Air Liquide SaEURONEXT: AI

Growth, Performance and Record Investments: Air Liquide continues on its successful trajectory in Q1 2026

· Issued by Air Liquide SA
Watch Air Liquide Sa explain itL'Air Liquide Ord (AIQUF) Q2 2026 Earnings Call · Replay · Jul 28


PRESS RELEASE

AND ACTIVITY REPORT

Paris, April 28, 2026

Growth, Performance and Record Investments: Air Liquide continues on its successful trajectory in Q1 2026

Key Figures

(in millions of euros)

Q1 2026

2026/2025

as published

2026/2025

excl. currency and energy(a)

2026/2025

comparable(b)

Group Revenue

6,786

-3.5%

+3.4%

+1.9%

of

hich Gas & Services

6,595

-3.4%

+3.5%

+1.9%

of

hich Engineering & Technologies

190

-3.8%

+0.1%

+0.1%

  1. Change excluding the currency and energy impacts, see reconciliation in Appendix 2.1.

  2. Change excluding the currency, energy (natural gas and electricity) and significant scope impacts, see reconciliation in Appendix 2.1.

Commenting on the 1st quarter of 2026, François Jackow, Chief Executive Officer of the Air Liquide Group, stated:

"In a context of geopolitical instability, marked in particular by the conflict in the Middle East,

here the safety of our teams and the integrity of our facilities have been our top priority, e delivered another strong performance during the quarter.

Our resilient and agile business model is the key to our continued gro

th. It is no more relevant than ever to address the gro ing challenges, hether industrial or energy, to sovereignty.

Specifically, our sales in the first quarter amounted to nearly 6.8 billion euros, up +3.4% excluding currency and energy, including the contribution from the acquisition of DIG Airgas(1). This gro

th as notably driven by the Gas & Services businesses, hich recorded a +2% increase on a comparable basis. Geographically, the Americas have been the most dynamic region. In terms of businesses, Industrial Merchant (+3%) and Electronics (+3%) ere solid gro th drivers. Furthermore, Healthcare, hich remains once again independent of broader industrial cycles, demonstrated notable strength ith sustained gro th (+4%).

At the same time, strengthening our operating performance and the ongoing transformation program enabled us to generate 142 million euros of efficiencies, up +8% compared to the same period in 2025. We have also actively managed our portfolio of businesses and adjusted our prices in Industrial Merchant

hich are up by +3.4%. These actions contributed to our total margin improvement target of +560 basis points excluding the energy impact over the 2022-2027 period. Furthermore, our cash flo from operating activities before changes in orking capital has risen sharply, up +7% at constant exchange rates.

Finally,

e remain committed to future-focused strategic investments. Our investments decisions during the period therefore totaled 1.5 billion euros, reaching ne heights in industrial projects in particular. Our backlog, no at



5.5 billion euros, set a ne

record. These investments are part of several commercial successes e are proud to have achieved: in the United States, e ill be supplying the ne joint-venture bet een Hyundai Steel and Posco ith industrial gases essential for its future lo -carbon steel plant in Louisiana. In Electronics, e are going to support a orld leader in semiconductors, in Japan, ith ultra-pure gases for the production of next-generation AI chips. This gro th momentum has also taken shape in South Korea, through the successful acquisition of DIG Airgas, hich as completed ahead of schedule(1): this value-creating operation positions us at the heart of a dynamic and innovative

economy, and has already opened the door to promising ne

projects.

Air Liquide is therefore confident in its ability to increase its operating margin by +100 basis points(2) and to deliver recurring net profit gro

th, at constant exchange rates in 2026(3).

The Group is also confident in its ability to improve its margin by +100 basis points(4) again in 2027. This brings its total objective to +560 basis points over the 2022-2027 period."

  1. As of January 13, 2026.

  2. Excluding the energy impact and excluding the Purchase Price Allocation impact from the DIG Airgas acquisition.

  3. Recurring net profit excluding exceptional and significant transactions that have no impact on operating income recurring.

  4. Excluding energy impact.

    Highlights

    Corporate

    • Completion of the DIG Airgas acquisition, a leading player in the industrial gases sector in South Korea, for approximately 3 billion euros. The Group will double its workforce in the country and achieve approximately 900 million euros in revenue. Completed ahead of schedule, this acquisition contributes to the Group's overall performance earlier than expected.

