Air Liquide

Reference: page 286.

Air Liquide's "management bodies" are the Board of Directors and the Chief Executive Officer; depending on the disclosure, only one of the two may be concerned. Supervisory-role information is cross-referenced to Chapter 3 (pages 98, 103, 113, 124). The Sustainable Development Department reports to a Director who sits on the Executive Committee and defines the measures integrated into the Company's strategic plan; it participates in the E-Enrisk Committee (energy and emissions risk, meeting monthly with the Executive Committee member overseeing Large Industries and the Group Strategy function). The Vice President, Sustainable Development attends strategy meetings and is consulted on Resources and Investment Committee documents with a material carbon-trajectory impact. The Group's CO2 trajectory is filtered into local decarbonization plans, with a CO2 budget per cluster defined and monitored bi-annually and integrated into investment decisions.

Reference: page 286.

Sustainability matters addressed by the Board of Directors are cross-referenced to Chapter 3: page 115, paragraph 10 (the Board's 2025 work); page 115, paragraph 10.1; page 117, paragraph 10.3; and page 117, paragraph 11.1. Elsewhere, the statement notes that in 2024 and 2025 the results of the double materiality assessment were presented to Executive Management and to the Board's specialized committees: the Audit and Accounts Committee monitors the sustainability-information preparation process and the double materiality process, while the Environment and Society Committee monitors material sustainability topics and impacts, risks and opportunities (page 294). Processes for informing the Board are covered at page 117, paragraph 10.3, and for informing the Environment and Society Committee at page 124, paragraph 11.4.

Reference: page 286.

The incentive mechanisms applied to the Group's governance bodies, including the integration of sustainability-related performance, are addressed in Chapter 3, page 145, "Qualitative personal criteria" paragraph. A climate-specific cross-reference is also given for the CEO's sustainability-linked remuneration criteria, addressed in Chapter 3, page 143, paragraph 2, and linked from the E1 climate chapter's governance sub-section (page 304). The Sustainability Statement itself does not reproduce the detail of the ESG criteria embedded in executive remuneration; it directs the reader to the dedicated remuneration report in Chapter 3 of the Universal Registration Document.

Reference: page 286.

Under the responsibility of the Chief Legal Officer, Group Employment Law, Compliance and Duty of Vigilance, Air Liquide implements a due diligence process covering human rights and fundamental freedoms, the health and safety of persons, and the environment, in accordance with the French Law on Duty of Vigilance. The Group establishes a Vigilance Plan based on the UN Guiding Principles on Business and Human Rights (UNGP) and the OECD Guidelines for Multinational Enterprises and its Due Diligence Guidance for Responsible Business Conduct. Chapter 2, page 92, paragraph 2, meets the sustainability due diligence disclosure requirements through a cross-reference table pointing back to the Sustainability Statement.

Reference: pages 286-287.

The Group's risk management and internal control processes for sustainability reporting cover the thematic ESRS and disclosure requirements considered material per the double materiality assessment, aiming for reasonable coverage of completeness, integrity of data, suitability of estimates, availability of data and timeliness. Main components: the organization producing the Statement (roles, responsibilities, validation steps); policies and procedures for consistent vocabulary and calculation methods; control activities (consistency checks, reconciliation, completeness, gap analysis); and IT systems automating controls and traceability. A data-point-level risk assessment covers inherent risks (computational complexity, manual processes, estimation, third-party data dependency). In 2025, actions continued to focus on E1 Climate, S1 own workforce and E3 Water management, given the disparate nature of the data and manual-process risks. The system is governed by the Audit Committee (page 117, paragraph 11.1).

Reference: page 287.

Air Liquide's business model is addressed in Chapter 1, page 22, paragraph 2. Sustainable development is at the heart of the Group's strategy, embodied in the ADVANCE plan, which came to an end in 2025 and rested on four pillars: strong financial performance, leadership in industry decarbonization, progress through technological innovation, and acting for all. The Group is committed to carbon neutrality by 2050, with intermediate steps in 2025 and 2035, and supports customers' own decarbonization through low-carbon gases, process transformation and CO2 capture/usage. Investment decisions weigh environmental footprint, GHG emissions and reduction economics, environmental-objective adequacy, water consumption, physical climate risk and corruption exposure (page 304). Key future sectors: Healthcare, Electronics, Industrial Merchant, Hydrogen mobility and High-techs. Current financial effects of material risks/opportunities are cross-referenced to Chapter 4, note 31 (page 252).

Reference: pages 289-291.

Main stakeholder groups: employees and their representatives, customers and patients, shareholders/investors/financial partners, suppliers and their employees, local communities and civil society, and the public sphere. Engagement is described as continuous across dedicated channels: social dialogue mechanisms and the My Voice survey for employees; Voice of Customer surveys, home-visit procedures and pharmacovigilance for customers and patients; Shareholder Services and Investor Relations for shareholders; the Supplier's Code of Conduct and the annual Sustainability-Critical Supplier assessment for suppliers; and the European & International Affairs Department for civil society and public authorities. Prior to the 2024 double materiality assessment, an external consultant interviewed Departments to assess dialogue maturity on four criteria (frequency, mechanisms, analysis, sharing with governance bodies) and found engagement sufficiently mature. In 2025 the Group did not identify a need for major strategy adjustments in response to stakeholder expectations.

Reference: pages 294-296.

