Air Liquide Sa · EURONEXT:AI
Air Liquide Sa — Shareholder Meeting (May 2025)
116 slides from Air Liquide Sa's shareholder meeting presentation, May 6, 2025
Slide 1: Air Liquide Annual General Meeting, Paris, May 6
@Alir Liquide Palais des Congres de PARIS tuesday, may, 6
Slide 2: Anouck, for 2 years
Anouck for 2 years
Slide 3: Opening of the Meeting
Opening of the Meeting Benoît Potier Chairman of the Board of Directors
Slide 4: Top 5 shareholder questions
Top 5 1. 2025 Outlook 2. 2024 Results most popular 3. Medium-term strategy 4. World economic situation 5. Hydrogen activities 6,345 Shareholders who responded
Slide 5: Agenda
Opening of the Meeting 2024 Results – Financial and extra-financial performance Strategic overview Strategy & 2025 outlook Agenda Governance Remunerations Statutory Auditors' Reports Environment & Society Exchanges with the audience Vote on resolutions
Slide 6: Anne & Bernard, shareholders
Anne & Bernard for 15 years
Slide 7: Financial and extra-financial performance: 2024 results
Financial and extra-financial performance 2024 results Jérôme Pelletan Chief Financial Officer (CFO)
Slide 8: 2024 results at a glance
Resilient Comparable Sales Growth 2024 Record increase in Operating Margin Significative growth on Net Profit Record level of investment Opportunities and Decisions
Slide 9: Resilient comparable sales growth
in Group Sales Evolution Group Sales By activity Comparable change(1) Sales in M€ 2024/2023 Comparable Published change +2.6 % Gas & Services +2.7% (1) 27.6 -2 % 27.1 Engineering & €bn Construction +5.8% €bn Global Markets & Technologies -2.5% Group total +2.6% (1) 2023 2024 (1) Including +1.9% cont
Slide 10: Growth in Gas & Services
in Gas & Services By activity By geography Health +9% Electronic +3% Americas EMEA Asia- Pacific +7% -1% +2% Industrial Merchant +2% Gas & Services Large Industry +1% +3%
Slide 11: Record increase in operating margin
in Operating Margin Operating Operating income margin recurring 19.9% €5.4bn +110pbs (1) Comparable Operating excluding change (2) profit growth higher energy +10.7% than sales growth (1) No impact from Argentina (2) Including +3.9% contribution from Argentina
Slide 12: Levers of operating margin improvement
in Operating Margin Solid pricing policy levers Record efficiencies €500M Active management of business portfolio
Slide 13: Margin improvement and ambition
2025 Feb. +460 pbs and Feb. 20 24 of Margin x2 +320pbs Improvement Ambition h 2022 Marc CMD (1) +160pbs 2022 2022 2025 2026 in 4 years in 5 years (1) Capital Market Day
Slide 14: Significant growth in net profit
Significative growth on 2023/2022 2024/2023 Excl. FX 2024/2023 2023 2024 as published & Excl. FX Argentina(1) comparable (2) in €M +2.6% Group recurring net profit (3) Revenue 27,608 27,058 -2.0% -1.7% +0.4% €3,466M Operating income 5,068 5,391 +6.4% +6.8% +10.7% recurring +11.5% Recurring net profi
Slide 15: Cash flow and return on investments
and Return on Investments Recurring ROCE after tax(1) in % 10.7 % Self financing 10% €6,539M +5.4 % excluding 9% ROCE FX Objective 8% >10% Gearing ratio 31/12/2023 31/12/2024 7% 36.8% 33.2% Dec. Dec. Dec. Dec. Dec. Dec. Dec. Dec. Dec. Dec. 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Acquisitio
Slide 16: Investment decisions and opportunities
Decisions and Opportunities Acceleration in investment decisions Total industrial and financial investment decisions in 10 years €bn >€4bn Investment 4 >€3bn Decisions €4.4bn 12-months investment 3 >€2bn Opportunities €4.1bn 2 1 * 2015 2016(*) 2017 2018 2019 2020 2021 2022 2023 2024 (*) excluding Ai
Slide 17: All indicators are improving
Performance All indicators are improving For the Environment For Health For All
Slide 18: For the Environment
for the Our Environment Reduction of our -11% CO2 emissions CO 2 emissions Inflection point vs 2020 confirmed -4.4 Mt Carbon intensity decreased of CO 2 by -41% compared to 2015 surpassing our 2025 reduction target one year in advance Implementation of Water Management Plans
Slide 19: For Health
for Our Health Improving quality of life of patients with chronic 55% 57% in 2023 in 2024 diseases at home Patients with personalized care plans Facilitate access to medical oxygen 2M 2.7M people people in low and middle income in 2023 in 2024 countries (1) 1 new country in 2024: Mali Population liv
Slide 20: For All
for Our All Women among 32% 33% Managers and in 2023 in 2024 Professionals Employees having Objective a common basis 78% 100% reached one year of care coverage in 2023 in 2024 in advance Safety Lost time Employees access to accident volunteering opportunities rate (1) through the 73% 87% Citizen at
