The transition to a carbon-neutral economy by 2050 starts now.
In this context, how would you assess the Group’s performance in 2024?
François Jackow: I am extremely proud of the Group’s very solid financial performance. It is all the more remarkable in a year marked by macroeconomic tensions and the Group’s structural transformation. This performance has led to improved results in several areas. We achieved a record improvement in our operating margin of more than 110 basis points 1. Encouraged by this result, which was made possible by record efficiencies of nearly 500 million euros, we have decided to raise and extend our margin ambition, now targeting an increase of +200 basis points for the period 2025-2026, representing an unprecedented total increase of +460 basis points 1 over five years (2022-2026). There has also been growth in sales, which now amount to more than 27 billion euros, up +2.6% 2, in sluggish market conditions. These sales figures are further proof of Air Liquide’s significant resilience, driven particularly by Industrial Merchant in North America, Electronics in Asia and Healthcare. The Group’s recurring net profit 3 increased by +11.5% and recurring ROCE is at +10.7%, even though our investments are increasing. Now more than ever, we are continuing to prepare the future, with sources of growth fueled by our record investment decisions in 2024, reaching 4.4 billion euros.
Our ability to provide our customers with innovative products and services with a technological focus is reflected in major commercial successes in both traditional sectors and the transformation-driven fields of the energy transition and semiconductors. For example, the contracts signed with LG Chem and GlobalFoundries in the United States, Wanhua in China and Aurubis in Europe are proof of the relevance of our offerings. These successes come alongside a growing number of large-scale projects, such as the continued development of our low-carbon hydrogen ecosystem in the Normandy industrial basin, the project of a low-carbon oxygen platform for ExxonMobil in the United States (which would be the Group’s largest investment in its history!) and major investment projects, working with TotalEnergies, for the construction of two very large-capacity electrolyzers to accelerate decarbonization in Europe.
Moreover, several of our projects have received support from the European Union, including the D’Artagnan CO2 infrastructure project, managed with Dunkerque LNG, to decarbonize the Dunkirk basin, the carbon capture and storage project in Denmark with Cementir and the large-scale project for the production, liquefaction and distribution of low-carbon and renewable hydrogen from ammonia in the port of Antwerp-Bruges in Belgium. This support is an acknowledgment of the relevance of our technological solutions in response to the challenges of the energy transition and their key role in tomorrow’s industry.
We owe these major advances to the remarkable dedication of our teams around the world. Every year, they push boundaries, innovate and rise to new challenges, contributing to the Group’s growth and transformation.
What can you tell us about your extra- financial performance?
F.J.: Our extra-financial results are solid on all indicators of our ADVANCE plan. On safety, which is of paramount importance, I would like to thank all of our teams for their remarkable mobilization, which allowed us to make progress in 2024. On the environmental front, we have reduced our CO2 emissions by 11% 4 compared with 2020, confirming that we are ahead of schedule in achieving our inflection target by 2025. Our carbon intensity has decreased by 41% 5 compared to 2015, already surpassing our reduction target of 30% set for 2025. In terms of diversity, women currently represent 33% of the Group’s Managers and Professionals, while all Air Liquide employees now benefit from a common basis of care coverage, one year ahead of our target.
Once again, this progress is the result of the tireless work of the teams and their unwavering commitment to the environment, safety and inclusion. At a time when a decline is being seen in some of these areas, these results are all the more remarkable and meaningful, demonstrating our determination to go even further. I would particularly like to thank our staff for their vital contribution. I have every confidence in them and in our collective ability to drive our performance again in 2025.