Air Liquide Sa · EURONEXT:AI
Air Liquide Sa — Investor Day (October 2026)
91 slides from Air Liquide Sa's investor day presentation, Oct 5, 2026
Slide 1: The next frontier in lasting Value Creation
The next frontier in lasting Value Creation Capital Markets Day 2026 5 October 2026
Slide 2: BEYOND: Accelerating a Long-Term Track Record over 30 years
BEYOND: Accelerating a Long-Term Track Record over 30 years €5.6bn Operating Income OIR Evolution(1) Recurring CAGR(1) +7.4% Proven strong earnings compounder Driving €0.6bn performance in all environments 1995 2000 2005 2010 2015 2020 2025 (1) Operating Income Recurring (OIR) as published 1995-2025
Slide 3: BEYOND: Building on Strong Foundations
BEYOND: Building on Strong Foundations Outstanding Solid Track Record Business 300 Model Accelerated +10.7% CAGR 2017-2025 Cash Generation 200 Op. Cash Flow before WCR 100 rebased(1) 2011 2016 2021 2025 A strong balance sheet allowing for strategic 3.0 3.3x A proven capital allocation high resilienc
Slide 4: Uniquely Positioned to Maximize Value Creation
Uniquely Positioned to Maximize Value Creation Uniquely positioned Value creation Exceptional Global & Local Perform over the long term Customer reach ● Pursue sustained growth Pioneering Innovation ● Strengthen profitability ● Increase shareholder returns Renewed Performance culture Act as a Respons
Slide 5: BEYOND Objectives 2026 - 2030
BEYOND Objectives 2026 - 2030 EPS(1) ROCE(2) CO2 Recurring Recurring emissions(3) Strategic Objectives +10% ±2% >11% -33% CAGR in 2030 reduction by 2035 vs 2020 PROFITABLE VALUE IMPACT GROWTH CREATION (1) Recurring net Earnings Per Share CAGR from year-end 2025 to year-end 2030 at 2025 FX, see assum
Slide 6: BEYOND: Main Levers to Drive EPS Objective by 2030
BEYOND: Main Levers to Drive EPS Objective by 2030 Sales Margin Capital Growth(1) Improvement(3) Allocation Objective 2026-2030 EPS CAGR(5) +5% ±1% +400-600 bps >€40bn(4) recurring CAGR over 2026-2030 Investments M&A +10% ±2% Dividends ~2 to 3 x Share Buybacks IP(2) growth Macroeconomy-Adaptive Flex
Slide 7: BEYOND: Activating Diverse Sources of Growth
BEYOND: Activating Diverse Sources of Growth More from the Base Group sales growth(1) • Assets loading • Gas applications +5% ±1% • Densification • Pricing Key Growth Markets Leveraging Differentiated • Electronics / AI • Healthcare innovation deployment • Energy transition • Space by Geography Acqui
Slide 8: BEYOND: Innovation Supporting Growth and Competitiveness
BEYOND: Innovation Supporting Growth and Competitiveness Pioneering Technologies for markets of the future Molybdenum precursors Enabling the next generations of advanced memory and logic chips Carbon Capture Accelerating First-of-its-kind for growth markets Innovative suite of technologies for a wi
Slide 9: BEYOND: Stepping Up Margin Improvement
BEYOND: Stepping Up Margin Improvement Achievements Accelerating execution Group Transformation program launched in 2024 (1) Mobilize streamlined organization -6% Headcount reduction from 2024 to H1 2026 Leverage global scale 30% Processes transferred to GBS(2) Deliver local operational excellence -
Slide 10: BEYOND: Renewed >€40bn Capital Allocation Policy
BEYOND: Renewed >€40bn Capital Allocation Policy Boosting Shareholder Return INCREASE START INVESTMENTS DIVIDEND Flexible in the SHARE BUYBACKS BUSINESS €12-13bn(2) enabled by incl. bolt-on acquisitions improved performance at €4bn €22-25bn(1) ~60% payout by end 2028 ACCELERATE While Value accretive
Slide 11: BEYOND: Talented Teams Committed to Deliver
BEYOND: Talented Teams Committed to Deliver Empowered and accountable teams Performance Enhanced incentives performance aligned driven culture with objectives 11 CMD 2026 - October 5, 2026