Slide 21: 2025 outlook
2025 Air Liquide is confident in its ability to further increase its operating margin and to deliver recurring net profit growth, at constant exchange rates.(1) (1) Operating margin excluding energy passthrough impact. Recurring net profit excluding exceptional and significant transactions that have
Slide 22: Edith, employee for more than years
© Alirliquide Editn for more than 10 years 25
Slide 23: Strategic overview
Strategic overview Benoît Potier Chairman of the Board of Directors
Slide 24: A new world
A new Transactional alliances New rules Networks of influence
Slide 25: Strengthening sovereignty
Strengthen Protectionism Sovereignty Relocation Critical resources
Slide 26: The company's role
The companies Progress and responsibility Creating value Driving innovation
Slide 27: As close to the ground as possible
as close to the ground as possible where needs arise
Slide 28: Driving principles to guide long-term choices
Driving to guide our long-term choices
Slide 29: New model
New model Circularity Sustainability Relocation
Slide 30: Constant quest
Constant quest Safety Health Climate
Slide 31: Formidable leverage
Formidable leverage Medical field Decarbonisation Unprecedented Artificial intelligence Prospects Industry of the future
Slide 32: Fundamental trends
Fundamental Digitalisation Decarbonisation Health
Slide 33: Picking up the pace
* \d) Alirliquide
Slide 34: Seizing opportunities: Cryocap, hydrogen chain, ammonia cracking
TM 1 Cryocap in the world st Hydrogen chain Seizing Ammonia cracking
Slide 35: With leading-edge technology
with leading-edge technology
Slide 36: The strength of our teams
© Airliquide « - a pe our teams” AGM* F
Slide 37: Cooperation, shared vision, common values
Cooperation Shared vision Common values
Slide 38: Our values
Our values
Slide 39: Individual shareholders and dividend
900,000 Individual Shareholders 1/3 of the capital €3.30 per share for 2024 Growth + 13.7%
Slide 40: 2024
2024
Slide 41: Ikhlass, employee and shareholder
Ikhlass for more than a year & employee
Slide 42: Strategy & outlook 2025
Strategy & outlook 2025 François Jackow Chief Executive Officer
Slide 43: A world of opportunities for the Group
A world of the Group
Slide 44: Daring to be bold
Daring to be
Slide 45: A year of achievements
as } 3” ( vt J 25
Slide 46: Results and margin
results margin
Slide 47: All ESG indicators
All indicators ESG* * Environment Society and Governance
Slide 48: Unprecedented decisions
Unprecedented decisions Positions in
Slide 49: Building
0) Airliquide
Slide 50: Committed
Airliquide
Slide 51: Slide 51
Slide 52: Transforming
Transforming
Slide 53: Anticipate our customers' needs, be agile, efficient, innovative
Anticipate our customers’ Be agile, efficient, innovative
Slide 54: Stay focused, simplify
Stay Simplify our
Slide 55: Systematise
Systematise
Slide 56: Deploy AI (Artificial Intelligence)
Deploy (Artificial Intelligence)
Slide 57: Strengthen our culture
Strengthen our culture of
Slide 58: Prepare for the future
Prepare for the
Slide 59: A unique model
A unique
Slide 60: Strengths of our model: diversified and local presence
of our model a diversified and local presence
Slide 61: Our driving force
‘: 7 NC Bas rs, Fs me \ ‘ : & / a .. al f. a 0M are i Ea oy a y é fi o our driving force
Slide 62: Create, contribute
Create Contribute to
Slide 63: AGM
AGM 25
Slide 64: Airliquide
Airliquide Ag\e®
Slide 65: Airliquide
) Airliquide Agee
Slide 66: Slide 66
Slide 67: Slide 67
Slide 68: Slide 68
Slide 69: Slide 69
Slide 70: Slide 70
Slide 71: Slide 71
Slide 72: Slide 72
Slide 73: Challenges and opportunities
Challenges Opportunities And
Slide 74: Sandrine, employee and shareholder
Sandrine for 9 years & employee
Slide 75: Governance
Governance Benoît Potier Chairman of the Board of Directors
Slide 76: Proposal for the terms of office resolutions
resolutions Proposal for the of terms of office 5,6 & 7 Xavier Aiman Bertrand Huillard Ezzat Dumazy
Slide 77: Governance: Board of Directors
Governance Board of Directors
Slide 78: Board members at the end of this Annual General Meeting
at the end of this Annual General Meeting 5 members of foreign nationality 10 Independent 83%* 14 Parity Directors Members 42%* 58%* 6 women 8 men * This ratio is calculated on the basis of the number of Directors appointed by the Annual General Meeting 2Directors representing the employees
Slide 79: Composition of the Committees (Audit; Appointments and Governance)
