Slides
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Capital Markets Day 2026 5 October 2026 The next frontier in lasting Value Creation
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CMD 2026 - October 5, 20262 (1) Operating Income Recurring (OIR) as published 1995-2025 BEYOND: Accelerating aLong-Term Track Record over 30 years Project: Confidential 1995 2000 2005 2010 2015 2020 2025 €5.6bn €0.6bn Drivingperformancein all environments OIR Evolution(1) Operating Income Recurring CAGR(1) +7.4% Proven strong earnings compounder
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Accelerated Cash Generation 2011 2016 2021 2025 Net Debt/EBITDA A strong balance sheet allowing for strategic capital allocation 1.5x(2) 2011 2016 H1 20262021 3.3x Op. Cash Flow before WCR rebased(1) CMD 2026 - October 5, 20263 BEYOND: Building on Strong Foundations (1) at constant 2011 FX - rebased (2) Net Debt adjusted for dividend seasonality, last twelve months EBITDA Solid Track Record Project: Confidential A proven high resilience Outstanding Business Model +10.7% CAGR 2017-2025 100 200 300 1.0 2.0 3.0
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CMD 2026 - October 5, 20264 Uniquely Positioned to Maximize Value Creation Pioneering Innovation Uniquely positioned Act as a Responsible Company Perform over the long term ● Pursue sustained growth ● Strengthen profitability ● Increase shareholder returns Value creation Renewed Performance culture Exceptional Global & Local Customer reach
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CMD 2026 - October 5, 20265 BEYOND Objectives 2026 - 2030 +10% ±2% CAGR EPS(1) Recurring PROFITABLE GROWTH >11% in 2030 ROCE(2) Recurring VALUE CREATION -33% reduction by 2035 vs 2020 CO2 emissions(3) IMPACT (1) Recurring net Earnings Per Share CAGR from year-end 2025 to year-end 2030 at 2025 FX, see assumptions and new definitions in appendix (2) Recurring ROCE excluding large strategic acquisitions, see assumptions and new definitions in appendix (3) Reduction of CO2 Scopes 1 and 2, compared to 2020 baseline, within 1.5 degree compatible scenarios Strategic Objectives
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CMD 2026 - October 5, 2026 BEYOND: Main Levers to Drive EPS Objective by 2030 Ce qui est important ce sont les “titres” et les chiffres EPS CAGR(5) recurring Objective 2026-2030 +10% ±2% 6 ~2 to 3 x IP(2) growth +5% ±1% CAGR Sales Growth(1) Investments M&A Dividends Share Buybacks >€40bn(4) Capital Allocation (1) This lever is calculated as a CAGR end of 2025 to end of 2030 at 2025 FX and Energy price; it includes the scope effect of acquisitions (2) Industrial Production, weighted average based on the Group’s geographical footprint, see assumptions in appendix (3) This lever is calculated as the sum of yearly OIR margin improvements at the energy price of the previous year, over the period 2026-2030; see new definitions in appendix (4) Sum of items below over the period 2026-2030; Includes bolt-on and DIG acquisitions but no other strategic acquisitions (5) Recurring net Earnings Per Share CAGR from year-end 2025 to year-end 2030 at 2025 FX. See assumptions and new definitions in appendix Macroeconomy-Adaptive Flexibility +400-600 bps Margin Improvement(3) over 2026-2030
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7 BEYOND: Activating Diverse Sources of Growth (1) This lever is calculated as a CAGR end of 2025 to end of 2030 at 2025 FX and Energy price; it includes the scope effect of acquisitions More from the Base • Assets loading • Densification • Gas applications • Pricing • Electronics / AI • Energy transition • Healthcare • Space Key Growth Markets CMD 2026 - October 5, 2026 Differentiateddeploymentby Geography Leveraging innovation Group sales growth(1) +5% ±1% • Bolt-on • Strategic Acquisitions
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CMD 2026 - October 5, 20268 BEYOND: Innovation Supporting Growth Ammonia cracking World’s first industrial-scale pilot unit Carbon Capture Innovative suite of technologies for a wide range of applications Molybdenum precursors Enabling the next generations of advanced memory and logic chips Superconductivity Facilitate the development of offshore wind power and data centers Technologies for markets of the futurePioneering First-of-its-kind for growth marketsAccelerating Cost efficient solutions to winCompeting Applications to get more from the baseEnabling and Competitiveness
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9 BEYOND: Stepping Up Margin Improvement Specific energy consumption(3) Processes(4) enhanced by AI Processes transferred to GBS(2) Headcount reduction -3% 36% 30% -6% (1) Excluding scope impact (2) Eligible processes transferred to Global Business Services (GBS) (3) The total energy consumed by ASU and Hydrogen production units to produce 1 Nm3 of equivalent products (4) Commercial & Operational processes enhanced by AI (5) This lever is calculated as the sum of yearly OIR margin improvements at the energy price of the previous year, over the period 2026-2030 from 2024 to H1 2026 Group Transformation program launched in 2024 Achievements (1) CMD 2026 - October 5, 2026 Mobilize streamlined organization Leverage global scale AI adoption across the business Deliver local operational excellence Accelerating execution +400-600 bps OIR margin improvement(5)
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DIVIDENDINVESTMENTS in the BUSINESS incl. bolt-on acquisitions CMD 2026 - October 5, 202610 (1) Cumulated industrial and bolt-on acquisitions capital expenditures over 5 years 2026-2030 (2) Estimated dividends over 5 years 2026-3030 (3) includes DIG for €3bn INCREASE €22-25bn(1) ACCELERATE Value accretive strategic ACQUISITIONS(3) BEYOND: Renewed >€40bn Capital Allocation Policy Boosting Shareholder Return Flexible SHARE BUYBACKS enabled by improved performance START MAINTAINING ‘A ’ RATING €4bn by end 2028 While €12-13bn(2) at~60% payout
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11 BEYOND: Talented Teams Committed to Deliver Empowered and accountable teams Performance incentives alignedwith objectives Enhanced performance driven culture CMD 2026 - October 5, 2026
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BEYOND: The Next Frontier in Lasting Value Creation 12 CMD 2026 - October 5, 2026
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01 LISTEN & CARE
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14 Listening to Customers and Adapting to the Environment CMD 2026 - October 5, 2026 Changing Environment ● Emergence of new local supply chains ● New investments for reshoring ● Inflationary environment ● Energy sovereignty ● Energy Transition: A maturing regulatory landscape ● Demand for Value-Based Healthcare ● Massive AI investments (1) A yearly indicator measuring customer satisfaction using a score from 0 to 10 Evolving Customer Dynamics ● Digitization of Healthcare ● AI-improved Customer journey Satisfied customers since 2022(1) ~90% ● Regional production arbitrage ● Security of supply ● Enhanced value of resilience ● Decarbonization mandates
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Shareholders’ priorities Share price performance Dividends growth Share Buybacks program Climate risks adaptation 2/3 Institutional 1/3 individual Society’s expectations Engagement & transparency SuppliersNGOs Public Bodies Local communities 15 We Listen and Care CMD 2026 - October 5, 2026 Employees’ voice Safe & Respectful work environment Career opportunities Meaningful work Simplified organization
