2025 Annual Results

Hello everyone.
Our 2025 results are in.

Air Liquide achieved a historical performance.
And, fueled by our transformation, we are very confident in our growth perspectives.

In 2025, the Group has reached new heights – let me illustrate how.  
First and foremost, not only did our sales grow, but we generated more cash than ever.
Second, the transformation momentum in the organization is real. Its contribution is becoming  more and more visible.

It means more operational efficiencies, but also better ways to serve our customers.

And third, successfully winning new contracts to invest in the future.

Some examples:
• In Electronics, we confirm our #1 position, with several major contracts across Asia, Europe and the US.
We also lead industrial decarbonization, notably with a second 200MW hydrogen electrolyzer in Europe ;
• And, with the acquisition of DIG, we are now  the leading player in South Korea.
It is a value-creating operation, in a key growing market.

Our Group is strong. And it is becoming stronger.

We owe this to the success of our strategic plan ADVANCE.

From 2022 to 2025, we have achieved very ambitious targets, both financial and non financial - including a 13% reduction in our CO2 emissions.

Finally, I want to share my greatest satisfaction:
we achieved this outstanding performance, while continuing to improve our safety performance.

These record results make me very confident in our long-term perspectives.

Our margin ambition for 2026 is confirmed.
And we are even extending it for 2027.

Air Liquide enters 2026 with great cards in its hands.
I would like to say THANK YOU to all our teams around the world
who care to deliver safely, everyday, the best of Air Liquide.


And to our customers, patients, shareholders, suppliers, and  partners,
thank you for your trust.
It is our anchor and our compass.

With Your trust, We will continue to invent useful solutions to transform the world.