Composition of the of the Board of Directors at the end of this Annual General Meeting The Audit and The Appointments Accounts Committee and Governance Committee Catherine Guillouard (Chairwoman) Xavier Huillard (Chairman Aiman Ezzat & Lead Director) Bertrand Dumazy Annette Winkler Bertrand Dumazy
Slide 80: Composition of the Committees (Remuneration; Environment and Society)
Composition of the of the Board of Directors at the end of this Annual General Meeting The Remuneration The Environment Committee and Society Committee Alexis Perakis-Valat (Chairman) Annette Winkler (Chairwoman) Kim Ann Mink Fatima Tighlaline* Philippe Dubrulle* Christina Law Monica de Virgiliis Ch
Slide 81: Antoine, for years
Antoine for 25 years
Slide 82: Remunerations
Remunerations Xavier Huillard Chairman of the remuneration Committee
Slide 83: Remuneration resolutions
R emunerat i o ns 2024 9th 10th 11th resolution resolution resolution resolutions submitted to the R emunerat i o n P o l i cy 2025 12th 13th 14th resolution resolution resolution
Slide 84: 2024 Remuneration of Chief Executive Officer
2024 Remuneration of 9th URD 2024 resolution Pages Chief Executive Officer 162 to 170 Fixed remuneration Variable remuneration €1,210,000 €1,608,211
Slide 85: 2024 Remuneration: variable objectives
2024 Remuneration of 9th URD 2024 resolution Pages Chief Executive Officer 162 to 170 Quantifiable objectives • Increase in the recurring EPS and revenue • Achievement: 90% of the fixed remuneration Variable Qualitative objectives 1,608 remuneration • CSR: very good performance • Organization / HR:
Slide 86: 2024 Remuneration: long-term remuneration
2024 Remuneration of 9th URD 2024 resolution Pages Chief Executive Officer 162 to 170 Long-term remuneration 1,814 Long-term (performance shares) remuneration €1,814,304 Variable 1,608 remuneration Long-term remuneration subject to performance conditions: • ROCE • TSR 1,210 Fixed remuneration • Chan
Slide 87: 2024 Remuneration of Chairman of the Board
2024 remuneration of 10th URD 2024 resolution Page 171 Chairman of the Board of Directors Fixed remuneration €800,000
Slide 88: Global vote on 2024 remuneration: pay ratios
Global vote on 2024 remuneration 11th URD 2024 resolution Pages of 143 to 159 Chief Executive Officer 2024 remuneration ratios (1) Comparative changes on an annualized basis in remuneration and performance (2) Company employees average:34 for 2023/2024: net income growth higher than that of the Comp
Slide 89: Global vote on 2024 remuneration: Non-executive Directors
Global vote on 2024 remuneration 11th URD 2024 resolution Pages of 159 to 161 Non-executive Directors Application of the policy approved by the AGM on April 30, 2024
Slide 90: 2025 remuneration policy resolutions
2025 Politicy 12th 13th 14th resolution resolution resolution François Jackow Benoît Potier Directors Chief Executive Chairman of the Officer Board of Directors
Slide 91: Remuneration policy: continuity of principles
Remuneration policy URD 2024 Pages of the 172 to 175 Continuity of principles Variable remuneration Unchanged criteria ~35% Quantifiable criteria Variable • EPS and revenue growth subject to ~40% performance conditions Long-term Qualitative criteria ~75% ~25% • CSR • Organization / HR Fixed • Indivi
Slide 92: Remuneration policy: long-term remuneration
Remuneration policy URD 2024 Pages of the 172 to 175 Continuity of principles Long-term remuneration (performance shares) ~25% Unchanged criteria Strengthening of climate criteria ~40% Fixed subject to Recurring Return On Capital performance Employed (ROCE) 50% conditions ~35% 17.5% Long-term TSR Ai
Slide 93: Remuneration policy: Chief Executive Officer
Remuneration policy of 12th URD 2024 resolution Pages Chief Executive Officer 175 to 179 Identical remuneration structure and amount to 2024 Fixed Variable Long-term No remuneration as remuneration remuneration remuneration a Director (performance Target variable €1,210,000 remuneration: shares) 120
Slide 94: Remuneration policy: pension obligations
Remuneration policy of 12th URD 2024 resolution Pages Chief Executive Officer 175 to 179 Pension obligations Continuity of existing mechanisms Mandatory company retirement savings Collective pension insurance contract plan (PERO) and senior “managers” "article 82" subject to performance defined cont
Slide 95: Remuneration policy: termination commitments
