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The company said it would also launch a $4.5 billion buyback over the 2027-28 period.

H1 confirmed strong execution, with recurring operating margin up 110 bps despite limited industrial recovery and persistent FX pressure. Electronics remains a key growth driver, while the investment backlog reached a record €6 billion across more than 70 projects. Elliott's reported stake adds pressure for faster margin improvement and could increase the importance of the upcoming Capital Markets Day.

Shares in ​Air Liquide rose as much as 4.2% on Tuesday after sources ‌familiar with the matter said activist investor Elliott Investment Management had built a stake in the French industrial gases company.

L'Air Liquide S.A. exemplifies a high-quality, fundamentally safe industrial gas leader, but its valuation is unjustifiably rich versus operational realities. AIQUF trades at 29-31x P/E and 15-16x EV/EBITDA, despite modest 5-7% growth, restrained FCF, and lower ROIC than Linde. Current premium reflects overhyped expectations for hydrogen and electronics; actual returns remain single-digit and cyclicality risks…

The company remains confident it can increase its operating margin and deliver recurring net profit growth at constant exchange rates.