Air Liquide Sa · EURONEXT:AI
Air Liquide Sa — Debt Investor Presentation (July 2025)
56 slides from Air Liquide Sa's debt investor presentation, July 2025
Slide 1: Credit Investors Presentation H1 2025
Credit Investors Presentation Profitable growth and resilience Strong performance H1 2025 1 Credit Investors Presentation - H1 2025
Slide 2: Agenda
Agenda 1 Introduction 2 Strategic and Operational Review 3 Strong Financial H1 2025 performance 4 Group Credit Profile 5 Appendix 2 THIS DOCUMENT IS PUBLIC Credit Investors Presentation - H1 2025
Slide 3: Introduction
01 Introduction 3 THIS DOCUMENT IS PUBLIC Credit Investors Presentation - H1 2025
Slide 4: A World Leader in Gases, Technologies and Services for Industry & Health
A World Leader in Gases, Technologies and Services for Industry & Health 60* ~66,500 >4m ~€27.1bn Customers Countries Employees of Sales in 2024 and Patients ~€3.3bn ~€6.5bn ~€100bn Net Profit in 2024 Cash Flow in 2024** Market Capitalization*** * Excluding Russia, where the entities are not longer c
Slide 5: A Strong Business Model
A Strong Business Model 5 THIS DOCUMENT IS PUBLIC Credit Investors Presentation - H1 2025
Slide 6: FY 2024 - Beneficial Mix of Geographies and Activities
FY 2024 - Beneficial Mix of Geographies and Activities 2024 Gas & Services Revenue €25,810m 3% Global Markets & Technologies Engineering & Construction 2% 9% Electronics EMEA Industrial Merchant 44% Americas €10.2bn Asia-Pacific €5.3bn €10.3bn 16% Healthcare €27,058m 2024 Group Revenue 5% 2% 26% Large
Slide 7: Regular and Sustained performance
Regular and Sustained performance CAGR over 30 years(1) Revenue (in €m) EPS (2) (in €) +5.9% +7.2% Cash Flow (in €m) Dividend Per Share(2) (in €) +7.1% +8.8% (1) Calculated according to prevailing accounting rules over 30 years (2) Based on current year results and proposed for payment the following
Slide 8: Objectives Well On Track
Objectives Well On Track Objectives 2024 & investment decisions Achievement ■ Comparable sales growth +5-6% CAGR(1) +6.5%(2) 2021-2024 CAGR ✔ ■ ROCE >10% by 2023 and 10.7% forward(3) ■ CO2 emissions inflection -11%(4) around 2025 vs 2020 Investment decisions ■ €16bn(5) €12.7bn ✔ Sum 2022-2024 achieve
Slide 9: 2nd Step-up and One-Year Extension of Margin Improvement Ambition
2nd Step-up and One-Year Extension of Margin Improvement Ambition Feb . 20 25 460 + bps 24 . 20 +320 bps Feb x2 2 . 202 Mar +160 bps 2022 CMD(1) 2022 2025 2026 over 4 years over 5 years (1) Capital Markets Day 9 THIS DOCUMENT IS PUBLIC Credit Investors Presentation - H1 2025
Slide 10: Strategic and Operational Review
02 Strategic and Operational Review 10 THIS DOCUMENT IS PUBLIC Credit Investors Presentation - H1 2025
Slide 11: H1 2025: Strong Execution Delivering High Performance
H1 2025: Strong Execution Delivering High Performance Resilience Strong Performance Future Growth Comparable G&S OIR Recurring Investment Efficiencies Sales Growth Margin(1) ROCE(2) Backlog ~+ 2% + 130 + 23% 11% € 4.6bn bps New record level ESG - KPIs on Track (1) Operating Income Recurring on Sales
Slide 12: H1 2025: Deploying Structural Transformation Program
H1 2025: Deploying Structural Transformation Program Streamlining the Leveraging Business Organization Service Centers Leveraging Data & AI Industrial Initiatives Commercial Initiatives 12 THIS DOCUMENT IS PUBLIC Credit Investors Presentation - H1 2025
Slide 13: H1 2025: Significant Organization Streamlining
H1 2025: Significant Organization Streamlining Global Initiatives Local Initiatives ○ Management layers Up to -3 ○ Medical Gases operations in IM ○ Hubs Removed to ○ HHC restructuring ○ Clusters 11 → 8 ○ Industrial Directions 5 → 1 ○ IM & HC Canada under Airgas ○ HHC(1) P&L 4 → 1 ○ Shared SIO(2) cent
Slide 14: Strong Diversified Pillars Supporting Growth
