Air Liquide Sa · EURONEXT:AI
Air Liquide Sa — Q3 2026 Earnings Presentation
26 slides from Air Liquide Sa's earnings presentation, Oct 29, 2026
Slide 1: Q3 2026 Results
Q3 2026 Results François Jackow, Chief Executive Officer Jérôme Pelletan, Chief Financial Officer Émilie Mouren-Renouard, Group Vice President EMEA Adam Peters, CEO North America Paris, October 29, 2026
Slide 2: Q3 Performance Fully Aligned with BEYOND Trajectory
Q3 Performance Fully Aligned with BEYOND Trajectory BEYOND in Full Motion François Jackow Chief Executive Officer
Slide 3: Q3 - Delivering Growth, Performance and Record Backlog
Q3 - Delivering Growth, Performance and Record Backlog Strong Performance Future Growth 6.2 Sales Growth Investment IM Pricing Efficiencies Cash Flow(1) Excl. FX & Energy € Backlog Bn Q3 Q3 YTD YTD End of Q3 + 4.3% + 5.3% € 441m + 6% €6.2Bn (1) Cash flow from operating activities before changes in WCR
Slide 4: Strong Electronics Momentum
Strong Electronics Momentum Carrier Gases 54% of sales Advanced Materials 17% of sales +12% Comp. growth +27% Revenue in Q3 26 Comparable growth €400m Strong >+10% CAGR +20% Pick-up over 3 years contribution €350m since Q2 26 today +10% €300m 0% & Q4 2023 2024 2025 Q3 2026 Q4 2023 2024 2025 Q3 2026
Slide 5: Industrial Merchant: Strong Pricing Accelerated by Volumes Uptick
Industrial Merchant Strong Pricing Accelerated by Volumes Uptick Volumes Excluding Helium Comparable sales growth +6% Volumes back to growth +3% since Q2 2026 0% +2% Hardgoods in Q3 2026 Q4 2023 2024 2025 Q3 2026 Price Volume US hardgoods volumes Volume growth in back to positive all geographies in
Slide 6: BEYOND Objectives 2026 - 2030
BEYOND Objectives 2026 - 2030 EPS(1) ROCE(2) CO2 Recurring Recurring emissions(3) Strategic Objectives +10% ±2% >11% -33% CAGR in 2030 reduction by 2035 vs 2020 PROFITABLE VALUE IMPACT GROWTH CREATION (1) Recurring net Earnings Per Share CAGR from year-end 2025 to year-end 2030 at 2025 FX, see assum
Slide 7: Strategy in Action: Immediate Execution Post-CMD
Strategy in Action: Immediate Execution Post-CMD Delivering Post-CMD Momentum Execution Underway . Launch of BEYOND Initiatives . Engaging with financial markets ✓ 100 investors in a 1-week roadshow ✓ Analysts in London and New York . Share Buybacks Program ✓ €4Bn by end 2028 . Internal launch of the
Slide 8: Booming Electronics and Industrial Merchant Gaining Momentum
Booming Electronics and Industrial Merchant Gaining Momentum New Record High Backlog Jérôme Pelletan Chief Financial Officer
Slide 9: +5.0% Gas & Services Sales Growth Excluding FX & Energy
+5.0% Gas & Services Sales Growth Excluding FX & Energy Gas & Services sales Q3 25 Q3 26 Q3 26/25 Q3 26/25 Q3 26/25 YTD 26/25 YTD 26/25 in m€ in m€ As published ex FX & Energy Comparable ex FX & Energy Comparable 6,386 7,075 +10.8% +5.0% +3.6% +4.5% +2.9% +1.5% FX +4.3% Energy +1.4% Significant Scope
Slide 10: Industrial Merchant and Electronics Driving Growth
Industrial Merchant and Electronics Driving Growth Q3 2026 Gas & Services Comparable sales growth by activity by geography EMEA +12% -0.5% +0.5% Asia-Pacific +5% Americas excl. combined effect* +7 % +6 % +17% +3% incl. -2% -0.5% excl. combined effect* +3.6% G&S Comparable sales growth +5.0% excl. FX
Slide 11: Q3 - Sustained High Growth in Americas, Sales Pick-up in Asia
Q3 - Sustained High Growth in Americas, Sales Pick-up in Asia Americas €2,739m EMEA €2,819m Asia €1,516m FY 25: +3.9% YTD 26: +5.6% FY 25: +0.6% YTD 26: -0.1% FY 25: +1.0% YTD 26: +3.6% +17%** +16%** +8%** * ▪ Strong H2 & Air gases in the US ▪ Unfavorable combined effect(3) ● LI ▪ H2 Ramp-up in Kore
Slide 12: Q3 - IM Regaining Momentum, Still Mixed Activity in LI
Q3 - IM Regaining Momentum, Still Mixed Activity in LI Industrial Merchant €3,188m Large Industries €2,058m +7.2% sales growth excluding helium Start-ups contribution almost offsetting low demand FY 25: +1.9% YTD 26 : +3.9% FY 25: +0.7% YTD 26 : -1.0% -0.5%* ● Increased pricing at +5.3% ● Broadly st
Slide 13: Q3 - Booming EL, Resilient HC
