First Half 2025 Financial Report

Content

                                                                ACTIVITY REPORT – FIRST HALF 2025                                         3

                                                                            H1 2025 performance                                                                                  4

                                                                    Investment Cycle                                                                                       16

                                                                     Risk Factors                                                                                               18

                                                                     Outlook                                                                                                      19

                                                                    Appendices                                                                                                20

                                                              FINANCIAL STATEMENTS                                                               27

                                                                    Condensed Consolidated Financial Statements                                         28

CERTIFICATION BY THE PERSON

RESPONSIBLE FOR THE FIRST HALF

                                                                          FINANCIAL REPORT                                                                         45

                                                                     Person responsible for the first half financial report                                   46

                                                                Certification by the person responsible for the first half financial report          46

2                      FIRST HALF FINANCIAL REPORT AS OF JUNE 30, 2025                                                                                                           AIR LIQUIDE

 H1 2025 PERFORMANCE

Group revenue stood at 13,722 million euros in the first half of 2025, posting a comparable growth of +1.8%⁽¹⁾ compared to the first half of 2024. The Group’s published sales increased by +2.6% in the first half of 2025. They benefited from a favorable energy impact of +2.3% mitigated by a negative currency impact of -1.5%. There was no significant scope impact.

Gas & Services revenue reached 13,310 million euros in the first half, an increase of +1.8%⁽²⁾ on a comparable basis. The published revenue increased +4.0%⁽³⁾ in the first half of 2025, benefiting from a positive energy effect of +2.4% mitigated by a negative currency impact of -1.6%. There was no significant scope impact in the first half. All variations below are on a comparable basis (excluding currency, energy and significant scope impacts).

Sales from the Industrial Merchant business increased +1.3%⁽⁴⁾⁽⁵⁾ in the first half: they benefited from a still very strong price effect

(+2.6%) and stable gas volumes, but were impacted by declining equipment sales (“hardgoods”) in the United States. Revenue from Large Industries increased slightly (+0.9%⁽⁵⁾) supported by the contribution of new production units and by resilient business in a difficult environment. In Electronics (+0.9%), the strong increase in Carrier Gas sales of more than +10% in the first half of 2025, supported by the start-up of seven production units, offset soft Equipment & Installations sales. Lastly, the Healthcare business, whose growth is uncorrelated with industry trends, posted continued solid revenue growth (+5.0%), with a well-balanced contribution from Home Healthcare and Medical Gases.

■ Gas & Services revenue in the Americas totaled 5,290 million euros in the first half of 2025, up by +2.9%⁽⁶⁾. The growth of Large Industries (+6.5%⁽⁵⁾) benefited from the start-up of a large Air Separation Unit in early 2024 and solid growth in the hydrogen business. In Industrial Merchant, revenue increased by +1.3%⁽⁵⁾, supported by a very solid price effect of +3.4% and stable gas volumes, but was impacted by declining hardgoods sales. The strong growth in Healthcare sales (+11.7%) was driven in particular by price increases in the Medical Gases business in the United States and the development of Home Healthcare in Latin America. In Electronics (-2.2%), the increase of more than +10% in sales of Carrier Gases and Advanced Materials did not fully offset the sharp year-over-year decline in sales of Equipment & Installations, which posted a record level in 2024.

■ Revenue in the Europe, Middle East & Africa (EMEA) region amounted to 5,427 million euros, stable (+0.5%⁽⁷⁾) compared to the first half of 2024. In Large Industries (-1.9%), revenue was mainly impacted by a decline in sales of cogeneration units in Benelux and air gases in Italy. Sales from the Industrial Merchant business posted a +1.8% increase on a comparable basis, supported by a very solid price effect of +2.8%. In the Healthcare business, sales continued to grow (+2.8%), both in home healthcare and medical gases.

■ Revenue for the Asia Pacific region totaled 2,593 million euros in the first half of 2025, an increase of +2.1%. In Large Industries, recent start-ups of production units in China contributed to a +2.2% increase in sales. Industrial Merchant sales (+0.5%) returned to growth, particularly in China despite the decline in helium sales. Electronics revenue increased (+3.5%), supported by the start-up of seven carrier gas production units in the first half.

The consolidated revenue of the Engineering & Technologies business reached 412 million euros in the first half, up +1.8%^[1] on a comparable basis. Order intake for Group projects and third-party customers amounted to 1,307 million euros, a sharp increase of +38% compared to the first half of 2024.

Efficiencies^[2] reached a record level of 287 million euros in the 1^st half of 2025, a sharp increase of +23.3% compared to 233 million euros at the end of June 2024.

The Group's operating income recurring (OIR) reached 2,737 million euros in the first half of 2025. It increased by +5.2% and +7.2% on a comparable basis (excluding currency impact), which is significantly higher than the comparable sales growth (+1.8%), highlighting a strong leverage effect. The operating margin (OIR to revenue) stood at 19.9% on a reported basis, a sharp increase of +100 basis points excluding the energy impact compared to the first half of 2024. The reported Gas & Services operating margin is significantly up by +130 basis points excluding the energy impact.

Net profit (Group share) stood at 1,801 million euros in the first half of 2025, an increase of +7.2% on a reported basis and +7.9% excluding the currency impact. Recurring net profit^[3] (Group share) stood at 1,842 million euros, a reported increase of +9.6% and +10.3%^[4] excluding the currency impact.

Net earnings per share reached 3.12 euros per share, a strong increase of +6.8% compared to the first half of 2024, in line with the evolution of the published net profit (Group share).

Cash flow from operating activities before changes in working capital amounted to 3,253 million euros in the first half of 2025, up +3.1% on a reported basis and +4.2% excluding the currency impact. It increased by +6.4% excluding the exceptional tax surcharge in France in the first half of 2025, an exceptional customer indemnity in the first half of 2024, and the currency impact.

Net debt at June 30, 2025, reached 9,794 million euros, a decrease of 362 million euros compared to June 30, 2024, and an increase of 635 million euros compared to December 31, 2024, after the payment of nearly 2.0 billion euros in dividends in May. The net debt-toequity ratio, adjusted for dividend seasonality, stood at 33.5%, stable compared to the end of 2024.

Return on capital employed after tax (ROCE) was 10.5% in the first half of 2025. Recurring ROCE^[5]) reached 11.0%. It increased by +30 basis points compared to the first half of 2024, and remains significantly above the target of over 10% in the Advance strategic plan.

In the first half of 2025, industrial and financial investment decisions reached a record level^[6] of 2.3 billion euros, a sharp increase of +39% compared with the first half of 2024.

The investment backlog^[7] reached a new record of 4.6 billion euros, up from 4.5 billion euros in the first quarter of 2025. The investments in the backlog are diversified, spread across approximately 80 projects in all geographies. One third of these investments, or 1.6 billion euros, corresponds to projects in the Electronics business. More than 40%, or 2.0 billion euros, are related to the energy transition.

The additional contribution to sales from unit ramp-ups and start-ups reached 157 million euros in the first-half of 2025. For the full year, it is expected to be between 310 and 340 million euros.

The 12-month portfolio of investment opportunities remains at a high level of 4.1 billion euros at the end of June 2025. The total portfolio of opportunities, also including opportunities beyond 12 months, is stable (despite a record level of decisions this half-year) and exceeds 10 billion euros. It includes significant projects in the energy transition and the Electronics sector.

