Air Liquide Sa · EURONEXT:AI
Air Liquide Sa — L'Air Liquide Ord — H1 2026 Earnings Presentation
35 slides from Air Liquide Sa's earnings presentation, Jul 28, 2026
Slide 1: H1 2026 Results
H1 2026 Results François Jackow, Chief Executive Officer Jérôme Pelletan, Chief Financial Officer Émilie Mouren-Renouard, Group Vice President EMEA Adam Peters, CEO North America Paris, July 28, 2026 Carrier gases production site in Wuxi, China 1 H1 2026 Results - July 28 2026
Slide 2: Strong Growth & Performance in a Disrupted Environment
Strong Growth & Performance in a Disrupted Environment Record High Signings Securing Future Growth François Jackow - Chief Executive Officer 2 THIS DOCUMENT IS PUBLIC H1 2026 Results - July 28 2026
Slide 3: H1 2026: Delivering Growth, Performance & Record Signings
H1 2026: Delivering Growth, Performance & Record Signings Accelerating Strong Future Growth Performance Growth Comparable OIR Recurring Recurring Investment Cash flow(3) Sales growth Margin(1) Net Profit(2) ROCE(4) Backlog +3.5% +110 +10% +8% 11% € 6.0bn bps In Q2 New record ESG - KPIs on track (1) Im
Slide 4: H1 2026: Continued Focus on Execution
H1 2026: Continued Focus on Execution Portfolio IM Pricing Efficiencies Management €299m Strategic +4.2% in H1 2026 acquisition in H1 2026 & Continuous & Accelerating to improvement 5 bolt-on acquisitions +5.0% Structural in Q2 2026 Transformation 3 divestitures Delivering on Sustainable Margin Impro
Slide 5: Strengthening #1 Position in Electronics, Driven by AI
Strengthening #1 Position in Electronics, Driven by AI >$170m €200m SK hynix SK hynix Advanced packaging Acceleration Advanced packaging of HBM(2) in H1 2026 of HBM(2) $130 >$ 150m m €200m 1 ~1.5x (1) Leading SC Leading SC(1) Manufacturer >€ bn FY 2025 Manufacturer Advanced memory decisions Advanced
Slide 6: Capturing the Growth in New Projects in Large Industries
Capturing the Growth in New Projects in Large Industries U.S. Reshoring / Expansion New Territory Expansion Air gases for Syngas Nitrogen low-carbon Steel for Chemical for Petrochemical ■ >$350m: large ASU & pipeline ■ $200m: Partial Oxidation unit ■ €70m: N2 units in Kazakhstan ■ Fulfilling addition
Slide 7: Demonstrated Execution On All Counts
Demonstrated Execution On All Counts Step-up of sales growth in Q2 Delivering on margin improvement Closing of acquisition Record level of project signings 7 THIS DOCUMENT IS PUBLIC H1 H1 2026 2024 Results - July July26, 28 2024 2026
Slide 8: +5.2% Sales Growth Excluding FX & Energy in Q2 2026
+5.2% Sales Growth Excluding FX & Energy in Q2 2026 New Record High Backlog Jérôme Pelletan - Chief Financial Officer 8 THIS DOCUMENT IS PUBLIC H1 2026 Results - July 28 2026
Slide 9: Q2 - +5.2% Sales Growth Excluding FX & Energy
Q2 - +5.2% Sales Growth Excluding FX & Energy Group Sales H1 2026 Q2 2026 H1 25 H1 26 H1 26/25 H1 26/25 H1 26/25 Q2 26/25 Q2 26/25 in m€ in m€ As published ex FX & Energy Comparable ex FX & Energy Comparable 13,722 13,828 +0.8% +4.3% +2.6% +5.2% +3.5% -3.6% FX +0.1% Energy +1.7% Significant Scope acq
Slide 10: Q2 - Growth Acceleration From EL Boost and Improved IM
Q2 - Growth Acceleration From EL Boost and Improved IM Q2 2026 Gas & Services comparable sales growth by Activities +10% Asia-Pacific Americas EMEA +5% +1% +16% +4% +5% incl. +4% 0% G&S Comparable sales growth +3.3% +5.1% excl. FX & Energy EL: Electronics; IM: Industrial Merchant 10 THIS DOCUMENT IS
Slide 11: Q2 - Sustained High Growth in Americas, Sales Surge in Asia
