Air Liquide: Conference takeaways

Research evidence excerpt

Air Liquide: Conference takeaways

Equity Research

European Chemicals & Ingredients

22 May 2026

Air Liquide

Conference takeaways

Structural margin step-up now embedded, with stronger

pricing and efficiencies driving delivery. US momentum and

Electronics remain key supports, offsetting mixed Europe/ AIRP.PA/AI FP OVERWEIGHT European Chemicals &

IngredientsAsia. Q2 guide reflects prudence, not any major delta in NEGATIVE

Price Target EUR 195.00

fundamentals. Price (20-May-26) EUR 177.02

Potential Upside/Downside +10.2%

Source: Bloomberg, Barclays Research

Presenters: Emilie Mouren-Renouard - Group VP, EAMEI; Aude Rodriguez - Head of Investor

Relations

What’s incremental? Alex Sloane

+44 (0)20 3555 0645

1) Step-change in operating model under CEO François Jackow: Management framed the alexander.sloane@barclays.com

shift in profitability progress in recent years as structural, with a move from ~10bps to ~100bps Barclays, UK

annual margin progression driven by a combination of stronger pricing execution, systematic

Katie Richards

efficiency delivery, and tighter organisational control. Pricing has become faster and more +44 (0)20 3555 0315

targeted (including use of data/AI to identify pockets of value and stay ahead of cost), while kathryn.richards@barclays.com

efficiencies are delivered through a formal transformation programme spanning commercial, Barclays, UK

industrial, shared services and organisational initiatives. At the same time, simplification

Setu Sharda

actions, including removal of management layers, consolidation of country clusters, and + 91 (0)22 6175 1934

redesigned incentive structures with clearer KPIs, are reinforcing execution discipline. The setu.sharda@barclays.com