Slide 12: BEYOND: The Next Frontier in Lasting Value Creation
BEYOND: The Next Frontier in Lasting Value Creation 12 CMD 2026 - October 5, 2026
Slide 13: Listen & Care
01 LISTEN & CARE
Slide 14: Listening to Customers and Adapting to the Environment
Listening to Customers and Adapting to the Environment Changing Environment Evolving Customer Dynamics ● Emergence of new local supply chains ● Regional production arbitrage ● New investments for reshoring ● Security of supply ● Inflationary environment ● Enhanced value of resilience ● Energy soverei
Slide 15: We Listen and Care
We Listen and Care Employees’ voice Shareholders’ priorities Society’s expectations 2/3 Safe & Respectful Institutional Engagement work environment & transparency 1/3 Career individual NGOs Suppliers opportunities Meaningful Share price work performance Simplified Dividends growth organization Share
Slide 16: Elevating Positive Environmental Impact
Elevating Positive Environmental Impact Stay the course on Decarbonization Anticipate & adapt to climate change Carbon Asset 3 levers Capture Management 2020-2035 Usage / Storage Optimize water Climate Low-carbon Electricity use adaptation Sourcing program New -33% Reach -10% 2035 CO2 emissions 2050
Slide 17: We Grow
02 WE GROW
Slide 18: Managing Growth Over the Long Term
Managing Growth Over the Long Term Sales CAGR(1) +6% through to 2025 EU Energy crisis Middle-East crisis China development COVID Hydrogen for resilience clean fuels Electronics Home Healthcare Financial crisis resilience Sales Mid 1990s Early 2000s Mid 2000s Early 2010s Mid 2010s Early 2020s Mid 202
Slide 19: Strong Mega Trends Continuing to Shape our Industry
Strong Mega Trends Continuing to Shape our Industry Industry Reshoring Technologies Digitization Population Ageing & Sovereignty & Innovation & AI & Urbanization 19 CMD 2026 - October 5, 2026
Slide 20: Translating into Structural Long-Term Drivers to 2030
Translating into Structural Long-Term Drivers to 2030 Basic commodities Manufacturing Electronics Healthcare • Industry • Electrification • Large-scale projects • Stronger demand for Reconfiguration • Infrastructure • Breakthrough elderly support • Reshoring developments solutions • Increased patient
Slide 21: BEYOND: Activating Diverse Sources of Growth
BEYOND: Activating Diverse Sources of Growth More from the Base Group sales growth(1) • Assets loading • Gas applications +5% ±1% • Densification • Pricing Key Growth Markets Leveraging Differentiated • Electronics / AI • Healthcare innovation deployment • Energy transition • Space by Geography Acqui
Slide 22: BEYOND: Activating Diverse Sources of Growth
BEYOND: Activating Diverse Sources of Growth More from the Base Group sales growth(1) • Assets loading • Gas applications +5% ±1% • Densification • Pricing Key Growth Markets Leveraging Differentiated • Electronics / AI • Healthcare innovation deployment • Energy transition • Space by Geography Acqui
Slide 23: Deliver More from the Base
Deliver More from the Base Maximize Footprint Enhance the Value with Customers ● Increase the loading of existing assets ● Partner with customers to develop new gas ..+10% by 2030 applications and optimize their processes ● Raise customer densification ● Monitor customer retention & proximity with ●
Slide 24: Building Customer Trust to Drive Long-Term Growth
Building Customer Trust to Drive Long-Term Growth Creating value for customers ● Identifying opportunities and anticipating customer needs ● Building trusted relationships ● Enabling customer success through tailor-made solutions 24 CMD 2026 - October 5, 2026
