Performing
with
Integrated Annual Report
Anna-Maria
Pubill Melsió
Combustion Team Leader,
R&D, Air Liquide
2024
Contents
Manifesto
03
Joint interview: Benoît Potier, Chairman of the Board of Directors
& François Jackow, Chief Executive Officer
04
Highlights
08
Air Liquide in figures
11
12
Sustainable development: our commitments and 2024 results
Joint Interview: Diana Schillag & Jérôme Pelletan,
Executive Committee members
14
Our molecules, essential to industry and healthcare
17
A unique model
18
Innovation, driving our impact
20
OUR MODEL
Interview with Annette Winkler, Director and Chairwoman
of Air Liquide's Environment and Society Committee
41
The Board of Directors sets the strategic orientations
42
The Executive Committee steers the strategy
44
Making investment decisions
45
Managing risk
46
Steering our sustainability commitments
48
Upholding the Group’s ethical commitments
49
OUR GOVERNANCE
Awards
51
Extra-financial ratings
52
Financial statements
53
Extra-financial reporting
54
Explore more
56
OUR PERFORMANCE
OUR ADVANCES
Our major advances worldwide
23
Our employees, at the heart of the Air Liquide’s long-term performance
34
Building tomorrow with our stakeholders
38
In Rotterdam, a CO2 Transportation and Storage Project
to decarbonize European industry
24
ECO ORIGIN TM: a range of low-carbon industrial and medical gases
27
Renewable and low-carbon hydrogen for TotalEnergies’
Grandpuits biorefinery
30
Towards better management of sleep apnea in Italy
32
An investment project for low-carbon oxygen production
in the Americas
26
An electrolyzer to accelerate the decarbonization
of German industry
29
Electrification and renewable energy in Tianjin
28
Supporting the semiconductor industry while reducing
its environmental footprint
31
Access Oxygen™ deployed in Mali
33
Access the digital
version
INTEGRATED ANNUAL REPORT 2024 AIR LIQUIDE CONTENTS
2
Manifesto
T
he mastery of small molecules essential to life, energy, and matter
has great impacts for the world. The Air Liquide Group has been
inventing the future since it was founded, supporting companies of
all sizes and from every industry and every country in their growth. From its
earliest days, the Group has been shaped both by and for the world’s major
transitions, continuously adapting and innovating. At the forefront of its
time, Air Liquide has played and will continue to play a key role in industrial,
technology, energy, and healthcare-related transformations. Drawing on our
expertise and innovative spirit, we embrace challenges that come our way,
turning them into opportunities to create useful solutions with a positive
impact for society.
As a catalyst for progress, we push the boundaries of science and
technology to harness the limitless potential of oxygen, argon, hydrogen,
and many other molecules. As a tech leader, we turn these molecules into
cutting-edge innovations as we seek to constantly offer our customers and
patients solutions that are ever more effective, useful, and sustainable.
As a strategic partner, we provide support over the long run to key sectors,
such as industry, energy, tech, and healthcare. Our expert and committed
teams are involved wherever they can have an impact, backed by our global
footprint and local bases.
As a performing company, we seize new opportunities to stay on a path
of profitable and responsible growth. This ambition is underpinned by our
model of sustainable value creation, which is backed by our employees,
upheld by the confidence of our shareholders, and recognized by our
customers.
Performing with impact
INTEGRATED ANNUAL REPORT 2024 AIR LIQUIDE MANIFESTO
3
Joint interview
Performing
with impact
in a changing
world
I
n a rapidly changing world, Air Liquide’s
business model is demonstrating its
strength and resilience in response to the
challenges of multiple transitions. At the
cutting edge of technological innovation
notably in the fields of energy transition and
electronics, the Group stands out with its
ability to collaborate with strategic partners.
Benoît Potier, Chairman of the Board of
Directors, and François Jackow, Chief
Executive Officer of Air Liquide, share their
perspectives.
Benoît
Potier
Chairman of the
Board of Directors,
Air Liquide
Chief Executive
Officer, Air Liquide
Jackow
François
How does the changing global
environment influence Air Liquide’s
strategic vision?
Benoît Potier: Geopolitical and economic
fragmentation is redefining the global balance of
power. We are witnessing a global clusterization,
with the world operating increasingly through
communities of interest and alliances. At the
same time, major transformations (demographic,
climate, digital and societal) are also having an
effect. In response to these challenges, Air Liquide
is strategically positioned to provide relevant
solutions and support its customers in these major
transitions. Our global presence and our
long-standing ties with key industrial basins are
part of our structural advantages that enable us
to serve a wide range of sectors. Drawing on our
mastery of essential molecules and our ability to
innovate, we continuously develop new solutions to
4
INTEGRATED ANNUAL REPORT 2024 AIR LIQUIDE JOINT INTERVIEW
1 Excluding energy effect.
2 On a like-for-like basis.
3 Excluding currency impact and exceptional and significant operations that do not impact operating profit.
4 Emissions are reported by the Group in scopes 1 and 2, using a “market-based” methodology, and are restated, from 2020 and each subsequent year, to take into account changes in scope
having a significant impact (upwards and downwards) on CO2 emissions.
5 In kg CO2 equivalent/euro of operating profit before depreciation and excluding IFRS 16 at the 2015 exchange rate on scopes 1 and 2 “market-based” greenhouse gas emissions.
meet emerging needs. We integrate the very best
technologies into our products to benefit our
customers and patients. We have always aimed
to play a pioneering role by embracing emerging
trends in response to global transformations,
all with a market-driven approach. This is still the
case, now more than ever! We are visionaries,
taking immediate and tangible action to
contribute to the world’s transformations.
In this context, how would you assess
the Group’s performance in 2024?
François Jackow: I am extremely proud of
the Group’s very solid financial performance.
It is all the more remarkable in a year marked
by macroeconomic tensions and the Group’s
structural transformation. This performance
has led to improved results in several areas.
We achieved a record improvement in our
operating margin of more than 110 basis
points 1. Encouraged by this result, which was
made possible by record efficiencies of nearly
500 million euros, we have decided to raise and
extend our margin ambition, now targeting an
increase of +200 basis points for the period
2025-2026, representing an unprecedented total
increase of +460 basis points 1 over five years
(2022-2026). There has also been growth in
sales, which now amount to more than 27 billion
euros, up +2.6% 2, in sluggish market conditions.
These sales figures are further proof of
Air Liquide’s significant resilience, driven
particularly by Industrial Merchant in North
America, Electronics in Asia and Healthcare.
The Group’s recurring net profit 3 increased by
+11.5% and recurring ROCE is at +10.7%,
even though our investments are increasing.
Now more than ever, we are continuing to
prepare the future, with sources of growth fueled
by our record investment decisions in 2024,
reaching 4.4 billion euros.
Our ability to provide our customers with
innovative products and services with a
technological focus is reflected in major
commercial successes in both traditional
sectors and the transformation-driven fields
of the energy transition and semiconductors.
For example, the contracts signed with LG Chem
and GlobalFoundries in the United States,
Wanhua in China and Aurubis in Europe are
proof of the relevance of our offerings.
These successes come alongside a growing
number of large-scale projects, such as the
continued development of our low-carbon
hydrogen ecosystem in the Normandy industrial
basin, the project of a low-carbon oxygen
platform for ExxonMobil in the United States
(which would be the Group’s largest investment
in its history!) and major investment projects,
working with TotalEnergies, for the construction
of two very large-capacity electrolyzers to
accelerate decarbonization in Europe.
Moreover, several of our projects have received
support from the European Union, including
the D’Artagnan CO2 infrastructure project,
managed with Dunkerque LNG, to decarbonize
the Dunkirk basin, the carbon capture and
storage project in Denmark with Cementir
and the large-scale project for the production,
liquefaction and distribution of low-carbon and
renewable hydrogen from ammonia in the port
of Antwerp-Bruges in Belgium. This support
is an acknowledgment of the relevance of our
technological solutions in response to the
challenges of the energy transition and their key
role in tomorrow’s industry.
We owe these major advances to the remarkable
dedication of our teams around the world.
Every year, they push boundaries, innovate
and rise to new challenges, contributing to the
Group’s growth and transformation.
What can you tell us about your extra-
financial performance?
F.J.: Our extra-financial results are solid on all
indicators of our ADVANCE plan. On safety,
which is of paramount importance, I would like
to thank all of our teams for their remarkable
mobilization, which allowed us to make progress
in 2024. On the environmental front, we have
reduced our CO2 emissions by 11% 4 compared
with 2020, confirming that we are ahead of
schedule in achieving our inflection target by
2025. Our carbon intensity has decreased by
41% 5 compared to 2015, already surpassing our
reduction target of 30% set for 2025. In terms
of diversity, women currently represent 33% of
the Group’s Managers and Professionals, while
all Air Liquide employees now benefit from a
common basis of care coverage, one year ahead
of our target.
Once again, this progress is the result of the
tireless work of the teams and their unwavering
commitment to the environment, safety and
inclusion. At a time when a decline is being seen
in some of these areas, these results are all the
more remarkable and meaningful, demonstrating
our determination to go even further. I would
particularly like to thank our staff for their
vital contribution. I have every confidence in
them and in our collective ability to drive our
performance again in 2025.
The transition to
a carbon-neutral
economy by 2050
starts now.
Benoît Potier
5
INTEGRATED ANNUAL REPORT 2024 AIR LIQUIDE JOINT INTERVIEW
What are the strengths of Air Liquide’s
model when it comes to responding to
the challenges of a changing world?
B.P.: Our model is unique. It is built on a broad
range of markets, applications and geographies
and makes our Group particularly resilient.
We are strategically located on five continents,
yet we also have in-depth knowledge of local
industrial networks. This solid foundation enables
us to offer useful and customized solutions,
drawing on best practices on a global scale,
while developing strong relationships with our
customers, underpinned by long-term contracts
and strategic partnerships. Increasingly,
we are joining coalitions and playing the role of
facilitator within multi-stakeholder ecosystems.
This role highlights our expertise and our abilities
to innovate and develop trusted relationships
as we work closely with our teams, customers,
partners and shareholders. This trust is built on
quality dialog. This unique and proven model has
successfully navigated crises while creating value.
F.J.: To continue the progress made so
far, maintain our agility and enhance
our performance, we have launched an
ambitious internal transformation program.
Our fundamentals, namely safety, customer
satisfaction and employee engagement,
are deeply rooted in the Group’s culture.
Continuing to develop
solutions that address
the world’s challenges
and create value
is the strength and
the hallmark of our
business model.
François Jackow
To sustain this corporate culture, we recognize
the need to simplify our organization to become
even more proactive, competitive and attractive,
ensuring that we are better prepared for the
challenges of tomorrow. This simplified structure
will facilitate quicker decision-making and
increased efficiency, while the creation of a new
single Group Industrial Direction will develop
operational synergies. This transformation
plan will give us the means to continue to seize
market opportunities created by the challenges
of the world’s ecological, economic and societal
transitions. There have never been so many and
such large-scale opportunities. We must make
the most of them!
To what extent do the Group’s
activities, products and
technological solutions contribute
to creating a positive impact?
F.J.: Our innovation is strongly focused on
technologies with a positive impact. More than
3,000 employees are dedicated to innovation,
working tirelessly with the Group’s operational
teams to optimize the use of molecules and
improve the efficiency of industrial processes
and our healthcare solutions. They are tasked
with developing effective and useful solutions for
society as a whole. In terms of decarbonization,
this includes the supply of low-carbon gas,
oxy-combustion, capture solutions for CO2
sequestration and renewable and low-carbon
hydrogen production plants. These solutions
are implemented in various sectors, including
those that are the hardest to abate, such as the
cement industry. Our efforts also extend to the
transformation of healthcare systems: we provide
hospitals with low-carbon molecules and we offer
solutions that combine human interaction and
digital technologies to better support patients
treated at home. This technological expertise is
also reflected in our support for the growth of
the semiconductor industry. Today, it is a vital
industry for many everyday activities, including
communication, transportation and even
healthcare, and our gas solutions and services
make a difference, both in terms of performance
and carbon footprint. Lastly, we leverage our
long-standing expertise in industrial processes by
providing increasingly advanced and innovative
solutions to support our customers every day as
they work to continuously improve their products.
INTEGRATED ANNUAL REPORT 2024 AIR LIQUIDE JOINT INTERVIEW
6
1 Scopes 1 and 2 absolute emissions.
B.P.: Our impact is at the heart of our deliberations
and decision-making processes at all levels of
the company. Sustainable development is one
of the key priorities of our ADVANCE plan and
the work of our Board of Directors, which is
knowledgeable about this topic and includes an
Environment and Society Committee which closely
monitors our objectives and our undertakings. Our
commitment to sustainability reflects our desire
to create a positive impact. We have committed
to a 33% reduction in our CO2 emissions 1 by 2035
through low-carbon hydrogen, CO2 capture and the
electrification of industrial processes. This trajectory
is integrated into our investment decisions and
the environmental impact of our projects is given
careful and exacting consideration. The social
aspects (safety, social coverage, diversity) on
which we have made progress are also monitored
by the Board. We are mindful that our impact also
relates to our governance. Our governance must be
exemplary and I want to commend the efforts and
commitment of our Directors in this regard.
What are the main challenges in the
short term?
B.P.: We must adapt to numerous changes,
geopolitical tensions, the rise of artificial
intelligence and the acceleration of economic
cycles. We must become more agile while
remaining attentive to emerging trends and weak
signals from our various markets to ensure that
we can anticipate these transformations. I have
the utmost confidence in our values, which serve
both as the cornerstones of our business model
and as a frame of reference; they must help us
move forward and consolidate our position. This is
particularly important, given the increasingly urgent
need for companies to transform: the transition to
a carbon-neutral economy by 2050 starts now. This
will involve accelerating our partnerships and the
joint development of solutions with industrial and
institutional partners, because these challenges are
complex and go far beyond the scope of individual
companies and countries. Major challenges such
as the transport and storage of CO2, access to
renewable energy and the development of
low-carbon hydrogen infrastructure require a
collective and coordinated approach. To achieve
this, there will need to be a simplified regulatory
framework that is tailored to the competitive
environment of the future. A pragmatic and flexible
approach will facilitate the rapid and efficient
development of these new ecosystems: this will
be one of the challenges facing our industries,
particularly in Europe.
What are the priorities in response to
these challenges?
F.J.: Firstly, we must continue to develop
solutions that address the world’s challenges
and create value – that’s the strength and
the hallmark of our business model, which
has proven itself time and time again. We are
also going to enhance our competitiveness
by continuing the Group’s transformation to
achieve improved performance that benefits
our customers and patients. We remain firmly
committed to the energy transition, despite the
changing views of some political and economic
stakeholders. This commitment is reflected
in our continued efforts to reduce our carbon
emissions and support our customers as
they work towards decarbonization. Similarly,
we continue to focus on healthcare and
semiconductors, two strategic sectors with real
promise as we prepare for the future.
To put it another way, our priority is to show that,
day after day, we are a productive and useful
company that is worthy of the trust put in us by
all our stakeholders. We will do this by creating
value for our employees, customers, patients
and shareholders, while striving to make a useful
contribution to our world.
INTEGRATED ANNUAL REPORT 2024 AIR LIQUIDE JOINT INTERVIEW
7
Highlights
C
ommercial successes, new investments,
large-scale projects, strengthened partnerships, strong
performance, and governance changes, — a look back at
Air Liquide’s key highlights.
during the Olympic and Paralympic Games Paris 2024, thanks to
the 12 tonnes of hydrogen supplied to the vehicles of the official
fleet.1M km traveled
Air Liquide is proud to have supported the environmental
commitments of the Olympic and Paralympic Games
Paris 2024 by supplying hydrogen from renewable sources to
the official fleet of the Games. The Group, which also provided
financial support to enable six high-performance athletes to take
part in the Games, is delighted to have left an enduring legacy
in the Greater Paris region by building a solid infrastructure to
develop hydrogen-based mobility.
bps over five years is the new ambition set for the improvement in
the Group’s operating margin over the 2022-2026 period.
