seekingalpha.com
L'Air Liquide: Margin Visibility And Execution Drive A Positive Re-Rating
L'Air Liquide's 2025 results showed solid operating leverage, with EBIT margin ex-energy up to 20.7% and recurring profit growth supported by pricing, efficiencies, and disciplined execution. AIQUF's management reiterated a +100bps margin improvement for 2026 and introduced a new +100bps target for 2027, above consensus expectations and likely to be a positive catalyst for the shares. Higher DPS, a stable backlog, and lower net debt reinforce the ADVANCE strategy, while limited buybacks highlight organic earnings growth as the main driver of long-term EPS expansion.