Slide 25: Focus: Develop New Gas Applications in Industrial Merchant
Focus: Develop New Gas Applications in Industrial Merchant Examples Gas opportunities in Welding Data Centers value chain Secondary Electronics Semiconductor Leveraging AL experts High pressure CO2 solution & performance for cleaning of electronic data base EL component Energy components packaging i
Slide 26: BEYOND: Activating Diverse Sources of Growth
BEYOND: Activating Diverse Sources of Growth More from the Base Group sales growth(1) • Assets loading • Gas applications +5% ±1% • Densification • Pricing Key Growth Markets Leveraging Differentiated • Electronics / AI • Healthcare innovation deployment • Energy transition • Space by Geography Acqui
Slide 27: Leading the Next-Gen Chip Market
Leading the Next-Gen Chip Market Critical enabler of the AI revolution ● Unique expertise in advanced high-value molecules ● Fully integrated value-chain, from R&D to inside-fab ● First-to-market with molybdenum precursor solutions for next-gen chips 27 CMD 2026 - October 5, 2026
Slide 28: AI Driving Strong Momentum in Electronics
AI Driving Strong Momentum in Electronics Differentiating factors SC(1) volume production Carrier Advanced ~+8% CAGR(2) #1 Global leader in EL Gases Materials end 2025-2030 Reinforced by AI strong momentum acquisition Sovereignty Only player with a Electronic ● Strong customer intimacy comprehensive
Slide 29: Main Drivers of Electronics Sales Growth
Main Drivers of Strong Momentum Electronics Sales Growth Post-2030 sales Electronics contribution +80% €2.5bn backlog Carrier >€4bn €1.4bn Sales Project Gases opportunities >+10% H1 24 H1 26 Existing CAGR(1) backlog DIVERSITY of Projects • 40% of H1 2026 backlog (3) • Made of 26 projects incl. 11 Ad
Slide 30: EL: Carrier Gases and Advanced Materials, 2 Growth Drivers
EL: Carrier Gases and Advanced Materials, 2 Growth Drivers Carrier Gases Advanced Materials A differentiating offer ● Attractive business model 51% ofinEL2025 sales ● Only supplier among 17% ofinEL2025 sales ● Long-term contracts Industrial Gas players ● Energy passthrough ● Increased customers inti
Slide 31: The Partner of Choice in the Energy Transition
The Partner of Choice in the Energy Transition Leading the Energy Transition ● Driving impact by supporting affordability, at scale & sustainability ● Trusted partner with cutting-edge technologies 31 CMD 2026 - October 5, 2026
Slide 32: Energy Transition: A Leading Position on a Sustained Growth Market
Energy Transition: A Leading Position on a Sustained Growth Market Sales Growth 2026-2030 breakdown Selective 2.5bn investments A Structural decisions Post-2030 € sales Growth Market over 2026-2030 contribution First sales €2.2bn Backlog(1) contribution Benefit from in H1 2026 Sovereignty Other proje
Slide 33: Healthcare: Driver of Robust Growth & Resilience
Healthcare: Driver of Robust Growth & Resilience A unique position on patient pathway 2026-2030 A Resilient Healthcare Growth Market IM / Medgas HHC +4-6% sales CAGR(5) Long Lasting Primary Diagnosis demographic & societal trends production & prescription Hospital 2 Independent 1 from industrial con
Slide 34: Home Healthcare: Growth and Value Creation
Home Healthcare: Growth and Value Creation Dynamic Market Trends Leader in Value and Profitability Healthcare spending projected >10% of global GDP by 2030(1) • Value creation for patients while #1 global leader in HHC reducing Healthcare spendings Rising chronic diseases Market leader in profitabilit
Slide 35: Scaling Superior Care with Agentic AI
