Focus: Q2 2026 Earnings Report

Comparable revenue rose 2.6%, and net profit increased 1.2% year-on-year.

Air Liquide's air separation unit at the BASF facility saw its performance improve.

Air Liquide (NYSE: AI) shares fell 1.99% in trading, but the company posted higher first-half revenue and improved profit margins. The French industrial gas giant confirmed its full-year targets remain unchanged. On Tuesday, the company reported first-half 2026 revenue of 13.83 billion euros ($15.71 billion), a 0.8% increase year-on-year. Excluding the impact of currency fluctuations and energy price volatility, revenue grew by 4.3%. On a comparable basis, revenue rose 2.6%.

The gas and services business, which contributes the vast majority of revenue, saw comparable revenue increase 2.6% to 13.41 billion euros. The company implemented several efficiency initiatives, generating nearly 300 million euros in cost optimization benefits, which helped boost its operating margin by over 1 percentage point to 20.9%. First-half net profit rose 1.2% year-on-year to 1.82 billion euros.

Full-Year Outlook

Air Liquide reiterated its full-year operational expectations, expressing strong confidence in two key targets: a full-year operating margin improvement of 1 percentage point, and a year-on-year increase in recurring net profit, assuming constant exchange rates.