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1 FY 2025 Results - February 20, 2026 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
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2 FY 2025 Results - February 20, 2026 THIS DOCUMENT IS PUBLIC 2025: New Heights François Jackow - Chief Executive Officer
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3 FY 2025 Results - February 20, 2026THIS DOCUMENT IS PUBLIC Continuous Growth Future Growth Strong Performance Record Performance in 2025 +2% Comparable Sales Growth Investment Backlog(5) G&S OIR Margin(1) +130 bps €4.9bn Recurring ROCE(4) >11% Cash flow(3) +8% Including (1) Improvement of the OIR on Sales ratio excl. energy passthrough (2) Excl. FX impact, exceptional & significant transactions (3) Cash flow from operating activities before changes in WCR, excl. FX impact - +6% excl. exceptional items (4) Recurring ROCE based on Recurring Net Profit (5) Including €0.2bn from DIG Airgas +2.5% in Q4 Recurring Net Profit(2) +10% ESG - KPIs on track
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4 FY 2025 Results - February 20, 2026THIS DOCUMENT IS PUBLIC Full Achievement of Objectives (1) Group comparable sales CAGR from year-end 2021 to year-end 2025, at 2021 energy price and FX, excluding significant scope (2) Recurring ROCE based on Recurring Net Profit (3) Incl. +2.6% Argentina impact (4) « Market based » scopes 1 & 2 CO2 emissions, see definition in appendix Achieved +6.1% Achieved end 2022 11.2% end 2025 Achieved -13% in 2025 vs 2020 Initial objectives in 2022 Achievements end of 2025 Growth ROCE CO2 (1)(3) (2) (2) (4)
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5 FY 2025 Results - February 20, 2026THIS DOCUMENT IS PUBLIC over 2022-2026(2) +460bps OIR Margin: on Track to Reach +460bps by End of 2026 Cumulated 5-year OIR margin improvements at the energy price of the previous year A new level reached (1) Excluding the Airgas acquisition scope impact in 2016(2) Excluding energy passthrough impact and in 2026 excluding DIG Airgas Purchase Price Accounting impact +100bps of margin improvement(2) in 2025 On track to reach +460 bps +240bps +50bps 2012 - 2016(1) 2017 - 2021 2022 - 2026
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6 FY 2025 Results - February 20, 2026 THIS DOCUMENT IS PUBLIC Streamlining the Organization Transformation Program: Execution & Accelerated Momentum Industrial Initiatives Global Business Services Commercial Initiatives Culture of Performance Reduction of management layers Deployed Performance Management System 100% Up to -3 New GBS(1) in India ✓ 5 AI key projects rolled out in 2026✓ Leveraged by AI (1) Global Business Services center
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7 FY 2025 Results - February 20, 2026THIS DOCUMENT IS PUBLIC 100% 34% 2021 2025 Employee Care 34% 31% 2025 Women managers 25% 100% Record low Lost Time Accident(1) in 2025 2021 2025 2021 2025 Safety LTA(1) rate Social accomplishments -60% over 2 years (1) Lost Time Accident frequency rate of Air Liquide employees and temporary workers Record Safety, Social Achievements 2025
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8 FY 2025 Results - February 20, 2026THIS DOCUMENT IS PUBLIC Major Successes in 2025 Leveraging the Growth Engines Bolt-on €5Bn Existing Assets Core Investment Energy Transition Acquisitions Growth Capital Allocation €3Bn Leveraging pipeline basins US pipeline air gases & H2 contracts Reinforcing #1 position in EL Leading industrial transformation New carrier gas units in Asia, US and Europe 2nd 200MW electrolyzer 2 ASUs electrification Growth Engines Strategic Growth - Complementarity - Profitability