Scaling Superior Care with Agentic AI Differentiating the Patient experience with Agentic AI ● Frontrunner in Customer Relations ● Combining human expertise with AI at scale ● Unmatched quality of care and efficiencies to manage high volumes at optimized cost 35 CMD 2026 - October 5, 2026
Slide 36: Strengthening Position in Private Space Market
Strengthening Position in Private Space Market Strong AL positioning Arising Opportunities ● Leading IG supplier in Space for 60+ years Igniting Space Market with recognized expertise Driven by Connectivity ● Presence over the full value chain from Rockets Manufacturing, Space Transportation, Privat
Slide 37: BEYOND: Activating Diverse Sources of Growth
BEYOND: Activating Diverse Sources of Growth More from the Base Group sales growth(1) • Assets loading • Gas applications +5% ±1% • Densification • Pricing Key Growth Markets Leveraging Differentiated • Electronics / AI • Healthcare innovation deployment • Energy transition • Space by Geography Acqui
Slide 38: Accelerate Acquisitions
Accelerate Acquisitions Close strategic deals 2022-2025 2026-2030 & accelerate bolt-on 67 ~40%(1) of market in the hands of independent players bolt-on acquisitions mainly Integrate ~+€0.5bn(2) sales 53 in 11 in Select criteria Business Financial • Increased density and local footprint • Value creat
Slide 39: BEYOND: Activating Diverse Sources of Growth
BEYOND: Activating Diverse Sources of Growth More from the Base Group sales growth(1) • Assets loading • Gas applications +5% ±1% • Densification • Pricing Key Growth Markets Leveraging Differentiated • Electronics / AI • Healthcare innovation deployment • Energy transition • Space by Geography Acqui
Slide 40: Driving Growth and Competitiveness through Innovation
Driving Growth and Competitiveness through Innovation Pioneering Accelerating Competing Enabling technologies for industrialization through cost-efficient new gas applications markets of the future of FoiK(2) technologies solutions to get more from the base for growth markets • Nextgen Advanced Mater
Slide 41: New Gas Applications to Unlock Customers Tech Progress
New Gas Applications to Unlock Customers Tech Progress 3 case studies Advanced Materials Superconductivity Additive Manufacturing Enable most advanced Connect offshore wind farms and Support production ramp-up AI chips production <3nm data centers to transport large with consistent quality & HBM(1)
Slide 42: Record FoiK: Moving Towards Industrialization
Record FoiK(1): Moving Towards Industrialization Supporting Growth Markets Few examples Technologies Projects Scale up in size 10x in 10 years Ongoing development with Electronics ● ● Carrier Gases ● TCO(2) competitiveness customers ● Hydrogen, ● Porthos CryocapTM ● Flue Gas, ● Holcim pilot, Aalborg
Slide 43: BEYOND: Activating Diverse Sources of Growth
BEYOND: Activating Diverse Sources of Growth More from the Base Group sales growth(1) • Assets loading • Gas applications +5% ±1% • Densification • Pricing Key Growth Markets Leveraging Differentiated • Electronics / AI • Healthcare innovation deployment • Energy transition • Space by Geography Acqui
Slide 44: Differentiated Growth Strategy Deployment per Geography
Differentiated Growth Strategy Deployment per Geography Gas & Services sales CAGR 2026-2030 ex FX and Energy(1) +5-6% +8-9% Americas growth(1) Asia growth(1) • Capture Growth opportunities in all • Leverage EL momentum driven by AI activities • Capture manufacturing growth • Leverage #1 position in
Slide 45: Americas - U.S. Focus - Capturing Growth
