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Hello everyone.
Our 2025 results are in.

Air Liquide achieved a historical performance.
And, fueled by our transformation, we are very confident in our growth perspectives.

In 2025, the Group has reached new heights – let me illustrate how.  
First and foremost, not only did our sales grow, but we generated more cash than ever.
Second, the transformation momentum in the organization is real. Its contribution is becoming  more and more visible.

It means more operational efficiencies, but also better ways to serve our customers.

And third, successfully winning new contracts to invest in the future.

Some examples:
• In Electronics, we confirm our #1 position, with several major contracts across Asia, Europe and the US.
We also lead industrial decarbonization, notably with a second 200MW hydrogen electrolyzer in Europe ;
• And, with the acquisition of DIG, we are now  the leading player in South Korea.
It is a value-creating operation, in a key growing market.

Our Group is strong. And it is becoming stronger.

We owe this to the success of our strategic plan ADVANCE.

From 2022 to 2025, we have achieved very ambitious targets, both financial and non financial - including a 13% reduction in our CO2 emissions.

Finally, I want to share my greatest satisfaction:
we achieved this outstanding performance, while continuing to improve our safety performance.

These record results make me very confident in our long-term perspectives.

Our margin ambition for 2026 is confirmed.
And we are even extending it for 2027.

Air Liquide enters 2026 with great cards in its hands.
I would like to say THANK YOU to all our teams around the world
who care to deliver safely, everyday, the best of Air Liquide.


And to our customers, patients, shareholders, suppliers, and  partners,
thank you for your trust.
It is our anchor and our compass.

With Your trust, We will continue to invent useful solutions to transform the world.

AI between challenges and opportunities

Interview with Fabien Mangeant

AI is a digital technology that has been developed to mimic some human behaviors. So it's about knowledge search, pattern matching, decision making. And this technology that we want to use to assist humans is used already in many areas. So this is used in healthcare, to develop diagnosis. This is used in mobility to support road traffic prediction. This is used in weather forecast. And it's already bringing a lot of benefits.

AI has been developed inside Air Liquide for more than 20 years. This has already been used in production planning, production scheduling support to the supply chain, minimizing the number of kilometers driven by our trucks. This is also installed inside our customers to understand and predict their demand. We are also using AI for home healthcare. We use the data collected from the healthcare devices and give them to the nurse, the technician, at the right moment.

As a rising technology, AI is also bringing a lot of new challenges. We know that the datasets that are used to develop some of the AI may be biased. So this means that we could have a bad influence of these AI on the global behaviors of the society. We know also that there may be lack of transparency, lack of explainability.

To make sure that we use AI in the right way, we have to develop a lot of new technological bricks, to develop the governance and ensure that we are using a trustworthy AI.

At Air Liquide, we strongly believe that AI will help our employees with new tools, so they will have access to new informations, to new knowledge, to the best practices of the company. And we will also be able to automate the most repetitive tasks that they face every day. This is going to be really the revolution of the years to come. From a societal point of view, I wish that AI will help us solve the most complex problems of our world. And I wish also that of course, we will use a trustworthy AI with a minimized carbon footprint for the good of the society.