+460
Following an excellent performance in 2024, which featured
a record improvement in margin and growth on the back of major
commercial successes, Air Liquide decided to raise its operating
margin ambition. After doubling the ambition in 2023, Air Liquide
moved its goal even higher in 2024 to aim for an unprecedented
+200 basis point (bps) increase during the 2025-2026 period,
or +460 bps 1 over the 2022-2026 period. The new goal far exceeds
the initial objective set under the ADVANCE plan, which targeted a
+160 bps increase by 2025.
THE GROUP LIFTS ITS MARGIN TARGET
TO AN UNPRECEDENTED LEVEL
AIR LIQUIDE,
OFFICIAL HYDROGEN SUPPORTER OF PARIS 2024
invested to build new production units.
$ 300M
Air Liquide is investing in two innovative new production
units, one in the United States, and the other in Singapore. They will
supply large volumes of ultra-pure nitrogen to major semiconductor
manufacturers. The Group also renewed its contract with one of
them and will provide high-purity nitrogen for the next 15 years to its
existing facilities in New York State, which are set to be transformed
through energy efficiency initiatives.
MAJOR CONTRACTS
IN THE SEMICONDUCTOR INDUSTRY
1 Excluding energy effect.
8
INTEGRATED ANNUAL REPORT 2024 AIR LIQUIDE HIGHLIGHTS
new patients
supported by
Air Liquide in Belgium
and the Netherlands.
patients worldwide including
10,000
2M
Two acquisitions, one in Belgium and one in the
Netherlands, will enable Air Liquide to continue
expanding its Home Healthcare activities in
Europe. The newly acquired entities deliver home support
to 10,000 patients living with respiratory insufficiency or
sleep apnea, or requiring infusion or nutrition treatments.
Through these acquisitions, the Group is strengthening
its presence and broadening its infusion services in both
countries. Worldwide, Air Liquide already provides home
healthcare to 2 million people living with chronic illnesses
and has made Home Healthcare one of its strategic
development priorities.
THE HOME HEALTHCARE ACTIVITY
STRENGTHENED IN EUROPE
of CO2 a year will be handled by the new infrastructure.
This will ultimately climb to up to 4 million tonnes
annually, which is equivalent to more than 5% of French
industry’s greenhouse gas emissions.
1.5Mt
Air Liquide and Dunkerque LNG, which operates the
LNG terminal in Dunkirk, France, have received support
from the European Union to build CO2 transportation and
export infrastructure. The aim is to reduce the carbon
emissions of the Dunkirk industrial basin in the north
of France. The infrastructure will include a pipeline to
transport CO2 from capture facilities to the terminal at
the port of Dunkirk, where it will be liquefied and loaded
onto ships. D’Artagnan will receive a grant of more than
€ 160 million through the Connecting Europe Facility for
Energy funding program if the project goes ahead.
SUPPORT FROM THE EUROPEAN UNION FOR THE
D’ARTAGNAN CO₂ INFRASTRUCTURE INITIATIVE
Air Liquide is simplifying its organization
to respond more effectively to new market requirements.
Several changes have been made to the Executive
Committee, including the appointment of David Prinselaar
to head the Group’s new single worldwide Industrial
Direction. Adam Peters, CEO for North America, has also
joined the Executive team in 2024.
EVOLUTION OF THE GROUP’S GOVERNANCE
TO FOSTER AGILITY AND PERFORMANCE
Read more about the Executive Committee on p.44
The Group has been selected to build a low-carbon industrial gas
platform as part of ExxonMobil’s low-carbon hydrogen production project in
Baytown, Texas. Pending the final investment decision, Air Liquide would build,
own, and operate four large modular air separation units capable of producing
9,000 metric tons of oxygen a day, a significant volume, while reducing the
production-related carbon footprint by two-thirds. The future units will also
supply up to 6,500 metric tons of nitrogen a day as well as large volumes of
argon, krypton, and xenon, enabling the Group to bolster its offering on the rare
gases market.
HISTORIC INVESTMENT PROJECT TO CREATE
A LOW-CARBON GAS PLATFORM IN TEXAS
were raised through each green bond issuance, which attracted significant
investor interest.
in total could be invested, making this the largest industrial investment in
Air Liquide’s history.
€ 500M
$ 850M
Three years after its inaugural green bond issue, the Group
conducted new issues in 2024 and 2025, illustrating its determination to pair
growth with sustainability. For each operation € 500 million were raised under
competitive financial conditions and will enable the Group to finance flagship
projects in low-carbon hydrogen, CO2 capture, and low-carbon air gases.
SUCCESSFUL GREEN BOND ISSUANCES
TO FINANCE THE ENERGY TRANSITION
Read more about this project on p.26
9
INTEGRATED ANNUAL REPORT 2024 AIR LIQUIDE HIGHLIGHTS
MAJOR INVESTMENTS
TO SUPPORT EUROPEAN DECARBONIZATION
IN PARTNERSHIP WITH TOTALENERGIES
will be invested in these projects, which will make it
possible to avoid up to 500,000 tonnes of CO2-equivalent
emissions per year.
€ 1bn
In early 2025, Air Liquide announced two large-
scale electrolyzer projects to produce renewable
and low-carbon hydrogen in Europe. The first
project, ELYgator, is a 200 MW electrolyzer located
in Maasvlakte (Rotterdam). It will meet the needs of
TotalEnergies' industrial platform, while also serving
other customers in Europe’s industrial and heavy mobility
sectors. In addition, the two partners plan to set up a joint
venture to develop a 250 MW electrolyzer to supply the
TotalEnergies refinery in the Dutch province of Zeeland.
Once completed, these two projects will represent a
combined investment of more than € 1 billion and will
help to avoid up to 500,000 tonnes of CO2-equivalent
emissions per year, strengthening the Group’s position
as a technological leader for low-carbon hydrogen in Europe.
of CO2 will be liquefied and stored during the first ten years
of operation.
8 Mt
The energy supplier to the Swedish capital has
selected Air Liquide to be part of its Bio-Energy
Carbon Capture & Storage (BECCS) project.
The CryocapTM LQ CO2 liquefaction unit supplied by the
Group will be one of the world’s largest, with a capacity of
3,500 tonnes per day. The liquefied CO2 will be transported
for permanent storage in carbon sinks. The project is being
supported by the European Innovation Fund.
STOCKHOLM EXERGI ADOPTS CRYOCAPTM LQ CO₂
LIQUEFACTION TECHNOLOGY
ELECTRIFICATION OF TWO OXYGEN
PRODUCTION UNITS IN CHINA
Air Liquide has invested €60 million to modernize
two air separation units in Tianjin, China. The investment
will allow the units to run on electrical power, including
low-carbon energy, instead of coal-powered steam,
which will drive down CO2 emissions linked to the
production of oxygen and other gases.
Read more about this project on p.28
10
INTEGRATED ANNUAL REPORT 2024 AIR LIQUIDE HIGHLIGHTS
Air Liquide
in figures
2024 GAS & SERVICES REVENUE BY GEOGRAPHY
ACTIVITIES AS A PERCENTAGE OF 2024 GROUP REVENUE
39%
40%
Asia Pacific
21%
Americas
(1) On a comparable basis.
(2) Excluding exceptional and significant transactions with no impact on recurring operating income.
(3) Excluding energy passthrough impact.
employees
> 66,500
countries
60
in operating margin (3)
+ 110 bps
in investment decisions
€ 4.4bn
customers and patients
> 4M
individual shareholders
900,000
> € 27bn
Group revenue
+2.6 %(1)
€ 3.5bn
Net Profit Recurring (Group share)
+11.5 %(2)
Engineering &
Construction
Global Markets &
Technologies
Gas & Services
95%
3%
2%
Healthcare
16%
Electronics
9%
Large Industries
26%
Industrial Merchant
44%
2024
Europe, Middle East & Africa
INTEGRATED ANNUAL REPORT 2024 AIR LIQUIDE AIR LIQUIDE IN FIGURES
11
Biodiversity assessment criteria integrated in the
investment process
Develop and implement an aggregated biodiversity
indicator by 2025.
BIODIVERSITY PRESERVATION
For the
Environment
Define a Group standard for all operations related to
the quality of discharged water
WATER MANAGEMENT
1 Scope 1: direct emissions generated by all emission sources owned or controlled by Air Liquide. Scope 2: indirect emissions related to the production of electricity or steam purchased outside the Group.
CO2 TRAJECTORY
Our commitment, by 2050, to reach carbon neutrality
across the entire value chain.
By 2035, a - 33% reduction in absolute Scopes 1 and 2
CO2 emissions 1 vs. 2020, with an inflection point around 2025.
Inflection point confirmed
39.3
34.9
-11%
VS. 2020
2024
2020
Absolute CO2 eq. emissions
Scopes 1 & 2 (Mt)
- 33%
by 2035
5.1
7.3
4.3
-41%
VS. 2015
2024
2025
2015
Carbon intensity, kg CO2
eq. 1 € EBITDA
- 30%
by 2025
By 2025, a - 30% reduction in Carbon Intensity vs. 2015.
Attained one year in advance
Scope 3: by 2025, 75% of Top 50 customers committed
to 2050 Carbon neutrality, and 100% by 2035.
74% IN 2023
100%
BY 2035
78%
in 2024
OBJECTIVE:
75% BY 2025
2022
COMMITMENT
P
erforming with impact to tackle global
environmental and societal challenges is
Air Liquide’s core ambition. Built into our
strategy via our ADVANCE plan, which combines
financial and extra-financial performances,
our sustainability goals plot a clear forward trajectory.
The progress made in 2024 on every indicator
shows that Air Liquide’s determination to act for the
environment, health, and wider society is bearing fruit.
Now, more than ever, the Group is positioned to be a
positive force for change amid the great transitions
taking place in the world.
Sustainable
development:
our commitments
and 2024 results
By 2025, 100% of Water Management Plans implemented in
high water consumption and in high water stress areas.
2022 COMMITMENT
8%
IN 2023
100% IN 2025 =
75 HI-HI SITES
45%
in 2024
* Air Liquide has been a signatory of the United Nations
Global Compact (UN Global Compact) since 2014 and
contributes to certain Sustainable Development Goals
(SDGs).
*
12
INTEGRATED ANNUAL REPORT 2024 AIR LIQUIDE OUR 2024 SUSTAINABLE DEVELOPMENT RESULTS
For Health
For All
FOR OUR EMPLOYEES AND COMMUNITIES
Improving the quality of life of chronic patients at home.
IN HOME HEALTHCARE
49%
57%
2024
2022
Patients with personalized care plans
140
patient-centric
initiatives developed.
57%
of patients with
personalized care plans.
IN LOW- AND MIDDLE-INCOME COUNTRIES
300
healthcare centers in South Africa,
Senegal, Kenya and Mali benefiting
from Access OxygenTM.
KENYA
MALI
SENEGAL
SOUTH
AFRICA
1
new country in 2024,
Mali
1,800
healthcare
professionals trained.
By 2025, 35% women among the Manager
and Professional population.
By 2025, 100% of employees will have a
common basis of care coverage, including
death and disability benefits, health coverage and
a minimum 14 weeks of paid maternity leave.
Objective reached one year in advance
31%
IN 2021
32%
IN 2023
35%
BY 2025
100%
BY 2025
33%
in 2024
31.5%
IN 2022
34%
IN 2021
78%
IN 2023
100%
in 2024
42%
IN 2022
Facilitating access to medical oxygen.
1 Number of accidents with at least one day’s absence per million hours worked, involving Group employees and temporary workers.
PILOT
PHASE
IN 2021
73%
IN 2023
87%
in 2024
43%
IN 2022
100%
BY 2025
By 2025, 100% of employees will have access
to volunteering opportunities through the Citizen at
Work program.
0.7
Lost-Time Accident Frequency Rate 1,
reaching a historically low level.
Safety
Air Liquide Foundation
The Air Liquide Foundation has been supporting
fundamental research for 15 years
focusing on 3 areas:
• Respiratory health research
• Professional integration
• Solidarity
2 .7 million
Population living in areas where access
to medical oxygen was facilitated by
Access OxygenTM since 2017.
*
*
13
INTEGRATED ANNUAL REPORT 2024 AIR LIQUIDE OUR 2024 SUSTAINABLE DEVELOPMENT RESULTS
What are the takeaways from
Air Liquide’s 2024 performances?
Jérôme Pelletan: We can be proud of the
Group’s financial performance. We achieved
solid results in a difficult market environment,
once again demonstrating the strength of our
business model. Our investment decisions are
at record levels and passed the € 4 billion mark
once again this year. Despite the challenging
conditions, business opportunities abound,
with investment potential running to several
billion, particularly in the energy transition
and electronics. The Group’s outlook holds
significant potential.
Diana Schillag: Our extra-financial performance
was equally impressive. By decreasing our CO2
emissions by more than 11% relative to 2020
following three years in a row of reductions, we
again reasserted our ability to combine financial
growth with lower emissions. We published our
first Climate Transition Plan, which details our
strategy and the levers that will enable us to
reach carbon neutrality by 2050.
In terms of diversity, we are making progress
toward our ambition of reaching 35% women
among managers and professionals by 2025.
To achieve this, we implemented a series of
targeted initiatives in our geographies.
On the social front, we achieved our objective
of rolling out a common basis of care coverage
one year ahead of schedule, guaranteeing each
and every one of our 66,500 employees access
to a minimum set of benefits that go beyond
local regulations. Finally, we prepared the first
round of CSRD 1 reporting. This was a major
team effort and forms part of a long-term shift
to increase the clarity and transparency of
sustainability disclosures.
How do you link financial and
extra-financial targets?
J.P.: In 2022, we launched ADVANCE,
our strategic plan, which ties financial and
extra-financial objectives closely together and
sets out an ambitious trajectory combining
sales growth, profitability, and a reduction in CO2
emissions.
Joint Interview
Jérôme
Pelletan
Chief Financial Officer,
Executive Committee
member
Group General Secretary
overseeing Healthcare activity,
Sustainability and General Control,
Executive Committee member
Schillag
Diana
We measure our success by our
financial performance and our
ability to have a positive impact
on the planet and society.
Diana Schillag
1 Corporate Sustainability Reporting Directive.
14
INTEGRATED ANNUAL REPORT 2024 AIR LIQUIDE JOINT INTERVIEW
On the last of these points, our goals are clear:
we want to reduce our Scope 1 and 2 CO2
emissions 1 by 33% by 2035 and be carbon neutral
by 2050. To do this, we are decarbonizing our
operations by using low-carbon electricity,
making our plants more energy efficient,
and deploying our CO2 capture technologies.
At the same time, we are developing low-carbon
solutions to support our customers in their own
transitions. We believe that, to have a positive
impact, it is critical to perform well financially,
because our credibility is linked to our ability to
fund our investments – including in the energy
transition – and to continue operating over the
long run. The same goes on the sustainability
front, where our commitments bind us, while
simultaneously being a source of shared progress,
motivation, and pride.
In today’s environment, what
are your strategic priorities for
sustainable development?
D.S.: Our commitments to the environment,
health, and society remain intact. The economic,
geopolitical, and even regulatory landscape is
shifting, certainly, but we remain ambitious and
engaged, taking the long view that is our hallmark.
While political climates can be hard to read
and trends may vary regionally, Air Liquide has
investment opportunities related to the energy
transition in all geographies. In this context,
we act with discernment and agility, adapting
our approach to local specificities to maximize
our impact. Our global presence, combined with
our local roots, which keep us close to the needs
of our customers, gives us valuable resilience.