Q3 - Booming EL, Resilient HC Electronics €712m Healthcare €1,118m Leveraging AI boost Resilient growth driven by Medical Gases FY 25: +1.2% YTD 26: +8.1% FY 25: +5.0% YTD 26: +3.8% ● Carrier Gases & Advanced Materials up >+10%, ● Robust Medical Gases: Steady pricing supported by value >70% of Elect
Slide 14: Focused on Execution to Deliver Margin Improvement
Focused on Execution to Deliver Margin Improvement IM Pricing Efficiencies Portfolio Management YTD 1 strategic acquisition Q3 2026 2026 YTD ■ Accelerated closing of +5.3% €441m 10 bolt-on acquisitions ■ In U.S., Canada, Brazil and China ■ In China and Poland 1 large scope divestiture ▪ +38% pricing
Slide 15: Record Level of Decisions and Backlog
Record Level of Decisions and Backlog 2026 YTD Investment KPIs(1) Investment Industrial Investment 12-months investment Decisions YTD 2026 Backlog Opportunities > € 4.1bn FY 2025 € 6.2bn (2) € 4.8bn AIRGAS ▪ New record ▪ Sustained high level despite significant Strategic acquisition investment decisi
Slide 16: Confirmed 2026 Outlook
Confirmed 2026 Outlook Extended OIR margin improvement(2) in 2026 in 2027, an additional +100 +100 Air Liquide is confident in its ability to further increase its operating margin and to deliver recurring net profit growth, at constant bps bps (3) exchange rates.(1) +560 bps over 6 years 2022-2027 (1)
Slide 17: Appendices
Appendices
Slide 18: Combined Effect
Combined Effect Energy Price Excluded from Energy Included in Combined Comparable Sales Impact Comparable Sales The combined effect presentation released in 2022 is available on Salesn-1 Included in Air Liquide website Volume Comparable Sales Volume “Normal” case Exceptional Q3 2026 case P Positive
Slide 19: Q3 2026: +4.3% Sales Growth Excluding FX & Energy
Q3 2026: +4.3% Sales Growth Excluding FX & Energy Group sales Q3 25 Q3 26 Q3 26/25 Q3 26/25 Q3 26/25 YTD 26/25 YTD 26/25 in m€ in m€ As published ex FX & Energy Comparable ex FX & Energy Comparable 6,599 7,259 +10.0% +4.3% +3.0% +4.3% +2.8% +1.5% FX +4.2% Energy +1.3% Significant Scope acquisition &
Slide 20: Q3 2026: Beneficial Mix of Geographies and Activities
Q3 2026: Beneficial Mix of Geographies and Activities Group €7,259m Focus on Gas & Services €7,075m Americas 39% EMEA 40% Asia 21% Engineering & Electronics Technologies 10% 3% EMEA Asia-Pacific Americas €2.8bn €1.5bn Industrial €2.7bn Healthcare Merchant 15% 44% 4% 2% 11% 27% Large 37% Industries 27%
Slide 21: Q3 2026: Sales by Geography
Q3 2026: Sales by Geography Americas EMEA Asia 4% 2% 11% 27% 37% 30% 27% 70% Q3 sales 15% split €2,739m €2,819m €1,516m 3% 33% 41% IM LI HC EL +6.2% -0.5% +7.0% +0.5% excl. combined effect* +17% incl. -3%* Q3 26/25 Comparable Sales Growth +17% (*) See definition in dedicated appendix. In light: LI co
Slide 22: Continued Active Management of IM Pricing
Continued Active Management of IM Pricing IM pricing Q3 2026 Total Continued Industrial Merchant active pricing management Americas EMEA Value-added offers, service quality, Asia-Pacific focus to customers 22 Q3 2026 Activity - October 29, 2026
Slide 23: Impact of Currency and Energy on G&S Revenue
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)
Slide 24: Regular and Sustained Performance
Regular and Sustained performance CAGR over 30 years(1) Revenue (in €m) EPS(2) (in €) +5.8% +7.2% Cash Flow (in €m) Dividend Per Share(2)(3) (in €) +7.2% +9.2% (1) Calculated according to prevailing accounting rules over 30 years (2) Adjusted for the 2-for-1 share split in 2007, for free share attri
Slide 25: For further information, please contact:
Upcoming event For further information, 2026 Full Year Results please contact: February 19, 2027 Investor Relations [email protected] www.airliquide.com Follow us Linkedin Communication Corporate Headquarters: 75, Quai d’Orsay [email protected] 75321 Paris Cedex 07 Tel : +33 (0)1 40 62 55 55
Slide 26: Disclaimer
Disclaimer This presentation may contain forward-looking statements (including objectives and trends) about Air Liquide’s financial situation, operating results, business activities and strategy. Although Air Liquide believes that the expectation reflected in such forward-looking statements are reason