L'Air Liquide S.A.

Large Industries customers are tied to 15-20 year take-or-pay contracts with embedded on-site infrastructure, and customer retention exceeds 95% across the portfolio. All Gas and Services businesses (97% of group sales) delivered revenue growth each year from FY2021 through FY2025, including during the 2022 energy-cost shock, and the investment backlog reached a record 4.9 billion euros at end FY2025.

Revenue covers three end markets (industries 73.7%, healthcare 16.6%, electronics 9.7% in FY2025) with different customers and demand cycles, but industrial gases is the underlying product in all three. No disclosed customer accounts for a material share of group revenue; segment breadth is moderate rather than exceptional.

FY2025 revenue was distributed across USA 33.4%, EMEA 28.6%, Asia-Pacific 20.1%, and other Americas 5.9%, with France at 12%; no single country exceeded 40% of group sales. This multi-regional balance has been sustained through multiple cycles, including the COVID disruption of FY2020 and the European energy crisis of FY2022.

Recurring operating margin reached 20.7% in FY2025, improving from the high-teens through ADVANCE-driven efficiency gains of 631 million euros in FY2025. Each new Large Industries project requires significant upfront capital investment, constraining the degree to which incremental revenue scales into margin without proportional new spending.

Large Industries on-site supply operates under take-or-pay terms and is mission-critical to customer production, while Healthcare (16.6% of FY2025 sales) serves essential medical-gas demand. The Industrial Merchants packaged-gas segment adds a transactional layer with volume sensitivity to industrial output, modestly diluting the overall quality of the revenue mix.