Americas - U.S. Focus - Capturing Growth A Growth Market 2026-2030 Strengthening our US Leading Footprint Americas #1 +5-6% sales #1 Gas supplier of U.S. industry (1) CAGR(4) Industrial Gas Market Growth drivers: ● PG densification ● Metals & Chemicals projects EL gases market >x2 by 2030 ● Bulk asse
Slide 46: EMEA - Delivering Sales Growth While Transforming
EMEA - Delivering Sales Growth While Transforming Agility to capture market opportunities Adapting to an Evolving Environment #1 Grow in Energy Transition Start & load projects under construction Sign new contracts (Cement CCS, H2) • in the region Capture Sovereignty High Energy price • in ET(1) opp
Slide 47: Asia - Growth Driven by Electronics
Asia - Growth Driven by Electronics Synergized growth across Business Lines An Expanding ● CG(2) ~€3bn investment Share of EL in total Asia sales Market #1 (3) ● AM volumes boost 29% 40% ● Growth in Korea leveraging 2020 2030 5 ● Pricing focus everywhere ● Industrial upgrading projects (1) of the TO
Slide 48: We Perform
03 WE PERFORM
Slide 49: Stepping Up Margin Improvement
Stepping Up Margin Improvement Transformation program launched in 2024 ~50% 2030 Efficiencies LOCAL From Leverage Develop decentralized global & local a culture of to more global capabilities performance ~50% GLOBAL STREAMLINED ORGANIZATION VOLUMES, MIX, PRICING, PORTFOLIO +400-600 bps OIR margin impr
Slide 50: Stepping Up Margin Improvement
Stepping Up Margin Improvement Transformation program launched in 2024 ~50% 2030 Efficiencies 3. LOCAL From Leverage Develop decentralized global & local a culture of to more global capabilities performance ~50% 2. GLOBAL 1. STREAMLINED ORGANIZATION VOLUMES, MIX, PRICING, PORTFOLIO +400-600 bps OIR ma
Slide 51: 1. Mobilize a Powerful Streamlined Organization
1. Mobilize a Powerful Streamlined Organization -6% -4,000 67,800 headcount AMERICAS excl. Scopes Further adjust organization Align corporate functions <1% of total headcount Deliver structural efficiencies EMEA Scope change 64,700 ASIA OTHERS 39 acquisitions 23 divestitures since 2023 • Management la
Slide 52: Stepping Up Margin Improvement
Stepping Up Margin Improvement Transformation program launched in 2024 ~50% 2030 Efficiencies 3. LOCAL From Leverage Develop a decentralized global & local culture of to more global capabilities performance ~50% 2. GLOBAL 1. STREAMLINED ORGANIZATION VOLUMES, MIX, PRICING, PORTFOLIO +400-600 bps OIR ma
Slide 53: 2. Leverage GLOBAL Scale
2. Leverage GLOBAL Scale Industrial Procurement GB Services(2) Discipline ● Single Industrial ● More global sourcing ● Free up operations from Standardization organization ● Increased sourcing from transactional tasks in Global Tools ● Competitive standard leading competitive Finance, Procurement, d
Slide 54: A Single Industrial Organization to Accelerate Performance
A Single Industrial Organization to Accelerate Performance Deploy a Improve PERFORMANCE COMPETITIVENESS DRIVEN culture Simplify & Maximize Reduce CAPEX standardize asset -15% on new plants Focused set of processes leverage 20 managerial KPIs & digital tools +10% asset loading Strengthen Knowledge Ma
Slide 55: Driving End-to-End Operational Excellence
Driving End-to-End Operational Excellence Optimizing full supply chain efficiency ● End-to-end approach leveraging the power of digital and AI ● Instantly aligning customer demand, production and distribution ● Maximizing reliability and efficiency 55 CMD 2026 - October 5, 2026
Slide 56: Main Industrial Initiatives to Step up Performance
Main Industrial Initiatives to Step up Performance 1-Regional End-To-End Optimization 2-PG(1) Optimization Customer plant supplied by Pipeline Primary production Logistics Cylinder filling Logistics Customers Self operating Bulk supply chain plants optimization Semi automated PG supply chain PG Opera
