Air Liquide SA

Latest Results (17.12.2024):

Revenue Growth

In the first half of 2024, Air Liquide SA reported group revenue totaling 13,379 million euros, reflecting a growth of +2.6% on a comparable basis. However, the published sales were down by -4.3% due to unfavorable energy and currency impacts. Gas & Services revenue, which constitutes a significant portion of the group's income, also saw a comparable growth of +2.6% despite similar challenges.

Operating Margin Improvement

Air Liquide SA achieved a notable improvement in its operating margin, excluding energy impacts, by +100 basis points in the first half of 2024. This enhancement was driven by structural efficiencies, including approximately 1,000 operational efficiency projects and strategic price adjustments in the Industrial Merchant sector.

Net Profit and Cash Flow

The group's net profit recurring, excluding currency impact, rose by +16% in the first half of 2024. Air Liquide SA maintained a strong cash flow with a ratio to sales of 24%, which supports the financing of future growth investments. The recurring Return on Capital Employed (ROCE) improved to 10.7% by the end of June, aligning with the company's ADVANCE objectives.

Regional Performance

In the Americas, Gas & Services revenue increased by +7.9%, driven by strong growth across all business lines, particularly in Healthcare and Electronics. Conversely, in Europe, sales slightly declined by -1.3%, impacted by the sale of a cogeneration unit and customer turnarounds. The Asia Pacific region saw nearly stable revenue, while the Middle East & Africa experienced a sharp increase of +7.1%.

Investment and Future Outlook

Air Liquide SA's investment backlog remained high at 4.1 billion euros, with a diversified portfolio of opportunities, particularly in the Americas and Europe. The company is confident in its ability to further increase its operating margin and deliver recurring net profit growth in 2024, supported by large-scale projects in decarbonization and semiconductors.