Air Liquide Sa · EURONEXT:AI
Air Liquide Sa — Debt Investor Presentation (2025)
57 slides from Air Liquide Sa's debt investor presentation, Apr 14, 2025
Slide 1: Credit Investors Presentation FY 2024
Credit Investors Presentation Record Year Margin: Improvement Step-up Future Growth: Major Commercial Successes FY 2024 1 Credit Investors Presentation FY 2024
Slide 2: Agenda
Agenda 1 Introduction 2 Strategic and Operational Review 3 Strong FY 2024 Performance - Backlog sustained at high level 4 Group Credit Profile 5 Appendix 2 THIS DOCUMENT IS PUBLIC Credit Investors Presentation FY 2024
Slide 3: Introduction
01 Introduction 3 THIS DOCUMENT IS PUBLIC Credit Investors Presentation FY 2024
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 ~€90.7bn Net Profit in 2024 Cash Flow in 2024** Market Capitalization*** * Excluding Russia, where the entities are not longer
Slide 5: A Strong Business Model
A Strong Business Model 5 THIS DOCUMENT IS PUBLIC Credit Investors Presentation FY 2024
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 FY 2024
Slide 10: Strategic and Operational Review
02 Strategic and Operational Review 10 THIS DOCUMENT IS PUBLIC Credit Investors Presentation FY 2024
Slide 11: Strong 2024 Performance
Strong 2024 Performance Resilience Strong Performance Future Growth Comparable Group OIR Recurring CO2 Investment Sales Growth Margin(2) ROCE(3) Emissions Backlog + 3% (1) + 110 10.7% -11% € 4.2bn bps vs 2020(4) (1) Including +1.9% contribution from Argentina (2) Improvement of the operating Income
Slide 12: Acceleration of OIR Margin Improvement
Acceleration of OIR Margin Improvement A new level reached >+100 bps/y bps +70 to +80 bps/y +110 bps in 2024 +10 to +20 bps/y * * Yearly OIR margin improvements at the energy price of the previous year (*) In 2016, the year of the Airgas acquisition, OIR margin decreased by -170bps excluding the ene
Slide 13: Launch of Structural Transformations Boosting Performance
Launch of Structural Transformations Boosting Performance Streamlining the Leveraging Business Organization Service Centers Leveraging Data Industrial Initiatives Commercial Initiatives 13 THIS DOCUMENT IS PUBLIC Credit Investors Presentation FY 2024
Slide 14: Delivering Strong Extra-Financial Results
Delivering Strong Extra-Financial Results Employees under -32% LTA (1) in 2024 Safety a common basis 100% vs 2023 42% of care coverage(3) 2022 2024 Women among CO2 -11% Managers & 31.5% 33% emissions Professionals vs. 2020(2) 2022 2024 (1) Lost-Time Accidents frequency rate of Air Liquide employees
Slide 15: Accelerated Investment Decisions to Prepare for the Future
Accelerated Investment Decisions to Prepare for the Future €bn >€4bn >€3bn >€2bn * Total industrial and financial investment decisions over 10 years See definitions in appendix (*) Excluding Airgas acquisition 15 THIS DOCUMENT IS PUBLIC Credit Investors Presentation FY 2024
Slide 16: 2024 Major Project Wins Driven by Leading Technology
2024 Major Project Wins Driven by Leading Technology 12-months investment opportunities split Americas EMEA Asia Leading the Energy Transition in Europe #1 in Electronics Leveraging leading positions across the USA Energy Transition ASU Electronics incl. Advanced materials production centers 16 THIS
Slide 17: Air Liquide's Undisputed Leadership in Low-C H2 Production in Europe
