Air Liquide reported an increase in both sales and margins in the first half of 2025, consolidating its position in the global industrial and medical gases market. Consolidated revenue reached EUR13.72mn ($14.98mn), representing comparable growth of 1.8 % compared to the same period of the previous year. The group, which relies on diversified growth engines, saw its performance strengthened by the dynamism of the American and Asian markets, as well as by the resilience of the healthcare sector.
Global market momentum and sector results
The Gas & Services segment, accounting for 97 % of Air Liquide’s revenue, reported sales of EUR13.31mn ($14.52mn), up 1.8 % on a comparable basis. The Americas region advanced by 2.9 %, supported by the start-up of a large air separation unit and growth in the hydrogen business. Asia-Pacific, for its part, recorded revenue growth of 2.1 %, driven by expansion in electronics and the commissioning of new units in China.
The healthcare segment posted notable growth of 5 %, boosted in particular by the expansion of home healthcare activities and medical gases, especially in the United States and Germany. In electronics, the commissioning of seven new production units offset the decline in equipment sales.
Record investments and strategic projects
Air Liquide reached an unprecedented level of investment backlog, amounting to EUR4.6mn ($5.03mn) at the end of June 2025. This portfolio, comprising around 80 projects across all continents, highlights major initiatives in the energy transition and the semiconductor industry. Over 40 % of investments are aimed at the decarbonised energy sector, while one third relates to electronics.
Among the key operations is an investment of up to USD200mn ($200mn) in Louisiana to strengthen the pipeline network and modernise a plant. In Europe, the development of two major renewable hydrogen projects in the Netherlands and the construction of an air separation unit in Japan illustrate the group’s strategy of geographical and technological diversification.
Financial performance and debt management
Net profit attributable to the group stood at EUR1.80mn ($1.97mn), an increase of 7.2 %, while recurring operating income reached EUR2.73mn ($2.98mn). Operating cash flow before changes in working capital amounted to EUR3.25mn ($3.55mn), up 3.1 %. Net debt stood at EUR9.79mn ($10.68mn), a slight decrease over one year, despite the payment of nearly EUR2.0mn ($2.18mn) in dividends.
Return on capital employed after tax reached 10.5 %, confirming the profitable growth trajectory set out in the group’s strategic roadmap. Industrial and financial investment decisions totalled EUR2.3mn ($2.51mn) in the first half, representing an increase of 39 %.
Future investments appear promising for decarbonisation activities and new materials, in response to growing global industrial market demand.
