Net profit (Group share) stood at 3,306 million euros in 2024, showing growth of +7.4% as published. Net profit recurring(4) (Group share) amounted to 3,466 million euros, up by +4.4% as published and +11.5% excluding the currency impact. It increased by +5.2% excluding the currency impact and excluding Argentina's contribution.
Earnings per share stood at 5.74 euros, up +7.3%(5) as published compared with 2023, in line with the increase in net profit (Group share).
Cash flows from operating activities before changes in working capital amounted to 6,539 million euros, up +2.9% as published, +5.4% excluding the currency impact and +3.7% excluding the currency impact and excluding Argentina. It includes the cash impact of a large part of the exceptional restructuring charges which amount to approximately 200 million euros.
Net debt at December 31, 2024 amounted to 9,159 million euros. Cash flows from operating activities after changes in working capital allowed to slightly reduce the net debt after the payment of 1.8 billion euros in dividends and over 3.8 billion euros in industrial and financial investments.
The return on capital employed after tax (ROCE) was 10.3% in 2024, up +50 basis points compared with 2023. Recurring ROCE(6) stood at 10.7%, an improvement compared with 10.6% in 2023 despite the dilutive impact of the acceleration in investments.
Industrial and financial investment decisions reached a record level of 4.4 billion euros in 2024. The investment backlog stood at a very high level of 4.2 billion euros. The portfolio of 12-month investment opportunities reached a record level of 4.1 billion euros at the end of 2024, up significantly compared to 3.4 billion euros at the end of 2023.
At the Annual General Meeting on May 6, 2025, the payment of a dividend of 3.30 euros per share will be proposed to shareholders for the fiscal year 2024. The proposed dividend shows a strong growth of +13.7% compared with the 2023 dividend, adjusted to take into account the 1 for 10 free share attribution of June 2024. The ex-dividend date is scheduled for May 19, 2025 and the payment is scheduled for May 21, 2025.
In 2025, Air Liquide is confident in its ability to further increase its operating margin and to deliver recurring net profit growth, at constant exchange rates(7).
Objectives Well On Track
| Objectives & investment decisions | 2024 Achievement |
|---|---|
| ● Comparable sales growth +5-6% CAGR(a) | ● Comparable sales growth +5-6% CAGR(a)2024 Achievement +6.5%(b) 2021 – 2024 CAGR |
| ● ROCE > 10% by 2023 and forward(c) | ● ROCE> 10%by 2023 and forward (c)2024 Achievement 10.7% |
| ● CO2 emissions inflection around 2025 | ● CO2 emissionsinflection around 2025 2024 Achievement -11%(d) vs. 2020 |
| ● Investment decisions(e)€16 bn(e) | ● Investment decisions(e)€16 bn(e)2024 Achievement €12.7 bn Sum 2022 – 2024 |
achieved
in line
- (a) Group comparable sales CAGR from year-end 2021 to year-end 2025, at 2021 energy price and FX, excluding significant scope.
- (b) Including +2.5% Argentina impact.
- (c) Recurring ROCE based on Recurring Net Profit.
- (d) Scopes 1 & 2 CO2 emissions, Scope 2 “market-based”, restated emissions, see chapter 1 – pages 59 and 64 and chapter 5 – page 313 and followingof the 2024 Universal Registration Document.
- (e) Cumulated industrial and financial investments decisions over four years 2022-2025.
- (4) The recurring net profit Group share corresponds to the net profit Group share excluding exceptional and significant transactions that have no impact on the operating income recurring.
- (5) 2023 earnings per share amounted to 5.35 euros taking into account the impact of the free share attribution carried out in June 2024.
- (6) The recurring ROCE is calculated in the same manner as the ROCE using the recurring net profit excluding IFRS 16 for the numerator.
- (7) Operating margin excluding energy passthrough impact. Recurring net profit excluding exceptional and significant transactions that have no impact on the operating income recurring.