In terms of sustainable development, all Air Liquide activities are committed to the energy transition. In Large Industries, the Group notably announced the investment of one billion euros for two electrolysers in the Netherlands and started-up 6 decarbonized power purchase agreements. The Industrial Merchant will leverage the 1^st RFNBO^[8] certification to supply renewable hydrogen in Germany and will build a new biogenic CO₂ plant in Australia. In parallel, progress has been made in Healthcare with the ECO-ORIGIN^TM offer, in Electronics where new units will produce carrier gases using decarbonized energy, and in Engineering & Technologies with the sale of the largest CO₂ liquefaction unit. Air Liquide has also accelerated the implementation of comprehensive water management plans.

Air Liquide is and remains a growth company. The Group's growth is supported by four strong growth engines strategically activated according to market context and opportunities: optimizing the use of existing assets, investing in core business activities, energy transition and acquisitions. These four growth engines are supported by strong foundations. The Group's solid balance sheet enables the financing of industrial and financial investments. The ongoing structural transformation program contributes to effectively reducing the Group's cost structure to adapt to the current environment of lower volume demand.

The Air Liquide Board of Directors met on July 28, 2025. During this meeting, the Board reviewed the consolidated financial statements ending June 30, 2025. Limited review procedures were completed with respect to the consolidated interim financial statements, and an unqualified review report has been issued by the statutory auditors.

Key Figures

(a)   See reconciliation in appendix.

(b)   Excluding exceptional and significant transactions that have no impact on the operating income recurring, see reconciliation in appendix.(c)  Adjusted for dividend seasonality.

(d)   Based on the recurring net profit, see reconciliation in appendix.

(e)   Published change calculated on the 2024 revenue, not restated for the transfer of certain GM&T activities on January 1, 2025. See appendix.

(f)    Change excluding the currency, energy and significant scope impacts. See reconciliation in appendix.

(g)   Includes Argentina’s contribution of +0.4%, declining sharply compared to 2024.

Income Statement

REVENUE

(a)   Merger in the 1^st quarter of 2025 of GM&T and E&C activities within Engineering & Technologies, except mainly the Maritime and Biogas activities transferred in the Industrial Merchant activity. The 2024 revenue corresponds to the sum of GM&T and E&C activities published revenue. See Appendix.

(b)   Published change calculated on the 2024 sales as published, not restated for the transfer of certain activities from GM&T and E&C on January 1, 2025. See Appendix.

(c)   Comparable growth excludes the perimeter impact related to the internal transfer of activities from GM&T to Industrial Merchant but includes the contribution related to the growth in the first half of 2025 of these activities. This growth contributes +0.2% in Gas & Services in the first half of 2025. See Appendix. (d)  Includes Argentina’s contribution of +0.4%, declining sharply compared to 2024.

(a)   Merger on January 1, 2025 of GM&T and E&C activities within Engineering & Technologies, except mainly the Maritime and Biogas activities transferred in the Industrial Merchant activity.

(b)   Includes Argentina’s contribution of +0.4%, declining sharply compared to 2024. (c)  Includes Argentina’s contribution of +0.3%, declining sharply compared to 2024.

Group

Group revenue stood at 13,722 million euros in the 1^st half of 2025, posting a comparable growth of +1.8%^[9] compared to the 1^st half of 2024. The Group’s published sales increased by +2.6% in the 1^st half of 2025. They benefited from a favorable energy impact of +2.3% mitigated by a negative currency impact of -1.5%. There was no significant scope impact.

As part of the Group's transformation initiatives, the Engineering & Construction and Global Markets & Technologies activities were merged on January 1, 2025 into a new Engineering & Technologies activity. Under a unified management, with a shared vision and common objectives, this new organization aims to enhance the Group's competitiveness and to contribute to its growth by providing a more integrated innovation cycle, leveraging scale and complementarity strengths. Certain businesses, mainly Biogas and Maritime, were transferred from the Global Markets & Technologies activity to the Industrial Merchant activity.

Consolidated revenue (external sales) of the Engineering & Technologies business stood at 412 million euros in the 1^st half, up +1.8% and internal sales for the Group’s investment projects rose sharply.

Gas & Services sales posted comparable growth of +1.8%^(16)[10].

Gas & Services

Gas & Services revenue reached 13,310 million euros in the 1^st half, an increase of +1.8%^[11]on a comparable basis. The published revenue increased +4.0%^[12] in the 1^st half of 2025, benefiting from a positive energy effect of +2.4% mitigated by a negative currency impact of -1.6%. There was no significant scope impact in the 1^st half.

Sales from the Industrial Merchant business increased +1.3%^[13][14] in the 1^st half: they benefited from a still very strong price effect

(+2.6%) and stable gas volumes, but were impacted by declining equipment sales (“hardgoods”) in the United States. Revenue from Large Industries increased slightly (+0.9%⁽²¹⁾) supported by the contribution of new production units and by resilient business in a difficult environment. In Electronics (+0.9%), the strong increase in Carrier Gas sales of more than +10% in the 1^st half of 2025, supported by the start-up of seven production units, offset soft Equipment & Installations sales. Lastly, the Healthcare business, whose growth is uncorrelated with industry trends, posted continued solid revenue growth (+5.0%), with a well-balanced contribution from Home Healthcare and Medical Gases.

(a)   Published change calculated on the 2024 sales as published, not restated for the transfer of certain activities from GM&T and E&C on January 1, 2025. See Appendix.

(b)   Comparable growth excludes the perimeter impact related to the internal transfer of activities from GM&T to the Industrial Merchant but includes the contribution related to the growth of these activities. This growth contributes +0.7% in EMEA, +0.2% in Gas & Services and +0.5% in Industrial Merchant. See Appendix. (c)  Includes Argentina’s contribution of +0.9%, declining sharply compared to 2024. See appendix. (d)  Includes Argentina’s contribution of +0.4%, declining sharply compared to 2024. See appendix.

(e)  Excluding internal transfer of assets. See appendix.

Americas

Gas & Services revenue in the Americas totaled 5,290 million euros in the 1^st half of 2025, up by +2.9%^[15]. The growth of Large Industries (+6.5%^[16]) benefited from the start-up of a large Air Separation Unit in early 2024 and solid growth in the hydrogen business. In Industrial Merchant, revenue increased by +1.3%⁽²³⁾, supported by a very solid price effect of +3.4% and stable gas volumes, but was impacted by declining hardgoods sales. The strong growth in Healthcare sales (+11.7%) was driven in particular by price increases in the Medical Gases business in the United States and the development of Home Healthcare in Latin America. In Electronics (-2.2%), the increase of more than +10% in sales of Carrier Gases and Advanced Materials did not fully offset the sharp year-over-year decline in sales of Equipment & Installations, which posted a record level in 2024.

AMERICAS GAS & SERVICES H1 2025 REVENUE

■ Revenue from Large Industries rose by +6.5%⁽²³⁾ in the 1^st half of 2025. It benefited from the contribution of a large Air Separation Unit started up in the 1^st quarter of 2024, a lower impact from customer maintenance turnarounds, particularly in the hydrogen business, and to a lesser extent, solid growth in sales of cogeneration units.

■ In the Industrial Merchant business, sales increased by +1.3%⁽²³⁾. The price effect (+3.4%) strengthened during the half-year. The price increase in the United States accounted for approximately 70% of the increase^[17]. Gas volumes remained stable overall and increased in the Pharmaceuticals and Technology sectors. Volumes of hardgoods declined.

■ Sales in the Healthcare business posted dynamic growth of +11.7%. In the United States, medical gas prices rose sharply, particularly in proximity care. In Latin America^[18], the number of patients treated at home continues to grow.