The Group's double materiality assessment, carried out in 2024 and confirmed unchanged after a 2025 review (no new triggering events, stable business model and risk mapping), identifies 41 material impacts, risks and opportunities, down from 62 in the 2024 report through thematic grouping rather than a change in scope (page 296). Material topical standards are E1 Climate change (mitigation, adaptation, energy), E3 Water, S1 Own workforce (social dialogue, health and safety, diversity, remuneration, well-being, employability, personal data protection), S2 Workers in the value chain (working conditions, forced/child labor, health and safety), S4 Consumers and end-users (personal data protection, access to quality information), and G1 Business conduct (corporate culture, corruption/bribery, whistleblower protection, supplier relationships, payment practices, relations with the public sphere), several of the latter material "by nature" via the Principles of Action. E2 Pollution, E4 Biodiversity and E5 Resource use/circular economy, and S3 Affected communities, are not material.

Reference: pages 291-294.

The double materiality assessment builds on the Group's pre-existing duty-of-vigilance risk mapping (impact materiality) and its Enterprise Risk Management system (financial materiality), refined with an external consultant against CSRD requirements. A dedicated working group, coordinated by the Group Risk Management Department with support from the Duty of Vigilance Department, drew on Sustainable Development, Human Resources, Sustainable Procurement, Safety, Ethics, Digital Security, Public Affairs, Finance and Home Healthcare. The process runs in two steps: IRO identification (structured on the ESRS 1 AR 16 topic list) and materiality assessment. Negative impacts are scored on a four-level severity/probability matrix (materiality threshold 3); positive impacts use an equivalent scale. Risks combine a maturity-weighted magnitude (coefficient 0.75-1.5) with probability, with a score of 12/24 or higher presumed material and reviewed by internal experts; opportunities are assessed case by case. G1 Principles of Action topics are material by nature. The Group reviews annually whether a triggering event requires an update; none was identified in 2025.

Reference: page 297; content index pages 362-364.

Air Liquide maps its covered disclosure requirements through the "Table of contents (corresponding to the disclosure requirements)" appendix (pages 362-364), matching each ESRS 2 and topical DR to its paragraph and page. Materiality of individual data points within material topics was assessed by the responsible internal expert. A small set of data points related to material topics was deemed non-material: renewable electricity production; carbon credits and carbon elimination; the percentage of GHG emissions covered by the internal carbon-pricing mechanism; stored water; non-guaranteed-hours employees; and the amount of fines and penalties resulting from work-related incidents. Section 1.6 (pages 297-299) separately lists the data points deriving from other EU legislation (SFDR, Pillar 3, Benchmark Regulation, EU Climate Law), indicating for each whether it is located, phased-in ("PI") or non-material ("NM").

Reference: pages 304-307.

Air Liquide first announced its climate strategy in March 2021 and integrated it into the ADVANCE plan in 2022; in 2024 it published a consolidated Climate Transition Plan covering the Gas & Services segment (97% of 2025 turnover). The plan was reviewed and approved by Group Executive Management, reviewed by the Environment and Society Committee (outlines presented to the Board on July 25, 2024), and the Sustainability Statement containing it was adopted by the Board of Directors on February 19, 2026. The Group targets carbon neutrality across Scopes 1, 2 and 3 by 2050, with a turning point around 2025 (achieved ahead of schedule) and a -33% reduction in Scope 1 and 2 emissions by 2035 versus 2020 (39.3 Mt CO2 baseline), validated by the SBTi as aligned with "well below 2°C." No 2030 milestone and no quantitative Scope 3 target are set. Three levers each contribute roughly a third of the reduction: zero-/low-carbon electricity sourcing, asset management, and CO2 capture.

Identification of climate-related risks and scenario analysis

Back-filled from ESRS 2 IRO-1/SBM-3 and the E1 climate-DMA section, where this content is disclosed in the FY2025 report (pages 41, 311-315). This disclosure requirement did not exist under the 2023 ESRS the report was prepared against.

Physical risk. A 2023 study, refreshed with training and a documentation kit in 2025, assessed ~670 industrial assets (ASU, HyCO, Cogeneration, Biogas, Industrial Merchant, Electronics – over 75% of sales). It used IPCC intermediate (SSP2-4.5, "business-as-usual," ~+2.7°C by 2100) and high (SSP5-8.5, "limit case," ~+4.4°C by 2100) scenarios to a 2040 (and 2100) horizon, via a consulting firm's simulation tool against a 1981-2010 baseline. Main perils: drought, temperature, heatwaves, fire. Value-chain impact assessment "is still partial" (page 314).

Transition risk. New primary-production investments are tested against a 1.5°C scenario based on the IEA's Net Zero Emissions by 2050 scenario, with viability separately checked against the IEA's Stated Policies and Announced Pledges scenarios; CO2 price trajectories by region and horizon are tabulated at page 311. A TCFD-aligned review of existing activities also uses the Net Zero Emissions scenario as its 1.5°C reference (page 312).

Resilience in relation to climate change

Back-filled from ESRS 2 SBM-3 and the E1 climate chapter, where this content is disclosed in the FY2025 report (pages 41, 311-315). This disclosure requirement did not exist under the 2023 ESRS the report was prepared against.

