2021 Results: An excellent year across all performance criteria

PRESS RELEASE

AND MANAGEMENT REPORT

Paris, February 16, 2022

2021 Results: An excellent year across all performance criteria

Key Figures (in millions of euros)	FY 2021	2021/2020 as	2021/2020
published	comparable (a)
Group Revenue	23,335	+13.9%	+8.2%
of which Gas & Services	22,267	+13.3%	+7.3%
Operating Income Recurring (OIR)	4,160	+9.8%	+12.7%
Group OIR Margin	17.8%	-70 bps
Variation excluding energy (b)		+70 bps
Gas & Services OIR Margin	19.6%	-80 bps
Variation excluding energy (b)		+80 bps
Net Proft (Group share)	2,572	+5.6%
Net Proft Recurring (Group share) (c)	2,572	+9.9%
Variation Net Proft Recurring (Group share) excluding currency impact (b)		+13.3%
Earnings per Share (in euros)	5.45	+5.5%
2021 proposed Dividend per share (in euros)	2.90	+5.5%
Cash fow from operating activities before changes in net working capital	5,292	+7.3%
Net Debt	€10.4 bn
Return on Capital Employed after tax - ROCE	9.3%	+30 bps
Recurring ROCE (d)	9.3%	+70 bps

1. Change excluding the currency, energy (natural gas and electricity) and signifcant scope impacts, see reconciliation in appendix. (b) See reconciliation in appendix. (c) Excluding exceptional and signifcant transactions that have no impact on the operating income recurring, see reconciliation in appendix. (d) Based on the recurring net proft, see reconciliation in appendix.

Commenting on 2021, Benoît Potier, Chairman and CEO of Air Liquide, stated:

"In 2021, the Group achieved an excellent performance, in spite of the ongoing pandemic and the strong infationary pressures mainly related to the sharp increase in energy prices in the second half.

Air Liquide's teams have stepped up in all areas, whether in response to the covid-19 crisis, the signifcant acceleration in infation or the energy transition challenge, once again demonstrating their strong reactivity and adaptability. We have taken action in the here and now, while at the same time preparing the future. Our investment momentum has been sustained, with the signature of numerous agreements in particular related to the energy transition.

The Group has delivered another year of proftable growth: Sales reached 23.3 billion euros, up +8.2% on a comparable basis, the operating margin increased by 70 basis points excluding the energy impact, and recurring net

proft (1) rose 13.3% at constant exchange rates.

All activities improved markedly: Gas & Services, which represents 95% of Group revenue, Engineering & Construction, as well as Global Markets & Technologies. All Gas & Services business lines and regions grew to high levels, with Asia growing by +6%, Europe by +7% and the Americas by +8%.

The Group further improved its operating margin thanks to an infation-adaptedpricing policy, signifcant efciencies of 430 million euros and a dynamic management of its business portfolio. Faced with a sharp and sustained rise in energy prices, the Group has demonstrated both the strength of its business model - which allows it to automatically

• Excluding exceptional and signifcant transactions that have no impact on the operating income recurring.

Air Liquide - FY 2021 Performance

pass on these variations to its Large Industries customers - and its ability to rapidly adapt its pricing for Industrial Merchant customers.

Air Liquide's balance sheet has been further strengthened. Recurring ROCE reached 9.3%, approaching the 2023-2024target of more than 10%. Cash fow from operations remained high at 24.5% of sales, excluding the energy impact, and helped reduce debt while also fnancing our capital expenditures and the dividend. Investment decisions reached 3.6 billion euros for the year, and opportunities remained high at 3.3 billion euros, of which more than 40% are related to the energy transition. The dividend, which will be submitted to the shareholders' vote in May, is proposed at 2.90 euros per share, which represents an increase of +5.5% that refects our confdence in the future. Moreover, a free shares attribution will take place in June 2022.

With a business model that combines fnancial and extra-fnancial performance, Air Liquide is particularly well positioned in the markets of the future. In response, notably to the major challenges of climate change and the energy transition, the Group offers a wide range of solutions based on hydrogen and technologies to decarbonize industry. Contributing to a sustainable future is at the heart of our activity and of our strategy.