■ Electronics revenue was down -2.2% and showed contrasting trends by business segment. Sales of Carrier Gases and Advanced Materials increased by more than +10%: Carrier Gases benefited in particular from new volumes of helium under long-term contracts, and advanced materials from increased demand from major customers. They did not fully offset the sharp decline in sales of equipment and installations, which are more cyclical, which normalized after record revenue in 2024. Sales of specialty materials remained down.

Europe, Middle East & Africa (EMEA)

Revenue in the Europe, Middle East & Africa region amounted to 5,427 million euros, stable (+0.5%^[19]) compared to the 1^st half of 2024.

In Large Industries (-1.9%), revenue was mainly impacted by a decline in sales of cogeneration units in Benelux and air gases in Italy. Sales from the Industrial Merchant business posted a +1.8% increase on a comparable basis, supported by a very solid price effect of +2.8%. In the Healthcare business, sales continued to grow (+2.8%), both in home healthcare and medical gases.

 EMEA GAS & SERVICES H1 2025 REVENUE

■ In the 1^st half of 2025, revenue from Large Industries was down by -1.9%. It was impacted in particular by the decline in sales of cogeneration units in Benelux and Air Separation Units in Italy. Customer demand remained soft in the Steel and Chemicals sectors, while volumes were resilient in Refining.

■ The Industrial Merchant business posted comparable revenue growth of +1.8% in the 1^st half. Excluding the growth from transferred businesses from GM&T, sales were stable (-0.3%) and increased by +1.6% excluding the divestiture in 2024 of businesses in 12 countries in Africa. The price effect (+2.8%) was significantly stronger than in 2024, supported by the rise in prices of liquid gases indexed to energy costs and by the increase in prices of packaged gases. In a context of low demand, volumes increased mainly in the Manufacturing, Aeronautics and Utilities markets.

■ Growth in sales of the Healthcare business (+2.8%) remained solid. Home Healthcare continued its growth, driven by the increase in the number of patients cared for, particularly for diabetes and sleep apnea. Growth in sales of medical gases benefited from a contribution from volumes and prices aligned with inflation.

Asia Pacific

Revenue for the Asia Pacific region totaled 2,593 million euros in the 1^st half of 2025, an increase of +2.1%. In Large Industries, recent start-ups of production units in China contributed to a +2.2% increase in sales. Industrial Merchant sales (+0.5%) returned to growth, particularly in China despite the decline in helium sales. Electronics revenue increased (+3.5%), supported by the start-up of seven carrier gas production units in the 1^st half.

ASIA PACIFIC GAS & SERVICES H1 2025 REVENUE

■ Revenue from Large Industries rose by +2.2% in the 1^st half of 2025. It was supported by the start-up and ramp-up of new units in China, including the take-over of a production unit from Wanhua at the end of 2024, and by the supply of additional volumes of hydrogen to the customer KMCI in South Korea under a long-term contract. Growth was mitigated by generally low demand in the region and by customer turnarounds, including an extended turnaround.

■ In Industrial Merchant, sales returned to growth (+0.5%) in the 1^st half of 2025. Revenue growth in China was solid (+4%) despite the decline in helium sales: the increase in volumes was supported in particular by recent acquisitions and the start-ups of small onsites. Business was mixed in the rest of the region, with high sales in Equipment & Installations in Japan in the 1^st quarter but a strongly negative price effect in Australia (end of CO₂ price surcharges) and low activity in Singapore. Volumes were mainly up in the Manufacturing, Metallurgy, Utilities and Electronic Packaging markets. The price effect (-1.4%) improved during the half-year, impacted by the sharp drop in prices of helium in China and CO₂ in Australia and by the absence of inflation.

■ Revenue from the Electronics business increased by +3.5%. Carrier Gas sales were up sharply by more than +10%, supported by the start-up of seven new production units in Asia in the 1^st half. This growth was impacted by a decline in more cyclical Equipment & Installations sales, which normalized after reaching a record level in 2024, and by a decline in Advanced Materials revenue.

.

Engineering & Technologies^[20]

The consolidated revenue of the Engineering & Technologies business reached 412 million euros in the 1^st half, up +1.8%^[21] on a comparable basis. In the 1^st quarter, growth was impacted by the divestiture of the Aerospace & Defense business in March 2024. In the 2^nd quarter, sales of technological equipment, in particular Turbo-Brayton LNG reliquefaction units and gas separation membranes, were up sharply. The consolidated revenue of Engineering (external sales) was virtually unchanged while sales for the Group (excluded from consolidated revenue) were up sharply.

Order intake for Group projects and third-party customers amounted to 1,307 million euros, a sharp increase of +38% compared to the 1^st half of 2024. They include Air Separation units, including the world’s largest unit for a steelmaker customer in India, a large hydrogen production unit, proprietary helium liquefaction equipment as well as numerous Turbo-Brayton reliquefaction units.

OPERATING INCOME RECURRING

A key component of operating expenses, purchases posted a limited increase of +2.0% excluding the currency impact, as the rise in energy costs over the half-year, mainly natural gas, was offset by lower equipment costs (notably hardgoods). Personnel costs posted a very moderate increase of +1.3% excluding the currency impact in an inflationary context, benefiting from the initial effects of the organizational simplification plan. Other operating income was down -44.0% excluding the currency impact compared to a high comparison base in the 1^st half of 2024, which included a customer indemnity. Lastly, other operating expenses increased by +4.2% excluding the currency impact in an inflationary context.

Efficiencies^[22] reached a record level of 287 million euros in the 1^st half of 2025, a sharp increase of +23.3% compared to 233 million euros at the end of June 2024. The Group's transformation program is actively contributing to these efficiencies, notably the streamlining of the organization, the restructuring of Home Healthcare activities in France, and the deployment of digital tools integrating artificial intelligence to optimize production and the supply chain. Procurement-related efficiencies were also high, with the strengthening of globalized actions to leverage volumes. The cross-functional continuous improvement program, which includes several hundred industrial efficiency projects, contributed to more than a quarter of the total efficiencies.

Operating income recurring before depreciation and amortization amounted to 4,024 million euros, up +5.1% on a reported basis and +6.8% excluding the currency impact compared to the 1^st half of 2024.

Depreciation and amortization reached 1,287 million euros, an increase of +5.9% excluding the currency impact compared to the 1^st half of 2024, reflecting the impact of new unit start-ups.

The Group's operating income recurring (OIR) reached 2,737 million euros in the 1^st half of 2025. It increased by +5.2% and +7.2% on a comparable basis (excluding currency impact), which is significantly higher than the comparable sales growth (+1.8%), highlighting a strong leverage effect. The operating margin (OIR to revenue) stood at 19.9% on a reported basis, a sharp increase of +100 basis points excluding the energy impact compared to the 1^st half of 2024. The increase in the reported margin was +50 basis points: the rise in energy costs, contractually passed through to Large Industries customers, increases reported sales with no impact on the recurring operating income in absolute value, thus creating a dilutive effect.

Gas & Services

H1 2025 GAS & SERVICES OPERATING INCOME RECURRING

The operating income recurring for the Gas & Services business amounted to 2,927 million euros, a reported increase of +7.6% compared to the first half of 2024, and +8.0% on a comparable basis. The reported operating margin was 22.0%, a strong improvement of +130 basis points excluding the energy impact.

Prices in the Industrial Merchant business showed an increase of +2.6% in the first half, demonstrating the Group's ability to pass on cost increases. Prices also increased in Large Industries and Healthcare.

(a) Operating income recurring / revenue as published.