Air Liquide's resilience analysis sits inside its transition-risk management rather than as a single dedicated exercise. Since 2025, a new process tests the "viability and resilience" of new major primary-production projects against a 1.5°C scenario based on the IEA's Net Zero Emissions by 2050 scenario, alongside a viability check against Stated Policies/Announced Pledges scenarios (pages 311, 315). For existing assets, the business model contractually re-invoices CO2 and energy costs to customers, "significantly reducing the risk of impairment" (page 41); a TCFD-aligned review across technology, market, political/legal and reputation risk mostly rates risks Low and opportunities High or Moderate, citing a diversified customer base and leadership in low-carbon gases (pages 312-313).

Uncertainty: physical-risk impacts on the value chain are assessed as "still partial... subject to further analysis" (page 314). No dedicated asset-redeployment or decommissioning discussion beyond the contract structure above was found.

Reference: pages 314-316.

Air Liquide's climate policy is an integral part of the BlueBook and covers the entire Group, supervised by the Executive Committee. It sets out how the Group assesses climate-related risks, impacts and opportunities across its value chain for both mitigation and adaptation, how it responds through its processes, monitors performance (notably its carbon footprint) and communicates to stakeholders including customers, employees, suppliers, public bodies and NGOs; it defines internal roles/responsibilities and is available to all employees via the Intranet. The policy is rolled out through other BlueBook policies, notably capital-expenditure and purchasing management, with zero-/low-carbon energy supply as a headline lever, governed by the Energy Management policy. Transition risk is managed through emission-trajectory targets, regulatory watch, technological development, an internal carbon price for new investments, and a centrally allocated annual carbon budget reviewed by the Environment and Society Committee.

Reference: pages 307-309, 316.

Actions map to the three decarbonization levers, each contributing roughly a third of the 2020-2035 reduction, with 2035 impact estimates of ~5 Mt CO2 (electricity sourcing), ~5-7 Mt (asset management) and ~3-4 Mt (CO2 capture). 2025 achievements: 3 TWh/year of new low-carbon PPAs, including the Group's first PPA in India, taking cumulative secured low-carbon electricity to 5.6 TWh/year, 40% of total electricity and steam purchases; a ~€25 million modernization of an Air Separation Unit in Yulin, China, expected to cut ~224,000 tCO2/year once operational by end-2027, following an earlier €60 million Tianjin investment; and the start of construction of a Cryocap™ CO2 capture unit in the Port of Rotterdam, connected to the Porthos infrastructure project, targeting 2026 operation. Decarbonization investments are not ring-fenced but folded into the Group's industrial investment policy.

Reference: page 317.

Announced in March 2021: carbon neutrality by 2050 across the value chain (precise quantification not yet provided; residual emissions to be neutralized with high-quality carbon credits); a -33% reduction in Scope 1 and 2 emissions by 2035 versus the 2020 baseline (absolute CO2-equivalent, market-based, restated only for significant scope/methodology changes per GHG Protocol); and a turning point by 2025. The 2020-2035 horizon matches a typical contractual investment cycle; no 2030 target was set, given the time needed to scale reduction levers. No quantitative Scope 3 reduction target has been announced, though Scope 3 is reported and reduction levers are identified. Performance is monitored half-yearly by Group Operations Control. Climate adaptation targets have not yet been set, as the strategy is still being developed by the Group's dedicated experts.

Reference: pages 323-324.

For 2025, total energy consumption was 67,674,517 MWh (up from 65,574,681 MWh in 2024). Fossil energy consumption was 52,374,548 MWh, 77% of the total, comprising natural gas (25,823,158 MWhth), other fossil sources (3,457,511 MWhth), crude oil/petroleum products (32,310 MWhth) and purchased fossil electricity/heat/steam (23,061,569 MWhe); coal was non-material. Nuclear-source energy was 5,796,945 MWhe (9%). Renewable energy consumption was 9,503,024 MWh (14%), mostly purchased renewable electricity/heat/steam (9,502,755 MWhe); self-generated non-fuel renewable energy was non-material. Consumption of electricity from renewable sources reached 9.5 TWh (up 6% year-on-year), 25% of purchased power; renewable-plus-nuclear electricity consumption reached 15.3 TWh. Energy intensity was 2,512.03 MWh/M€, treated as a high-climate-impact sector with no further disaggregation. Non-renewable energy production was 24,928,884 MWh.

Reference: pages 319-321.

For fiscal year 2025 (tCO2eq): gross Scope 1 GHG emissions were 14,590,300 (98.1% of comparable 2024; restated 2020 base 15,505,000), with 47.9% of Scope 1 from regulated emission trading schemes. Gross Scope 2 was 19,204,300 location-based and 19,599,000 market-based (92.9%/97.7% of comparable 2024; 2020 base market-based 23,784,000). Total gross Scope 3 was 24,252,478, led by purchased goods and services (6,603,625, category 1), fuel and energy-related activities (6,601,978, category 3), use of sold products (6,994,615, category 11) and downstream leased assets (2,109,109, category 13); categories 5, 8, 9, 10, 12, 14, 15 are not applicable or not significant. Total GHG emissions were 58,047,078 location-based and 58,441,778 market-based. Combined Scope 1+2 market-based emissions were 34,189 ktCO2eq, -13.0% versus comparable 2020, on track for the -33%-by-2035 target. GHG intensity was 2,169.3 tCO2eq/M€ (market-based).

Reference: pages 304, 315-316.

