Air Liquide unveiled a new strategic plan on Monday called BEYOND, setting targets through 2030 that include the company's first-ever share buyback program — a €4 billion ($4.5 billion) repurchase to run over the 2027–2028 period.
Air Liquide is targeting a 10% compound annual increase in recurring net earnings per share, starting from the €6.1 figure it posted for 2025, the company said. To support that goal, Air Liquide is aiming for compound annual sales growth of 5% and an operating margin improvement of 400 to 600 basis points over the period, alongside a recurring return on capital employed above 11% by 2030.
Air Liquide is committing more than €40 billion in capital over the plan's duration. Industrial investments and strategic acquisitions account for the majority of that allocated capital, the company said. Of the remainder, capital will flow to the buyback program and a sustained dividend growth policy, as well as annual employee share purchase plans — another new measure introduced under BEYOND.
The company identified four markets it plans to prioritize: electronics and artificial intelligence, the energy transition, healthcare, and space. The electronics division, which represents about one-tenth of Air Liquide's overall business, is forecast to post annual sales growth of at least 10% through 2030, fueled by demand from AI infrastructure, data centers, and chip sovereignty initiatives, the company said. The Americas region is also expected to overtake Europe as the company's largest during the plan period, Reuters reported.
Air Liquide plans approximately €24 billion in industrial investment decisions over the period, focused on projects backed by long-term contracts, the company said. The plan also includes a 33% reduction in Scope 1 and 2 CO2 emissions by 2035 compared to 2020 levels, and a 10% reduction in water withdrawal by 2030 compared to 2025.
Chief Executive Officer François Jackow said in a statement: "Our profitability allows us to evolve our capital allocation beyond investments and acquisitions in our core businesses, notably through two new measures: rolling out a share buyback program for our shareholders and annual employee share purchase plans."
Air Liquide stock gained 2.3% by midday Monday in European trading.
