Full Year 2025 L'Air Liquide Societe Anonyme pour l'Etude et l'Exploitation des Procedes Georges Claude SA Earnings Call Transcript

Feb 20, 2026 / 10:00AM GMT

Release Date Price: CHF107.11

Transcript

Key Points

Positve

Air Liquide SA (AIQUF) achieved a record Gas & Services operating income margin improvement of 130 basis points, excluding energy pass-through.
The company reported a recurring net profit growth of 10%, excluding currency impact, demonstrating strong financial performance.
Cash flow grew by 8%, excluding currency impact, providing significant strategic flexibility.
Air Liquide SA (AIQUF) achieved record safety levels and reduced CO2 emissions by 13% below the 2020 baseline.
The investment backlog remained at a record high of nearly EUR5 billion, indicating strong future growth potential.

Negative

Sales growth was modest at 2% on a comparable basis, reflecting challenges in capturing higher growth in a complex environment.
The company faced ongoing macroeconomic and geopolitical headwinds, impacting overall business conditions.
There was a slight increase in the income tax rate to 25.2%, impacted by an exceptional stock tax surcharge in France.
The DIG acquisition will increase the net debt-to-equity ratio by more than 10 percentage points.
The company did not provide specific guidance on start-up revenue for 2026, citing changes in contract structures and energy pricing volatility.

Aude Rodriguez;Air Liquide Societe Anonyme pour l;Etude et l;Exploitation des Procedes Georges Claude SA;Head of Investor Relations

'''-

This is Aude Rodriguez, the Head of Investor Relations. Thank you very much for attending the call today. Francois Jackow and Jerome Pelletan will present the performance of the full year 2025. For the Q&A session, they will be joined by Emilie Mouren-Renouard and Adam Peters, both Group VP overseeing, respectively, EMEA and North America. Adam is on the phone with us from the US In the agenda, our next announcement is on April 28 for our first quarter revenue. Let me now hand you over to Francois.

Francois Jackow;Air Liquide Societe Anonyme pour l;Etude et l;Exploitation des Procedes Georges Claude SA;Chief Executive Officer

L;Director, Member of the Executive Committee

'''- -

Thank you, Aude, and good morning to all of you. It is a real pleasure to be with you today for this earnings

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