Air Liquide's climate strategy rests above all on reducing emissions from operations, and the Group's intention is to minimize the use of offsetting instruments; to date it has not mobilized carbon credits to steer its CO2 trajectory and does not plan to for its 2035 objective. Operational entities may occasionally use carbon credits (e.g. internal seminars, compliance with regulatory quota markets); these uses are marginal, not reported at Group level, and excluded from the carbon footprint communicated at page 318, per best carbon accounting practices. Offsetting is not intended to replace feasible emission reductions but to cover non-reducible residual emissions via quality-guaranteed removals; residual emissions from customer decarbonization projects recognized in Air Liquide's footprint are anticipated to be offset once accounting methodologies and "Net Zero" definitions are clarified.

Reference: pages 311, 315-316.

Air Liquide uses an internal shadow carbon price as one of its transition-risk tools. Since 2025, a new process requires all major primary-production investments to run sensitivity studies on future CO2 prices: a commercial-viability check uses the IEA's Stated Policies (STEPS) or Announced Pledges (APS) scenarios, and, where relevant, a resilience check applies a 1.5°C-compatible price trajectory drawn from the IEA's Net Zero Emissions scenario. Indicative CO2 prices by region and horizon (2035/2040/2050) range, for example, from USD 22-34/t in China (Stated Policies) to USD 180-250/t for advanced economies under Net Zero Emissions. Because the price applies to new primary-production investments, it covers most of the Group's Scope 1 and 2 emissions; it does not directly cover existing assets, whose CO2 costs are contractually re-invoiced to customers. A specific percentage of Group emissions covered was not disclosed as a distinct datapoint.

Reference: pages 324-325.

In 2021 Air Liquide published an internal water management policy in the BlueBook, identifying the impacts and dependencies of the Group's activities on water availability/quality and defining risk-management principles based on each site's specific situation, under the supervision of the Executive Committee. The main risk addressed is the potential unavailability of water, which could slow or shut down a production unit; each subsidiary's management is responsible for implementation. The policy aims to guarantee water meeting adequate specifications for safe, reliable and efficient operations, and to protect people and the environment through sustainable management in operations and supply chains. It covers water-unavailability risk in water-stressed areas via a water management plan, and operational excellence in treatment, withdrawal, consumption and discharge quality. Air Liquide respects the human right to water and sanitation and is committed to the UN Global Compact's ten principles. Since the report identifies no marine-resource activities, the topic covers water only.

Reference: pages 325-327.

The Group does not yet have consolidated monitoring of the action plans undertaken locally to reduce water use, or of value-chain commitments; related financial resources form part of maintenance and continuous-improvement budgets, and the Group plans to set up dedicated reporting. Operational excellence principles per subsidiary include: monitoring impacts/dependencies and installing appropriate meters and treatment equipment; conducting water-leak assessments; minimizing freshwater withdrawal/consumption; assessing equipment changes during overhauls; minimizing wastewater discharge and maximizing recovered water; and measuring/analyzing discharge quality. Air Liquide monitors exposure via the "Aqueduct 3.0" Water Risk Atlas (World Resources Institute), paying particular attention to 75 sites (identified in 2022) withdrawing over 50,000 m3/year in high/very-high water stress or arid areas; the 2025 target that all 75 sites have a documented water management plan was met. Water risk is embedded in the due diligence for new investments and major renovations in water-stressed areas.

Reference: pages 327-328.

Two Group-level objectives: first, for the 75 water-stressed-area sites identified in 2022, a documented water management plan addressing withdrawal/use risk was put in place at 100% of sites by the 2025 target date, which was met; the Group has not quantified a water-reduction objective but anticipates all significant sites will have an action plan, and is working to set quantitative objectives and update the site list using the "Aqueduct 4.0" tool for the period beyond 2025. Second, for all operations, documented processes should ensure discharged water quality matches withdrawn-water quality while meeting or exceeding local standards; technical standards strengthened since 2023 are being rolled out across all activities, prioritizing water-stressed locations, with entities monitoring progress annually. Both objectives are described as aligned with the strictest applicable requirements.

Reference: page 328.

For 2025, total water consumption was 83,562,343 m3 (versus 82,971,976 m3 restated for 2024; the reporting methodology was revised in 2025, reclassifying assets with customer-integrated cooling circuits, which changed prior-year comparatives materially from the figures published a year earlier). Consumption in water-risk areas was 12,577,526 m3, up on 2024 due to higher steam production at hydrogen units. Total water recycled and reused was 1,018,519,146 m3, down on 2024 from reduced open-circuit water use. The water intensity ratio was 3,102 m3/M€, and 33% of consumed volumes were obtained by direct measurement. Using the newer "Aqueduct 4.0" tool, water-risk-area consumption would instead be 27,406,246 m3 in 2025. A separate stored-water figure was not disclosed as a material datapoint.

Reference: page 332.

Air Liquide states it respects and promotes human rights in its operations worldwide, covering health, safety, non-discrimination, freedom of opinion/expression/association, decent and fair working conditions, and the prohibition of child labor and modern slavery. These commitments sit in the Principles of Action and Code of Conduct (page 356) and reference the International Bill of Human Rights, the ILO Declaration on Fundamental Principles and Rights at Work, the OECD Guidelines for Multinational Enterprises and the UN Guiding Principles on Business and Human Rights; the Group is a UN Global Compact signatory, issuing an annual Communication on Progress. A human rights due diligence process runs under the Chief Legal Officer, Group Employment Law, Compliance and Duty of Vigilance. Topic-specific policies for social dialogue, health and safety, diversity/inclusion/harassment prevention, remuneration, well-being, employability and personal data protection are detailed in the corresponding sub-sections (3.1.2-3.1.8).