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16 (1) Within 1.5 degree compatible scenarios, reduction of emissions by 2035 concerns Scopes 1 and 2 compared to a 2020 baseline (2) Air Liquide direct water withdrawal Elevating Positive Environmental Impact Source of RESILIENCE CMD 2026 - October 5, 2026 -33% CO2 emissions vs 2020(1) Reach Carbon Neutrality(1) Low-carbon ElectricitySourcing Asset Management Carbon Capture Usage / Storage 3 levers 2020-2035 2035 2050 Stay the course on Decarbonization Optimize water use Climate adaptation program -10% water withdrawal(2) in 2030 vs 2025 New Anticipate & adapt to climate change
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02 WE GROW
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18 (1) As published revenue calculated according to prevailing accounting rules over 30 years 1995-2025 Managing Growth Over the Long Term Mid 1990s Early 2000s Mid 2000s Early 2010s Mid 2010s Early 2020s Mid 2020s 2030s Home Healthcare Electronics Hydrogen for clean fuels China development EU Energy crisis COVID resilience Financial crisis resilience Sales CAGR(1) ~+6% Sales Sales CAGR(1) +6% through to 2025 CMD 2026 - October 5, 2026 Middle-East crisis
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19 Strong Mega Trends Continuing to Shape our Industry CMD 2026 - October 5, 2026 Industry Reshoring & Sovereignty Population Ageing & Urbanization Technologies & Innovation Digitization & AI
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20 Translating into Structural Long-Term Drivers to 2030 • Industry Reconfiguration • Reshoring • Energy Transition multi speed & form • Potential new markets Low-single-digit growth • Electrification • Infrastructure developments • Automation & Robotics • Resources optimization Mid-single-digit growth • Large-scale projects • Breakthrough solutions • Uncompromising reliability • Low-impact processes Double-digit growth • Stronger demand for elderly support • Increased patient empowerment • Cost optimization requirements • AI-powered solutions Basic commodities Manufacturing Healthcare Electronics Mid-single-digit growth CMD 2026 - October 5, 2026
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21 BEYOND: Activating Diverse Sources of Growth Differentiateddeploymentby Geography Leveraging innovation More from the Base • Assets loading • Densification • Gas applications • Pricing • Electronics / AI • Energy transition • Healthcare • Space • Bolt-on • Strategic Key Growth Markets Acquisitions (1)This lever is calculated as a CAGR end of 2025 to end of 2030 at 2025 FX and Energy price; it includes the scope effect of acquisitions Group sales growth(1) +5% ±1% CMD 2026 - October 5, 2026
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Group sales growth(1) +5% ±1% 22 BEYOND: Activating Diverse Sources of Growth (1)This lever is calculated as a CAGR end of 2025 to end of 2030 at 2025 FX and Energy price; it includes the scope effect of acquisitions Differentiateddeploymentby Geography Leveraging innovation • Electronics / AI • Energy transition • Healthcare • Space • Bolt-on • Strategic Key Growth Markets Acquisitions More from the Base • Assets loading • Densification • Gas applications • Pricing CMD 2026 - October 5, 2026
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Enhance the Value with Customers 23 Deliver More from the Base ● Increase the loading of existing assets ..+10% by 2030 ● Raise customer densification ● Accelerate bolt-on acquisitions CMD 2026 - October 5, 2026 Maximize Footprint Boost Customer satisfaction ● Partner with customers to develop new gas applications and optimize their processes ● Monitor customer retention & proximity with KPIs: NPS(1), churn ● While deploying new tools for dynamic pricing management Increase growth & profitability (1) Net Promoter Score
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Building Customer Trust to Drive Long-Term Growth ● Identifying opportunities and anticipating customer needs ● Building trusted relationships ● Enabling customer success through tailor-made solutions Creating value for customers CMD 2026 - October 5, 202624
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25 Focus: Develop New Gas Applications in Industrial Merchant CMD 2026 - October 5, 2026 Construction EL component packaging Optical Fiber Energy infrastructure Semiconductor Metal Fabrication Gas opportunities in Data Centers value chain Leveraging AL experts & performance data base High pressure CO2 solution for cleaning of electronic components Data center #new market #new offer #new market Examples Improving customers’ welding productivity & quality Increasing customers’ productivity Welding Secondary Electronics
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Differentiateddeploymentby Geography Group sales growth(1) +5% ±1% 26 BEYOND: Activating Diverse Sources of Growth (1)This lever is calculated as a CAGR end of 2025 to end of 2030 at 2025 FX and Energy price; it includes the scope effect of acquisitions Leveraging innovation • Bolt-on • Strategic Acquisitions More from the Base • Assets loading • Densification • Gas applications • Pricing • Electronics / AI • Energy transition • Healthcare • Space Key Growth Markets CMD 2026 - October 5, 2026
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Leading the Next-Gen Chip Market ● Unique expertise in advanced high-value molecules ● Fully integrated value-chain, from R&D to inside-fab ● First-to-market with molybdenum precursor solutions for next-gen chips Critical enabler of the AI revolution 27 CMD 2026 - October 5, 2026
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28 AI Driving Strong Momentum in Electronics CMD 2026 - October 5, 2026 Higher gas intensity per chip SC(1) volume production ~+8% CAGR(2) end 2025-2030 (1) Semiconductor (2) source: TechInsights (3) Carrier Gases (4) Advanced Materials (5) At the end of June 2026 (6) CAGR end of 2025 to end of 2030 at 2025 FX and Energy price; it includes the scope impact of DIG acquisition AI strong momentum More process steps Sovereignty Advanced packaging Differentiating factors Global leader in EL Reinforced by acquisition >+10% sales CAGR(6) 2026-2030 ~50% #1 >50%of the growth already secured Services Electronic Specialty Materials Carrier Gases Advanced Materials of 12-months Group investment opportunities(5) FY 25 EL sales split Only player with a comprehensive offer● Strong customer intimacy ● Teams of global experts ● Proven reliability over decades ● Innovation: cost effective CG(3) units and creative AM(4) Equipment & Installation Strong driver for AL EL growth
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29 2025 2030 Carrier Gases Advanced Materials Base(2) Existing backlog €2.5bn >€4bn Sales Sales Project opportunities • 40% of H1 2026 backlog • Made of 26(3) projects incl. 11 large projects >€100m Capex • In 11 countries, in strategic SC(4) hubs Strong Momentum DIVERSITY of Projects STRATEGIC CUSTOMER ACCOUNTS Electronics backlog H1 24 H1 26 +80% €1.4bn €2.5bn (1) CAGR end of 2025 to end of 2030 at 2025 FX and Energy price; it includes the scope impact of DIG acquisition(2) including the scope impact of DIG acquisition (3) projects >€10m of investment (4) Semiconductor Post-2030 sales contribution Sales CAGR(1) >+10% CMD 2026 - October 5, 2026 Main Drivers ofElectronics Sales Growth