Remuneration policy of 12th URD 2024 resolution Pages Chief Executive Officer 175 to 179 Commitments relating to termination of duties Indemnity relating to termination of duties subject to performance Cumulated conditions amount capped at Non-competition 24 months commitment of fixed and variable r
Slide 96: Remuneration policy: Chairman of the Board
Remuneration policy of 13th URD 2024 Chairman of the Board of Directors resolution Page 179 Identical remuneration structure and amount to 2024 Fixed remuneration €800,000 No variable or long-term remuneration No remuneration as a Director
Slide 97: Remuneration policy: Directors
14th URD 2024 Remuneration resolution Page 180 Continuity of the policy Remuneration A competitive remuneration with international peers package identical to that approved According to the effective participation by the 2024 AGM of each Director €1.5M/year Preponderance of variable remuneration Same
Slide 98: Pierre, for years
Pierre for 10 years 25
Slide 99: Statutory Auditors' Reports
Statutory Auditors’ Reports Valérie Besson Statutory Auditor / KPMG
Slide 100: Introduction: role of the auditors
Introduction role General interest Ensures the quality mission of control and Regulated profession, and transparency Mandatory supervision for the subject to demanding of the information appointment benefit of the principles issued: accounting, by the company's company's of independence financial or
Slide 101: Statutory Auditors' reports to the General Meeting
Statutory General Meeting General Meeting • Report on the annual financial • 6 reports related to Share statements capital operations (resolutions 15 to 21) • Report on the consolidated financial statements • Special Report on related party agreements • Report on the certification of sustainability
Slide 102: Report on the annual financial statements
Report on the 1st URD 2024 resolution Pages of L’Air Liquide S.A. 272 to 274 In our opinion, the financial statements give a true and fair view of the assets and liabilities, and of the financial position of the Company as at December 31, 2024 and of the results of its operations for the year then e
Slide 103: Report on the consolidated financial statements
Report on the 2nd URD 2024 resolution Pages of L’Air Liquide S.A. 256 to 259 In our opinion, the consolidated financial statements give a true and fair view of the assets and liabilities, and of the financial position of the Group as at December 31, 2024 and of the results of its operations for the
Slide 104: Special report on related party agreements
Special report 8th URD 2024 on resolution Page 405 We have not been advised of any agreements authorized in the course of the year 2024. of the annual shareholders' meeting We have not been advised of any agreements previously approved by the Annual Shareholders’ Meeting that remained by shareholder
Slide 105: Report on certification of sustainability information
Report on the certifcation of sustainability URD 2024 and Pages 369 to 372 We did not identify any material errors, omissions or inconsistencies concerning: • the compliance of the process implemented by L'Air Liquide with the ESRS • the compliance of the sustainability information included in the S
Slide 106: Reports related to share capital operations
Reports related URD 2024 to Pages 406 to 411 We have no matters to report. We will prepare an additional report in the event that the Board of Directors exercices the delegation of authority. 18 Grant of share subscription 15th Share capital reduction resolution & 19th or purchase options resolution
Slide 107: Josette & Thibaud, shareholders
Josette & Thibaud for 60 & 8 years
Slide 108: Environment and Society
Environment and Society Annette Winkler Director and Chairwoman of the Environnement and Society Committee
Slide 109: At the highest level of the company
at the highest level of the company
Slide 110: Our 2024 actions for the environment and society
for the and society: our 2024 actions
Slide 111: Moving forward with determination, impact and a long-term vision
Our moving forward with determination, impact and a long-term vision
Slide 112: Jade, for years
Alirliquide Jade for 20 years 25
Slide 113: Exchanges with the audience
Exchanges with the audience Benoît Potier Chairman of the Board of Directors François Jackow Chief Financial Officer (CFO)
Slide 114: Frédérique-Love, for years
Alrliquide -rederique-Love for 3 years
Slide 115: Vote on resolutions
Vote on resolutions Benoît Potier Chairman of Air Liquide’s Board of Directors
Slide 116: Thank you for attending this General Meeting
for attending this General Meeting. The replay of the webcast will be available soon on airliquide.com