In addition, we are convinced of the role that
large companies must play in meeting society's
expectations, particularly in times of uncertainty.
Our Group actively contributes to providing
answers to contemporary challenges, as it has
always done, by offering concrete and useful
solutions.
How much do sustainability
objectives influence the Group’s
investment decisions?
J.P.: At Air Liquide, we take a responsible approach
to investing. Every new project is assessed based
on its business performance and its environmental
impact. Since 2022, our investment decisions
have factored in both the future financial returns
of projects and their CO2 footprints. We have
set up a specific governance process to monitor
our emissions reduction goals by allocating
carbon budgets to each region, just as we do with
investment budgets. This is helping us to stay on
track, anticipate risks, and take opportunities
linked to the transition to a low-carbon industry,
by prioritizing projects with positive impact.
What is the Group’s strategy to
combine growth and impact?
J.P.: Our vision is based on sustainable growth
that combines profitability with value creation
over the long term. The Group’s growth drivers,
which include the energy transition, healthcare,
and electronics, remain at the heart of our strategy.
We are investing in the production of low-carbon,
renewable hydrogen and in CO2 capture solutions
to reduce global emissions attributable to our
own industrial processes as well as those of our
customers. In semiconductors, we will continue
to leverage our leadership position in the sector
to support technological progress and the
exponential rise of artificial intelligence, whose
growth will be driven by mounting demand for next-
generation chips. In healthcare, we are pursuing
initiatives to respond to the growing needs of the
sector, delivering ever more personalized care
solutions to the many patients treated at home
and in hospital settings. We are therefore clearly
positioned in growth markets where our solutions
and technologies can make a positive contribution,
thanks to the expertise and incredible dedication of
our talented teams.
D.S.: At Air Liquide, we measure our success by
our financial performance and by our ability to
have a positive impact on the planet and society.
Our molecules and technological solutions are
vital to meeting the great challenges of our time.
From fighting climate change to accelerating the
energy transition, from building more resilient
healthcare systems to improving the care delivered
to patients, Air Liquide has a decisive part to play,
alongside our customers and society as a whole.
We know that a collective effort is needed to make
the shift. Air Liquide is determined and already at
work to seize opportunities, bring stakeholders
together, and generate a positive impact for
industry and wider society.
Every new project
is assessed based
on its economic
performance and
its environmental
impact.
Jérôme Pelletan
1 Direct emissions generated by all emissions sources owned or controlled by Air Liquide (Scope 1) and indirect emissions generated by the production of electricity and steam purchased outside the Group (Scope 2).
15
INTEGRATED ANNUAL REPORT 2024 AIR LIQUIDE JOINT INTERVIEW
16
model
Our
P
resent in every region, Air Liquide has built a robust and flexible model that is capable
of evolving with the changes taking place in the world to serve customers and
patients as effectively as possible. Our model is based on a long-term vision centered
on value creation and utility, thanks to the limitless potential of essential molecules,
coupled with the technical ingenuity and dedication of our employees.
Our molecules, essential to industry and healthcare
A unique model
Innovation, driving our impact
17
18
20
16
INTEGRATED ANNUAL REPORT 2024 AIR LIQUIDE
Craftsmen
& Retail
Food
& pharma
Automotive
& Fabrication
Material
& Energy
Inerting, Extrusion, oil &
gas recovery
Analysis, Purging
Analysis
Dry ice, Analysis
Analysis, Optical Fiber
manufacturing
Lighting, Window
insulation, Optical Fiber
manufacturing
Combustion,
Ozonation, Mineral
processing
Heat Treatment,
Welding, Cutting
Inerting
Freezing, Food
preservation, Inerting
Water treatment,
Aquaculture
Inerting, Food
preservation
Carbonation, Food
processing, Freezing
Food processing
Inerting,
Feedstock
Inerting, Purging
Etching, Inerting
Oxidant
Melting, Refining
and Direct Reduced
Iron process
Stainless steel
production
Carbon capture,
utilisation & storage
Wafer
manufacturing,
Semiconductor
processes
Oxidation,
Water treatment
O2 Therapy
Oxygen
enrichment,
Desulfurization
Carbon capture,
utilisation & storage
Raw materials,
Carbon capture,
utilisation & storage,
Reactant
Production of
organic chemicals
Lithography, Cleaning
Low-carbon energy
source & feedstock
(production of hydrogen
and chemicals)
Desulfurization,
Sustainable fuels
Reducing agent,
Raw material,
Low-carbon energy
Etching
Deposition,
Lithography
Heat Treatment,
Direct Reduced
Iron process
Leak detection
Energy source
Cutting, Electric battery
manufacturing
Welding, Heat
treatment, Additive
Manufacturing
Heat treatment
Welding, Cutting
Low-carbon fuel
Key benefits
Efficiencies
Healthcare
Decarbonization & Environment
Safety
Analysis
Welding
Refining and
atmosphere protection
Technology
& Research
Low-carbon
Mobility
Steel
Electronics
Healthcare
Refining
Chemicals
Our molecules
deliver benefits
across a very broad
range of sectors.
Our molecules,
essential to industry and healthcare
O2
CO
CO2
N2
H2
Ar
Rare Gases
Biomethane
Steam /
Power
17
INTEGRATED ANNUAL REPORT 2024 AIR LIQUIDE OUR MODEL
CO2
O2
H2
Approx. 250km(5)
H
H2
H 2
CO2 Capture
SMR (2)
Electrolyser
ASU (1)
ASU (1)
3
2
5
5
4
5
2
Carbon capture (3)
customer
Refining
customer
Petrochemicals
customer
for industrial gas production
Plants & equipment
for third party customers
or for the Group
On-site (4)
customer
Bulk and/or cylinder
customer
Filling
center
Deep tech
customer
Hydrogen solutions
for transportation
Patient
at home
Hospital
Filling
center
Filling
center
Advanced materials
production center
N2 generator
Steel
customer
Energy transition
technologies
1
5
Electronics
customer
(1) ASU: air gases production unit
(air separation unit).
(2) SMR: hydrogen production
unit (steam methane reformer).
(3) Carbon Capture: for hard-to-
abate sectors to decarbonize
their activities
(4) On-site: small gas generator
on the customer site.
(5) Air Liquide's model is
designed so that gases are
packaged and distributed in a
given geographical area, around
250 km maximum from the
production site.
CO2 sequestration
A unique
model
R
esilience, innovation and long-
term value creation are the three
strengths of Air Liquide's business
model, which relies on the diversity of
its activities serving almost all sectors
of the economy. The strong integration
of the various activities allows the Group
to create numerous synergies that are
not limited to the industrial aspect, but
also include technological expertise,
innovation, human resources and
financial management. It thus facuses
on key industrial basins from which the
Group can develop. This specificity of
Air Liquide's business model is a pillar on
which the Group relies to generate growth
and performance.
1
Large Industries
2
Industrial Merchant
3
Healthcare
4
Electronics
5
Innovation & Technologies
• Air
• Electricity including low-carbon
and renewable electricity
• Natural Gas
• Biomethane
• Water
Resources
18
INTEGRATED ANNUAL REPORT 2024 AIR LIQUIDE OUR MODEL
2024 data
Natural resources
Air
Electricity including 40% of low-carbon
and renewable electricity
Natural gas
Biomethane
Water
Human resources
~ 66,500 employees
900,000 shareholders holding 33% of
the capital
80,000 suppliers
Technological resources
350 strategic partnerships
Portfolio of technologies for energy
transition (CCS, Electrolyzers, ATR…)
600 production units
6 Innovation & Technologies
campuses
More than 3,000 employees
work in entities dedicated
to innovation
€ 309M of innovation spending
~ 15,000 patents
3.5 billion data points
collected each day
Financial resources
€ 4.4bn of investment decisions
€ 6.5bn of cash flow from operating activities
before changes in working capital:
+7.1% on average over 30 years
For Society
2 million industrial customers
2 million patients treated at home
20,000 hospitals and clinics served
2.7 million people have had easier access to medical
oxygen thanks to Access OxygenTM
87% of employees have access to volunteer
opportunities as part of the Citizen at Work
program
90 %: Customer satisfaction rate
~ 600 projects supported by the Air Liquide
Foundation for over 15 years
For the Environment
-11 % reduction of CO2 emissions
compared to 2020 1
2,500 GWh of new renewable
and low-carbon power purchase
agreements secured
For employees
0.7: lost-time accidents frequency
rate
33% of women among managers
and professionals and 23,7% among
senior executives
14.2: average number of training hours
per year and per employee
For innovation
40 start-ups accompanied by ALIAD,
the Group’s capital venture entity,since its
creation in 2013
> 500 use cases, products and programs using
data and artificial intelligence
For performance
€ 27.1bn of Group revenue: + 5.9% on average
over 30 years
€ 3.5 bn of Net Profit
Adjusted dividend per share: +8.8% on average
over 30 years
1 Scope 1 and 2 emissions.
El
ect
ro
nic
s
In
no
va
tio
n &
T
ec
hn
olo
gi
es
He
al
th
ca
re
In
du
str
ia
l M
er
ch
an
t
La
rg
e I
nd
us
tri
es
•
Em
plo
ye
es
•
C
usto
mer
s &
Pa
tien
ts
•
Sh
are
hol
der
s
•
Civi
l so
cie
ty
Su
ppl
iers
•
A
cad
em
ic p
art
ner
s
•
St
art-
ups
•
Pu
blic
au
tho
ritie
s
•
NG
Os
•
Value creation
Activities
Resources
19
INTEGRATED ANNUAL REPORT 2024 AIR LIQUIDE OUR MODEL
20
innovation partnerships
with academics, industrial
partners and start-ups
350
employees dedicated to
innovation
3,000
new patents
366
million of
innovation expenses
€ 309
B
orn in 1902 from an invention, Air Liquide has naturally made innovation the driving force behind its
growth strategy. To tackle today’s and tomorrow’s challenges, our teams turn intuitions into
cutting-edge technologies and practical solutions. By harnessing these innovations, the Group
optimizes its own and its customers’ industrial processes, accelerates the energy transition, contributes to
technological progress, and improves patients’ quality of life.
Innovation,
driving our impact
Our key levers of action
for a sustainable growth
Decarbonization:
reduce CO2 emissions to limit global
warming and accelerate the energy
transition through the use of hydrogen
in industry and transport.
Modernization of industry:
continue the progress dynamic and
address sovereignty challenges.
Semiconductors:
support the responsible development
of digital technologies.
Transformation of healthcare:
contribute to the improvement of
patients’ quality of life.
Levieux
Armelle
Group Vice President Innovation & Technology,
member of the Executive Committee
we develop solutions that shape the future.
From healthcare to electronics and decarbonization,
our expertise enables us to create high-impact technologies
for our customers and patients in a wide range of areas.
Thanks to the innovative
capabilities of our teams
and our technological
excellence,
Over
2024 data
20
INTEGRATED ANNUAL REPORT 2024 AIR LIQUIDE OUR MODEL
A thriving ecosystem
Air Liquide’s innovation approach is part of an
open and global ecosystem. It is supported by
our 5 Innovation Campuses in Europe,
the United States, and Asia, and by the Campus
Technologies Grenoble in France.
Alongside our scientific and industrial partners,
Air Liquide’s R&D teams are working actively to
constantly deepen the Group’s knowledge of
essential small molecules in order to harness
their full potential and provide new solutions to
the challenges facing industry, high technology,
and healthcare.
The Group’s innovation is also nourished by
technologies developed by promising start-ups.
These may get support from ALIAD, Air Liquide’s
venture capital arm, or from Accelair,
our start-up accelerator, which provides
them with experimentation spaces and a
support program. These two entities help
start-ups continue their growth and bring their
technologies to market, with assistance from
Air Liquide experts.
My team is conducting a series of combustion tests
under real-life conditions to replace natural gas with
hydrogen to reduce the CO2 emissions of the glass
industry. We are developing a technology to combust
hydrogen along with oxygen, which will enable glass
furnaces to emit only water vapor. SDG Pharma,
a manufacturer of pharmaceutical-grade glass
containers, contacted us to test our technology at its
site, as it is looking for practical solutions to lower its
furnace’s CO2 emissions.
DECARBONIZING THE GLASS INDUSTRY USING HYDROGEN
Anna-Maria Pubill Melsió,
Combustion Team Leader, Innovation Campus Paris, Air Liquide
RELIABILITY AND SAFETY AT THE HEART OF SUBLEEM™,
In 2024, Air Liquide launched Subleem™, a new
solution combining solid precursors and distribution
systems for semiconductor manufacturing.
Precursors are the ultra-pure materials needed
to create electronic chip components, which are
deposited layer by layer with extreme precision,
measured to the nanometer. Our new distribution
systems convert solid precursors directly and on a
large scale into gas phase through sublimation,
a first in the industry. Subleem™ ensures guaranteed
supply, delivering an uninterrupted, reliable, and
high flow of vaporized precursors during the
semiconductor manufacturing process. This is
especially valuable in the production of the most
advanced logic and memory chips, which will be
integrated in tomorrow’s electronic devices.
AN INNOVATION FOR SEMICONDUCTORS
Nicolas Blasco,
Senior Expert Electronics Technology Integration, Air Liquide
The ammonia-cracking technology that we have
developed represents a major step forward in
the production of low-carbon hydrogen. Right
now, the challenge with hydrogen is to deploy
it at a large scale. With this in mind, we tested
and optimized our technology at a pilot plant in
Antwerp, Belgium. The pilot is the first step towards
the construction of an industrial-scale renewable
ammonia cracking plant, for which the Group has
obtained support from the European Innovation
Fund. It will contribute to the development
of an ammonia-based low-carbon hydrogen
production and distribution industry in Europe.
Dieter Ulber,
Hyco Technologies Director, Air Liquide
UNLOCKING HYDROGEN’S POTENTIAL
Accelerating the deployment of industrial electrolyzers
is indispensable to scale up the production of low-
carbon and renewable hydrogen. The gigafactory
created in collaboration with Siemens Energy enables
us to bring together complementary expertise for
the mass production of PEM 1 modules that are
needed to build electrolyzers. This enables us to scale
up the development of low-carbon and renewable
hydrogen production units at a competitive cost.
After the inauguration of the PEM electrolyzer in
Oberhausen (Germany) in 2024, this collaboration
will reach a new milestone with the Air Liquide
Normand'Hy project in France, which is a major
contribution to the energy transition in Europe.
JOINING FORCES TO PRODUCE ELECTROLYZERS
Marie-Khuny Khy,
Product Line Director Electrolysis, Air Liquide
Focus on promising technological solutions
1 Proton Exchange Membrane.
21
INTEGRATED ANNUAL REPORT 2024 AIR LIQUIDE OUR MODEL
22
advances
T
he energy transition, the digital revolution, and the transformation of healthcare systems are some
of Air Liquide’s strategic levers to drive long-term growth. To help meet these societal challenges,
the Group leverages its know-how, technological expertise, and ability to anticipate the specific and
emerging needs of customers and patients. Spotlight on flagship projects — operational, recently launched,
or under development — whose scale and impact are helping shape the future.
