Air Liquide Sa · EURONEXT:AI
Air Liquide Sa — L'Air Liquide Ord — FY2025 Earnings Presentation
38 slides from Air Liquide Sa's earnings presentation, Feb 20, 2026
Slide 1: FY 2025 Results
FY 2025 Results François Jackow, Chief Executive Officer Jérôme Pelletan, Chief Financial Officer Emilie Mouren-Renouard, Group Vice President Adam Peters, CEO North America Paris, February 20, 2026 1 FY 2025 Results - February 20, 2026
Slide 2: 2025: New Heights
2025: New Heights François Jackow - Chief Executive Officer 2 THIS DOCUMENT IS PUBLIC FY 2025 Results - February 20, 2026
Slide 3: Record Performance in 2025
Record Performance in 2025 Continuous Strong Future Growth Performance Growth Comparable G&S OIR Recurring Recurring Investment Cash flow(3) Sales Growth Margin(1) Net Profit(2) ROCE(4) Backlog(5) +2% +130 +10% +8% >11% € 4.9bn bps Including +2.5% in Q4 ESG - KPIs on track (1) Improvement of the OIR o
Slide 4: Full Achievement of Objectives
Full Achievement of Objectives Initial objectives in 2022 Achievements end of 2025 Achieved Growth (1)(3) +6.1% Achieved end 2022 ROCE (2) 11.2%(2) end 2025 Achieved CO2 (4) -13% in 2025 vs 2020 (1) Group comparable sales CAGR from year-end 2021 to year-end 2025, at 2021 energy price and FX, excludi
Slide 5: OIR Margin: on Track to Reach +460bps by End of 2026
OIR Margin: on Track to Reach +460bps by End of 2026 A new level reached Cumulated 5-year OIR margin improvements at the energy price of the previous year +100bps +460bps of margin improvement(2) in 2025 +240bps On track to reach +460 +50bps bps over 2022-2026(2) (1) 2012 - 2016 2017 - 2021 2022 - 2
Slide 6: Transformation Program: Execution & Accelerated Momentum
Transformation Program: Execution & Accelerated Momentum Streamlining Industrial Global Business Commercial the Organization Initiatives Services Initiatives Reduction of Performance Up to New GBS(1) 5 AI key projects management layers -3 Management System 100% in India ✓ rolled out in 2026 ✓ Deploy
Slide 7: Record Safety, Social Achievements
Record Safety, Social Achievements Safety Social accomplishments Record low Lost Time Accident(1) Women 34% in 2025 managers 31% -60% 2021 2025 over 2 years Employee 100% Care 34% 2021 2025 100% 2025 25% LTA(1) rate 2021 2025 (1) Lost Time Accident frequency rate of Air Liquide employees and tempora
Slide 8: Major Successes in 2025 Leveraging the Growth Engines
Major Successes in 2025 Leveraging the Growth Engines Growth Capital Growth Allocation Engines Strategic Bolt-on €3Bn Acquisitions Growth - Complementarity - Profitability Energy Leading industrial 2nd 200MW electrolyzer Transition transformation 2 ASUs electrification Core Reinforcing New carrier gas
Slide 9: Electronics: Accelerated Momentum in Project Development
Electronics: Accelerated Momentum in Project Development Many successes over last 2 years New opportunities in 2026 1 >€ bn 2 >40% of capex ~€ bn opportunities capex capexcapex Americas >€350m Capex EMEA >€250m Capex EMEA Americas Asia >€450m Asia Capex Strengthening #1 Position in Electronics 9 THI
Slide 10: Accelerating Dividends to Shareholders
Accelerating Dividends to Shareholders Dividend per share(1) in € New dividend proposed in 2026(2) +38% €3.70 CAGR over 20 years +12.1% vs. 2025 dividend +7.9% over 3 years Total Shareholder Return(3) +11.1% annual average over 20 years (2) Free share attribution ✓ Free shares attribution in June 20
Slide 11: 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 12: +10% Recurring Net Profit Growth, High Backlog, Securing Future Growth
+10% Recurring Net Profit Growth High Backlog, Securing Future Growth Jérôme Pelletan - Chief Financial Officer 12 THIS DOCUMENT IS PUBLIC FY 2025 Results - February 20, 2026
Slide 13: Sustained 2025 Comparable Sales Growth, Growth Uptick in Q4 2025
