Air Liquide Sa · EURONEXT:AI
Air Liquide Sa — L'Air Liquide Ord — H1 2025 Earnings Presentation
37 slides from Air Liquide Sa's earnings presentation, Jul 29, 2025
Slide 1: H1 2025 Results
H1 2025 Results François Jackow, Chief Executive Officer Jérôme Pelletan, Chief Financial Officer Emilie Mouren-Renouard, Group Vice President Adam Peters, CEO North America Paris, July 29, 2025 Electronics site, Crolles, France 1 H1 2025 Results - July 29, 2025
Slide 2: Profitable Growth in Turbulent Times
Profitable Growth in Turbulent Times François Jackow - Chief Executive Officer 2 THIS DOCUMENT IS PUBLIC H1 2025 Results - July 29, 2025
Slide 3: H1 2025: Strong Execution Delivering High Performance
H1 2025: Strong Execution Delivering High Performance Resilience Strong Performance Future Growth Comparable G&S OIR Recurring Investment Efficiencies Sales Growth Margin(1) ROCE(2) Backlog ~+ 2% + 130 + 23% 11% € 4.6bn bps New record level ESG - KPIs on Track (1) Operating Income Recurring on Sales
Slide 4: H1 2025: Deploying Structural Transformation Program
H1 2025: Deploying Structural Transformation Program Streamlining the Leveraging Business Organization Service Centers Leveraging Data & AI Industrial Initiatives Commercial Initiatives 4 THIS DOCUMENT IS PUBLIC H1 2025 Results - July 29, 2025
Slide 5: H1 2025: Significant Organization Streamlining
H1 2025: Significant Organization Streamlining Global Initiatives Local Initiatives ○ Management layers Up to -3 ○ Medical Gases operations in IM ○ Hubs Removed to ○ HHC restructuring ○ Clusters 11 → 8 ○ Industrial Directions 5 → 1 ○ IM & HC Canada under Airgas ○ HHC(1) P&L 4 → 1 ○ Shared SIO(2) cent
Slide 6: Strong Diversified Pillars Supporting Growth
Strong Diversified Pillars Supporting Growth Growth Engines Existing Core Energy Acquisitions Assets Investment Transition Low-C Pricing Bolt-on H2 and O2 Volumes CO2 Strategic 6 THIS DOCUMENT IS PUBLIC H1 2025 Results - July 29, 2025
Slide 7: Enhancing #1 Position in Electronics
Enhancing #1 Position in Electronics Rest of Asia Leading SC(1) ~€200m Leading SC(1) Manufacturers Manufacturer Carrier Gases >$350m Dresden, Germany solutions Carrier Gases >€250m VSMC(2) & Others solutions & others 3 ASUs & 2 H2 units Helium & CO2 supply ~€250m Molybdenum Carrier Gases Plant start
Slide 8: Major Energy Transition Projects Signed & Under Construction
Major Energy Transition Projects Signed & Under Construction Projects in the Backlog Gross Capex(1) ▪ ExxonMobil Baytown >$850m(2) ▪ ELYgator >€500m(3) ▪ Normand’Hy >€400m ▪ Others (Grandpuits, Porthos, La Mède, …) Low-C O2 2 Renewable H2 >€ bn €2.5 Capexbn (1) before subsidies (2) $275m in the back
Slide 9: Growth Engines Staying the Course
H1 2025: Delivering Today, Preparing Tomorrow Growth Engines Existing Core Energy Acquisitions Assets Investment Transition + Staying the Course Resilience Strong Performance Future Growth 9 THIS DOCUMENT IS PUBLIC H1 2025 Results - July 29, 2025
Slide 10: Strong H1 2025 Performance, New Record High Backlog
Strong H1 2025 Performance New record High Backlog Jérôme Pelletan - Chief Financial Officer 10 THIS DOCUMENT IS PUBLIC H1 2025 Results - July 29, 2025
Slide 11: Resilient Comparable Sales Growth in an Uncertain Environment
Resilient Comparable Sales Growth in an Uncertain Environment ▪ Group Sales H1 24 H1 25 H1 25/24 H1 25/24 Q2 25/24 in m€ in m€ As published Comparable Comparable 13,379 13,722 +2.6% +1.8% +1.9% -1.5% FX +2.3% Energy 0.0% Significant Scope ▪ Gas & Services sales ▪ Engineering & Technologies sales +1.8
Slide 12: A Successful Model Providing Resilience and Growth
