Air Liquide Sa · EURONEXT:AI
Air Liquide Sa — L'Air Liquide Ord — Q3 2025 Earnings Presentation
24 slides from Air Liquide Sa's earnings presentation, Oct 28, 2025
Slide 1: Q3 2025 Activity
Q3 2025 Activity François Jackow, Chief Executive Officer Jérôme Pelletan, Chief Financial Officer Emilie Mouren-Renouard, Vice President Adam Peters, Vice President Normand’Hy construction site, France Paris, October 28, 2025 (200 MW electrolyzer) 1 Q3 2025 Activity - October 28, 2025
Slide 2: On Track & Accelerating Growth Potential
On Track & Accelerating Growth Potential François Jackow - Chief Executive Officer 2 THIS DOCUMENT IS PUBLIC Q3 2025 Activity - October 28, 2025
Slide 3: Q3 - Delivering on Growth, Performance and Business Successes
Q3 - Delivering on Growth, Performance and Business Successes Continuous Strong Future Growth Performance Growth Comparable IM Investment Efficiencies Cash Flow(1) Growth Pricing Backlog + %2 + %3 + 23% 7 + % 5 € bn Record level ESG - KPIs on Track Q3 2025 figures (1) Cash flow from operating activitie
Slide 4: Q3 - Concrete Activation of the Growth Engines
Q3 - Concrete Activation of the Growth Engines Growth Engines Existing Core Energy Acquisitions Assets Investment Transition Germany Strategic & Singapore US H2 pipeline ELYgator Value-Based Bolt-on HC in Spain Growth Capital Allocation €5Bn €3Bn 4 THIS DOCUMENT IS PUBLIC Q3 2025 Activity - October
Slide 5: Delivering Today, Preparing Tomorrow
Delivering Today, Preparing Tomorrow Growth Engines Existing Core Energy Acquisitions Assets Investment Transition + On track Continuous Strong Future Growth Performance Growth 5 THIS DOCUMENT IS PUBLIC Q3 2025 Activity - October 28, 2025
Slide 6: Sustained Profitable Sales Growth New Record High Backlog
Sustained Profitable Sales Growth New Record High Backlog Jérôme Pelletan - Chief Financial Officer 6 THIS DOCUMENT IS PUBLIC Q3 2025 Activity - October 28, 2025
Slide 7: Sustained Comparable Sales Growth in a Turbulent Environment
Sustained Comparable Sales Growth in a Turbulent Environment ▪ Group Sales Q3 24 Q3 25 Q3 25/24 Q3 25/24 YTD 25/24 in m€ in m€ As published Comparable Comparable 6,762 6,599 -2.4% +1.9% +1.8% -4.2% FX -0.1% Energy 0.0% Significant Scope ● Gas & Services sales ● Engineering & Technologies sales +1.9%
Slide 8: A Successful Model Providing Again Resilience and Growth
A Successful Model Providing Again Resilience and Growth Q3 2025 Gas & Services comparable sales growth by Activities +5% Asia-Pacific EMEA(2) -1% Americas(2) +3% (1) +0% +5% -1% +6% excluding E&I (1) 0% Comparable sales growth + 2% (1) Excluding impact of internal transfer of assets between LI and I
Slide 9: Q3 - Strong Americas, Resilient EMEA and Asia
Q3 - Strong Americas, Resilient EMEA and Asia Americas: €2,548m EMEA: €2,584m Asia: €1,255m (1) (1) FY 24 : +7.3% YTD 25 : +3.5% FY 24: -1.1% YTD 25: +0.4% FY 24: +1.6% YTD 25: +1.1% +10% FY 25: FY 25: +3% +3% +2% +1% excl. EL E&I ▪ Start-ups contribution in the U.S. ● LI ▪ Less turnarounds impact ▪
Slide 10: Q3 – Increasing Growth in IM, Resilient LI
Q3 – Increasing Growth in IM, Resilient LI Industrial Merchant Large Industries Increased pricing and improved volumes Start-ups contribution offset by low demand (2)(3) Sales (2) Sales FY 24: +1.6% YTD 25 : +2.3% FY 24: +1.2% YTD 25 : +0.5% FY 25: Q3 2025 FYFY25: 24: Q3 2025 €2,994m €1,721m ● Incre
Slide 11: Q3 – Strong Underlying Growth in EL, Steadily Increasing HC
