Integrated Annual Report 2025

When tech makes an impact

RESOURCES

NATURAL

  • Air
  • Electricity including 40% of low-carbon and renewable electricity
  • Natural gas
  • Biomethane
  • Water

HUMAN

  • 65,000 employees
  • ~970,000 shareholders holding 33% of the capital
  • ~80,000 suppliers

FINANCIAL

  • 4.2bn in investment decisions
  • 6.5bn of cash flow from operating activities before changes in working capital: +7.2% on average over 30 years

TECHNOLOGICAL

  • ~300 academic, industrial and start-up innovation partnerships
  • Portfolio of technologies for the Energy transition (CCS, Electrolyzers, ATR...)
  • > 600 production units
  • 6 Innovation & Technologies campuses
  • +5,600 employees work in entities dedicated to innovation, engineering and technologies
  • 301M of innovation spending
  • ~14,000 patents
  • 3.5 billion data points collected each day

This diagram illustrates the five business segments of the Air Liquide Group, arranged around a central logo, with stakeholders depicted around the perimeter.

Stakeholders at the top: Employees, Customers & Patients, Shareholders, Civil Society, NGOs.

Stakeholders at the bottom: Suppliers, Academic Partners, Start-ups, Public Authorities.

Large Industries -  Supply of industrial gases in large quantities via pipeline networks or on-site production units in industrial basins identified for their growth and mutualization potential.

Industrial Merchant -  Supply of gases, services and application technologies to a wide range of customers across diverse industries such as energy, chemicals, cement, automotive manufacturing, food and aerospace.

Electronics -  Supply of advanced gases and molecules as well as associated equipment and services for the production of semiconductors, flat screens and photovoltaic panels.

Engineering & Technologies - Worldwide activity combining innovation, engineering and construction capabilities as well as technology development in support of the Group's various activities and key sectors, including energy transition, deep tech, electronics and scientific research.

Healthcare - In Home Healthcare, personalized care and support for patients with chronic diseases. Supply of medical gases, associated equipment and services to hospitals. Production and distribution of specialty ingredients.

VALUE CREATION

FOR SOCIETY

  • 2 million industrial customers
  • ~2.3 million patients cared for at home
  • ~20,000 hospitals and clinics served
  • 3.45 million people have had easier access to medical oxygen thanks to Access OxygenTM
  • 100% of employees have access to volunteer opportunities as part of the Citizen at Work program
  • 90% Customer satisfaction rate
  • More than 600 projects supported by the Air Liquide Foundation for over 15 years

FOR THE ENVIRONMENT

  • -13% reduction of CO2 emissions compared to 2020(1)
  • 3 TWh per year of additional power purchase agreements started

FOR EMPLOYEES

  • 0.4 lost-time accidents frequency rate
  • 33.8% of women among managers and professionals and 24.7% among senior executives
  • 19.3: average number of training hours per year and per employee

FOR INNOVATION

  • 45 start-ups accompanied by ALIAD, the Group’s capital venture entity, since its creation in 2013
  • More than 500 projects using data and AI

FOR PERFORMANCE

  • ~€ 27bn of Group revenue: +5.8% on average over 30 years 3.5bn of Net Profit
  • Adjusted dividend per share: +9.2% on average over 30 years