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30 EL: Carrier Gases and Advanced Materials, 2 Growth Drivers Key Drivers of Profitable Growth & Margin Expansion Carrier Gases ● Attractive business model ● Long-term contracts ● Energy passthrough ● Cost effective assets leveraging best-cost countries and local engineering ● Larger units to supply mega Fabs ● >20 project start-ups between 2026 & 2028 ● Gas usage: carry, inert, purge & clean ● Only supplier among Industrial Gas players ● Increased customers intimacy with R&D team ● Tailored solutions for advanced memory & logic chips supported by strong IP ● Gas usage: etching and deposition ● Proprietary equipment to deliver molecules ● Molybdenum precursors breakthrough >+30% sales CAGR 2026-2030 Advanced Materials production sites A differentiating offer Advanced Materials 51% of EL salesin 2025 17% of EL salesin 2025 CMD 2026 - October 5, 2026
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The Partner of Choice in the Energy Transition Leading the Energy Transition ● Driving impact by supporting affordability, at scale & sustainability ● Trusted partner with cutting-edge technologies 31 CMD 2026 - October 5, 2026
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32 Energy Transition: A Leading Position on a Sustained Growth Market Benefit from Sovereignty & Reshoring Adjust to the different paces of drive towards Energy Transition & regulations across geographies A Structural Growth Market (1) Gross capex, before taking into account subsidies (2) First-of-its-Kind Sales Growth breakdown Backlog(1) in H1 2026 >10% IRR hurdle rate 2025 2030 Sales Sales First sales contribution 8 majors projects>€100m Capex Innovation: Industrialize FoiK(2) technologies 2026-2030 Other projects Sales Long-Term supply contracts with Take Or Pay clauses €2.2bn Selective investments decisions over 2026-2030 €2.5bn Post-2030 sales contribution Additional + >€700m Standard Business Model CMD 2026 - October 5, 2026
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33 Healthcare: Driver of Robust Growth & Resilience (1) CAGR end of 2025 to end of 2030 at 2025 FX Value for customers and patients through optimized Continuum of care 2026-2030 +4-6% sales CAGR(5) Healthcare A unique position on patient pathway Diagnosis & prescription HHC Patient Patient Care at home Crisis acute care 1 2 3 Primary production Hospital IM / Medgas from industrial context optimization with hospitals focusing on acute care for reduced Healthcare spending demographic & societal trends A Resilient Growth Market Long Lasting Independent Patient Pathways Value Transformation CMD 2026 - October 5, 2026 Medical gases: value & synergies Enhanced synergies with: ● Industrial Merchant ● Home Healthcare in marketing and supply chain Accelerate Value offer delivery across hospitals and proximity care
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Home Healthcare: Growth and Value Creation 34 (1) OECD data (2) source: Hajat & Stein, Preventive Medicine Reports CMD 2026 - October 5, 2026 Rising chronic diseases ⅓ of adults living with chronic condition(2) Boosted by the shift From hospital to home Enhanced patients Digitization AI acceleration for patients through augmented Human care Healthcare spending projected >10% of global GDP by 2030(1) Dynamic Market Trends • Value creation for patients while reducing Healthcare spendings Market leader in profitability: selective footprint, density, adaptive restructuring • Active portfolio management with boost of bolt-on M&A • From size to scale through standardized global processes & tools, propelled by AI 2.3 million patients Leader in Value and Profitability global leaderin HHC#1 10 million interactions / year 30 countries
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Scaling Superior Care with Agentic AI ● Frontrunner in Customer Relations ● Combining human expertise with AI at scale ● Unmatched quality of care and efficiencies to manage high volumes at optimized cost Differentiating the Patient experience with Agentic AI CMD 2026 - October 5, 202635
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36 Strengthening Position in Private Space Market CMD 2026 - October 5, 2026 High Momentum for IG(1) Igniting Space Market Strong AL positioning ● Leading IG supplier in Space for 60+ years with recognized expertise ● Presence over the full value chain from Rockets Manufacturing, Space Transportation, Satellites to Exploration ● Supply all US major space hubs in remote areas High growth potential (1) Industrial Gases (2) CAGR end of 2025 to end of 2030 (3) Source: Internal Intelligence; Main assumptions: of which 60% for propellant, mostly made of ~140 XXL rockets, includes sale of equipment, services and gases Driven by Connectivity Arising Opportunities ~€1.8 bn >+15% CAGR(2) Private players accelerating Decreasing launch costs: ● increased cadence ● use of large reusable rockets 2030 Industrial Gas Market(3) Air Liquide presence in space hubs So far Bulk market and Sales of Equipment Mid-Term Mix of Bulk, Sales of Equipment and potentially emerging Long-Term supply contracts with secured return on capital
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Group sales growth(1) +5% ±1% 37 BEYOND: Activating Diverse Sources of Growth (1)This lever is calculated as a CAGR end of 2025 to end of 2030 at 2025 FX and Energy price; it includes the scope effect of acquisitions Differentiateddeploymentby Geography Leveraging innovation More from the Base • Assets loading • Densification • Gas applications • Pricing • Electronics / AI • Energy transition • Healthcare • Space Key Growth Markets CMD 2026 - October 5, 2026 • Bolt-on • Strategic Acquisitions
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CMD 2026 - October 5, 202638 (1) Source: internal intelligence (2) At 2025 FX Accelerate Acquisitions Major asset take-over in South Africa ~€0.4bn sales 67 bolt-on acquisitions mainly 53 11 in in 29 divestitures to streamline portfolio 2022-2025 Business • Increased density and local footprint • Expand activities in new geographies (e.g. HC) Financial • Value creation • Growth & cost synergies • Short term EPS accretion Close strategic deals & accelerate bolt-on2026-2030 ~+€0.5bn(2) sales Integrate Select criteria Value-accretive strategic acquisitions ~40%(1) of market in the hands of independent players
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Group sales growth(1) +5% ±1% 39 BEYOND: Activating Diverse Sources of Growth (1)This lever is calculated as a CAGR end of 2025 to end of 2030 at 2025 FX and Energy price; it includes the scope effect of acquisitions Differentiateddeploymentby Geography More from the Base • Assets loading • Densification • Gas applications • Pricing • Electronics / AI • Energy transition • Healthcare • Space Key Growth Markets CMD 2026 - October 5, 2026 • Bolt-on • Strategic Acquisitions Leveraging innovation
