Financing tools

Access to different debt markets

Air Liquide diversifies its financing sources by accessing various debt markets. In the long run, the Group funds itself with bond issues, usually through its Euro Medium-Term Notes programme (EMTN), targeting European, American, as well as Japanese markets. Over the short term, Air Liquide has recourse to Negotiable European Commercial Paper (formerly Billet de Tresorerie) and US Commercial Paper. The Group also has access to a Syndicated Credit Facility and several bilateral credit facilities with the Group’s core banking partners for general corporate purposes.

EMTN: European Medium Term Notes

Short term programs

Syndicated credit facility

Air Liquide’s policy requires that confirmed credit lines back all commercial paper issues.

For this reason, the Group holds a 3 billion euros syndicated credit facility with its core banking partners, maturing in 2031.

Bilateral credit facilities

Air Liquide has also contracted bilateral credit facilities with its core banking partners. As of December 31, 2025, the total amount of undrawn committed credit lines reached 4.85 billion euros. This amount includes the Syndicated Credit Facility (3 billion euros) and an €850 million bridge loan negotiated in connection with the DIG acquisition. This bridge loan was cancelled upon the final completion of the transaction on January 13, 2026.

Prudent liquidity management

As of December 31, 2025