EU BASIC INDUSTRIES: Air Liquide Q4 Results

AIFP                     A2/A

Results look broadly in line with consensus with strong FY25 margin guidance. Dividends increased.

• Q4 revs EUR 6.9bn (comp +1.8% YoY, reported 1% beat) w/ gas and services +1.9%. FY EUR 27bn (comp +2.7% YoY). FY op margin of 19.9% (+150bps YoY, +10bps vs. cons).
• FY CFO ex. WC EUR 6.5bn (+4% YoY ex. FX/Argentina). EUR 1.8bn divs, EUR 3.8bn investment.
• Net debt EUR 9.2bn (flat YoY). They provide an EBITDA figure for ESG calcs that implies a 1.1x leverage from 1.2x last year.
• FY25: Proposed divs +13.7%, op margin 21.9% (cons: 20.6%), recurring net profit growth.