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Investing.com -- Air Liquide SA (EPA:AIRP) reported a 7% year-over-year increase in operating cash flow to €1.69 billion for the third quarter of 2025, supported by €163 million in cost efficiencies.
The French industrial gases supplier recorded group revenue of €6.6 billion, broadly in line with Visible Alpha consensus of €6.59 billion and Jefferies’ forecast of €6.55 billion.
Comparable sales growth was 1.9%, while reported revenue declined 2% from the prior year, reflecting a 4.2% negative currency effect.
Air Liquide confirmed its full-year 2025 guidance “to further increase its operating margin and to deliver recurring net profit growth at constant currency.”
Jefferies noted that efficiencies totaled €434 million year to date, underscoring continued operational gains.
Gas and Services, Air Liquide’s largest division, accounted for €6.39 billion in quarterly revenue, up 1% from Jefferies’ estimate and flat against consensus.
On a comparable basis, growth reached 1.9%, with currency down 4.4%, natural gas up 0.1%, and electricity down 0.1%.
By business line, Large Industries slipped 0.2% on a comparable basis, Industrial Merchant rose 2.7%, driven primarily by 3.1% pricing growth, Healthcare advanced 4.9%, and Electronics fell 0.9%.
Regionally, the Americas delivered the strongest performance, with sales of €2.55 billion, 2% above Jefferies’ estimate of €2.50 billion and up 4.8% comparably.
The division recorded Large Industries and Industrial Merchant growth of 5% each, Healthcare up 9%, and Electronics down 4%. In EMEA, revenue totaled €2.58 billion, up 0.4% on a comparable basis.
Large Industries declined 2%, Industrial Merchant was flat with 1.5% pricing growth, and Healthcare gained 4%.
In Asia-Pacific, sales were €1.26 billion, down 0.8% comparably, with both Large Industries and Industrial Merchant down 1% and Electronics unchanged.
The Engineering and Technologies segment reported €212 million in revenue, compared with €233 million estimated by Jefferies and an implied consensus of €220 million. Comparable growth reached 1.7%, though sales were down 33% from the previous year.
Air Liquide’s investment activity remained consistent during the quarter. The company reported €0.9 billion in investment decisions, with start-up contributions of €233 million.
Jefferies said full-year start-up contributions are expected to range between €310 million and €340 million, following €157 million in the first half. The investment backlog stood at €4.9 billion at the end of the period.
Jefferies described overall results as stable, noting that “Gas and Services comparable growth was 1.9% (vs. JEFe 1.7% and cons 1.7%). Air Liquide efficiencies at €163mn in 3Q (€434mn YTD), with operating cash flow up 7% YoY.”
The brokerage said group sales were “broadly in line with JEFe (€6,554 million) and consensus (€6,592 million).”
Jefferies maintained a “buy” rating on Air Liquide with a price target of €204, representing an 18% potential upside from the prior trading day’s closing price of €172.36.