Air Liquide Sa · EURONEXT:AI
Air Liquide Sa — Merger or Acquisition (August 2025)
21 slides from Air Liquide Sa's merger presentation, Aug 22, 2025
Slide 1: A Strategic Acquisition in South Korea
A Strategic Acquisition in South Korea François Jackow, Chief Executive Officer Jérôme Pelletan, Chief Financial Officer Ronnie Chalmers, Group VP, Head of Asia-Pacific Paris, August 22, 2025 1 A Strategic Acquisition in South Korea - August 22, 2025
Slide 2: A Timely Strategic Growth Acquisition
A Timely Strategic Growth Acquisition Positioned on growth markets Highly complementary Profitable growth 2 THIS DOCUMENT IS PUBLIC A Strategic Acquisition in South Korea - August 22, 2025
Slide 3: A Timely Strategic Growth Acquisition
A Timely Strategic Growth Acquisition Positioned on Highly Profitable growth markets complementary growth Korea #4 Industrial Gas Perfect match in LI, IM, EL, +2% Group sales market, x2 by 2035 HC, E&C Net profit accretive(1) #6 Manufacturing economy Increased local density: 60 plants Group ROCE remai
Slide 4: Agenda
AGENDA 1. Korea: A Major Growth Market 2. DIG, A Strong Gas Supplier Across Activities and Major Basins 3. A Perfect Match with Air Liquide Operations 4. Strong Financials 4 THIS DOCUMENT IS PUBLIC A Strategic Acquisition in South Korea - August 22, 2025
Slide 5: Korea: A Strong Growth Market
1. Korea: A Strong Growth Market 5 THIS DOCUMENT IS PUBLIC A Strategic Acquisition in South Korea - August 22, 2025
Slide 6: South Korea: #4 Industrial Gas Market, Expected to Double in 10 Years
South Korea: #4 Industrial Gas Market, Expected to Double in 10 Years Highly ranked in Strong and diversified manufacturing the worldwide economy economy • Refining, Chemicals, Steel #2 Innovation ratio (1) 3 mega-scale basins & 3 refineries in world top 6 • Car & shipbuilding industry #3 worldwide car
Slide 7: DIG, A Strong Gas Supplier Across Activities and Major Basins
2. DIG, A Strong Gas Supplier Across Activities and Major Basins 7 THIS DOCUMENT IS PUBLIC A Strategic Acquisition in South Korea - August 22, 2025
Slide 8: A Strong Industrial Gas Supplier Across Activities & Major Basins
A Strong Industrial Gas Supplier Across Activities & Major Basins 540 highly skilled employees Large Industries Healthcare Electronics Leading national player Industrial Merchant Well balanced & Proven operations with 60 plants, diversified portfolio 220 kms of pipeline networks Presence in all major
Slide 9: A Unique Partner to Capture the Korean Growth
a Unique Partner to Capture the Korean Growth Strong presence in Air gases (8 large ASUs) Large ● Leading position in all main industrial complexes Industries ● ● 220 kms of pipeline networks ● Strong Carrier Gases footprint Electronics ● Key supplier of SC & FPD customers ● LI synergies on pipeline
Slide 10: A Strategic Acquisition Strengthening Air Liquide's Position in South Korea
3. A Strategic Acquisition Strengthening Air Liquide’s Position in South Korea 10 THIS DOCUMENT IS PUBLIC A Strategic Acquisition in South Korea - August 22, 2025
Slide 11: Air Liquide + DIG = A Perfect Match
Air Liquide + DIG = A Perfect Match • HyCO • Air gases Large Yeosu basin • 220 kms of pipeline networks • • Techno portfolio • All key basins Industries • • Techno portfolio Advanced Materials • • Carrier Gases and ESM SC & FPD customers Electronics Innovation National footprint Industrial Merchant
Slide 12: A Growth Platform for Korea and Beyond
A Growth Platform for Korea and Beyond #1 Strengthen #1 Leading national Platform for growth Platform for position in Asia, #1 diversified on markets of the innovation position in EL footprint future worldwide Semiconductor (AI), Clean Mobility (EV, H2), Energy Transition (CCS, H2, NH3…), Biopharma 1
Slide 13: Strong Financials
4. Strong Financials 13 THIS DOCUMENT IS PUBLIC A Strategic Acquisition in South Korea - August 22, 2025
Slide 14: Complementarity Driven Deal and Highly Executable Synergies
Complementarity Driven Deal and Highly Executable Synergies Backlog Cost Growth Secured growth Synergies Synergies • 19 projects • Operational efficiencies • Strong local business • Signed long-term contracts leveraging AL techno/tools complementarities • ~€240m(1) investment • Procurement scale effec
Slide 15: Transaction Overview
Transaction Overview Offer terms(1) Group impacts • Enterprise Value of 4.6TKRW or ~€2.85bn(2) • +2% sales • 20.2x DIG EBITDA(3) pre backlog & synergies • Net profit accretive • 16.0x DIG EBITDA(3) post backlog 1 year after integration(4) • 14.8x DIG EBITDA(3) post backlog & cost synergies • ROCE > 1
Slide 16: Conclusion
5. Conclusion 16 THIS DOCUMENT IS PUBLIC A Strategic Acquisition in South Korea - August 22, 2025
Slide 17: Conclusion
CONCLUSION DIG: A Strategic Acquisition for Profitable Growth Strengthening leadership positions in Korea and beyond • On key existing and growing markets • Highly complementary Long-term value creation with positive short-term net profit contribution 17 THIS DOCUMENT IS PUBLIC A Strategic Acquisition
Slide 18: Appendix
APPENDIX 18 THIS DOCUMENT IS PUBLIC A Strategic Acquisition in South Korea - August 22, 2025
Slide 19: Leveraging Air Liquide's Technology & Innovation
Leveraging Air Liquide’s Technology & Innovation Large Industries Industrial Merchant Electronics Healthcare Technos ▪ Air Gases ▪ Small on-sites ▪ Carrier Gases units ▪ Hydrogen ▪ Specialty gases ▪ Innovative cylinders ▪ Advanced Materials Engineering ▪ Low-C Solutions ▪ Applications & Technologies
Slide 20: For further information, please contact
Investor Relations IRTeam@airliquide.com Communication Media@airliquide.com www.airliquide.com For further Follow us Linkedin information, Corporate Headquarters: please contact: 75, Quai d’Orsay 75321 Paris Cedex 07 Tel : +33 (0)1 40 62 55 55 RCS Paris 552 096 281 L’Air Liquide S.A. Corporation for
Slide 21: 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