Air Liquide Detailed Consensus >> Group
Consensus as of: 12/06/2026 (Consensus = Median)

Please note:

  • We adjusted the consensus estimates (in a pure mathematical way) for the Air Liquide Free Share attribution (as of 8th of June 2026).
  • The adjusting coefficient is 1,10289 for number of shares, EPS and DPS.
  • The historic figures (number of shares, EPS and DPS) are adjusted as well.
  • G&S: The significant perimeter impact of 1.5% in 2025 is entirely due to an internal transfer between Gas & Services and Engineering & Technologies.

 

 


KPI[EUR m]FY 2025FY 2026 EFY 2027 EFY 2028 EFY 2029 E
Group salesConsensus26,940.227,956.229,200.430,512.031,961.0
Group salesNumber of Estimates1414139
Published growth (%), groupConsensus-0.4%3.8%4.5%4.5%4.7%
Published growth (%), groupNumber of Estimates1414139
Significant perimeter impact (%), groupConsensus0.0%1.8%0.0%0.0%0.0%
Significant perimeter impact (%), groupNumber of Estimates6665
Currency impact (%), groupConsensus-3.2%-2.1%0.0%0.0%0.0%
Currency impact (%), groupNumber of Estimates6665
Energy impact (%), groupConsensus0.8%0.6%0.0%0.0%0.0%
Energy impact (%), groupNumber of Estimates6665
Comparable growth (%), groupConsensus2.0%3.0%4.4%4.7%4.7%
Comparable growth (%), groupNumber of Estimates121198
Gas & Services salesConsensus26,085.027,058.528,276.429,592.530,775.6
Gas & Services salesNumber of Estimates1212108
Published growth (%), G&SConsensus1.1%3.7%4.5%4.7%4.0%
Published growth (%), G&SNumber of Estimates1212108
Significant perimeter impact (%), G&SConsensus1.5%1.9%0.0%0.0%0.0%
Significant perimeter impact (%), G&SNumber of Estimates6665
Currency impact (%), G&SConsensus-3.3%-2.1%0.0%0.0%0.0%
Currency impact (%), G&SNumber of Estimates6665
Energy impact (%), G&SConsensus0.9%0.6%0.0%0.0%0.0%
Energy impact (%), G&SNumber of Estimates6665
Comparable growth (%), G&SConsensus2.0%2.9%4.6%4.7%4.7%
Comparable growth (%), G&SNumber of Estimates1111107
Engineering & TechnologiesConsensus855.0863.6880.4902.5958.1
Engineering & TechnologiesNumber of Estimates1212108
Published growth (%), E&TConsensus-1.0%1.9%2.5%6.2%
Published growth (%), E&TNumber of Estimates1212108
Group sales (P&L)Consensus26,940.227,956.229,200.430,512.031,961.0
Group sales (P&L)Number of Estimates1414139
Published growth (%) (P&L)Consensus-0.4%3.8%4.5%4.5%4.7%
Published growth (%) (P&L)Number of Estimates1414139
EBITDAConsensus8,1458,6579,42710,08410,534
EBITDANumber of Estimates1212118
D&AConsensus-2,564-2,667-2,797-2,941-3,035
D&ANumber of Estimates1212118
Operating Income Recurring (OIR)Consensus5,5826,0186,5677,1447,816
Operating Income Recurring (OIR)Number of Estimates1414139
OIR margin (%)Consensus20.7%21.7%22.7%23.6%24.4%
OIR margin (%)Number of Estimates1414139
OIR G&SConsensus5,8976,3456,9367,5478,150
OIR G&SNumber of Estimates111097
OIR margin G&S (%)Consensus22.6%23.4%24.6%25.6%26.3%
OIR margin G&S (%)Number of Estimates111097
ExceptionalsConsensus-303-200-200-150-125
ExceptionalsNumber of Estimates1212118
Group operating incomeConsensus5,2795,8636,4907,0107,647
Group operating incomeNumber of Estimates1313129
Net financial costs & expensesConsensus-396-430-441-445-440
Net financial costs & expensesNumber of Estimates1313119
Income taxesConsensus-1,231-1,386-1,527-1,655-1,772
Income taxesNumber of Estimates1313119
Tax rate (%)Consensus25.2%25.8%25.2%25.0%25.0%
Tax rate (%)Number of Estimates1313119
Share of profit of associatesConsensus-800-1-1
Share of profit of associatesNumber of Estimates1313119
