Air Liquide Unveils BEYOND Plan, First €4 Billion Buyback; Stock Rises 2.3%

Air Liquide (Euronext: AI) announced a new strategic plan, BEYOND, on Monday, including its first-ever share buyback — a €4 billion ($4.5 billion) repurchase running over 2027–2028. Shares gained 2.3% by midday in European trading. The industrial gas maker targets a 10% compound annual increase in recurring net earnings per share from the €6.1 posted for 2025, supported by 5% compound annual sales growth and a 400–600 basis point operating margin improvement. It targets recurring return on capital employed above 11% by 2030. Air Liquide committed more than €40 billion in capital over the plan, including roughly €24 billion in industrial investment decisions tied to long-term contracts, plus dividend growth and annual employee share purchase plans. Priority markets: electronics and AI, energy transition, healthcare and space. Electronics, about one-tenth of business, is forecast to grow annual sales at least 10% through 2030. The plan also targets a 33% cut in Scope 1 and 2 CO2 emissions by 2035 versus 2020, and 10% lower water withdrawal by 2030 versus 2025.