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L'Air Liquide's 2025 results showed solid operating leverage, with EBIT margin ex-energy up to 20.7% and recurring profit growth supported by pricing, efficiencies, and disciplined execution. AIQUF's management reiterated a +100bps margin improvement for 2026 and introduced a new +100bps target for 2027, above consensus expectations and likely to be a positive catalyst for the shares. Higher DPS, a stable backlog,…

L'Air Liquide S.A. (AIQUY) Q4 2025 Earnings Call Transcript

Air Liquide posted a rise in full-year net profit as all gas and services businesses—accounting for most of group sales—recorded 2% sales growth.

French industrial gases group Air Liquide reported slightly higher than expected recurring operating income for 2025 on Friday, citing efficiencies, pricing management particularly in the Industrial Merchant unit, and dynamic asset portfolio management.

Q3 results showed resilient sales growth and a record €4.9 billion project backlog, supporting medium-term visibility. Growth catalysts include the DIG Gases acquisition, AI/data center tailwinds, and underappreciated electronics and space-related applications. Attractive relative valuation with re-rating potential. We remain buyers.