L'Air Liquide Societe Anonyme pour l'Etude et l'Exploitation des Procedes Georges Claude SA

XMUN:AIL

Growth: Air Liquide said second-quarter comparable sales growth accelerated to 3.5%, above expectations, helped by strong Electronics and improving Industrial Merchant trends.

Margins: The group delivered 110 basis points of margin expansion in the first half and said its transformation program is working across pricing, efficiencies, and portfolio management.

Electronics: Electronics project signings were exceptionally strong, with more than EUR 1 billion of decisions in H1, and management said the business should keep growing in the 8% to 9% range in H2.

Backlog: The investment backlog reached a record EUR 6 billion, reflecting a record pace of project signings and giving management confidence in future growth.

Helium: Helium remains a supply issue, but management said Qatar production has restarted at limited capacity and they expect the impact on sales to be limited in the second half.

Guidance: Management reiterated full-year guidance for 2026 and 2027, along with the plan for 560 basis points of margin improvement over six years.