Air Liquide : 2023 Shareholder's guide

2 0 2 3 S H A R E H O L D E R ' S G U I D E

Advancing

with you

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Advancing	P. 22
for long-term	The future of
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Advancing
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The concept behind

our Shareholder

portraits...

Our Shareholders come from all walks of life. This year, we wanted to celebrate their diversity by highlighting the variety in their different personalities, interests and passions. But there is one commonality throughout their portraits: Air Liquide, of course!

Many thanks to all who participated.

2 0 2 3 S H A R E H O L D E R ' S G U I D E _ 03

Advancing confidently

with you

Benoît Potier,

Chairman of Air Liquide's Board of Directors

We have reached a particular moment in the history of the world, with geopolitical tensions as well as energy and climate challenges becoming primary concerns. This context of uncertainty is a rallying call to action, with new energy approaches now available to address the common need for moderation, sovereignty and decarbonization. With the requisite tools in hand, Air Liquide is proposing innovative solutions and inventing a sustainable future.

I am therefore confident in our future. Since its creation, our Group has demonstrated its ability to take action regardless of the situation, with the past three years being the most recent proof of this. Our confidence is driven by our capacity to anticipate and design the solutions of the future, and we continuously invest in new technologies to support the industrial, electronics and healthcare sectors in their journey toward progress.

My confidence in the future is also founded on our capacity to adapt. Our strength lies in our ability to respond to global transformations and constantly expand our activities with solutions for our customers, all while addressing the major issues that impact society as a whole.

Finally, I am a fervent believer in the power of the collective, which has always been a cornerstone of our business model. Together with our employees, alongside our customers and our partners, and with the support of our Shareholders, we have shown resilience and agility in initiating the transition toward a low-carbon society. But for future generations, we must pick up the pace. Our contribution to shared progress gives very strong significance to our individual and collective action. It is both what motivates us and what drives us forward.

04 _ A D VA N C I N G C O N F I D E N T LY W I T H Y O U

Interview with

François Jackow,

ChampionChief Executive Officer f Air Liquide

of climate solutions

2022 was a pivotal year with the launch of the new ADVANCE strategic plan. What can

you tell us about the Group's performance?

That it is very solid! In 2022, we achieved another year of profitable growth despite a complex and changing environment. Our reported sales reached 29.9 billion euros, up +7%,(1) and recurring

net income grew by +17%.(2) All our businesses - Gas & Services, Engineering & Construction and Global Markets & Technologies - are up significantly. Within Gas

& Services, all our geographies

are growing, in particular the

Americas and Asia Pacific.

In addition to revenue growth,

we have further improved our

operating margin thanks to

significant efficiency gains and

the dynamic management of our

business portfolio. Moreover, in

the context of rising energy prices,

who have done a remarkable job in adapting to a volatile environment. I would like to take this opportunity to thank them.

I would also like to add that our investment momentum, which is the guarantee of our future growth, has accelerated, particularly

in regard to hydrogen and the transition to a low-carbon society. Indeed, our investments have reached a record level of nearly

4 billion euros. Finally, in terms of extra-financial aspects, our CO 2 emissions (3) have remained stable for the second year in a row. This supports our goal of achieving carbon neutrality by 2050.

These results show that ADVANCE, our strategic plan combining

our financial and non-financial trajectory for 2025, is already bearing fruit. On the basis of this performance, we look forward to 2023 with confidence.

The energy crisis, inflation, conflict in Europe… economic and geopolitical instability seems to be taking hold. Will this have an impact on Air Liquide's strategic road map?

Without a doubt, 2022 was defined by a range of geopolitical, energy and climate-related crises, which has obviously had an impact on our customers, our activities and society as a whole. This complex year confirmed more than ever the relevance of our road map, as our ADVANCE strategic plan was designed to provide innovative solutions to challenges that are here to stay. The current context has acted as an accelerator, strengthening our resolve to move forward with a clear goal: pursuing our comprehensive performance trajectory by combining financial and extra-financial performance.

the Group has demonstrated its

ability to create value, enabling it

to adjust prices for customers. The

quality of these results illustrates

both the resilience of our business

model and the mobilization and

responsiveness of our teams,

"As of now we have the capacity to provide concrete solutions to the major challenges of decarbonizing industry."

