Air Liquide: Revenue of €7.26 Billion in Third Quarter, +3% on Comparable Basis, €1 Billion Share Buyback
Air Liquide's revenue reached €7,259 million in the third quarter of 2026, according to the activity report published on October 29, 2026. On a comparable basis, growth stood at 3.0%, compared to 10.0% on a reported basis.
The gap stems from an energy effect of 4.2% and currency and scope effects (1.5% and 1.3% respectively). The group passes on to its customers the variation in natural gas and electricity costs, an effect which, according to the company, has no impact on current operating income.
At the same time, Air Liquide announced the commitment of an initial share buyback envelope of €1 billion starting October 30, 2026. It also confirmed its outlook for 2026 and 2027, with expected fourth quarter growth similar to that of the third quarter.
Electronics up 12% and Merchant Industrial up 5.3% on Comparable Basis
The Gas & Services business, which accounts for more than 97% of revenue, achieved €7,075 million, up 3.6% on a comparable basis, after 3.3% in the second quarter and 1.9% in the first. At group level, comparable growth declined from 3.5% to 3.0%: Engineering & Technologies (€184 million) fell 14.4%.
For this latter business, the group explains that Engineering resources are allocated as a priority to internal projects linked to long-term contracts. Its cumulative order intake reached €2,128 million at the end of September, up 14% year-on-year.
Electronics (€712 million) grew 12.0%, with 17.2% in Asia-Pacific but -4.8% in the Americas, where Equipment and Installations sales declined sharply. Merchant Industrial, the leading business with €3,188 million, gained 5.3% (7.2% excluding helium), with a price effect of 5.3% and volumes up approximately 2% excluding helium.
"The notable fact of the quarter is the acceleration of volume growth in Electronics and Merchant Industrial beyond the positive effects of prices," declared François Jackow, Chief Executive Officer. Large Industries declined 1.9% (-0.5% excluding combined effects) and Healthcare advanced 3.1%.
By region, Asia-Pacific posted 7.0% after 2.0% in the first half, the Americas 6.2% and the EMEA zone -0.5%. Over nine months, revenue reached €21,086 million, up 2.8% on a comparable basis.
Record Investments of €4.1 Billion and Net Debt at €13.5 Billion
Industrial and financial investment decisions totaled €1,250 million in the third quarter and €4,133 million at the end of September, a record level according to the group. Industrial decisions alone for the quarter (€1,204 million) increased 33% year-on-year, and their cumulative total of €4,016 million already exceeds that for the entire 2025.
In Electronics, decisions reached nearly double the 2025 total. Investments under execution, that is to say projects decided but not yet started, stand at €6.2 billion, distributed across nearly 70 projects between Large Industries and Electronics.
This mechanism is already visible in sales: in the Americas, Large Industries (5.7%) has benefited since the beginning of the year from the start-up of new units. The 12-month opportunity portfolio remains stable at €4.8 billion.
On the financing side, operating cash flow reached €5,129 million at the end of September, up 5.9% excluding currency effects. Net debt stands at €13,532 million, down €389 million compared to June 30, 2026, but up €5,116 million compared to December 31, 2025.
The group attributes this increase notably to the acquisition of DIG Airgas in South Korea, the payment of €2.2 billion in dividends in May, industrial investments and the suspension of the main factoring programs.
Announced in early October, the €2 billion bond issue (maturities of 2, 5 and 10 years) displays a weighted average rate below 4.00% after hedging.
Margin Confirmed to Increase by 100 Basis Points for 2026 and 2027
Air Liquide anticipates for the fourth quarter growth similar to that of the third quarter, in an environment it describes as marked by strong geopolitical instability limiting visibility. The group states it is confident in its ability to increase its operating margin by 100 basis points in 2026, excluding energy effects.
It also targets growth in recurring net income at constant exchange rates in 2026, then a further 100 basis point margin improvement in 2027. This brings its total objective to 560 basis points over the 2022-2027 period. Efficiencies reached €441 million over nine months, of which €143 million in the third quarter.
These objectives are part of the Beyond plan, presented at the Capital Markets Day on October 5, 2026. It targets average annual growth in recurring net income per share of 10% (± 2%) over 2026-2030 and plans capital allocation of more than €40 billion.
The first phase of this plan is now underway. Authorized by the Board of Directors on October 28, 2026, an envelope of €1 billion must be completed by the end of the fiscal year, subject to the liquidity of the stock and the regulatory framework. It constitutes the first tranche of a €4 billion share buyback program aimed at cancellation by the end of 2028.
