Recurring ROCE rises to 11.2%, despite increased investments aimed at preparing for future growth. At €6.85 billion, cash flow from operations is up more than 8% at constant exchange rates.

Sales reached €26.94 billion in 2025, up +2% on a comparable basis (-0.4% as reported, reflecting a negative currency effect partially offset by a favorable energy impact); all Gas & Services activities, which account for 97% of total sales, are growing.

"In line with the transformation plan implemented in mid-2024 and still ongoing, we achieved record efficiencies totaling €631 million, a sharp increase of +27% compared to 2024," highlighted CEO François Jackow.

At the General Shareholders' Meeting on May 5, 2026, Air Liquide will submit for approval a dividend of €3.70 per share, up +12.1%, as well as a resolution for the allocation of free shares in June 2026, at a rate of one share for every 10 shares held.

Having successfully completed its ADVANCE strategic plan set for 2022-2025, the group expresses confidence in its ability to increase its operating margin by +100 basis points and achieve recurring net profit growth at constant exchange rates in 2026.

The company also announces today a new target of a +100 basis point improvement in its margin for 2027, bringing its total margin improvement objective to +560 basis points over the 2022-2027 period.