Q3 2019 Activity Robust Sales Growth Despite Softening Environment - PowerPoint PPT Presentation

Q3 2019 Activity Robust Sales Growth Despite Softening Environment Very Active Business Development Paris, 24 October 2019

Q3 Highlights  Robust sales growth at +3.5% despite a softening environment  Performance improvement plans continue to deliver  Strong cash flow  Sustained business development with high levels of opportunities and decisions 24 October 2019 Q3 2019 Activity A world leader in gases, technologies and services for Industry and Health 2

Markets Softening Through Q4 2019   Softening Chemicals in all regions Chemicals   Oil & gas  High demand from Refining in Northern Europe LI  Steel  Active projects signing  Metal Fab.   Continued softening in U.S. Construction   Growth in consumption related sectors Energy IM Food & Pharma   Contrasted dynamics in China Techno & Research   Memory market driving sales growth  EL Integrated Circuit  Back to normalized level of customers capex  Medical gases HC  Healthcare strong fundamentals   Home Healthcare A world leader in gases, technologies and services for Industry and Health 3 24 October 2019 Q3 2019 Activity

Robust Sales Growth    -2.7% Energy Impact Q3 Group sales: +2.1% FX Impact +0.6% Scope 4 24 October 2019 Q3 2019 Activity A world leader in gases, technologies and services for Industry and Health

HC and EL, Key Growth Drivers in Q3 G&S comparable sales growth WBLs Main Geographies contributing Large + 3 % Asia, H 2 in Europe Industries Industrial + 2 % Europe, Asia, Middle East Merchant + 6 % Healthcare Europe, Americas + 6 % Electronics Asia 5 24 October 2019 Q3 2019 Activity A world leader in gases, technologies and services for Industry and Health

Resilient Base Business Activity G&S quarterly growth analysis (Tech Air in 2019) (1) Comparable growth based on 2016 adjusted sales 6 24 October 2019 Q3 2019 Activity A world leader in gases, technologies and services for Industry and Health

Q3 – Robust Europe, Solid Americas G&S comparable sales growth  LI - several turnarounds Americas – Solid HC, Resilient IM  IM - resilient despite softening in Construction and Metal Fab Sales - sustained pricing Q3 2019  HC - growing medical gases in U.S. €2,137m - high HHC in Latin America  EL - strong Carrier Gases Europe – IM and HC Driving Growth  LI - strong H 2 for refining in Benelux Sales Q3 2019 - slow activity in Germany & Italy €1,742m  IM - +4.6%: sustained pricing - solid Food & Pharma markets  HC - pursued high organic growth in HHC 24 October 2019 Q3 2019 Activity A world leader in gases, technologies and services for Industry and Health 7

Q3 – High Asia, Solid Middle East and Africa G&S comparable sales growth Asia – LI and EL driving Growth  LI - O 2 Ramp-Ups in China for Chemicals  IM - strong cylinder volumes , lower bulk pricing in China Sales - solid SE Asia Q3 2019 - high helium volumes and pricing €1,207m  EL - >+10% growth excluding E&I Middle East and Africa – Dynamic IM Sales  LI Q3 2019 - stable base business  IM - continuous high growth in Middle East, €156m Egypt and India - high sales of helium 28 July 2017 H1 2017 Results 24 October 2019 Q3 2019 Activity The world leader in gases, technologies and services for Industry and Health A world leader in gases, technologies and services for Industry and Health 8

Q3 – Solid Growth in LI, Resilient IM G&S comparable sales growth Large Industries – Asia Driving Growth  strong Oil & gas in Benelux with high Sales H 2 volumes Q3 2019  Ramp-ups in China & Europe €1,374m  softening Chemicals & low Metals  successful pricing management at Industrial Merchant – Solid Growth in Europe & Asia +3.8%, including helium  softening end markets: Sales Q3 2019 - positive Food & Pharma, Research - slowing Automotive, Construction €2,471m and Metal Fab  favorable working day 9 24 October 2019 Q3 2019 Activity A world leader in gases, technologies and services for Industry and Health

Q3 – Strong HC, High EL G&S comparable sales growth Healthcare – Organic Growth  strong HHC in Europe especially with diabetes and sleep therapies Sales Q3 2019  solid medical gases in U.S. €915m  strong activity in Latin America Electronics – +8.6% Growth excluding E&I  >+10% growth in Carrier Gases; Sales 3 Start-Ups Q3 2019  high sales to Memory market €482m  strong Flat Panel Display in China 28 July 2017 H1 2017 Results 24 October 2019 Q3 2019 Activity The world leader in gases, technologies and services for Industry and Health A world leader in gases, technologies and services for Industry and Health 10

