Slides
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Paris, October 29, 2026 François Jackow, Chief Executive Officer Jérôme Pelletan, Chief Financial Officer Émilie Mouren-Renouard, Group Vice President EMEA Adam Peters, CEO North America Q3 2026 Results
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François Jackow Chief Executive Officer Q3 Performance Fully Aligned with BEYOND Trajectory BEYOND in Full Motion
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Q3 - Delivering Growth, Performance and Record Backlog (1) Cash flow from operating activities before changes in WCR excluding FX 3 ESG - KPIs on track Strong Performance +4.3% +5.3% €441m €6.2Bn €6.2Bn Future Growth +6% EfficienciesIM PricingSales Growth Excl. FX & Energy Cash Flow(1) Investment Backlog YTDQ3 Q3 YTD Q3 2026 Activity - October 29, 2026 End of Q3
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4 Strong Electronics Momentum 0% +10% +20% Comparable growth Pick-up since Q2 26 Q4 2023 2025 Q3 20262024 +27% 54% of sales Carrier Gases €300m €400m Revenue Q4 2023 2025 Q3 2026 >+10% CAGR over 3 years €350m 2024 Doubling investment decisions in 9 months X 2 12 months 2025 9 months 2026 & 17% of sales Advanced Materials by signing long-term contracts Strong contribution today Securing growth for tomorrow +12% Comp. growth in Q3 26 Q3 2026 Activity - October 29, 2026
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5 Industrial Merchant Strong Pricing Accelerated by Volumes Uptick Excluding HeliumVolumes Hardgoods Volume growth in all geographies in Q3 2026 Volumes back to growth since Q2 2026 Price Volume Q4 2023 2025 Q3 20262024 0% +3% +6% US hardgoods volumes back to positive +3% in Q3 2026 +2% in Q3 2026 Q3 2026 Activity - October 29, 2026 Comparable sales growth
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6 BEYOND Objectives 2026 - 2030 >11% in 2030 -33% reduction by 2035 vs 2020 +10% ±2% CAGR EPS(1) Recurring ROCE(2) Recurring CO2 emissions(3) PROFITABLE GROWTH Strategic Objectives VALUE CREATION IMPACT (1) Recurring net Earnings Per Share CAGR from year-end 2025 to year-end 2030 at 2025 FX, see assumptions & new definitions in appendix of CMD presentation available on Air Liquide website(2) Recurring ROCE excluding large strategic acquisitions, see assumptions & new definitions in appendix of CMD presentation available on Air Liquide website (3) Reduction of CO2 Scopes 1 & 2, compared to 2020 baseline, within 1.5 degree compatible scenarios Q3 2026 Activity - October 29, 2026
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Delivering Post-CMD Momentum . Engaging with financial markets ✓ 100 investors in a 1-week roadshow ✓ Analysts in London and New York . Internal launch of the strategic plan ✓ Global engagement day to connect with 65k employees worldwide ✓ Top 200 managers international meeting 7 Strategy in Action: Immediate Execution Post-CMD Execution Underway Confirming Management Confidence . Launch of BEYOND Initiatives . Share Buybacks Program ✓ €4Bn by end 2028 ✓ €1Bn 1st tranche to be executed by end 2026 Q3 2026 Activity - October 29, 2026
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Booming Electronics and Industrial Merchant Gaining Momentum New Record High Backlog Jérôme Pelletan Chief Financial Officer
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+5.0% Gas & Services Sales Growth Excluding FX & Energy +1.5% FX +4.3% Energy +1.4% Significant Scope acquisition & Biogas divestiture Q3 25 in m€ Q3 26 in m€ Q3 26/25 As published Q3 26/25 ex FX & Energy Q3 26/25 Comparable YTD 26/25 ex FX & Energy YTD 26/25 Comparable 6,386 7,075 +10.8% +5.0% +3.6% +4.5% +2.9% Gas & Services sales 9 Q3 2026 Activity - October 29, 2026
