Air Liquide: 2Q26 result - Electronics powering growth

Research evidence excerpt

Air Liquide: 2Q26 result - Electronics powering growth

e activity improved in China and

12/26E 6.69 6.65 -1 6.53

across several end markets. Management noted that excluding helium impacts 12/27E 7.27 7.26 -0 7.18

(disruption to key Qatari supplier), volumes were positive. 12/28E 7.92 8.02 1 7.79

Helium headwinds should ease: Management highlighted that Qatari helium Christian Bell, CFA

production has restarted at reduced rates and expects the sales impact to become Analyst

more limited in H2. Importantly, the company stressed that helium availability is christian.bell@ubs.com

not constraining Electronics customer demand. +44-20-7901 5493

Large Industries remains mixed but supported by the US: Strong demand Priyanka Patel

across the US Gulf Coast pipeline network and ongoing project ramp-ups continue Analyst

priyanka.patel@ubs.com

to offset weaker industrial activity in Europe and softer demand across parts of

+44-20-7568 0016

Asia and the Middle East.

Backlog now €6bn - AI is driving future revenues

Beyond the H2 outlook, Air Liquide's investment backlog reached a record €6bn, while

the 12-month opportunity pipeline increased to €4.8bn, despite record project awards

during the half. Electronics now represents around 50% of the opportunity portfolio,

highlighting the company's increasing exposure to AI-led semiconductor investment.

AI key tailwind for Electronics: H1 Electronics investment decisions exceeded

€1bn, around 1.5x the value signed in all of 2025. Management stressed that

current semiconductor investment levels should translate into future revenue

growth as projects move from award to ramp-up, noting that today's sales growth

Highlights (€m) 12/23 12/24 12/25 12/26E 12/27E 12/28E 12/29E 12/30E

Revenues 27,608 27,058 26,940 27,987 29,373 30,871 32,454 34,128