The recurring operating income for the Americas region reached 1,196 million euros in the 1^st half of 2025, a reported growth of +7.6%. Excluding the energy impact, the operating margin increased by +140 basis points compared to the first half of 2024. All activities contributed to this growth, supported in particular by significant efficiencies generated in the Industrial Merchant, Healthcare, and Electronics businesses. Price increases also contributed to the margin improvement in the Healthcare and Industrial Merchant businesses. The Industrial Merchant business and, to a lesser extent, Healthcare were the main contributors to the margin improvement in the Americas region.

The recurring operating income for the EMEA region amounted to 1,150 million euros, a reported increase of +10.3% compared to the 1^st half of 2024. The operating margin showed a strong improvement of +150 basis points excluding the energy impact compared to the 1^st half of 2024. The Industrial Merchant business was the largest contributor, notably through significant efficiencies and accretive price management. Efficiencies were also significant in the other activities. In Healthcare, they resulted in particular from the effects of the transformation plan for Home Healthcare in France.

In Asia Pacific, recurring operating income stood at 580 million euros, a reported increase of +2.9%. Excluding the energy impact, the operating margin increased by +40 basis points. The Electronics business was the primary contributor through efficiencies and new accretive volumes from the start-up and ramp-up of carrier gases units. The margin improvement in Asia also benefited from significant efficiencies in other activities.

Engineering & Technologies

The recurring operating income for Engineering & Technologies reached 54 million euros in the 1^st half of 2025, representing 13.2% of sales, in line with the business's medium-term objectives.

Research & Development and Corporate costs

Research & Development expenses and Holding costs amounted to 244 million euros, an increase of +21.6% compared to the 1^st half of 2024. This is explained in particular by the implementation of the Group's transformation program, which notably includes the creation of a Group Industrial Department.

NET PROFIT

Other operating income and expenses totaled -47 million euros in the 1^st half of 2025. Other operating expenses amounted to -71 million euros and included in particular restructuring costs. Other operating income reached 24 million euros and mainly included capital gains on divestitures.

Financial results stood at -185 million euros, an improvement from -216 million euros in the 1^st half of 2024. It includes a cost of net debt of -117 million euros, down by -10.0%, which benefited in particular from a reduction in factoring costs. The average cost of net debt at 3.3% decreased slightly compared to 3.4% in the 1^st half of 2024. Other financial income and expenses amounted to -69 million euros, compared to -87 million euros in the 1^st half of 2024. The decrease is mainly explained by lower charges to take into account the hyperinflation in Argentina (where the inflation rate is much lower than in 2024).

The tax expense was 630 million euros, representing an effective tax rate of 25.1%, impacted by an exceptional tax surcharge in France in 2025, which is partially offset in the 1^st half of 2025 by an exceptional effect. In the first half of 2024, the effective tax rate stood at 23.6%.

The share of profit of associates stood at -9 million euros.

The share of minority interests in net profit reached 65 million euros, almost stable compared to 69 million euros in the 1^st half of 2024.

Net profit (Group share) stood at 1,801 million euros in the 1^st half of 2025, an increase of +7.2% on a reported basis and +7.9% excluding the currency impact. Recurring net profit^[23](Group share) stood at 1,842 million euros, a reported increase of +9.6% and +10.3%^[24] excluding the currency impact. Recurring net profit (Group share) is calculated^[25] by excluding the exceptional tax surcharge in France (for -45 million euros) and the residual impacts in 2025 of the elements qualified as non-recurring in the past (for 4 million euros).

Net earnings per share reached 3.12 euros per share, a strong increase of +6.8% compared to the 1^st half of 2024, in line with the evolution of the published net profit (Group share). Recurring net earnings per share were up +9.2%. The average number of outstanding shares used for the calculation of earnings per share on June 30, 2025, was 576,575,526.

CHANGE IN THE NUMBER OF SHARES

Change in Net debt

Cash flow from operating activities before changes in working capital amounted to 3,253 million euros in the first half of 2025, up +3.1% on a reported basis and +4.2% excluding the currency impact. It increased by +6.4% excluding the exceptional tax surcharge in France in the first half of 2025, an exceptional customer indemnity in the first half of 2024, and the currency impact.

The limited increase of 232 million euros in working capital requirement (WCR) compared to December 31, 2024, is explained in particular by a reduction in the factoring program, which has an upward impact on trade receivables, and by the increase in inventories, notably the helium reserves stored in the Group's cavern in Germany. Trade payables remained stable in the first half.

Net cash flow from operating activities, after changes in working capital, reached 2,977 million euros, an increase of +4.6% on a reported basis and +5.3% excluding the currency impact compared to the first half of 2024.

Capital expenditures stood at 1,919 million euros. They include industrial capital expenditures of 1,836 million euros and financial investments of 83 million euros. Proceeds from the sale of assets and activities reached 168 million euros and include the divestitures of Industrial Merchant activities in Nigeria and Home Healthcare in Japan and French Guiana.

Net debt at June 30, 2025, reached 9,794 million euros, a decrease of 362 million euros compared to June 30, 2024, and an increase of 635 million euros compared to December 31, 2024, after the payment of nearly 2.0 billion euros in dividends in May. The net debt-toequity ratio, adjusted for dividend seasonality, stood at 33.5%, stable compared to the end of 2024.

Return on capital employed after tax (ROCE) was 10.5% in the first half of 2025. Recurring ROCE⁽³³⁾ reached 11.0%. It increased by +30 basis points compared to the first half of 2024, and remains significantly above the target of over 10% in the Advance strategic plan.

⁽³³⁾  See definition and reconciliation in appendix.

Extra-financial performance

In the first half of 2025, all of the Group's activities are committed to the energy transition.

■ In Large Industries, the development of projects related to the energy transition continues. In particular, Air Liquide announced 1 billion euros of investment in two large electrolyzers (200 and 250 MW) in the frame of long-term contracts to produce lowcarbon hydrogen in the Netherlands. Furthermore, the start-up of six medium and long-term power purchase agreements for the supply of decarbonized electricity, representing a total capacity of approximately 1.4 TWh per year, contributes to the decarbonization of air gases and hydrogen production.

■ TheIndustrial Merchant business benefits from the 1^st RFNBO⁽³⁴⁾ certification in Germany, which will foster the development of renewable hydrogen sales. The investment in a new biogenic CO₂ production unit in Australia was also decided in the 1^st half.

■ In Healthcare, the ECO-ORIGIN^TM offer is a great success with the signing of contracts with more than 100 hospitals and clinics for the supply of certified low-carbon medical gases.

■ In Electronics, under a long-term contract with a major player in the semiconductor industry, several new units will produce carrier gases by using exclusively decarbonized energy.

■ Finally, the Engineering & Technologies business will supply the world's largest CO₂liquefaction unit, necessary for the realization of a bioenergy with carbon capture and storage (BECCS) project in Sweden.

Beyond the climate aspect, Air Liquide accelerated the implementation of detailed water management plans in the first half of 2025. There are now 49 of the 75 large production sites located in high water stress areas that have this in-depth plan that complies with the Group's new standard.

⁽³⁴⁾  Renewable Fuel of Non-Biological Origin.

Investment Cycle

         INVESTMENT CYCLE        

INVESTMENT DECISIONS AND INVESTMENT BACKLOG

In the first half of 2025, industrial and financial investment decisions reached a record level^[26] of 2.3 billion euros, a sharp increase of +39% compared with the first half of 2024.

Industrial investment decisions amounted to 2,184 million euros, up +38% compared to 1,587 million euros in the first half of 2024.

