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1 H1 2026 Results - July 28 2026 François Jackow, Chief Executive Officer Jérôme Pelletan, Chief Financial Officer Émilie Mouren-Renouard, Group Vice President EMEA Adam Peters, CEO North America Paris, July 28, 2026 H1 2026 Results Carrier gases production site in Wuxi, China
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2 H1 2026 Results - July 28 2026 THIS DOCUMENT IS PUBLIC François Jackow - Chief Executive Officer Strong Growth & Performance in a Disrupted Environment Record High Signings Securing Future Growth
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3 H1 2026 Results - July 28 2026THIS DOCUMENT IS PUBLIC Accelerating Growth Future Growth Strong Performance H1 2026: Delivering Growth, Performance & Record Signings +3.5% Comparable Sales growth Investment Backlog OIR Margin(1) +110 bps €6.0bn Recurring ROCE(4) 11% Cash flow(3) +8% (1) Improvement of the OIR on Sales ratio excl. energy passthrough and DIG Airgas Purchase Price Accounting impact (2) Excl. FX impact, exceptional & significant transactions (3) Cash flow from operating activities before changes in WCR, excl. FX impact (4) Recurring ROCE based on Recurring Net Profit Recurring Net Profit(2) +10% ESG - KPIs on track New record In Q2
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4 H1 2026 Results - July 28 2026THIS DOCUMENT IS PUBLIC & H1 2026: Continued Focus on Execution Delivering on Sustainable Margin Improvement & Efficiencies IM Pricing Portfolio Management Strategic acquisition 5 bolt-on acquisitions 3 divestitures Continuous improvement Structural Transformation +4.2% in H1 2026 Accelerating to +5.0% in Q2 2026 €299m in H1 2026
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5 H1 2026 Results - July 28 2026THIS DOCUMENT IS PUBLIC Strengthening Position in Electronics, Driven by AI #1 (1) Semiconductor (2) High-Bandwidth Memory >€1bn ~1.5x FY 2025 decisions Acceleration in H1 2026 Carrier gases long-term contracts signed in H1 2026 >$170m SK hynix Advanced packaging of HBM(2) €200m SK hynix Advanced packaging of HBM(2) $130m Leading SC(1) Manufacturer Advanced memory >$150m >$160m Leading SC(1) Manufacturer Advanced logic nodes €200m Leading SC(1) Manufacturer Advanced memory €150m Leading SC(1) Manufacturers on 6 sites Others in Asia High diversity of projects decided
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6 H1 2026 Results - July 28 2026THIS DOCUMENT IS PUBLIC Capturing the Growth in New Projects in Large Industries ■ >$350m: large ASU & pipeline ■ Fulfilling additional needs of ■ Supporting reshoring of US industry Air gases for low-carbon Steel ■ $200m: Partial Oxidation unit ■ Low-carbon process ■ -64kt of Group CO2 emissions ■ €70m: N2 units in Kazakhstan ■ High-purity & energy efficient ■ Strengthened basin synergies Syngas for Chemical Nitrogen for Petrochemical New Territory ExpansionU.S. Reshoring / Expansion
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7 H1 2026 Results - July 28 2026 THIS DOCUMENT IS PUBLIC H1 2024 Results - July 26, 2024 Demonstrated Execution On All Counts Delivering on margin improvement Step-up of sales growth in Q2 Closing of acquisition H1 2026 Results - July 28 2026 Record level of project signings
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8 H1 2026 Results - July 28 2026 THIS DOCUMENT IS PUBLIC +5.2% Sales Growth Excluding FX & Energy in Q2 2026 New Record High Backlog Jérôme Pelletan - Chief Financial Officer
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9 H1 2026 Results - July 28 2026THIS DOCUMENT IS PUBLIC Q2 2026 Q2 26/25 ex FX & Energy Q2 26/25 Comparable +5.2% +3.5% H1 2026 H1 25 in m€ H1 26 in m€ H1 26/25 As published H1 26/25 ex FX & Energy H1 26/25 Comparable 13,722 13,828 +0.8% +4.3% +2.6% Q2 - +5.2% Sales Growth Excluding FX & Energy Group Sales -3.6% FX +0.1% Energy +1.7% Significant Scope acquisition & Biogas divestiture
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10 H1 2026 Results - July 28 2026THIS DOCUMENT IS PUBLIC +4% 0% Q2 - Growth Acceleration From EL Boost and Improved IM by Activities Q2 2026 Gas & Services comparable sales growth +4% EMEA +1% Asia-Pacific +5% Americas +5% +10% G&S Comparable sales growth +3.3% +16% incl. +5.1% excl. FX & Energy EL: Electronics; IM: Industrial Merchant
