Air Liquide Sa · EURONEXT:AI
Air Liquide Sa — L'Air Liquide Ord — Q1 2025 Earnings Presentation
25 slides from Air Liquide Sa's earnings presentation, Apr 24, 2025
Slide 1: Q1 2025 Activity
Q1 2025 Activity François Jackow, Chief Executive Officer Jérôme Pelletan, Chief Financial Officer Emilie Mouren-Renouard, Group Vice President Adam Peters, CEO North America Paris, April 24, 2025 Credit @A.Daste 1 Q1 2025 Activity - April 24, 2025
Slide 2: Staying the Course in Turbulent Times
Staying the Course in Turbulent Times François Jackow - Chief Executive Officer 2 THIS DOCUMENT IS PUBLIC Q1 2025 Activity - April 24, 2025
Slide 3: Resilience, Performance and Signings for Future Growth
Resilience, Performance and Signings for Future Growth Comparable IM Investment Efficiencies Cash Flow(1) Growth Pricing Backlog + %2 + 2.5% + 17% + %5 € 4.5 bn €131m Record Q1 2025 figures (1) Cash flow from operating activities before changes in WCR, excluding one exceptional item related to a custom
Slide 4: Staying the Course: Resilience, Margin Improvement, Future Growth
Staying the Course Margin Resilience Future Growth Improvement ■ Strong business model ■ Diversity of business Committed Record backlog reach & to deliver & to fuel Healthcare uncorrelated ■ in spite of growth to industrial trends ■ Limited direct impact the environment for the next decade+ of tarif
Slide 5: Persistent Project Development in All Regions
Persistent Project Development in All Regions Asia Strong LI and EL Undisputed leadership Dynamic EL project development in low-C H2 production development ■ New orders from 22% of Backlog $130m $275m in Q2 2024 in Q1 2025 low-C H2 decisions ■ New long-term contracts and renewable H2 start-ups renew
Slide 6: Outlook
Outlook 2025 Outlook OIR margin improvement Committed to deliver Air Liquide is confident in its ability to further increase its operating margin +460 and to deliver recurring net profit growth, bps at constant exchange rates.(1) over 5 years 2022-2026 (1) Operating margin excluding energy passthrough
Slide 7: Resilience and Record High Backlog in an Uncertain Environment
Resilience and Record High Backlog in an Uncertain Environment Jérôme Pelletan - Chief Financial Officer 7 THIS DOCUMENT IS PUBLIC Q1 2025 Activity - April 24, 2025
Slide 8: Resilient Sales Growth in an Uncertain Environment
Resilient Sales Growth in an Uncertain Environment ▪ Group Sales Q1 24 Q1 25 Q1 25/24 Q1 25/24 in m€ in m€ As published Comparable 6,650 7,028 +5.7% +1.7% +0.7% FX +3.3% Energy +0.0% Significant Scope ▪ Gas and Services sales ▪ Engineering & Technologies sales +1.8% -2.9% Q1 25/24 Comparable Q1 25/24
Slide 9: A Successful Model Providing Resilience and Growth
A Successful Model Providing Resilience and Growth Q1 2025 Gas & Services comparable sales growth by Activities +5% Asia-Pacific EMEA(1) +3% Americas +4% 0% +3% +1% 0% Group comparable sales growth +2 % (1) Includes +0.9% from the growth of the GM&T activities transferred to IM 9 THIS DOCUMENT IS PUB
Slide 10: Q1 - All Activities up in Americas & Asia, Soft Industrial Demand in EMEA
Q1 - All Activities up in Americas & Asia, Soft Industrial Demand in EMEA Americas: €2,716m EMEA: €2,788m Asia: €1,326m +10% FY 24: +7.3% FY 25: FY 24: -1.1% FY 25: FY 24: +1.6% FY 25: +8% +6% +5% +3% +3% +3% +2% +2% (6) (1) (1) (1) (1) ▪ Major ASU ramp-up in U.S. ● LI ▪ Less turnarounds impact ▪ Re
Slide 11: Q1 – Resilient Activities in an Uncertain Environment
Q1 – Resilient Activities in an Uncertain Environment Industrial Merchant Large Industries Pricing continuing to drive growth Ramp-ups mostly offsetting low demand Sales Sales FY 24: +1.6% FY 25: FY 24: +1.2% FYFY25: 24: Q1 2025 Q1 2025 €3,143m €1,960m ● Sustained +2.5% pricing ● Ramp-up of 2 major
Slide 12: Q1 – Very Solid Growth Contributors