Net income from continuing operationsConsensus3,6444,0294,5054,9665,375
Net income from continuing operationsNumber of Estimates1313119
Profit for the periodConsensus3,6444,0294,5054,9665,375
Profit for the periodNumber of Estimates1313119
Minority interestsConsensus-127-135-144-154-172
Minority interestsNumber of Estimates1313119
Net profit (Group share)Consensus3,517.93,903.04,371.34,767.05,188.4
Net profit (Group share)Number of Estimates1313119
Net profit growth (%)Consensus6.4%10.9%12.0%9.1%8.8%
Net profit growth (%)Number of Estimates1313119
Weighted average number of shares (m)Consensus636.1636.0636.0635.9636.0
Weighted average number of shares (m)Number of Estimates1313119
As published earnings per share (EPS in EUR)Consensus5.536.146.877.468.16
As published earnings per share (EPS in EUR)Number of Estimates1313119
As published EPS growth (%)Consensus6.4%11.0%11.9%8.6%9.4%
As published EPS growth (%)Number of Estimates1313119
Dividend per share (DPS in EUR)Consensus3.353.593.824.134.44
Dividend per share (DPS in EUR)Number of Estimates1313129
DPS growth (%)Consensus12.1%7.2%6.4%8.1%7.5%
DPS growth (%)Number of Estimates1313129
Net cash flows from operating activitiesConsensus6,8556,8927,4237,9138,356
Net cash flows from operating activitiesNumber of Estimates101097
Purchase of property, plant and equipment and intangible assetsConsensus-3,843-3,984-4,186-4,366-4,683
Purchase of property, plant and equipment and intangible assetsNumber of Estimates1313129
Acquisition of subsidiaries and financial assetsConsensus-240-2,850000
Acquisition of subsidiaries and financial assetsNumber of Estimates1313129
Proceeds from sale of property, plant and equipment and intangible assets and proceeds from sale of financial assets and dividend received from equity affiliatesConsensus3320000
Proceeds from sale of property, plant and equipment and intangible assets and proceeds from sale of financial assets and dividend received from equity affiliatesNumber of Estimates1313129
Net cash flows from investing activitiesConsensus-3,751-6,751-4,197-4,373-4,683
Net cash flows from investing activitiesNumber of Estimates1313129
PPE / Sales (%)Consensus14.3%14.1%14.3%14.2%14.3%
PPE / Sales (%)Number of Estimates1313129
Net Industrial and Financial CAPEX / Sales (%)Consensus13.9%23.8%14.3%14.2%14.3%
Net Industrial and Financial CAPEX / Sales (%)Number of Estimates1313129
Free cash flow (net cash flows from operating and investing activities)Consensus3,1041,3893,0633,3843,716
Free cash flow (net cash flows from operating and investing activities)Number of Estimates101097
Dividends paidConsensus-2,053-2,246-2,399-2,575-2,748
Dividends paidNumber of Estimates1212119
Net debt at the end of the period (excl. IFRS 16)Consensus-8,416-11,013-10,170-9,330-8,489
Net debt at the end of the period (excl. IFRS 16)Number of Estimates1212118
Disclaimer

This document has been issued by Vara Research GmbH for information purposes only and is not intended to constitute investment advice. It is based on estimates and forecasts of various analysts regarding revenues, earnings and business developments of the relevant company. The company did not participate in the compilation of the estimates and it does not endorse them. Such estimates and forecasts cannot be independently verified by reason of the subjective character. Vara Research GmbH gives no guarantee, representation or warranty and is not responsible or liable as to its accuracy and completeness.