Air Liquide Sa · EURONEXT:AI
Air Liquide Sa — Debt Investor Presentation (July 2026)
44 slides from Air Liquide Sa's debt investor presentation, July 2026
Slide 1: Credit Investors Presentation H1 2026
Credit Investors Presentation Strong Growth & Performance in a Disrupted Environment Record High Signings Securing Future Growth H1 2026 THIS DOCUMENT IS PUBLIC Carrier gases production site in Wuxi, China
Slide 2: Agenda
Agenda 1 Introduction 2 Strategic and Operational Review 3 Strong Financial H1 2026 Performance & Outlook 4 Group Credit Profile 5 Appendix 2 THIS DOCUMENT IS PUBLIC Credit Investors Presentation - H1 2026
Slide 3: Introduction
01 Introduction 3 THIS DOCUMENT IS PUBLIC Credit Investors Presentation - H1 2026
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 ~€110bn (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: H1 2026 - Beneficial Mix of Geographies and Activities
H1 2026 - Beneficial Mix of Geographies and Activities H1 2026 Gas & Services Revenue €13,408m 3% Engineering Technologies & 10% Electronics EMEA Industrial Merchant 44% Americas €5.4bn Asia-Pacific €2.8bn €5.2bn 16% Healthcare 13,828 H1 2026 Group Revenue 4% 2% 27% Large Industries 11% 36% 28% 29% 15
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 - H1 2026
Slide 9: H1 2026: Delivering Growth, Performance & Record Signings
H1 2026: Delivering Growth, Performance & Record Signings Accelerating Strong Future Growth Performance Growth Comparable OIR Recurring Recurring Investment Cash flow(3) Sales growth Margin(1) Net Profit(2) ROCE(4) Backlog +3.5% +110 +10% +8% 11% € 6.0bn bps In Q2 New record ESG - KPIs on track (1) Im
Slide 10: H1 2026: Continued Focus on Execution
H1 2026: Continued Focus on Execution Portfolio IM Pricing Efficiencies Management €299m Strategic +4.2% in H1 2026 acquisition in H1 2026 & Continuous & Accelerating to improvement 5 bolt-on acquisitions +5.0% Structural in Q2 2026 Transformation 3 divestitures Delivering on Sustainable Margin Impro
Slide 11: Strengthening #1 Position in Electronics, Driven by AI
Strengthening #1 Position in Electronics, Driven by AI >$170m €200m SK hynix SK hynix Advanced packaging Acceleration Advanced packaging of HBM(2) in H1 2026 of HBM(2) $130 >$ 150m m €200m 1 ~1.5x (1) Leading SC Leading SC(1) Manufacturer >€ bn FY 2025 Manufacturer Advanced memory decisions Advanced
Slide 12: Capturing the Growth in New Projects in Large Industries
Capturing the Growth in New Projects in Large Industries U.S. Reshoring / Expansion New Territory Expansion Air gases for Syngas Nitrogen low-carbon Steel for Chemical for Petrochemical ■ >$350m: large ASU & pipeline ■ $200m: Partial Oxidation unit ■ €70m: N2 units in Kazakhstan ■ Fulfilling addition
Slide 13: Update on Middle East Situation
Update on Middle East Situation vs Q1 26 Challenges Potential outcomes ■ Local employees safety ■ Customers regional load shift ■ Local assets integrity ■ U.S. rebound ■ Global Helium sourcing ■ Accelerated reshoring ■ Energy / feedstock availability ■ Increased role of H2 in energy sovereignty ■ Ro
Slide 14: Demonstrated Execution On All Counts
Demonstrated Execution On All Counts Step-up of sales growth in Q2 Delivering on margin improvement Closing of acquisition Record level of project signings 14 THIS DOCUMENT IS PUBLIC Credit H1Investors 2024 Results Presentation - July 26,- 2024 H1 2025 2026
Slide 15: H1 2026 Strong Financial Performance & Outlook
03 H1 2026 Strong Financial Performance & Outlook 15 THIS DOCUMENT IS PUBLIC Credit Investors Presentation - H1 2026