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9 FY 2025 Results - February 20, 2026THIS DOCUMENT IS PUBLIC New opportunities in 2026Many successes over last 2 years Electronics: Accelerated Momentum in Project Development >€1bn capex capex Strengthening #1 Position in Electronics EMEA Asia Americas EMEA Asia Americas >€350m Capex >€250m Capex >€450m Capex capex ~€2bn capex >40% of opportunities
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10 FY 2025 Results - February 20, 2026 THIS DOCUMENT IS PUBLIC Accelerating Dividends to Shareholders Dividend per share(1) in € Free share attribution (1) Dividend per share paid in the year and related to previous year result. Adjusted for the 2-for-1 share split in 2007, for free shares attributions and for the capital increase completed in October 2016 (2) Subject to approval at the Shareholders’ Meeting scheduled for May 5, 2026 (3) Compound annual growth rate of an investment in Air Liquide shares, including reinvested dividends and loyalty bonus, 2006-2025 CAGR over 20 years +7.9% ✓ Free shares attribution in June 2026 +38% +12.1% vs. 2025 Total Shareholder Return(3) annual average over 20 years +11.1% New dividend proposed in 2026(2) €3.70 (2) dividend over 3 years
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11 FY 2025 Results - February 20, 2026THIS DOCUMENT IS PUBLIC Outlook (1) Operating margin excluding energy passthrough impact. Recurring net profit excluding exceptional and significant transactions that have no impact on the operating income recurring (2) Excluding energy passthrough impact and in 2026 excluding DIG Airgas Purchase Price Accounting impact Air Liquide is confident in its ability to further increase its operating margin and to deliver recurring net profit growth, at constant exchange rates.(1) 2026 Outlook Extended OIR margin improvement(2) in 2026 in 2027, an additional +560 bps +100 bps +100 bps over 6 years 2022-2027
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12 FY 2025 Results - February 20, 2026 THIS DOCUMENT IS PUBLIC +10% Recurring Net Profit Growth High Backlog, Securing Future Growth Jérôme Pelletan - Chief Financial Officer
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13 FY 2025 Results - February 20, 2026THIS DOCUMENT IS PUBLIC Sustained 2025 Comparable Sales Growth, Growth Uptick in Q4 2025 ▪ Group Sales +0.8% Energy +0.0% Significant Scope-3.2% FX ● Engineering & Technologies +2.0% ● Gas & Services +2.0% FY 25 comparable sales growth FY 24 in m€ FY 25 in m€ FY 25/24 As published FY 25/24 Comparable Q4 25/24 Comparable 27,058 26,940 -0.4% +2.5%+2.0% +2.5% FY 25 comparable sales growth
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14 FY 2025 Results - February 20, 2026THIS DOCUMENT IS PUBLIC Sales Growth in all Activities and all Regions in Q4 25 Q4 2025 Gas & Services comparable sales growth G&S Comparable sales growth +2.5% +2% +1% +5% by Activities EMEA(2) +1% Asia-Pacific +0.5% Americas(2) +5% (1) Excluding impact of internal transfer of assets between LI and IM, see appendix in activity report (2) Includes comparable evolution of the GM&T activities transferred to IM in Q1 25 (1) (1) +4% +1% excl. Helium
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15 FY 2025 Results - February 20, 2026THIS DOCUMENT IS PUBLIC Q4 - Sales Growth Driven by Strong Americas Americas: €2,513m EMEA: €2,606m FY 24: -1.1% Asia: €1,270m FY 25: +1.0%FY 24: +1.6%FY 25: +0.6% G&S comparable sales growth (1) In light: contribution from Argentina, see appendix (2) Hardgoods (3) Home Healthcare (4) Carrier Gases (5) Excluding transferred activities from GM&T +2% +0.5% FY 25: +3.9%FY 24: +7.3% (1)(1) ▪ Additional H2 volumes in the U.S. ▪ Solid Air Gases and Cogen ▪ Increased +5.2% pricing ▪ Resilient gas vol. & low HG(2) ▪ High pricing, esp. in U.S. ▪ Strong HHC(3) in LATAM ▪ Strong CG(4) ▪ Normalizing E&I vs very high ‘24 ● LI ● IM ● HC ▪ Solid Air Gases in Italy & S. Africa ▪ Turnaround in KSA in Q4 24 ▪ Low H2 and Cogen ▪ Resilient sales(5) ▪ Sustained pricing, despite lower energy index (bulk) and low He ▪ High HHC(3), esp. from diabetes ● LI ● IM ● HC ▪ Ramp-ups in China & Korea ▪ Low demand ▪ Growing China incl. He headwinds ▪ Low sales in rest of Asia ▪ Strong growth in CG(4) and Materials ▪ Normalizing E&I vs very high ‘24 ● LI ● IM ● EL ● EL