Strong Diversified Pillars Supporting Growth Growth Engines Existing Core Energy Acquisitions Assets Investment Transition Low-C Pricing Bolt-on H2 and O2 Volumes CO2 Strategic 14 THIS DOCUMENT IS PUBLIC Credit Investors Presentation - H1 2025
Slide 15: Enhancing #1 Position in Electronics
Enhancing #1 Position in Electronics Rest of Asia Leading SC(1) ~€200m Leading SC(1) Manufacturers Manufacturer Carrier Gases >$350m Dresden, Germany solutions Carrier Gases >€250m VSMC(2) & Others solutions & others 3 ASUs & 2 H2 units Helium & CO2 supply ~€250m Molybdenum Carrier Gases Plant start
Slide 16: Major Energy Transition Projects Signed & Under Construction
Major Energy Transition Projects Signed & Under Construction Projects in the Backlog Gross Capex(1) ▪ ExxonMobil Baytown >$850m(2) ▪ ELYgator >€500m(3) ▪ Normand’Hy >€400m ▪ Others (Grandpuits, Porthos, La Mède, …) Low-C O2 2 Renewable H2 >€ bn €2.5 Capexbn (1) before subsidies (2) $275m in the back
Slide 17: H1 2025: Delivering Today, Preparing Tomorrow
H1 2025: Delivering Today, Preparing Tomorrow Growth Engines Existing Core Energy Acquisitions Assets Investment Transition + Staying the Course Resilience Strong Performance Future Growth 17 THIS DOCUMENT IS PUBLIC Credit Investors Presentation - H1 2025
Slide 18: Strong Financial H1 2025 Performance
03 Strong Financial H1 2025 Performance New record High Backlog 18 THIS DOCUMENT IS PUBLIC Credit Investors Presentation - H1 2025
Slide 19: Resilient Comparable Sales Growth in an Uncertain Environment
Resilient Comparable Sales Growth in an Uncertain Environment ▪ Group Sales H1 24 H1 25 H1 25/24 H1 25/24 Q2 25/24 in m€ in m€ As published Comparable Comparable 13,379 13,722 +2.6% +1.8% +1.9% -1.5% FX +2.3% Energy 0.0% Significant Scope ▪ Gas & Services sales ▪ Engineering & Technologies sales +1.8
Slide 20: A Successful Model Providing Resilience and Growth
A Successful Model Providing Resilience and Growth H1 2025 Gas & Services comparable sales growth by Activities +5% Asia-Pacific (1) EMEA(2) +2% Americas +1% +0.5% excluding internal +3% transfer of assets +1% (1) +1% excluding internal transfer of assets Comparable sales growth ~+ 2% (1) See reconci
Slide 21: Significant +130bps of G&S OIR Margin Improvement
Significant +130bps of G&S OIR Margin Improvement 2025/2024 2025/2024 In €m H1 24 H1 25 As Published Comparable(1) Revenue 13,379 13,722 +2.6% +1.8% Purchases (4,975) (5,028) +1.1% Personnel Expenses (2,599) (2,601) +0.1% Other net income and expenses (1,977) (2,069) +4.7% Operating profit before depr
Slide 22: H1 2025: Focused on Execution, Record High Efficiencies
H1 2025: Focused on Execution, Record High Efficiencies IM Pricing Efficiencies Portfolio Management €287m +23% 7 acquisitions +2.6% +4.0% +8.4% 5 in US, Brazil, Spain and China €200m ■ +14.7% ■ 2 in Germany 2022 2023 2024 2025 Cumulative IM pricing effect base 100 Year 2022 3 divestitures ▪ +30% prici
Slide 23: Strong Growth Leverage on Net Profit
Strong Growth Leverage on Net Profit In €m H1 24 H1 25 2025/2024 H1 25/24 As Published Excl. FX Revenue 13,379 13,722 +2.6% +4.1% Operating income recurring 2,601 2,737 +5.2% +7.2% Other non-recurring operating income & expenses (87) (47) Operating income 2,514 2,690 +1.8% comparable(2) Net financial
Slide 24: Delivered Strong ROCE of 11%
Delivered Strong ROCE of 11% Recurring ROCE(1) after tax 11.0% Significantly 11.0% above the 10.0% objective ROCE > 10% 9.0% 8.0% 7.0% Airgas acquisition Improved ROCE While Increasing Investments (1) Recurring ROCE based on Recurring Net Profit 24 THIS DOCUMENT IS PUBLIC Credit Investors Presentation
Slide 25: Increase of Investment Backlog to a New Record €4.6bn
Increase of Investment Backlog to a New Record €4.6bn H1 2025 Investment KPIs(1) Sales 12-month investment Investment Investment Contribution Opportunities Decisions Backlog(2) from Start-up & Ramp-up(3) € 4.1 € 2.3 € 4.6 €157m bn bn bn H1 2025 +40% vs H1 2024 ▪ >40% in Energy Transition ▪ LI: U.S.
