L AIR LIQUIDE SA /FI Business Summary

Air Liquide operates a capital-intensive business model centered on the production and distribution of industrial and medical gases, generating revenue through long-term, take-or-pay contracts in Large Industries, volume-based merchant sales, and recurring service fees in Healthcare. Its operations are organized into four primary Gas & Services segments—Large Industries, Industrial Merchant, Healthcare, and Electronics—complemented by Engineering & Construction and Global Markets & Technologies. The company utilizes a 'hub-and-spoke' infrastructure and extensive pipeline networks to optimize supply chain costs and energy efficiency. Air Liquide competes globally against Linde plc, Air Products and Chemicals, and Nippon Sanso Holdings. As the world’s second-largest industrial gas provider, it distinguishes itself through its ADVANCE strategic plan, which prioritizes leadership in the hydrogen economy and decarbonization solutions, positioning the firm as a critical enabler of the global energy transition. Founded in 1902 by Paul Delorme and Georges Claude, the company is currently led by CEO François Jackow, who succeeded long-time leader Benoît Potier in 2022. Jackow, a member of the Executive Committee since 2014 with a background in chemistry and biology from Harvard and École Normale Supérieure, oversees the group's pivot toward low-carbon hydrogen and high-purity electronics materials. Benoît Potier continues to serve as Chairman of the Board, providing strategic continuity. The executive team includes CFO Jérôme Pelletan and Emilie Mouren-Renouard, who leads the Europe Industries Hub. The company’s governance is supported by a board featuring prominent industrial figures such as Lead Director Xavier Huillard (CEO of Vinci) and Aiman Ezzat (CEO of Capgemini). Air Liquide maintains a stable, institutional shareholder base, with significant positions held by BlackRock and Norges Bank Investment Management.