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16 FY 2025 Results - February 20, 2026THIS DOCUMENT IS PUBLIC Industrial Merchant Large Industries Q4 - Growth in a Subdued Environment G&S comparable sales growth (1) Integrated Circuit (2) Excluding impact of internal transfer of assets between LI and IM, see appendix in activity report (3) Includes comparable evolution of certain GM&T activities transferred to IM in Q1 25 Start-ups contribution offsetting low demandPricing driving growth FY 24: Sales Q4 2025 €2,944m Sales Q4 2025 €1,689mFY 25 : +0.7%FY 24: +1.2% ● Increased pricing at +3.2% ● Resilient volumes in a subdued environment ● Main sectors posting volume growth: Construction, Pharma, IC(1) packaging, Space & Defense in the U.S., Automotive & Techno in Asia ● Low demand in EMEA and Asia ● Start-ups & ramp-ups in Americas and Asia ● Solid base activity in Americas FY 24: +1.6% FY 25 : +1.9% (2)(3) (2)
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17 FY 2025 Results - February 20, 2026THIS DOCUMENT IS PUBLIC Electronics Q4 - Strong Underlying Momentum in EL, HC Driving Growth Healthcare Growth partly offset by low E&I in all regions G&S comparable sales growth (1) In light: growth excluding E&I (2) Home HealthCare Sustained growth against strong comparables Sales Q4 2025 €643m Sales Q4 2025 €1,113m FY 24: +8.6% FY 25: +5.0%FY 25 : +1.2%FY 24: +3.3% ● +6% sales growth excluding E&I ● Strong Carrier Gases and Materials, esp. in Asia ● Normalizing E&I sales vs record level in 2024 ● High HHC(2) driven by diabetes, sleep apnea and community care ● Pricing in Medical Gases addressing inflation +6% +6%+6%+5% (1)
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18 FY 2025 Results - February 20, 2026THIS DOCUMENT IS PUBLIC In €m FY 24 FY 25 FY 25/24 As published FY 25/24 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 depreciation 7,896 8,145 +3.1% Depreciation and amortization (2,505) (2,563) +2.3% Operating income recurring (OIR) 5,391 5,582 +3.5% +7.6% Group OIR margin 19.9% 20.7% Group OIR margin excluding energy impact +100bps G&S OIR margin 21.5% 22.6% G&S OIR margin excluding energy impact +130bps Significant +130bps of G&S OIR Margin Improvement (1) Including small contribution from Argentina hyperinflation: +0.3% on sales, +0.5% on OIR and no impact on OIR margin
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19 FY 2025 Results - February 20, 2026THIS DOCUMENT IS PUBLIC Focused on Execution, Record High Efficiencies ▪ Group transformation initiatives ▪ Pursued procurement and industrial efficiencies Efficiencies €631m €400m IM Pricing +14.7% +8.4% 2022 2023 2024 Cumulative IM pricing effect base 100 Year 2022 2025 +4.0% +2.9% ▪ >+30% pricing effect since 2022 ▪ Continued focus on price management above cost curve 3 divestitures ■ 10 in US, Canada, Brazil, Spain, Italy, India and China 13 acquisitions ■ Nigeria ■ 3 in Germany ■ HHC(1) in Japan & French Guiana ■ Signing of (1) Home HealthCare Portfolio Management 2025 +27%
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20 FY 2025 Results - February 20, 2026THIS DOCUMENT IS PUBLIC +10% Recurring Net Profit Growth Excluding FX (1) Excluding exceptional and significant transactions that have no impact on the operating income recurring (2) Excluding FX and Energy passthrough impact (no significant scope) (3) Including +1.3% from Argentina hyperinflation In €m FY 24 FY 25 FY 25/24 As published FY 25/24 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 Net financial costs and other net financial expenses (418) (396) Income taxes (1,087) (1,230) Tax rate 24.0% 25.2% Share of profit of associates (1) (8) - Minority interests 134 127 Net profit (Group share) 3,306 3,518 +6.4% +10.1% Earnings per share (in €) 5.74 6.1 +6.3% Recurring net profit(1) 3,466 3,679 +6.2% +9.7% +2.0% comparable(2) (3)
