Half Year 2026 L'Air Liquide Societe Anonyme pour l'Etude et l'Exploitation des Procedes Georges Claude SA Earnings Call Transcript
Key Points
- Air Liquide SA (AIQUF) reported a strong comparable sales growth of 5.2% in Q2 2026, driven by robust performance in electronics and industrial merchant sectors.
- The company achieved a double-digit growth in recurring net profit, up 10%, and maintained a strong cash flow, up 8%, excluding currency impact.
- Air Liquide SA (AIQUF) secured a record volume of new project signings, increasing its backlog to EUR6 billion, which supports its long-term growth trajectory.
- The company successfully integrated DIG Airgas, contributing to its sales growth and enhancing its market position in key geographies.
- Air Liquide SA (AIQUF) demonstrated strong operational efficiencies, achieving EUR300 million in cost savings in H1 2026, and continued to focus on margin expansion.
- The company's reported sales growth was impacted by currency headwinds, resulting in a 3.6% negative effect on the top-line.
- Air Liquide SA (AIQUF) faced challenges due to a global helium shortage, which affected volumes in the industrial merchant segment.
- Net financial costs increased by 27% compared to H1 2025, primarily due to the financing structure for the DIG Airgas acquisition.
- The effective tax rate rose to 26.4%, up from 25% in H1 2025, due to non-deductible costs linked to the DIG acquisition.
- The company's net debt increased to EUR13.9 billion by the end of June 2026, driven by the DIG acquisition, dividend payments, and industrial investments.
Good morning, ladies and gentlemen, and welcome to the Air Liquide first half 2026 results conference call. (Operator Instructions) I will now hand over to the Air Liquide team. Please begin your meeting and I will be standing by.
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Good morning, everyone. This is Aude Rodriguez, Head of Investor Relations. Thank you very much for attending the call today. Francois Jackow and Jerome Pelletan will present the first half 2026 performance. For the Q&A session, we will be joined by Emilie Mouren-Renouard and Adam Peters, both VP, overseeing respectively EMEA and North America. Adam is on the phone with us from the US. For our next event, we look forward to welcoming you to our Digital Capital Markets Day on October 5. Let me now hand you over to Francois.
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