Slide 57: Focus - Automatization of Primary Production
Focus - Automatization of Primary Production Primary Production Automatization 1-Regional End-To-End Optimization Customer plant supplied by • Production no longer requiring continuous Pipeline on-site human presence Primary production Target >95% sites(1) Logistics Self operating Bulk supply chain
Slide 58: Focus - Regional End-To-End Optimization
Focus - Regional End-To-End Optimization 1-Regional End-To-End Optimization ● End-to-end / full supply chain optimization Customer plant ● Increased asset modulation to capture best supplied by Pipeline variable energy prices Primary production ● Using digital tools and AI Logistics Self operating B
Slide 59: Main Industrial Initiatives to Step up Performance
Main Industrial Initiatives to Step up Performance 1-Regional End-To-End Optimization 2-PG(1) Optimization Customer plant supplied by Pipeline Primary production Logistics Cylinder filling Logistics Customers Self operating Bulk supply chain plants optimization Semi automated PG supply chain PG Opera
Slide 60: Stepping Up Margin Improvement
Stepping Up Margin Improvement Transformation program launched in 2024 ~50% 2030 Efficiencies 3. LOCAL From Leverage Develop a decentralized global & local culture of to more global capabilities performance ~50% 2. GLOBAL 1. STREAMLINED ORGANIZATION VOLUMES, MIX, PRICING, PORTFOLIO +400-600 bps OIR ma
Slide 61: AI Fully Embedded in the Business
AI Fully Embedded in the Business 1 2 3 Core Business R&D & Wide Adoption Transformation Long-term vision of workforce Transformation Industrial 100% equipped with 5+ Roadmaps 3.5bn Daily Data AI tools Supported by Cost, Price management, Drive competitive 800 AI Champions Commercial efficiencies adva
Slide 62: Selective use of AI in Core Business
Selective use of AI in Core Business 5 Roadmaps to Create Value Engineering & Technologies Sales force support -25% Beyond use case ● Fast delivery of accurate proposals ● AI-powered pricing guidance AI agent ● AI-powered permitting in record time to assist 1m visits / year ● Competitive intelligenc
Slide 63: Stepping Up Margin Improvement
Stepping Up Margin Improvement Transformation program launched in 2024 2030 Efficiencies ~50% 3. LOCAL From Leverage Develop a decentralized global & local culture of to more global capabilities performance ~50% 2. GLOBAL 1. STREAMLINED ORGANIZATION VOLUMES, MIX, PRICING, PORTFOLIO +400-600 bps OIR ma
Slide 64: 3. Deliver Local Operational Excellence
3. Deliver Local Operational Excellence Deployment of Global programs To focus on Global Business Services Safety Free-up First class Procurement time for customer service Process standardization operations & convergence Reliability AI for core business transformation Efficiencies 64 CMD 2026 - Octob
Slide 65: Wrap-up - Stepping Up Margin Improvement
Wrap-up - Stepping Up Margin Improvement +400-600 bps OIR margin improvement(1) 100 bps 80 bps 60 bps 40 bps 20 bps 0 bps 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 Yearly OIR margin improvements at the energy price of the previous year (1) This lever is calculated as
Slide 66: Financial Wrap-up
04 FINANCIAL WRAP-UP
Slide 67: Financial Wrap-up
Lorem ipsum Financial Wrap-up dolor sit amet consectetuer 1. Solid track record & Objectives 2. Investments & Business Model 3. Renewed Capital Allocation Policy 67 CMD 2026 - October 5, 2026
Slide 68: Solid Track Record over the Long Term
Solid Track Record over the Long Term CAGR over 30 years(1) - Published figures Revenue (in €m) EPS(2) (in €) +6 % +7 % CAGR CAGR Cash Flow (in €m) Dividend Per Share(3) (in €) +7 % +9 % CAGR CAGR (1) Calculated according to prevailing accounting rules over 30 years (2) Adjusted for the 2-for-1 share