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21 FY 2025 Results - February 20, 2026THIS DOCUMENT IS PUBLIC Strong Cash Flow Financing Dividends, Capex & 2026 DIG Acquisition <9,221> +6,855<9,159> <337> <3,689> <1,917> <283> Gearing 31.2% (1) +6% excluding exceptional items (2) Including acquisitions, transactions with minority shareholders, net of divestitures (3) Including purchase of treasury shares and capital increases <8,416> Net Debt 31 Dec. 2023 Net Debt 31 Dec. 2024 Cash Flow WCR + Other Net Industrial Investments Dividends(3) Lease liabilities (IFRS 16) Currency & Scope Net Debt 31 Dec. 2025 <89> Net Financial Investments(2) +203 +8%(1) excl. FX
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22 FY 2025 Results - February 20, 2026THIS DOCUMENT IS PUBLIC ROCE Improving While Increasing Investments 11.2% Recurring ROCE(1) after tax (1) Recurring ROCE based on Recurring Net Profit Airgas acquisition 10.0% 9.0% 8.0% 7.0% 11.0% objective ROCE >10%
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23 FY 2025 Results - February 20, 2026THIS DOCUMENT IS PUBLIC Record Level of Projects and Opportunities 2025 Investment KPIs(1) €4.2 bn Investment Decisions €4.6 bn 12-months investment Opportunities €4.9 bn Investment Backlog ▪ >€4bn 4 years in a row ▪ ~40% in EL ▪ >70 projects in all geographies (1) See definitions in appendix (2) Including €0.2bn from DIG Airgas (3) Including €0.8bn from DIG Airgas (4) At constant exchange rate and excl. energy passthrough impact ▪ >40% in EL ▪ ~25% in Energy Transition ▪ Dynamic portfolio beyond 12 months ▪ EL successes in all regions ▪ LI: U.S. pipeline network strengthened by new contracts ▪ LI: 200MW electrolyzer in Benelux FY 2025 Sales Contribution from Start-up & Ramp-up(4): €322m (2) (3)
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24 FY 2025 Results - February 20, 2026THIS DOCUMENT IS PUBLIC Outlook (1) Operating margin excluding energy passthrough impact. Recurring net profit excluding exceptional and significant transactions that have no impact on the operating income recurring (2) Excluding energy passthrough impact and in 2026 excluding DIG Airgas Purchase Price Accounting impact Air Liquide is confident in its ability to further increase its operating margin and to deliver recurring net profit growth, at constant exchange rates.(1) 2026 Outlook Extended OIR margin improvement(2) in 2026 in 2027, an additional +560 bps +100 bps +100 bps over 6 years 2022-2027
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25 FY 2025 Results - February 20, 2026 THIS DOCUMENT IS PUBLIC Appendix
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26 FY 2025 Results - February 20, 2026THIS DOCUMENT IS PUBLIC Sales Growth in all Activities and all Regions in 2025 FY 2025 Gas & Services comparable sales growth G&S Comparable sales growth +2.0% +2% +1% +5% by Activities EMEA(2) +1% Asia-Pacific +1% Americas(2) +4% (1) Excluding impact of internal transfer of assets between LI and IM, see appendix in activity report (2) Includes comparable evolution of the GM&T activities transferred to IM in Q1 25 (1) (1) +1% +6% excluding E&I
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27 FY 2025 Results - February 20, 2026THIS DOCUMENT IS PUBLIC FY 2025 - Beneficial Mix of Geographies and Activities 2025 Gas & Services Revenue 2025 Group Revenue Large Industries Engineering & Technologies Industrial Merchant Healthcare Electronics €26,085m Americas €10.4bn EMEA €10.6bn Asia-Pacific €5.1bn 69% 15% 11% 5% 36% 29% 2% 33% 35% 33% 29% 3% €26,940m 45% 27% 16% 9% 3% Americas 40% EMEA 41% Asia 19%
