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Air Liquide’s Q3 Revenues Impacted by Declining Energy Prices

Air Liquide’s Q3 Revenues Impacted by Declining Energy Prices


Air Liquide, a leading French company in the gas industry, experienced a 17% year-on-year decline in Q3 revenues. This drop can be attributed to falling energy prices, which saw a decrease after the spike caused by Russia’s invasion of Ukraine, as well as the strengthening of the euro against the U.S. dollar during the quarter. Despite this setback, Air Liquide remains optimistic and has made significant strides in other areas.

Key Figures and Performance

In Q3, Air Liquide recorded revenues of €6.81 billion (~$7.2 billion), representing a 1.5% increase on a comparable basis. This excludes the impact of energy and currency effects. These figures are in line with the forecasts of Vara Research analysts, who predicted revenues of €6.79 billion. However, the company’s large industries segment saw a substantial decline of 39.5% year-on-year in sales, although sales fell by only 1.7% when excluding energy and currency effects.

Factors Affecting Performance

Air Liquide’s large industries segment, which caters to heavy industries such as metals and chemicals, faced challenges due to low customer turnaround and relatively slow demand. However, the company was able to mitigate some of these difficulties by focusing on other areas and pursuing projects with promising growth potential.

Record Levels in Project Backlog and Investments

Air Liquide achieved remarkable milestones in Q3, with its project backlog and investment decisions reaching record levels. The company’s project backlog stands at €4.2 billion, reflecting a strong pipeline of upcoming projects. Additionally, Air Liquide made investment decisions totaling €1.3 billion, demonstrating its commitment to expanding its operations and seizing new opportunities.

Air Liquide’s Role in the Clean Hydrogen Sector

Air Liquide has recently been selected as a partner for six out of seven planned clean hydrogen hubs by the U.S. Department of Energy. This strategic partnership will enable Air Liquide to access a portion of the $7 billion allocated for clean hydrogen projects. This recognition underscores Air Liquide’s expertise in the clean hydrogen space and solidifies its position as a key player in the transition to a more sustainable energy future.


While Air Liquide faced challenges in Q3 due to declining energy prices, the company remains resilient and focused on pursuing growth opportunities. With a strong project backlog, significant investments, and involvement in key clean hydrogen initiatives, Air Liquide is well-positioned to navigate the evolving energy landscape and deliver long-term value to its investors.