Slide 69: Consistently Creating Shareholder Value
Consistently Creating Shareholder Value Share price evolution Dividend per share(1) Base 100 in 2016 € ~x3 Air Liquide +38% dividend over 3 years ~x2 CAC 40 STOXX 600 Share price evolution Base 100 in 2016 Total Shareholder Return CAGR(2) CAC 40 over 5 years +12% +9% over 10 years +15% +10% over 20
Slide 70: Significant Step Change in Margin Improvement
Significant Step Change in Margin Improvement OIR margin improvement(1) +600 bps 3 main drivers Over 10 years(1) 2016-2025 Over 4 years under IM Pricing >+30% 100 bps €2bn 80 bps Efficiencies 60 bps 40 bps 20 bps Portfolio 67 acquisitions 29 divestitures Management 0 bps 2016 2017 2018 2019 2020 2021 2
Slide 71: The Foundation of Our Beyond Ambition
The Foundation of Our Beyond Ambition Robust features Strong financials 300 Diversified ● Presence in 59 countries +10.7% ● 4m customers & patients Accelerated CAGR Cash Generation 2017-2025 200 Disciplined ● >10% threshold for return on investment ● Strong contractual Terms & Conditions 100 Op. Cash
Slide 72: BEYOND Objectives 2026 - 2030
BEYOND Objectives 2026 - 2030 EPS(1) ROCE(2) CO2 Recurring Recurring emissions(3) Strategic Objectives +10% ±2% >11% -33% CAGR in 2030 reduction by 2035 vs 2020 PROFITABLE VALUE IMPACT GROWTH CREATION (1) Recurring net Earnings Per Share CAGR from year-end 2025 to year-end 2030 at 2025 FX, see assum
Slide 73: BEYOND: Main Levers to Drive EPS Objective by 2030
BEYOND: Main Levers to Drive EPS Objective by 2030 Sales Margin Capital Growth(1) Improvement(3) Allocation Objective 2026-2030 EPS CAGR(5) +5% ±1% +400-600 bps >€40bn(4) recurring CAGR over 2026-2030 Investments Growth back-loaded M&A +10% ±2% across 2026–2030 Dividends Share Buybacks ~2 to 3 x +1,
Slide 74: BEYOND: Consolidated Growth per Activity
BEYOND: Consolidated Growth per Activity +4-6% >+10% E&T Sales +1-3% HC +4-6% +5% ±1% EL LI (1) CAGR Already secured Already secured(2) IM Start-ups contribution partly offset by sales erosion in some geographies Sales Sales 2025 Sales Growth excl. FX and Energy CAGR 2026-2030(1) 2030 (1) Indicative
Slide 75: Financial Wrap-up
Lorem ipsum Financial Wrap-up dolor sit amet consectetuer 1. Solid track record & Objectives 2. Investments & Business Model 3. Renewed Capital Allocation Policy 75 CMD 2026 - October 5, 2026
Slide 76: First Priority: Invest in the Business with Strong Capital Discipline
First Priority: Invest in the Business with Strong Capital Discipline Acceleration over the last 10 years Industrial Investment Decisions in 2026-2030(2) >€4bn/y Growth projects >€3bn/y Asset base resilience(3) Americas >€2bn/y €24bn (1) Asia Industrial investment decisions EMEA Increased size of in
Slide 77: OIR in Absolute Value: Understanding How Investments Translate to Returns
OIR in Absolute Value: Understanding How Investments Translate to Returns Project development Project execution- Large industries and Electronics project(1) Portfolio of Final Investment Capital OIR Contribution opportunities Decision (FID) Expenditure (Plant in operation) (entering backlog) in m€ i
Slide 78: Various Capital Intensities Given Increased Diversity of Projects
Various Capital Intensities Given Increased Diversity of Projects Capital intensity Capital intensity TAKEAWAYS by PRODUCTS with SUBSIDIES Identical CAPEX • Backlog is made of Gross Capex Identical IRR Capital • Sales are based on Capex net of subsidies Capital intensity can ASU ~3 Intensity ~1.5 SM
