Air Liquide reports €1.8bn profit and record project backlog in first half of 2025

Air Liquide has reported first-half 2025 revenues of €13.72bn, reflecting a 1.8% increase on a comparable basis and a 2.6% rise on a reported basis. The company posted a net profit of €1.8bn, a 7.2% increase compared to the same period last year.

The group’s operating margin stood at 19.9%, reflecting a 100 basis point improvement on a comparable basis, excluding the impacts of energy prices. Operating income recurring amounted to €2.74bn, representing a 5.2% increase on a reported basis and a 7.2% rise on a comparable basis.

François Jackow, CEO of Air Liquide, said, “Quarter after quarter, Air Liquide stays the course and continues to achieve a very solid financial performance. We recorded an increase in sales … and our operating margin continues to improve, perfectly in line with our ambition for a +200 basis point increase over two years.” 

He added, “In addition, our investment backlog achieved a new record high. In a market environment that remains uncertain, the Group relies more than ever on diversified growth engines, particularly in the electronics and energy transition sectors.”

Air Liquide also achieved a 23.3% increase in efficiency gains compared to the first half of 2024, amounting to €287m savings. The company said it will continue to focus on its strategy of operational efficiency and long-term growth, with a €4.6bn investment backlog, of which 40% is directed towards energy transition projects and 33% towards electronics.

In terms of investments, Air Liquide approved €2.3bn for the first half of 2025, a 39% increase compared to the same period last year. These investments include the development of large electrolysers for low-carbon hydrogen production, as well as expanding semiconductor manufacturing capabilities in the US and Germany. The company also continues to invest in carbon capture infrastructure and biogas projects.

Looking ahead, Air Liquide expects further margin expansion and recurring net profit growth for the remainder of 2025. The company’s outlook remains positive, supported by a strong order backlog and €4.1bn in new investment opportunities.

“The Group confirms its ability to further increase its operating margin and to deliver recurring net profitgrowth at constant exchange rates in 2025, and to achieve its ambition to improve by 200 basis points its OIR marginover the two years to end-2026” Jackow concluded.

Although Air Liquide’s revenue growth was impacted by currency fluctuations and weaker energy prices, the company stated that it remains confident in its ability to continue its positive momentum, particularly in high-growth sectors such as hydrogen and semiconductors.