2026 Shareholder's Practical Guide

Interview: In a fragmented world, the power of an adaptable model

Beyond its success, ADVANCE has above all demonstrated that it is possible to reconcile performance with a positive contribution to the world.

Benoît Potier Chairman of the Board of Directors of Air Liquide

Benoît Potier : 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?

Benoît Potier : 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?

François Jackow : 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.