Share Buyback

A complementary and modern tool for our overall remuneration policy, in line with today’s market expectations

The Group has a longstanding commitment to creating long-term value for its Shareholders and delivering attractive Shareholder returns. In this context, the Group is now broadening its approach to Shareholder remuneration with an even more comprehensive Shareholder return policy. The introduction of share buybacks represents a natural evolution of this policy, complementing the Group’s existing approach without changing its underlying philosophy.

A share buyback is an alternative form of distribution to Shareholders, whereby a company buys back its own shares on the market (and then cancels them). This reduces the number of shares in circulation and increases the proportional rights of each individual share.

Thus, for an equivalent level of earnings, earnings per share is increased thanks to the cancellation of repurchased shares, which directly benefits Shareholders wishing to commit long term alongside the company.

The share buyback program does not hinder the Group's ability to invest and grow. Unlike an increase in the dividend payout ratio, which would commit the Group for the future, the implementation of a share buyback program is flexible and can be stopped at any time, to prioritize capital allocation for a major strategic acquisition or a significant wave of new projects.

This practice demonstrates Air Liquide's confidence in the share's appreciation over time. It is executed soundly, without imposing additional financial risk on the Group.

The announcement of the share buyback program has no impact on the Group's existing Shareholder policy (regular dividend payments, Loyalty Bonus and Free Share allocation).