Reference: pages 332-333.

The My Voice engagement program, run by the Vice President, Group Human Resources Deputy, submits an annual questionnaire on ~20 topics covering personal experience and organizational functioning; responses are confidential and results feed action plans at team, entity and Group level, with effectiveness tracked by indicators or the next survey's theme score. In the 2025 edition, 86% of eligible employees responded – over 52,000 employees, leaving over 330,000 comments. Representative-body engagement: the European Works Council (29 representatives from 12 countries, renewed 2025 for four years, three plenary meetings in 2025, plus four Council Board meetings) and the France Group committee (25 representatives, renewed 2024 for two years, two plenary meetings in 2025) both discuss Group strategy, financial, environmental and social topics, including extra-financial performance indicators.

Reference: page 334.

The Whistleblowing Policy is the Group's main channel for employees to raise concerns or complaints (system and remedial approach described at page 356). Since 2023, the My Voice full survey includes a question measuring employees' trust in the whistleblowing system. The system is not intended for routine HR issues (remuneration, career development), which go directly to HR Departments. For the two material topics of health and safety and personal data protection, Air Liquide maintains specific alert mechanisms: the Safety and Industrial System Department's internal incident-reporting process (rapid escalation by severity, with crisis management), and, for personal data, a dedicated web form and Information Protection Coordinator network, with requests logged in a dedicated register and systematically analyzed.

Reference: pages 335-341.

Health and safety: an Industrial Management System (IMS) covering 100% of employees, twelve Life-Saving Rules translated for all operating countries, Job Hazard Analysis, HAZOP process-safety methodology, road-safety measures (onboard cameras, master drivers), and 2025 initiatives including "Process Risk Discovery" workshops and the "Stop Work Authority" campaign. Diversity/inclusion: a three-pillar Inclusion & Diversity roadmap, a new 2025 Diversity & Inclusion Committee chaired by an Executive Committee member, a "Gender Balance Assessment Tool" deployed to all entities in 2025, a permanent women's leadership program (165 participants in 2025), and a sixth disability-employment agreement in France (2023-2025, ~6,000 employees). Remuneration: annual salary reviews addressing pay gaps and a Fair Wage Network partnership. Well-being: BeActEngage, Care & Perform, and the Next Normal framework. Employability: the Technical Community Leaders program (79 new international experts appointed in 2025).

Reference: pages 339, 341, 343, 345, 347, 348.

Health and safety: no formalized quantitative target beyond the shared "zero accidents" ambition and continuous improvement. Diversity: gender-diversity objectives sit within ADVANCE; the share of women among "Managers and Professionals" rose from a 2020 reference of 30% to 33.8% in 2025, and among senior executives from 21% to 24.7% in 2025; on the Executive Committee, the Board has adopted the Rixain Law thresholds of 30% women by 2026 and 40% by 2029, standing at 30.8% in 2025. In France, a target of 6% direct disability employment by end-2025 stood at 5.0% in 2024. Remuneration: a common basis of care coverage was targeted at 100% of employees by 2025 and reached 100% in 2025 (from 34% in the 2021 reference year). Well-being, employability and personal data protection have no measurable results-based targets; effectiveness is tracked via My Voice and entity maturity assessments.

Reference: page 331.

At December 31, 2025, total Group employees stood at 65,168 (versus 66,657 at end-2024), on a headcount basis, sourced from the now fully deployed Workday HR system (covering 98% of employees) plus manually aggregated data for entities outside its scope. By geography: Europe, Middle East & Africa 28,124 (including France 11,346); Americas 25,322 (including the United States 19,421); Asia Pacific 11,722. By gender: 19,118 women, 46,002 men, 38 not disclosed, 10 other. By contract type: 63,126 permanent employees (18,306 women, 44,772 men) and 2,042 temporary employees (812 women, 1,230 men). In 2025, 8,781 employees left the Group (resignation, dismissal, mutually agreed termination, retirement or death), a turnover rate of 13.5%.

Reference: page 334.

In 2025, across the 17 European Economic Area countries in which Air Liquide operates, more than 89% of employees were covered by a collective bargaining agreement, calculated on agreements concluded at entity, site, industry or national level per ILO Convention No. 154. France is the only EEA country where Group employees represent at least 10% of total headcount, and it falls in the 80-100% band both for collective-bargaining coverage and for workers' representation. Social dialogue runs through the European Works Council (29 representatives, 12 countries), the France Group committee (25 representatives), Social and Economic Committees of French entities, and negotiations with Representative Trade Unions on social policy, all sitting under the Human Resources function.

Reference: page 342.

As at December 31, 2025, total employees by gender: 19,118 women, 46,002 men, 38 not disclosed, 10 other, of 65,168; France holds 11,346 employees (4,595 women, 6,747 men) and the United States 19,421 (3,569 women, 15,822 men, 20 not disclosed/other). Senior executives: 88 women (23.7%) and 283 men (76.3%) in 2025, versus 92 women (24.7%) in 2024; the Executive Committee was 30.8% women in 2025 (4 of 13 members). By age group: under 30 years 8,100 (12.2%), 30-50 years 38,427 (57.6%), over 50 years 20,130 (30.2%).