■ The Group is enhancing its leading position in Electronics by investing in several ultra-pure carrier gas production units across all regions: a project of more than 250 million euros for a leading customer in the semiconductor industry in Germany, more than 50 million US dollars for a tier one customer in the United States, more than 70 million euros of investment on the sites of three customers in China, and approximately 70 million euros in Singapore to supply VSMC^[27].

■ In Large Industries, an additional investment was decided in the first quarter for the major project with ExxonMobil in Baytown, Texas (United States). It corresponds to the extension of engineering and procurement activities contractually covered by the customer to move the project forward until the final investment decision (FID) is made by ExxonMobil. In addition, new investments will contribute to the development of the US Gulf Coast pipeline network: for air gases as part of a long-term contract renewal with Dow, and also for hydrogen following the signing of new customer contracts. In Italy, Air Liquide will invest in two new production units to supply air gases to a steel mill with an electric arc furnace.

■ To support local growth in Industrial Merchant, the Group has decided to invest in several small air gas production units in various Asian countries. The decisions also concern a biogenic CO₂ production unit in Australia, a cylinder filling center in China, and also equipment for the transport of argon in the United States.

Financial investment decisions stood at 81 million euros in the first half of 2025. They include five small acquisitions in Industrial Merchant in the United States, China, Brazil, and Spain, and the acquisition of two companies in Germany in Home Healthcare.

The investment backlog^[28] reached a new record of 4.6 billion euros, up from 4.5 billion euros in the first quarter of 2025. The investments in the backlog are diversified, spread across approximately 80 projects in all geographies. One third of these investments, or 1.6 billion euros, corresponds to projects in the Electronics business. More than 40%, or 2.0 billion euros, are related to the energy transition:

■ 275 million US dollars for the part of the project contractually covered by the customer ExxonMobil in Baytown (United States), out of a total investment of 850 million US dollars;

■ approximately 300 million euros for the first investment tranche in the Elygator electrolyzer project (200 MW, the Netherlands), for which the final investment decision was made in July 2025;

■ more than 400 million euros for the Normand’Hy electrolyzer project (200 MW, France), which is expected to be started-up by the end of 2026 to supply TotalEnergies in the frame of a long-term contract;

■ Several other major projects such as the two bio-SMR^[29] producing hydrogen from biogenic coproducts from the TotalEnergies biorefineries in Grandpuits and La Mède in France, or a carbon capture unit in the Netherlands (Porthos project) to decarbonize the Group's largest hydrogen production unit in Europe.

START-UPS

The main start-ups in first-half of 2025 include:

■ in Asia Pacific, 7 carrier gases production units for customers in the Electronics industry for a total investment amount of more than 280 million euros, a molybdenum production plant in South Korea, an Air Separation Unit (ASU) to supply ExxonMobil in Singapore, a hydrogen filling center in China, and an ASU acquired from Wanhua Chemical Group in China in the 3^rd quarter of 2024, after signing a long-term contract;

■   in EMEA, a new rare gases production facility in South Africa and a small hydrogen production unit with a carbon capture system in France;

■  in the United States, three small on-site gas generators for a battery manufacturer.

The additional contribution to sales from unit ramp-ups and start-ups reached 157 million euros in the first-half of 2025. For the full year, it is expected to be between 310 and 340 million euros.

Investment Cycle

INVESTMENT OPPORTUNITIES

The 12-month portfolio of investment opportunities remains at a high level of 4.1 billion euros at the end of June 2025. Opportunities continue to be very dynamic, with new projects entering the portfolio offsetting the high level of investment decisions for the half-year (projects that leave the portfolio and enter the backlog). The portfolio of opportunities is diversified, with numerous projects, those related to the energy transition representing more than 40% of the portfolio, mainly in Europe and the United States. Approximately one-third of the opportunities concern the Electronics business with projects spread across Asia, the United States, and Europe.

The total portfolio of opportunities, also including opportunities beyond 12 months, is stable (despite a record level of decisions this half-year) and exceeds 10 billion euros. It includes significant projects in the energy transition and the Electronics sector.

Risk Factors

 RISK FACTORS

In a geopolitical context of increasing international tensions, Air Liquide has not identified any new risk factors in the first half. These are described in the 2024 Universal Registration Document, pages 72 to 89.

Outlook

      OUTLOOK     

Air Liquide is and consistently remains a Growth Company. The growth of the Group is underpinned by four powerful engines, which are strategically activated based on market context and opportunities:

■ Optimized Utilization of Existing Assets: this engine drives low-capex growth by maximizing value from the current asset base. It encompasses two primary levers: pricing and volume optimization. This serves as a reservoir of growth, particularly pertinent in the current environment of reduced volumes.

■ Investments in Core Activities: leveraging the leading innovation and technology capabilities of the Group, this lever fuels growth through strategic investments in core operations. While Carrier Gases projects in Electronics are a major growth driver, significant growth investments continue to be made across Large Industries, Industrial Merchant, and Healthcare.

■ The Energy Transition: this growth engine extends beyond low-carbon hydrogen to include low-carbon oxygen like the ExxonMobil project in the US, and comprehensive CO₂ management solutions.

■  Acquisitions: the final growth pillar encompasses both bolt-on and strategic acquisitions.

These four growth engines are supported by robust foundations. The Group’s healthy balance sheet allows financing of industrial and financial investments. Furthermore, the ongoing transformation program is effectively lowering the cost structure of the Group to adapt to today's environment of reduced volumes.

Quarter after quarter, Air Liquide stays the course and continues to achieve solid financial performance. The Group recorded a profitable growth in sales, once again demonstrating the strength of its business model, a source of growth and resilience. The operating margin continues to improve, in line with the ambition for an improvement of +200 basis points over two years excluding the energy impact. In addition, the investment backlog achieved a new record high.

Air Liquide stays the course. The Group confirms its ability to further increase its operating margin and to deliver recurring net profit^[30] growth at constant exchange rates in 2025, and to achieve its ambition to improve by +200 basis points its OIR margin⁽³⁹⁾ over the two years to end-2026.

 APPENDICES

Performance indicators

Performance indicators used by the Group that are not directly defined in the financial statements have been prepared in accordance with the AMF position 2015-12 about alternative performance measures.

The performance indicators are the following:

■  Currency, energy and significant scope impacts

■  Comparable sales change and comparable operating income recurring change

■  Operating margin and operating margin excluding energy impact

■   Recurring net profit Group share

■  Recurring net profit excluding currency impact

■   Net Profit Excluding IFRS16

■   Net Profit Recurring Excluding IFRS16

■   Efficiencies

■ Return on Capital Employed (ROCE) ■ Recurring ROCE

DEFINITION OF CURRENCY, ENERGY AND SIGNIFICANT SCOPE IMPACTS

Since industrial and medical gases are rarely exported, the impact of currency fluctuations on activity levels and results is limited to euro translation impacts with respect to the financial statements of subsidiaries located outside the eurozone. The currency impact is calculated based on the aggregates for the period converted at the exchange rate for the previous period.

In addition, the Group passes on variations in the cost of energy (electricity and natural gas) to its customers via indexed invoicing integrated into their medium and long-term contracts. This indexing can lead to significant variations in sales (mainly in the Large Industries Business Line) from one period to another depending on fluctuations in prices on the energy market.

An energy impact is calculated based on the sales of each of the main subsidiaries in Large Industries. Their consolidation allows the determination of the energy impact for the Group as a whole. The foreign exchange rate used is the average annual exchange rate for the year N-1. Thus, at the subsidiary level, the following formula provides the energy impact, calculated for natural gas and electricity respectively:

Energy impact =

Share of sales indexed to energy year (N-1) x (Average energy price in year (N) - Average energy price in year (N-1)) This indexation effect of electricity and natural gas does not impact the operating income recurring.