Air Liquide’s Undisputed Leadership in Low-C H2 Production in Europe ELYgator* Zeeland* 7 low-carbon Hydrogen Trailblazer units including 4 Normand’Hy in operations or under construction Porthos in Europe Grandpuits Low-C hydrogen La Mède* Renewable hydrogen (*) Recent agreement with customer, const
Slide 18: Delivering Value to Shareholders Over the Long Term
Delivering Value to Shareholders Over the Long Term Dividend per share(1) in € New dividend proposed in 2025(2) CAGR over 20 years +7.8% €3.30 ▪ +13.7% vs. 2024(3) Total Shareholder Return(4) annual average +12% over 20 years Free share attribution (1) Dividend per share paid in the year and related
Slide 19: Strong FY 2024 Performance Backlog Sustained at a High Level
03 Strong FY 2024 Performance Backlog Sustained at a High Level 19 THIS DOCUMENT IS PUBLIC Credit Investors Presentation FY 2024
Slide 20: Resilient Comparable Sales Growth in a Subdued Environment
Resilient Comparable Sales Growth in a Subdued Environment FY 24/23 FY 24/23 Q4 24/23 Sales in €m FY 23 FY 24 As published Comparable Comparable (1) Gas & Services 26,360 25,810 -2.1% +2.7% +1.9% Engineering & 390 412 +5.7% +5.8% +4.7% Construction Global Markets & 858 836 -2.6% -2.5% -1.5% Technolo
Slide 21: Growth in all Activities
Growth in all Activities FY 2024 Gas & Services comparable sales growth by Activities +9% Asia-Pacific EMEA(1) +2% Americas +3% -1% +7% +2% +1% G&S Comparable sales growth +3 % (1) Split between Europe and Middle-East Africa India available in appendix 21 THIS DOCUMENT IS PUBLIC Credit Investors Pres
Slide 22: +110bps of OIR Margin Improvement
+110bps of OIR Margin Improvement FY 24/23 FY 24/23 In €m FY 23 FY 24 As published Comparable (1) Revenue 27,608 27,058 -2.0% +2.6% Purchases (11,147) (10,008) -10.2% Personnel Expenses (5,100) (5,166) +1.3% Other net income and expenses (3,811) (3,988) +4.6% Operating profit before depreciation 7,55
Slide 23: Focused on Execution, Record High Efficiencies
Focused on Execution, Record High Efficiencies IM Pricing Efficiencies Portfolio Management +4.0% €497m 20 acquisitions +8.4% €400m 16 in all regions +14.7% ■ ■ 3 in Europe and in Americas +3.6% ■ 1 in Europe 2021 2022 2023 2024 Cumulative IM pricing effect 17 divestitures base 100 Year 2020 ■ Aerospac
Slide 24: Strong Growth Leverage on Net Profit
Strong Growth Leverage on Net Profit FY 24/23 In €m FY 23 FY 24 FY 24/23 FY 24/23 Excl. FX (1) As published Excl. FX & Argentina Revenue 27,608 27,058 -2.0% -1.7% +0.4% Operating income recurring 5,068 5,391 +6.4% +6.8% +10.7% Other non-recurring operating income & expenses (496) (446) Operating inco
Slide 25: ROCE Improving While Increasing Investments
ROCE Improving While Increasing Investments Recurring ROCE(1) after tax 10.7% 11.0% 10.0% objective ROCE >10% 9.0% 8.0% 7.0% Airgas acquisition (1) Recurring ROCE based on Recurring Net Profit 25 THIS DOCUMENT IS PUBLIC Credit Investors Presentation FY 2024
Slide 26: Record Level of Investment Opportunities and Decisions
Record Level of Investment Opportunities and Decisions 2024 Investment KPIs(1) 12-months investment Investment Investment €253m Opportunities Decisions Backlog(4) FY 2024 € 4.1 € 4.4 € 4.2 €310m to €340m bn bn bn FY 2025 Outlook Record high level: Record high level: Strong and diversified: ▪ Well bal
Slide 27: 2024 Key Takeaways
2024 Key Takeaways Record Year Enhanced Ambition Margin Structural 2nd Step up and Improvement transformation Extension to 2026 460 ■ Pricing + ■ Efficiencies bps ■ Portfolio Management over 5 years 2022-2026 Major Technology Boosting Project Wins Future Growth 27 THIS DOCUMENT IS PUBLIC Credit Invest