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Q3 2026 Gas & Services Comparable sales growth Industrial Merchant and Electronics Driving Growth by activity 10 Americas +6% EMEA -0.5% Asia-Pacific +7%+5% -2% +3% +12% by geography +17% incl. G&S Comparable sales growth +3.6% excl. FX & Energy+5.0% +0.5% excl. combinedeffect* -0.5% excl. combined effect* (*) See dedicated appendix Q3 2026 Activity - October 29, 2026
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Q3 - Sustained High Growth in Americas, Sales Pick-up in Asia ▪ Strong H2 & Air gases in the US ▪ High Chemicals & Refining 11 G&S comparable sales growth (*) In light: excluding combined effect in LI EMEA, see dedicated appendix (**) In light: including DIG Airgas(1) Carrier Gases (2) Equipment & Installations (3) See in Appendix (4) Home Healthcare (5) Advanced Materials ▪ Strong pricing at +6.5% ▪ Volumes up, incl. Hardgoods ▪ Increased volumes ▪ Sustained high pricing, esp. in U.S. ▪ CG(1) ramp-ups & Strong Materials ▪ Lower E&I(2) ▪ Unfavorable combined effect(3) ▪ Low Cogen & Chemicals ▪ Robust H2 from Refining ▪ Increased pricing at +4.2% ▪ Volumes up excl. helium ▪ Robust Medical Gases ▪ Portfolio management in HHC(4) ▪ H2 Ramp-up in Korea ▪ Soft demand overall ▪ Volumes up especially in China ▪ Increased pricing at +2.1% ▪ +15% sales growth in CG(1) ▪ Strong AM(5) & E&I(2) FY 25: +0.6% FY 25: +1.0%FY 25: +3.9% YTD 26: +5.6% YTD 26: -0.1% YTD 26: +3.6% +8%** +16%** +17%** €2,739mAmericas €2,819mEMEA €1,516mAsia ● LI ● IM ● HC ● EL ● LI ● IM ● HC ● LI ● IM ● EL * Q3 2026 Activity - October 29, 2026
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€2,058m Start-ups contribution almost offsetting low demand Q3 - IM Regaining Momentum, Still Mixed Activity in LI +7.2% sales growth excluding helium ● Increased pricing at +5.3% ● +2% volumes excluding helium ● Main sectors posting volume growth: Construction in the Americas, Beverages in EMEA, Technologies in Asia ● Broadly stable sales excluding combined effect(1) ● Record high volumes in the U.S. ● Flat Asia, low activity in Europe 12 G&S comparable sales growth (1) See in appendix (*) In light: LI comparable sales growth excluding combined effect in Q3 2026 FY 25: +1.9% YTD 26 : +3.9% FY 25: +0.7% YTD 26 : -1.0% Industrial Merchant €3,188m Large Industries -0.5%* Q3 2026 Activity - October 29, 2026
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Resilient growth driven by Medical Gases Leveraging AI boost G&S comparable sales growth (1) Equipment & Installations Q3 - Booming EL, Resilient HC ● Carrier Gases & Advanced Materials up >+10%, >70% of Electronics sales ● Strong E&I(1), especially in Asia ● Asia driving growth ● Robust Medical Gases: Steady pricing supported by value offers ● Low Home Healthcare from portfolio management 13 FY 25: +1.2% YTD 26: +8.1% FY 25: +5.0% YTD 26: +3.8% €1,118mHealthcare €712mElectronics Q3 2026 Activity - October 29, 2026
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▪ Group transformation initiatives ▪ Pursued procurement and industrial efficiencies ▪ +38% pricing effect since 2022 ▪ Continued focus on price management above cost curve Focused on Execution to Deliver Margin Improvement 14 Efficiencies Portfolio Management YTDIM Pricing Q3 2026 +5.3% 2026 YTD €441m Q3 2026 Activity - October 29, 2026 3 small divestitures ■ In U.S., Canada, Brazil and China ■ In China and Poland 10 bolt-on acquisitions Biogas ■ Accelerated closing of 1 strategic acquisition ■ In Europe 1 large scope divestiture ■ In Europe and U.S.
