) - Air Liquide SA on Thursday said it is confident of delivering improved margins in 2025 after a resilient first-quarter performance.

The Paris-based industrial gas producer said revenue rose 5.7% to EUR7.03 billion in the first quarter of 2025 from EUR6.65 billion a year prior, or by 1.7% on a comparable basis.

In response, shares in Air Liquide were 1.6% higher at EUR177.80 in Paris on Thursday.

Gas & Services revenue increased 7.4% to EUR6.83 billion from EUR6.36 billion, or 1.8% like-for-like.

Sales increased by 3.6% and 5.3%, respectively, in Electronics and Healthcare, Air Liquide said.

"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," the firm added in a statement.

Air Liquide said efficiencies amounted to EUR131 million in the quarter and support the ambition to increase margin by 460 basis points, excluding the energy impact, over five years to 2026.

The firm said the investment backlog reached a record level of EUR4.5 billion in the quarter, including projects in all geographies.

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

In 2024, Air Liquide reported an operating margin of 19.9% and net profit of EUR3.31 billion.

Chief Executive Francois Jackow said sales demonstrated the "resilience of our business model and the agility of our teams in an uncertain environment".

"Our group is also continuing to prepare for the future with a record investment backlog, a source of future growth," he added.

By Jeremy Cutler, Alliance News reporter

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