Air Liquide is maintaining a strong buy recommendation, bolstered by a strategic focus on margin expansion and a significant investment backlog of €5.5 billion. In the first quarter, the company's group sales grew by 1.9%, primarily driven by robust structural growth in the U.S., which helped offset weaker performance in the European and Asian markets. Notably, the electronics segment reported a 9% growth, indicating strong demand in that sector. The company's internal initiatives aimed at simplification and productivity are expected to yield further margin improvements, with gains increasingly reliant on effective execution rather than external factors. Looking ahead, the upcoming Capital Markets Day in October is considered a critical event, as it is expected to provide clarity on Air Liquide's medium-term targets and capital allocation strategies, further enhancing investor confidence in the company's growth trajectory.