Q3 – Strong Underlying Growth in EL, Steadily Increasing HC Electronics Healthcare Growth offset by low E&I Sustained growth against strong comparables FY 24: +3.3% (1) YTD 25 : +0.3% Sales FY 24: +8.6% YTD 25: +5.0% Sales Q3 2025 Q3 2025 +6% +6% €1,073m +5% €599m ● +6% growth excluding E&I ● High H
Slide 12: Focused on Execution
Focused on Execution IM Pricing Efficiencies Portfolio Management YTD YTD €434m 8 acquisitions +2.8% +4.0% +23% 6 in US, Canada, Brazil, Spain and +8.4% ■ China €300m +14.7% ■ 2 in Germany ■ Agreement to acquire 2022 2023 2024 2025 Cumulative IM pricing effect base 100 Year 2022 3 divestitures ▪ >+30%
Slide 13: Record High Backlog Close to €5Bn
Record High Backlog Close to €5Bn Q3 2025 Investment KPIs(1) Sales 12-month investment Investment Investment Contribution Opportunities Decisions Backlog(4) from Start-up & Ramp-up(5) € 4.1 € 0.9 € 4.9 €233m bn bn bn YTD 2025 Stable at high level €3.2Bn YTD New record high ▪ EL projects in all geogr
Slide 14: 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) Excluding energy passthrough impact (2)
Slide 15: Appendix
Appendix 15 THIS DOCUMENT IS PUBLIC Q3 2025 Activity - October 28, 2025
Slide 16: A Strategic Growth Acquisition in South Korea
A Strategic Growth Acquisition in South Korea Closing expected in H1 2026 South Korea, a major growth market + = Perfect match Industrial gas market expected • HyCO • Air gases to double in 10 years • Yeosu basin • 220 kms of pipeline networks • Techno portfolio • All key basins Innovation ratio(1)
Slide 17: Q3 2025 - Beneficial Mix of Geographies and Activities
Q3 2025 - Beneficial Mix of Geographies and Activities Q3 2025 Gas & Services Revenue €6,386m Engineering & Technologies 3% 9% Electronics EMEA Industrial Merchant 46% Americas €2.6bn Asia-Pacific €1.3bn €2.5bn 16% Healthcare €6,599m Q3 2025 Group Revenue 4% 2% 26% Large Industries 11% 35% 29% 29% 15%
Slide 18: Q3 2025 - Sales Contribution by Geographies and Activities
Q3 2025 - Sales Contribution by Geographies and Activities Americas EMEA Asia Pacific 4% 2% 11% IM 29% 35% 33% 29% LI 70% Q3 sales 15% split €2,548m €2,584m €1,255m HC EL 3% 33% 36% (1) (1) +4.8% +0.4% -0.8% incl. +0.6% from Argentina(2) (3) Q3 25/24 (3) Comparable Sales Growth (1) Includes comparabl
Slide 19: Continued Active Management of IM Pricing in Q3 2025
Continued Active Management of IM Pricing in Q3 2025 Total Industrial Merchant +3.1% ● Value-added offers & service quality focus to customers .S. tina as U en Airg Arg Americas 86% 11% +4.5% ● Increased pricing EMEA +1.5% ● despite indexation to lower energy price in bulk Asia -0.5% ● Improving pri
Slide 20: 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 Q3 25 €/USD (27) +26 (22) +19 +75 (119) (140) €/ARS (153) (161) (142) +21 (20) (42) (36) €/RMB (36) (12) +0 +7 +12 (29) (34) €/CAD (2) (1) (5) (4) (6) (13) (14) €/ZAR (10) +1 +4 +9 +8 (5) (7) €/BRL +3 (4) (13) (15
Slide 21: 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 22: 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 23: For further information, please contact:
For further information, please contact: Upcoming event(s) 2025 Full Year Results: February 20, 2026 Investor Relations www.airliquide.com IRTeam@airliquide.com Follow us Linkedin Corporate Headquarters: 75, Quai d’Orsay 75321 Paris Cedex 07 Tel : +33 (0)1 40 62 55 55 Communication RCS Paris 552 096
Slide 24: 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 reas