Air Liquide: Putting the ‘air’ in Ai

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Air Liquide: Putting the ‘air’ in Ai

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Air Liquide

Putting the ‘air’ in Ai

Rating Change: BUY | PO: 200.00 EUR | Price: 173.28 EUR

A FAB set of project wins. Double upgrade to Buy. 01 July 2026

We double upgrade Air Liquide to Buy. The energy-transition slowdown that underpinned Equity

our prior cautious stance has been validated by project delays, but in fairness the group

has navigated well in winning Electronics projects to secure a record backlog. Our near-

Key Changesterm group estimates are broadly in line with consensus, but we think this misses a

more important change; namely the mix and duration of Air Liquide’s growth look set to (EUR) Previous Current

improve. Electronics is only c10% of current sales, but AI-led semiconductor capex Inv. Opinion A-3-7 A-1-7

comprises c40% of the investment backlog; supported by the recent DIG acquisition. In Inv. Rating UNDERPERFORM BUY

our view, improved multi-year visibility on growth justifies a P/E and relative premium to Price Obj. 159.00 200.00

the market towards the upper end of its historic range. 2026E EPS 6.27 6.35

2027E EPS 6.89 7.06

2028E EPS 7.47 7.71Electronics to grow at double what consensus expects

Air Liquide is the number one supplier of gases used in the semiconductor

manufacturing process such as high purity nitrogen and noble gases. Our analysis John Campbell >>

Research Analyst

concludes that the Electronics franchise is set to organically grow at c14% through MLI (UK)

2026-30E, effectively double the rate in consensus. We therefore see Electronics +44 20 7995 0643 jcampbell24@bofa.com

becoming an increasingly important contributor, driving c40% of our estimated 4.5%

Matthew Yates >>

group organic growth in FY’27E and expect it also to be margin accretive. Our BofA Research Analyst