Reference: page 343.

Air Liquide defines an adequate/living wage as remuneration covering basic needs (food, water, housing, clothing, transport, education, health, communication) plus a margin for unforeseen events, using a household of two adults and children scaled to local fertility rates. Thresholds are sourced from two NGOs with recognized methodologies, the Fair Wage Network and WageIndicator, updated at least annually, and compared to local statutory minimum wages where they exist; the higher of the two is compared to total remuneration (base salary, recurring variable pay, fixed allowances). Certain employee categories (under 12 months' seniority, entities outside Workday, long-term inactive, expatriates, apprentices, unionized employees with legally governed increases) are excluded from the analysis scope. As at December 31, 2025, 100% of the Group's employees within scope received an adequate wage.

Reference: page 347.

Air Liquide reports the percentage of employees who participated in an annual performance and career development review, by gender: 96.1% of all employees in the 2024 campaign (reported in this FY2025 statement), versus 97.9% previously – 96.2% among women, 96.1% among men, 97.0% among those with gender not disclosed/other. The percentage is calculated against 61,625 eligible employees, 94.6% of total workforce, taking local legislation into account. The review assesses performance against annual objectives, contributions and behavior, plus strengths and development actions, run on an annual campaign from December to February; the figures reported here relate to the 2024 campaign, since the 2025-2026 campaign was still ongoing at year end.

Reference: page 339.

For 2025 versus 2024: fatalities among Group employees/temporary workers fell from 1 to 0; fatalities among subcontractors fell from 2 to 0. Recordable work-related accidents among employees/temporary workers fell to 294 (rate 2.22), from 319 (rate 2.42). Recordable ill-health cases rose from 2 to 3. Days lost to work-related injury, accident, fatality or illness fell to 1,472, from 4,001. The lost-time accident frequency rate for employees (including temporary workers) improved 44% to 0.4 at end-2025 from 0.7 at end-2024; for subcontractors it improved to 0.7 from 1.1. Health and safety coverage extends across all Group entities.

Reference: page 344.

The 2025 gender pay gap was 7.8%, down from 9.3% in 2024 (the 2024 figure was recalculated in 2025 to the same methodology and is not comparable to the figure published a year earlier). It is based on unadjusted gross hourly remuneration (base salary, mandatory indemnities, target variable remuneration), calculated per the ESRS formula for entities on Workday (98% of employees), excluding apprentices, expatriates and employees who did not disclose gender or are non-binary. The annual total remuneration ratio was 98.3 in 2025, calculated as the highest-paid employee's total annual remuneration (including the market value of long-term incentive plans) divided by the median of all other eligible employees under Workday.

Reference: page 334.

Figures cover alerts logged in the Group's ethics whistleblowing system concerning employees, reported in the year regardless of processing status or investigation outcome. 2025: 298 incidents of discrimination including harassment (down from 310 in 2024); 148 other work-related complaints excluding discrimination and health/safety alerts (up from 137); 0 severe human rights incidents (forced or child labor), unchanged. As of December 31, 2025, Air Liquide is not involved in any complaint to the OECD National Contact Points for Responsible Business Conduct. Specific alert mechanisms exist for the two material topics of health and safety and personal data protection, described respectively at pages 335 and 347.

Reference: page 349.

Air Liquide states it respects and promotes human rights and shares the principles of the International Bill of Human Rights, the ILO Declaration on Fundamental Principles and Rights at Work, the OECD Guidelines for Multinational Enterprises and the UN Guiding Principles on Business and Human Rights for workers in its value chain. Core policy instruments are the Supplier's Code of Conduct (updated 2023, adherence a prerequisite for any commercial relationship) and the Sustainable Procurement procedure. On health and safety, suppliers must enforce protective laws and comply with Air Liquide's Life-Saving Rules. On working conditions, suppliers must comply with working-time/overtime laws, pay at least the legal minimum wage, and use certified recruitment agencies. On forced and child labor, the Code prohibits forced/compulsory labor and modern slavery and sets a minimum working age of the higher of the local legal minimum or 15, with hazardous work restricted to workers 18+.

Reference: page 350.

The Procurement Department engages suppliers on their potential impacts on their own workers at qualification (adherence to the Supplier's Code of Conduct and Code of Conduct as a contractual requirement) and through the annual Sustainability-Critical Supplier assessment campaign, which assesses performance and establishes corrective action plans where needed. The Group also collects the interests and views of value-chain workers through legitimate representatives such as international trade unions or credible proxies (civil society organizations, third-party assessors): preliminary supplier checks use Dow Jones databases (international sanction lists, adverse media), the International Trade Union Confederation's Global Rights Index feeds country-risk assessment, and the Procurement and Duty of Vigilance Departments continuously monitor countries and topics of civil-society interest.

Reference: page 350.

The Group's whistleblowing system is accessible to all workers in the value chain to prevent negative impacts and implement remedies; suppliers are informed of this through the Supplier's Code of Conduct, which includes a section on the ethics whistleblowing system (described at page 356). The media watch conducted during preliminary supplier checks (Dow Jones databases, international sanction lists, adverse media) surfaces claims and grievances from value-chain workers, and the Sustainability-Critical Supplier assessment includes a controversy component. Where suppliers are found needing improvement or non-compliant, corrective action plans are required and may be supported by on-site environmental or social audits.