Sustained 2025 Comparable Sales Growth, Growth Uptick in Q4 2025 ▪ Group Sales FY 24 FY 25 FY 25/24 FY 25/24 Q4 25/24 in m€ in m€ As published Comparable Comparable 27,058 26,940 -0.4% +2.0% +2.5% -3.2% FX +0.8% Energy +0.0% Significant Scope ● Gas & Services ● Engineering & Technologies +2.0% +2.0%
Slide 14: Sales Growth in all Activities and all Regions in Q4 25
Sales Growth in all Activities and all Regions in Q4 25 Q4 2025 Gas & Services comparable sales growth by Activities +5% Asia-Pacific EMEA(2) +0.5% Americas(2) +2% (1) +1% +5% +1% excl. Helium +4% (1) +1% G&S Comparable sales growth +2.5% (1) Excluding impact of internal transfer of assets between LI
Slide 15: Q4 - Sales Growth Driven by Strong Americas
Q4 - Sales Growth Driven by Strong Americas Americas: €2,513m EMEA: €2,606m Asia: €1,270m (1) (1) FY 24: +7.3% FY 25: +3.9% FY 24: -1.1% FY 25: +0.6% FY 24: +1.6% FY 25: +1.0% +2% +0.5% ▪ Additional H2 volumes in the U.S. ● LI ▪ Solid Air Gases and Cogen ▪ Solid Air Gases in Italy & S. Africa ▪ Ramp
Slide 16: Q4 - Growth in a Subdued Environment
Q4 - Growth in a Subdued Environment Industrial Merchant Large Industries Pricing driving growth Start-ups contribution offsetting low demand Sales Sales Q4 2025 (2) Q4 2025 (2)(3) FY 24: +1.6% FY 25 : +1.9% FY 24: +1.2% FYFY2524: : +0.7% €2,944m €1,689m ● Increased pricing at +3.2% ● Low demand in
Slide 17: Q4 - Strong Underlying Momentum in EL, HC Driving Growth
Q4 - Strong Underlying Momentum in EL, HC Driving Growth Electronics Healthcare Growth partly offset by low E&I in all regions Sustained growth against strong comparables (1) Sales Sales FY 24: +3.3% FY 25 : +1.2% Q4 2025 FY 24: +8.6% FY 25: +5.0% Q4 2025 +6% +6% +6% €643m €1,113m +5% ● +6% sales gr
Slide 18: Significant +130bps of G&S OIR Margin Improvement
Significant +130bps of G&S OIR Margin Improvement FY 25/24 FY 25/24 In €m FY 24 FY 25 As published Comparable(1) Revenue 27,058 26,940 -0.4% +2.0% Purchases (10,008) (9,651) -3.6% Personnel Expenses (5,166) (5,088) -1.5% Other net income and expenses (3,988) (4,056) +1.7% Operating profit before depre
Slide 19: Focused on Execution, Record High Efficiencies
Focused on Execution, Record High Efficiencies IM Pricing Efficiencies Portfolio Management 2025 €631m 13 acquisitions +2.9% +27% +4.0% +8.4% ■ 10 in US, Canada, Brazil, Spain, Italy, India and China +14.7% €400m ■ 3 in Germany ■ Signing of 2022 2023 2024 2025 Cumulative IM pricing effect base 100 Year
Slide 20: +10% Recurring Net Profit Growth Excluding FX
+10% Recurring Net Profit Growth Excluding FX In €m FY 24 FY 25 FY 25/24 FY 25/24 As published Excl. FX Revenue 27,058 26,940 -0.4% +2.8% Operating income recurring 5,391 5,582 +3.5% +7.7% Other non-recurring operating income & expenses (446) (303) Operating income 4,946 5,279 +2.0% comparable(2) Net
Slide 21: Strong Cash Flow Financing Dividends, Capex & 2026 DIG Acquisition
Strong Cash Flow Financing Dividends, Capex & 2026 DIG Acquisition 8 + %(1) excl. FX <9,221> <9,159> +6,855 <1,917> <283> +203 <8,416> <3,689> <89> Gearing 31.2% <337> Net Debt Net Debt Cash Flow WCR + Other Net Industrial Net Financial Dividends(3) Lease liabilities Currency & Net Debt 31 Dec. 2023
Slide 22: ROCE Improving While Increasing Investments
ROCE Improving While Increasing Investments Recurring ROCE(1) after tax 11.2% 11.0% 10.0% objective ROCE >10% 9.0% 8.0% 7.0% Airgas acquisition (1) Recurring ROCE based on Recurring Net Profit 22 THIS DOCUMENT IS PUBLIC FY 2025 Results - February 20, 2026
Slide 23: Record Level of Projects and Opportunities
Record Level of Projects and Opportunities 2025 Investment KPIs(1) Investment Investment 12-months investment Decisions Backlog Opportunities 4.2 4.9 4.6 (2) (3) € € € bn bn bn ▪ EL successes in all regions ▪ >€4bn 4 years in a row ▪ >40% in EL ▪ LI: U.S. pipeline network strengthened ▪ ~40% in EL ▪
