AIR LIQUIDE-UNSPONSORED ADR Business Summary

Air Liquide-Unsponsored ADR (AIQUY) represents the U.S.-traded interest in the French multinational leader in industrial gases and related services. The company generates revenue through a diversified model of long-term "take-or-pay" contracts in its Large Industries segment, volume-driven sales in Industrial Merchant, and recurring service fees in Healthcare and Electronics. Its primary business segments are Gas & Services—accounting for approximately 95% of revenue—alongside Engineering & Construction and Global Markets & Technologies. The firm leverages a high-density pipeline network and onsite production facilities to secure industrial customers across nearly 60 countries. In the global market, Air Liquide competes directly with Linde plc, Air Products and Chemicals, and Nippon Sanso Holdings. It maintains a dominant position by prioritizing the "ADVANCE" strategic plan, which focuses on the hydrogen economy and high-purity gas supply for the semiconductor industry, particularly for AI-related chip manufacturing. Founded in 1902 by Georges Claude and Paul Delorme following their invention of the air liquefaction process, the company is currently led by CEO François Jackow, who assumed the role in 2022 after three decades with the firm. The executive leadership includes Group CFO Jérôme Pelletan and Emilie Mouren-Renouard, who oversees Innovation and Technologies. Strategic continuity is maintained by Chairman Benoît Potier, the former long-standing CEO. The company’s governance is supported by a board featuring representatives from major institutional investors such as BlackRock and Norges Bank Investment Management. This leadership team is currently focused on executing a record investment backlog, which includes the 2026 integration of the DIG Airgas acquisition in South Korea and large-scale decarbonization projects aimed at achieving significant operating margin expansion by 2027.