Our major advances worldwide
In Rotterdam, a CO2 Transportation and Storage Project to decarbonize European industry
An investment project for low-carbon oxygen production in the Americas
An electrolyzer to accelerate the decarbonization of German industry
Renewable and low-carbon hydrogen for TotalEnergies’ Grandpuits biorefinery
Our employees, at the heart of the Air Liquide’s long-term performance
Supporting the semiconductor industry while reducing its environmental footprint
Building tomorrow with our stakeholders
ECO ORIGIN TM: a range of low-carbon industrial and medical gases
Towards better management of sleep apnea in Italy
Electrification and renewable energy in Tianjin
Access Oxygen™ deployed in Mali
23
24
26
29
30
34
31
38
27
32
28
33
Our
22
INTEGRATED ANNUAL REPORT 2024 AIR LIQUIDE
1 Pending final investment decision.
2 In construction.
3 In execution.
4 In operation.
Our major
advances
worldwide
Electronics
Low-carbon air gases
Low-carbon hydrogen
Carbon capture
Assets modernization
Low-carbon
electricity supply
Key industrial basins
IDAHO
LG CHEM
NORTH TEXAS
BÉCANCOUR
EXXONMOBIL
ARGENTINA
TEAL MOBILITY
K6
D’ARTAGNAN
CALCC
TEAL MOBILITY
SPAIN
LA MÈDE
STOCKHOLM EXERGI
GLOBAL FOUNDRIES
AURUBIS
GRANDPUITS
HOLCIM
KAIROS@C
ENHANCE
ACCSION
AXE SEINE
GLOBAL FOUNDRIES
PORTHOS
BENELUX
ELYGATOR
TRAILBLAZER
STADE
NORMAND’HY
KUMAMOTO
LOTTE
JIANGSU
SASOL
PORT JÉRÔME
TIANJIN
SHANDONG
BOE
NAOSHIMA
23
INTEGRATED ANNUAL REPORT 2024 AIR LIQUIDE OUR ADVANCES
ENERGY TRANSITION
In Rotterdam, a
CO2 Transportation
and Storage Project
to decarbonize
European industry
The Porthos project is a public-
private infrastructure initiative
designed for CO2 reduction in the
largest industrial port in Europe
and to set a standard for other
industrial hubs to follow. Air Liquide
is one of four industrial launching
customers for this project. Its goal:
substantially reduce the site’s CO2
emissions thanks to an ambitious
carbon capture and storage (CCS)
solution.
CO2
CO2
Capture
Storage location
Compressor station
Storage
Transport
Transport
Local
industries
2.5Mt of CO2
captured and delivered annually from 2026
onwards
Up to
10Mt of CO2
transported annually
Up to
37Mt of CO2
stored
24
INTEGRATED ANNUAL REPORT 2024 AIR LIQUIDE OUR ADVANCES
It is very important to work with established
industrial players like Air Liquide, who bring their
experience and expertise on CO2 technology and
operations. Their contribution is highly appreciated and
very valuable to the development of the Porthos system.
Hans Meeuwsen,
Project Director of Porthos
We are transforming the port of Rotterdam into
a sustainable, low emissions area in line with the
European Industrial Carbon Management Strategy.
We have around 80 ongoing projects, so infrastructure
is key. Facilitating CCS is one of the solutions to help
industries in hard-to-abate sectors shorten the time
gap as they transition away from fossil fuels.
Jeroen Steens,
Commercial Delivery Director for the Port of Rotterdam
1 Port of Rotterdam’s facts and figures.
2 Port of Rotterdam.
3 Connecting Europe Facility (CEF) is a funding program for projects in the
fields of energy, transportation, and digital infrastructure.
4 The Dutch state participation in Oil & Gas.
Decarbonization without
deindustrialization
The Port of Rotterdam is the largest port
in Europe and the most important energy
transportation hub on the continent.
Generating € 30.6 billion, 3.2% of the Dutch
gross domestic product (GDP), and over
193,000 direct and indirect jobs 1, the port area
is responsible for around 15% of CO2 emissions
in the Netherlands 2. That’s why the Porthos CO2
Transportation and Storage project is at the heart
of the new CO2 infrastructure of the Rotterdam
region. Construction of the project started in
early 2024 for completion in 2026. Air Liquide
is playing a leading role in the development
of carbon capture, enabling the production
of hydrogen with a significantly lower carbon
footprint.
At the site of Air Liquide’s hydrogen plant in
Rozenburg, work is underway to install a new
CRYOCAP™ carbon capture facility. Using a
low temperature process to condense and
separate carbon dioxide during the production of
hydrogen, Air Liquide’s CRYOCAP™ technology
will reduce the site’s overall emissions by half.
Achieving CO2 emissions reduction
targets with a strong ecosystem
Recognized as a Project of Common Interest
by the European Union, the project was made
possible with a CEF 3 grant from the European
Commission. Porthos represents a € 1.3 billion
investment, undertaken by the Port of Rotterdam
Authority, Gasunie and Energie Beheer Nederland
(EBN) 4 through a public-private initiative.
The project will deliver the required infrastructure
to collect and transport captured CO2 from
industrial sites in the port area for permanent
storage in depleted gas fields under the North Sea.
Four industrial launching customers, including
Air Liquide, have committed to the Porthos
project. The infrastructure will transport and
store 2.5 million tonnes of CO2 annually,
with operations set to begin in 2026. But this is
just the start. The pipeline has been designed
for future expansion and can transport up to
10 million tonnes per year.
Air Liquide has been developing expert
knowledge of the CO2 value chain with proprietary
and operational technologies since 2006, but
the Porthos project is the first to store CO2 in a
depleted gas reservoir. As such, it will provide
important learnings for the CCS players involved.
Air Liquide’s objective is to accelerate the
development of carbon capture and storage on
a global scale, with projects underway in Europe,
North America and Asia.
While accelerating the deployment of renewable
energy is essential, CCS is a key solution for
decarbonizing hard-to-abate industries, such as
cement, steel, and chemicals, to reach carbon
neutrality by 2050.
25
INTEGRATED ANNUAL REPORT 2024 AIR LIQUIDE OUR ADVANCES
Low-carbon
electricity
Massive supply of
low-carbon oxygen
Low-carbon hydrogen
Low-carbon ammonia
to be exported
Nitrogen
Hydrogen
Oxygen
Argon,
Krypton,
Xenon
ATR + Carbon Capture
Refinery
Ethylene
crackers
Ammonia
Synthesis
4 LMAs
Industrial Merchant
customers
An investment
project for
low-carbon oxygen
production in the
Americas
Air Liquide could invest up to
850 million dollars to create a
low-carbon industrial gas platform
in Baytown, Texas, as part of
a long-term agreement with
ExxonMobil.
The goal is to build, own, and
operate four large modular air
separation units (LMAs) at the
customer’s facility. Pending the
final investment decision, this major
decarbonization project would be
the largest industrial investment in
Air Liquide’s history.
Under the project, Air Liquide would operate four
LMAs at the facility owned by ExxonMobil,
a strategic customer of the Group for 30 years.
The new units are capable of supplying a record
daily volume of 9,000 metric tons of oxygen,
which would be used by ExxonMobil’s autothermal
reformers (ATR) to produce low-carbon
hydrogen. The LMA units would also supply up to
6,500 metric tons of nitrogen per day to support
the production of ammonia as a source of low-
carbon energy for the export market.
In addition, the LMA units would produce large
amounts of argon, krypton, and xenon, enabling
the Group to strengthen its offering to customers
in the rare gases market.
This trailblazing project will support ExxonMobil
in its aim to build the world’s largest low-carbon
hydrogen platform in Baytown. The facility
is expected to produce 1 billion cubic feet of
low-carbon hydrogen every day and more than
1 million tons of ammonia every year, while
capturing and permanently storing 7 million tons
of CO2 annually.
For Air Liquide, the project also has strategic
significance, as the new LMA units will raise the
Group’s oxygen production capacity by 50% in the
region, while reducing the CO2 footprint per ton of
oxygen by two-thirds.
+ 50%
increase in oxygen production
capacity by Air Liquide in the
region
2/3
reduction in the carbon
footprint of the oxygen
produced
Customer uses
ENERGY TRANSITION
26
INTEGRATED ANNUAL REPORT 2024 AIR LIQUIDE OUR ADVANCES
Gases such as oxygen, nitrogen, argon, and
carbon dioxide are essential to many industrial
manufacturing processes and hospital treatments.
But the production of these gases counts towards
the carbon footprints of our customers. For this
reason, Air Liquide has developed ECO ORIGIN™,
a range of certified low-carbon gases produced
from renewable sources such as biomass, wind
power, solar power, and hydropower. Traceability
of the gases’ carbon footprint, from production
to delivery, is certified by an independent body in
compliance with ISO standards. ECO ORIGIN™
enables customers to significantly reduce their
Scope 1 and 3 ¹ emissions with no impact on the
quality of gas supplied. In this way, Air Liquide is
responding to growing demand among customers
looking to reduce the environmental impact of their
activities.
Customers such as Michelin and Gruppo
San Pellegrino have already chosen to include
ECO ORIGIN™ in their strategies aimed at producing
locally and sustainably. And less than a year
after the solution was launched for healthcare
customers, contracts have been signed with
20 hospitals and clinics in six European countries,
as well as Brazil.
1 Scope 3 comprises all greenhouse gas emissions generated
upstream and downstream in the organization’s value chain.
ECO ORIGINTM:
a range of
low-carbon
industrial and
medical gases
ECO ORIGIN ™ is winning over more and more
of our customers, as it reduces Scope 3 ¹ emissions
attributable to the product value chain, as well as
Scope 1 emissions corresponding to the CO2 emitted
during production.
Christel Champinot,
Climate Program Manager, Industrial Merchant activity, Air Liquide
100% certified
renewable electricity
Certified biogenic CO2
produced by Air Liquide:
oxygen, nitrogen, argon, CO2
Hospitals and clinics
Food, mobility,
cosmetics, electronics
Low-carbon gases
certified by an independent body
in compliance with ISO standards
Healthcare
Industries
Reduction of our
customers' carbon
emissions
Ar
N2
O2
CO2
B
i
o
g
e
n
i
c
ECO ORIGIN ™
End products with
a reduced carbon
footprint
End users
With ECO ORIGIN™, Air Liquide is
supporting customers that want to
reduce their environmental impact
by offering them low-carbon medical
and industrial gases produced using
100% renewable electricity and energy
sources.
Customers from a wide array of
industries, including food, automotive,
aerospace, pharmaceutical, and
electronics, as well as hospitals and
clinics, have chosen this unique range.
ENERGY TRANSITION
27
INTEGRATED ANNUAL REPORT 2024 AIR LIQUIDE OUR ADVANCES
Electrification and
renewable energy
in Tianjin
Using the right decarbonization
levers depending on the site,
in order to have the greatest
impact – that is what Air Liquide
has achieved in Tianjin, China.
In less than two years, the Group
has lowered CO2 emissions at two
oxygen production sites in a major
industrial basin. Two key steps
were at the heart of the project:
both sites modernized their assets
to reduce energy and are now
sourced of low-carbon electricity
following the signature of a
multi-year Power Purchase
Agreement (PPA).
Air Liquide’s decarbonization strategy includes
three main levers: asset modernization, sourcing
of massive amounts of low-carbon electricity
and deployment of carbon capture and storage
technologies at its plants.
In Tianjin, the Group was able to combine two
of these levers in a project carried out with
its customer, Tianjin Bohua Yongli Chemical
Industry, as part of the renewal of industrial
gas supply for two air separation units (ASUs)
that produce 4,000 tonnes of oxygen every day,
mainly for the chemicals sector.
Step one was to electrify the site, which was
previously powered by steam produced by coal
based boilers. Besides reducing the carbon
footprint by 370,000 tonnes of CO2 a year,
this also cut water consumption by over half.
Step two was accomplished at the end of 2024
with the signature of a multi-year PPA, paving the
way for CO2 to be reduced annually by a further
430,000 tonnes starting in January 2025.
In total, the two projects will bring down the
carbon footprint by 800,000 tonnes of CO2
every year.
In 2024, Air Liquide signed a record amount of
multi-year power purchase agreements across
Asia, Europe, and South America, adding more than
2,500 GWh per year of low-carbon and renewable
electricity to previously secured capacities. These
PPAs, most of which are effective from January
2025, will allow Air Liquide to decarbonize its existing
plants and support the Group's future decarbonized
growth. Adding to previously signed PPAs, this marks
an additional significant step towards Air Liquide's
commitment to achieving carbon neutrality by 2050.
Record volumes of low-carbon
and renewable electricity secured
in 2024 under PPAs
-800,000T
of CO2 per year
2025
2024
Electrification to replace steam
Two Air Liquide
ASU units for the
customer Yongli
Renewable energy supply
-430,000
tonnes of CO2
-370,000
tonnes of CO2
-55%
in global water
consumption
ENERGY TRANSITION
28
INTEGRATED ANNUAL REPORT 2024 AIR LIQUIDE OUR ADVANCES
An electrolyzer
to accelerate the
decarbonization of
German industry
In 2024, Air Liquide launched a
20MW electrolyzer to produce
renewable hydrogen in
Oberhausen, Germany.
The electrolyzer, which is now
connected to Air Liquide’s pipeline
network, is gradually supplying
hydrogen to local industrial and
mobility customers. This project
represents a big step forward
in decarbonizing the Rhine-
Rhur industrial basin. It also
demonstrates the power of the
collective drive to develop the
hydrogen industry, which is being
undertaken notably in partnership
with Siemens Energy and with
the backing of the German
government.
Renewable
electricity
Water
Renewable
hydrogen
Mobility
Other industrial
applications
Industries
H2
O2
Electrolyzer
A 20MW capacity
20MW
capacity
EQUIVALENT TO:
>1,500
cars
>300
buses
>200
trucks
Production capacity
2,900T
per year
Emissions reduction
>23,000T
of CO2 per year
Existing pipeline network
Located in Oberhausen at the heart of Germany’s Rhine-
Rhur industrial basin, the Proton Exchange Membrane
(PEM) electrolyzer produces renewable hydrogen and
oxygen from water and renewable electricity. Directly
plugged to Air Liquide’s pipeline network, it is the
largest electrolyzer in Germany to be connected to an
existing infrastructure and is capable of producing up to
2,900 tons of hydrogen a year – equivalent to the annual
consumption of 300 buses.
While it has received € 10.9 million in funding from the
German Federal Ministry for the Economy and Climate
Protection, the electrolyzer is also the fruit of a private
partnership with Siemens Energy. The PEM modules
used on the site were manufactured at the gigafactory
built by Air Liquide and Siemens Energy in Berlin.
By mass manufacturing electrolyzer components,
this joint venture is paving the way for low-carbon and
renewable hydrogen to be produced at an industrial scale
and a competitive cost.
The new electrolyzer will accelerate the
decarbonization of key industries in North Rhine-
Westphalia and promote low-carbon mobility in this
densely populated region. This shows what can be
accomplished when authorities and corporations
work together to achieve a common goal.
Sylvie Villepontoux,
CEO of Air Liquide Central Europe Cluster
ENERGY TRANSITION
Oxygen
H2
29
INTEGRATED ANNUAL REPORT 2024 AIR LIQUIDE OUR ADVANCES
Renewable and
low-carbon
hydrogen for
TotalEnergies’
Grandpuits
biorefinery
As part of the conversion of
TotalEnergies’ Grandpuits facility
into a biorefinery, Air Liquide is
building a renewable and low-
carbon hydrogen production unit
with an annual capacity of more
than 20,000 tonnes. It will use
biogases emitted by the biorefinery
to partially replace the natural gas
traditionally used and will integrate
Air Liquide’s CRYOCAPTM CO2
capture technology. The hydrogen
produced will be used to produce
sustainable aviation fuel.
110,000T
of CO2 captured per year
Air Liquide has invested over € 130 million in
a new renewable and low-carbon hydrogen
production unit, which is helping reduce
the carbon emissions of the TotalEnergies’
Grandpuits platform. The project integrates
Air Liquide’s SMR-X™ and CRYOCAPTM proprietary
technologies, the latter making it possible to
capture up to 110,000 tonnes of CO2 every year for
reuse in food and industrial applications.
The hydrogen will be used to produce sustainable
aviation fuel and could meet clean mobility
needs in the Ile-de-France region. Through this
collaboration, Air Liquide and TotalEnergies are
pursuing a sustainable and circular economy
approach, consistent with the goal of reaching
carbon neutrality that both groups have set for
2050.