Slide 26: Outlook
Outlook 2025 Outlook OIR margin improvement Committed to deliver Air Liquide is confident in its ability to further increase its operating margin(1) +460 and to deliver recurring net profit(2) growth, bps(1) at constant exchange rates. over 5 years 2022-2026 (1) Operating margin excluding energy passt
Slide 27: Group Credit Profile
04 Group Credit Profile 27 THIS DOCUMENT IS PUBLIC Credit Investors Presentation - H1 2025
Slide 28: Net Debt ratios under control
Net Debt ratios under control As of Dec 31, 2024 (€m) 9,221 9,159 1.16x DEBT DEBT DEBT DEBT DEBT DEBT DEBT DEBT DEBT DEBT / EQUITY / EQUITY / EQUITY / EQUITY / EQUITY / EQUITY / EQUITY / EQUITY / EQUITY / EQUITY 57% 90% 80% 69% 64% 56% 48% 42% 37% 33% 28 THIS DOCUMENT IS PUBLIC Credit Investors Pres
Slide 29: Strong Cash Flow Financing Dividends and Capex
Strong Cash Flow Financing Dividends and Capex As of June 30, 2025 <10,261> <10,156> <2,003> <144> +300 <9,794> <9,159> +3,253 <1,718> <48> <276> Gearing 33.5%(3) Net NetDebt Debt Net Debt Cash Flow WCR + Other Net Industrial Net Financial Dividends(2) Lease liabilities Currency & Net Debt 30 30June
Slide 30: A Well-Diversified Financing Structure
A Well-Diversified Financing Structure As of June 30, 2025 Currencies / Net Debt Fixed / Variable rates Sources (as of Dec 31, 2024) (gross debt) Commercial paper ZAR 1% Other 9% 16.5% Fixed JPY 3% Bank debt rate 16.0% 80% TWD 6% Others(1) 0.5% Bonds(2) USD 30% 67.0% Market debt Variable EUR 51% 84%
Slide 31: Debt Maturity Profile and Strong Available Liquidity
Debt Maturity Profile and Strong Available Liquidity As of June 30, 2025 Group gross debt Available liquidity maturity profile €m 12,000 € 1.6bn Cash and Cash Equivalent > 5 years 8,000 € 5.6bn Between 1 and 5 years 4,000 € 4.0bn Confirmed Credit Lines < 1 year 0 31 THIS DOCUMENT IS PUBLIC Credit Inves
Slide 32: Diversified Capital Market Debt well spread over time
Diversified Capital Market Debt well spread over time As of June 30, 2025 Green debt accounts for ~20% of our LT capital market debt 32 THIS DOCUMENT IS PUBLIC Credit Investors Presentation - H1 2025
Slide 33: "A" Long term Credit Rating Commitment
“A” Long term Credit Rating Commitment Credit metrics well in line with our “A” range commitment Long-term rating: A Short-term rating: A-1 Long-term rating: A2 Short-term rating: P-1 Long-term rating: A Short-term rating: S-1 Outlook: Stable on 28 July 2021 Outlook: Stable on 6 September 2022 Outlo
Slide 34: 2024 Sustainable Financing Framework
2024 Sustainable Financing Framework Overview Air Liquide Sustainable Financing Framework is aligned with the Green Loan Principles (2023) and the Social Loan Principles (2021) overseen by the Loan Market Association (LMA) and with the Green Bond Principles (2021, GBP), the Social Bond Principles (2
Slide 35: 2024 Sustainable Financing Framework: Green eligible categories
2024 Sustainable Financing Framework Green eligible categories Air Gases Hydrogen aladeieiddddddd Carbon capture as a service Air separation units to deliver Low carbon and renewable hydrogen will To face the climate emergency, industries are the industrial gases that Air play a major role in the en
Slide 36: 2024 Sustainable Financing Framework: Social eligible categories
