Air Liquide Q1 Report 2023

Group sales increased by +6.2% on a comparable basis, after growth of +4.5% in the fourth quarter. As published,
sales were up by +4.2% year-over-year, integrating in particular the decline in energy prices, whose variations are
passed on to Large Industries customers. Revenue reached 7.2 billion euros, including 6.9 billion euros for the Gas &
Services business.

Gas & Services revenue in the Americas region totaled 2,629 million euros in the 1st quarter of 2023, showing a dynamic comparable growth of +9.2%. Industrial Merchant sales were up sharply by +13.2%, supported by price increases that remained high (+9.9%) and volumes which are back to positive. The increase in prices in proximity care in the United States and the dynamism of Home Healthcare in Canada were the main contributors to the strong growth in Healthcare revenue (+11.2%). Large Industries sales were down -3.0% impacted by customer turnarounds. Lastly, Electronics sales remained stable (-1.0%) this quarter, with no new unit start-ups.

Revenue in Europe was up +5.5% during the 1st quarter of 2023 and reached 2,639 million euros. In Industrial Merchant, the strong increase in sales of +22.1% benefited from price increases that remained very high at +21.8%. Healthcare sales were up +5.7%, driven by strong development of diabetes treatment in Home Healthcare and higher medical gas prices in response to inflation. Strongly impacted by high energy prices in the 2nd half of 2022, activity in Large Industries saw a rebound in the 1st quarter of 2023: lower energy prices supported sales down by -4.1%, a sharp upturn following a -18% decline in the 4th quarter of 2022.