(BFM Stock Exchange) – The industrial gas specialist has gone up slightly above expectations in the first quarter, 1.7% in comparable data.

Flagship value of the small carriers, who represent 34% of its capital, Air Liquide signs for the moment a faultless on its 2025 publications.

Its annual results had been praised, the group announcing ambitious margin objectives for 2026, capable of reducing the gap with its great American-German rival. His action had taken more than 3% at the end of February, after this publication.

Its first quarter activity, delivered this Thursday, April 24, is also appreciated by investors. Air Liquide takes 2.1% on the Paris Stock Exchange in the wake of this announcement, signing one of the strongest increases in the CAC 40.

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Stronger growth than expected

The company has announced that it has released income over the first three months of the year of 7.03 billion euros, up 5.7% over one year and up 1.7% in comparable data, that is to say excluding exchange effects, perimeter and variations in energy prices.

“In particular, our sales increased by 3.6% and 5.3%, respectively in the fields of electronics – market carried by the rapid development of artificial intelligence – and health, which continues a distinct dynamic of cyclical developments in the industrial sector,” said the director general, François Jackow, quoted in a press release.

Air Liquide has slightly exceeded expectations, since analysts awaited, according to a consensus Vara Research, income of 7 billion euros and growth limited to 1.1% in comparable data.

Morgan Stanley appreciates “a robust and better publication we expected”. The activity was notably stronger than anticipated by the American bank in the so-called “merchant industrial” segment, that is to say smaller industrial customers than “large industry”. This last category brings together the most energy -consuming customers in the company (metallurgy, chemistry, refining).

In “the merchant industry”, the sales of the company thus increased by 1.4% in comparable data, while they fell 0.3% for “large industry”.

Record efficiency gains

In addition, the company indicated that it had released 131 million euros in efficiency gains “, a record level for a first quarter, up 17% over a year. Stifel describes this figure as” good news “.

Air Liquide has, at the end of this publication, confirmed its objective of improving its profitability. The company plans to increase its current operating margin rate from 200 points of basis (2 percentage points) over the period 2025-2026, which would bring the total improvement of this profitability rate between 2022 and 2026 to 460 base points. Which would bring its margin around 22%.

Oddo BHF confirmed its advice to “outperformance” on the action this Thursday, noting that the title Air Liquide still exchanges with a large stock market discount compared to Linde. Its action implies a multiple of 13.2 times the gross operating result expected in 2025 against 17.2 times for its American competitor.

“The Air Liquide action has behaved relatively well (recently, note) given its defensive qualities,” notes Morgan Stanley.

But the bank warns: “The uncertainty concerning the future of energy transition projects in the United States remains high and if global growth is experiencing a significant slowdown in 2025, the ‘Marchand’ Industrial ‘segment will not be spared”. “Air Liquide has a high -quality defensive business model” but “which operates on cyclical final markets”, recalls the establishment.