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Air Liquide forecasts limited impact from tariff increases on its results

Air Liquide anticipates a limited direct impact from global tariff hikes, while expecting an increase in its operational margin for 2025, despite weak demand in certain industrial sectors.
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Air Liquide announced strong performance for the first quarter of 2025, with a revenue of €7.028 billion, up 5.7% compared to the same period in 2024. This increase is attributed to a positive currency effect and higher gas prices, which are passed on to customers, according to the company’s statement. On a like-for-like basis, excluding currency effects, energy prices, and perimeter changes, revenue growth stood at 1.7%.

Growth in the Gas and Services sector

The Gas and Services sector, which accounts for the majority of the company’s sales, saw a 7.4% increase in revenue, reaching €6.8 billion. François Jackow, CEO of Air Liquide, highlighted significant sales increases in the electronics (+3.6%) and healthcare (+5.3%) sectors, driven by growing demand linked to artificial intelligence and home healthcare.

Geographic growth diversification

Geographically, Air Liquide recorded a 6.5% growth in the Americas, with revenue of €2.7 billion. This was driven by the inauguration of a large air separation unit in the United States and the increase in medical gas prices. In Europe, the Middle East, and Africa, the company saw its sales grow by 10.8%, reaching €2.78 billion. In contrast, the Asia-Pacific region grew only 2.7%, with revenue of €1.32 billion.

Industrial investments increase

Industrial and financial investments reached €1 billion, up 16.3% compared to Q1 2024. The 12-month investment opportunity portfolio remained stable at €4.1 billion. About 40% of these projects are related to energy transition initiatives, such as CO2 capture and water electrolysis for hydrogen production.

The company also expressed confidence in its ability to increase its operational margin in 2025 and to record growth in recurring net income, at constant exchange rates.

Limited impact of tariffs assessed

Regarding global trade tensions, Air Liquide estimated that the direct impact of increased tariffs would be limited. With the majority of its activities being local, producing for local customers, the effects of new tariff barriers would be mitigated, according to the company.

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