Air Liquide - Key Themes Ahead of 2Q26 Results

Research evidence excerpt

Air Liquide - Key Themes Ahead of 2Q26 Results

NSTEIN FLASHMAIL

2 July 2026

James Hooper

+44 20 7676 6995

European Chemicals james.hooper@bernsteinsg.com

Air Liquide SA Sebastien Afoy

+44 207 762 1032

Rating sebastien.afoy@bernsteinsg.com

Outperform Specialist Sales

Price Target James Brady

+44 20 7762 5272

AI.FP 207.00 EUR james.brady@bernsteinsg.com

We regularly hold calls with companies, making sure we are up-to-date with their latest communications. We recently caught up with Air

Liquide in the lead up to their 2Q26 reporting, and provide an update of the key themes below.

The expected improvement in comparable growth is versus the “Q2 similar to Q1” commentary from 1Q26 results, and the

market is arguably already there. But current comparable growth expectations should be feasible. Management acknowledged

that there was a lower level of customer disruption than assumed in their cautious 1Q26 results commentary, and therefore expect

better than 1.9% comparable growth in the quarter. The largest source of acceleration will be from Electronics. Carrier gases (c. 51%

Electronics) are expected to continue their c. 9-10% recent growth, driven by ramp-ups, and the other segments, while growing more

slowly are all expected to contribute. If one assumes on average c. 3% growth for the two Materials and E&I segments, this implies 2Q26

comparable growth of c. 6-7% for electronics. The other segments are expected to be more in-line with their 1Q performance. Large

Industries is still impacted by weaker volumes outside the Americas. Industrial Merchant is expected to deliver solid pricing except for

Asia and helium, but volumes more resilient than growing. Healthcare continues to grow, but it is expected to be lower than the top of the

4-6% historical range.