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Industrial gas major Air Liquide is seeing electronics drive its record €6bn ($6.82bn) backlog, with the sector accounting for 40% of the total and representing around €2.4bn ($2.73bn) in investment.
Speaking during the company’s first-half earnings call, CEO François Jackow said Air Liquide’s electronics project investment decisions exceeded €1bn ($1.14bn) in the first half of 2026.
While the company has 80 distinct projects in its pipeline, electronics accounts for around half of is project backlog.
Investment across three large-scale US projects, dedicated to advanced chip development with leading semiconductor manufacturers, totalled $480m in the first half of 2026.
CFO Jérôme Pelletan added that investment in major US steel and chemical industrial projects, and the €1bn ($1.14bn) in electronics project investment, brought the total for investment decisions to €2.9bn ($3.3bn) across the first half of the year.
This represents a 26% increase on the first half of 2025, Pelletan added.
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The company expects Q4 project startups to reduce the project backlog, with a strong pipeline of new deals expected to maintain its high mid-term growth.
Including opportunities beyond the next year, the total project pipeline is valued at over €10bn ($11.37bn).
Jackow explained that the company has several mid-sized to large-scale projects in its pipeline to derisk project development and diversify its global portfolio.
“[The company may], in the future, position ourselves on some of those very large projects…if they make sense, if they are strategic for us, if we can find the right profitability.”