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11 H1 2026 Results - July 28 2026THIS DOCUMENT IS PUBLIC ▪ Strong Air Gases & H2 on USGC(1) ▪ High Chemicals & Refining ▪ Increased pricing at +6.7% ▪ Volumes slightly up excl. helium ▪ Sustained high pricing, esp. in U.S. ▪ Robust sales growth in LATAM ▪ Strong Materials ▪ Lower E&I(2) Q2 - Sustained High Growth in Americas, Sales Surge in Asia Americas: €2,635m H1 26: +5.4%FY 25: +3.9% EMEA: €2,727m FY 25: +0.6% Asia: €1,450m H1 26: +2.0%FY 25: +1.0% ● LI ● IM ● HC ● EL H1 26: +0.2% G&S comparable sales growth (*) In light: including DIG Airgas (1) US Gulf Coast (2) Equipment & Installation (4) Advanced Materials ▪ Low Cogen ▪ Robust H2 from Refining ▪ Increased pricing at +3.1% ▪ Volumes slightly up excl. helium ▪ Solid activity ● LI ● IM ● HC ▪ Still mixed activity ▪ Pursued H2 sales growth in Korea ▪ Accelerating China ▪ Pricing back to positive ▪ >+10% growth in Carrier Gases ▪ Higher sales in AM(3) and E&I(2) ● LI ● IM ● EL +8% * +16% *
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12 H1 2026 Results - July 28 2026THIS DOCUMENT IS PUBLIC H1 2026 Results - July 28 2026 Update on Middle East Situation vs Q1 26 ■ Local employees safety ■ Local assets integrity ■ Global Helium sourcing ■ Energy / feedstock availability ■ Robustness of supply chains ■ Inflation ■ Customers regional load shift ■ U.S. rebound ■ Accelerated reshoring ■ Increased role of H2 in energy sovereignty ■ Enhanced value of Air Liquide resilience Challenges Potential outcomes
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13 H1 2026 Results - July 28 2026THIS DOCUMENT IS PUBLIC ● Increased pricing at +5.0% ● Growing volumes excluding helium ● Main sectors posting volume growth: Construction & Utilities in the Americas, Technologies in Asia and Pharma in Europe Industrial Merchant Large Industries Q2 – Sales Pick-up in IM, Still Mixed Activity in LI G&S comparable sales growth Strong U.S. offsetting lower EMEA and Asia+5.9% sales growth excluding helium FY 24: ● Record high volumes in the U.S. ● Low Cogen in Europe and soft demand in Africa Middle East ● Mixed activity in Asia Sales Q2 2026 €3,123m Sales Q2 2026 €1,869m FY 25: +1.9% H1 26: +3.2% H1 26: -0.6%FY 25: +0.7%
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14 H1 2026 Results - July 28 2026THIS DOCUMENT IS PUBLIC Electronics Q2 – Booming EL, Steady Growth in HC Healthcare End of unfavorable comparison in E&I vs. prior year G&S comparable sales growth (1) Advanced Materials (2) Home HealthCare FY 24: Resilient growth ● Pricing in Medical Gases supported by value offers ● Increased number of HHC(2) patients offsetting divestitures ● Carrier Gases and AM(1), main growth engines ● Asia driving growth ● Recovering Equipment & Installation Sales Q2 2026 €688m Sales Q2 2026 €1,132m FY 25: +5.0% H1 26: +4.2%H1 26: +6.2%FY 25: +1.2%
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15 H1 2026 Results - July 28 2026THIS DOCUMENT IS PUBLIC In €m H1 25 H1 26 H1 26/25 As published H1 26/25 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 +4.8% Depreciation and amortization (1,287) (1,325) +3.0% Operating income recurring (OIR) 2,737 2,893 +5.7% +10.2% Group OIR margin 19.9% 20.9% Group OIR margin excl. energy impact and DIG PPA +110bps +110bps of OIR Margin Improvement (1) Excluding FX (2) Excluding DIG Airgas Purchase Price Accounting impact. OIR/Sales excluding Energy at 20.9%, +100bps. (2) (1)
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16 H1 2026 Results - July 28 2026THIS DOCUMENT IS PUBLIC H1 2026: Delivering on the 3 Levers Supporting Margin Improvement ▪ Record high level ▪ Group transformation initiatives Efficiencies Portfolio Management 2 small divestitures ■ In U.S. and China ■ In China 5 bolt-on acquisitions Biogas ■ Accelerated closing of 1 strategic acquisition ■ In Europe 1 large scope divestiture ■ In Europe and U.S. IM Pricing ▪ Increased to +5.0% in Q2 2026 ▪ +38% pricing effect since 2022 ▪ Continued focus on price management above cost curve +4.2% H1 2026 €299m +4.0% €200m