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(1) Deep Tech: Disruptive technologies for Science, Fusion, Space and Quantum Computing ; (2) First-of-its-Kind ; (3) Total Cost of Ownership • Nextgen Advanced Materials for Electronics and AI • Deep Tech(1) • Digital Healthcare • CryocapTM • Electrolyzers • Ammonia Cracking • LH2 • Differentiate through Competitive TCO(3) • AI for operational excellence • Additive Manufacturing • Battery Manufacturing • Recycling • Advanced packaging & testing of chips (1) Deep Tech: Disruptive technologies for Science, Fusion, Space and Quantum Computing (2) First-of-its-Kind (3) Total Cost of Ownership Driving Growth and Competitiveness through Innovation Accelerating Competing Enabling Pioneering technologies for markets of the future industrialization of FoiK(2) technologies for growth markets through cost-efficient solutions new gas applications to get more from the base CMD 2026 - October 5, 2026 40
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Advanced Materials 41 (1) High Bandwidth Memory New Gas Applications to Unlock Customers Tech Progress3 case studies Enable most advanced AI chips production <3nm & HBM(1) CMD 2026 - October 5, 2026 New materials forfaster and lower energy consumption chips Superconductivity Connect offshore wind farms and data centers to transport large energy amounts without loss Tailored compact, reliable & economical on-site cold generation (~-200°c) Additive Manufacturing Support production ramp-up with consistent quality Flow mapping unit to improve homogeneity of the shield gas flow
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42 Record FoiK(1): Moving Towards IndustrializationSupporting Growth Markets Few examples CMD 2026 - October 5, 2026 Technologies Projects Carrier Gases CryocapTM Electrolyzer NH3 Cracking Large ASU ● Port of Antwerp-Bruges ● Enhance project, Belgium ● Scale up in size 10x in 10 years ● TCO(2) competitiveness ● Hydrogen, ● Flue Gas, ● Liquefaction ● PEM(3) with ● Dual tech (PEM/Alkalin) ● Industrial scale pilot ● Large-scale development ● Very large ASU for O2 production ● Porthos ● Holcim pilot, Aalborg Portland ● Stockholm Exergi Electronics Energy Transition Space Acting as the Pioneer, opening new markets ● Ongoing development with customers ● Normand’Hy ● ELYgator ● Ongoing development with customers (1) First-of-its-Kind (2) Total Cost of Ownership (3) Proton Exchange Membrane
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(1)This lever is calculated as a CAGR end of 2025 to end of 2030 at 2025 FX and Energy price; it includes the scope effect of acquisitions 43 BEYOND: Activating Diverse Sources of Growth Differentiateddeploymentby Geography More from the Base • Assets loading • Densification • Gas applications • Pricing • Electronics / AI • Energy transition • Healthcare • Space Key Growth Markets CMD 2026 - October 5, 2026 • Bolt-on • Strategic Acquisitions Leveraging innovation Group sales growth(1) +5% ±1%
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44 Differentiated Growth Strategy Deployment per Geography Gas & Services sales CAGR 2026-2030 ex FX and Energy(1) CMD 2026 - October 5, 2026 EMEA • Select opportunities driven by Sovereignty and Energy Transition • Optimize asset base +2-3% growth(1) Americas • Capture Growth opportunities in all activities • Leverage #1 position in US industrial gases(2) +5-6% growth(1) Asia • Leverage EL momentum driven by AI • Capture manufacturing growth +8-9% growth(1) (1) Indicative split of the Growth lever by geography; see assumptions and new definitions in appendixCAGR end of 2025 to end of 2030 at 2025 FX and Energy price; it includes the scope effect of acquisitions notably DIG acquisition in Asia (2) Gas & Services excluding Home Healthcare Americas 40% EMEA 41% Asia 19% 2025 Gas & Services sales split
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45 Americas - U.S. Focus - Capturing Growth CMD 2026 - October 5, 2026 Structurally low Energy costs Sustained inflation >+2% Industrial Gas Market #1 A Growth Market (1) Gas & Services excluding Home Healthcare (2) Carrier Gases (3) Advanced Materials (4) CAGR end of 2025 to end of 2030 at 2025 FX and Energy price; Indicative split of the Growth lever by geography; see assumptions and new definitions in appendix ● >5 CG(2) major projects start-ups ● AM(3) volumes boost ● +10% sales CAGR(4) Strengthening our US Leading Footprint ● PG densification ● Bulk asset loading & On-site ● Pricing to address inflation ● M&A acceleration ● Metals & Chemicals projects ● 80% of Start-ups contribution secured ● Volumes in and beyond hospitals ● Pricing supported by value offers Gas supplier of U.S. industry(1) #1 2026-2030 +5-6% sales CAGR(4) Americas Growth drivers: EL gases market >x2 by 2030 Reshoring Data centers, infrastructure Space
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46 EMEA - Delivering Sales Growth While Transforming Sales CAGR(1) ~+6% CMD 2026 - October 5, 2026 De-industrialization Diverse Playground High Energy price Challenging EU industry competitiveness Eroding base business Requiring ability to manage complexity Adapting to an Evolving Environment (1) Energy Transition (2) CAGR end of 2025 to end of 2030 at 2025 FX and Energy price, excluding South-Africa (3) CAGR end of 2025 to end of 2030 at 2025 FX and Energy price; Indicative split of the Growth lever by geography; see assumptions and new definitions in appendix • in the region • in ET(1) • in HC & EL Leveraging on: ● Strategic asset base ● Innovation platform ● Talented & Engaged employees Constantly optimize portfolio Start & load projects under construction Sign new contracts (Cement CCS, H2) Grow in Energy Transition Leverage Medical Gases Develop synergies with IM Reshoring (Steel, Semiconductor)Capture Sovereignty opportunities Pursue basins reconfiguration Accelerate asset loading >+10% sales CAGR(2) #1 2026-2030 +2-3% sales CAGR(3) Middle-East-Africa-India focus ● Start-ups contribution ● Asset takeovers ● Dynamic Business development ● Pricing focus ● Asset loading ● Bolt-on acquisitions Agility to capture market opportunities
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47 Asia - Growth Driven by Electronics Sales CAGR(1) ~+6% CMD 2026 - October 5, 2026 of the TOP 20 IG(1) markets An Expanding Market Mixed mature/emerging economies Confirmed as a semiconductor hub 5 Synergized growth across Business Lines China focus ●Leverage local capabilities to enhance competitiveness #1 in Electronics ● Capture high-value petrochemicals wave ● Electrification of assets & PPA(6) development ● Shift to Advanced Manufacturing ● AL leading position IG(1) global market ● CG(2) ~€3bn investment ● AM(3) volumes boost ● Growth in Korea leveraging 40% 29% 2020 2030 Share of EL in total Asia sales #1 ● Pricing focus everywhere ● Bulk asset loading & PG Densification ● Bolt-on acquisitions ● Industrial upgrading projects ● Asset takeovers ● Piggyback(4) for liquid #2 2026-2030 +8-9% sales CAGR(5) (1) Industrial Gas market, based on internal intelligence (2) Carrier Gases, investment decisions in 2026-2030 (3) Advanced Materials (4) Product sourcing from Large Industries units to other activities (5) CAGR end of 2025 to end of 2030 at 2025 FX and Energy price; ; it includes DIG acquisition; Indicative split of the Growth lever by geography; see assumptions and new definitions in appendix (6) Renewable Power Purchase Agreement
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03 WE PERFORM