Q1 – Very Solid Growth Contributors Electronics Healthcare Carrier gases remaining strong growth driver Resilient growth Sales FY 24: Sales FY 24: +3.3% FY 25: FY 24: +8.6% FY 25: Q1 2025 Q1 2025 €624m €1,103m ● +10% Carrier Gases growth, 2 start-ups in Q1 ● Growth well balanced between HHC(2) and M
Slide 13: Focused on Execution to Deliver Margin Improvement
Focused on Execution to Deliver Margin Improvement IM Pricing Efficiencies Portfolio Management +2.5% €131m 3 acquisitions 140 +4.0% +8.4% +17% ■ 1 in U.S. 130 +14.7% ■ 1 in Brazil 120 €100m ■ 1 in Spain +3.6% 110 100 2021 2022 2023 2024 2025 1 divestiture Q1 Cumulative IM pricing effect base 100 Year
Slide 14: Increased Investment Backlog to a Record €4.5bn
Increased Investment Backlog to a Record €4.5bn Q1 2025 Investment KPIs(1) Sales 12-months investment Investment Investment Contribution Opportunities Decisions Backlog(3) from Start-up & High level High level Record high level Ramp-up(4) €78m Q1 2025 ▪ >40% in Energy Transition ▪ LI: new contracts
Slide 15: Outlook
Outlook 2025 Outlook OIR margin improvement Committed to deliver Air Liquide is confident in its ability to further increase its operating margin +460 and to deliver recurring net profit growth, bps at constant exchange rates.(1) over 5 years 2022-2026 (1) Operating margin excluding energy passthrough
Slide 16: Appendix
Appendix 16 THIS DOCUMENT IS PUBLIC Q1 2025 Activity - April 24, 2025
Slide 17: Resilient Sales Growth in an Uncertain Environment
Resilient Sales Growth in an Uncertain Environment Sales in €m Q1 24 Q1 25 Q1 25/24 Q1 25/24 As published Comparable(3) (4)(5) Gas & Services 6,358(1) 6,831 +7.4%(1) +1.8% Engineering & Technologies(2) 292(2) 198 N/A -2.9% Group Total 6,650 7,028 +5.7% +1.7%(4) Impacts on Q1 Group Sales: +0.7% FX +3
Slide 18: Q1 2025 - Beneficial Mix of Geographies and Activities
Q1 2025 - Beneficial Mix of Geographies and Activities Q1 2025 Gas & Services Revenue €6,831m Engineering & Technologies 3% 9% Electronics EMEA Industrial Merchant 44% Americas €2.8bn Asia-Pacific €1.3bn 16% Healthcare €7,028m €2.7bn Q1 2025 Group Revenue 5% 2% 28% Large Industries 11% 34% 28% 27% 15%
Slide 19: Q1 2025 - Sales Contribution by Geographies and Activities
Q1 2025 - Sales Contribution by Geographies and Activities Americas EMEA Asia 5% 2% 11% IM 27% 34% 32% 28% LI 69% Q1 sales 15% split €2,716m €2,788m €1,326m HC EL 4% 34% 39% (2) +3.2% 0.0% +2.7% incl. +1.0% from Argentina(1) (3) Q1 25/24 Comparable +8% Sales Growth (1) In light: contribution from Ar
Slide 20: Continued Active Management of IM Pricing in Q1 2025
Continued Active Management of IM Pricing in Q1 2025 Total Industrial Merchant Continued .S. ina Airg as U rgent A accretive Americas 69% 18% margin contribution EMEA Value-added offers & service quality focus to customers Asia-Pacific 20 THIS DOCUMENT IS PUBLIC Q1 2025 Activity - April 24, 2025
Slide 21: Impacts of Currency and Energy on G&S Revenue
Impacts of Currency and Energy on G&S Revenue in €m Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 €/USD (27) +26 (22) +19 +75 €/ARS (153) (161) (142) +21 (20) €/BRL +3 (4) (13) (15) (13) €/RMB (36) (12) +0 +7 +12 €/ZAR (10) +1 +4 +9 +8 €/EGP (3) (8) (10) (10) (7) €/CAD (2) (1) (5) (4) (6) Others (49) (32) (23) (1)
Slide 22: 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 23: 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 24: Additional Information
Additional Information Upcoming events Annual General Meeting: May 6, 2025 First Half 2025 Results: July 29, 2025 For further information, please contact: www.airliquide.com Investor Relations Follow us Linkedin IRTeam@airliquide.com Corporate Headquarters: 75, Quai d’Orsay 75321 Paris Cedex 07 Tel
Slide 25: 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