Air Liquide continued its upward trajectory in Q3 2024, delivering solid results despite a challenging market environment. The Group’s revenue rose to €6.8 billion, up +3.3% on a comparable basis (-0.7% as published due to negative currency impacts and lower energy prices). This growth outpaced the previous quarter’s +3.1%, underscoring the resilience of the business model. The Gas & Services segment, accounting for 95% of revenue, grew by +3.6%, with all activities contributing, particularly Healthcare, which surged +9%. Regionally, the Americas and Asia were the strongest performers, with growth rates of +8% and +4%, respectively.
The Group made significant progress in performance improvement, with its transformation plan—announced in July—now being actively executed across the organization, including streamlining operations. Efficiencies increased by +10%, reaching a record €353 million by the end of September. Portfolio management and strategic pricing in Industrial Merchant helped boost the Group’s operating margin by +100 basis points, excluding the energy impact, since the start of the year. This surpassed the targets of the ADVANCE plan, which had raised its performance goals earlier in 2024.
Air Liquide’s investment activity remained strong, paving the way for future growth. The investment backlog stood at €4.2 billion in Q3, while new investment decisions reached a record €1.4 billion, driven by major projects in Large Industries and Electronics. The 12-month investment pipeline remained robust, exceeding €4 billion, with more than 40% focused on energy transition projects and significant opportunities in electronics and semiconductors.
Looking ahead, Air Liquide remains confident in its ability to further improve its operating margin and deliver recurring net profit growth for 2024, based on constant exchange rates.