2024 Sustainable Financing Framework Social eligible categories Home healthcare and proximity /community care services As a leader in home healthcare in Europe, Air Liquide provides care at home for people with chronic diseases. Air Liquide’s Home Healthcare business strives to meet public health ch
Slide 37: Green Bond 2024 Key Figures
Green Bond 2024 Allocation Summary CATEGORIES ALLOCATION 31% aligned to the EU Taxonomy Key Figures 63% (out of 63% eligible) Air Gases €500m €500m issued in May 2024 allocated as of 31 Dec. 2024 69% Hydrogen 10 3.375% SHARE OF GREEN INVESTORS year maturity coupon rate 18% Other 6 85 green projects
Slide 38: Green Bond 2025 Issuance Summary
Green Bond 2025 Issuance Summary Issuer Air Liquide Finance (the “Issuer”), guaranteed by INVESTOR PROFILE Guarantor L’Air Liquide S.A. (“The Guarantor”) 1% Rating A2 by Moody’s / A by S&P / A by Scope Ratings 6% CBs & OIs Others Form of Issue Green Bond Senior, Unsecured Global Notes Documentation
Slide 39: Appendix
05 Appendix 39 THIS DOCUMENT IS PUBLIC Credit Investors Presentation - H1 2025
Slide 40: Further Progress in Sustainability in H1 2025
Further Progress in Sustainability in H1 2025 All activities engaged in Energy Transition Beyond Climate ● 2 electrolyzers (200 & 250 MW) announced ● 6 PPA start-ups(1): +1.4 TWh/y ● 1st RFNBO(2) certification for H2 mobility in Germany ● New biogenic CO2 source in Australia Water management plan Acc
Slide 41: Resilient Sales Growth in an Uncertain Environment
Resilient Sales Growth in an Uncertain Environment Sales in €m H1 24 H1 25 H1 25/24 H1 25/24 Q2 25/24 As published Comparable(3) Comparable (4)(5) Gas & Services 12,796(1) 13,310 +4.0%(1) +1.8% +1.8% Engineering & 583(2) 412 N/A +1.8% +6.4% Technologies(2) (4) Group Total 13,379 13,722 +2.6% +1.8% +
Slide 42: H1 2025 - Beneficial Mix of Geographies and Activities
H1 2025 - Beneficial Mix of Geographies and Activities H1 2025 Gas & Services Revenue €13,310m Engineering & Technologies 3% 9% Electronics Europe Industrial Merchant 45% Americas €5.4bn Asia-Pacific €2.6bn €5.3bn 16% Healthcare €13,722m H1 2025 Group Revenue 5% 2% 27% Large Industries 11% 34% 28% 28%
Slide 43: Q2 Sales and H1 2025 OIR by Geographies
Q2 Sales and H1 2025 OIR by Geographies Americas EMEA Asia 4% 2% 11% IM 29% 35% 33% 29% LI 70% Q2 sales 15% split €2,574m €2,638m €1,267m HC EL 3% 33% 36% +2.7% +1.0% +1.4% incl. +0.8% from Argentina(1) (2) Q2 25/24 (2) Comparable 0% +6% Sales Growth H1 2025 Growth as Comparable H1 2025 Growth as Co
Slide 44: Q2 - Achieved Growth in all Geographies
Q2 - Achieved Growth in all Geographies Americas: €2,574m EMEA: €2,638m Asia: €1,267m (1) (1) FY 24 : +7.3% H1 25 : +2.9% FY 24: -1.1% H1 25: +0.5% FY 24: +1.6% H1 25: +2.1% +10% +3% +3% +2% +2% +2% +1% ▪ Major ASU ramp-up in U.S. ● LI ▪ Solid growth in H2 & Cogen ▪ Resilient Refining ● LI ▪ Start-up
Slide 45: Q2 – Delivered Improved IM and LI Growth in a Subdued Environment
Q2 – Delivered Improved IM and LI Growth in a Subdued Environment Industrial Merchant Large Industries Pricing driving growth, resilient gas volumes Growing sales from U.S. and China (1) Sales (1) Sales FY 24: +1.6% H1 25: +1.3% FY 24: +1.2% FY H1 24: 25: +0.9% Q2 2025 Q2 2025 €3,050m €1,741m ● +2.7
Slide 46: Q2 – Pursued Momentum in EL Carrier Gases, HC Driving Growth