Pursued Management of Pricing and Product Mix IM pricing momentum Q3 Product Mix  Positive mix effect contributing to higher +3.8% margin : +2.9%  less E&I in EL and hardgoods in IM  higher Cylinder growth compared to bulk in IM +1.3%  local review of activities and customers +0.2% portfolio in IM Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2016 2017 2018 2019 24 October 2019 Q3 2019 Activity A world leader in gases, technologies and services for Industry and Health 11

Strengthened Efficiency Program Ramping-Up 2019 Cumulated efficiencies efficiencies € 984 m  Accelerated Airgas delivery  Increased efficiencies from € 310 m digital deployment  Launch of European Support Center  Bulk supply chain renewal >€ 1.5 bn 2017-2020 in Asia >€ 400 m YTD Q3 2019  Streamlining of O 2 supply  ~ 30 % linked to energy network in HHC transition 12 24 October 2019 Q3 2019 Activity A world leader in gases, technologies and services for Industry and Health

Continuous Portfolio Management  Focus on Core business  Densification of operations New Divestitures in Q3 New Acquisitions in Q3 2 in Europe  2 at Airgas  non-core activity in Hygiene  1 in Canada  hospital piping business in Germany 1 in Italy  1 in Asia: Fujian  6 divestitures YTD (incl. Fujian)  21 acquisitions YTD (incl. Tech Air) 13 24 October 2019 Q3 2019 Activity A world leader in gases, technologies and services for Industry and Health

Strong Cash Flow Net Capex Net Debt (3) Cash Flow (1) • € 3.5 bn • € 1.8 bn • € 13.2 bn € 1.8 bn • 21.1 % of sales (2) • 11 % of sales • 67 % gearing (4) YTD 2019 figures (3) Excluding IFRS 16 (1) Operating Cash Flows before changes in Working Capital requirements (2) 19.9% excluding IFRS 16 (4) Adjusted for dividend seasonality 14 24 October 2019 Q3 2019 Activity A world leader in gases, technologies and services for Industry and Health

Very Active Business Development Investment Investment Start-up/Ramp-up Opportunities (1) Sales Growth Contribution Decisions (1) 12-month portfolio € 2.8 bn € 2.7 bn € 283 m € 983m € 98 m € 2.7 bn YTD YTD € 2.6 bn Q3 2018 Q3 2019 Q3 2018 Q3 2019 Q3 18 Q1 19 Q3 19 • well-balanced by geography • High level of signings • 5 Start-Ups - 2 large LI projects in U.S. • mostly Chemicals, Oil & gas, IC ‐ 2 in LI: Saudi Arabia and - pursued investments in EL Benelux • ~25% projects linked to climate - >10% (2) in efficiency projects ‐ 3 in EL: China and Taiwan objectives (1) See definitions in appendix (2) of industrial decisions A world leader in gases, technologies and services for Industry and Health 15 24 October 2019 Q3 2019 Activity

Contribution from 2019 Start-Ups Slightly Faster than Expected Major Start-Ups 2019 2020 2019 Q2 Q1 Q1 Q2 Q2 Q3 Q3 Q4 Q4 Q1 EL Pemex EL LI LI LI EL Steel EL EL Projects T/O Projects Project Project Project Project Project Project Project Asia Mexico Asia Middle- Asia South America Asia Europe Asia Asia East Sales growth contribution - FY 2019 Increased Backlog €2.5bn € 0.9 bn ~ € 320 m Yearly Sales Backlog Note: T/O = Take Over after full Ramp-ups 16 24 October 2019 Q3 2019 Activity A world leader in gases, technologies and services for Industry and Health

2019 Outlook Performance Read 2019 Through “Assuming a comparable Diverse environment, Air Liquide is Resilient End Model Markets confident in its ability to deliver net profit growth in 2019, calculated at Strong Performance Investment Improvement constant exchange rate” Backlog Programs 17 24 October 2019 Q3 2019 Activity A world leader in gases, technologies and services for Industry and Health

Q3 2019 Appendix 18 24 October 2019 Q3 2019 Activity A world leader in gases, technologies and services for Industry and Health

Q3 2019 G&S Revenue Breakdown by Region EUROPE €1.7bn ASIA- AMERICAS PACIFIC €2.1bn €1.2bn €5,242m Industrial Merchant Electronics Large Industries Healthcare 24 October 2019 Q3 2019 Activity A world leader in gases, technologies and services for Industry and Health 19