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49 Diagram not to scale (1) This lever is calculated as the sum of yearly OIR margin improvements at the energy price of the previous year, over the period 2026-2030 Stepping Up Margin Improvement 2025 2030 VOLUMES, MIX, PRICING, PORTFOLIO STREAMLINED ORGANIZATION GLOBAL LOCAL AI fully embedded in the Organization Transformation program launched in 2024 +400-600 bps OIR margin improvement(1) From decentralized to more global Leverage global & local capabilities Developa culture of performance ~50% Efficiencies ~50% ~50% CMD 2026 - October 5, 2026
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+400-600 bps OIR margin improvement(1) Transformation program launched in 2024 From decentralized to more global Leverage global & local capabilities Develop a culture of performance 50 Diagram not to scale (1) This lever is calculated as the sum of yearly OIR margin improvements at the energy price of the previous year, over the period 2026-2030 2025 2030 VOLUMES, MIX, PRICING, PORTFOLIO 2. GLOBAL 3. LOCAL AI fully embedded in the Organization Efficiencies ~50% ~50% 1. STREAMLINED ORGANIZATION Stepping Up Margin Improvement CMD 2026 - October 5, 2026
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51 1. Mobilize a Powerful Streamlined Organization FY 2023 H1 2026 67,800 64,700 Scope change 39 acquisitions 23 divestitures since 2023 EMEA AMERICAS ASIA excl. Scopes -4,000 headcount • Management layers up to -3 • Merged operations creating synergies Further adjust organization Align corporate functions <1% of total headcount Deliver structural efficiencies -6% CMD 2026 - October 5, 2026 OTHERS
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+400-600 bps OIR margin improvement(1) AI fully embedded in the Organization Transformation program launched in 2024 From decentralized to more global Leverage global & local capabilities Develop a culture of performance 1. STREAMLINED ORGANIZATION 52 Diagram not to scale (1) This lever is calculated as the sum of yearly OIR margin improvements at the energy price of the previous year, over the period 2026-2030 2025 2030 VOLUMES, MIX, PRICING, PORTFOLIO 3. LOCAL ~50% Efficiencies ~50% 2. GLOBAL Stepping Up Margin Improvement CMD 2026 - October 5, 2026
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CMD 2026 - October 5, 202653 (1) Performance Management System (2) Global Business Services 2. Leverage GLOBAL Scale ● More global sourcing ● Increased sourcing from leading competitive countries GB Services(2) ● Free up operations from transactional tasks in Finance, Procurement, IT, HR ● Already >1,700 employees ● Simplify & standardize processes & tools ● Enable wide scale use of AI Digital & IT/AI ProcurementIndustrial Discipline Standardization Global Tools x2 by end of 2030 ● Single Industrial organization ● Competitive standard developments ● PMS(1) ● Transversal industrial initiatives
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54 (1) Before back-up (2) Order Fill rate: the percentage of packaged gas orders delivered complete and on time to customers A Single Industrial Organization to Accelerate Performance Simplify & standardize processes & digital tools CMD 2026 - October 5, 2026 Improve COMPETITIVENESS Maximize asset leverage +10% asset loading Reduce CAPEX -15% on new plants Deliver BEST -IN-CLASS RELIABILITY of supply >3x less production incidents(1) Sustained >95% OFR(2) Deploy a PERFORMANCE DRIVEN culture Focused set of 20 managerial KPIs Strengthen Knowledge Management From 15 to 1 AI-boosted platform Empower teams, reinforce accountability KPI by 2030
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Driving End-to-End Operational Excellence ● End-to-end approach leveraging the power of digital and AI ● Instantly aligning customer demand, production and distribution ● Maximizing reliability and efficiency Optimizing full supply chain efficiency CMD 2026 - October 5, 202655
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56 Main Industrial Initiatives to Step up Performance 2-PG(1) Optimization Logistics Primary production Storage at customer Self operating plants Bulk supply chain optimization Customer plant supplied by Pipeline Predictive Maintenance +10% tons delivered by trip Maximized Asset loading +10% loading 1-Regional End-To-End Optimization Cylinder filling Logistics Customers Semi automated PG operations +50% productivity(2) PG supply chain optimization +20% ETC(3) per km PG Operations & Deliveries planning -20% references (1) Packaged Gases (2) Number of Equivalent cylinders filled per operator hour (3) Equivalent Transported Cylinder per kilometer driven Primary Production & Bulk PG(1) Distribution 3-Going to the next level of optimization using CMD 2026 - October 5, 2026 KPI by 2030
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57 Focus - Automatization of Primary Production (1) Except for regulatory purpose in certain countries (2) Before back-up by 2030 KPI by 2030 CMD 2026 - October 5, 2026 Logistics Storage at customer Self operating plants Bulk supply chain optimization Customer plant supplied by Pipeline Predictive Maintenance +10% tons delivered by trip Maximized Assets loading 1-Regional End-To-End Optimization Primary Production & Bulk +10% loading Primary Production Automatization • Production no longer requiring continuous on-site human presence >3x less production incidents(2) • Plant run at best operating mode, leveraging proprietary algorithm and AI • Enhanced predictive maintenance with AI Target >95% sites(1) +50% faster ramp response to arbitrage energy volatility Optimized safety, reliability and efficiency Primary production
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Logistics Storage at customer Self operating plants Bulk supply chain optimization Customer plant supplied by Pipeline Predictive Maintenance +10% tons delivered by trip Maximized Assets loading 1-Regional End-To-End Optimization Primary production 58 Focus - Regional End-To-End Optimization ● End-to-end / full supply chain optimization ● Increased asset modulation to capture best variable energy prices ● Using digital tools and AI Improved competitiveness to capture efficiencies & new customers 8 end-to-end optimization centers Primary Production & Bulk +10% loading KPI by 2030 CMD 2026 - October 5, 2026
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59 Main Industrial Initiatives to Step up Performance 2-PG(1) Optimization Logistics Primary production Storage at customer Self operating plants Bulk supply chain optimization Customer plant supplied by Pipeline Predictive Maintenance +10% tons delivered by trip Maximized Asset loading +10% loading 1-Regional End-To-End Optimization Cylinder filling Logistics Customers Semi automated PG operations +50% productivity(2) PG supply chain optimization +20% ETC(3) per km PG Operations & Deliveries planning -20% references (1) Packaged Gases (2) Number of Equivalent cylinders filled per operator hour (3) Equivalent Transported Cylinder per kilometer driven Primary Production & Bulk PG(1) Distribution 3-Going to the next level of optimization using KPI by 2030 CMD 2026 - October 5, 2026
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Transformation program launched in 2024 From decentralized to more global Leverage global & local capabilities Develop a culture of performance 3. LOCAL 1. STREAMLINED ORGANIZATION 60 Diagram not to scale (1) This lever is calculated as the sum of yearly OIR margin improvements at the energy price of the previous year, over the period 2026-2030 2025 VOLUMES, MIX, PRICING, PORTFOLIO Efficiencies ~50% ~50% 2. GLOBAL Stepping Up Margin Improvement +400-600 bps OIR margin improvement(1) 2030 AI fully embedded in the Organization CMD 2026 - October 5, 2026
