Integrated Annual Report 2024

Virginie Lutrot : The Air Liquide Normand'Hy electrolyzer is a perfect illustration of our vision: building a model region for the energy transition. At the regional level, it brings to life our ambition to create a responsible industrial ecosystem within the Port-Jérôme industrial area, where innovation and sustainability come together. Nationally, it addresses the urgent need to decarbonize industry by enabling large-scale production of low-carbon hydrogen, essential for reducing our dependence on hydrocarbons. Finally, on the international stage, it positions Normandy as a model for energy innovation.

Xavier Combet : As a global asset management company dedicated to sustainable investing, Mirova recognizes the critical role that companies like Air Liquide play in tackling pressing issues such as climate change, resource scarcity, and social inequality. As long-term investors, our strong environmental, social and governance (ESG) commitment is reflected in the orientation of our portfolios. We are convinced that by choosing companies like Air Liquide, with a long-term view and a sustainability strategy we can outperform the market in the long term. In a world where the challenges we face are increasingly complex, partnering with forward-thinking companies like Air Liquide is essential for driving meaningful change.

Anouck Veyret : When you invest in a company like Air Liquide, you want to understand its plans and be part of them. I identify with the Group's long-term vision, and in particular with its ambition to grow and be carbon neutral by 2050. It is an inspiring challenge that we are all facing as citizens.

How do Air Liquide’s solutions and commitments align with your aspirations or objectives?

F.T. : Air Liquide is not just an industrial company. Its technologies are truly part of the solution for a more sustainable world, supporting industries in their decarbonization efforts and accelerating the development of low-carbon hydrogen. And I’m proud to contribute, in my own way, to building a more sustainable future!

X.C. : Absolutely, we only invest in companies that demonstrate a credible sustainability strategy, and Air Liquide excels in this regard. Air Liquide fits in our portfolios, it ticks all the boxes, on the ESG side, and on the financial side. It is an enabler of a low-carbon society, thanks to the supply of essential gases, supporting the decarbonization of the industry, and as a company aligned with the Paris Agreement, participating in reducing emissions in its upstream value chains. We also value the company for its capacity to provide equal opportunities for all workers through training and internal promotions, and by providing an enabling framework to accelerate women's careers.

A.A. : FEV is undergoing a major transformation to support the shift towards low-carbon powertrains. Air Liquide's solutions, such as hydrogen for propulsion and liquid nitrogen for cooling, help us develop new test benches and remain competitive in complex projects. We are working together on a hydrogen- related project, for which the development of fuel cells represents a strong technical and economic challenge. In a highly competitive international environment, for both our company and Air Liquide, only a close, responsive and innovative collaboration will enable us to be the most effective in winning strategic projects.

In your opinion, in which areas can the Group have the greatest societal impact in the coming years?

V.L. :Air Liquide has a central role to play in three major areas: industry and decarbonization, heavy-duty clean mobility, and training. Firstly, the decarbonization of hard-to-abate industries using decarbonized hydrogen and carbon capture, which is essential to meet climate challenges and strengthen our energy independence. Secondly, the development of clean mobility, particularly through hydrogen for heavy transport and recharging infrastructure. Finally, a strategic lever to maximize this impact is based on training the talents of tomorrow. The H2 Academy, a center of excellence in vocational training integrated into the H2 Carbon Neutrality project 1, embodies this ambition. This regional project aims to develop the talents of tomorrow and to adapt training courses to the strategic skills required by new sectors and emerging professions in the field of hydrogen.

A.V. : Energy transition and technology are sectors in which Air Liquide has had and will continue to have a significant impact in the future, especially in a context of renewed sovereignty stakes. Geopolitical tensions remind us how important it is to have strong European companies, particularly in industry. We need successful and innovative companies that are also committed to having a strong societal impact.