Reference: pages 350-352.

Health and safety: contracts with suppliers/subcontractors include safety clauses; new suppliers undergo a technical safety assessment; safety values are communicated and performance assessed after task completion. Working conditions: the annual Sustainability-Critical Supplier assessment uses EcoVadis (2025) or an internal ten-question questionnaire, rating suppliers responsible (score ≥45/100, no theme ≤20/100), needing improvement (25-44/100), or non-compliant (≤24/100 or refusal). In 2025, of 685 Sustainability-Critical Suppliers, the campaign addressed 336: 242 were invited, and 207 (86%) were assessed (67% via the third-party platform, 33% internally); 93 suppliers needing improvement were invited to set up corrective action plans and all 93 did; the 1 non-compliant supplier invited prepared and completed its plan. On forced/child labor, preliminary negative-press checks apply to new suppliers.

Reference: page 352.

For health and safety, no formalized quantitative target; effectiveness is tracked through the Sustainability-Critical Supplier assessment and site-level health/safety indicators. For working conditions, three KPIs against 2025 objectives: the share of Sustainability-Critical Suppliers addressed by the annual campaign that responded reached 86% against an 85% objective; the share of suppliers needing improvement that prepared a corrective action plan reached 100% against a 100% objective; and the share of non-compliant suppliers that prepared and implemented a corrective action plan reached 100% against a 100% objective (zero tolerance). The average current score on the external platform was 55/100, with human rights/working conditions and environment scoring highest at 60/100. For forced/child labor, Air Liquide states it has no additional human rights due diligence objectives beyond the working-conditions KPIs above.

Reference: page 353.

Air Liquide's consumers and end-users are primarily the 2.3 million chronic-disease patients served by its Home Healthcare business (chronic obstructive pulmonary disease, obstructive sleep apnea, chronic respiratory failure, type 1 diabetes, pulmonary arterial hypertension, Parkinson's disease). The Group states it respects human rights per the International Bill of Human Rights, the OECD Guidelines and the UN Guiding Principles; its Principles of Action commit to protecting patients and vulnerable lives (page 356). Three material topics have dedicated policies: personal data protection (Binding Corporate Rules adopted May 2018, page 347); patient health and safety (Industrial Management System, plus pharmacovigilance and medical-device vigilance processes); and access to quality information (written/verbal/video materials validated centrally by the Regulatory Affairs Department). There is no specific policy or channel for patients to report product misuse linked to incorrect information.

Reference: page 353.

Since 2017 a customer-centric transformation has been supported by the "Voice of Customer" (VoC) tool, letting entities regularly poll customers and patients, analyze feedback in real time and act on dissatisfaction; VoC now covers 88% of the Group's sales worldwide via an annual survey (all experience stages) and a more frequent transactional survey, feeding a Group-level Net Promoter Score. In 2025, 90% of Air Liquide's customers and patients were satisfied. For patients specifically, some Home Healthcare subsidiaries (e.g. France) intervene directly in patients' homes and collect opinions informing care adaptation; where data-protection rules allow, subsidiaries send at least annual satisfaction surveys, with each subsidiary setting up an action plan to address dissatisfaction.

Reference: page 354.

The Whistleblowing Policy is a main channel for collecting patient complaints; the policy, ethics whistleblowing system and remedial approach are described at page 356 and the system is open to everyone, including patients. Air Liquide states there is currently no specific communication informing patients of the whistleblowing system's existence, describing this as "an area of reflection for coming years." For the two material topics of personal data protection and patient health and safety, specific alert mechanisms exist: the rights-request and breach-reporting tools described at page 332, and the pharmacovigilance/medical-device vigilance processes at page 354. A system for reporting adverse effects of medical gases and equipment complies with European and local regulations.

Reference: pages 354-355.

Personal-data actions for patients mirror those for employees (page 347): a Data Protection Officer supported by 150+ Information Protection Coordinators. For patient health and safety, pharmacovigilance training is mandatory annually for exposed Healthcare employees, remains a profit-sharing criterion (added 2024, renewed 2025), and includes an 80%-pass-threshold quiz issuing an individual completion certificate; a medical device vigilance process analyzes incidents and informs suppliers/authorities. For access to quality information, an experience indicator measuring perceived information quality has been deployed by 80% of Home Healthcare subsidiaries in both 2024 and 2025, drawing on written, verbal and video patient materials centrally reviewed by the Regulatory Affairs Department.

Reference: page 355.

For patient personal-data protection, objectives are those described at page 343; entity data-protection maturity is tracked (see G1-3-Targets/S1-8 maturity discussion). For patient health and safety, the objective is to train 100% of eligible employees in pharmacovigilance principles each year; the 2025 completion rate was 100%, matching the prior year. For access to quality information, there is no set numerical objective, only ongoing monitoring of the experience indicator: across over 35,000 responses in 2024 and 2025 combined, the indicator averaged 8.9 out of 10, which the Group presents as confirming the positive impact of its information policies and procedures.

Reference: pages 356-359.