2 0 2 3 S H A R E H O L D E R ' S G U I D E _ 05

This ambition is based on an extremely solid foundation built on the Group's proven resilience; the robustness of our business model through the diversity of our business lines and geographical footprint; and of course our teams,

"Our ADVANCE strategic plan was designed to provide innovative solutions to challenges that are here to stay."

who demonstrated yet again this year their ability to respond to challenges. And, with ADVANCE, we are now positioned at the heart of the energy transition and are focused on the markets of the future, such as hydrogen mobility, electronics, healthcare and high technologies. All this provides Air Liquide with unprecedented positioning in terms of the current global upheavals, and an excellent opportunity to propel the Group into the future.

Amid all these challenges,

you have made the climate crisis and decarbonization a priority.

Indeed. My aim is to make

Air Liquide the champion of climate solutions. This is an urgent priority for the planet, and for us all. At Air Liquide, we are already able to provide tangible solutions to the major challenges of decarbonizing industrial activities. Moreover, our solutions apply to both our own activities and those of our customers. Our expertise and our thorough understanding of their needs mean we can help our customers meet their climate commitments.

For example, we are developing large-scale hydrogen technologies for industry and mobility, and I am proud to say that we have been pioneers in this field. We are also established in CO2 capture, biomethane and oxycombustion, all areas that are in growing demand. We therefore offer

a wide range of technologies based on our key molecules. This is something our customers appreciate, as shown by our recent strategic partnerships with cement manufacturer EQIOM, refiner Eni and aircraft manufacturer Airbus.

In addition to decarbonization, what are the other principal growth drivers for Air Liquide?

Air Liquide's major strength has always been its dynamic and diversified business portfolio, which is rich in potential sources of growth. I would like to mention two. First is electronics, where Air Liquide is currently a leading supplier of ultra-high purity gases and advanced molecules. A real revolution is taking place in this sector. The semiconductors market is growing rapidly, driven by the rapid development of artificial intelligence and connected objects, as well as by an increased need for North American and European sovereignty. This is evidenced

by the establishment of several "megafab" (4) projects. We are currently reinforcing our leadership position in these geographic areas. Our second major source of growth is of course healthcare, and in particular home healthcare. This sector is continuing to evolve, after having demonstrated its central role during the public health crisis. Our Group is making a contribution. Both at hospital and at home, our activity is committed to a transformation toward value- added offers for patients and healthcare professionals. By offering personalized support and innovative solutions, we aim to improve the quality of life of patients at the best cost for the healthcare system.

Air Liquide currently has almost 750,000 individual Shareholders. What message would you like to send them?

This figure is historic: 35% of the Group's share capital is

now owned by almost 750,000 individual Shareholders. This is unprecedented within the CAC 40, and we are particularly proud of this statistic. This figure shows how important it is for Shareholders to participate in economic and social progress through a group like ours. To our individual Shareholders, as to all our Shareholders, I would like to say: thank you. Thank you for believing in our Group. We are honored by your loyalty and trust. Rest assured that we are doing everything we can to keep Air Liquide one step ahead of the future.

I would also like to say: Air Liquide is your Group. You are a key part of our history, and I will carefully maintain the dialogue and close relationship that unite us throughout my tenure. For this reason, we will continue to expand our services and provide you with more opportunities to meet with us, during the Annual General Meeting but also throughout the year during visits to different regions.

Finally, I would like to assure you that I approach the year to come with unfailing energy and resolve, and with a great deal of composure. The coming months will undoubtedly be complex and full of surprises. But we are ready and determined each day to meet the needs and expectations expressed by our stakeholders to invent a more sustainable and meaningful future, together.

1. On a comparable basis.
2. At constant exchange rates.
3. In metric tons of CO2 equivalent from Scopes 1 and 2 on a "market basis," restated to take into account for a full year from 2020 and each year thereafter, emissions from assets, which correspond to changes in scope (both upwards and downwards) and which have a significant impact on CO2 emissions.
4. A megafab is a very large capacity electronic chip production unit.