Air Liquide posted Q1 2026 revenue of €6.79 bn, slightly below consensus €6.83 bn, due to currency and energy cost pressures.
Comparable sales grew 1.9% versus 2% consensus, with Americas up 5.5% while EMEA and Asia‑Pacific fell 0.4% and 0.7%.
Within Gas & Services, Healthcare rose 4%, Electronics 2.9%, Industrial Merchant 2.7%, but Large Industries declined 0.9%.
Operating cash flow before working‑capital changes was €1.61 bn (flat YoY); investment backlog grew 12% to €5.5 bn, adding €1.5 bn in the quarter.