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61 AI Fully Embedded in the Business of workforce equipped withAI tools Supported by 800 AI Champions Wide Adoption Cost, Price management, Commercial efficiencies Transformation Roadmaps Core Business Transformation IndustrialDaily Data R&D & Long-term vision Drive competitive advantage by leveraging global data Supported by standardized & aligned processes CMD 2026 - October 5, 2026 1 32 100% 5+ 3.5bn
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Industrial Operations CMD 2026 - October 5, 202662 (1) Enhanced by predictive maintenance with AI, before back-up (2) Optimized by Semi-Automated operations; productivity is calculated by the number of Equivalent cylinders filled per operator hour (3) Bulk supply chain optimization (4) Home Healthcare Selective use of AI in Core Business5 Roadmaps to Create Value Engineering & Technologies ● Fast delivery of accurate proposals ● AI-powered permitting in record time Reduction of time-to-offer by 2030 ● End to end efficiencies on full Supply Chain ● Primary Production ● Run at best operating rate ● Reduce energy consumption ● Enhance predictive maintenance ● Manage renewable energy intermittency ● Filling Centers ● Optimize cylinder storage & handling ● Logistics ● Improve Bulk inventory & routing Sales force support ● AI-powered pricing guidance ● Competitive intelligence scanner to assist 1m visits / year to IM PG customers Beyond use case AI agent Customer Care ● Direct entry in ERP of cylinder orders from customer emails ● Customer call transcripts in CRM for >1m calls / month in Europe, Airgas and HHC France Beyond use case AI agent Patients Care ● HHC(4) personalized care plans ● HHC(4) prescription managementto predict sleep apnea treatment discontinuation Beyond use case AI agent -25% >3x +50% +10% less production incidents(1) by 2030 Packaged Gases productivity(2) by 2030 tons delivered by trip(3) by 2030
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AI fully embedded in the Organization +400-600 bps OIR margin improvement(1) Transformation program launched in 2024 From decentralized to more global Leverage global & local capabilities Develop a culture of performance 1. STREAMLINED ORGANIZATION 63 Diagram not to scale (1) This lever is calculated as the sum of yearly OIR margin improvements at the energy price of the previous year, over the period 2026-2030 2025 2030 VOLUMES, MIX, PRICING, PORTFOLIO ~50% 2. GLOBAL 3. LOCAL Stepping Up Margin Improvement Efficiencies ~50% CMD 2026 - October 5, 2026
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CMD 2026 - October 5, 202664 3. Deliver Local Operational Excellence Deployment of Global programs Free-up time for operationsProcess standardization & convergence AI for core business transformation Global Business Services Procurement Reliability Efficiencies To focus on First class customer service Safety
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100 bps 80 bps 60 bps 40 bps 20 bps 0 bps 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 65 (1) This lever is calculated as the sum of yearly OIR margin improvements at the energy price of the previous year, over the period 2026-2030 Wrap-up - Stepping Up Margin Improvement 2026 2027 2028 20302029 Yearly OIR margin improvements at the energy price of the previous year +400-600 bps OIR margin improvement(1) CMD 2026 - October 5, 2026
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04 FINANCIAL WRAP-UP
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Lorem ipsum dolor sit amet consectetuer Financial Wrap-up 1. Solid track record & Objectives 2. Investments & Business Model 3. Renewed Capital Allocation Policy CMD 2026 - October 5, 202667
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68 Solid Track Record over the Long Term CAGR over 30 years(1) - Published figures (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. Adjusted for the 2-for-1 share split in 2007, for free share attributions and for the capital increase completed in October 2016 CMD 2026 - October 5, 2026 Revenue (in €m) EPS(2) (in €) Cash Flow (in €m) Dividend Per Share(3) (in €) +6% CAGR +7% CAGR +7% CAGR +9% CAGR
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Dividend per share(1) Share price evolution Base 100 in 2016 69 (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) Compound annual growth rate of an investment in Air Liquide shares, including reinvested dividends and loyalty bonus Consistently Creating Shareholder Value Air Liquide CAC 40 STOXX 600 +38% dividend over 3 years +12% +15% +12% over 10 years over 20 years over 5 years +9% +10% +6% CAC 40 € CMD 2026 - October 5, 2026 Share price evolution Base 100 in 2016 Total Shareholder Return CAGR(2) ~x3 ~x2
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IM Pricing 70 (1) calculated as the sum of yearly OIR margin improvements at the energy price of the previous year, over the 10 year period 2016-2025 Significant Step Change in Margin Improvement Over 4 years under >+30% €2bn 67 acquisitions 29 divestitures CMD 2026 - October 5, 2026 OIR margin improvement(1) +600 bps Over 10 years(1) 2016-2025 3 main drivers 100 bps 80 bps 60 bps 40 bps 20 bps 0 bps 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Portfolio Management Efficiencies
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71 (1) At constant 2011 FX (2) Net Debt adjusted for dividend seasonality, last twelve months EBITDA The Foundation of Our Beyond Ambition Diversified ● Presence in 59 countries ● 4m customers & patients ● Adjusting further the organization ● AI leverage on operations Agile locally & globally ● ~€300m annual innovation spending ● Several FoiKs under industrialization Innovative ● >10% threshold for return on investment ● Strong contractual Terms & Conditions Disciplined ● Serving 90% of industrial segments ● >30% sales with 15 years contracts & TOP Resilient business model Robust features Strong financials CMD 2026 - October 5, 2026 Accelerated Cash Generation 2011 2016 2021 2025 Net Debt/EBITDA A strong balance sheet allowing for strategic capital allocation 1.5x(2) 2011 2016 H1 20262021 3.3x Op. Cash Flow before WCR rebased(1) +10.7% CAGR 2017-2025 100 200 300 1.0 2.0 3.0
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CMD 2026 - October 5, 202672 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 and new definitions in appendix (2) Recurring ROCE excluding large strategic acquisitions, see assumptions and new definitions in appendix (3) Reduction of CO2 Scopes 1 and 2, compared to 2020 baseline, within 1.5 degree compatible scenarios
