Air Liquide Detailed Consensus
Consensus as of: 13/07/2026 (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]Q2 2025H1 2025FY 2025Q2 2026 EH1 2026 EFY 2026 EFY 2027 EFY 2028 EFY 2029 EFY 2030 E
Group salesConsensus6,694.013,722.226,940.27,029.513,814.628,115.929,285.130,571.331,990.633,439.3
Group salesNumber of Estimates99101616127
Published growth (%), groupConsensus-0.5%2.6%-0.4%5.0%0.7%4.4%4.2%4.4%4.6%4.5%
Published growth (%), groupNumber of Estimates99101016127
Significant perimeter impact (%), groupConsensus0.0%0.0%0.0%1.7%1.6%1.5%0.0%0.0%0.0%0.0%
Significant perimeter impact (%), groupNumber of Estimates4335542
Currency impact (%), groupConsensus-3.7%-1.5%-3.2%-1.4%-3.5%-1.3%0.0%0.0%0.0%0.0%
Currency impact (%), groupNumber of Estimates5346653
Energy impact (%), groupConsensus1.3%2.3%0.8%0.9%0.0%0.1%0.0%0.0%0.0%0.0%
Energy impact (%), groupNumber of Estimates4335542
Comparable growth (%), groupConsensus1.9%1.8%2.0%2.8%2.3%3.0%4.5%4.7%4.8%4.9%
Comparable growth (%), groupNumber of Estimates657121183
Gas & Services salesConsensus6,479.013,310.026,085.06,801.013,396.427,228.028,373.629,666.331,033.433,003.0
Gas & Services salesNumber of Estimates1010101615105
Published growth (%), G&SConsensus0.6%4.0%1.1%5.0%0.6%4.4%4.2%4.6%4.6%6.3%
Published growth (%), G&SNumber of Estimates1010101015105
Significant perimeter impact (%), G&SConsensus1.3%1.4%1.5%1.9%1.7%1.8%0.0%0.0%0.0%0.0%
Significant perimeter impact (%), G&SNumber of Estimates8679954
Currency impact (%), G&SConsensus-3.8%-1.6%-3.3%-1.2%-3.5%-1.5%0.0%0.0%0.0%0.0%
Currency impact (%), G&SNumber of Estimates8679954
Energy impact (%), G&SConsensus1.3%2.4%0.9%1.0%0.0%1.0%0.0%0.0%0.0%0.0%
Energy impact (%), G&SNumber of Estimates8679954
Comparable growth (%), G&SConsensus1.8%1.8%2.0%2.9%2.4%2.9%4.6%4.7%4.9%5.0%
Comparable growth (%), G&SNumber of Estimates988131284
Engineering & TechnologiesConsensus215.0412.0855.0215.5405.3869.2905.7949.91,009.11,047.2
Engineering & TechnologiesNumber of Estimates99101615105
Published growth (%), E&TConsensus---0.2%-1.6%1.7%4.2%4.9%6.2%3.8%
Published growth (%), E&TNumber of Estimates99101015105
Group sales (P&L)Consensus6,694.013,722.226,940.27,029.513,814.628,115.929,285.130,571.331,990.633,439.3
Group sales (P&L)Number of Estimates99101616127
Published growth (%) (P&L)Consensus-0.5%2.6%-0.4%5.0%0.7%4.4%4.2%4.4%4.6%4.5%
Published growth (%) (P&L)Number of Estimates99101016127
EBITDAConsensus-4,0248,145-4,1898,7179,43410,13710,92711,769
EBITDANumber of Estimates-6101515105
D&AConsensus--1,287-2,564--1,286-2,644-2,751-2,896-3,035-3,234
D&ANumber of Estimates-6101515105
Operating Income Recurring (OIR)Consensus-2,7375,582-2,9086,0816,7067,2627,8678,574
Operating Income Recurring (OIR)Number of Estimates-9101616127
OIR margin (%)Consensus-19.9%20.7%-21.0%21.7%22.8%23.7%24.5%25.4%
OIR margin (%)Number of Estimates-9101616127
OIR G&SConsensus-2,9275,897-3,0636,3416,9757,5798,1729,190
OIR G&SNumber of Estimates-68121183
OIR margin G&S (%)Consensus-22.0%22.6%-22.9%23.4%24.6%25.3%26.3%27.9%
OIR margin G&S (%)Number of Estimates-68121173
ExceptionalsConsensus--47-303--137-238-199-150-150-199
ExceptionalsNumber of Estimates-7101515105
Group operating incomeConsensus-2,6905,279-2,7685,8296,5487,1647,7888,574
Group operating incomeNumber of Estimates-7101616115
Net financial costs & expensesConsensus--185-396--215-438-445-430-448-473
Net financial costs & expensesNumber of Estimates-7101616104