The significant scope impact corresponds to the impact on sales of all acquisitions or disposals of a significant size for the Group. These changes in scope of consolidation are determined:

■ for acquisitions during the period, by deducting from the aggregates for the period the contribution of the acquisition,

■   for acquisitions during the previous period, by deducting from the aggregates for the period the contribution of the acquisition between January 1 of the current period and the anniversary date of the acquisition,

■ for disposals during the period, by deducting from the aggregates for the previous period the contribution of the disposed entity as of the anniversary date of the disposal,

■   for disposals during the previous period, by deducting from the aggregates for the previous period the contribution of the disposed entity.

Calculation of performance indicators (Semester)

COMPARABLE SALES CHANGE AND COMPARABLE OPERATING INCOME RECURRING CHANGE

Comparable changes for sales and operating income recurring exclude the currency, energy and significant scope impacts described above.

■ As part of the Group's transformation initiatives, the Engineering & Construction and Global Markets & Technologies activities were merged on January 1, 2025 into a new Engineering & Technologies activity. Certain businesses, mainly Biogas and Maritime, were transferred from the Global Markets & Technologies activity to the Industrial Merchant activity.

The comparable growth excludes the perimeter impact related to the internal transfer of some activities from GM&T to the Industrial Merchant but includes the contribution related to the growth of these activities in the first half.

(a)  Published change calculated on the 2024 revenue, not restated for the transfer of certain GM&T activities on January 1, 2025. See appendix.

■ Furthermore, also as part of the Group's transformation initiatives, an internal transfer of assets took place at the beginning of the year between the Large Industries and Industrial Merchant activities in the Americas. The perimeter impact related to this internal transfer on comparable growth is neutralized to allow a direct reading of the underlying evolution of these two activities.

As this adjustment was not made in the first quarter, the table below shows comparable growth as published in April 2025 and comparable growth after neutralizing the impact of the internal transfer of assets.

OPERATING MARGIN AND OPERATING MARGIN EXCLUDING ENERGY IMPACT

The operating margin is the ratio of the operating income recurring divided by revenue. The operating margin excluding energy impact corresponds to the operating income recurring (not affected in absolute value by the the cost of energy contractually re-invoiced to Large Industries customers) divided by revenue excluding the energy impact to which is attached the corresponding currency impact. The ratio of operating income recurring divided by the revenue (whether restated or not from the energy impact) is calculated with rounding to one decimal place. The variation between 2 periods is calculated as the difference between these rounded ratios, which can result in positive or negative differences compared to a more precise calculation, due to rounding.

(a)  Including the currency impact attached to the considered energy impact. (b)  Excluding the energy impact.

RECURRING NET PROFIT GROUP SHARE AND RECURRING NET PROFIT GROUP SHARE EXCLUDING CURRENCY IMPACT

The recurring net profit Group share corresponds to the net profit Group share excluding exceptional and significant transactions that have no impact on the operating income recurring.

NET PROFIT EXCLUDING IFRS 16 AND NET PROFIT RECURRING EXCLUDING IFRS 16

Net Profit excluding IFRS 16:

(a) The IFRS 16 impact includes the reintegration of leasing expenses, less depreciation and other financial expenses booked in relation to IFRS 16.

Net Profit Recurring excluding IFRS 16:

(a)  The IFRS16 impact includes the reintegration of leasing expenses, less depreciation and other financial expenses booked in relation to IFRS 16.

EFFICIENCIES

Efficiencies represent a sustainable cost reduction resulting from an action plan on a specific project. Efficiencies are identified and managed on a per project basis. Each project is followed by a team composed in alignment with the nature of the project (purchasing, operations, human resources...).

RETURN ON CAPITAL EMPLOYED – ROCE

Return on capital employed after tax is calculated based on the Group’s consolidated financial statements, by applying the following ratio for the period in question.

For the numerator: net profit excluding IFRS16 - net finance costs after taxes for the period in question.

For the denominator: the average of (total shareholders' equity excluding IFRS16 + net debt) at the end of the past three half-years.

(a)  excluding non-recurring tax impact

RECURRING ROCE

The recurring ROCE is calculated in the same manner as the ROCE using the recurring net profit excluding IFR16 for the numerator.

(a)  excluding non-recurring tax impact

Calculation of performance indicators (2^nd Quarter)

(a)  Published change calculated on the 2024 revenue, not restated for the transfer of certain GM&T activities on January 1, 2025. See appendix.

As part of the Group's transformation initiatives, the Engineering & Construction and Global Markets & Technologies activities were merged on January 1, 2025 into a new Engineering & Technologies activity. Certain businesses, mainly Biogas and Maritime, were transferred from the Global Markets & Technologies activity to the Industrial Merchant activity.

The comparable growth excludes the perimeter impact related to the internal transfer of transferred activities sales from GM&T to the Industrial Merchant but includes the contribution related to the growth of these activities in the first half.

2^nd quarter 2025 revenue BY GEOGRAPHY

(a)   Published change calculated on the 2024 sales as published, not restated for the transfer of certain activities from GM&T and E&C on January 1, 2025.

(b)   Comparable growth excludes the perimeter impact related to the internal transfer of activities from GM&T to the Industrial Merchant but includes the contribution related to the growth of these activities. This growth contributes +0.5% in EMEA and +0.2% in Gas & Services in the 2^nd quarter of 2025.

(c)   Includes Argentina’s contribution of +0.3%, declining sharply compared to 2024.

BY WORLD BUSINESS LINE

(a)   Published change calculated on the 2024 sales as published, not restated for the transfer of certain activities from GM&T and E&C on January 1, 2025.

(b)   Comparable growth excludes the perimeter impact related to the internal transfer of activities from GM&T to the Industrial Merchant but includes the contribution related to the growth of these activities. This growth contributes +0.4% in Industrial Merchant and +0.2% in Gas & Services in the 2^nd quarter of 2025. (c)  Excluding internal transfer of assets.

(d)  Includes Argentina’s contribution of +0.3%, declining sharply compared to 2024.

Geographic and segment information

CONTRIBUTION OF ARGENTINA TO THE RESULTS

Contribution of Argentina is calculated by the difference between the amounts consolidated at Gas & Services level and these same amounts consolidated excluding data from Argentina.

 CONDENSED CONSOLIDATED

FINANCIAL STATEMENTS

Consolidated income statement

Statement of net income and gains and losses recognized directly in equity

Consolidated balance sheet

(a) A breakdown of changes in shareholders’ equity and minority interests is presented in Consolidated statement of changes in equity.

Consolidated cash flow statement

(a)   In accordance with IAS 7.35, the Group classifies cash flows from income taxes as operating flows, unless they can be specifically attributed to financing and investing activities. Consequently, the Group presents the cost of net debt, proceeds from disposals, capital gains or losses on asset disposals and interest paid net of tax.

(b)   This item includes net non-cash charges relating to IAS 19, IFRS 16 unwinding of discount, IFRS 2 charge.

(c)   From 2025 onwards, investment grants are reported on the line “purchase of property, plant and equipment and intangible assets” while they were presented within “other cash items” in 2024. If this presentation had been effective in 2024, the line “other cash items” would have amounted to -47.9 million euros and the line “purchase of property, plant and equipment and intangible” assets would have amounted to 1,636.5 million euros.

(d)   A breakdown of dividends paid, share capital increases and treasury share purchases is provided in Consolidated statement of changes in equity.

