Air Liquide: Lower Profits, Higher Operating Margin

Air Liquide reports lower profits and sales in the first half of 2024, but improves operating margin.

Share:

Air Liquide truck

Air Liquide reported a 2.4% decline in net profit for the first half of 2024, to €1.68 billion.
This decline was due to the absence of exceptional gains, such as the disposal of a stake in Hydrogenics in 2023, and to unfavorable currency effects, notably the devaluation of the Argentine peso.
Sales fell by 4.3% to 13.38 billion euros, mainly due to lower energy prices.
Nevertheless, on a like-for-like basis, revenues showed organic growth of 2.6%, underpinned by the healthcare sector, with the distribution of medical gases to hospitals and individuals.
Recurring net income, excluding exceptional items, rose by 3.3%, reflecting the strength of the Group’s core businesses.

Improvement in Operating Margin

Air Liquide’s operating margin, excluding the energy effect, rose by 1 percentage point to 19.4%.
This improvement is the result of savings achieved through digitalization and process optimization.
The Group confirms its objective of further increasing its operating margin in 2024, while continuing to grow its recurring net profit at constant exchange rates. Air Liquide is focusing on the development of its activities related to energy transition, decarbonization and electronics.
Demand for rare gases, notably helium for semiconductors, is expected to increase in the third and fourth quarters of 2024 and in 2025, driven by the need for servers and artificial intelligence.

Perspectives and Strategic Projects

In the Americas, where Air Liquide generates around 40% of its sales, the Group signed major contracts with ExxonMobil and Micron, totalling $1.1 billion.
The portfolio of investment opportunities reached a record level of 4 billion euros at the end of June 2024, illustrating strong growth momentum. The Group’s largest investment, to produce oxygen and nitrogen for ExxonMobil in Baytown, Texas, is awaiting final decision in early 2025.
In Europe, the Dartagnan project, which captures and liquefies excess CO2 from cement and lime plants around Dunkirk, is receiving 160 million euros in financial support from the European Commission.
Air Liquide continues to demonstrate its resilience despite a difficult economic environment.
Solid organic growth is underpinned by strategic initiatives in healthcare, electronics and the energy transition.
Development prospects in America and Europe remain promising, although challenges persist in China and Europe.
Our strategy of digitalization and cost optimization is boosting profitability and opening up new opportunities for sustainable growth.

Energy group Engie confirms its financial outlook for 2025 despite what it describes as an uncertain international context and lower prices that weighed on its results in the first half.
Encavis AG announces the acquisition of a 199 MW portfolio consisting of three wind farms and two photovoltaic plants in Aragon, marking a key step in the group's technological diversification in Spain.
TC Energy reports higher financial results in the second quarter of 2025, boosts investments and anticipates a rise in annual EBITDA driven by growing natural gas demand in North America.
Saturn Oil & Gas reports a reduction in net debt by $86mn in the second quarter of 2025, achieving record free cash flow and production above forecasts in the North American market.
Analysis of sectors spared by Trump tariffs exposes the vulnerability of US industrial supply chains to Brazilian resources.
A partnership between Nscale, Aker and OpenAI will create Stargate Norway, an artificial intelligence infrastructure site powered by renewable energy, set to house 100,000 NVIDIA GPUs in Northern Norway by the end of 2026.
Shell’s half-year net profit falls to USD8.38bn as the group announces a new share buyback programme, amid lower hydrocarbon prices and ongoing cost reductions.
Legrand reports a significant increase in half-year profit, fuelled by growing demand from data centres and reinforced growth prospects for the coming years.
Schneider Electric’s revenue reached EUR19.3bn in the first half, supported by strong data centre activity and growth across all its main markets.
Subsea 7 reports a strong increase in its financial results for the second quarter of 2025 and announces a definitive agreement for a merger with Saipem, while maintaining its growth outlook for the year.
Scatec ASA and Aboitiz Power secure approval for an increased tariff on ancillary services, generating more than $21mn in retroactive revenue on the Philippine market.
Enbridge confirms dividend payments for its common and preferred shares, consolidating its shareholder return policy amid stability in the North American energy sector.
Cox aims to acquire Iberdrola’s 15 power plants in Mexico for EUR4 bn (USD4.69 bn), strengthening its presence in a changing market.
Guzman Energy has finalised a $80mn revolving credit facility with BciCapital to strengthen its liquidity and support its growth in the Western U.S. energy markets.
Chevron announces the appointment of John B. Hess, former executive of Hess Corporation, to its board of directors, marking a strategic step for the group’s governance in a context of transformation in the energy sector.
Nexans reports a 113% increase in net profit for the first half, supported by the growth of its electrification activities and the upward revision of its financial targets for the year.
The European Commission opens an in-depth investigation into Adnoc’s purchase of German chemical group Covestro, questioning the potential impact of foreign subsidies and competition within the European internal market.
Stonepeak announces the creation of JouleTerra, a platform dedicated to the aggregation and management of grid-connected land, aimed at supporting the deployment of renewable energy infrastructure throughout the European continent.
Baker Hughes is set to acquire Chart Industries for $13.6bn, surpassing Flowserve’s offer and ending the previously announced merger between Chart and Flowserve, according to sources close to the matter.
Spanish energy group Endesa reports strong first-half profit growth but warns of insufficient incentives in the new grid remuneration framework proposed by the CNMC.