Slide 79: Energy: Significant Impact on Sales and Margin
Energy: Significant Impact on Sales and Margin TAKEAWAYS Energy impact by GEOGRAPHY Energy impact by TYPE OF CONTRACT • SALES • Industry standard: energy costs passed • Customers in Energy Transition & not fully reflective of through to customer Electronics often provide energy business growth • Energ
Slide 80: Wrap-up: Adapting Models to Business Shifts
Wrap-up: Adapting Models to Business Shifts TAKEAWAYS Sales & sales derived KPIs (OIR/Sales) not relevant metrics Business Model for business development Evolution OIR in absolute value best KPI to follow: • Increased diversity of capital • growth intensity • projects contribution • Energy prices: h
Slide 81: Financial Wrap-up
Lorem ipsum Financial Wrap-up dolor sit amet consectetuer 1.Solid track record & Objectives 2. Investments & Business Model 3. Renewed Capital Allocation Policy 81 CMD 2026 - October 5, 2026
Slide 82: BEYOND: Renewed >€40bn Capital Allocation Policy
BEYOND: Renewed >€40bn Capital Allocation Policy Boosting Shareholder Return GROWTH SHAREHOLDER RETURNS INCREASE INCREASE START INVESTMENTS DIVIDEND Flexible 1 3 4 in the SHARE BUYBACKS BUSINESS €12-13bn(2) enabled by incl. bolt-on acquisitions improved performance €22-25bn(1) at €4bn ~60% payout by
Slide 83: BEYOND: Boosting Shareholder Returns vs Advance
BEYOND: Boosting Shareholder Returns vs Advance Share Buybacks Dividend Dividend annual average annual average Dividend payout ~60% 83 CMD 2026 - October 5, 2026
Slide 84: Teams Committed to Deliver: Incentives Aligned with Objectives
Teams Committed to Deliver: Incentives Aligned with Objectives Leadership Team Annual Long-Term IM Salesforce Scope: Scope: • Up to 2x annual bonus Comex members & 350+ ~2,700 managers senior executives • Quarterly targets Performance shares • 60% PERFORM over 3 years • Monthly review Sales & profita
Slide 85: Conclusion
CONCLUSION
Slide 86: BEYOND Objectives 2026 - 2030
BEYOND Objectives 2026 - 2030 EPS(1) ROCE(2) CO2 Recurring Recurring emissions(3) Strategic Objectives +10% ±2% >11% -33% CAGR in 2030 reduction by 2035 vs 2020 PROFITABLE VALUE IMPACT GROWTH CREATION (1) Recurring net Earnings Per Share CAGR from year-end 2025 to year-end 2030 at 2025 FX, see assum
Slide 87: More than Ever, Air Liquide is a Strong Investment Case
More than Ever, Air Liquide is a Strong Investment Case Confidence in delivering Positioned on key growth markets Diversified portfolio and resilient Business Model Enhanced profitability Increased focus on sharing value with Shareholders Positive Environmental Impact 87 CMD 2026 - October 5, 2026
Slide 88: Appendices
APPENDICES
Slide 89: Assumptions for BEYOND Ambitions over 2026-2030
Assumptions for BEYOND Ambitions over 2026-2030 Macro environment Inflation, ● +2-2.5% average yearly global inflation(1) rates & Forex ● 1.19 USD for 1€ ● No significant evolution of other Forex ● AL long-term funding cost <4.5% Industrial Production(1) ~+2% CAGR Geopolitics Status quo vs current situ
Slide 90: Definitions
Definitions(1) ● Net profit (Group share) adjusted for other non recurring operating income Recurring EPS and expenses after taxes and for exceptional and significant items after tax (Earnings Per Share) recorded below operating income, divided by the average number of shares over the considered period
Slide 91: Disclaimer
Disclaimer This presentation and any related materials (including any press release, webcast, archived recording, transcript, or oral statements made in connection with Air Liquide’s Capital Markets Day, including during any question-and-answer session) constitute a whole and must be read and interp