Air Liquide: Setting the Agenda

Research evidence excerpt

Air Liquide: Setting the Agenda

Equity Research

European Chemicals & Ingredients

22 July 2026

Air Liquide

Setting the Agenda

First LookAir Liquide will report Q2 results on 28th July. We expect

sequentially improved Q2 sales growth, with Electronics

accelerating as E&I headwinds fade and carrier gases remain AIRP.PA/AI FP OVERWEIGHT European Chemicals &

Ingredientsstrong. Structural margin improvement and a growing NEGATIVE

Price Target EUR 196.00

Electronics backlog remain key attractions. Price (21-Jul-26) EUR 176.52

Potential Upside/Downside +11.0%

Source: Bloomberg, Barclays Research

Air Liquide guiding for slightly better Q2 comp sales: Air Liquide's pre H1

communication pointed to a slightly better than expected Q2 comparable sales growth outcome

in Gas & Services vs. company guide for Q2 G&S comp sales to be broadly in line with Q1 delivery European Chemicals & Ingredients

of +1.9%. At the time of Q1 results, we thought the guide was conservative, given easing comps Alex Sloane

in Electronics in particular and strong momentum in Large Industries in the USA. In our view, the +44 (0)20 3555 0645

previous guide had incorporated the risk of a sharper slowdown in LI sales in Asia on potential alexander.sloane@barclays.com

Barclays, UKdisruption impacts from the Middle East conflict that haven't materialised. We look for +2.6%

comparable sales growth in Q2 (slightly below Vara cons +2.9%), on stronger growth Katie Richards

assumptions in Electronics where we look for +7% comp sales growth – a slight up tick from Q1, +44 (0)20 3555 0315

primarily as E&I drag recedes and Carrier Gases momentum remains robust on strong fab kathryn.richards@barclays.com

Barclays, UKutilisation. In Large Industries, we look for -0.5% comp sales, only slightly improved from Q1,