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Commenting on sales in the third quarter of 2025, François Jackow, Chief Executive Officer of the Air Liquide Group, stated:

“Air Liquide delivered another very solid performance, continuing its profitable growth trajectory. In line with the first half of the year and despite a difficult environment, our sales continue to increase, once again demonstrating the strength of our business model.

Amounting to nearly 6.6 billion euros at September 30, 2025, our revenue was up +1.9% on a comparable basis (‑2.4% on a reported basis, reflecting a negative currency impact and lower energy prices, which were passed on to our customers). The Gas and Services businesses, which accounts for 97% of the Group’s revenue, increased by +1.9% on a comparable basis, to reach 6,386 million euros. In an uncertain industrial environment, Healthcare and Industrial Merchant were growth drivers, up sharply by +5% and +3%, respectively, on a comparable basis. Geographically, the Americas stood out in particular with a +5% growth.

Air Liquide also continued to improve its performance. At the end of September, the Group’s efficiencies were at a record high of +23%. We also continued the dynamic management of our business portfolio, while adjusting our prices in Industrial Merchant thanks to our ability to create value for our customers. Our cash flow is very solid, increasing by +7% excluding currency impact.

Paving the way for future growth, our investment momentum is particularly strong. Well diversified, our investment backlog is again at a record level of nearly 5 billion euros in this third quarter. Our investment decisions amounted to 0.9 billion euros, with major industrial projects supporting the energy transition, such as ELYgator, our 200 MW electrolyzer in the Netherlands, but also in Electronics & Semiconductors. New state-of-the-art industrial gas production units will be built in Dresden, Germany for a major player in this industry, driven by AI and sovereignty needs.

In addition, our outlook includes our planned acquisition of DIG Airgas, a leading industrial gas company in South Korea. Beyond the dynamism and innovation that characterize the country’s economy, this transaction will quickly create value, thanks to the high complementarity between our businesses and the nearly 20 projects already secured. It will therefore contribute to our net profit the year following its integration.

In this context, Air Liquide is very confident in its ability to further increase its operating margin^[1] and to deliver recurring net profit^[2] growth, at constant exchange rates in 2025. The Group also maintains its ambition to increase its operating margin by +460 basis points cumulated over five years to end-2026^[1].”

Group revenue^[3] stood at 6,599 million euros in the 3^rd quarter 2025, a comparable growth of +1.9% compared to the 3^rd quarter 2024. This growth continued in line with the 1^st half of the year, benefiting from the resilience of the business portfolio in a complex environment. The Group’s published revenue was down -2.4%, impacted by an unfavorable currency impact (-4.2%), with the energy impact being neutral (-0.1%). There was no significant scope impact in the 3^rd quarter 2025.

Gas & Services revenue in the 3^rd quarter 2025 reached 6,386 million euros, up by +1.9% on a comparable basis.

Sales growth for the Industrial Merchant business stood at +2.7%^[4] in the 3^rd quarter: it benefited from a price effect of +3.1% which continues to strengthen, and improving volumes, particularly for Hardgoods, supported by the consolidation of bolt-on acquisitions. Revenue for Large Industries was stable (-0.2%^[4]), with the contribution from the start-up and ramp-up of units offsetting weak demand, particularly in Europe and Asia. The slight decline in Electronics sales (-0.9%) does not reflect the dynamic growth of the business excluding Equipment & Installation sales (+5.9%). The latter are indeed more cyclical and are normalizing after reaching a record level in 2024. Finally, the Healthcare business, whose growth is disconnected from industrial trends, posted sustained revenue growth (+4.9%), particularly in Home Healthcare and Specialty Ingredients.

• Gas & Services revenue in the Americas stood at 2,548 million euros in the 3^rd quarter 2025, up by +4.8%^[5]. Sales growth for Large Industries (+5.2%^[4]) benefited from recent start-ups of new production units and resilient demand. In Industrial Merchant, revenue increased by +4.7%⁽⁴⁾, supported by a very solid price effect of +4.5%, resilient gas volumes, and by the contribution of bolt-on acquisitions, while volumes for hardgoods are improving but remain down compared to the 3^rd quarter 2024. Strong sales growth in Healthcare (+9.3%) was mainly driven by a strong price effect in the Medical Gases business in the United States and by the development of Home Healthcare in Latin America. In Electronics (-3.8%), the significant decline in Equipment & Installation sales masked the dynamic growth of the rest of the business (+5.6%).

   

• Revenue in the Europe Middle East & Africa region stood at 2,584 million euros, up slightly by +0.4% compared to the 3^rd quarter 2024. In Large Industries (-2.0%), sales were mainly impacted in Germany by weak demand and a customer shutdown for force majeure, and in Benelux by lower sales from cogeneration units. Sales were stable in Industrial Merchant (0.0%), supported by a solid price effect and resilient gas volumes, with the exception of Helium and liquid CO₂. Sales growth remained strong (+4.3%) in Healthcare, particularly in Home Healthcare and Specialty ingredients.

   

• Revenue in the Asia-Pacific region stood at 1,255 million euros in the 3^rd quarter 2025, down -0.8% compared to the 3^rd quarter 2024. In Large Industries, sales were slightly down (-0.6%), with the contribution from recent start-ups of new production units partially offsetting overall weak demand in the region. Industrial Merchant revenue (-0.8%) was impacted by the marked decrease in helium sales in China and by weak revenue in the rest of the zone, despite otherwise growing sales in China. The stability (+0.2%) of sales in Electronics masked dynamic growth of the business excluding Equipment & Installation sales (+6.3%), with in particular the start-up of seven new production units in Asia since the beginning of the year.

Engineering & Technologies^[6] revenue stood at 212 million euros in the 3^rd quarter 2025, a comparable growth of +1.7%.

Industrial and financial investment decisions stood at 924 million euros in the 3^rd quarter 2025 and 3.2 billion euros at the end of September. The investment backlog remains above 4.0 billion euros and reaches a new record at 4.9 billion euros, up from 4.6 billion euros at the end of June 2025.

The additional contribution to sales from ramp-ups and start-ups of units amounted to 233 million euros at the end of the 3^rd quarter. For the full year 2025, it is expected to be between 310 and 340 million euros.

The 12-month portfolio of investment opportunities remained at the high level of 4.1 billion euros at the end of September 2025. The total portfolio of opportunities, also including opportunities beyond 12 months, was stable and exceeded 10 billion euros.

Efficiencies reached 163 million euros in the 3^rd quarter. They amounted to 434 million euros over the first 9 months of the year, a strong increase of +22.9% compared to the same period in 2024.

Cash flow from operating activities before changes in working capital stood at 4,947 million euros at the end of September, up by +6.8% excluding currency impact.

Net debt stood at 9,317 million euros at the end of September, down by 477 million euros compared to 9,794 million euros at June 30, 2025.

Footnotes

1. Excluding energy passthrough impact. ↑
2. Recurring net profit excluding exceptional and significant transactions that have no impact on the operating income recurring. ↑
3. Unless otherwise specified, the revenue variations are all variations on a comparable basis, excluding currency, energy (natural gas and electricity) and significant scope impacts. ↑
4. Excluding an internal transfer of assets between Large Industries and Industrial Merchant in the United States ↑
5. Includes Argentina’s contribution of +0.6%, down sharply compared to 2024. ↑
6. This comparable growth excludes the scope impact related to the internal transfer of some GM&T activities to Industrial Merchant in the 1st quarter 2025. See appendix. ↑