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L'Air Liquide: Margin Visibility And Execution Drive A Positive Re-Rating

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,…

Seeking Alpha • Feb 26, 2026

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