Following the signature of this long-term
contract in 2022, another major project was
announced with TotalEnergies at the end of
2024. Air Liquide will build, own, and operate a
new renewable hydrogen production unit with
an annual capacity of 25,000 tonnes to supply
TotalEnergies’ biorefinery at the La Mède site in
the south of France. This project will contribute
to the emergence of a new renewable hydrogen
ecosystem in the Fos-sur-Mer area, a major
industrial basin for Air Liquide in France.
Biorefinery
Sustainable
aviation fuels
Residual
biogas
Natural
gas
SMR
Hydrogen
to support
sustainable
mobility
CO2 for food
applications
and industrial
uses
CRYOCAP™ H2
Hydrogen
ENERGY TRANSITION
30
INTEGRATED ANNUAL REPORT 2024 AIR LIQUIDE OUR ADVANCES
ELECTRONICS
Supporting the
semiconductor
industry while
reducing its
environmental
footprint
Under a long-term contract,
Air Liquide is building an industrial
gas production facility in Idaho,
in the United States, to supply
the new fab of one of the
world’s largest semiconductor
manufacturers. The state-of-the
art, environmentally efficient
production unit will be operational
by the end of 2025.
It will provide large volumes of
high-purity industrial gases for
the production of cutting-edge
memory chips. Through this
project, Air Liquide is contributing
to technological progress while
optimizing the semiconductor
sector’s environmental footprint.
Air Liquide will build, own, and operate a new
industrial gas production facility in Idaho, which
will produce large volumes of ultra-pure nitrogen
and other gases, such as oxygen and argon,
for a leading player in the semiconductor industry
and other customers in the area. The project will
create hundreds of direct and indirect jobs during
construction and operation.
Air Liquide will invest over $ 250 million in the
project. This represents a strategic investment
that will support the production of cutting-edge
memory chips, notably to meet the growing
demand for computing capacities required by
artificial intelligence.
As it will produce a wide range of critical gases
with enhanced energy efficiency and reduced
logistics-related emissions, the unit will give the
customer a significant competitive edge in the
growing semiconductor market. Most of the
gases will be produced on-site, avoiding the need
for them to be transported by truck. In addition,
the electricity for the new facility is targeted to
be 100% from renewable sources within the next
five years.
New production unit
5%
more energy-efficient than the
previous-generation plants
100%
of the electricity powering
the production unit will be
renewable within five years
Memory chips
Ultra-pure
nitrogen
Other gases
Semiconductor manufacturer
Industrial gas
production facility
31
INTEGRATED ANNUAL REPORT 2024 AIR LIQUIDE OUR ADVANCES
Towards better
management
of sleep apnea
in Italy
Providing better support to
patients while helping to build
a more sustainable healthcare
system – that is what the solutions
developed by Air Liquide in Italy
are doing for people living with
sleep apnea. Through personalized
care, the Group contributes to
improved patient adherence and
better quality of life. Meanwhile,
by linking payment to outcomes,
home healthcare can be delivered
at the best cost for the Italian
healthcare system.
Widespread but underdiagnosed, sleep
apnea syndrome 1 can be treated effectively
through appropriate care and monitoring. In
Italy, Air Liquide is working with the national
healthcare system to provide patients with
personalized support paired with Continuous
Positive Airway Pressure (CPAP) supply.
Once the treatment is prescribed by a doctor,
Air Liquide’s teams set up a personalized care
plan to promote patient adherence, including
initiation, device selection, educational materials,
and training for family members. Additional
support is also provided to reduce sleepiness
and improve quality of life through a mobile app
and monitoring by Air Liquide’s teams.
HEALTHCARE
3,000
patients
in Italy have benefited from
Air Liquide Healthcare’s
outcome-oriented support
• An increased adherence
to CPAP 5
• Reduction of associated risks 3
• At the best cost for the
healthcare system
Healthcare system
remunerates Air Liquide according
to the treatment outcomes
Healthcare professional
Outcomes
• prescribes a treatment adapted
to the patient's condition
• receives the adherence and
quality of life's indicators
1 Sleep apnea is a condition characterized by unusually frequent pauses in
breathing during sleep.
2 Rudilla D, Perelló S, Landete P, et al. PIMA Study. Improvement of
adherence and quality of life of obstructive sleep apnea under PAP
treatment through an intervention based on the stratification and
personalization of care plans: a randomized controlled trial. Rev Patol
Respir 2021: 24: 125-134.
3 Gagnadoux F, Bequignon E, Prigent A, Micoulaud-Franchi JA, Chambe J,
Texereau J, Alami S, Roche F. The PAP-RES algorithm: Defining who, why
and how to use positive airway pressure therapy for OSA. Sleep Med Rev.
2024 Jun; 75:101932.
4 Continuous Positive Airway Pressure.
5 Telemedicine interventions for CPAP adherence in obstructive sleep apnea
patients: Systematic review and Meta-analysis, by Gonzalo Labarca, Alexia
Schmidt, Jorge Dreyse, Jorge Jorquera, Ferran Barbe, Sleep Medicine
Reviews, 2021.
In 2024, several contracts signed with regional
health authorities introduced remuneration for
Air Liquide, as the home healthcare service
provider, based on outcomes in patient treatment
adherence. Data collected through remote
monitoring show how many hours the device
is used and the number and duration of apnea
events during sleep. Provided to healthcare
professionals and payers, the data can be used
to assess treatment adherence and sleep quality,
while at the same time providing the basis for
payments to the Group.
Personalized support combined with remote
monitoring improves compliance with CPAP
treatment compared with standard monitoring,
as shown by a Spanish study 2. Improved
adherence is correlated with a reduction in sleep
apnea-related health risks, as well as a reduction
in healthcare consumption and associated
costs 3.
In 2024, 3,000 patients in Italy received this
support. Building on the Group’s expertise in
home healthcare and the experience gained
through similar initiatives in several other
countries, Air Liquide’s teams in Italy developed a
value-based healthcare approach, result-oriented
and tailored to the national healthcare system.
This approach reflects the Group's commitments
to prioritize patient-centered support, aiming to
deliver optimal care at the best possible cost,
thereby contributing to a more efficient and
virtuous healthcare system for families and the
community.
Patient
Creates a personalized care
plan, including :
• the patient's training on
the good use of the CPAP 4
medical device
• continuous remote
monitoring
32
INTEGRATED ANNUAL REPORT 2024 AIR LIQUIDE OUR ADVANCES
Access Oxygen™
deployed in Mali
HEALTHCARE
Access to medical oxygen is
a basic requirement of any
healthcare system, yet more than
half of the world’s population has
no access to medical oxygen ¹.
Air Liquide has leveraged its
expertise in medical gases to create
Access Oxygen™, a social impact
program to provide people in low-
and middle-income countries with
reliable and affordable access
to medical oxygen. Already
present in Senegal, South Africa,
and Kenya, the program was
introduced in Mali in 2024.
Access Oxygen™ is based on introducing solutions to
supply medical oxygen that are tailored to the specific
features of local healthcare systems. In the long run,
the goal is to ensure that the solution is sustainable
beyond Access Oxygen™’s intervention. In 2024,
this program hit a significant milestone as it was
deployed for the first time in Mali, where the oxygen
therapy solution is being rolled out in 20 healthcare
facilities in the Ségou and Kayes regions. The initiative
was made possible thanks to the donation of oxygen
concentrators by Airgas, Air Liquide’s U.S. subsidiary,
to the Fédération Nationale des Associations de Santé
Communautaire (National Federation of Community
Health Associations), and to a collaboration with
Malian health authorities and Mag Global Service,
the local operator responsible for delivering the
solution.
Besides providing access to medical oxygen, Access
Oxygen™ aims to help build sustainable and lasting
healthcare models to address crucial public health
needs.
1 The Lancet Global Health. "Reducing Global Inequities
in Medical Oxygen Access: The Lancet Global Health
Commission on Medical Oxygen Security." Vol. 13, no. 3 (2025).
2.7M
people benefited from
a facilitated access to medical
oxygen thanks to Access
OxygenTM since its launch in 2017
4 countries
Senegal, South Africa, Kenya,
Mali
Primary
healthcare facilities
Public and private
International Founders
Healthcare authorities
Public and private
National or local
Local operator
supplies and maintains the
equipment on the field
• NGOs
• Social business
• Air Liquide's subsidiary
Patients
• Advocacy
• Fundraising
• Identification of local players
• Projects Management
• Training
TM
Air Liquide's social impact program
33
INTEGRATED ANNUAL REPORT 2024 AIR LIQUIDE OUR ADVANCES
34
of managers and
professionals are women
33%
employees worldwide
More than
More than
66,500
of employees are
Group shareholders
49%
nationalities
160
Our employees,
at the heart of the Air Liquide’s
long-term performance
O
ver 66,500 talented people make up the driving force behind Air Liquide. Spread across
60 countries, they form a team that powers the Group’s growth and performance.
Every day, they are committed to serving our customers and patients as they strive to deliver
useful, value-creating solutions. This commitment has its roots in a corporate culture that emphasizes
employee safety, respect, ethics and engagement, and that seeks to offer everyone an environment
that is conducive to success and innovation.
Day in, day out, they turn ideas into reality, driving Air Liquide
forward with their energy and belief. Whether they are researchers,
engineers, technicians, operators, sales people, or nurses, whether
they operate on the front line or behind the scenes, they all share
the same commitment to provide our customers and patients
with effective and useful solutions. Through my interactions since
joining the Group in September 2023, I have come to understand
the power of the Air Liquide community. It inspires me and
strengthens my belief that, together, with all our differences,
we can take action for the future.
Behind every innovation and
every solution stand women
and men who are passionate
about what they do.
Irion
Amelia
Vice President, Group
Human Resources
and member of the
Air Liquide Executive
Committee
2024 data
34
34
INTEGRATED ANNUAL REPORT 2024 AIR LIQUIDE OUR ADVANCES
BeActEngage,
a framework to build
a shared culture
In a constantly changing world of interlinked challenges and
evolving work practices, it is imperative to offer our employees
an environment that is safe, structured, and motivating.
This sets a framework, promotes engagement, and stimulates
innovation, while fostering an approach based around listening
and discussion. With this in mind, Air Liquide’s BeActEngage
framework, created by and for employees, unites everyone
around a shared culture. It is founded on three pillars :
• Be - Live our fundamental values: safety, ethics, and long-
term performance, that have always been and will always be
the Group's foundations ;
• Act - Act responsibly and nimbly to deliver concrete results ;
• Engage - Bring people together by inspiring and helping
them develop their talents, encouraging everyone to express
themselves and make an active contribution to individual
and collective success.
In a constantly moving world, this approach offers a clear
reference framework that is shared by everyone at Air Liquide.
Central to Air Liquide’s long-term performance
strategy, listening to and talking with personnel
play a key role in improving employee
experience and engagement. Each year,
the My Voice survey gathers employee
feedback to gain a better understanding of
expectations and identify actions to carry out
at every level of the company. Paying attention
to the employee experience is essential to
loyalty and fulfilment, but also supports
continuous improvements for Air Liquide.
My Voice therefore helps drive our collective
performance while serving the goal of having
engaged employees and satisfied customers.
EMPLOYEES HAVE THEIR SAY
MY VOICE, AN ANNUAL SURVEY THAT LETS
The items Safety, Respect, Inclusion and
Confidence in management have achieved very
high scores for several years, constituting a solid
foundation on which the Group can build to move
forward.
80 +
*
* Scores on 100. The annual My Voice engagement survey of all employees took
place in October 2024.
INTEGRATED ANNUAL REPORT 2024 AIR LIQUIDE OUR ADVANCES
35
Diversity: helping
drive the Group’s
performance
Air Liquide seeks to promote diversity throughout
its workforce, reflecting its belief that this is a
way to stimulate innovation, strengthen employee
engagement, and boost the Group’s long-term
performance.
As part of its ADVANCE strategic plan announced
in 2022, the Group reaffirmed its ambition to reach
35% women among engineers and managers by
2025. This ambition is being pursued through a
broad approach and targeted action plans, tailored to
local contexts. From inclusive recruitment to strong
leadership commitment, and through training initiatives
and proactive communication campaigns in schools
and universities, Air Liquide is working on all aspects of
its organization to achieve significant progress.
All while ensuring that skills and qualifications remain
at the heart of every recruitment decision.
In 2024, the proportion of women among engineers and
managers in the Group reached over 33%, representing
a 1% increase year-on-year.
Creating a more inclusive work
environment
Air Liquide is committed to creating a safe and
inclusive work environment, in which every employee
can benefit from fair working conditions.
This commitment is even more important for female
employees at operational sites, for whom the Group
has established standards to support its entities
in terms of safety, comfort and well-being, while
respecting local regulations and cultural specificities.
Concrete measures have been taken around the world,
such as providing women with adapted personal
protective equipment, creating dedicated areas for
greater comfort and privacy, and implementing security
measures for women working at night.
In addition to promoting safety and well-being in the
workplace, Air Liquide is committed to supporting
its female employees at every stage of their careers
and during key moments of their personal lives.
The Group supports parents by offering a 14-week
fully paid maternity leave, accompanied by support
before, during and after the leave to ensure a smooth
transition, without any impact on their career.
By implementing these standards, Air Liquide aims to
attract and retain talents by creating an environment
where everyone can develop their full potential
serenely.
Women’s PPE to support inclusion and
performance
Given the challenges associated with diversity,
providing women with personal protective equipment
(PPE) designed for female bodies might seem like
a minor point. Yet, it represents a very significant
advance! Air Liquide has made this commitment to
ensure the safety and comfort of women working on
its sites. Airgas, the Group’s U.S. subsidiary, turned
this symbol of inclusivity into reality by launching PPE
for women in the fall of 2024. The new range includes
better-fitting gloves and welding jackets that are now
available to the subsidiary’s female employees as well
as to women welders outside the Group via the Airgas
online store and sales outlets. Users have praised
the benefits of the new PPE, citing improved safety,
enhanced work performance, and more comfort,
all of which instills greater self-confidence. In China,
Air Liquide has also developed a PPE range for female
employees that is available at all sites across the
country. All Group entities are now rolling out this
initiative, which represents a practical step towards a
safer and more inclusive work environment.
36
INTEGRATED ANNUAL REPORT 2024 AIR LIQUIDE OUR ADVANCES
Care coverage for all
employees
Our commitment extends
beyond our walls
With a presence in 60 countries, Air Liquide has to deal with very different
care coverage situations for its employees. To offer all employees the same
conditions, beyond local legislation, the Group pledged to provide a common
basis of care coverage for all employees by 2025, including life insurance, health
coverage and a minimum of 14 weeks paid maternity leave. In 2023, 78% of
teams benefited from a common basis of care coverage, rising to 100% in 2024.
In some regions, this offer has had a significant impact. In the United States,
Germany, Latin America or Indonesia, for example, where welfare benefits vary
widely, offering the same coverage to everyone, regardless of their role, makes
Air Liquide a more attractive employer.
Through its Foundation, Air Liquide has supported for over 15 years projects
in fundamental research respiratory diseases, solidarity and job integration,
particularly in technical fields. Harnessing the Group’s strengths – particularly
its expertise, teams, and local presence – the Foundation is tasked with taking
on social challenges in which it has clear legitimacy and can have a socially
beneficial impact. Individually, Group employees may volunteer to dedicate
a portion of their working hours to various social or societal projects via the
Citizen at Work program, set up in 2022. As of today, 87% of our employees have
access to volunteering opportunities thanks to this initiative.
of Air Liquide employees
have access to a common
basis of care coverage
100%
of employees can access the
Citizen at Work program
87%
Objective reached one year in advance
My time in the company has been rewarding, with great opportunities for career
growth. I encourage every woman at Air Liquide to go after what they want, no matter
the obstacles. There’s so much strength, courage, and talent within us. Take chances
and surprise yourself, as you’ll never know what you can achieve until you try. Embrace
your strengths and confidently pursue your goals.
