In a fragmented world, the power of an adaptable model

In a turbulent global context, how does Air Liquide stay the course over the long term?

Benoît Potier: We are undeniably living in a world undergoing profound reconfiguration, marked by the regionalization of trade flows, shifts in the energy landscape, and accelerating technological change. With this as our backdrop, we must evolve the way we operate and become even more agile. Thanks to our ability to adapt, we can capture new growth opportunities and leverage the fundamentals reshaping industry today. Foremost among these are digitizing processes, automating operations, and electrifying end-uses.

At the same time, I firmly believe it is also important to stay the course. While our Group continues to evolve, it does so on the foundations of its historical strength. These are useful and continuously renewed innovation, guided by deep knowledge of our customers’ processes; a strong local presence, close to key industrial basins; and a diversified model that enables us to target the most promising markets.

With solid fundamentals, a clear strategic vision, and a strong capacity for adaptation, the Group mobilizes its full potential to navigate a transforming environment that presents challenges, but just as many opportunities.

How do you assess the performance achieved by the Group in 2025, from a financial and sustainability perspective?

François Jackow: 2025 has been a success on every level. Most importantly, I would highlight our progress regarding safety. Not only is this a source of pride, but it is above all an absolute necessity if we are to sustain these results over time.

More broadly, the Group delivered record performance. Financially, we brought our indicators to new heights, in terms of sales growth (+2%)¹, cash flow (+8%)², and operating margin exceeding 20% (+100 bps). In addition, our investment backlog, which now stands at 4.9 billion euros³, further strengthens our future outlook.

In Electronics, for example, we are a leader thanks to several major contracts in Asia, Europe and the USA. In the decarbonization field, we are delivering large-scale projects, including the construction of a second 200 MW hydrogen electrolyzer in Europe. With the acquisition of DIG Airgas, we are now the reference player in South Korea, a rapidly growing market. As for our transformation dynamic, its effects are already visible, as we have significantly strengthened our operational efficiencies while better serving our customers and patients.

On the environmental front, we reduced our CO₂ emissions by 13% compared with 2020, and we are maintaining our carbon trajectory toward 2035.

In short, our Group is strong. And it is becoming even stronger. This record performance is thanks, first and foremost, to our teams—who have shown determination and commitment. They have my sincere thanks.

B.P.: These remarkable results confirm the importance of the strategic framework we launched in 2022. With ADVANCE, we had a clear ambition: to combine financial performance with sustainability commitments. And this approach has delivered results. The objectives were met and operational discipline was strengthened to support profitable and sustainable growth. In the meantime, the Group accelerated its contribution to industrial decarbonization, to the strategic semiconductor sector, and to the transformation of healthcare systems, through a sustained investment policy and a strong innovation approach. Beyond its success, ADVANCE has above all demonstrated that it is possible to reconcile performance with a positive contribution to the world.

To what extent is the carbon trajectory an integral part of the Group's strategic direction?

B.P.: At the initiative of the Board of Directors, we have placed the carbon trajectory at the heart of Air Liquide’s strategy. It is a central pillar of the Group’s innovation approach. The Board has been able to assess its scope through exchanges with R&D teams on programs dedicated to low-carbon solutions. It is also fully embedded in our investment decisions, ensuring that new industrial projects are aligned with our decarbonization ambitions. This trajectory is thus managed in a structured manner, while remaining pragmatic in light of the environment and market realities - whether in terms of renewable energy availability or regulatory frameworks such as the EU Emissions Trading System (ETS). Beyond our own industrial assets, we also act as a facilitator of an economically viable transition for our customers, whose demand in this area remains real. This is reflected in our investment backlog dedicated to decarbonization.

To what extent does innovation remain a primary driver in the current context?

F.J.: Innovation is the best antidote to uncertainty, because it reflects a resolutely optimistic mindset and a willingness to move forward. Our approach is built around three principles. Firstly, it involves mastering our fundamentals, by leveraging our technical expertise to continuously improve our products and processes. Secondly, we anticipate and accelerate, in order to adapt to market transformations, offer innovative solutions and bring them rapidly to market. And finally, it is about usefulness—creating tangible impact for our customers and patients while contributing positively to the world.

B.P.: Innovation is a fundamental component of the Group. Above all, it is evident through the development of cuttingedge technologies in forward-looking fields such as space, superconductivity and new molecules for the semiconductor market. Our ability to innovate extends to CO₂ capture, process electrification and healthcare, leveraging technology to respond to the major challenges of our time. And of course, drawing on our pioneering spirit and more than 60 years of expertise in hydrogen, we continue deploying very large-scale low-carbon hydrogen projects.

Beyond purely technical advances, we also innovate at every level of the company—for example by reinventing the way we operate, while integrating major developments such as artificial intelligence. This is what enables us to stay ahead.

In your view, what are the main challenges for 2026 and how will you address them?

F.J.: Our manufacturing sector is undergoing multiple transformations: the rise of China in the global economy; the reshoring movement aimed at strengthening sovereignties—particularly in the USA; the wave of artificial intelligence; and the indispensable energy transition. That is why, even if the immediate outlook appears marked by moderate growth, we remain convinced that new development avenues are emerging from the transformations our customers are experiencing. It is up to us to seize them wherever they arise and to build our own momentum.

To do so, we are acting according to a strategy built on several pillars. The first is to better leverage our existing assets by mobilizing available production capacities. The second relies on our ability to support transitions—whether in manufacturing, energy, technology or digital. This translates into investments in promising markets such as semiconductors, batteries, smart energy systems and space technologies. The final pillar is strengthening our positions in key geographies through a targeted acquisition policy—such as DIG Airgas in South Korea.

At the same time, we are continuing the Group’s transformation dynamic, initiated two years ago, to make our organization more agile.

This involves further optimizing our industrial and commercial operations while reinforcing our performance culture.

B.P.: Our challenge is to continue growing in an economy that is both unstable and undergoing rapid technological acceleration. To achieve this, our growth trajectory relies on two key levers: innovation and a selective investment policy. Innovation has always been a source of value creation for the Group, and it is even more so at a time when technological sovereignty is becoming increasingly important. To translate it into industrial reality, investment is equally essential to deliver large-scale projects in future-oriented markets and technologies, particularly in the energy transition. In this area, the context has evolved and tensions are greater, but the stakes remain—just as our decarbonization ambitions do, even if the pathways to achieve them continue to evolve. Thanks to the commitment of our teams and supported by the trust and loyalty of our shareholders—whom I warmly thank—we will continue, more than ever, to prepare the future by addressing its challenges with  determination, pragmatism and consistency.