    • Successful inaugural multi-tranche bond issued in Swiss Francs, totaling 640 million CHF, to support Air Liquide's long-term growth.

      Industry and Decarbonization

    • In Belgium, signature of an agreement to develop a carbon capture solution for Holcim's near-zero cement plant in Obourg. This project, intended to capture 1.1 million metric tonnes of CO₂ per year, is part of Holcim's GO4ZERO project aiming for carbon neutrality in Belgium by the end of the decade, and would contribute to the European Union's net zero objective for 2050.

    • In the United States, Airgas continues to contribute to the advancement of space exploration. As part of the Artemis II mission, the subsidiary supplied NASA with high-pressure nitrogen, which was essential for this historic launch. The space sector is one of the Group's many areas of development, and where it is ideally positioned, particularly due to its long-standing presence in the United States.

    • Signature of a long-term agreement with Hyundai-Posco Louisiana LLC (HPLS) to supply oxygen, nitrogen and argon to its future low-carbon steel plant in Louisiana, United States. The Group plans to invest more than 350 million USD in this project, which will also strengthen its presence in the country.

      Electronics

    • In Hiroshima, Japan, a new investment of 200 million euros to build, own and operate two state-of-the-art industrial gas production units. This project aims to support a world leader in semiconductors in the manufacture of next-generation chips, playing a key role in Artificial Intelligence technologies. With 78 dedicated units to electronics customers in Japan, Air Liquide is one of the market leaders.

    • In Taiwan, inauguration of an Advanced Materials production plant in the city of Taichung. Already present in this strategic and innovative market with 54 dedicated units to the semiconductor industry in Taiwan, this is Air Liquide's first large-scale production center for advanced deposition and etching materials in Taiwan. These molecules are essential to the development of next-generation chips, engines of artificial intelligence and high-performance computing.

Group revenue stood at 6,786 million euros in the 1st quarter of 2026, up +3.4% excluding currency and energy impacts, including the contribution of the DIG Airgas acquisition. On a comparable basis, sales grew by +1.9% compared to the 1st quarter of 2025. The Group's published sales posted a decline of -3.5% in the 1st quarter of 2026, impacted by unfavorable currency (-5.9%) and energy (-1.0%) impacts, partially offset by a significant scope impact of

+1.5%.

Gas & Services revenue reached 6,595 million euros, up +1.9% in comparable growth(1). Published Gas & Services revenue was down by -3.4% in the 1st quarter of 2026, impacted by unfavorable currency (-5.9%) and energy (-1.0%) impacts, partially offset by a significant scope impact of +1.6%.

Industrial Merchant sales grew by +2.7% in the 1st quarter, supported notably by a strengthening price effect (+3.4%). Gas volumes were resilient and those of hardgoods continued to improve in the United States. Large Industries activity (-0.9%) was contrasted: the very strong demand on the pipeline networks of the US Gulf Coast almost fully offset weak demand in Europe and Asia. Healthcare, whose growth is disconnected from industrial trends, posted a solid and steady increase in its revenue (+4.0%), balanced between Medical Gases and Home Healthcare. Finally, in Electronics (+2.9%), the +9% sales growth in Carrier Gases offset less dynamic business segments. Revenue growth excluding Equipment & Installation sales stood at +5%.

  • Americas Gas & Services revenue reached 2,591 million euros in the 1st quarter of 2026, up +5.5%. Large Industries (+8.3%) benefited from very strong demand from customers connected to the air gases and hydrogen pipeline networks in the United States. In Industrial Merchant, revenue grew by +5.3%, supported by a high price effect of +5.0% and resilient volumes. The strong sales growth in Healthcare (+6.6%) was notably driven by higher Medical Gases pricing in the region and the development of Home Healthcare in Latin America. In Electronics (-3.7%), the significant growth of more than +10% in Carrier Gases sales did not offset the decline in Equipment & Installation sales.

