Air Liquide Sa · EURONEXT:AI
Air Liquide Sa — Debt Investor Presentation (2026)
41 slides from Air Liquide Sa's debt investor presentation, Apr 9, 2026
Slide 1: Credit Investors Presentation FY 2025
Credit Investors Presentation Record Performance Margin: Improvement Step-up FY 2025 ©Adrien Daste THIS DOCUMENT IS PUBLIC
Slide 2: Agenda
Agenda 1 Introduction 2 Strategic and Operational Review 3 Strong Financial FY 2025 performance 4 Group Credit Profile 5 Appendix 2 THIS DOCUMENT IS PUBLIC Credit Investors Presentation - FY 2025
Slide 3: Introduction
01 Introduction 3 THIS DOCUMENT IS PUBLIC Credit Investors Presentation - FY 2025
Slide 4: A World Leader in Gases, Technologies and Services for Industry & Health
A World Leader in Gases, Technologies and Services for Industry & Health 59 ~65,000 4.3m ~€27bn Customers Countries Employees of Sales in 2025 and Patients ~€3.5bn ~€6.9bn ~€100bn (1) Net Profit in 2025 Cash Flow in 2025 Market Capitalization(2) (1) cash flow from operating activities before changes o
Slide 5: A strong Business Model
A strong Business Model Carbon capture (3) Petrochemicals Resources customer customer ● Air Electronics ● Electricity including Refining Steel low-carbon and customer renewable customer customer electricity Filling ● Natural Gas ● Biomethane Carrier gases center ● Water A unique model that (N2, O2, H
Slide 6: 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 7: 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 8: Strategic and operational Review
02 Strategic and operational Review 8 THIS DOCUMENT IS PUBLIC Credit Investors Presentation - FY 2025
Slide 9: 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 10: 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 11: 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 12: 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 13: 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 14: 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 15: 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 15 TH
Slide 16: 2025 Strong Financial Performance & Outlook
03 2025 Strong Financial Performance & Outlook 16 THIS DOCUMENT IS PUBLIC Credit Investors Presentation - FY 2025
Slide 17: 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 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: 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 21 THIS DOCUMENT IS PUBLIC Credit Investors Presentation - FY 2025
Slide 22: 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 23: 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 24: Group Credit Profile
04 Group Credit Profile 24 THIS DOCUMENT IS PUBLIC Credit Investors Presentation - FY 2025
Slide 25: Net Debt Ratio Under Control
Net Debt Ratio Under Control As of December 31, 2025 (€m) 9,159 8,415 1.03x DEBT DEBT DEBT DEBT DEBT DEBT DEBT DEBT DEBT DEBT DEBT / EQUITY / EQUITY / EQUITY / EQUITY / EQUITY / EQUITY / EQUITY / EQUITY / EQUITY / EQUITY / EQUITY 57% 90% 80% 69% 64% 56% 48% 42% 37% 33% 31% 25 THIS DOCUMENT IS PUBLIC
Slide 26: Strong Cash Flow Financing Dividends and Capex
Strong Cash Flow Financing Dividends and Capex As of December 31, 2025 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.
Slide 27: A well-balanced Financing Structure
A well-balanced Financing Structure As of December 31, 2025 Fixed / Variable rates Sources (gross debt) Commercial paper Fixed 4% rate Bank debt 89% 16% Others(1) ~0% Bonds(2) Variable Market debt 80% rate 84% 11% (1) Others: put options granted to minority shareholders (2) Including private placeme
Slide 28: Debt Maturity Profile and Strong Available Liquidity
Debt Maturity Profile and Strong Available Liquidity As of December 31, 2025 Group gross debt Available liquidity maturity profile €m € 3.9bn Cash 12,000 and Cash Equivalent > 5 years 8,000 € 8.8bn Between 1 and 5 years 4,000 € 4.85bn(1) Confirmed Credit Lines < 1 year 0 (1) Including an undrawn credit
Slide 29: Diversified Capital Market Debt well spread over time
Diversified Capital Market Debt well spread over time As of December 31, 2025 (including DIG Airgas Bonds Issued in October 2025) 29 THIS DOCUMENT IS PUBLIC Credit Investors Presentation - FY 2025
Slide 30: "A" Long term Credit Rating Commitment
“A” Long term Credit Rating Commitment Credit metrics well in line with our “A” range commitment Long-term rating: A Short-term rating: A-1 Long-term rating: A2 Short-term rating: P-1 Long-term rating: A Short-term rating: S-1 Outlook: Stable on 28 July 2021 Outlook: Stable on 6 September 2022 Outlo
Slide 31: 2024 Sustainable Financing Framework at a glance
2024 Sustainable Financing Framework at a glance Overview - Reminder Air Liquide Sustainable Financing Framework is aligned with the Green Loan Principles (2023) and the Social Loan Principles (2021) overseen by the Loan Market Association (LMA) and with the Green Bond Principles (2021, GBP), the So
Slide 32: 2024 Sustainable Financing Framework at a glance
2024 Sustainable Financing Framework at a glance Green eligible categories - Reminder Air Gases Hydrogen aladeieiddddddd Carbon capture as a service Air separation units to deliver Low carbon and renewable hydrogen will To face the climate emergency, industries are the industrial gases that Air play
Slide 33: 2024 Sustainable Financing Framework at a glance
2024 Sustainable Financing Framework at a glance Social eligible categories - Reminder Home healthcare and proximity /community care services As a leader in home healthcare in Europe, Air Liquide provides care at home for people with chronic diseases. Air Liquide’s Home Healthcare business strives t
Slide 34: Appendix
05 Appendix 34 THIS DOCUMENT IS PUBLIC Credit Investors Presentation - FY 2025
Slide 35: 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 36: 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 37: 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 38: 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 39: 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 40: For further information, please contact
Investor Relations IRTeam@airliquide.com Group Financing and Treasury camille.meteye@airliquide.com +33 (0)6 88 44 42 90 thomas.lemee@airliquide.com +33 (0)7 86 38 44 35 salome.barry@airliquide.com +33 (0)6 30 51 02 61 www.airliquide.com For further Follow us Linkedin information, Corporate Headquar
Slide 41: 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