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17 H1 2026 Results - July 28 2026THIS DOCUMENT IS PUBLIC In €m H1 25 H1 26 H1 26/25 As published H1 26/25 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) Operating income 2,690 2,770 Net financial costs and other net financial expenses (185) (210) Income taxes (630) (675) Tax rate 25.1% 26.4% Share of profit of associates (9) 1 - Minority interests 65 64 - Net profit (Group share) 1,801 1,823 +1.2% +6.5% Basic earnings per share (in euros) 2.83(2) 2.86 +1.1% Recurring net profit(1) 1,842 1,923 +4.4% +9.9% +10% Recurring Net Profit Growth Excluding FX (1) Excluding exceptional and significant transactions that have no impact on the operating income recurring (2) Adjusted for the free share attribution performed in June 2026 (3) Excluding FX, Energy passthrough impacts and significant scope +2.6% comparable(3)
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18 H1 2026 Results - July 28 2026THIS DOCUMENT IS PUBLIC Strong Cash Flow & Balance Sheet, Financing Dividends, Capex and DIG Acquisition (1) Including acquisitions, transactions with minority shareholders, net of divestitures (2) Including dividend payment for €2.2bn, purchase of treasury shares and capital increase (3) Net debt-to-equity ratio adjusted for dividend seasonality Gearing 33.5%(3) <9,794> +3,372<8,416> <1,418> <1,789> <2,414> <142> <2,920> <195> Dividends(2) Lease liabilities (IFRS 16) Currency & scope Net Debt 30 June 2026 Net Debt 30 June 2025 Cash Flow WCR + Other Net Industrial Investments Net Financial Investments(1) Net Debt 31. Dec 2025 <13,921> +8% excl. FX Gearing(3) 45.1% Gearing 31.2% including >€1bn related to the end of factoring
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19 H1 2026 Results - July 28 2026THIS DOCUMENT IS PUBLIC Delivering Strong 11% ROCE After DIG Acquisition 11.0% Recurring ROCE(1) after tax (1) Recurring ROCE based on Recurring Net Profit acquisition 10.0% 9.0% 8.0% 7.0% 11.0% Maintaining strong ROCE while increasing investment under construction acquisition
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20 H1 2026 Results - July 28 2026THIS DOCUMENT IS PUBLIC New Record High Backlog Securing Future Growth Investment Decisions 12-months investment Opportunities Investment Backlog ▪ Record level before major start-ups in Q4 ▪ Well balanced between LI & EL ▪ Diversified with >70 projects (1) See definitions in appendix ▪ Diversified with ~80 projects ▪ ~50% in EL ▪ Portfolio beyond 12 months >€10bn ▪ All-time high industrial decisions ▪ >€1bn of EL successes in Carrier Gases ▪ Major LI projects in US Steel & Chemicals Record High H1 2026 Investment KPIs(1) Strategic acquisition +26% +30% +17%
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21 H1 2026 Results - July 28 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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22 H1 2026 Results - July 28 2026 THIS DOCUMENT IS PUBLIC Appendix
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23 H1 2026 Results - July 28 2026THIS DOCUMENT IS PUBLIC Sales and Sales Impacts +0.1% +1.7% -3.6 +1.3% +1.7% -1.3 Sales in €m H1 25 H1 26 H1 26/25 As published H1 26/25 Comparable Q2 26/25 Comparable Gas & Services 13,310 13,408 +0.7% +2.6% +3.3% Engineering & Technologies 412 420 +1.9% +4.6% +8.8% Group Total 13,722 13,828 +0.8% +2.6% +3.5% Impacts on H1 Group Sales: +0.1% Energy +1.7% Significant Scope-3.6% FX +5.2% Q2 Group Sales growth Excl. FX & Energy Impacts on Q2 Group Sales: +1.3% Energy +1.7% Significant Scope-1.3% FX
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24 H1 2026 Results - July 28 2026THIS DOCUMENT IS PUBLIC H1 2026 - Beneficial Mix of Geographies and Activities H1 2026 Gas & Services Revenue €13,408m Americas €5.2bn EMEA €5.4bn Asia-Pacific €2.8bn 70% 15% 11% 4% 37% 29% 2% 32% 36% 33% 28% 3% H1 2026 Group Revenue Large Industries Engineering & Technologies Industrial Merchant Healthcare Electronics 13,828 44% 27% 16% 10% 3%
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25 H1 2026 Results - July 28 2026THIS DOCUMENT IS PUBLIC HC IM LI EL Americas EMEA Asia Q2 sales split (1) Excluding energy passthrough impact (1) +6% 15% 70% 11% 4% +5.2% +0.7% +4.7% €2,727m 37% 32%29% 2% 33% 27% 3% 37% Q2 Sales and H1 2026 OIR by Geographies €1,450m€2,635m Q2 26/25 Comparable Sales Growth (1) (1) H1 2026 Growth as published Comparable growth 5,225 -1.2% +5.4% 1,290 +7.8% 24.7% +210bps +210bps in €m Sales OIR OIR/Sales H1 2026 Growth as published Comparable growth 5,414 -0.2% +0.2% 1,163 +1.2% 21.5% +30bps +30bps H1 2026 Growth as published Comparable growth 2,768 +6.8% +2.0% 598 +3.1% 21.6% -80bps -80bps