In 2022, assuming no signifcant economic disruption, Air Liquide is confdent in its ability to further increase its operating margin and to deliver recurring net proft growth, at constant exchange rates.(2)"

2021 Highlights

• Corporate:‌
• • Announcement of a plan for the succession of Benoît Potier as Chief Executive Ofcer of Air Liquide, coupled with the implementation of new governance. Following the recommendations of the Appointments and Governance Committee, the Board of Directors, which is due to meet at the close of the 2022 General Meeting, will be called upon to renew Benoît Potier's term of ofce as Chairman of the Board of Directors and to appoint François Jackow to succeed him as Chief Executive Ofcer with effect from June 1, 2022.
• Sustainable development:‌
• • Presentation of ambitious sustainable development objectives, based on three pillars:
  • • ACT for a low-carbon society: Air Liquide has set itself the goal of achieving carbon neutrality by
      2050 and a 33% reduction in its CO2 emissions by 2035 with reduction starting around 2025, while developing a wide range of low-carbon solutions for its industrial customers so that they can reduce their own emissions.
    • Work toward better Healthcare by improving the quality of life of patients with chronic diseases in mature economies and by facilitating access to medical oxygen for rural communities in low- and middle-incomecountries.
    • Trust as the base to engage with our employees and to adhere to best governance practices.
  • Completion of the Group's frst green bond issue, which raised 500 million euros dedicated to several sustainable development projects, notably in hydrogen and biogas.
  • Partnership with Rothschild & Co and the Solar Impulse Foundation to launch a 200-million-euroinvestment fund to support the development of high-potential SMEs working on environmentally friendly solutions.
• Low-carbonhydrogen:
• • Numerous partnerships and initiatives to develop low-carbon hydrogen:
  • • Launch of the world's largest clean hydrogen infrastructure fund with a potential of 1.5 billion euros in partnership with TotalEnergies, VINCI and several international companies.
    • Partnership with Airbus and VINCI Airports to develop the use of hydrogen and accelerate decarbonization in the aviation sector.
    • Memorandum of Understanding signed with Airbus and Groupe ADP in preparation for the arrival of hydrogen at airports by 2035 as part of the development of hydrogen-poweredaircraft.

○ Partnership with Eni aimed at investing in the development of the necessary infrastructures

• Operating margin excluding energy passthrough impact. Recurring net proft excluding exceptional and signifcant items that have no impact on the operating income recurring, and excluding the impact of any US tax reform in 2022.

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FY 2021 Performance - Air Liquide

(logistics chain, refueling stations) for the expansion of hydrogen mobility in Italy.

• • • Joint development agreement signed with Faurecia to design and produce on-boardliquid hydrogen storage systems for heavy-duty vehicles.
    • Memorandum of Understanding with IVECO to accelerate the development of hydrogen heavy-duty mobility in Europe, through the development of hydrogen heavy-dutyvehicles and the roll-out of hydrogen refueling stations.
    • Increased support to the Energy Observer, becoming a main partner, for four years, of this laboratory vessel that demonstrates the key role of hydrogen in the energy transition.
  • Low-carbonhydrogen production:
  • • Memorandum of Understanding signed with Siemens Energy to develop high-capacityelectrolyzers in Europe.
    • Acquisition of H2V Normandy, renamed Air Liquide Normand'Hy, aimed at building an electrolyzer of at least 200 MW.
    • Construction project in Germany of an industrial-size renewable hydrogen production unit that will be linked to the existing local Air Liquide pipeline infrastructure.
    • Ramping up of the world's largest renewable hydrogen production unit based on membrane electrolysis in Canada, with a capacity of 20 MW.
    • Cooperation project with TotalEnergies to decarbonize hydrogen production on the TotalEnergies platform in Normandy.
• Industry & decarbonization:
• • Long-term power purchase agreements for renewable energy in Belgium and the Netherlands to reduce the carbon footprint of our production plants.
  • Finalization of the acquisition of Sasol's 16 Air Separation Units (ASUs) in Secunda, South Africa, with the aim of reducing CO2 emissions linked to oxygen production by 30% to 40% over the next 10 years.
  • In Kazakhstan, acquisition and integration by Air Liquide Munay Tech Gases (ALMTG), a 75% subsidiary of Air Liquide, of the industrial gas production plants at the Atyrau refnery. ALMTG will operate these production plants for KazMunayGas under a long-term contract.
  • Long-terminvestments and contracts to supply industrial gases. In China with BOE, a world leader in fat panels and an Internet of Things specialist, as well as a major producer of fash memory chips, and in steel with Shagang Group. In Russia with the Severstal steel company. Together with the chemicals company BASF, for its new battery materials site in Germany, and in South Korea to increase hydrogen and carbon monoxide volumes by 20% in the Yeosu industrial complex.
  • Memorandum of Understanding with Borealis, Esso S.A.F., TotalEnergies and Yara International ASA
    to develop CO2 capture and storage infrastructure that will contribute to the decarbonization of the Normandy industrial basin.
  • Selection by the European Commission of Kairos@C, a carbon capture and storage project developed with BASF to decarbonize the industrial site located in the Port of Antwerp, to receive funding from the European Innovation Fund.
  • Memorandum of Understanding signed with ArcelorMittal, aimed at implementing solutions to produce low-carbonsteel in Dunkirk.
  • Launch of Qlixbi, a groundbreaking packaged gas offering for welders, in four new European countries (Germany, Sweden, Denmark and the Netherlands) following its success in the United Kingdom.
  • New record-breaking year with 48 on-site contracts in Industrial Merchant.
• Healthcare:‌‌
• • Continued mobilization of teams in the fght against the pandemic, worldwide.
  • Acquisition of Betamed SA, a major player in the home healthcare business in Poland.

