During the period, revenue reached 6.786 billion euros, compared to Jefferies' estimate of 7.051 billion, Oddo BHF's 6.88 billion, and a consensus of 6.826 billion euros. Air Liquide announced that reported sales declined by 3.5%, but rose by 3.4% excluding currency and energy effects, and by 1.9% on a comparable basis.

In detail, the Gas & Services division, the group's primary unit representing 97.19% of total activity, saw reported revenue decline by 3.4% to 6.595 billion euros. However, it grew by 3.5% excluding currency and energy effects and by 1.9% organically. Jefferies analysts had expected 6.843 billion euros, or 4% higher. Oddo BHF was slightly less ambitious with a forecast around 6.690 billion euros.

The French giant thus narrowly missed analyst projections and noted that the geopolitical context was marked by the conflict in the Middle East, 'where the safety of our teams and the integrity of our facilities have been our priority'.

The group also indicated that its operational strengthening and ongoing transformation program generated 142 million euros in 'efficiencies', an 8% increase compared to the same period last year.

Oddo BHF noted that investment decisions amounted to 1.5 billion euros over the quarter, an all-time high, while the investment project backlog stands at 5.5 billion euros, reaching a new record.

Targets maintained and recommendations

For 2026, Air Liquide remains confident and still intends to increase its operating margin by 100 basis points, while delivering growth in recurring net profit at constant exchange rates. Regarding 2027, the group also targets a 100 basis point increase in its operating margin, bringing its total target to a 560 basis point improvement over the 2022-2027 period.

Oddo BHF confirmed its outperform rating with a price target of 216 euros, representing a 15% upside potential from Monday's closing price. For its part, Jefferies maintains a buy rating with a slightly lower price target of 204 euros.