2025 Shareholder's Practical Guide

A solid, steady performance

Photo of Ikhlass Y.O (left), Employee shareholder for over 1 year and Edith D. (right), Shareholder for over 10 years

One useful way to measure the value created by Air Liquide for its Shareholders over time is to calculate the Total Shareholder Return (TSR). This indicator calculates the performance of registered shares over a given period, excluding tax but including allocations of free shares and reinvested dividends⁽¹⁾.

TOTAL SHAREHOLDER RETURN (TSR) OVER 5, 10 AND 20 YEARS

This chart shows the average shareholder return (TSR) over periods of 5, 10 and 20 years. An investment of 100 euros in 2004 would have grown 9.7 times in 20 years, reaching 966.30 euros. Over 10 years, the growth would have been 3 times, bringing the investment to 300 euros. Over 5 years, the investment would have increased by 1.7 times, reaching 169.70 euros. This graph shows the average shareholder return (TSR) over periods of 5, 10 and 20 years. An investment of 100 euros in 2004 would have grown 9.7 times in 20 years, reaching 966.30 euros. Over 10 years, the growth would have been 3 times, bringing the investment to 300 euros. Over 5 years, the investment would have increased by 1.7 times, reaching 169.70 euros.

(1) Calculation based on the average return on one registered share. There’s an online simulator at deveniractionnaire.airliquide.com with which you can calculate the return on your Air Liquide shares.
Total Shareholder Return (TSR) is the annualized rate of return for a Shareholder who buys shares at the beginning of a given period and sells them at the end of the period. The average return shown takes into account the change in the share price, dividends reinvested in shares, and bonus share allocations (both increased by the loyalty bonus), and includes the impact linked to the use of preferential subscription rights during the capital increase carried out in 2016 as part of the acquisition of Airgas.