Q2 - Sustained High Growth in Americas, Sales Surge in Asia Americas: €2,635m EMEA: €2,727m Asia: €1,450m FY 25: +1.0% H1 26: +2.0% * FY 25: +3.9% H1 26: +5.4% FY 25: +0.6% H1 26: +0.2% +16% * +8% ▪ Strong Air Gases & H2 on USGC(1) ● LI ▪ High Chemicals & Refining ▪ Still mixed activity ▪ Low Cogen ●
Slide 12: Update on Middle East Situation vs Q1 26
Update on Middle East Situation vs Q1 26 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 sovereignty ■ Ro
Slide 13: Q2 – Sales Pick-up in IM, Still Mixed Activity in LI
Q2 – Sales Pick-up in IM, Still Mixed Activity in LI Industrial Merchant Large Industries +5.9% sales growth excluding helium Strong U.S. offsetting lower EMEA and Asia Sales Sales FY 25: +1.9% H1 26: +3.2% FY 25: +0.7% FY H1 24: 26: -0.6% Q2 2026 Q2 2026 €3,123m €1,869m ● Increased pricing at +5.0%
Slide 14: Q2 – Booming EL, Steady Growth in HC
Q2 – Booming EL, Steady Growth in HC Electronics Healthcare End of unfavorable comparison in E&I vs. prior year Resilient growth FY 25: +1.2% H1 26: +6.2% Sales FY 25: +5.0% H1 26: +4.2% FY 24: Sales Q2 2026 Q2 2026 €688m €1,132m ● Carrier Gases and AM(1), main growth engines ● Pricing in Medical Ga
Slide 15: +110bps of OIR Margin Improvement
+110bps of OIR Margin Improvement H1 26/25 H1 26/25 In €m H1 25 H1 26 As published Comparable Revenue 13,722 13,828 +0.8% +2.6% Purchases (5,028) (4,953) -1.5% Personnel Expenses (2,601) (2,559) -1.6% Other net income and expenses (2,069) (2,098) +1.4% Operating profit before depreciation 4,024 4,218
Slide 16: H1 2026: Delivering on the Levers Supporting Margin Improvement
H1 2026: Delivering on the 3 Levers Supporting Margin Improvement IM Pricing Efficiencies Portfolio Management +4.0% €299m 1 strategic acquisition ■ Accelerated closing of +4.2% 5 bolt-on acquisitions €200m ■ In U.S. and China H1 2026 ■ In China 1 large scope divestiture ▪ Increased to +5.0% in Q2 202
Slide 17: +10% Recurring Net Profit Growth Excluding FX
+10% Recurring Net Profit Growth Excluding FX H1 26/25 H1 26/25 In €m H1 25 H1 26 As published Excl. FX Revenue 13,722 13,828 +0.8% +4.4% Operating income recurring 2,737 2,893 +5.7% +10.2% Other non-recurring operating income & expenses (47) (123) +2.6% Operating income 2,690 2,770 comparable(3) Net
Slide 18: Strong Cash Flow & Balance Sheet, Financing Dividends, Capex and DIG Acquisition
Strong Cash Flow & Balance Sheet, Financing Dividends, Capex and DIG Acquisition <142> <195> <13,921> <2,414> <2,920> 8 + % <9,794> excl. FX <8,416> +3,372 <1,789> Gearing <1,418> Gearing(3) including 31.2% 45.1% Gearing 33.5%(3) >€1bn related to the end of factoring Net Debt Net Debt Cash Flow WCR
Slide 19: Delivering Strong 11% ROCE After DIG Acquisition
Delivering Strong 11% ROCE After DIG Acquisition Recurring ROCE(1) after tax 11.0% acquisition 11.0% 10.0% 9.0% acquisition 8.0% 7.0% Maintaining strong ROCE while increasing investment under construction (1) Recurring ROCE based on Recurring Net Profit 19 THIS DOCUMENT IS PUBLIC H1 2026 Results - Ju
Slide 20: New Record High Backlog Securing Future Growth
New Record High Backlog Securing Future Growth Record High H1 2026 Investment KPIs(1) Investment Investment 12-months investment Decisions Backlog Opportunities +26% +30% +17% ▪ All-time high industrial decisions ▪ Record level before major start-ups in Q4 ▪ Diversified with ~80 projects ▪ >€1bn of E
Slide 21: 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 22: Appendix
Appendix 22 THIS DOCUMENT IS PUBLIC H1 2026 Results - July 28 2026
Slide 23: Sales and Sales Impacts