(e)   This item includes in particular the change in other non current and current financial assets.

The analysis of net cash and cash equivalents at the end of the period is as follows :

Consolidated statement of changes in equity

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FROM JANUARY 1, 2025 TO JUNE 30, 2025

(a)   See Statement of net income and gains and losses recognized directly in equity.

(b)   Share capital as of June 30, 2025 was made up of 578,477,883 shares at a par value of 5.50 euros. During the fiscal year, share capital movements affecting share capital were as follows:

- creation of 218,620 shares, resulting from the exercise of options for 15.1 million euros.

(c)   The number of treasury shares as of June 30, 2025 totaled 1,812,681 (including 1,523,236 held by L’Air Liquide S.A.). During the fiscal year, movements affecting treasury shares were mainly as follows:

- disposals net of acquisitions of 3,000 shares.

(d)   Mainly the effects of hyperinflation in Argentina and Türkiye.

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FROM JANUARY 1, 2024 TO JUNE 30, 2024

(a)   See Statement of net income and gains and losses recognized directly in equity.

(b)   Mainly including the effects of hyperinflation in Argentina and Türkiye.

Accounting principles

The condensed interim consolidated financial statements for the half-year ended June 30, 2025 include the Company and its subsidiaries (together referred to as the “Group”) as well as the Group share of associates or joint ventures. The Group consolidated financial statements for the fiscal year ended December 31, 2024 are available upon request at the Company registered office at 75, quai d’Orsay, 75007 Paris, France or on the website www.airliquide.com.

BASIS FOR PREPARATION OF THE CONSOLIDATED FINANCIAL STATEMENTS

The condensed interim consolidated financial statements have been prepared in accordance with IAS 34 “Interim Financial Reporting”, a standard within the IFRS (International Financial Reporting Standards), as endorsed by the European Union. They do not include all the information required for complete annual financial statements and should be read in conjunction with the Group financial statements for the fiscal year ended December 31, 2024.

Except for the application of standards, interpretations and amendments being mandatory as of January 1, 2025, the accounting principles used for the preparation of the condensed interim consolidated financial statements are identical to those used for the preparation of the consolidated financial statements for the fiscal year ended December 31, 2024. They have been prepared in accordance with IFRS, as endorsed by the European Union as of June 30, 2025.

The IFRS standards and interpretations as endorsed by the European Union are available at the following website:

https://finance.ec.europa.eu/regulation-and-supervision/financial-services-legislation/implementing-and-delegated-acts/internationalaccounting-standards-regulation_en

The Group has not anticipated any standards, amendments or interpretations published by the IASB but not yet approved, or not yet mandatory in the European Union as of June 30, 2025.

The financial statements are presented in million of euros. They were reviewed by the Board of Directors on July 28, 2025.

NEW IFRS AND INTERPRETATIONS

1.       Standards, interpretations and amendments endorsed by the European Union whose application is mandatory as of January 1, 2025

The following texts have no material impact on the Group financial statements:

■ amendments to IAS 21 “The Effects of Changes in Foreign Exchange Rates: Lack of Exchangeability” issued on August 15, 2023.

2.       Standards, interpretations and amendments not yet endorsed by the European Union or whose application is optional in 2025

The impacts on the financial statements of texts published by the IASB as of June 30, 2025 and not yet endorsed by the European Union or whose application is optional in 2025 are currently being analyzed. These texts are as follows:

■  IFRS 18 “Presentation and Disclosure in Financial Statements” issued on April 9, 2024;

■  annual improvements Volume 11 issued on July 18, 2024;

■ amendments to IFRS 9 and IFRS 7 “Contracts Referencing Nature-dependent Electricity” issued on December 18, 2024.

In addition, the following texts are not applicable to the Group:

■  IFRS 19 "Subsidiaries without Public Accountability: Disclosures", issued on May 9, 2024.

USE OF ESTIMATES AND ASSUMPTIONS

The preparation of the financial statements requires Group or subsidiary Management to make estimates and use certain assumptions which have a significant impact on the carrying amounts of assets and liabilities recorded in the consolidated balance sheet, the notes related to these assets and liabilities, the profit and expense items in the income statement and the commitments relating to the periodend. Subsequent results may differ.

The significant judgments exercised by the Group or subsidiary Management in applying the Group accounting policies used in preparing the half-year condensed consolidated financial statements, and the main sources of uncertainty in making the estimates, are identical to those described in the consolidated financial statements for the fiscal year ended December 31, 2024.

BASIS FOR PRESENTATION AND MEASUREMENT OF FIRST HALF-YEAR INFORMATION

The segment information corresponds to the information required by IAS 34 “Interim Financial Reporting”.

The Group’s activities may be affected by significant changes in the economic situation. Therefore, its interim results are not necessarily indicative of those to be expected for the fiscal year as a whole.

The income tax expense for the period is calculated by applying the estimated effective income tax rate for the fiscal year, based on the information available as of the interim reporting date, to the different categories of profit.

Notes to the consolidated financial statements for the half-year ended June 30, 2025

Note 1 Segment information

Following an organizational change within the Group, performance monitoring for Engineering & Construction and Global Markets & Technologies is now managed within a single operational sector, Engineering & Technologies, since the first quarter 2025, except for certain activities, primarily Biogas and Maritime, which are now monitored within the Gas & Services sector. The 2024 data has been restated accordingly.

1.1. INCOME STATEMENT FOR THE HALF-YEAR ENDED JUNE 30, 2025

The Research and Development and Holdings activities (corporate) are presented in the “Reconciliation” column.

1.2. INCOME STATEMENT FOR THE HALF-YEAR ENDED JUNE 30, 2024

Note 2 Revenue

Consolidated revenue for the 1^st half of 2025 amounts to 13,722.2 million euros, up to 2.6 % compared to the 1^st half of 2024 (13,378.6 million euros).

Note 3 Depreciation and amortization expense

 (a) Includes the depreciation expense after deduction of investment grants released to profit.

Note 4 Other non-recurring operating income and expenses

In the 1^st half of 2025, the Group recognized:

■ Net loss on the disposals of activities or group of assets and impairments of assets amounting to -24,9 million euros mostly linked to the disposal of an entity established in Africa.

In the 1^st half of 2024, the Group recognized:

■ Net gains on the disposals of activities or group of assets amounting to 34.8 million euros mostly linked to the disposal of its oxygen and nitrogen aerospace activities ;

■ Restructuring costs corresponding to realignment and transformation programs primarily in Gas & Services;

Note 5 Net finance costs and other financial income and expenses

The average net finance costs stands at 3.3 % in the 1^st half of 2025, slightly lower compared to the average net finance costs of the 1^st half of 2024.

Note 6 Income taxes

The average effective tax rate in 2025 is impacted by the exceptional contribution on large companies' profits in France.

The application of the Pillar 2 rules has no significant impact on the Group's average effective tax rate.

Note 7 Employee benefits

The expenses recognized for pension and other employee benefits amount to 111.7 million euros in the 1^st half of 2025 and can be broken down as follows:

Note 8 Net earnings per share

8.1. BASIC EARNINGS PER SHARE

8.2. DILUTED EARNINGS PER SHARE

All instruments that could dilute net profit – Group share, are included in the calculation of diluted earnings per share.

The Group has not issued any other financial instruments that may result in further dilution of net earnings per share.

Note 9 Goodwill

                                                             As of Goodwill recognized      Goodwill removed      Foreign exchange

As of June 30, 2025, the Group did not identify any indications of impairment loss on cash-generating units (CGU) or group of cashgenerating units to which goodwill is allocated.

