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Investing in Air Liquide

A world leader in gases, technologies and services for Industry and Health, Air Liquide is present in 72 countries with approximately 67,800 employees and serves more than 4 million customers and patients. Air Liquide’s revenue amounted to more than €27.5 billion in 2023.

Creating value over the long term

Air Liquide’s ambition is to be a leader in its industry, deliver long term performance and contribute to sustainability - with a strong commitment to climate change and energy transition at the heart of its strategy. The company’s customer-centric transformation strategy aims at profitable, regular and responsible growth over the long term. It relies on operational excellence, selective investments, open innovation and a network organization implemented by the Group worldwide. Through the commitment and inventiveness of its people, Air Liquide leverages energy and environment transition, changes in healthcare and digitization, and delivers greater value to all its stakeholders.

Delivering profitable growth over the long term

In 2023, net profit (Group share) amounted to €3,078 million euros, the net earnings per share was 5.90 euros, resulting in a 56% pay-out ratio. Air Liquide is listed on the Euronext Paris stock exchange (compartment A) and belongs to the CAC 40, CAC 40 ESG, EURO STOXX 50, FTSE4Good and DJSI Europe indexes.

CAGR over 30 years1

2023 key figures


Creation 1902
Countries 72
Customers Over 2 million
Patients Around 2 million
Employees Approximately 67,800

Finance (2023 data)

Revenues €27,608 million
Operating income recurring €5,068 million
Net profit €3,078 million
Cash flow from operations €6,357 million
Debt-to-equity ratio 36.8%
Group OIR margin 20.0%
Net earnings per share 5.90€
Adjusted dividend per share 3.20€
ROCE 9.8%
TSR +17.2% over 5 years for a registered shareholder

ISR (2023 data)

Accident frequency for Air Liquide employees and temporary workers 1.0 per million hours worked
% of Group sales related to protecting life and preserving the environment Over 40%
Carbon dioxide emissions (Scope 1 and Scope 2, reported on "market-base") 37.6 million of tonnes of CO2-eq
Air Liquide Foundation Over 550 projects since its creation
Independent Directors 10 out of 12
Women 32% of managers and professionals
Women on the Board 5 out of 12

Stock market data at December 31

    2019 2020 2021 2022 2023
Market capitalization (in millions of euros)   59,706 63,589 72,872 69,305 92,378
Adjusted closing share price 1 (in euros) + High 115.36 129.77 141.22 150.6 179.04
  + Low 84.63 90.2 113.36 115.7 134.66
At December 31   114.73 122.05 139.38 132.4 176.12

1. Adjusted following current Euronext regulation.

Data per share at December 31

  2019 2020 2021 2022 2023
Net earnings per share 2 - EPS (in €) 4.31 4.68 4.94 5.28 5.90
Net dividend per share 2 - DPS (in €) 2.45 2.49 2.63 2.95 3.20
Pay-out ratio 58% 55% 55.0% 58% 56%
Dividend yield 2.1% 2.0% 1.9% 2.2% 1.8%
Ex-dividend date May 11, 2020 May 17, 2021 May 16, 2022 May 15, 2023 May 20, 2024

2. Data adjusted for attribution of free shares and capital increase.

Innovation (2023 data)

Innovation expenses €309 million
Innovation patents filed 372

At Air Liquide, as our investment cycle is long, we believe in long term commitment. So, we encourage long term shareholders. Air Liquide believes in promoting and encouraging long term share ownership, through transparent investor relations, strong respect of all shareholders, regular dividend growth, thanks to regular growth in earnings and loyalty bonuses for long term shareholders.

Dividend policy

Air Liquide was created in 1902 thanks to individual shareholders. The company paid its first dividends in 1907 and never ceased since. Air Liquide was listed on the Paris Stock Exchange in 1913. For more than 10 years, the pay-out ratio is stable, at around 55% of the Group net profit. Over the last 30 years, dividends kept increasing regularly or were at least maintained. 

To find out more about our dividend policy, please consult our dedicated factsheet: 

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A strong share ownership culture

A differentiating feature of Air Liquide is the high proportion of individual shareholders: together, close to 800,000 individual Shareholders hold some 34% of the share capital at the end of 2023.

Free share attribution

Air Liquide regularly does a free shares attribution, usually every other year. The last one, 1 free share allocated for 10 shares, took place on June 8, 2022. These attributions are proposed by the Board of Directors and require the General shareholders meeting approval. Free shares receive the same voting rights, dividends and loyalty bonus as the shares held to receive them.

To find out more about the free share attribution, please consult our dedicated factsheet: 

PDF 90.29 KB

Loyalty bonus

All shareholders, individual and institutional, who have held registered shares (either direct or intermediary) for more than two full calendar years, can benefit from the loyalty bonus, which results in a 10% dividend increase and 10% more free shares. Shares must be held until dividend payment and free share attribution dates (generally in May-June).

To find out more about your loyalty bonus, and other benefits, please consult our dedicated page.

The “Intermediary registered” form

For institutional investors, intermediary registered shares are a good compromise. You can enjoy the advantages of registered shares and the convenience of maintaining the shares in your normal portfolio. You receive all the documentation directly, in particular the documents relative to the Annual General Meeting (Notice of meeting, voting form…) and are entitled to the loyalty bonus if you hold your shares for more than two full calendar years.

Note: According to French Law, the number of shares entitled to the loyalty bonus is limited, for any shareholder, to 0.5% of the Company’s capital.

To find out more about shareholding options, please consult our dedicated factsheet: 

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Total Shareholder Return

The TSR is an annualized rate of return for a shareholder who buys his shares at the beginning of the period and resells them at the end of the period. This calculation takes into account the evolution of the share price, the dividends reinvested in shares as well as the allocations of free shares, both increased by the loyalty bonus, and includes the impact related to the capital increase of 2016.

Average annual growth of the portfolio as of December 31, 2023:

For capital invested Air Liquide

Registered shares
Air Liquide

Bearer shares
CAC 40

reinvested dividends
over 5 years 17,19% 16,87% 12,88%
over 10 years 12,90% 12,43% 8,99%
over 20 years 12,59% 12,01% 7,26%