Slide 16: Q2 - +5.2% Sales Growth Excluding FX & Energy
Q2 - +5.2% Sales Growth Excluding FX & Energy Group Sales H1 2026 Q2 2026 H1 25 H1 26 H1 26/25 H1 26/25 H1 26/25 Q2 26/25 Q2 26/25 in m€ in m€ As published ex FX & Energy Comparable ex FX & Energy Comparable 13,722 13,828 +0.8% +4.3% +2.6% +5.2% +3.5% -3.6% FX +0.1% Energy +1.7% Significant Scope acq
Slide 17: Q2 - Growth Acceleration From EL Boost and Improved IM
Q2 - Growth Acceleration From EL Boost and Improved IM Q2 2026 Gas & Services comparable sales growth by Activities +10% Asia-Pacific Americas EMEA +5% +1% +16% +4% +5% incl. +4% 0% G&S Comparable sales growth +3.3% +5.1% excl. FX & Energy EL: Electronics; IM: Industrial Merchant 17 THIS DOCUMENT IS
Slide 18: +110bps of OIR Margin Improvement
+110bps of OIR Margin Improvement H1 26/25 H1 26/25 In €m H1 25 H1 26 As published Comparable Revenue 13,722 13,828 +0.8% +2.6% Purchases (5,028) (4,953) -1.5% Personnel Expenses (2,601) (2,559) -1.6% Other net income and expenses (2,069) (2,098) +1.4% Operating profit before depreciation 4,024 4,218
Slide 19: H1 2026: Delivering on the Levers Supporting Margin Improvement
H1 2026: Delivering on the 3 Levers Supporting Margin Improvement IM Pricing Efficiencies Portfolio Management +4.0% €299m 1 strategic acquisition ■ Accelerated closing of +4.2% 5 bolt-on acquisitions €200m ■ In U.S. and China H1 2026 ■ In China 1 large scope divestiture ▪ Increased to +5.0% in Q2 202
Slide 20: +10% Recurring Net Profit Growth Excluding FX
+10% Recurring Net Profit Growth Excluding FX H1 26/25 H1 26/25 In €m H1 25 H1 26 As published Excl. FX Revenue 13,722 13,828 +0.8% +4.4% Operating income recurring 2,737 2,893 +5.7% +10.2% Other non-recurring operating income & expenses (47) (123) +2.6% Operating income 2,690 2,770 comparable(3) Net
Slide 21: Delivering Strong 11% ROCE After DIG Acquisition
Delivering Strong 11% ROCE After DIG Acquisition Recurring ROCE(1) after tax 11.0% acquisition 11.0% 10.0% 9.0% acquisition 8.0% 7.0% Maintaining strong ROCE while increasing investment under construction (1) Recurring ROCE based on Recurring Net Profit 21 THIS DOCUMENT IS PUBLIC Credit Investors Pre
Slide 22: New Record High Backlog Securing Future Growth
New Record High Backlog Securing Future Growth Record High H1 2026 Investment KPIs(1) Investment Investment 12-months investment Decisions Backlog Opportunities +26% +30% +17% ▪ All-time high industrial decisions ▪ Record level before major start-ups in Q4 ▪ Diversified with ~80 projects ▪ >€1bn of E
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 - H1 2026
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 & Balance Sheet, Financing Dividends, Capex and DIG Acquisition
Strong Cash Flow & Balance Sheet, Financing Dividends, Capex and DIG Acquisition As of June 30, 2026 <142> <195> <13,921> <2,414> <2,920> 8 + % <9,794> excl. FX <8,416> +3,372 <1,789> Gearing <1,418> Gearing(3) including 31.2% 45.1% Gearing 33.5%(3) >€1bn related to the end of factoring Net Debt Net
Slide 27: A well-balanced Financing Structure
A well-balanced Financing Structure As of June 30, 2026 Currencies / Net Debt Fixed / Variable rates Sources As of December 30, 2026 (gross debt) Commercial Fixed paper CNY 4% Other 4% rate 16% 78% Bank debt JPY 2% 16% TWD 7% Others(1) ~0% USD 19% Bonds(2) 68% Market debt Variable EUR 64% rate 84% 2
Slide 28: Debt Maturity Profile and Strong Available Liquidity