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Air Liquide - FY 2021 Performance

Group revenue for 2021 totaled 23,335 million euros, up +8.2% on a comparable basis. This strong sales growth in 2021 follows the year 2020 that saw the Group demonstrate resilience in an especially tough sanitary environment. Sales in 2021 were up +6% (3) compared with 2019. Notably driven by projects related to the energy transition, consolidated revenue from Engineering & Construction was up +55.4%. Global Markets & Technologies posted growth of +17.8%, which was buoyed by the momentum of the biogas market. Energy prices saw an exceptionally strong increase during the 2nd half of the year, especially in Europe, resulting in a signifcant energy impact on the sales, at +8.4% for 2021 and even +16.5% in the 4th quarter. Currency and signifcant scope impacts were negative, at -1.6% and -1.1% respectively. All in all, the Group reported growth of +13.9% in published revenue.

Gas & Services revenue in 2021 totaled 22,267 million euros, a strong comparable growth of +7.3%. Gas & Services sales were up +13.3% as published in 2021: the energy impact (+8.8%) hit record levels, especially toward the end of the year. This was partially offset by unfavorable currency (-1.6%) and signifcant scope (-1.2%) impacts. The signifcant scope impact results primarily from the acquisition of 16 Sasol air separation units in late June 2021, the divestment of Schülke in 2020 in Healthcare and the reduction or sale of the Group's stakes in several non-strategic distributors in 2020 in Japan.

Gas & Services revenue in the Americas totaled 8,445 million euros in 2021, up by +7.6% on a comparable basis.

• Large Industries sales were up +7.6% driven by high demand, and the start-up and ramp-up of new units. The Industrial Merchant business continued to recover, with a +6.9% increase in revenue. Healthcare sales were up +13.7% for the year: teams remained focused on fghting the pandemic and business activity gradually returned to normal, particularly in the United States in proximity care. Electronics posted solid revenue growth of +5.2% in 2021.

• Revenue in Europe was up +7.0% on a comparable basis in 2021 to 8,315 million euros. Large Industries sales (+5.2%) were driven by the strong customer activity in the Steel and Chemicals markets as well as a gradual recovery in Refning. Industrial Merchant activity grew strongly by +10.8%, benefting from dynamic volumes in all markets and geographies, and an acceleration of pricing impacts especially in the 4th quarter. Healthcare posted revenue that was up by +4.7% on a comparable basis after an exceptionally strong growth of +9.7% in 2020: pandemic-related medical oxygen sales rose strongly in 2021, even if the 4th quarter sales were below the 2020 record level. Moreover, revenue benefted from the pick-up of Home Healthcare activity and surgeries in hospitals.
• Revenue for the Asia-Pacifc region in 2021 rose sharply by +6.4% on a comparable basis, totaling 4,790 million euros. Large Industries sales for the year rose steadily by +2.9%: after a highly robust 1st half of the year, they were down in the second half, mainly resulting from temporary measures of Dual Energy Control in China. The Industrial Merchant business saw a comparable growth of +10.2%, fueled by strong activity in China and the recovery across the rest of Asia. Electronics sales increased by +6.7% in 2021 on a comparable basis, with a signifcant contribution from Carrier Gases which benefted from the start-up and ramp-up of several units.
• Revenue for 2021 in the Middle East and Africa reached 717 million euros, up +12.7% on a comparable basis. Large Industries sales benefted from strong hydrogen demand by customers in the Yanbu basin in Saudi Arabia. Air gases volumes rose sharply in South Africa, as 16 Sasol ASUs (the acquisition of which was fnalized in late June) were integrated: in the 2nd half of the year, sales totaled 70 million euros and were recognized as part of the signifcant scope effect, hence excluded from the comparable growth in 2021. Industrial Merchant revenue continued to grow and Healthcare saw strong growth especially over the frst three quarters.

Large Industries sales rose +5.5% on a comparable basis and were driven by strong demand in the Steel and Chemicals markets, as well as a recovery in Refning over the year. Electronics revenue rose +7.0% in a thriving market. Healthcare growth remained strong at +7.2% despite a high basis of comparison in 2020, with teams still focused on fghting against covid-19. The recovery in the Industrial Merchant business continued in 2021, with sales rising +8.4%, driven by a pricing impact of +3.6% for the year, which picked up to reach +7.0% in the 4th quarter.

