Air Liquide to Buy Back €1 Billion in Shares by End of 2026 Amid Q3 Sales Growth

Air Liquide has announced plans to repurchase €1 billion worth of its own shares by the end of December 2026, following a strong increase in sales during the third quarter. The French industrial gas giant continues its strategy of rewarding shareholders while maintaining robust investments in high-growth markets, particularly semiconductors.

Strong Third-Quarter Performance

Between July and September, the company’s revenue reached €7.259 billion, representing a 10% increase on a reported basis. On a comparable basis—which neutralizes the effects of currency fluctuations, energy costs, and scope changes—growth stood at 3%.

The Electronics division was a key driver of this growth, with comparable sales rising by 12%. This performance reflects sustained demand for semiconductors, fueled largely by the rapid development of artificial intelligence. Additionally, the Industrial Merchant segment saw a 5.3% increase in comparable sales.

Share Buyback Program and Financial Strategy

The announced share buyback represents the first tranche of a broader €4 billion program scheduled to be completed by the end of 2028. By reducing the number of shares in circulation, such operations can support earnings per share (EPS) and enhance shareholder returns. However, these buybacks also allocate financial resources that could otherwise be directed toward other investment opportunities.

Continued Industrial Expansion

In parallel with its shareholder return initiatives, Air Liquide is continuing its industrial development. Investment decisions have exceeded €4.1 billion since the beginning of the year, while ongoing investments total €6.2 billion.

The group remains on track to meet its 2026 targets, including a 100-basis-point improvement in operating margin, excluding energy effects and certain amortization costs related to the acquisition of DIG Airgas. Air Liquide also aims for further profitability growth in 2027.