I am an engineer
& I belong here at Air Liquide.
Senior Manager Mechanical,
Air Liquide South Africa
Mashinini
Mbali
37
37
INTEGRATED ANNUAL REPORT 2024 AIR LIQUIDE OUR ADVANCES
Xavier Combet,
Portfolio Manager at
Mirova
Anouck Veyret,
Individual
Shareholder
Virginie Lutrot,
Chairwoman
of Caux Seine
agglo
Alfred Arpin,
Director of Test
Centers at FEV
France
Building tomorrow
with our stakeholders
Fatima Tighlaline,
Program Manager
Employee
Citizenship,
Air Liquide
A
s global challenges grow
more complex, dialogue
between companies and their
stakeholders is more crucial than ever.
Air Liquide fosters active dialogue
and collaboration with employees,
customers, investors and shareholders,
as well as with public authorities and
local communities to create value
and drive positive impact. In this
discussion, key stakeholders share
their perspectives on how the Group’s
commitments align with their ambitions
and contribute to meaningful change.
Many of Air Liquide’s solutions
help address today’s societal
challenges. How do you feel
about this statement?
Fatima Tighlaline: Fully aligned! Air Liquide
is driving the energy transition with
advancements in CO2 capture and low-carbon
hydrogen production. In Healthcare,
the Group provides essential medical gases
and solutions to hospitals and home patients
while also improving access to medical
oxygen for underserved communities. Beyond
our daily roles, by the end of 2025,
all Air Liquide teams around the world will
have the opportunity to get involved locally
through the Citizen at Work program.
I recently took over responsibility for this
program, and I can already attest to the
Group’s strong commitment and energy in
encouraging employees to engage in local
initiatives. Another strong example: Air Liquide
had set a goal to provide social coverage
for 100% of its employees by 2025. This
objective has been achieved one year ahead
of schedule, a significant social milestone!
Alfred Arpin: We specialize in developing
propulsion solutions for mobility, whether
thermal or electric. To make the shift toward
low-carbon mobility, Air Liquide provides us
with concrete support. FEV develops and
calibrates engines for all types of vehicles,
with a strong focus on environmental
protection, performance, and safety.
For example, we use reference gases for
metrology to accurately measure pollutants
in exhaust gases. We also use hydrogen
combustion, to test new, more sustainable
power generation and energy conversion
systems. These solutions help us make real
progress on decarbonization issues.
Virginie Lutrot: The Air Liquide Normand'Hy
electrolyzer is a perfect illustration of our
vision: building a model region for the energy
transition. At the regional level, it brings to life
our ambition to create a responsible industrial
ecosystem within the Port-Jérôme industrial
area, where innovation and sustainability
come together. Nationally, it addresses the
In a highly competitive
international
environment, for both
our company and
Air Liquide, only a
close, responsive and
innovative collaboration
will enable us to be the
most effective in winning
strategic projects.
Alfred Arpin
Customer
I recently took over
responsibility for the Citizen
at Work program, and I
can already attest to the
Group’s strong commitment
and energy in encouraging
employees to engage
in local initiatives.
Fatima Tighlaline
Employee
38
INTEGRATED ANNUAL REPORT 2024 AIR LIQUIDE OUR ADVANCES
1 The "H2 Carbon Neutrality" project, led by the Normandy International
Excellence Campus for Energy (CEINE), aims to develop a professional
training program in decarbonized hydrogen to meet industrial needs.
We don’t invest in a
company if the impact is
not positive. Air Liquide fits
in our portfolios, it ticks all
the boxes, on the ESG side,
and on the financial side.
Xavier Combet
Investor
urgent need to decarbonize industry by enabling
large-scale production of low-carbon hydrogen,
essential for reducing our dependence on
hydrocarbons. Finally, on the international stage,
it positions Normandy as a model for energy
innovation.
Xavier Combet: As a global asset management
company dedicated to sustainable investing,
Mirova recognizes the critical role that companies
like Air Liquide play in tackling pressing issues
such as climate change, resource scarcity, and
social inequality. As long-term investors,
our strong environmental, social and governance
(ESG) commitment is reflected in the orientation
of our portfolios. We are convinced that by
choosing companies like Air Liquide, with a
long-term view and a sustainability strategy we
can outperform the market in the long term.
In a world where the challenges we face are
increasingly complex, partnering with
forward-thinking companies like Air Liquide is
essential for driving meaningful change.
Anouck Veyret: When you invest in a company
like Air Liquide, you want to understand its plans
and be part of them. I identify with the Group's
long-term vision, and in particular with its
ambition to grow and be carbon neutral by 2050.
It is an inspiring challenge that we are all facing
as citizens.
How do Air Liquide’s solutions
and commitments align with your
aspirations or objectives?
F.T.: Air Liquide is not just an industrial company.
Its technologies are truly part of the solution for
a more sustainable world, supporting industries
in their decarbonization efforts and accelerating
the development of low-carbon hydrogen.
And I’m proud to contribute, in my own way,
to building a more sustainable future!
X.C.: Absolutely, we only invest in companies
that demonstrate a credible sustainability
strategy, and Air Liquide excels in this regard.
Air Liquide fits in our portfolios, it ticks all the
boxes, on the ESG side, and on the financial
side. It is an enabler of a low-carbon society,
thanks to the supply of essential gases,
supporting the decarbonization of the industry,
and as a company aligned with the Paris
Agreement, participating in reducing emissions
in its upstream value chains. We also value
the company for its capacity to provide equal
opportunities for all workers through training
and internal promotions, and by providing an
enabling framework to accelerate women's
careers.
A.A. : FEV is undergoing a major transformation
to support the shift towards low-carbon
powertrains. Air Liquide's solutions, such as
hydrogen for propulsion and liquid nitrogen
for cooling, help us develop new test benches
and remain competitive in complex projects.
We are working together on a hydrogen-
related project, for which the development of
fuel cells represents a strong technical and
economic challenge. In a highly competitive
international environment, for both our company
and Air Liquide, only a close, responsive and
innovative collaboration will enable us to be the
most effective in winning strategic projects.
In your opinion, in which areas can
the Group have the greatest societal
impact in the coming years?
V.L.: Air Liquide has a central role to play in
three major areas: industry and decarbonization,
heavy-duty clean mobility, and training.
Firstly, the decarbonization of hard-to-abate
industries using decarbonized hydrogen and
carbon capture, which is essential to meet
climate challenges and strengthen our energy
independence. Secondly, the development of
clean mobility, particularly through hydrogen for
heavy transport and recharging infrastructure.
Finally, a strategic lever to maximize this impact
is based on training the talents of tomorrow.
The H2 Academy, a center of excellence in
vocational training integrated into the H2 Carbon
Neutrality project 1, embodies this ambition.
This regional project aims to develop the talents
of tomorrow and to adapt training courses to
the strategic skills required by new sectors and
emerging professions in the field of hydrogen.
A.V.: Energy transition and technology are sectors
in which Air Liquide has had and will continue to
have a significant impact in the future, especially
in a context of renewed sovereignty stakes.
Geopolitical tensions remind us how important
it is to have strong European companies,
particularly in industry. We need successful and
innovative companies that are also committed to
having a strong societal impact.
The Air Liquide
Normand'Hy electrolyzer
project perfectly
illustrates our vision:
building a model
region for the energy
transition. It brings to
life our ambition to
create a responsible
industrial ecosystem,
where innovation
and sustainability
come together.
Virginie Lutrot
Local elected official
I identify with the Group's
long-term vision, and
in particular with its
ambition to grow and be
carbon neutral by 2050.
Anouck Veyret
Individual shareholder
39
INTEGRATED ANNUAL REPORT 2024 AIR LIQUIDE OUR ADVANCES
40
Governance
Our
A
ir Liquide has a robust governance system that is tailored to its challenges and
sustainable growth goals. Keenly aware of its responsibility, the Group incorporates
financial and extra-financial aspects in its strategic decisions, which are handled at
the very top level of the company.
Interview with Annette Winkler, Director and Chairwoman
of Air Liquide's Environment and Society Committee
The Board of Directors sets the strategic orientations
The Executive Committee steers the strategy
Making investment decisions
Steering our sustainability commitments
Managing risk
Upholding the Group’s ethical commitments
41
42
44
45
48
46
49
For more information on
Air Liquide's governance, read the
Universal Registration Document.
40
INTEGRATED ANNUAL REPORT 2024 AIR LIQUIDE
40
Interview
ESG is not a separate agenda
item; it's truly embedded
within the Group’s long-term
vision which aligns business
opportunities with societal
needs.
Could you explain the main
missions of the Environment
and Society Committee within
the Board of Directors?
Annette Winkler: I firmly believe strong
governance underpins any successful
strategy. That's precisely why the Environment
and Society Committee, or CES, is so crucial
at Air Liquide. It plays a pivotal role in
shaping Air Liquide’s sustainability strategy
and ensuring its effective implementation.
Air Liquide has had this committee since
2017, which shows its proactive approach
to ESG. This is also reflected in the Group’
strategic plan, ADVANCE, which places
financial and extra-financial performance
on a comparable level of importance.
The committee members have diverse
backgrounds, both inside and outside
Air Liquide, all genuinely interested in ESG,
which keeps our approach strategic yet
firmly rooted in reality. In 2024, our priorities
included implementing the Corporate
Sustainability Reporting Directive (CSRD),
reviewing our first Climate Transition
Plan, and looking at ESG-related risks
and opportunities. We rigorously evaluate
progress toward the Group’s ESG objectives
via a thorough assessment of action plans,
providing recommendations to the Board,
supported by strong internal governance and
high-quality discussions with Air Liquide’s
teams. It's a process I'm deeply involved in,
and I'm proud of the progress we're making.
The global landscape is
constantly evolving. How do
you see this impacting ESG
trends, and how is Air Liquide
positioning itself to navigate
these challenges?
We are living in a period of rapid, uncertain,
and often contradictory change on many
fronts. ESG, an increasingly pressing
issue – and one I follow closely – is no
exception. We see different trends playing
out. While the direction in the United States
remains somewhat uncertain, Europe,
despite its regulatory push, faces intense
debates and demands for simplification,
especially on the reporting front. China
maintains a strong dynamic regarding
energy transition. Air Liquide navigates
this complex landscape with a sense of
responsibility, agility, and importantly,
pragmatism. The Group is committed to
being a driving force for change, and taking a
long term view, leveraging its deep expertise,
diverse technologies and extensive global
presence. This means focusing on practical
and impactful actions in each geography.
From your perspective,
what differentiates Air Liquide's
approach to sustainability?
What impresses me most about
Air Liquide – and I've seen this firsthand –
is not just the breadth of challenges
the Group addresses – from driving the
energy transition and supporting an aging
population to transforming industries,
including digitization and Artificial
Intelligence – but its integrated approach
to sustainability. ESG is not a separate
agenda item; it's truly embedded within
the Group’s long-term vision which aligns
business opportunities with societal
needs. Beyond CO2 emissions, which are
obviously critical, Air Liquide also prioritizes
the social and societal dimensions. The
Group firmly believes that long-term value
creation depends on the engagement of
its employees and the well-being of the
communities where the Group operates.
This holistic approach, combined with
concrete evidence of progress, positions
Air Liquide to achieve a lasting positive
impact. I'm proud to be a part of it!
Annette
Winkler
Director and Chairwoman
of Air Liquide's Environment and
Society Committee
41
INTEGRATED ANNUAL REPORT 2024 AIR LIQUIDE OUR GOVERNANCE
Composition as of December 31, 2024
The Board of
Directors
sets the strategic
orientations
T
he Board of Directors determines the
orientations of Air Liquide’s activities
and ensures their implementation,
in line with its corporate interest, taking into
account the social and environmental stakes
of its activity. Accordingly, it examines and
approves the main points of the Group’s
strategy, including the multi-annual strategy
orientations concerning Corporate Social
Responsibility. The Board relies on four
specialized committees.
Benoît Potier
Chairman of the
Board of Directors
Born in 1957 • French
Philippe Dubrulle
Director representing
the employees
Member of the Environment and
Society Committee
Born in 1972 • French
Michael H. Thaman
Independent Director
Born in 1964 • American
Fatima Tighlaline
Director representing
the employees
Member of the Remuneration
Committee
Born in 1979 • French
Monica de Virgiliis
Independent Director
Member of the Environment
and Society Committee
Born in 1967 • Italian and French
Annette Winkler
Independent Director
Chairwoman of the Environment
and Society Committee, Member of
the Appointments and Governance
Committee
Born in 1959 – German
Christina Law
Independent Director
Born in 1967 • Chinese (Hong Kong)
François Jackow
Chief Executive Officer
& Director
Born in 1969 • French
Alexis Perakis-Valat
Independent Director
Born in 1971 • French and Greek
Kim Ann Mink
Independent Director
Member of the Remuneration
Committee
Born in 1959 • American
Catherine Guillouard
Independent Director
Chairwoman of the Audit and
Accounts Committee
Born in 1965 • French
Xavier Huillard
Independent Director
Lead Director
Chairman of the Remuneration
Committee, Chairman of the
Appointments and Governance
Committee
Born in 1954 • French
Aiman Ezzat
Independent Director
Member of the Audit and Accounts
Committee
Born in 1961 • French
Bertrand Dumazy
Independent Director
Member of the Appointments and
Governance Committee, Member of
the Audit and Accounts Committee
Born in 1971 • French
42
INTEGRATED ANNUAL REPORT 2024 AIR LIQUIDE OUR GOVERNANCE
Four Board
Committees
FOCUS ON
Three members
• Ensures the integrity of the process used to
prepare financial information; reviews the
financial statements and the accounting
methods used;
• Verifies the existence and functioning of control
organizations and procedures used to identify
and manage risks, including sustainability risks,
relying upon the work of the Environment and
Society Committee;
• Monitors the organization of the internal audit
function;
• Monitors the sustainability information
preparation process, including the double-
materiality review process implemented to
determine the information to be published
in accordance with applicable sustainability
reporting standards;
• Monitors the execution by statutory auditors
and sustainability auditors of tasks relating to
certification of the financial statements and
sustainability information.
Audit and Accounts
Committee
Three members, including one Director
representing the employees
• Examines the Group’s sustainability strategy and
commitments;
• Monitors the Group’s sustainability actions
and their deployment, as well as the actions
engaged by the Foundation;
• Examines the sustainability risks in liaison with
the Audit and Accounts Committee;
• Monitors the Group’s material sustainability
issues and associated sustainability Impacts,
Risks and Opportunities (IRO);
• Examines the Group’s annual consolidated
sustainability information published by the
Company;
• Examines the Vigilance Plan and monitors its
implementation within the Group;
• Reviews the Group’s extra-financial ratings.
The members of the Environment and Society
Committee and the members of the Audit and
Accounts Committee meet at a joint session at
least once a year. This session is an opportunity
for the two Committees to work together, notably
to review risks and carry out the new tasks
assigned to them under the European Union's
Corporate Sustainability Reporting Directive
No. 2022/2464.
Environment and Society
Committee
Three members, including one Director
representing the employees
• Examines the performance and all the
components of remuneration for the Corporate
Officers;
• Examines the remuneration and retirement
policy applied to Executive Management and in
particular to the Executive Committee;
• Examines the proposals by the Executive
Management concerning the granting of
stock options, performance shares, and other
incentive systems related to the share price;
• Proposes to the Board of Directors the
allocation of the fixed annual sum awarded to
the Directors by the General Meeting.