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28 FY 2025 Results - February 20, 2026THIS DOCUMENT IS PUBLIC FY 2025 Growth as published Comparable growth 10,351 +0.3% +3.9% 2,427 +4.0% 23.4% +80bps +110bps HC IM LI EL Americas EMEA Q4 25/24 Comparable Sales Growth Asia Q4 sales split in €m Sales OIR OIR/Sales (1) In light: contribution from Argentina (2) Excluding energy passthrough impact (2)(2)(2) +% 15% 69% 11% 5% incl. +0.5% from Argentina(1) 35% 33%30% 2% 31% 29% 3% 37% Q4 Sales and FY 2025 OIR by Geographies FY 2025 Growth as published Comparable growth 10,616 +4.2% +0.6% 2,289 +12.3% 21.6% +160bps +190bps FY 2025 Growth as published Comparable growth 5,118 -3.5% +1.0% 1,180 -0.3% 23.1% +80bps +50bps €2,606m€2,513m €1,270m +5.2% +0.9% +0.5%
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29 FY 2025 Results - February 20, 2026THIS DOCUMENT IS PUBLIC Continued Active Management of IM Pricing Americas EMEA Asia-Pacific Total Industrial Merchant Solid IM pricing Q4 2025 +2.9% FY 2025 +4.1% +2.0% -1.0% Continued accretive margin contribution Value-added offers & service quality focus to customers
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30 FY 2025 Results - February 20, 2026THIS DOCUMENT IS PUBLIC 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 4,946 5,279 Net financial costs and other net financial expenses (418) (396) Income taxes (1,087) (1,231) Share of profit of associates (1) (8) Profit for the period 3,440 3,644 - Minority interests 134 127 Net profit (Group share) 3,306 3,518 Basic earnings per share (in €) 5.74 6.10
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31 FY 2025 Results - February 20, 2026THIS DOCUMENT IS PUBLIC Simplified Consolidated Balance Sheet (*) Including fair value of derivatives 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 27,621 26,947 Total non-current assets 43,520 41,544 Provisions 2,026 2,029 Inventories and work-in-progress 2,190 2,128 Non-current borrowings 8,403 10,030 Trade receivables & other current assets 4,239 3,899 Non-current lease liabilities 1,134 1,034 Cash and cash equivalents 1,915 3,962 Other non-current liabilities 3,200 3,037 Total current assets 8,344 9,989 Total equity and non current liabilities 42,383 43,077 Total assets held for sale 4 380 Provisions 419 393 Total assets 51,868 51,913 Trade payables & other current liabilities * 6,153 5,792 Current lease liabilities 240 225 Current borrowings 2,671 2,348 31/12/2024 31/12/2025 Total current liabilities 9,483 8,758 Net debt 9,159 8,416 Liabilities held for sale 1 79 Net debt to equity ratio 33.2% 31.2% Total equity and liabilities 51,868 51,913
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32 FY 2025 Results - February 20, 2026THIS DOCUMENT IS PUBLIC Cash Flow Statement (*) PPE: Property, plant and equipment 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 from sale of PPE*, intangible and financial assets, dividends from associates 211 346 Net cash in investing activities (3,583) (3,751) Distribution (1,808) (2,053) Increase in capital stock 34 140 Purchase of treasury shares (231) (4) Transactions with minority interests (33) (27) Change in borrowings and lease liabilities (incl. net interests) (769) 1,600 Impact of Exchange rate changes and net debt of newly consolidated companies & others (32) (47) Change in net cash and cash equivalents (101) 2,376 Net cash and cash equivalents at the end of the period 1,302 3,678