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CMD 2026 - October 5, 2026 BEYOND: Main Levers to Drive EPS Objective by 2030 Ce qui est important ce sont les “titres” et les chiffres Investments M&A Dividends Share Buybacks EPS CAGR(5) recurring Objective 2026-2030 (1) This lever is calculated as a CAGR end of 2025 to end of 2030 at 2025 FX and Energy price; it includes the scope effect of acquisitions (2) Industrial Production, weighted average based on the Group’s geographical footprint, see assumptions in appendix (3) This lever is calculated as the sum of yearly OIR margin improvements at the energy price of the previous year, over the period 2026-2030; see new definitions in appendix (4) Sum of items below over the period 2026-2030; Includes bolt-on and DIG acquisitions but no other strategic acquisitions (5) Recurring net Earnings Per Share CAGR from year-end 2025 to year-end 2030 at 2025 FX. See assumptions and new definitions in appendix 73 ~2 to 3 x IP(2) growth +1,000 bps over 2020-2030 Growth back-loaded across 2026–2030 Sales Growth(1) Margin Improvement(3) Capital Allocation Macroeconomy-Adaptive Flexibility >€40bn(4) +5% ±1% CAGR +400-600 bps over 2026-2030 +10% ±2%
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74 (1) Indicative split of the Growth lever by activity; see assumptions and new definitions in appendix; CAGR end of 2025 to end of 2030 at 2025 FX and Energy price; it includes the scope effect of acquisitions notably DIG acquisition in Asia (2) Proportion of growth from contractually secured projects relative to sales growth before erosion Sales Growth excl. FX and Energy CAGR 2026-2030(1) Start-ups contribution partly offset by sales erosion in some geographies IM LI EL HC E&T +4-6% +1-3% >+10% +4-6% 2025 Sales 2030 Sales Already secured(2) Alreadysecured BEYOND: Consolidated Growth per Activity Sales CAGR(1) +5% ±1% CMD 2026 - October 5, 2026
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Lorem ipsum dolor sit amet consectetuer Financial Wrap-up CMD 2026 - October 5, 2026 1. Solid track record & Objectives 2. Investments & Business Model 3. Renewed Capital Allocation Policy 75
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Acceleration over the last 10 years 76 (1) Excluding Airgas acquisition (2) Cumulated industrial investments decisions over 5 years 2026-2030 (3) Investments in assets renewals, efficiency, maintenance and safety First Priority: Invest in the Business with Strong Capital Discipline Industrial investment decisions >€2bn/y >€3bn/y >€4bn/y (1) Focus on CO2 emissions reductionDouble-digit IRR Diversity of projects Increased size of individual projects Industrial Investment Decisions in 2026-2030(2) CMD 2026 - October 5, 2026 EMEA Americas Asia Asset base resilience(3) €24bn Growth projects
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Project development 77 (1) Elements to illustrate Large Industries and Electronics Carrier Gases projects, real figures may vary on a case by case basis (2) Year S: year of Start-up OIR in Absolute Value: Understanding How Investments Translate to Returns Portfolio ofopportunities Final InvestmentDecision (FID)(entering backlog) Year S-3 200 Prior to entering backlog: Stringent project selection based on returns Start-up & ramp-up … … 50 50 50 50 15 18 >20 >20 >20 • Medium and large projects 2 to 3 years construction • Very large projects 3 to 5 years construction in m€ CMD 2026 - October 5, 2026 Year S-3 200 Year S(2)-4 200 CapitalExpenditure in m€ Year S-3 Year S-2 Year S-1 Year S(2) Year S(2) Year S+1 Year S+2 Year S-15 OIR Contribution(Plant in operation) Project execution- Large industries and Electronics project(1)
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Capital intensity with SUBSIDIES Capital intensity by PRODUCTS Hydrogen OIR/Sales margin Structurally Air gases OIR/Sales margin ASU Air gases SMR(2) Hydrogen Identical CAPEX Identical IRR Capital Intensity in a given geography(1) ~3 ~1.5 Air gases sales ~50% of H2 sales Net CAPEX Subsidies Identical OIR(3) in absolute value • Backlog is made of Gross Capex • Sales are based on Capex net of subsidies Subsidies represent up to 30% to 50% of gross CAPEX, mostly in Energy Transition projects Gross CAPEX Backlog Capital intensity can vary significantly, implying: • Difficulty in SALES MODELING • High variability of OIR/SALES MARGIN levels 78 (1) Ratio of capital required to generate one euro of revenue (with energy 100% passed through: electricity for ASU, natural gas for SMR). The 1.5 figure is illustrative as energy costs vary by geography (2) Steam Methane Reformer (3) Operating Income Recurring Various Capital Intensities Given Increased Diversity of Projects TAKEAWA YS Project Economics calculated on Net Capex CMD 2026 - October 5, 2026
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Energy impact by TYPE OF CONTRACT Energy impact by GEOGRAPHY • SALES not fully reflective of business growth • OIR/SALES MARGIN not fully reflective of business performance • OIR in ABSOLUTE VALUE as best aggregate 79 (1) Henry Hub & TTF (2) Theoretical illustrative project Energy: Significant Impact on Sales and Margin CMD 2026 - October 5, 2026 WITH energy passthrough thereof Energy NO energy passthrough • Industry standard: energy costs passed through to customer • Energy costs vary greatly across regions • Customers in Energy Transition & Electronics often provide energy Identical Project, CAPEX, Secured IRR but identical OIR in absolute value Higher Sales in Europe Lower OIR/Sales margin in Europe but identical OIR in absolute value Lower Sales w/o energy passthrough Higher OIR/Sales margin w/o energy passthrough thereof Energy NG €9/MWh(1) NG €37/MWh(1) NG €80 MWh(1) Total sales OIR/Sales(2)35% 15% TAKEAWA YS
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80 (1) Energy costs not re-invoiced to customers Wrap-up: Adapting Models to Business Shifts Business Model Evolution TAKEAWA YS Sales & sales derived KPIs (OIR/Sales) not relevant metrics for business development OIR in absolute value best KPI to follow: • growth • projects contribution ROCE remains our compass • Increased diversity of capital intensity • Energy prices: higher volatility and regional disparity • Greater share of “tolling” projects(1) CMD 2026 - October 5, 2026
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Lorem ipsum dolor sit amet consectetuer Financial Wrap-up CMD 2026 - October 5, 2026 1.Solid track record & Objectives 2. Investments & Business Model 3. Renewed Capital Allocation Policy 81
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DIVIDEND INVESTMENTS in the BUSINESS incl. bolt-on acquisitions Flexible SHARE BUYBACKS enabled by improved performance CMD 2026 - October 5, 202682 (1) Cumulated industrial and bolt-on acquisitions capital expenditures over 5 years 2026-2030 (2) Estimated dividends over 5 years 2026-3030 (3) includes DIG for €3bn INCREASE €22-25bn(1) €12-13bn(2) ACCELERATE Value accretive strategic ACQUISITIONS(3) START MAINTAINING ‘A ’ RATING €4bn by end 2028 BEYOND: Renewed >€40bn Capital Allocation Policy Boosting Shareholder Return While SHAREHOLDER RETURNS 2 1 3 4 GROWTH at~60% payout INCREASE
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83 BEYOND: Boosting Shareholder Returns vs Advance Dividend annual average Dividend annual average Share Buybacks CMD 2026 - October 5, 2026 Dividend payout ~60%
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84 Teams Committed to Deliver: Incentives Aligned with Objectives Project: Confidential IM Salesforce • Up to 2x annual bonus • Quarterly targets • Monthly review • KPIs focused on outcomes Churn, Customer Profitability, Business Development CMD 2026 - October 5, 2026 Annual Scope: Comex members & 350+ senior executives • 60% PERFORM Sales & profitability • 30% TRANSFORM Progress of Group program • 10% IMPACT Sustainability Long-Term Scope: ~2,700 managers Performance shares over 3 years • 50% ROCE • 35% TSR • 15% CLIMATE Leadership Team Enhanced Performance Driven Culture