A Successful Model Providing Resilience and Growth H1 2025 Gas & Services comparable sales growth by Activities +5% Asia-Pacific (1) EMEA(2) +2% Americas +1% +0.5% excluding internal +3% transfer of assets +1% (1) +1% excluding internal transfer of assets Comparable sales growth ~+ 2% (1) See reconci
Slide 13: Q2 - Achieved Growth in all Geographies
Q2 - Achieved Growth in all Geographies Americas: €2,574m EMEA: €2,638m Asia: €1,267m (1) (1) FY 24 : +7.3% H1 25 : +2.9% FY 24: -1.1% H1 25: +0.5% FY 24: +1.6% H1 25: +2.1% +10% +3% +3% +2% +2% +2% +1% ▪ Major ASU ramp-up in U.S. ● LI ▪ Solid growth in H2 & Cogen ▪ Resilient Refining ● LI ▪ Start-up
Slide 14: Q2 – Delivered Improved IM and LI Growth in a Subdued Environment
Q2 – Delivered Improved IM and LI Growth in a Subdued Environment Industrial Merchant Large Industries Pricing driving growth, resilient gas volumes Growing sales from U.S. and China (1) Sales (1) Sales FY 24: +1.6% H1 25: +1.3% FY 24: +1.2% FY H1 24: 25: +0.9% Q2 2025 Q2 2025 €3,050m €1,741m ● +2.7
Slide 15: Q2 – Pursued Momentum in EL Carrier Gases, HC Driving Growth
Q2 – Pursued Momentum in EL Carrier Gases, HC Driving Growth Electronics Healthcare 7 Carrier Gases start-ups in H1 Sustained resilient growth against strong comparables FY 24: +3.3% H1 25: +0.9% FY 24: +8.6% H1 25: +5.0% Sales FY 24: Sales Q2 2025 Q2 2025 €600m €1,088m ● Balanced growth between HHC
Slide 16: Significant +130bps of G&S OIR Margin Improvement
Significant +130bps of G&S OIR Margin Improvement 2025/2024 2025/2024 In €m H1 24 H1 25 As Published Comparable(1) Revenue 13,379 13,722 +2.6% +1.8% Purchases (4,975) (5,028) +1.1% Personnel Expenses (2,599) (2,601) +0.1% Other net income and expenses (1,977) (2,069) +4.7% Operating profit before depr
Slide 17: H1 2025: Focused on Execution, Record High Efficiencies
H1 2025: Focused on Execution, Record High Efficiencies IM Pricing Efficiencies Portfolio Management €287m +23% 7 acquisitions +2.6% +4.0% +8.4% 5 in US, Brazil, Spain and China €200m ■ +14.7% ■ 2 in Germany 2022 2023 2024 2025 Cumulative IM pricing effect base 100 Year 2022 3 divestitures ▪ +30% prici
Slide 18: Strong Growth Leverage on Net Profit
Strong Growth Leverage on Net Profit In €m H1 24 H1 25 2025/2024 H1 25/24 As Published Excl. FX Revenue 13,379 13,722 +2.6% +4.1% Operating income recurring 2,601 2,737 +5.2% +7.2% Other non-recurring operating income & expenses (87) (47) Operating income 2,514 2,690 +1.8% comparable(2) Net financial
Slide 19: Strong Cash Flow Financing Dividends and Capex
Strong Cash Flow Financing Dividends and Capex <10,261> <10,156> <2,003> <144> +300 <9,794> <9,159> +3,253 <1,718> <48> <276> Gearing 33.5%(3) Net NetDebt Debt Net Debt Cash Flow WCR + Other Net Industrial Net Financial Dividends(2) Lease liabilities Currency & Net Debt 30 30June June2024 2024 31 De
Slide 20: Delivered Strong ROCE of 11%
Delivered Strong ROCE of 11% Recurring ROCE(1) after tax 11.0% Significantly 11.0% above the 10.0% objective ROCE > 10% 9.0% 8.0% 7.0% Airgas acquisition Improved ROCE While Increasing Investments (1) Recurring ROCE based on Recurring Net Profit 20 THIS DOCUMENT IS PUBLIC H1 2025 Results - July 29, 20
Slide 21: Increase of Investment Backlog to a New Record €4.6bn
Increase of Investment Backlog to a New Record €4.6bn H1 2025 Investment KPIs(1) Sales 12-month investment Investment Investment Contribution Opportunities Decisions Backlog(2) from Start-up & Ramp-up(3) € 4.1 € 2.3 € 4.6 €157m bn bn bn H1 2025 +40% vs H1 2024 ▪ >40% in Energy Transition ▪ LI: U.S.
