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Air Liquide confirms 2026 margin guidance, announces new 2027 margin targets

Published by Global Banking & Finance Review®

Posted on February 20, 2026

1 min read

Last updated: February 20, 2026

Air Liquide confirms 2026 margin guidance, announces new 2027 margin targets - Finance news and analysis from Global Banking & Finance Review

Quick Summary

Air Liquide reported FY2025 recurring operating income of €5.58bn, edging past consensus near €5.56bn. Gains were led by Industrial Merchant pricing, efficiencies, and active portfolio management.

Feb 20 (Reuters) - French industrial gases group Air Liquide on Friday confirmed its 2026 margin guidance and announced a new operating margin target for 2027.

The company is targeting an increase in its 2027 operating margin of 100 basis points, and an overall improvement of 560 basis points over the 2022-2027 period.

The company, which supplies gases such as oxygen, nitrogen and hydrogen to factories and hospitals, reported slightly higher than expected recurring operating income for 2025 on Friday.

Recurring operating profit rose to 5.58 billion euros last year, it said. Analysts polled by Vara Research were expecting 5.56 billion euros on average.

Air Liquide said it will propose a dividend of 3.70 euros per share, up 12.1% from a year ago.

(Reporting by Olivier Cherfan, editing by Milla Nissi-Prussak and Matt Scuffham)

Key Takeaways

•Air Liquide’s FY2025 recurring operating income came in at €5.58bn, narrowly ahead of consensus near €5.56bn.
•The beat was driven by pricing management in the Industrial Merchant unit and strong cost efficiencies.
•Recurring operating income increased from €5.39bn in 2024, continuing margin gains.
•Dynamic asset portfolio management supported profitability and resilience across segments.
•Results underscore stable demand in industrial gases serving factories and hospitals.

Frequently Asked Questions about Air Liquide confirms 2026 margin guidance, announces new 2027 margin targets

1What is the main topic?

Air Liquide’s FY2025 results, highlighting a slight beat on recurring operating income versus consensus due to pricing actions, efficiencies, and portfolio management.

2How much did Air Liquide earn in recurring operating income?

The company reported €5.58 billion in recurring operating income for 2025, narrowly above analyst expectations near €5.56 billion.

3What drove the outperformance?

Stronger pricing in the Industrial Merchant unit, ongoing cost efficiencies, and dynamic asset portfolio management supported the modest earnings beat.

Key Takeaways

•Air Liquide’s FY2025 recurring operating income came in at €5.58bn, narrowly ahead of consensus near €5.56bn.

•The beat was driven by pricing management in the Industrial Merchant unit and strong cost efficiencies.

•Recurring operating income increased from €5.39bn in 2024, continuing margin gains.

•Dynamic asset portfolio management supported profitability and resilience across segments.

•Results underscore stable demand in industrial gases serving factories and hospitals.

Frequently Asked Questions

1What is the main topic?

Air Liquide’s FY2025 results, highlighting a slight beat on recurring operating income versus consensus due to pricing actions, efficiencies, and portfolio management.

2How much did Air Liquide earn in recurring operating income?

The company reported €5.58 billion in recurring operating income for 2025, narrowly above analyst expectations near €5.56 billion.

3What drove the outperformance?

Stronger pricing in the Industrial Merchant unit, ongoing cost efficiencies, and dynamic asset portfolio management supported the modest earnings beat.