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Air Liquide: Margin Expansion Story Remains Intact Ahead Of Key Capital Markets Day

Air Liquide is reaffirmed as a buy, supported by margin expansion and a robust €5.5 billion investment backlog. AIQUF's Q1 group sales grew 1.9%, with US structural drivers offsetting softness in the EU and Asia; the electronics segment posted 9% growth. Internal simplification initiatives and productivity measures suggest further gains are increasingly driven by execution rather than external factors.

Seeking Alpha • Jun 4, 2026

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