Slide 28: Group Credit Profile
04 Group Credit Profile 28 THIS DOCUMENT IS PUBLIC Credit Investors Presentation FY 2024
Slide 29: Net Debt ratios under control
Net Debt ratios under control As of Dec 31th, 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% 29 THIS DOCUMENT IS PUBLIC Credit Investors Pr
Slide 30: Stable Net Debt, Strong Cash Flow Financing Dividends and Capex
Stable Net Debt, Strong Cash Flow Financing Dividends and Capex <10,261> <9,221> +6,539 <355> <9,159> <2,004> <284> <172> <3,445> Gearing 33.2% <217> Net Debt Net Debt Cash Flow WCR + Other Net Industrial Net Financial Dividends(2) Lease liabilities Currency & Net Debt 31 Dec. 2022 31 Dec. 2023 Inve
Slide 31: A Well-Diversified Financing Structure
A Well-Diversified Financing Structure As of Dec 31th, 2024 Fixed / Variable rates Sources Currencies / Net Debt (gross debt) Commercial paper ZAR 1% Other 9% 3% Fixed JPY 3% Bank debt rate 20% 88% TWD 6% Others(1) 1% Bonds(2) USD 30% 76% Market debt EUR 51% Variable 80% rate 12% (1) Others: put opti
Slide 32: Debt Maturity Profile and Strong Available Liquidity
Debt Maturity Profile and Strong Available Liquidity As of Dec 31th, 2024 Group gross debt Available liquidity maturity profile €m 12,000 € 1.9bn Cash and Cash Equivalent > 5 years 8,000 € 5.9bn Between 1 and 5 years 4,000 € 4.0bn Confirmed Credit Lines < 1 year 0 32 THIS DOCUMENT IS PUBLIC Credit Inve
Slide 33: Diversified Capital Market Debt well spread over time
Diversified Capital Market Debt well spread over time As of March 31st, 2025 2046 2038 33 THIS DOCUMENT IS PUBLIC Credit Investors Presentation FY 2024
Slide 34: "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 35: 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 36: 2024 Sustainable Financing Framework
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 37: 2024 Sustainable Financing Framework
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 38: 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 39: 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 40: Appendix
05 Appendix 40 THIS DOCUMENT IS PUBLIC Credit Investors Presentation FY 2024
Slide 41: Energy Transition Projects with Public Support
Energy Transition Projects with Public Support European Projects Awarded Subsidies Projects in the USA 12-months Investment Investment Backlog Portfolio ▪ Normand’Hy ▪ Several projects ▪ Porthos Incl. ExxonMobil for ~$850m(2) (1) ▪ ELYgator ~€1bn ~€1bn gross capex gross capex Electrolyser Carbon Cap
Slide 42: Q4 - All Activities up in Americas, Soft Industrial Demand in EMEA, Sustained Growth in Asia
Q4 - All Activities up in Americas, Soft Industrial Demand in EMEA, Sustained Growth in Asia Americas: €2,584m EMEA: €2,616m Asia: €1,369m FY 23: +5.1% FY 24: +7.3% FY 23: +4.4% FY 24: -1.1% FY 23: +1.8% FY 24: +1.6% +10% +8% +5% +3% +3% +2% (1) (1) (1) ▪ 1 major ASU start-up in Q1 ▪ Slightly better
Slide 43: Q4 – Resilience in a Subdued Environment
Q4 – Resilience in a Subdued Environment Industrial Merchant Large Industries Pricing driving growth Start-ups contribution offsetting turnarounds Sales Sales FY 23: +8.5% FY 24: +1.6% FY 23: -1.8% FYFY24: 24: +1.2% Q4 2024 Q4 2024 €2,962m €1,845m ● Sustained +3.6% pricing ● 2 Start-ups in Q1, in Ch
Slide 44: Q4 – Electronics and Healthcare Driving Growth