Slide 22: 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) Operating margin excluding energy passt
Slide 23: Appendix
Appendix 23 THIS DOCUMENT IS PUBLIC H1 2025 Results - July 29, 2025
Slide 24: Further Progress in Sustainability in H1 2025
Further Progress in Sustainability in H1 2025 All activities engaged in Energy Transition Beyond Climate ● 2 electrolyzers (200 & 250 MW) announced ● 6 PPA start-ups(1): +1.4 TWh/y ● 1st RFNBO(2) certification for H2 mobility in Germany ● New biogenic CO2 source in Australia Water management plan Acc
Slide 25: Resilient Sales Growth in an Uncertain Environment
Resilient Sales Growth in an Uncertain Environment Sales in €m H1 24 H1 25 H1 25/24 H1 25/24 Q2 25/24 As published Comparable(3) Comparable (4)(5) Gas & Services 12,796(1) 13,310 +4.0%(1) +1.8% +1.8% Engineering & 583(2) 412 N/A +1.8% +6.4% Technologies(2) (4) Group Total 13,379 13,722 +2.6% +1.8% +
Slide 26: H1 2025 - Beneficial Mix of Geographies and Activities
H1 2025 - Beneficial Mix of Geographies and Activities H1 2025 Gas & Services Revenue €13,310m Engineering & Technologies 3% 9% Electronics Europe Industrial Merchant 45% Americas €5.4bn Asia-Pacific €2.6bn €5.3bn 16% Healthcare €13,722m H1 2025 Group Revenue 5% 2% 27% Large Industries 11% 34% 28% 28%
Slide 27: Q2 Sales and H1 2025 OIR by Geographies
Q2 Sales and H1 2025 OIR by Geographies Americas EMEA Asia 4% 2% 11% IM 29% 35% 33% 29% LI 70% Q2 sales 15% split €2,574m €2,638m €1,267m HC EL 3% 33% 36% +2.7% +1.0% +1.4% incl. +0.8% from Argentina(1) (2) Q2 25/24 (2) Comparable 0% +6% Sales Growth H1 2025 Growth as Comparable H1 2025 Growth as Co
Slide 28: Continued Active Management of IM Pricing in Q2 2025
Continued Active Management of IM Pricing in Q2 2025 Total Industrial Merchant Continued .S. tina Airg as U Arg en accretive Americas 75% 13% margin contribution EMEA Value-added offers & service quality focus to customers Asia-Pacific 28 THIS DOCUMENT IS PUBLIC H1 2025 Results - July 29, 2025
Slide 29: 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 €/USD (27) +26 (22) +19 +75 (119) €/ARS (153) (161) (142) +21 (20) (42) €/BRL +3 (4) (13) (15) (13) (14) €/RMB (36) (12) +0 +7 +12 (29) €/ZAR (10) +1 +4 +9 +8 (5) €/EGP (3) (8) (10) (10) (7) (2) €/CAD (2) (1) (5)
Slide 30: Consolidated P&L
Consolidated P&L In €m H1 24 H1 25 Revenue 13,379 13,722 Operating costs (9,551) (9,698) Operating profit before depreciation 3,828 4,024 Depreciation and amortization (1,227) (1,287) Operating income recurring 2,601 2,737 Other non-recurring operating income & expenses (87) (47) Operating income 2,5
Slide 31: Simplified Consolidated Balance Sheet
Simplified Consolidated Balance Sheet In €m ASSETS 31/12/2024 30/06/2025 EQUITY AND LIABILITIES 31/12/2024 30/06/2025 Goodwill 14,977 13,817 Shareholders' equity 26,860 24,515 Fixed assets 27,230 26,163 Minority interests 761 706 Other non-current assets* 1,313 1,316 Total equity 27,621 25,221 Total
Slide 32: Cash Flow Statement
Cash Flow Statement in €m H1 24 H1 25 Funds provided by operations 3,155 3,253 Changes in Working Capital (282) (232) Other cash items (28) (44) Net cash from operating activities 2,845 2,977 Purchases of PPE* and intangible assets (1,656) (1,836) Purchases of financial assets (43) (83) Proceeds from
Slide 33: Financing Structure as of June 30, 2025
Financing Structure as of June 30, 2025 Fixed / Variable rates Sources Maturity (gross debt) Commercial €m paper Fixed 16.5% rate 12,000 Bank debt 80% 16.0% > 5 years 8,000 Between 1 and Others(1) 5 years 0.5% 4,000 < 1 year Bonds(2) 0 Variable 67.0% Market debt rate 84% 20% (1) Others: put options
Slide 34: 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 35: 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 36: For further information, please contact:
For further information, please contact: Upcoming events 2025 Third Quarter Revenue: October 28, 2025 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 09
Slide 37: 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