  • Europe, Middle East & Africa revenue stood at 2,687 million euros and remained stable (-0.4%) compared to the 1st quarter of 2025. In Large Industries (-3.0%), revenue was mainly impacted by the decline in hydrogen sales and the low activity of cogeneration units. Industrial Merchant sales were slightly down (-1.1%) but stable excluding exceptional rare gases sales recorded in the 1st quarter of 2025. Sales growth remained strong (+4.3%) in Healthcare, notably in Medical Gases and Home Healthcare.

  • Asia Pacific region revenue stood at 1,318 million euros. With the acquisition of DIG Airgas in South Korea completed in January 2026 ahead of schedule, it grew strongly by +8.3%, and remained stable (-0.7%) in comparable growth compared to the 1st quarter of 2025. In Large Industries (-4.2%), activity remained overall weak. Industrial Merchant activity (-1.5%) was contrasted by country: sales were down in Japan but increased in South Korea and in China excluding helium sales. Electronics revenue grew strongly (+5.3%), particularly Carrier Gases and Advanced Materials sales.

Consolidated revenue of the Engineering & Technologies business reached 190 million euros and remained stable (+0.1%) compared to the 1st quarter of 2025. The increase in technological equipment sales, particularly Turbo-Brayton LNG reliquefaction units, offset the decline in external Engineering sales. Indeed, within the Engineering & Technologies business, Engineering & Construction resources are primarily allocated to internal projects, notably in Large Industries and Electronics. Order intake for Group projects and third-party customers stood at 477 million euros.

Cash flow from operating activities before changes in working capital stood at 1,613 million euros, stable (-0.4%) compared to the 1st quarter of 2025. It was up +6.7% excluding the currency effect and the impact related to the integration of DIG Airgas was very limited.

In the 1st quarter of 2026, industrial and financial investment decisions reached a very high level of 1.5 billion euros. Finalized in mid-January 2026, the strategic acquisition of DIG Airgas in South Korea was added to investment decisions for an amount of approximately 3 billion euros. The investment backlog reached a new record of

5.5 billion euros, up from 4.9 billion euros at the end of 2025. The 12-month portfolio of investment opportunities

remained at a high level of 4.5 billion euros.

1 Unless other

ise stated, all variations in revenue outlined belo are on a comparable basis, excluding currency, energy (natural gas and electricity) and significant scope impacts.

Analysis of 1st quarter 2026 revenue

Unless otherwise stated, all variations in revenue outlined below are on a comparable basis, excluding currency, energy (natural gas and electricity) and significant scope impacts.

REVENUE

(in millions of euros)

Q1 2025

Q1 2026

change

and energy(a)

change(b)

Gas & Services

6,831

6,595

-3.4%

+3.5%

+1.9%

Engineering & Technologies

198

190

-3.8%

+0.1%

+0.1%

TOTAL REVENUE

7,028

6,786

-3.5%

+3.4%

+1.9%

Revenue

2026/2025

published

2026/2025

excl. currency

2026/2025

comparable

(a) Change excluding the currency and energy impacts, see reconciliation in Appendix 2.1.

(b) Change excluding the currency, energy (natural gas and electricity) and significant scope impacts, see reconciliation in Appendix 2.1.

Group

Group revenue stood at 6,786 million euros in the 1st quarter of 2026, up +3.4% excluding currency and energy impacts, including the DIG Airgas acquisition. On a comparable basis, sales grew by +1.9% compared to the 1st quarter of 2025.

The Group's published sales posted a decline of -3.5% in the 1st quarter of 2026, impacted by unfavorable currency (-5.9%) and energy (-1.0%) impacts, partially offset by a significant scope impact of +1.5%.

Consolidated revenue (external sales) of the Engineering & Technologies business was stable (+0.1%) on a comparable basis. Internal sales for the Group's investment projects, notably in Large Industries or Electronics, increased strongly.

Gas & Services

Gas & Services revenue reached 6,595 million euros, up +1.9% in comparable growth. Published Gas & Services revenue was down by -3.4% in the 1st quarter of 2026, impacted by unfavorable currency (-5.9%) and energy (-1.0%) impacts, partially offset by a significant scope impact of +1.6%.

