Air Liquide posted Q1 2026 revenue of €6.79 bn, slightly below consensus €6.83 bn.
Comparable sales grew 1.9% versus 2% expected, with Americas up 5.5% while EMEA and AP fell 0.4% and 0.7%.
Core Gas & Services division saw Healthcare +4%, Electronics +2.9%, Industrial Merchant +2.7%; Large Industries declined 0.9%.
Operating cash flow before working capital was €1.61 bn, flat YoY; investment backlog rose 12% to €5.5 bn, adding €1.5 bn in the quarter.