Remuneration Committee
Three members
• Looks for new Board members, carries out
its own research into potential candidates,
and makes proposals for the renewal and
appointment of Directors;
• Periodically evaluates the structure, size,
and composition of the Board of Directors
and submits recommendations for potential
changes;
• Examines the succession plan for members of
the Executive Management;
• Prepares the evaluation of the way the Board
operates provided for by the internal regulations
and ensures the proper functioning of the
governance bodies.
Appointments and
Governance Committee
For more information on Air Liquide's
governance, read the Universal
Registration Document p.97.
43
INTEGRATED ANNUAL REPORT 2024 AIR LIQUIDE OUR GOVERNANCE
The
Executive
Committee
steers the
strategy
T
he Executive Committee implements the
strategic orientations provided by the Board
of Directors, and oversees Air Liquide’s
operations and business development. It conducts
strategic reviews and steers the Group’s financial
and extra-financial performance.
In 2024, it launched a transformation program to
enhance the Group’s agility and performance. This
included a simplification of the internal organization
to speed up decision-making and leverage the
company’s size more effectively by turning it into
a competitive advantage. The composition of the
Executive Committee has thus changed to better
reflect the Group’s ambitions and support this
transformation.
Jérôme Pelletan
Chief Financial Officer
overseeing the Legal,
Insurance and Shareholder
Services Departments
Born in 1970 • French
Adam Peters
Chief Executive Officer,
Air Liquide North America
Born in 1973 • American
David Prinselaar
Group Vice President,
Industrial Direction
Born in 1974 • Dutch and French
Marcelo Fioranelli
Chief Executive Officer
of Airgas overseeing the
Group’s Industrial Merchant
activity
Born in 1968 • Brazilian
Matthieu Giard
Group Vice President
overseeing Air Liquide
operations in the Americas
as well as Digital & IT
Born in 1974 • French
Ronnie Chalmers
Group Vice President
overseeing Air Liquide
operations in Asia-Pacific as
well as Procurement
Born in 1968 • British
François Jackow
Chief Executive Officer
Born in 1969 • French
François Abrial
Senior Vice President in charge
of Transformation and Artificial
Intelligence
Born in 1962 • French
Amelia Irion
Group Human Resources
Vice President
Born in 1970 • American and
French
Emilie Mouren-Renouard
Group Vice President
overseeing Air Liquide
operations in Europe, Africa,
Middle East, and India, as well
as Public Affairs
Born in 1979 • French
Armelle Levieux
Group Vice President
Innovation and Technology,
overseeing the Hydrogen and
Electronics activities
Born in 1973 • French
François Venet
Senior Vice President overseeing
the Large Industries activity, Group
Strategy, and Group Safety
& Industrial Systems
Born in 1962 • French
Diana Schillag
Group General Secretary
overseeing Healthcare,
Sustainability and General
Control
Born in 1971 • German
Composition as of March 15, 2025
44
INTEGRATED ANNUAL REPORT 2024 AIR LIQUIDE OUR GOVERNANCE
T
hrough its investments, Air Liquide shapes the future of the Group and of industry. To ensure that
investments reflect its financial and extra-financial commitments, the Group has set up a specific
governance system under senior leadership.
Making
investment decisions
Investments: strategic decisions taken at
the very highest level
The Board of Directors is regularly informed of the evolution of
the Group’s portfolio of opportunities, evaluates major investment
projects and reviews the investment decisions required for the
Group’s medium-term development, including those relating to the
energy transition. The Executive Committee members examine
investment projects in their scope of responsibility, within the
Resources and Investment Committees (RIC).
To achieve decarbonization goals, investment plans must be
compatible with the Group’s carbon trajectory.
The investment process is now accompanied by the
allocation and monitoring of an annual CO2 budget assigned
to Group Operations, in order to steer this trajectory.
CLIMATE AND INVESTMENT DECISIONS
Resources and Investment Committees for
a 360° project assessment
The Resources and Investment Committees (RICs)
review and approve proposed investments. RICs approve
investment requests, medium and long-term contractual
commitments, associated human resources requirements,
as well as the environmental impacts of projects.
In addition to considering the expected profitability
of each project, investment decisions are based on a
rigorous assessment in which the following criteria,
in particular, are systematically reviewed:
• whether the project is located in an industrial basin with high
potential,
• the competitiveness of the customer’s site, including
factors such as size, production processes, environmental
footprint, cost of raw materials, and access to markets,
• customer risk,
• country risk,
• whether the project is aligned with the
Group's environmental objectives.
RICs typically meet once a month for each geography and each
activity. Each Committee meeting is chaired by the member
of the Executive Committee in charge of the geography or of
the activity involved and brings together the manager of the
cluster or business line concerned by the investment, along
with representatives from the Group Finance department,
Engineering & Construction and the Capital Implementation
Group, who have a veto right. Additional participants may
be invited to attend, including representatives of the Group
Industrial Direction. The member of the Executive Committee
with responsibility for Sustainable Development is consulted
on projects submitted to the RICs, giving special attention to
sustainability issues. RIC decisions are reviewed by the CEO.
45
45
INTEGRATED ANNUAL REPORT 2024 AIR LIQUIDE OUR GOVERNANCE
E
veryone plays a part in risk management at Air Liquide.
From Operations to the Board of Directors, from each
employee to the CEO, the Group has established a set of
procedures to identify, manage, and mitigate risks linked to its
own business as well as to the activities of its subsidiaries and
suppliers.
Managing
risk
Vigilance Plan:
identifying and preventing risks
Since 2017, Air Liquide has implemented a Vigilance Plan that is
designed to identify and prevent risks in three areas: human rights
and fundamental freedoms, human health and safety, and the
environment. The plan encompasses the activities of the Group
itself but also of its subsidiaries, suppliers, and subcontractors.
It is organized around five measures:
1 Risk mapping;
2 Procedures to regularly assess the situation of subsidiaries,
suppliers, and subcontractors;
3 Appropriate measures to mitigate risk and prevent serious
impacts;
4 An alert mechanism that collects reports of potential or
actual risks;
5 A monitoring scheme to follow up on the measures
implemented and assess their effectiveness.
Risk Committee:
steering major risks
The Risk Committee provides its expertise to entities that are
required to manage financial risks within their respective scopes
of responsibility. It meets twice a year under the chairmanship
of the Chief Executive Officer and in the presence of the General
Secretary and the Group Vice President of Strategy, and brings
together the heads of the Group Control and Compliance,
Legal, Finance, Communication, Safety and Industrial Systems,
and Sustainable Development Departments as well as a
representative from Operations. It is tasked with monitoring active
risks for the Group, reporting on progress in priority measures to
mitigate major risks, drawing up a risk management summary,
and determining the Group’s guidelines in the area.
Air Liquide is committed to
respecting human rights,
protecting people and
preserving the environment in
its operations worldwide.
The Vigilance Plan
Access the digital
version
46
INTEGRATED ANNUAL REPORT 2024 AIR LIQUIDE OUR GOVERNANCE
Governance of the Vigilance Plan
A dedicated team oversees the implementation of Air Liquide’s
Vigilance Plan. It is integrated in the Legal Department, which is
in turn supervised by the Group CFO, who sits on the Executive
Committee. The plan is reviewed by the Ethics and Compliance
Committee and the Environment and Society Committee before
being approved by the Board of Directors. The Procurement,
Group Control and Compliance, Sustainable Development, Legal,
Human Resources, and Safety & Industrial Systems Departments
play a key role in identifying risks and rolling out measures
provided for under the Vigilance Plan.
Joint
session
Duty of Vigilance risks
(negative impacts)
AUDIT AND ACCOUNTS
COMMITTEE
SUPERVISORY
BODIES
CONTROL
BODIES
OPERATIONAL
MANAGEMENT
BODIES
ENVIRONMENT AND
SOCIETY COMMITTEE
Environment and Society risks
(for the company)
RISK COMMITTEE
BOARD OF DIRECTORS
ETHICS AND COMPLIANCE COMMITTEE
The Vigilance Plan is approved by the Board of Directors.
The Vigilance Plan is reviewed by the Ethics and Compliance Committee and the Environment and Society Committee.
EXECUTIVE COMMITTEE
Human Rights
• Human Resources
Management Committee
• Digital Security
Committee
Health & Safety/
Security
• Industrial and Safety
Committee
Environment
• E-Enrisk Committee
• Sustainable
Development
Department
Suppliers
• Group
Procurement
Management
Committee
Duty of Vigilance
Department
47
INTEGRATED ANNUAL REPORT 2024 AIR LIQUIDE OUR GOVERNANCE
Climate Champions steer
local decarbonization plans
on a day-to-day basis
14
Steering our
sustainability
commitments
Sustainability: a commitment
that is steered at the highest level
The Board of Directors determines the orientations of
Air Liquide’s activities and ensures their implementation, in line
with its corporate interest, taking into account the social and
environmental stakes of its activity. As part of its missions,
the Environment and Society Committee examines the Group’s
sustainability strategy and commitments as well as the Group’s
annual consolidated sustainability information published by the
Company, and monitors the Group’s sustainability actions and
their deployment. It makes recommendations to the Board of
Directors. The Committee meets, in principle, three times a year
(see page 43).
A dedicated internal committee to support
the Group’s Climate Strategy
The “E-Enrisk” Committee manages the Group’s main challenges in
terms of energy and CO2 emissions. Each month, it brings together
representatives from the Large Industries World Business Line
and the Group’s Finance and Sustainable Development Functions,
supervised by a member of the Executive Committee.
The Committee reviews energy sourcing strategies in the main
entities and ensures that commitments are aligned with the
Group’s Climate strategy, especially CO2 emissions reduction goals.
CO2 integrated in the investment
decision-making process
Carbon trajectory monitoring is fully integrated in the Group’s
steering process. Every Air Liquide entity is assigned an annual
CO2 budget that it is authorized to “spend” to grow its business.
These figures are reviewed each quarter, taking into account not
only annual emissions, but also emissions forecasts through to
2025 and 2035. Besides CO2, other parameters are also taken into
account depending on the project in question, including physical
and water-related risks, or the potential impact on biodiversity.
A network of Climate Champions
and Sustainability Ambassadors
To implement its sustainability strategy, the Group relies on
different relay points within the organization. Climate Champions
act as the Sustainable Development Department’s contacts
within the Group’s clusters (groups of countries). They steer
the deployment of the CO2 trajectory within their scope by
determining the operational measures needed to achieve the
goals set for the clusters. Their tasks include deploying local
decarbonization plans, monitoring indicators, and communicating
on progress. Sustainability Ambassadors form a network of
500 volunteers who share best practices within the Group and
raise their colleagues’ awareness of sustainability questions.
W
hen it put sustainability at the heart of the Group’s
strategy, Air Liquide also set up a robust governance
structure to ensure that projects are executed in
accordance with the strategy set and the commitments made.
Under this governance, Air Liquide always considers the impact
of investment decisions on the Group’s CO2 emissions.
48
INTEGRATED ANNUAL REPORT 2024 AIR LIQUIDE OUR GOVERNANCE
49
Whistleblowing system: maintaining the
highest ethical standards
In 2015, Air Liquide set up EthiCall, a whistleblowing system that
is open to all Group employees, allowing them to report violations
of the Code of Conduct, Group internal policies and procedures,
or applicable laws, and any incident linked to human rights, health,
safety, or the environment. Reports may be done confidentially,
and will not result in disciplinary sanctions or retaliation
measures if they are done in good faith.
I
ntegrity and transparency are the cornerstones of
Air Liquide’s ethical approach, which governs the behavior
and actions of all employees. These principles are set out
in a program based around a specific organization and a code
of conduct, as well as a whistleblowing system that is open to
Group employees and stakeholders.
Upholding
the Group’s
ethical
commitments
Ethics and Compliance Committee:
ensuring exemplary governance
The Ethics and Compliance Committee oversees Air Liquide’s
ethical approach. Its primary task is to monitor initiatives taken to
prevent corruption and deviations from the Code of Conduct and
to make recommendations in the event of non-compliance.
The Committee also supervises issues relating to competition
law, export control, due diligence, and the protection of personal
data. It gathers the Human Resources, Group Control and
Compliance, Sustainable Development, and Legal Departments,
plus a member of the Executive Committee representing
Operations. It meets at least twice a year.
Code of Conduct: working with confidence
Respect for the law, individuals, Group stakeholders and our
environment: these are the foundations of the Group’s Code
of Conduct, which was updated in 2021. It formally sets down
Air Liquide’s ethical commitments, particularly in the areas of
protecting employees, business practices, and respect for the
environment and human rights. Deployed worldwide, it is available
in 28 languages and is supplemented by specific documents
covering competition law and digital protection, as well as by
a Suppliers Code of Conduct. Every year, each Group employee
follows a dedicated e-learning module requiring them to
individually adhere to Air Liquide’s Code of Conduct.
Available 24/7, in all
languages used by the Group,
Ethicall was opened up to
external stakeholders in 2021.
49
INTEGRATED ANNUAL REPORT 2024 AIR LIQUIDE OUR GOVERNANCE
50
S
upported by our long-term strategy, Air Liquide reports solid results, giving us the
means to invest in the future and continue the transition to a more sustainable
model. Aware of the need to curb its environmental impact, the Group pays close
attention to gathering and analyzing data that will allow it to grow responsibly.
performance
Our
Awards
Extra-financial ratings
Financial statements
Extra-financial reporting
51
52
53
54
50
INTEGRATED ANNUAL REPORT 2024 - 2025
T
he Group’s Environment, Social and Governance (ESG) performance is regularly recognized
and rewarded by various organizations. Among the awards received in 2024, here is a non-
exhaustive list.
Awards
ENVIRONMENT
FINANCE
HUMAN RESOURCES
ETHICS & COMPLIANCE
COMMUNITIES
Europe
• The European Industrial Gases Association
(EIGA) has awarded Air Liquide's Air Separation
Unit equipped with Alive™ in Moerdijk
(Netherlands) with an environmental
recognition.
• Air Liquide has been shortlisted for the
Prix Pierre Potier des Lycéens, with its
technology Cryocap™ (France).
• Air Liquide has been shortlisted for the
Water Europe Innovation Awards 2024 under the
category “Global Water Challenges”.
USA
• Air Liquide has received the ChemTreat Power of
Water Award for its Bayport facility in Houston,
Texas.
China
• The Group received the ESG Competitiveness
Carbon Peak & Neutrality Pioneer Award for its
CSR practices and contributions to industrial
decarbonization.
• The GoldenBee CSR Cases 2024 was awarded
to the Group for building the largest hydrogen
filling center to facilitate energy transition in the
Yangtze River Delta.
Australia
• The Gold Waterwise Business Award 2024
recognised Air Liquide Australia’s outstanding
commitment in Water Management.
Europe
• Extel (formerly Institutional Investor Research)
awarded Air Liquide the Best Corporate in
Investor Relations in its category, “Large Cap
basic material Europe”.
Spain
• The Top 50 Diversity Company certification was
issued by Intrama Consultoria.
France
• The HappyIndex®Trainees label was awarded by
ChooseMyCompany.
USA
• The Group received the North America Vets
Medallion Award, for its commitment to veteran
hiring.
Mexico
• Air Liquide was distinguished for its
commitment to the inclusion of persons with
disabilities in the workforce by the Éntrale
alliance, the Mexican Business Council (CMN),
the Mexican Business Coordinating Council
(CCE) and the Mexican Coalition for the rights of
persons with disabilities (COAMEX).
France
• Air Liquide received the Jury Special Prize from
the Responsible Investment Forum (FIR) in
the context of its Vigilance Plan Prize, which
rewards the CAC 40 companies’ efforts to adopt
better practices.
China
• Air Liquide received the Public Welfare
Impact Award for its "Air Liquide Computer
Classroom" project. Awarded by Shanghai
Daily, it recognizes the enterprises” outstanding
contributions to poverty alleviation, education,
vulnerable groups and public welfare.
