Does Air Liquide’s Ammonia Cracking Breakthrough Redefine the Hydrogen Opportunity for ENXTPA:AI?

• Air Liquide has successfully launched the world’s first industrial-scale ammonia cracking pilot unit at the Port of Antwerp-Bruges, Belgium, with a 30 tons per day conversion capacity for ammonia to hydrogen.
• This project pioneers industrial-scale technology to efficiently convert transported ammonia into hydrogen, positioning Air Liquide at the forefront of enabling global low-carbon and renewable hydrogen distribution.
• We’ll examine how this advancement in ammonia-to-hydrogen technology could reshape Air Liquide’s investment narrative for long-term hydrogen growth.

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L'Air Liquide Investment Narrative Recap

Air Liquide's long-term investment case appeals most to those who believe in the accelerating global shift to low-carbon and renewable hydrogen. The launch of its industrial-scale ammonia cracking unit is a tangible step forward in solving hydrogen transport challenges, though its immediate effect on near-term earnings momentum is likely limited. For now, the most important short-term catalyst, securing large electronics contracts and sustaining pricing power, remains driven more by demand cycles in semiconductors than by this pilot project; the biggest risk continues to be any prolonged stagnation in core industrial volumes.

Among the recent announcements, the EUR 130 million investment in two new Singaporean gas production facilities (revealed in September 2025) most closely echoes the short-term growth catalysts at play. This expansion highlights Air Liquide's continued push to supply the booming semiconductor sector, an area where success in locking down new, long-term contracts offers more immediate contributions to both revenue growth and margin expansion.

However, despite these high-profile initiatives, investors should remain mindful of the risk that...

Read the full narrative on L'Air Liquide (it's free!)

L'Air Liquide's narrative projects €30.9 billion revenue and €4.9 billion earnings by 2028. This requires 4.1% yearly revenue growth and a €1.5 billion earnings increase from €3.4 billion today.

Uncover how L'Air Liquide's forecasts yield a €196.58 fair value, a 13% upside to its current price.

Exploring Other Perspectives

Simply Wall St Community members provided 10 different fair value estimates for Air Liquide, ranging from €100 to €203.90 per share. With future revenue growth expected to lag the French market, it is essential to compare these viewpoints and consider how earnings momentum may shape your expectations.

Explore 10 other fair value estimates on L'Air Liquide - why the stock might be worth as much as 18% more than the current price!

Build Your Own L'Air Liquide Narrative

Disagree with existing narratives? Create your own in under 3 minutes - extraordinary investment returns rarely come from following the herd.

• A great starting point for your L'Air Liquide research is our analysis highlighting 2 key rewards that could impact your investment decision.
• Our free L'Air Liquide research report provides a comprehensive fundamental analysis summarized in a single visual - the Snowflake - making it easy to evaluate L'Air Liquide's overall financial health at a glance.

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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

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