Note 10 Customers

As at June 30, 2025, non-recourse factored receivables amount to 1,183 million euros (1,340 million euros as at December 31, 2024). There were no new significant program nor amendment signed during the first half of 2025.

Note 11 Provisions, pensions and other employee benefits

(a) Other movements correspond to reclassifications, disposals and provisions for dismantling, with no impact on the consolidated cash flow statement.

In the 1^st half of 2025, no new litigation is likely to individually have a material impact on the Group’s financial position or profitability.

Furthermore, the assets covering defined benefit plan obligations were measured at fair value. The current value of the Group's commitments was calculated taking into account the discount rates as of June 30, 2025.

Note 12 Borrowings

Net debt calculation

Statement of changes in net debt

The Air Liquide Group net debt breaks down as follows:

Gross debt (A) increased by 362 million euros between December 31, 2024 and June 30, 2025. This rise mainly comes from:

■ the extended use of commercial paper programs, increasing by 1,536 million euros, both in euros and in US dollar;

■ a bond issue of 500 million euros carried out on March 21, 2025 as part of the EMTN program, with a maturity of 10 years. This is a new green bond issue, in line with Air Liquide’s ambition to combine growth and sustainable development.

Conversely, three bond issues were repaid:

■  a private placement issued in 2020 and maturing March 31, 2025 for 100 million euros ;

■ a bond issue issued in 2020 and maturing April 2, 2025, initially for 500 million euros and whose nominal value had been reduced to 372 million euros in 2023 ;

■  a bond issue issued in 2015 and maturing June 3, 2025, for 500 million euros.

Current gross debt (maturity less than 12 months) (A) increased by 123 million euros between December 31, 2024 and June 30, 2025. This increase in current gross debt is explained by:

■  the increase in the commercial paper portfolio by 1,536 million euros;

■              the reclassification into current financial debt of a private placement of 150 million euros maturing on January 23, 2026; ■ conversely, the repayments of the three bonds for the first half of the year for 972 million euros.

Cash decreased by 273 million euros compared to December 31, 2024.

The net debt amounts to 9,794 million euros, increasing by 634 million euros compared to December 31, 2024 and decreasing by 363 million euros compared to June 30, 2024.

Note 13 Commitments

Regarding renewable electricity purchase contracts, the Group's commitments decreased by approximately 900 million euros. This variation includes in particular the exercise of an exit clause on a contract in Europe, Middle East and Africa.

The other commitments did not change significantly in comparison to December 31, 2024.

Note 14 Dividend per share

The 2024 dividend authorized by the General Meeting and paid on May 21, 2025 to the Group shareholders was 1,959.0 million euros (including fidelity premium), corresponding to an ordinary dividend of 3.30 euros and a fidelity premium of 0.33 per share.

Note 15 Related party disclosures

Due to the activities and legal organization of the Group, only executives, associates and joint ventures are considered to be related parties to the Group. Transactions performed between these individuals or these companies and Group subsidiaries are not material.

Note 16 Contingent liabilities

To the best of the Group’s knowledge, there is no exceptional event or litigation which has affected in the recent past or which is likely to materially affect its financial situation or profitability.

Note 17 Post-balance sheet events

No significant events to report.

Note 18 Other information

As of June 30, 2025, given the geopolitical context and reinforced sanctions and counter-sanctions, the Group continues to consider that it no longer has control of its activities in Russia since September 1, 2022. As a reminder, all assets in Russia have been fully depreciated in the accounts as of December 31, 2022.

Statutory auditors' review report on the half-yearly financial information

This is a free translation into English of the statutory auditors’ review report on the half-yearly financial information issued in French and is provided solely for the convenience of English-speaking users. This report includes information relating to the specific verification of information given in the Group’s half-yearly management report. This report should be read in conjunction with, and construed in accordance with, French law and professional standards applicable in France.

To the Shareholders,

In compliance with the assignment entrusted to us by your Annual General Meeting and in accordance with the requirements of article L. 451-1-2 III of the French Monetary and Financial Code ("Code monétaire et financier"), we hereby report to you on:

■ the review of the accompanying half-yearly consolidated financial statements of L’Air Liquide, for the period from January 1 to June 30, 2025;

■  the verification of the information presented in the half-yearly management report.

These condensed half-yearly consolidated financial statements are the responsibility of the Board of Directors. Our role is to express a conclusion on these financial statements based on our review.

I – Conclusion on the financial statements

We conducted our review in accordance with professional standards applicable in France.

A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with professional standards applicable in France and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

Based on our review, nothing has come to our attention that causes us to believe that the accompanying condensed half-yearly consolidated financial statements are not prepared, in all material respects, in accordance with IAS 34 – standard of the IFRSs as adopted by the European Union applicable to interim financial information.

II – Specific verification

We have also verified the information presented in the half-yearly management report on the condensed half-yearly consolidated financial statements subject to our review.

We have no matters to report as to its fair presentation and consistency with the condensed half-yearly consolidated financial statements.

Neuilly-sur-Seine and Paris La Défense, July 28, 2025

French original signed by

The Statutory auditors

                          PricewaterhouseCoopers Audit                                                                     KPMG S.A.

                          Olivier Lotz               Cédric Le Gal                                                Valérie Besson               Laurent Genin

CERTIFICATION BY THE PERSON RESPONSIBLE

FOR THE FIRST HALF FINANCIAL REPORT

Person responsible for the first half financial report

               PERSON RESPONSIBLE FOR THE              

FIRST HALF FINANCIAL REPORT

François JACKOW, Chief Executive Officer of L’Air Liquide S.A.

CERTIFICATION BY THE PERSON

                       RESPONSIBLE FOR THE FIRST HALF

FINANCIAL REPORT

This is a free translation into English of the certification by the person responsible for the First half financial report and is provided solely for the convenience of English speaking readers.

I hereby declare that, to the best of my knowledge, the condensed consolidated financial statements for the half-year ended June 30, 2025 have been prepared in accordance with applicable accounting standards and give a true and fair view of the assets and liabilities, the financial position and results of the Company and the entities included in the consolidation, and that the first half activity report, available in chapter 1, provides a faithful representation of the major events which occurred during the first six months of the fiscal year, their impact on the financial statements, the main related-party transactions, and describes the major risks and uncertainties for the remaining six months of the fiscal year.

Paris, July 28, 2025

François Jackow Chief Executive Officer

Cautionary note regarding forward-looking statements

This First half financial report contains information on the Group’s prospects, objectives and trends for growth. These forward-looking statements can be identified by the use of the future tense, conditional or of forward-looking terms such as “consider”, “intend”, “anticipate”, “believe”, “estimate”, “plan”, “expect”, “think”, “aim”, or, as the case may be, the negative of these words, or any other terms with a similar meaning. This information is not based on historical data and should not be considered as a guarantee that the prospects and objectives described will be achieved. These statements are based on data, assumptions and estimates considered reasonable by the Group as of the date of this First half financial report. They may be affected by known or unknown risks, uncertainties and other factors which might impact future results, performances and achievements of the Group in a way that is substantially different from the objectives described. This information might therefore change due to uncertainties relating notably to the economic, financial, competitive and regulatory environment or due to the occurrence of certain risks described in Chapter 1 of this First half financial report. This information is given solely as of the date of this First half financial report. All forward-looking statements contained in this First half financial report are qualified in their entirety by this cautionary note.

Realisation: Ruban Blanc

Cover: EMPEROR

Photos credits: Andrea Campagnolo – Rozenburg / Media-Creators (HQ) – Kay-Uwe – Adrien Daste.