Air Liquide has recorded full-year 2024 revenues of €27.06bn, up 2.6% on the prior year on the like-for-like basis but down 2% in absolute terms, to deliver a net profit of €3.31bn, up 7.4%.
The industrial gases major delivered a full-year group operating margin of 19.9%, which is up by 110 basis points year-on-year, when energy impacts are removed.
The company is now aiming for a 460 basis point improvement by 2026, it said, driven by efficiency gains and investments in hydrogen, carbon capture, and semiconductors.
CEO François Jackow said the results reflected “record efficiencies of €497m” and “major commercial successes”, particularly in markets tied to the energy transition and semiconductor growth.
Air Liquide approved €4.4bn in investments in 2024, positioning itself for long-term growth in clean energy and advanced manufacturing. Notable projects include:
- €850m for a low-carbon oxygen plant supporting ExxonMobil’s hydrogen project in Texas.
- A 200MW electrolyser in the Netherlands (ELYgator project) and a joint venture with TotalEnergies for a 250MW hydrogen facility.
- €250m investment in semiconductor gases to support Micron Technology’s US chip production.
Other expansions include carbon capture infrastructure in Dunkirk, biomethane plants in the US, and new air separation units in Japan, China, and Europe.
The company said it has also cut its CO2 emissions by 11% since 2020, surpassing its 2025 target ahead of schedule.
2025 outlook: Margin expansion and market uncertainty
Air Liquide expects further margin expansion and net profit growth in 2025, backed by a strong order backlog and €4.1bn in new investment opportunities.
“The strength of our diversified model and the agility of our teams are key assets that enable us to continue to deliver strong performance,” Jackow said.
The published revenue fell off 2%, reflecting currency fluctuations and weaker energy prices. The company’s outlook depends on sustained demand for industrial gases, particularly in hydrogen and semiconductors, amid uncertain economic conditions.
