Air Liquide Sa · EURONEXT:AI
Air Liquide Sa — L'Air Liquide Ord — Q1 2026 Earnings Presentation
27 slides from Air Liquide Sa's earnings presentation, Apr 28, 2026
Slide 1: Q1 2026 Activity
Q1 2026 Activity François Jackow, Chief Executive Officer Jérôme Pelletan, Chief Financial Officer Émilie Mouren-Renouard, Group Vice President EMEA Adam Peters, CEO North America Paris, April 28, 2026 1 Q1 2026 Activity - April 28, 2026
Slide 2: +3.4% Sales Growth excluding FX & Energy
+3.4% Sales Growth excluding FX & Energy Major Signings in Americas and Asia François Jackow - Chief Executive Officer 2 THIS DOCUMENT IS PUBLIC Q1 2026 Activity - April 28, 2026
Slide 3: Delivering Growth, Performance and Record Backlog
Delivering Growth, Performance and Record Backlog Continuous Strong Future Growth Performance Growth Sales growth IM Investment Excl. Efficiencies Cash Flow(1) FX & Energy Pricing Backlog + 3.4% + 3.4% + %8 7 + % € 5.5 bn €142m New record Q1 2026 figures (1) Cash flow from operating activities before c
Slide 4: Middle East Events: Challenges & Potential Outcomes
Middle East Events: Challenges & Potential Outcomes Challenges Potential outcomes ■ Local employees safety ■ Customers regional load shift ■ Local assets integrity ■ U.S. rebound ■ Global Helium sourcing ■ Accelerated reshoring ■ Energy / feedstock availability ■ Increased role of H2 in energy sover
Slide 5: Building on our Strengths, we Stay the Course
Building on our Strengths, we Stay the Course Air Liquide strengths Preparing for future growth Diversified Accelerated acquisition of Agile locally & globally Record investment backlog Resilient business model Ongoing Group transformation Innovative 5 THIS THIS DOCUMENT DOCUMENT IS IS PUBLIC PUBLIC
Slide 6: Major Successes in the USA and Asia in Q1 2026
Major Successes in the USA and Asia in Q1 2026 Air gases for a Ultra-pure N2, O2 & Ar low-carbon Steel complex for advanced AI chips ■ >$350m: large ASU & pipeline expansion ■ €200m: 2 carrier gas units in Hiroshima + Fulfilling additional needs of ■ Enabling advanced chips manufacturing ⇨ Supporting
Slide 7: Outlook
Outlook 2026 Outlook Extended OIR margin improvement(2) in 2026 in 2027, an additional +100 +100 Air Liquide is confident in its bps bps ability to further increase its operating margin and to deliver recurring net profit growth, at constant exchange rates.(1) 560 + over 6 years bps 2022-2027 (1) Oper
Slide 8: Sustained Profitable Sales Growth
Sustained Profitable Sales Growth New Record High Backlog Jérôme Pelletan - Chief Financial Officer 8 THIS DOCUMENT IS PUBLIC Q1 2026 Activity - April 28, 2026
Slide 9: +3.4% Sales Growth Excluding FX & Energy
+3.4% Sales Growth Excluding FX & Energy Group Sales Q1 25 Q1 26 Q1 26/25 Q1 26/25 Q1 26/25 in m€ in m€ As published ex FX & Energy Comparable 7,028 6,786 -3.5% +3.4% +1.9% -5.9% FX -1.0% Energy +1.5% Significant Scope 9 THIS DOCUMENT IS PUBLIC Q1 2026 Activity - April 28, 2026
Slide 10: Strong Americas Providing +2% Group Sales
Strong Americas Providing +2% Group Sales Q1 2026 Gas & Services comparable sales growth by Activities +4% Asia-Pacific EMEA -1% Americas +8% +3% 0% incl. +5% +3% -1% G&S Comparable sales growth +2% 10 THIS DOCUMENT IS PUBLIC Q1 2026 Activity - April 28, 2026
Slide 11: Q1 - Sales Growth Driven by Strong Americas and DIG
Q1 - Sales Growth Driven by Strong Americas and DIG Americas: €2,591m EMEA: €2,687m Asia: €1,318m FY 25: +3.9% FY 25: +0.6% FY 25: FY 25: +1.0% FY 25: +8%* ▪ Strong Air Gases & H2 on USGC(1) ● LI ▪ High Chemicals & Refining ▪ Low H2 and Cogen ▪ Very contrasted activity ● LI ▪ Strong Air Gases in RSA(
Slide 12: Q1 – Sustained Growth in IM, Contrasted by Geographies in LI
Q1 – Sustained Growth in IM, Contrasted by Geographies in LI Industrial Merchant Large Industries Increased pricing driving growth Strong U.S. offsetting most of low EMEA and Asia Sales Sales Q1 2026 Q1 2026 FY 25: +1.9% FY 25: FY 25: +0.7% FYFY25: 24: €3,022m €1,834m ● Increased +3.4% pricing ● Str
Slide 13: Q1 – Sustained Underlying Growth in EL, Steady Increase in HC
Q1 – Sustained Underlying Growth in EL, Steady Increase in HC Electronics Healthcare Carrier Gases, a strong growth engine Balanced growth between Medgas(1) and HHC(2) FY 25: +1.2%* Sales FY 25: +5.0% Sales FY 24: Q1 2026 FY 25: Q1 2026 +6%* +6%* +6%* +5%* +5%* €628m €1,112m ● +9% sales growth of Ca
Slide 14: Focused on Execution to Deliver Margin Improvement