Consolidated revenue from Engineering & Construction totaled 387 million euros in 2021, up strongly by +55.4% on a comparable basis. Over the year, order intake exceeded 1 billion euros for the frst time since 2014, standing at 1,249 million euros. It benefted from positive momentum in Asia, which made up more than half of orders, as well as from the energy transition.

• Due to the exceptional impact of the pandemic, a comparison with 2019 sales has been introduced for context in reviewing 2021 performance. The comparison between 2021 and 2019 is calculated by adding 2020 and 2021 comparable effects. It is given as a reference point and does not constitute an alternative performance measure. The comparable growths mentioned below are calculated compared to the same period of 2020 except when 2019 is mentioned.

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FY 2021 Performance - Air Liquide

Global Markets & Technologies revenue for 2021 reached 681 million euros, representing a comparable growth of +17.8%. Biogas enjoyed strong momentum, benefting from the ramp-up of new production units and the rise in sales prices, relating to the energy prices increase, especially in the United States.

Efciencies (4) for the year totaled 430 million euros, exceeding the annual target of 400 million euros.

Group Operating Income Recurring (OIR) reached 4,160 million euros, marking a sharp increase of +9.8% and of +12.7% on a comparable basis, which was much higher than the comparable sales growth of +8.2%. The operating margin (OIR to revenue) stood at 17.8% as published, an improvement of +70 basis points excluding the energy impact. On a reported basis, the margin declined by -70basis points compared to 2020, due to the strong energy costs increase, which are contractually passed through to customers, therefore having a dilutive impact on the published margin. This performance refected the Group's capability to quickly translate steep and rapid increase of energy costs during the 2nd half of the year into prices. This also marked the third consecutive year of signifcant improvement in operating margin excluding the energy impact, following the performances seen in 2019 (+70 basis points) and 2020 (+80 basis points).

Net proft (Group share) stood at 2,572 million euros in 2021, up +5.6% as published and a signifcant increase of +8.9% excluding the currency impact. Recurring net proft (Group share)(5) also amounted to 2,572 million euros. This represented a marked increase of +9.9%, and +13.3% excluding the currency impact, compared with recurring net proft (Group share) for 2020.

Net earnings per share, at 5.45 euros, were up +5.5% compared with 2020, in line with the increase in net proft (Group share).

Cash fow from operating activities before changes in net working capital amounted to 5,292 million euros, a marked increase of +7.3% and of +9.1% excluding the currency impact. This corresponds to a high level of 22.7% of sales and 24.5% excluding the energy impact, improving by +40 basis points compared with 2020.

Gross industrial capital expenditure amounted to 2,917 million euros compared with 2,630 million euros in 2020. This represented 12.5% of sales and 13.5% excluding the energy impact, refecting strong project development. Financial investments amounted to 660 million euros in 2021, representing a marked increase compared with 129 million euros in 2020. These included the acquisition of Sasol's units for approximately 480 million euros. A total of 21 acquisitions were completed in 2021. Net debt at December 31, 2021, reached 10,448 million euros.

Industrial investment decisions totaled close to 3.0 billion euros and were stable compared with 2020. Financial investment decisions reached 662 million euros in 2021 and included the acquisition of the units from Sasol for approximately 480 million euros. The 12-monthportfolio of investment opportunities increased to 3.3 billion euros at the end of 2021, with new entries in the second half-year, notably related to Electronics in Asia and Large Industries. The investment backlog remained stable at the high level of 3.2 billion euros, appropriately distributed across various business sectors and geographies.

The additional contribution to sales of unit start-ups and ramp-ups totaled 345 million euros in 2021, including a 70 million euros contribution by the Sasol units in South Africa in the second half-year. The additional contribution to 2022 sales of unit start-ups and ramp-ups is expected to be between 410 million and 435 million euros. This includes approximately 135 million euros from the 16 units acquired from Sasol at the end of June 2021. Half of this amount will be recognized as part of the signifcant scope impact.

The return on capital employed after tax (ROCE) was 9.3% in 2021. Recurring ROCE (6) was identical (9.3%), representing a marked improvement compared with 8.6% in 2020 and in line with the ROCE target of more than 10% in 2023 or 2024.

At the General Meeting on May 4, 2022, the payment of a dividend of 2.90 euros per share will be proposed to shareholders for the 2021 fscal year, representing an increase of +5.5% compared with the previous year. The ex-dividend date has been set for May 16, 2022, and the payment is scheduled for May 18, 2022. Moreover, a free shares attribution, on the basis of one free share for every 10 shares held, as well as the application of a loyalty bonus, are planned for June 2022.

Air Liquide's Board of Directors, which met on February 15, 2022, approved the audited fnancial statements for the 2021 fscal year. The statutory Auditors are in the process of issuing a report with an unqualifed opinion.

• See defnition in appendix.

• See defnition and reconciliation in appendix.
  6 See defnition and reconciliation in appendix.

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