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2026 YTD Investment KPIs(1) Record Level of Decisions and Backlog ▪ New record ▪ Diversified with ~70 projects ▪ Well balanced between Electronics and Large Industries ▪ Record industrial decisions ▪ Q3 main decisions: - Major EL project in Japan - On-site units in the US, China and South-East Asia ▪ Sustained high level despite significant investment decisions ▪ Diversified ▪ Portfolio beyond 12 months >€10bn (2) 15 (1) See definitions in appendix InvestmentDecisions €4.1bn InvestmentBacklog €6.2bn 12-months investment Opportunities €4.8bn Industrial YTD 2026 FY 2025 > Strategic acquisition AIRGAS Q3 2026 Activity - October 29, 2026
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Extended OIR margin improvement(2) Confirmed 2026 Outlook 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) 16 (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 (3) see new definitions in appendix of CMD presentation available on Air Liquide website. in 2026 +100 bps in 2027, an additional +100 bps(3) over 6 years 2022-2027+560 bps Q3 2026 Activity - October 29, 2026
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Appendices
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Combined Effect 18 Large Industries Europe Salesn-1 Volume Energy Price Volume Energy Impact Combined Included in Comparable Sales Included in Comparable Sales Typical price variation Pn Pn-1 Non-significant combined effect Pn Pn-1 Significant price variation V V VnVn-1 Sn = Pn * Vn Vn-1Vn P P Sn = Pn * Vn Excluded from Comparable Sales Positive energy impact Positive volume impact Negative combined effect Positive energy impact “Normal” case Exceptional Q3 2026 case Negative volume impact The combined effect presentation released in 2022 is available on Air Liquide website Q3 2026 Activity - October 29, 2026
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Q3 25 in m€ Q3 26 in m€ Q3 26/25 As published Q3 26/25 ex FX & Energy Q3 26/25 Comparable YTD 26/25 ex FX & Energy YTD 26/25 Comparable 6,599 7,259 +10.0% +4.3% +3.0% +4.3% +2.8% Q3 2026: +4.3% Sales Growth Excluding FX & Energy +1.5% FX +4.2% Energy +1.3% Significant Scope acquisition & Biogas divestiture Group sales 19 Q3 2026 Activity - October 29, 2026
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Q3 2026: Beneficial Mix of Geographies and Activities Large Industries Engineering & Technologies Industrial MerchantHealthcare Electronics Americas €2.7bn 70% 15% 11% 4% 41% 27% 2% 30% 37% 33% 27% 3% 44% 28% 15% 10% 3% Americas 39% EMEA 40% Asia 21% 20 EMEA €2.8bn Asia-Pacific €1.5bn Focus on Gas & Services €7,075mGroup €7,259m Q3 2026 Activity - October 29, 2026
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Q3 26/25 Comparable Sales Growth Q3 sales split EMEA Asia Americas Q3 2026: Sales by Geography 21 (*) See definition in dedicated appendix. In light: LI comparable sales growth excluding combined effect in Q3 2026. HC IM LI EL 15% 70% 11% 4% €2,739m +6.2% €2,819m 41% 30%27% 2% -0.5% 33% 27% 3% 37% €1,516m +7.0% +17% +17% incl. -3%* +0.5% excl. combined effect* Q3 2026 Activity - October 29, 2026
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IM pricing Continued Active Management of IM Pricing Americas EMEA Asia-Pacific Total Industrial Merchant Q3 2026 22 Continued active pricing management Value-added offers, service quality, focus to customers Q3 2026 Activity - October 29, 2026
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Impact of Currency and Energy on G&S Revenue in €m Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 €/USD +75 (119) (140) (204) (258) (61) +32 €/CNY +12 (29) (34) (42) (33) +19 +44 €/JPY +1 +5 (10) (18) (26) (21) (11) €/KRW (5) (7) (8) (13) (22) (24) (2) €/ARS (20) (42) (36) (49) (21) (4) +6 €/CAD (6) (13) (14) (16) (12) (5) (0) €/TWD (2) +1 +1 (7) (10) (9) (7) Others (8) (39) (40) (45) (21) +22 +34 Currency Impact +46 (243) (281) (394) (403) (82) +95 in €m Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 Natural Gas Impact +162 +76 +3 (46) (57) +52 +196 in €m Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 Electricity Impact +58 +9 (7) (19) (15) +35 +80 23 Q3 2026 Activity - October 29, 2026
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Regular and Sustained performance CAGR over 30 years(1) +7.2% +7.2% +5.8% +9.2% 24 (1) Calculated according to prevailing accounting rules over 30 years (2) Adjusted for the 2-for-1 share split in 2007, for free share attributions and for the capital increase completed in October 2016 (3) Based on current year results and proposed for payment the following year. Revenue (in €m) EPS(2) (in €) Cash Flow (in €m) Dividend Per Share(2)(3) (in €) Q3 2026 Activity - October 29, 2026
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www.airliquide.com Investor 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 event 2026 Full Year Results February 19, 2027 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 25 For further information, please contact:
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Disclaimer 26 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.