Corporate culture rests on the Principles of Action and Code of Conduct (available in 28 languages, structured around "Acting with Care," "Acting with Integrity and Transparency," and "Acting Responsibly"), applying to all employees, officers and Directors, with business partners expected to comply. Rollout is led by the Group Ethics Officer, supervised by the Ethics and Compliance Committee (meets twice yearly, chaired members include Group VP HR and Group VP/General Secretary). The mandatory annual Code of Conduct e-learning (2025 topics: health/safety, generative AI, whistleblowing reminder, harassment prevention) reached 94% participation in 2025, down from 97% in 2024. The Whistleblowing Policy/EthiCall system logged 542 alerts in 2025 (versus 558 in 2024: Human Resources 413, health/safety/environment 34, fraud 26, other compliance 69); 136 alerts remained in process at year end, and of the 406 closed cases, 41.6% were substantiated or partially substantiated.

Reference: page 359.

Supplier relationship management rests on the supplier risk and relationship management procedure (qualification process identifying associated risks) and the Sustainable Procurement procedure (integrating ethical, social and environmental criteria into procurement, described in detail at page 348). The Procurement Function communicates sustainability requirements via the Supplier's Code of Conduct and a sustainability clause included in supplier contract templates and framework agreements, with adherence a prerequisite for any commercial relationship; the Code's most recent update added articles on conflict minerals and the whistleblowing system. A Procure-to-Pay (P2P) procedure frames employees involved in procurement activities, jointly owned by Procurement and Finance with entity Managing Directors.

Reference: pages 358-359.

The anti-corruption program, coordinated by the Group Ethics Officer with a network of ethics correspondents and support from the Legal and HR Departments, rests on: risk mapping; the Code of Conduct; training and awareness; a third-party assessment mechanism; the whistleblowing system; and accounting controls, all regularly audited and monitored by the Ethics and Compliance Committee and reported annually to the Audit and Accounts Committee. Exposed and particularly exposed functions (sales, procurement, administration) complete a mandatory annual e-learning, supplemented every three years by classroom training for particularly exposed roles. 2025 completion: anti-corruption e-learning 25,813 people (95%); classroom training 10,053 people (37%, three-year rotation); Code of Conduct e-learning 66,089 people (94%). In 2025, Air Liquide has not been convicted for violation of anti-corruption and anti-bribery laws.

Reference: page 359.

In 2025, Air Liquide has not been convicted for violation of anti-corruption and anti-bribery laws. Detection of possible incidents relies on the ethics whistleblowing system and on controls and audits, with entities applying an internal fraud-management procedure to report and process cases; the double materiality assessment confirms corruption and bribery (prevention, training, incidents) as material, citing the risk of legal proceedings, sanctions or reputational damage from any failure to prevent or detect corruption. In 2025 the whistleblowing system recorded 26 fraud-related alerts out of 542 total alerts (down from 55 of 558 in 2024), and of the 406 closed alerts overall, 41.6% were substantiated or partially substantiated and led to corrective measures.

Reference: pages 360-361.

Air Liquide issued a Public Affairs Charter in 2021 governing interactions with public authorities at national, regional/European and international levels, guided by transparency principles to avoid practices undermining Group integrity, coordinated by the European & International Affairs Department. The Board of Directors, particularly the Audit and Accounts Committee, regularly reviews public-stakeholder engagement. No Board or Executive Committee member has previously held national public-administration functions. Key public-affairs themes cover energy transition (low-carbon sourcing, CO2 pricing mechanisms, hydrogen/CO2 networks and mobility), electronics (semiconductor sovereignty) and healthcare. Air Liquide is registered in the EU transparency register (id 94857385769-70), France's HATVP (organisation 552096281) and the US Senate lobbying disclosure register.

Reference: pages 359-360.

Supplier payment terms vary by country and activity, complying with local law; based on 2025 invoices received, expenditure broke down as Immediate 21.0%, Net 20 days 4.3%, Net 30 days 23.4%, Net 45 days 8.8%, Net 60 days 11.7%, Other 30.8% (versus 24.9%/5.2%/22.4%/7.3%/13.1%/27.1% in 2024). For the largest expenditure item, energy, 39.4% of 2025 expenses were paid immediately (versus 54.6% in 2024). Average Days Payable Outstanding was 58.2 days in 2025, down from 63.5 days in 2024, calculated on trade payables per Consolidated Financial Statements note 27 divided by daily cost of sales/overheads. 91.5% of trade payables were aligned with contractual terms (versus 93.6% in 2024, range 90.5-92.5% across quarters used). As at December 31, 2025, the Group had no knowledge of ongoing legal proceedings concerning late payments.

Targets related to business conduct

Back-filled from the business conduct chapter, where targets are addressed as part of the MDR-T/GDR-T disclosures rather than as a numbered disclosure requirement. G1-3 became a standalone DR only in the 2025/2026 ESRS.

Air Liquide discloses no measurable outcome-oriented business conduct target (e.g. a numeric reduction in corruption incidents or whistleblowing-alert volumes). Consistent with MDR-T's other limb, effectiveness is tracked in the absence of such targets, through training completion rates and monitoring campaigns: the anti-corruption e-learning reached 25,813 people (95% completion) and classroom training 10,053 people (37%) in 2025 (page 359); the Code of Conduct e-learning reached 94% participation (page 357); and the whistleblowing system's alert volumes, processing status and substantiation rate (41.6% of 406 closed cases in 2025) are disclosed and monitored annually by the Ethics and Compliance Committee and the Audit and Accounts Committee (pages 356-358). The Group's personal-data-protection entity-maturity assessment (page 348) provides a similar effectiveness proxy for governance-adjacent conduct topics.