Slide 24: 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 25: Appendix
Appendix 25 THIS DOCUMENT IS PUBLIC FY 2025 Results - February 20, 2026
Slide 26: Sales Growth in all Activities and all Regions in 2025
Sales Growth in all Activities and all Regions in 2025 FY 2025 Gas & Services comparable sales growth by Activities +5% Asia-Pacific EMEA(2) +1% Americas(2) +2% (1) +1% +4% +1% +6% excluding E&I (1) +1% G&S Comparable sales growth +2.0% (1) Excluding impact of internal transfer of assets between LI a
Slide 27: FY 2025 - Beneficial Mix of Geographies and Activities
FY 2025 - Beneficial Mix of Geographies and Activities 2025 Gas & Services Revenue €26,085m Americas 40% EMEA 41% Asia 19% 3% Engineering Technologies & 9% Electronics EMEA Industrial Merchant 45% Americas €10.6bn Asia-Pacific €5.1bn €10.4bn 16% Healthcare €26,940m 2025 Group Revenue 5% 2% 27% Large I
Slide 28: Q4 Sales and FY 2025 OIR by Geographies
Q4 Sales and FY 2025 OIR by Geographies Americas EMEA Asia 5% 2% 11% IM 30% 37% 33% 29% LI 69% Q4 sales 15% split €2,513m €2,606m €1,270m HC EL 3% 31% 35% +5.2% +0.9% +0.5% incl. +0.5% from Argentina(1) Q4 25/24 Comparable +% Sales Growth FY 2025 Growth as Comparable FY 2025 Growth as Comparable FY
Slide 29: Continued Active Management of IM Pricing
Continued Active Management of IM Pricing Solid IM pricing Q4 2025 FY 2025 Total Industrial +2.9% Merchant Continued accretive Americas +4.1% margin contribution EMEA +2.0% Value-added offers & service quality focus Asia-Pacific -1.0% to customers 29 THIS DOCUMENT IS PUBLIC FY 2025 Results - February
Slide 30: Consolidated P&L
Consolidated P&L In €m FY 24 FY 25 Revenue 27,058 26,940 Operating costs (19,161) (18,795) Operating profit before depreciation 7,897 8,145 Depreciation and amortization (2,505) (2,564) Operating income recurring 5,391 5,582 Other non-recurring operating income & expenses (446) (303) Operating income
Slide 31: Simplified Consolidated Balance Sheet
Simplified Consolidated Balance Sheet In €m ASSETS 31/12/2024 31/12/2025 EQUITY AND LIABILITIES 31/12/2024 31/12/2025 Goodwill 14,977 13,823 Shareholders' equity 26,860 26,214 Property, plant and equipment 25,539 24,910 Minority interests 761 733 Other non-current assets 3,004 2,811 Total equity 27,6
Slide 32: Cash Flow Statement
Cash Flow Statement in €m FY 24 FY 25 Funds provided by operations 6,539 6,855 Changes in Working Capital (155) (226) Other cash items (62) (111) Net cash from operating activities 6,322 6,518 Purchases of PPE* and intangible assets (3,525) (3,843) Purchases of financial assets (269) (254) Proceeds f
Slide 33: 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 Q4 25 €/USD (27) +26 (22) +19 +75 (119) (140) (204) €/ARS (153) (161) (142) +21 (20) (42) (36) (49) €/RMB (36) (12) +0 +7 +12 (29) (34) (42) €/CAD (2) (1) (5) (4) (6) (13) (14) (16) €/JPY (27) (23) (8) (5) +
Slide 34: Financing Structure as of December 31, 2025
Financing Structure as of December 31, 2025 Fixed / Variable rates Sources Maturity (gross debt) Commercial €m paper Fixed 4% rate 12,000 Bank debt 89% 16% > 5 years 8,000 Others(1) Between 1 and ~0% 5 years 4,000 < 1 year Bonds(2) 0 Variable Market debt 80% rate 84% 11% (1) Others: put options gran
Slide 35: 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 36: 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 37: For further information, please contact:
For further information, please contact: Upcoming events 2026 First Quarter Revenue: April 28, 2026 Annual General Meeting: May 5, 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
Slide 38: 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