Q4 – Electronics and Healthcare Driving Growth Electronics Healthcare Growth in all regions Balanced growth between HHC(2) and Medical gases Sales FY 24: Sales FY 23: +2.4% FY 24: +3.3% FY 23: +8.4% FY 24: +8.6% Q4 2024 Q4 2024 €663m €1,100m ● >+10% growth in Carrier Gases from SU/RU(1) ● High HHC(2
Slide 45: Q4 Sales and FY 2024 OIR by Geographies
Q4 Sales and FY 2024 OIR by Geographies Americas EMEA Asia 5% 2% 11% IM 29% 35% 30% 28% LI 69% Q4 sales 15% split €2,584m €2,616m €1,369m HC EL 4% 33% 39% +5.3% -2.2% +4.0% incl. +3.4% from Argentina(1) Q4 24/23 +1% +1% Comparable +6% Sales Growth FY 2024 Growth as Comparable FY 2024 Growth as Compa
Slide 46: Continued Active Management of IM Pricing
Continued Active Management of IM Pricing Solid IM pricing Q4 2024 FY 2024 Continued accretive margin contribution Total Industrial + 4.0 % Merchant Value-added offers & service quality focus to customers ina as ent Airg Arg Americas 57% 36% + 6.9 %(1) Q4 2024 in Europe EMEA + 0.1 % Pricing from Ene
Slide 47: Q4 2024 Sales - Split Europe / AMEI
Q4 2024 Sales - Split Europe / AMEI Europe Europe FY 23: +4.2% FY 24: -1.4% 2% 32% 31% Q4 24 sales split €2,365m AMEI 35% FY 23: +7.0% FY 24: +1.7% -1.6% Q4 24/23 (1) Comparable Sales Growth G&S comparable sales growth (1) Divestitures in Africa and major 10-year maintenance in KSA 47 THIS DOCUMENT
Slide 48: Consolidated P&L
Consolidated P&L In €m 2023 2024 Revenue 27,608 27,058 Operating costs (20,058) (19,162) Operating profit before depreciation 7,550 7,896 Depreciation and amortization (2,482) (2,505) Operating income recurring 5,068 5,391 Other non-recurring operating income & expenses (496) (446) Operating income 4
Slide 49: Consolidated Balance Sheet Simplified
Consolidated Balance Sheet Simplified In €m ASSETS 31/12/2023 31/12/2024 EQUITY AND LIABILITIES 31/12/2023 31/12/2024 Goodwill 14,194 14,977 Shareholders' equity 24,321 26,860 Fixed assets 25,283 27,230 Minority interests 722 761 Other non-current assets 1,137 1,313 Total equity 25,043 27,621 Total n
Slide 50: Cash Flow Statement
Cash Flow Statement in €m FY 23 FY 24 Funds provided by operations 6,357 6,539 Changes in Working Capital (154) (155) Other cash items 60 (62) Net cash from operating activities 6,263 6,322 Purchases of PPE* and intangible assets (3,393) (3,525) Purchases of financial assets (103) (269) Proceeds from
Slide 51: Impact of Currency and Energy on G&S Revenue
Impact of Currency and Energy on G&S Revenue in €m Q1 23 Q2 23 Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 €/ARS (40) (62) (97) (182) (153) (161) (142) +21 €/RMB (18) (51) (83) (42) (36) (12) +0 +7 €/USD +102 (50) (177) (121) (27) +26 (22) +19 €/JP¥ (20) (17) (26) (21) (27) (23) (8) (5) €/TRY (5) (13) (9) (
Slide 52: ESG External Recognition in 2024
ESG External Recognition in 2024 Included in the DJSI Constituent of the Ranked in the top 20% A- in Water management Europe Index and S&P FTSE4Good index of the best-rated and B in Climate change Sustainability Yearbook series companies Ranked in the top 20% of Beating sector average “ESG Industry
Slide 53: 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 54: 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 55: 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 56: 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 Jacques Molgo jacques.molgo@airliquide.com Follow us Linkedin Thomas Lemée thomas.lemee@airliquide.com Corporate Headquarters: Chloé Audr
Slide 57: 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