Core Insights - Air Liquide reported a solid third-quarter 2025 performance with €6.6 billion in revenue, reflecting a +1.9% increase on a comparable basis, driven by strong Healthcare and Industrial Merchant sales despite currency and energy challenges [1][3] - The company reaffirmed its 2025 profit growth outlook and highlighted record investment momentum in hydrogen, semiconductors, and healthcare markets [1][5] Financial Performance - The business model demonstrated resilience with record-high efficiency gains of +23% and strong cash flow growth of +7% excluding foreign exchange effects [3] - Healthcare sales increased by 4.9% and Industrial Merchant sales rose by 2.7%, with the Americas leading geographically at +4.8% growth [3] Strategic Acquisitions and Investments - Air Liquide announced the acquisition of South Korea's DIG Airgas, marking its largest deal since the 2016 Airgas purchase in the U.S., aimed at expanding its footprint in Asia's industrial gas market [2][5] - The company is investing €250 million in a semiconductor gas complex in Germany and advancing the 200 MW ELYgator electrolyzer project in the Netherlands [2] Investment Backlog and Future Outlook - Air Liquide has a record investment backlog of €4.9 billion, positioning the company to capitalize on global demand for clean hydrogen, AI-driven semiconductor manufacturing, and medical gases [3][5] - The robust pipeline exceeds €10 billion, with continued efficiency gains expected to lift the operating margin by +460 basis points cumulatively by the end of 2026 [5] Regional Investments - In the U.S., Air Liquide is investing $50 million to expand hydrogen production along the Gulf Coast and an additional $50 million to supply advanced semiconductor plants [4] - The company is also advancing €130 million in new gas production facilities in Singapore and ramping up operations in Europe to support the energy transition [4]