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CONCLUSION
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CMD 2026 - October 5, 202686 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 and new definitions in appendix (2) Recurring ROCE excluding large strategic acquisitions, see assumptions and new definitions in appendix (3) Reduction of CO2 Scopes 1 and 2, compared to 2020 baseline, within 1.5 degree compatible scenarios
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87 More than Ever, Air Liquide is a Strong Investment Case CMD 2026 - October 5, 2026 Positioned on key growth markets Diversified portfolio and resilient Business Model Positive Environmental Impact Increased focus on sharing value with Shareholders Confidence in delivering Enhanced profitability
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APPENDICES
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89 (1) Source: Oxford Economics, weighted average based on the Group’s geographical footprint; CAGR over 2026 - 2030 Assumptions for BEYOND Ambitions over 2026-2030 CMD 2026 - October 5, 2026 ● +2-2.5% average yearly global inflation(1) ● 1.19 USD for 1€ ● No significant evolution of other Forex ● AL long-term funding cost <4.5% ~+2% CAGR Status quo vs current situation End 2025 market prices (power and natural gas) Modelization Macro environment World evolving within 1.5° compatible scenarios, requiring: ● continued scaling of renewable power and grid enhancement, ● development of carbon capture and storage infrastructure, ● supportive regulations stimulating demand for low-carbon products Inflation, rates & Forex Industrial Production(1) Geopolitics Extra-financial Energy Prices
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90 (1) indicators as they will be defined in 2027 when IFRS 18 is implemented Definitions(1) CMD 2026 - October 5, 2026 ● Net profit (Group share) adjusted for other non recurring operating income and expenses after taxes and for exceptional and significant items after tax recorded below operating income, divided by the average number of shares over the considered period Recurring EPS (Earnings Per Share) Recurring ROCE Operating Income Recurring Sales growth excluding FX & Energy ● Numerator: net profit (including minority interests) as described above adjusted for net cost of debt after taxes for the considered period ● Denominator: the average of (total shareholders' equity + net debt) at the end of the past three half-years. ● Operating income before other non recurring operating income and expenses. These non recurring items will include the amortization of tangible and intangible assets recognized as part of the Purchase Price Allocation of acquisitions. ● Change in revenue excluding the currency impact and the energy impact in Large Industries and Electronics. ● "Drivers" and "Levers" are operational and financial parameters that management may deploy with varying intensity to navigate macroeconomic conditions and deliver on the EPS and ROCE objectives presented herein. They are not targets. “Drivers” and “Levers”
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Disclaimer CMD 2026 - October 5, 2026 This presentation and any related materials (including any press release, webcast, archived recording, transcript, or oral statements made in connection with Air Liquide’s Capital Markets Day, including during any question-and-answer session) constitute a whole and must be read and interpreted together. This presentation may contain forward-looking statements (including objectives, trends, projections, targets and estimates) related to Air Liquide’s financial condition, business activities and strategy. These forward-looking statements are based on a series of assumptions in the context of a given competitive, regulatory, political and geopolitical environment. They may generally be identified by the use of forward-looking words such as “plan”, “target”, “estimate”, “forecast”, “anticipation” or similar expressions. Although Air Liquide believes that the expectations reflected in such forward-looking statements are reasonable, such statements are not guarantees or comfort of future performance and results. Actual results may differ materially from the forward-looking statements as a result of a number of risks and uncertainties, many of which are difficult to predict and/or outside our control, including, among others, changes in economic, commercial, industrial, competitive or regulatory environments; geopolitical developments and international conflicts; changes in applicable laws, regulations and standards (including environmental, climate, health and safety regulations). For a detailed description of risks and uncertainties that could cause actual results to differ materially from those expressed or implied by forward-looking statements, please refer to the “Risk Factors” section of Air Liquide’s most recent Universal Registration Document filed with the French Autorité des marchés financiers (AMF), available on Air Liquide’s website (www.airliquide.com) and on the AMF’s website (www.amf-france.org). In this presentation, Air Liquide references "Drivers" or "Levers". These are neither objectives nor alternative performance indicators. Rather, they are tools available to Air Liquide's management to adapt dynamically to market conditions in order to meet its objectives. This presentation may contain certain financial measures that are not defined under International Financial Reporting Standards (IFRS) as adopted by the European Union (“Alternative Performance Measures” or “APMs”). Such APMs are used by management to monitor and assess the operating performance of the Group and should be considered as supplemental information and not as a substitute for, or superior to, financial information prepared in accordance with IFRS. Definitions and reconciliations of these APMs are provided in the appendix to this presentation and/or in Air Liquide’s most recent Universal Registration Document. This presentation contains information pertaining to Air Liquide's markets, competitive position, market share and industry trends. Such information is based on data compiled from third-party sources as well as Air Liquide's own internal estimates and analyses. Air Liquide has not independently verified information from these third-party sources and cannot guarantee their accuracy or completeness. The information contained in this presentation is current only as of the date hereof. Air Liquide expressly disclaims any obligation or undertaking to release any updates or revisions to the forward-looking statements contained herein to reflect any change in its expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based, except as required by applicable law or regulation, including the Market Abuse Regulation (EU) No 596/2014. Unless otherwise indicated, the financial information and figures included in this presentation have not been audited or reviewed by Air Liquide’s statutory auditors. This document does not contain or constitute an offer of securities for sale or an invitation or inducement to invest in securities in France, the United States or any other jurisdiction.