Focused on Execution to Deliver Margin Improvement IM Pricing Efficiencies Portfolio Management €142m 1 strategic acquisition +8% ■ Accelerated closing of 3 bolt-on acquisitions +3.4% €100m ■ In U.S. and China Q1 2026 ■ In China ▪ >+30% pricing effect since 2022 ▪ Group transformation initiatives 2 di
Slide 15: New Record High Backlog Embedding Future Growth
New Record High Backlog Embedding Future Growth Q1 2026 Investment KPIs(1) Investment Investment 12-months investment Decisions Backlog Opportunities € 1.5 € 5.5 € 4.5 bn bn bn Strategic acquisition ▪ New record ▪ >40% in EL ▪ All-time high industrial decisions ▪ Well balanced between LI & EL ▪ ~33%
Slide 16: Outlook
Outlook 2026 Outlook Extended OIR margin improvement(2) in 2026 in 2027, an additional +100 +100 Air Liquide is confident in its bps bps ability to further increase its operating margin and to deliver recurring net profit growth, at constant exchange rates.(1) 560 + over 6 years bps 2022-2027 (1) Oper
Slide 17: Appendix
Appendix 17 THIS DOCUMENT IS PUBLIC Q1 2026 Activity - April 28, 2026
Slide 18: DIG Airgas, Split of Sales by Business Lines
DIG Airgas, Split of Sales by Business Lines + = Perfect match Electronics Large Industries ~32% ~42% • • HyCO Yeosu basin • Air gases • 220 kms of pipeline networks • Techno portfolio • All key basins • Techno portfolio • Carrier Gases and ESM • Advanced Materials • SC & FPD customers Q1 2026 • Inn
Slide 19: +3.4% Sales Growth excluding FX & Energy
+3.4% Sales Growth excluding FX & Energy Sales in €m Q1 25 Q1 26 Q1 26/25 Q1 26/25 As published Comparable Gas & Services 6,831 6,595 -3.4% +1.9% Engineering & Technologies 198 190 -3.8% +0.1% Group Total 7,028 6,786 -3.5% +1.9% Impacts on Q1 Group Sales: -5.9% FX -1.0% Energy +1.5% Significant Scope
Slide 20: Q1 2026 - Beneficial Mix of Geographies and Activities
Q1 2026 - Beneficial Mix of Geographies and Activities Q1 2026 Gas & Services Revenue €6,595m Americas 39% EMEA 41% Asia 20% 3% Engineering Technologies & 9% Electronics Industrial Merchant 45% EMEA Asia-Pacific Americas €2.7bn €1.3bn €2.6bn 16% Healthcare €6,786m Q1 2026 Group Revenue 4% 2% 27% Large
Slide 21: Q1 2026 - Sales Contribution by Geographies and Activities
Q1 2026 - Sales Contribution by Geographies and Activities Americas EMEA Asia 4% 2% 11% IM 29% 36% 32% 28% LI 69% Q1 sales 16% split €2,591m €2,687m €1,318m HC EL 3% 33% 37% +5.5% -0.4% -0.7% Q1 26/25 Comparable Sales Growth 21 THIS DOCUMENT IS PUBLIC Q1 2026 Activity - April 28, 2026
Slide 22: Continued Active Management of IM Pricing
Continued Active Management of IM Pricing Solid IM pricing Q1 2026 Total Industrial Merchant Americas EMEA Asia-Pacific 22 THIS DOCUMENT IS PUBLIC Q1 2026 Activity - April 28, 2026
Slide 23: Impact of Currency and Energy on G&S Revenue
Impact of Currency and Energy on G&S Revenue in €m Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 €/USD +75 (119) (140) (204) (258) €/CNY +12 (29) (34) (42) (33) €/JPY +1 +5 (10) (18) (26) €/KRW (5) (7) (8) (13) (22) €/ARS (20) (42) (36) (49) (21) €/CAD (6) (13) (14) (16) (12) €/TWD (2) +1 +1 (7) (10) Others (8) (39
Slide 24: Definitions
Definitions Decisions of the period ▪ Value of industrial and financial investment decisions of the period. Gross amounts, excluding subsidies. ▪ Industrial, growth and non-growth projects including asset renewals, efficiency, maintenance and safety. ▪ Financial decisions (acquisitions). Investment back
Slide 25: Regular and Sustained performance
Regular and Sustained performance CAGR over 30 years(1) Revenue (in €m) EPS (2) (in €) +5.8% +7.2% Cash Flow (in €m) Dividend Per Share(2) (in €) +7.2% +9.2% (1) Calculated according to prevailing accounting rules over 30 years (2) Based on current year results and proposed for payment the following
Slide 26: Additional Information
Additional Information Upcoming events Annual General Meeting: May 5, 2026 First Half Results: July 28, 2026 Capital Markets Day: October 1, 2026 For further information, please contact: www.airliquide.com Follow us on Linkedin Investor Relations Air Liquide IRTeam@airliquide.com 75, Quai d’Orsay 75
Slide 27: Disclaimer
Disclaimer This presentation may contain forward-looking statements (including objectives and trends) about Air Liquide’s financial situation, operating results, business activities and strategy. Although Air Liquide believes that the expectation reflected in such forward-looking statements are reason