Hyundai Hydrogen Mobility Expansion Might Change The Case For Investing In L'Air Liquide (ENXTPA:AI)

• Earlier in December 2025, Hyundai Motor Group renewed and expanded its memorandum of understanding with Air Liquide to build out hydrogen supply chains and mobility infrastructure across Europe, South Korea and the US, with a strong focus on heavy-duty transport and public transit fleets.
• This broader collaboration positions Air Liquide more firmly at the center of emerging hydrogen ecosystems, potentially deepening its role in large-scale fuel cell deployment and long-term clean energy infrastructure.
• Next, we’ll consider how this expanded Hyundai partnership, particularly around heavy‑duty hydrogen mobility, could influence Air Liquide’s investment narrative.

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L'Air Liquide Investment Narrative Recap

To own Air Liquide, you need to believe that its industrial gas core and energy transition projects can offset softer demand in traditional end markets while supporting disciplined capital spending. The expanded Hyundai MoU reinforces the hydrogen growth story and supports the near term catalyst around building de risked, subsidy backed hydrogen infrastructure, but it does not fundamentally change the main risk of high, ongoing CapEx and rising net debt.

In this context, the recent final investment decision on the ELYgator 200 MW electrolyzer in Rotterdam looks particularly relevant, since it underlines Air Liquide’s push into large scale clean hydrogen backed by government support and long term demand visibility. Together with the Hyundai partnership in heavy duty mobility, it ties the company’s growth narrative even more closely to successful execution and timing of major hydrogen projects.

Yet even as hydrogen ambitions grow, investors still need to be aware of the risk that significant ongoing CapEx and rising net debt could...

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 implies 4.1% yearly revenue growth and about 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 22% upside to its current price.

Exploring Other Perspectives

Simply Wall St Community members have 11 fair value estimates for Air Liquide, ranging from €100 to €203.90, underlining how differently investors can view the same stock. Set this against the company’s heavy reliance on large hydrogen and electronics projects for future growth, and it becomes even more important to explore several alternative viewpoints on how those projects might shape longer term performance.

Explore 11 other fair value estimates on L'Air Liquide - why the stock might be worth as much as 26% 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 4 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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