Its sales growth in the fourth quarter of 2025 was driven by strong performances in the Americas and totalled $2.5bn, slightly below the Europe, Middle East and Africa region, which led performances ($2.6bn).

While over half of its €4.6bn ($5.3bn) investment backlog is linked to hydrogen and the energy transition, traditional unabated US hydrogen remains a core growth engine, leading to increased capacity and investment in Texas and Louisiana.

The industrial gases major has expanded its Gulf Coast industrial network and will invest $50m in upgrading existing hydrogen infrastructure and forging new supply agreements with major refiners.

“We see a shift from energy transition, more towards…core investments and existing assets,” Adam Peters, CEO of Air Liquide North America, told the firm’s full-year 2025 results call. “We have definitely not seen a slowdown in the activity for business development.”

Its Large Industries sector saw a 6.6% rise in US revenue in 2025, propelled by the ramp-up of a large air separation unit and increased demand for hydrogen.

Group CEO François Jackow highlighted the space sector as another key growth area.

“We are very positive about this sector [space] as we are probably the only player who is covering the full chain from the oxygen and hydrogen supply side,” he said.

US clean hydrogen incentives have weakened under the Trump administration as the White House focuses on driving fossil fuel growth.

The nation’s flagship clean hydrogen production tax credit is due to sunset five years earlier than originally legislated, and the $8bn hydrogen hubs programme – in which Air Liquide is involved – faces uncertainty.