Income taxesConsensus--630-1,231--661-1,392-1,548-1,701-1,866-2,049
Income taxesNumber of Estimates-7101616104
Tax rate (%)Consensus-25.1%25.2%-25.5%26.0%25.1%25.1%25.6%25.6%
Tax rate (%)Number of Estimates-7101616104
Share of profit of associatesConsensus--9-8-0000-1-4
Share of profit of associatesNumber of Estimates-7101616104
Net income from continuing operationsConsensus-1,8663,644-1,9734,0034,5475,0055,4556,037
Net income from continuing operationsNumber of Estimates-7101616104
Profit for the periodConsensus-1,8663,644-1,9734,0034,5475,0055,4556,037
Profit for the periodNumber of Estimates-7101616104
Minority interestsConsensus--65-127--68-135-142-148-160-137
Minority interestsNumber of Estimates-7101616104
Net profit (Group share)Consensus-1,801.13,517.9-1,891.43,873.14,406.24,866.05,298.05,962.9
Net profit (Group share)Number of Estimates-9101616104
Net profit growth (%)Consensus-7.2%6.4%-5.0%10.1%13.8%10.4%8.9%12.6%
Net profit growth (%)Number of Estimates-9101016104
Weighted average number of shares (m)Consensus-636.1636.1-635.9636.0636.1636.1636.1635.9
Weighted average number of shares (m)Number of Estimates-9101616104
As published earnings per share (EPS in EUR)Consensus-2.835.53-2.986.096.937.658.339.39
As published earnings per share (EPS in EUR)Number of Estimates-9101616104
As published EPS growth (%)Consensus-7.0%6.4%-5.3%10.1%13.8%10.4%8.9%12.7%
As published EPS growth (%)Number of Estimates-9101016104
Dividend per share (DPS in EUR)Consensus--3.35--3.503.794.054.424.65
Dividend per share (DPS in EUR)Number of Estimates--101616104
DPS growth (%)Consensus--12.1%--4.5%8.3%6.9%9.1%5.2%
DPS growth (%)Number of Estimates--101016104
Net cash flows from operating activitiesConsensus-2,9776,855-3,3186,9507,4478,0768,6599,331
Net cash flows from operating activitiesNumber of Estimates-110131384
Purchase of property, plant and equipment and intangible assetsConsensus--1,836-3,843--1,970-4,167-4,191-4,315-4,588-4,964
Purchase of property, plant and equipment and intangible assetsNumber of Estimates-1101616104
Acquisition of subsidiaries and financial assetsConsensus--83-240--2,80000000
Acquisition of subsidiaries and financial assetsNumber of Estimates-191515104
Proceeds from sale of property, plant and equipment and intangible assets and proceeds from sale of financial assets and dividend received from equity affiliatesConsensus-174332-000000
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 Estimates-191515104
Net cash flows from investing activitiesConsensus--1,745-3,751--4,770-4,320-4,197-4,346-4,592-4,964
Net cash flows from investing activitiesNumber of Estimates-191515104
PPE / Sales (%)Consensus-13.4%14.3%-14.2%14.9%14.3%14.1%14.1%14.6%
PPE / Sales (%)Number of Estimates-1101616104
Net Industrial and Financial CAPEX / Sales (%)Consensus-12.7%13.9%-34.3%15.5%14.3%14.1%14.1%14.6%
Net Industrial and Financial CAPEX / Sales (%)Number of Estimates-191515104
Free cash flow (net cash flows from operating and investing activities)Consensus-1,2323,104--1,4522,5933,0863,5353,8704,254
Free cash flow (net cash flows from operating and investing activities)Number of Estimates-19121284
Dividends paidConsensus---2,053--2,203-2,218-2,353-2,533-2,732-2,884
Dividends paidNumber of Estimates-1101616104
Net debt at the end of the period (excl. IFRS 16)Consensus---8,416--12,121-9,497-9,837-8,432-8,033-5,801
Net debt at the end of the period (excl. IFRS 16)Number of Estimates-19141494
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.