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37 min ago 2 min read
Industrial gas major Air Liquide boosted profits and margins in the first half of 2026 (H1 2026), despite only modest revenue growth, as it continued to benefit from operational improvements and strong demand in key markets.
CEO François Jackow said the company had delivered “strong operational performance” despite a “complex and changing environment”, citing business growth, major commercial wins, and a growing project backlog.
The company said its backlog reached a record €6bn ($6.8bn), reflecting strong commercial momentum and providing visibility on future projects.
For H1 2026, recurring operating profit rose 5.7% to €2.9bn ($3.3bn), while the operating margin increased by one percentage point to 20.9%. Revenue increased 0.8% to €13.8bn ($15.6bn), although underlying growth was stronger at 4.3% after adjusting for currency and energy prices.
Recurring net profit rose 4.4% to €1.9bn ($2.2bn), while operating cash flow increased 3.7% to €3.4bn ($3.8bn), supporting the group’s continued investment programme.
Electronics remained a key growth area for Air Liquide in H1 2026, with the company announcing a series of investments across Asia and the US to support advanced semiconductor manufacturing.
Most recently, it to build a new industrial gas production plant in Idaho, supplying ultra-pure nitrogen, oxygen, and argon to a semiconductor manufacturer.
The Idaho project follows similar investments in Arizona, Indiana, South Korea, Japan, and Taiwan, as Air Liquide expands its production network to meet global demands.
Additionally, Air Liquide completed its €3bn ($3.4bn) acquisition of DIG Airgas in South Korea during the first half of the year, ahead of schedule.
It said the acquisition has started contributing to the group’s performance earlier than expected and doubled its workforce in South Korea, adding around €900m ($1bn) in annual revenue.
Jackow commented, “This trajectory is based on commercial successes, particularly in electronics – where our investment decisions totalled €1bn in the first half of the year to support AI – and in the US, where…[we] support both industrial expansion and reshoring projects.”
