Air Liquide Full-Year Report 2022

Financial performance

Group revenue for 2022 totaled 29,934 million euros, a strong comparable growth of +7.0% over 2021. The Group’s
revenue as published posted a significant increase of +28.3% in 2022, with a record high energy impact of +15.3% as
well as a favorable currency impact of +5.8%, while the significant scope impact was limited (+0.2%).

This performance was delivered in a challenging context of exceptionally high energy prices, strong inflation, strain on supply chains and the conflict in Ukraine. The Group benefited from a solid business model and diversity of business reach in terms of geographies, businesses, end-markets and customers which ensured a resilient performance and allowed the Group to take advantage of all growth opportunities. The ADVANCE strategic plan reinforces these attributes which position the Group in growth markets of the future (in particular the energy transition, Semiconductors and Healthcare).

Revenue in Europe was up +2.0% on a comparable basis in 2022 and totaled 11,390 million euros. Sales evolution was contrasted depending on business lines. In a context of very high energy prices, Large Industries sales were down by -16.6% over the year, strongly impacted by volumes down -8% and a combined effect in the 3rd quarter. The Industrial Merchant business line saw an exceptionally high level of sales growth of +24.1%, benefitting from a record price effect of +23.6%. Healthcare revenue posted an increase of +4.4%, supported by the dynamism of Home Healthcare and despite a high basis of comparison due to the covid-19 pandemic in 2021.