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33 FY 2025 Results - February 20, 2026THIS DOCUMENT IS PUBLIC 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) +1 +5 (10) (18) €/KRW (5) (3) (4) (6) (5) (7) (8) (13) €/TRY (11) (1) (12) +4 (3) (7) (4) (11) Others (16) (15) (19) (11) (7) (31) (35) (41) Currency Impact (277) (191) (211) +26 +46 (243) (281) (394) in €m Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Natural Gas Impact (299) (65) (28) (31) +162 +76 +3 (46) in €m Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Electricity Impact (95) (37) (32) (20) +58 +9 (7) (19)
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34 FY 2025 Results - February 20, 2026THIS DOCUMENT IS PUBLIC Financing Structure as of December 31, 2025 Variable rate 11% Fixed rate 89%Bank debt 16% Commercial paper 4% Bonds(2) 80% Others(1) ~0% Market debt 84% (1) Others: put options granted to minority shareholders (2) Including private placements < 1 year > 5 years Between 1 and 5 years €m 12,000 8,000 0 Sources Maturity Fixed / Variable rates (gross debt) 4,000
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35 FY 2025 Results - February 20, 2026THIS DOCUMENT IS PUBLIC 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 backlog at end of the period ▪ Cumulated industrial investment value of projects decided but not yet started. Gross amounts, excluding subsidies. ▪ Industrial projects with value > €5m for the Industrial Merchant activity and > €10m for other activities, excluding asset renewals, efficiency, maintenance and safety projects. 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. ▪ Excludes asset renewals, efficiency, maintenance and safety projects. CO2 emissions ▪ CO2 emissions refer to greenhouse gas emissions converted and expressed in CO2 equivalent emissions, using Global Warming Potential reference. ▪ Emissions are reported by the Group in scopes 1 and 2, using a “market-based” methodology, and are restated, from 2020 and each subsequent year, to take into account changes in scope having a significant impact (upwards and downwards) on CO2 emissions.
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36 FY 2025 Results - February 20, 2026THIS DOCUMENT IS PUBLIC Regular and Sustained performance CAGR over 30 years(1) Revenue (in €m) Cash Flow (in €m) EPS (2) (in €) (1) Calculated according to prevailing accounting rules over 30 years (2) Based on current year results and proposed for payment the following year. Adjusted for the 2-for-1 share split in 2007, for free share attributions and for the capital increase completed in October 2016 Dividend Per Share(2) (in €) +7.2% +7.2% +5.8% +9.2%
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37 FY 2025 Results - February 20, 2026THIS DOCUMENT IS PUBLIC For further information, please contact: www.airliquide.comInvestor Relations IRTeam@airliquide.com Communication Media@airliquide.com L’Air Liquide S.A. Corporation for the study and application of processes developed by Georges Claude Upcoming events 2026 First Quarter Revenue: April 28, 2026 Annual General Meeting: May 5, 2026 Corporate Headquarters: 75, Quai d’Orsay 75321 Paris Cedex 07 Tel : +33 (0)1 40 62 55 55 RCS Paris 552 096 281 Follow us Linkedin
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38 FY 2025 Results - February 20, 2026THIS DOCUMENT IS PUBLIC 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 reasonable, such statements are not guarantees of future performance. Actual results may differ materially from the forward-looking statements as a result of a number of risks and uncertainties, many of which are outside our control. Please refer to the most recent Universal Registration Document filed by Air Liquide with the French Autorité des marchés financiers for additional information in relation to such risks and uncertainties. The information is valid only at the time of writing and Air Liquide does not assume any obligation to update or revise the objectives on the basis of new information or future or other events, subject to applicable regulations.