Air Liquide plans its first share buyback of 4 billion euros
Air Liquide unveiled its BEYOND plan through 2030, including its first share repurchase programme of 4 billion euros in 2027–2028. The company targets annual compound growth of 10 per cent in recurring net earnings per share. Planned capital allocation exceeds 40 billion euros, with more than half intended for industrial investment and acquisitions. Its regular dividend policy will continue.
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Air Liquide schedules its first buyback for 2027–2028
Air Liquide, the industrial and medical gases company, unveiled its BEYOND strategic plan through 2030 on October 5. It includes a first share repurchase programme of 4 billion euros, scheduled for 2027–2028. The board approved the programme for completion by the end of 2028. The company plans to maintain its regular dividend policy alongside these purchases.[1], [2]
Capital allocation over the period is expected to exceed 40 billion euros, covering industrial investment, acquisitions, dividends and share repurchases. More than half is intended for industrial investments and acquisitions. Approximately 24 billion euros of industrial investment decisions are envisaged, with emphasis on projects supported by long-term contracts. These amounts are part of management’s prospective allocation plan.[1]
Earnings growth target uses 2025 exchange rates
Air Liquide targets compound annual growth of 10 per cent in recurring net earnings per share from the end of 2025 to the end of 2030, with a range of two percentage points on either side. The calculation uses 2025 exchange rates. Recurring return on capital employed is targeted above 11 per cent in 2030, excluding strategic acquisitions from that calculation.[1]
Sales and margins support the earnings plan
Management identifies annual compound sales growth of 5 per cent, with a one-percentage-point range, as a lever for reaching the earnings objective. Another lever is aggregate operating-margin improvement of 400–600 basis points over 2026–2030. The plan’s appendix distinguishes these sales and margin parameters from standalone targets. The margin measure concerns the sum of improvements across the period, while the sales parameter is an annual compound rate.[1]
The plan’s four priority markets are electronics and artificial intelligence, the energy transition, home healthcare and space. Air Liquide expects annual electronics sales growth above 10 per cent, with more than half of that expected growth already secured through long-term contracts. These figures concern future sales growth within the company’s plan through 2030.[1]