Q2 – Pursued Momentum in EL Carrier Gases, HC Driving Growth Electronics Healthcare 7 Carrier Gases start-ups in H1 Sustained resilient growth against strong comparables FY 24: +3.3% H1 25: +0.9% FY 24: +8.6% H1 25: +5.0% Sales FY 24: Sales Q2 2025 Q2 2025 €600m €1,088m ● Balanced growth between HHC
Slide 47: Continued Active Management of IM Pricing in Q2 2025
Continued Active Management of IM Pricing in Q2 2025 Total Industrial Merchant Continued .S. tina Airg as U Arg en accretive Americas 75% 13% margin contribution EMEA Value-added offers & service quality focus to customers Asia-Pacific 47 THIS DOCUMENT IS PUBLIC Credit Investors Presentation - H1 202
Slide 48: Impact of Currency and Energy on G&S Revenue
Impact of Currency and Energy on G&S Revenue in €m Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 €/USD (27) +26 (22) +19 +75 (119) €/ARS (153) (161) (142) +21 (20) (42) €/BRL +3 (4) (13) (15) (13) (14) €/RMB (36) (12) +0 +7 +12 (29) €/ZAR (10) +1 +4 +9 +8 (5) €/EGP (3) (8) (10) (10) (7) (2) €/CAD (2) (1) (5)
Slide 49: Consolidated P&L
Consolidated P&L In €m H1 24 H1 25 Revenue 13,379 13,722 Operating costs (9,551) (9,698) Operating profit before depreciation 3,828 4,024 Depreciation and amortization (1,227) (1,287) Operating income recurring 2,601 2,737 Other non-recurring operating income & expenses (87) (47) Operating income 2,5
Slide 50: Simplified Consolidated Balance Sheet
Simplified Consolidated Balance Sheet In €m ASSETS 31/12/2024 30/06/2025 EQUITY AND LIABILITIES 31/12/2024 30/06/2025 Goodwill 14,977 13,817 Shareholders' equity 26,860 24,515 Fixed assets 27,230 26,163 Minority interests 761 706 Other non-current assets* 1,313 1,316 Total equity 27,621 25,221 Total
Slide 51: Cash Flow Statement
Cash Flow Statement in €m H1 24 H1 25 Funds provided by operations 3,155 3,253 Changes in Working Capital (282) (232) Other cash items (28) (44) Net cash from operating activities 2,845 2,977 Purchases of PPE* and intangible assets (1,656) (1,836) Purchases of financial assets (43) (83) Proceeds from
Slide 52: Green Projects Eligibility Criteria
Green Projects Eligibility Criteria Eligible Green Projects Eligibility Criteria Production of air gases for the ● Manufacture of O2 and N2 through energy efficient Air Separation Units (ASUs) contributing to the value chain decarbonization of industries involved in the of industrial processes and/or
Slide 53: Social Projects Eligibility Criteria
Social Projects Eligibility Criteria 1 Eligible Social Projects Eligibility Criteria Target Population Home Healthcare and Development of home healthcare Each and every person in need of medical Proximity / services and of proximity / care, including the most vulnerable. It Community Care community
Slide 54: Definitions
Definitions Investment opportunities at end of the period ▪ Value of investment opportunities under consideration by the Group for decision within 12 months. Gross amounts, excluding subsidies. ▪ Industrial projects with investment value > €5m for Large Industries and > €3m for other business lines.
Slide 55: For further information, please contact:
For further information, please contact: Investor Relations Communication IRTeam@airliquide.com Media@airliquide.com Group Financing and Rating www.airliquide.com Camille Météyé camille.meteye@airliquide.com Follow us Linkedin Thomas Lemée thomas.lemee@airliquide.com Corporate Headquarters: 75, Quai
Slide 56: 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