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26 H1 2026 Results - July 28 2026THIS DOCUMENT IS PUBLIC Improving Pricing in All Geographies Americas EMEA Asia-Pacific Total Industrial Merchant Solid IM pricing Q2 2026 +4.2% H1 2026 +5.8% +2.4% +0.5% Continued active pricing management Value-added offers & service quality focus to customers
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27 H1 2026 Results - July 28 2026THIS DOCUMENT IS PUBLIC 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 (2) +1 +1 (7) (10) (9) Others (8) (39) (40) (45) (21) +22 Currency Impact +46 (243) (281) (394) (403) (82) in €m Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Natural Gas Impact +162 +76 +3 (46) (57) +52 in €m Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Electricity Impact +58 +9 (7) (19) (15) +35
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28 H1 2026 Results - July 28 2026THIS DOCUMENT IS PUBLIC 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 2,690 2,770 Net financial costs and other net financial expenses (185) (210) Income taxes (630) (675) Share of profit of associates (9) 1 Profit for the period 1,866 1,887 Minority interests 65 64 Net profit (Group share) 1,801 1,823 Basic earnings per share (in €) 2.83(1) 2.86 (1) Adjusted for the free share attribution performed in June 2026
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29 H1 2026 Results - July 28 2026THIS DOCUMENT IS PUBLIC Simplified Consolidated Balance Sheet (*) Including fair value of derivatives (1) Adjusted for dividend seasonality 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 26,947 27,262 Total non-current assets 41,544 46,230 Provisions 2,029 2,065 Inventories and work-in-progress 2,128 2,176 Non-current borrowings 10,030 11,197 Trade receivables & other current assets 3,899 5,719 Non-current lease liabilities 1,034 1,041 Cash and cash equivalents 3,962 2,061 Other non-current liabilities 3,037 3,230 Total current assets 9,989 9,956 Total equity and non current liabilities 43,077 44,794 Total assets held for sale 380 92 Provisions 393 429 Total assets 51,913 56,278 Trade payables & other current liabilities * 5,792 6,004 Current lease liabilities 225 236 Current borrowings 2,348 4,786 31/12/2025 30/06/2026 Total current liabilities 8,758 11,455 Net debt 8,416 13,921 Liabilities held for sale 79 29 Net debt to equity ratio 31.2% 45.1%(1) Total equity and liabilities 51,913 56,278
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30 H1 2026 Results - July 28 2026THIS DOCUMENT IS PUBLIC Cash Flow Statement (*) PPE: Property, plant and equipment 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 from sale of PPE*, intangible and financial assets, dividends from associates 174 248 Net cash in investing activities (1,745) (4,709) Distribution (2,018) (2,255) Increase in capital stock 15 4 Purchase of treasury shares 0 (163) Transactions with minority interests (21) - Change in borrowings and lease liabilities (incl. net interests) 905 3,339 Net cash flows from (used in) financing activities (1,118) 925 Impact of Exchange rate changes and net debt of newly consolidated companies & others 20 (44) Change in net cash and cash equivalents 134 (1,873) Net cash and cash equivalents at the end of the period 1,436 1,805
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31 H1 2026 Results - July 28 2026THIS DOCUMENT IS PUBLIC Financing Structure as of June 30, 2026 Variable rate 23% Fixed rate 77%Bank debt 16% Commercial paper 16% Bonds(2) 68% Others(1) ~0% Market debt 83% (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 16,000
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32 H1 2026 Results - July 28 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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33 H1 2026 Results - July 28 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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34 H1 2026 Results - July 28 2026THIS DOCUMENT IS PUBLIC Events & Contacts Upcoming events Capital Markets Day: October 5, 2026 www.airliquide.com Air Liquide 75, Quai d’Orsay 75321 Paris Cedex 07 +33 (0)1 40 62 55 55 RCS Paris 552 096 281 Follow us on LinkedinInvestor Relations IRTeam@airliquide.com Communication Media@airliquide.com For further information, please contact:
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35 H1 2026 Results - July 28 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.