Sales and Sales Impacts H1 26/25 H1 26/25 Q2 26/25 Sales in €m H1 25 H1 26 As published Comparable Comparable Gas & Services 13,310 13,408 +0.7% +2.6% +3.3% Engineering & 412 420 +1.9% +4.6% +8.8% Technologies Group Total 13,722 13,828 +0.8% +2.6% +3.5% Impacts on H1 Group Sales: -3.6% FX +0.1% Ener
Slide 24: H1 2026 - Beneficial Mix of Geographies and Activities
H1 2026 - Beneficial Mix of Geographies and Activities H1 2026 Gas & Services Revenue €13,408m 3% Engineering Technologies & 10% Electronics EMEA Industrial Merchant 44% Americas €5.4bn Asia-Pacific €2.8bn €5.2bn 16% Healthcare 13,828 H1 2026 Group Revenue 4% 2% 27% Large Industries 11% 36% 28% 29% 15
Slide 25: Q2 Sales and H1 2026 OIR by Geographies
Q2 Sales and H1 2026 OIR by Geographies Americas EMEA Asia 4% 2% 11% IM 29% 37% 32% 27% LI 70% Q2 sales 15% split €2,635m €2,727m €1,450m HC EL 3% 33% 37% +5.2% +0.7% +4.7% Q2 26/25 Comparable +6% Sales Growth H1 2026 Growth as Comparable H1 2026 Growth as Comparable H1 2026 Growth as Comparable in
Slide 26: Improving Pricing in All Geographies
Improving Pricing in All Geographies Solid IM pricing Q2 2026 H1 2026 Total Industrial +4.2% Continued Merchant active pricing management Americas +5.8% Value-added offers EMEA +2.4% & service quality focus Asia-Pacific +0.5% to customers 26 THIS DOCUMENT IS PUBLIC H1 2026 Results - July 28 2026
Slide 27: 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 Q2 26 €/USD +75 (119) (140) (204) (258) (61) €/CNY +12 (29) (34) (42) (33) +19 €/JPY +1 +5 (10) (18) (26) (21) €/KRW (5) (7) (8) (13) (22) (24) €/ARS (20) (42) (36) (49) (21) (4) €/CAD (6) (13) (14) (16) (12) (5) €/TWD
Slide 28: Consolidated P&L
Consolidated P&L In €m H1 25 H1 26 Revenue 13,722 13,828 Operating costs (9,698) (9,610) Operating profit before depreciation 4,024 4,218 Depreciation and amortization (1,287) (1,325) Operating income recurring 2,737 2,893 Other non-recurring operating income & expenses (47) (123) Operating income 2,
Slide 29: Simplified Consolidated Balance Sheet
Simplified Consolidated Balance Sheet In €m ASSETS 31/12/2025 30/06/2026 EQUITY AND LIABILITIES 31/12/2025 30/06/2026 Goodwill 13,823 16,196 Shareholders' equity 26,214 26,517 Property, plant and equipment 24,910 26,538 Minority interests 733 745 Other non-current assets 2,811 3,496 Total equity 26,9
Slide 30: Cash Flow Statement
Cash Flow Statement in €m H1 25 H1 26 Funds provided by operations 3,253 3,372 Changes in Working Capital (232) (1,394) Other cash items (44) (24) Net cash from operating activities 2,977 1,954 Purchases of PPE* and intangible assets (1,836) (1,828) Purchases of financial assets (83) (3,128) Proceeds
Slide 31: Financing Structure as of June 30, 2026
Financing Structure as of June 30, 2026 Fixed / Variable rates Sources Maturity (gross debt) €m Commercial paper 16,000 Fixed 16% rate Bank debt > 5 years 77% 16% 12,000 Between 1 and 8,000 5 years Others(1) ~0% 4,000 < 1 year (2) Bonds 0 Variable Market debt 68% rate 83% 23% (1) Others: put options
Slide 32: 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 33: 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 34: Events & Contacts
Events & Contacts Upcoming events Capital Markets Day: October 5, 2026 For further information, please contact: www.airliquide.com Follow us on Linkedin Investor Relations Air Liquide IRTeam@airliquide.com 75, Quai d’Orsay 75321 Paris Cedex 07 +33 (0)1 40 62 55 55 Communication RCS Paris 552 096 281
Slide 35: 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