Invitation to our general meeting 2025

Group revenue stood at 27,058 million euros in 2024 and posted comparable⁽¹⁾ growth of +2.6% compared to 2023, identical in the 1^st and 2^nd half-year. The contribution of Argentina to comparable growth was +1.9% (down in the 4^th quarter to +1.2%). The Group's published revenue decreased by -2.0%, impacted by unfavorable currency (-2.4%) and energy (-2.2%) impacts. There was no significant scope impact in 2024.

Gas & Services revenue reached 25,810 million euros in 2024, up by +2.7% on a comparable basis (including a contribution of +1.9% from Argentina). Published revenue in the Gas & Services businesses was down -2.1%, penalized by unfavorable currency (-2.5%) and energy (-2.3%) impacts. There was no significant scope impact in 2024.

All Gas & Services business lines grew. Revenue from Large Industries posted an increase of +1.2%, supported by the start-up of two large units at the beginning of the year but impacted by the divestiture of a cogeneration unit in Europe in early January 2024 and by numerous customer maintenance turnarounds. The development of the Industrial Merchant business (+1.6%) continued in 2024, illustrating the resilience of the business model in a difficult economi   c environment: a solid price effect of +4.0% offset a marked decline in Hardgoods in the United States and slightly lower gas volumes. Sales of Electronics increased by +3.3%, supported by all business segments with the exception of Specialty Materials. The Healthcare business (+8.6%), independent of the industrial context, was the first contributor to growth; it benefited from the dynamic development of Home Healthcare, and the increase in volumes and prices of medical gases in an inflationary environment, particularly in Latin America.

• In the Americas, Gas & Services revenue amounted to 10,321 million euros in 2024, with all businesses contributing to the growth of +7.3% (including a +5.0% contribution from Argentina). Large Industries (+8.1%) benefited from the start-up of a major unit at the beginning of the year and the strengthening of demand from Chemical customers in the United States. The increase in Industrial Merchant sales (+4.9%) was supported by a price effect that remained very high (+6.9%). Growth was very dynamic in Healthcare (+22.7%). In the Electronics business (+8.2%), revenue from Carrier Gases posted double-digit growth and sales in Equipment & Installation were very high.
• Revenue in the Europe, Middle East & Africa (EMEA) region⁽²⁾ amounted to 10,186 million euros in 2024, down -1.1%. Sales in Large Industries (-1.9%) were up excluding the impact of the divestiture of a cogeneration unit in Germany in the 1st quarter. The Industrial Merchant business (-4.0%) was impacted by the contraction in volumes and the divestiture of businesses in 12 countries in Africa, with the price effect being neutral over the year. The Healthcare business posted solid sales growth (+4.0%), supported by the development of Home Healthcare and medical gases.
• Revenue for the Asia Pacific region in 2024 amounted to 5,303 million euros, an increase of +1.6%. Stable in the 1st half- year, sales returned to growth in the 2nd half (+4.1%). Sales in Large Industries in 2024 (+2.4%) benefited in particular from the start-up of a large hydrogen unit in China in March. Industrial Merchant revenue (-1.2%) was impacted by the marked decline in helium sales in China. Carrier Gases and Advanced Materials, whose growth was strong, were the main contributors to sales growth in Electronics (+3.4%)

Global Markets & Technologies posted a -2.5% decrease in revenue on a comparable basis, to 836 million euros in 2024. Excluding the divestiture of the technological activities for the Aeronautics sector in the 1^st quarter, revenue from the business increased compared to 2023. Order intake for Group projects and third-party customers amounted to 775 million euros in 2024.

Consolidated revenue from Engineering & Construction totaled 412 million euros in 2024, an increase of +5.8%. Consolidated revenue excludes internal projects, in particular for Large Industries and Electronics, which are growing. Order intake for the Group and third-party customers reached a record level of 1,804 million euros in 2024.

The Group's operating income recurring (OIR) reached 5,391 million euros in 2024, an increase of +6.4% as published. Excluding the currency impact (on a comparable basis), it increased by +10.7% (and +6.8% excluding Argentina), which is significantly higher than the comparable sales growth, highlighting a strong leverage effect. This performance reflects the progress of the action plan deployed around three levers: efficiencies, pricing management in particular in Industrial Merchant and a dynamic asset portfolio management. Thus, Efficiencies⁽³⁾ reached a record level of 497 million euros in 2024, compared to 466 million euros in 2023. They significantly exceeded the annual target of 400 million euros in the Advance plan.

Excluding energy impact, the operating margin posted a record increase of +110 basis points (Argentina not contributing to this improvement). Thus, from 2022 to 2024, cumulated annual improvements in the operating margin excluding the energy impact reached +260 basis points. It is ahead of the target of +320 basis points over the 4-year period of the Advance plan (2022-2025). Indeed, communicated in March 2022, the ADVANCE plan’s initial ambition for improving operating margin was +160 basis points over 4 years from 2022 to 2025. In February 2024, it was revised upwards to +320 basis points, a doubling of the initial target.

In February 2025, the ambition for improving the margin excluding energy impact is raised for the second time, over a period extended by one year. It now stands at +460 basis points over a 5-year period, from 2022 to 2026.

Structural transformation actions of the Group, initiated in 2024, will continue to support the achievement of this new performance ambition. They are structured around four key areas, leveraging data: simplification of the organization, extension of business service centers, industrial and commercial initiatives.