Industrial Merchant sales grew by +2.7% in the 1st quarter, supported notably by a strengthening price effect (+3.4%). Gas volumes were resilient and those of hardgoods continued to improve in the United States. Large Industries activity (-0.9%) was contrasted: the very strong demand on the pipeline networks of the US Gulf Coast almost fully offset weak demand in Europe and Asia. Healthcare, whose growth is disconnected from industrial trends, posted a solid and steady increase in its revenue (+4.0%), balanced between Medical Gases and Home Healthcare. Finally, in Electronics (+2.9%), the +9% sales growth in Carrier Gases offset less dynamic business segments. Revenue growth excluding Equipment & Installation sales stood at +5%.

Revenue by geography and business line

(in millions of euros)

Q1 2025

Q1 2026

2026/2025

published change

2026/2025

comparable change(a)

Americas

2,716

2,591

-4.6%

+5.5%

Europe, Middle East & Africa (EMEA)

2,788

2,687

-3.6%

-0.4%

Asia Pacific

1,326

1,318

-0.6%

-0.7%

GAS & SERVICES REVENUE

6,831

6,595

-3.4%

+1.9%

Large Industries

1,960

1,834

-6.4%

-0.9%

Industrial Merchant

3,143

3,022

-3.9%

+2.7%

Healthcare

1,103

1,112

+0.8%

+4.0%

Electronics

624

628

+0.7%

+2.9%

(a) Change excluding the currency, energy (natural gas and electricity) and significant scope impacts.

Americas

Americas Gas & Services revenue stood at 2,591 million euros in the 1st quarter of 2026, up +5.5%. Large Industries (+8.3%) benefited from very strong demand from customers connected to the air gases and hydrogen pipeline networks in the United States. In Industrial Merchant, revenue grew by +5.3%, supported by a high price effect of

+5.0% and resilient volumes. The strong sales growth in Healthcare (+6.6%) was notably driven by higher Medical Gases pricing in the region and the development of Home Healthcare in Latin America. In Electronics (-3.7%), the significant growth of more than +10% in Carrier Gases sales did not offset the decline in Equipment & Installation sales.

Americas Gas & Services Q1 2026 Revenue



  • Large Industries revenue posted a strong increase of +8.3% in the 1st quarter of 2026. Demand from customers connected to the pipeline networks (air gases and hydrogen) in the United States was very strong, particularly since the beginning of the Middle East conflict. Customers' production units, notably in the Refining and Chemicals sectors, operated at full capacity, thus mitigating the impact of two customer turnarounds resulting from incidents.

  • In Industrial Merchant, revenue grew by +5.3%, supported by a high price effect of +5.0% and resilient volumes which included an improvement in hardgoods. Volumes were up in the Construction, Fabrication, and Electronic Assembly markets. Finally, the consolidation of bolt-on acquisitions also contributed to growth.

  • In Healthcare, sales posted a strong growth of +6.6% which included a high price effect of +5.9%. In the Medical Gases business, the price effect remained very strong in Latin America and the United States, notably in proximity care where Intelli-OX is being rolled out, an innovative cylinder with a digital gauge that provides caregivers with a direct reading of the remaining oxygen consumption time. In Home Healthcare, sales grew strongly in Latin America, with the business benefiting from the increase in the number of patients and a high price effect.

  • In Electronics (-3.7%), Equipment & Installation sales were compared to a very high level in early 2025, which masked the dynamic growth in the rest of the business, notably a growth of more than +10% in Carrier Gases sales.

Americas

  • Historic launch of the Artemis II mission: As part of a long-standing collaboration between Air Liquide and NASA spanning more than 50 years, Airgas supplied the critical high-pressure nitrogen essential for the launch of NASA's Artemis II mission. The first manned flight of the Artemis program, this ten-day journey sent a crew of four into orbit around the Moon, marking the first travel into lunar space in over 50 years. The space sector is one of the Group's many areas of development, benefiting from an ideal positioning, notably due to its historical footprint in the United States.

  • Investment of 350 million dollars in the United States: Air Liquide has entered into a long-term agreement to supply oxygen, nitrogen and argon to Hyundai-Posco Louisiana LLC (HPLS) for its new landmark low-carbon steel plant located in Louisiana, United States. Through this new infrastructure, the Group supports the development of a local and low-carbon production of essential materials for the US market. This partnership highlights Air Liquide's ability to support its customers in their international growth, while contributing to the relocation of American industry.



fi fi