51
INTEGRATED ANNUAL REPORT 2024 AIR LIQUIDE OUR PERFORMANCE
I
n 2024, the Group responded to key extra-financial rating agencies and organizations presented here. These are known
for their rigorous methodology and the quality of their reports. Ratings and distinctions obtained by the Group in 2024 for
some key ESG assessments are as follows:
Extra-financial ratings
MOODY’S ESG SOLUTIONS
SUSTAINALYTICS
Recognized as “ESG Industry Top Rated”,
Air Liquide received a “low risk” rating.
Air Liquide beating sector average in
all pillars and domains.
MSCI
Air Liquide has maintained its
A rating.
S&P DOW JONES INDICES
For the third year running, Air Liquide has been
included in the DJSI Europe index in recognition
of its commitment to social and environmental
responsibility. Air Liquide has also been included
into S&P Sustainability Yearbook.
CDP
Air Liquide scored A- in Water
management and B in Climate
change.
FTSE4GOOD
Air Liquide remains a
constituent of the FTSE4Good
index series.
ECOVADIS
Air Liquide ranks in the top 20% of
the best-rated companies.
ISS ESG
Air Liquide ranks in the top 20%
of companies in the running,
maintaining its ISS “Prime” status.
52
INTEGRATED ANNUAL REPORT 2024 AIR LIQUIDE OUR PERFORMANCE
Financial statements
Assets (in millions of euros)
12/31/2023
12/31/2024
Goodwill
14,194.2
14,997.4
Other intangible assets
1,631.3
1,691.5
Property, plant and equipment
23,652.2
25,538.7
Non-current assets
39,477.7
42,207.6
Non-current financial assets
696.7
746.3
Investments in equity affiliates
180.1
198.3
Deferred tax assets
225.2
335.0
Fair value of non-current derivatives (assets)
35.1
32.9
Other non-current assets
1,137.1
1,312.5
Total non-current assets
40,614.8
43,520.1
Inventories and work in-progress
2,027.6
2,189.6
Trade receivables
2,993.7
2,996.7
Other current assets
862.7
1,068.2
Current tax assets
42.9
96.7
Fair value of non-current derivatives (assets)
70.7
77.3
Cash and cash equivalents
1,624.9
1,915.3
Total current assets
7,622.5
8,343.8
Assets held for sale
95.1
3.6
Total assets
48,332.4
51,867.5
Equity and Liabilities (in millions of euros)
12/31/2023
12/31/2024
Share capital
2,884.8
3,180.4
Additional paid-in capital
2,447.7
2,064.1
Retained earnings
16,063.7
18,534.2
Treasury shares
-152.7
-224.8
Net profit (Group share)
3,078.0
3,306.1
Shareholders' equity
24,321.5
26,860.0
Minority interests
721.6
761.3
Total equity
25,043.1
27,621.3
Provisions , pensions and other employee benefits
2,004.8
2,025.6
Deferred tax liabilities
2,329.0
2,527.1
Non-current borrowings
8,560.5
8,403.1
Non-current lease liabilities
1,046.3
1,133.8
Other non-current liabilities
454.7
642.8
Fair value of non-current derivatives (liabilities)
48.0
29.7
Total non-current liabilities
14,443.3
14,762.1
Provisions, pensions and other employee benefits
363.8
418.9
Trade payables
3,310.5
3,319.0
Other current liabilities
2,310.1
2,483.7
Current tax payables
236.4
273.1
Current borrowings
2,285.3
2,671.4
Current lease liabilities
219.7
239.8
Fair value of current derivatives (liabilities)
76.2
76.9
Total current liabilities
8,802.0
9,482.8
Liabilities held for sale
44.0
1.3
Total equity and liabilities
48,332.4
51,867.5
Consolidated Balance Sheet
(in millions of euros)
2023
2024
Net debt at the beginning of the period
-10,261.3
-9,220.9
Net cash flows from operating activities
6,263.0
6,322.2
Net cash flows used in investing activities
-3,079.0
-3,583.4
Net cash flows used in financing activities excluding changes in
borrowings
-2,041.6
-2,322.6
Total net cash flows
1,142.4
416.2
Effect of exchange rate changes, opening net debt of newly acquired
companies and others
150.7
-134.2
Adjustment of costs and expenses related to net debt
-252.7
-220.3
Change in net debt
1,040.4
61.7
Net debt at the end of the period
-9,220.9
-9,159.2
Statement of changes in net debt
(in millions of euros)
2023
2024
Revenue
27,607.6
27,057.8
Other income
233.9
234.0
Purchases
-11,146.8
-10,008.2
Personnel expenses
-5,099.5
-5,165.7
Other expenses
-4,045.2
-4,221.4
Operating income recurring before depreciation
7,550.0
7,896.5
Depreciation and amortization expenses
-2,482.0
-2,505.1
Operating income recurring
5,068.0
5,391.4
Other non-recurring operating income
242.3
64.8
Other non-recurring operating expenses
-738.8
-510.6
Operating income
4,571.5
4,945.6
Net finance costs
-265.5
-258.4
Other financial income
15.4
8.5
Other financial expenses
-166.1
-168.5
Income taxes
-971.8
-1,086.5
Share of profit of equity affiliates
4.9
-0.7
Profit for the period
3,188.4
3,440.0
Minority interests
110.4
133.9
Net profit (Group share)
3,078.0
3,306.1
Basic earnings per share (in €)
5.35
5.74
Consolidated income statement
As of December 31, 2024
53
INTEGRATED ANNUAL REPORT 2024 AIR LIQUIDE OUR PERFORMANCE
Extra-financial reporting
2020
2021
2022
2023
2024
Scope 1: total direct greenhouse gas (GHG) emissions
(in thousands of tonnes of CO2-eq.) (a) (b)
15,505
15,557
16,083
15,473
14,868*
Scope 2: total indirect GHG emissions
(in thousands of tonnes of CO2-eq.) (a) (c)
23,784
23,961
22,771
21,504
20,064*
Total Scopes 1 & 2 emissions
(in thousands of tonnes of CO2-eq.) (a) (b) (c)
39,289
39,518
38,854
36,977
34,933
Performance: Evolution of Scopes 1 & 2 emissions vs.
2020
0.6%
-1.1%
-5.9%
-11.1%
Significant Scope 3 emissions
(in thousands of tonnes of CO2-eq.) (d)
22,134
22,300 (e)
23,244*
Summary of the Group's greenhouse gas emissions
Scopes 1, 2 and 3
(a) Restated Group emissions taking into account retroactively perimeter changes (upwards and downwards) having a significant impact on CO2 emissions, in order
to provide comparable figures with the restated 2020 baseline.
(b) Reporting taking into account a minimum of 95% of the Group’s emissions. The methodology and reporting of excluded sources are subject to a continuous
improvement process.
(c) Total of indirect GHG emissions generated by the production of electricity and steam purchased outside the Group. Emissions are reported using the “market-
based” methodology.
(d) Does not account for significant perimeter changes retroactively.
(e) Includes a correction for part of the emissions related to sold products that were previously omitted by error in 2023.
* Indicator verified by the independent verifier.
2023 (d)
2024
Annual purchased power (in GWhe (a)) (c)
38,049
38,568*
Percentage of power purchased by the Group which is renewable (c)
19.8%
23.1%
Percentage of power purchased by the Group which is renewable and nuclear (c)
35.7%
40.3%
Annual fuel consumption (in GWhth (b))
27,506
27,007*
Energy and efficiency indicators for the Group as a whole
(a) GWhe: electrical GWh
(b) GWhth: thermal GWh using LHV (Lower Heating Value), which includes the fact that energy from water vaporizing in fuel is not recovered.
(c) Includes electricity, steam, and compressed air purchased by the Group. Does not include power where it is supplied free of charge, nor auto-production.
(d) Recalculated values to align to CSRD definitions of purchased & acquired energy, renewable energy, and nuclear energy.
* Indicator verified by the independent verifier.
2020
2021
2022
2023
2024
Annual water withdrawal (estimate in millions of m3)
257
950 (a)
973
944
885*
Annual water consumption (estimate in millions of m3) (b)
90
82
91
89
100*
Water consumption
(a) In 2021, a new reporting tool was implemented and new collection criteria introduced; the increase in reported water quantities for both withdrawals and
discharges compared with previous years results from the inclusion of more Open Cooling Circuits, enabled by more granular reporting.
(b) Net water consumption, calculated as the difference between the water withdrawn and the water returned to the source.
* Indicator verified by the independent verifier.
2020
2021
2022
2023
2024
Emissions avoided due to the optimization of our assets
(in thousands of tonnes of CO2-eq.)
3,600
3,307
3,200
4,024
4,363
Emissions avoided to improve our customers’ energy
footprint (in thousands of tonnes of CO2-eq.)
11,200
11,827
10,065
8,180
8,119
Total Avoided Emissions
(in thousands of tonnes of CO2-eq.) (a)
14,800
15,134
13,265
12,204
12,482
Emissions avoided due to the use of H2 for desulfurization
(in thousands of tonnes of CO2-eq.)
62,300
64,200
64,067
64,900
58,400
Total Avoided Emissions including End Uses
(in thousands of tonnes of CO2-eq.)
77,100
79,334
77,332
77,104
70,882
Avoided emissions
(a) These avoided emissions cover only the avoided emissions directly attributable to the optimization of Air Liquide's assets and to the use of Air Liquide's solutions
by its direct customers. They do not include avoided emissions induced at the level of end-use.
54
INTEGRATED ANNUAL REPORT 2024 AIR LIQUIDE OUR PERFORMANCE
Extra-financial reporting
2015
2016
2017
2018
2019
2020 (f)
2021
2022
2023
2024
Number of Group employee and
temporary workers lost-time
accidents of at least one day (a)
152
137
198
161
158
108
138
123
129
86*
Accident frequency of Group
employees and temporary
workers (b)
1.6
1.4
1.6
1.3
1.2
0.9
1.1
0.9
1.0
0.7*
Accident severity rate (c)
<0.1
<0.1
<0.1
0.17
<0.1
0.12
<0.1
<0.1
<0.1
<0.1
Number of accidents of
subcontractors (d) (e)
94
91
90
93
109
67
83
73
62
51*
Frequency of accidents of
subcontractors
2.2
2.0
2.1
2.2
2.4
1.4
1.6
1.5
1.3
1.1*
Frequency rate of serious
avoidable accidents involving
injuries (in millions of km
traveled)
-
-
0.013
0.030
0.022
0.019
0.021
0.023
0.026
0.022
Safety indicators for the entire Group
(a) Fatal work accidents since 2015: one in 2024, one in 2023, none in 2022, none in 2021, two in 2020, none in 2019, three in 2018, none in 2017, one in 2016, none
in 2015.
(b) Number of accidents with at least one day’s absence from work per million hours worked, involving Group employees and temporary workers. Accidents defined in
accordance with the International Labor Office recommendation. Hours worked are defined according to local labor regulations.
(c) Average number of days off work per thousand hours worked. Accidents defined according to the International Labor Office recommendation.
(d) Employees working under a contract with Air Liquide, on a Group site, or on a customer site, or as drivers of a delivery vehicle.
(e) Fatal work accidents since 2015: two in 2024, none in 2023, one in 2022, four in 2021, one in 2020, two in 2019, five in 2018, none in 2017, one road accident in
2016, one road accident in 2015.
(f) With Airgas, the data for the previous years concerns Air Liquide exclusively.
* Indicator verified by the independent verifier.
Human Resources Indicators for the Group
(a) The share of women among "Managers and Professionals" is rounded off in incrementes of 0.5%.
* Indicator verified by the independent verifier.
2020
2021
2022
2023
2024
Parity and diversity
Gender mix
% of women among managers and professionals
30%
31%
31.5%
32.0% (a)
33.1%*
% of women among employees at top management level
21%
24%
24.8%
24.7%
23.7%*
Number of nationalities
Among expatriates
51
48
65
52
47
Among senior executives
34
35
35
34
34
Number of nationalities among top management/ Number of countries
where the Group is present
44%
47%
48%
47%
56.7%
2020
2021
2022
2023
2024
Group employees (a)
64,445
66,436
67,109
67,778
66,657*
Women
17,242
18,324
18,739
19,074
19,475*
as a %
27%
28%
28%
28%
29%
Human Resources Indicators
(a) Employees under contract, excluding temporary employees.
* Indicator verified by the independent verifier.
55
INTEGRATED ANNUAL REPORT 2024 AIR LIQUIDE OUR PERFORMANCE
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2024
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56
INTEGRATED ANNUAL REPORT 2024 AIR LIQUIDE EXPLORE MORE
Complimentary copy. Published by the Communications
department of the Air Liquide Group, 75 quai d’Orsay,
75007 Paris, France.
Publication Director: François Jackow.
Editor: Domitille Fafin.
Date of publication and legal deposit: March 2025.
N° ISSN: 2803-6220.
Photo credits: in order of appearance, p.1 : Anthony Guerra,
p.3 : Adrien Daste, p.4 : Julien Lutt / Capa Pictures – Thomas
Laisné / La Company, p.5 : Media Creators, p.6 : Adrien Daste,
p.7 : Adrien Daste, p.8 : Getty Images – Make it Live, p.9 : Adrien
Daste, p.10 : Adrien Daste, Bertrand Holsnyder - All rights
reserved, p.14 : Christophe Meireis / Capa Pictures, p.15 : John
Hryniuk, p.16 : Adrien Daste, p.20 : Laurent Lelong – Thomas
Laisné / La Company, p.21 : Adrien Daste – Anthony Guerra –
William Rouzé / WordAppeal – Mourad Mokrani – All rights
reserved, p.22 : Air Liquide, p.25 : Media Creators – Media
Creators – All rights reserved, p.27 : Mourad Mokrani, p.28 :
Bertrand Holsnyder, p.29 : Air Liquide, p.31 : Adrien Daste,
p.32 : Adrien Daste, p.33 : N.Thomas / CAPA Pictures, p.34 :
Frank Seifert – Thomas Laisné / La Company, p.35 : Adrien
Daste – Anthony Guerra, p.36 : Airgas, Inc, p.37 : Erik Forster
/ Capa Pictures, p.38 : Julien Lutt / Capa Pictures – Ville de
Port-Jérôme-sur-Seine – All rights reserved – Mourad Mokrani,
All rights reserved, p.40 : Anthony Guerra, p.41 : Julien Lutt
/ Capa Pictures, p.42 : Julien Lutt / Capa Pictures – Olga
Kolleeny / Capa Pictures – Laurent Attias - EDENRED – All rights
reserved – Airbus SAS – L'Oréal, p.43 : Mourad Mokrani, p.44 :
Thomas Laisné / La Company – Le Square / Franck Benausse –
Terry Halsey – Christophe Meireis / Capa Pictures – Thomas
Laisné / La Company, p.45 : Gauge Theory Creative, p.46 : Adrien
Daste, p.47 : Betsie Van Der Meer / GettyImages, p.48 : Adrien
Daste, p.49 : Adrien Daste, p.50 : Adrien Daste, p.51 : Carlos
Ayesta / Capa Pictures, p.52 : Olivier Bellendir Photography,
p.56 : John Hryniuk.
Designed and produced by:
This document is printed on PEFC-certified paper by an
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L’Air Liquide – S.A. company established for the study and
application of processes developed by Georges Claude with
issued capital of 3,180,425,946.50 euros
A world leader in gases, technologies and services for Industry
and Health, Air Liquide is present in 60 countries with approximately
66,500 employees and serves more than 4 million customers and
patients. Oxygen, nitrogen and hydrogen are essential small
molecules for life, matter and energy. They embody Air Liquide’s
scientific territory and have been at the core of the company’s
activities since its creation in 1902.
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