Air Liquide, FR0000120073

Air Liquide stock gets a higher EUR 192 target before strategy day

Published on 09/29/2026 at 14:20 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

Air Liquide expanded its H1 2026 margin by 110 basis points, while recurring net profit rose 10.00 percent. Its next strategy update is set for October 5, 2026.

Luftbild einer Industriegasanlage mit kryogenen Tanks bei Abenddämmerung — Air Liquide S.A. betreibt Industriegase-Anlagen mit riesigen kryogenen Tanks weltweit, ISIN FR0000120073, Illustration mit AI erstellt.

Air Liquide (ISIN FR0000120073) was trading at EUR 169.42 at Lang & Schwarz on September 29, 2026, at 2:09 p.m. CEST. The key company event is its October 5 strategy day, ahead of which Deutsche Bank raised its target and kept a Buy rating.

Margin expands in H1 2026

Air Liquide reported a 110 basis point expansion in recurring operating margin for the first half of 2026, excluding energy pass-through and the purchase price allocation impact from DIG Airgas. According to Yahoo Finance, recurring net profit group share reached EUR 1.9 billion, up 10.00 percent on a constant currency basis in H1 2026.

The operating backdrop also included a EUR 6.0 billion project backlog at the end of June 2026, up 30.00 percent year over year. Industrial investment decisions reached EUR 2.9 billion in the first half, an increase of 26.00 percent from H1 2025, with electronics projects providing a major growth channel.

Deutsche Bank raises target

On September 23, 2026, Deutsche Bank lifted its Air Liquide price target from EUR 190.00 to EUR 192.00 and maintained its Buy rating. finanzen.net reported that the analyst expects the October 5 strategy day to outline a new four-year plan and updated growth, margin and capital allocation targets.

The target revision is modest, but it places capital allocation alongside margin delivery as the next measurable checkpoint. Air Liquide's H1 backlog and investment figures give that strategy update a concrete operating base, while the company also reported net debt of EUR 13.9 billion at the end of June 2026.

Stock trades above prior close

Air Liquide was trading at EUR 169.42 at Lang & Schwarz on September 29, 2026, at 2:09 p.m. CEST. That was plus 0.71 percent versus the Euronext Paris close of EUR 168.22 on September 28, 2026; the stock's 52-week range was EUR 140.78 to EUR 182.26 as of September 29, 2026.