Debt Maturity Profile and Strong Available Liquidity As of June 30, 2026 Group gross debt Available liquidity maturity profile €m 16,000 € 2.06bn Cash > 5 years and Cash Equivalent 12,000 Between 1 and € 6.06bn 8,000 5 years 4,000 € 4.0bn Confirmed < 1 year Credit Lines 0 28 THIS DOCUMENT IS PUBLIC Cre
Slide 29: Diversified Capital Market Debt well spread over time
Diversified Capital Market Debt well spread over time As of June 30, 2026 2046 29 THIS DOCUMENT IS PUBLIC Credit Investors Presentation - H1 2026
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: Sustainable Financing Framework at a glance
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 Social
Slide 32: Sustainable Financing Framework at a glance
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 a ma
Slide 33: Sustainable Financing Framework at a glance
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 to mee
Slide 34: Appendix
05 Appendix 34 THIS DOCUMENT IS PUBLIC Credit Investors Presentation - H1 2026
Slide 35: Q2 - Sustained High Growth in Americas, Sales Surge in Asia
Q2 - Sustained High Growth in Americas, Sales Surge in Asia Americas: €2,635m EMEA: €2,727m Asia: €1,450m FY 25: +1.0% H1 26: +2.0% * FY 25: +3.9% H1 26: +5.4% FY 25: +0.6% H1 26: +0.2% +16% * +8% ▪ Strong Air Gases & H2 on USGC(1) ● LI ▪ High Chemicals & Refining ▪ Still mixed activity ▪ Low Cogen ●
Slide 36: Q2 – Sales Pick-up in IM, Still Mixed Activity in LI
Q2 – Sales Pick-up in IM, Still Mixed Activity in LI Industrial Merchant Large Industries +5.9% sales growth excluding helium Strong U.S. offsetting lower EMEA and Asia Sales Sales FY 25: +1.9% H1 26: +3.2% FY 25: +0.7% FY H1 24: 26: -0.6% Q2 2026 Q2 2026 €3,123m €1,869m ● Increased pricing at +5.0%
Slide 37: Q2 – Booming EL, Steady Growth in HC
Q2 – Booming EL, Steady Growth in HC Electronics Healthcare End of unfavorable comparison in E&I vs. prior year Resilient growth FY 25: +1.2% H1 26: +6.2% Sales FY 25: +5.0% H1 26: +4.2% FY 24: Sales Q2 2026 Q2 2026 €688m €1,132m ● Carrier Gases and AM(1), main growth engines ● Pricing in Medical Ga
Slide 38: Impact of Currency and Energy on G&S Revenue
Impact of Currency and Energy on G&S Revenue in €m Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 €/USD +75 (119) (140) (204) (258) (61) €/CNY +12 (29) (34) (42) (33) +19 €/JPY +1 +5 (10) (18) (26) (21) €/KRW (5) (7) (8) (13) (22) (24) €/ARS (20) (42) (36) (49) (21) (4) €/CAD (6) (13) (14) (16) (12) (5) €/TWD
Slide 39: Consolidated P&L
Consolidated P&L In €m H1 25 H1 26 Revenue 13,722 13,828 Operating costs (9,698) (9,610) Operating profit before depreciation 4,024 4,218 Depreciation and amortization (1,287) (1,325) Operating income recurring 2,737 2,893 Other non-recurring operating income & expenses (47) (123) Operating income 2,
Slide 40: Simplified Consolidated Balance Sheet
Simplified Consolidated Balance Sheet In €m ASSETS 31/12/2025 30/06/2026 EQUITY AND LIABILITIES 31/12/2025 30/06/2026 Goodwill 13,823 16,196 Shareholders' equity 26,214 26,517 Property, plant and equipment 24,910 26,538 Minority interests 733 745 Other non-current assets 2,811 3,496 Total equity 26,9
Slide 41: Cash Flow Statement
Cash Flow Statement in €m H1 25 H1 26 Funds provided by operations 3,253 3,372 Changes in Working Capital (232) (1,394) Other cash items (44) (24) Net cash from operating activities 2,977 1,954 Purchases of PPE* and intangible assets (1,836) (1,828) Purchases of financial assets (83) (3,128) Proceeds
Slide 42: 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 43: 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 44: 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