Q1 2018 Revenue

PRESS RELEASE Paris, April 25, 2018 st 1 quarter 2018: Group sales up +6% on a comparable basis Strong momentum in all activities Key figures Q1 2018 Q1 2018/ Q1 2018/ Q1 2017 Q1 2017 1 published comparable ● Group revenue € 5,010 M -3.2% +6.0% o/w Gas & Services € 4,831 M -4.3% +5.0% ● Cash flow/sales 19.5% st 1 quarter 2018 highlights ● Long-term contracts: oxygen for petrochemicals (United States), hydrogen for chemicals (Benelux) ● Start-ups: the world’s largest oxygen production unit (South Africa), biomethane units (United States and Europe) ● Acquisitions in Healthcare (Saudi Arabia and France) ● Innovation and new markets: operational and optimization center for Large Industries production units (Malaysia), creation of the H mobility consortium (Japan), new hydrogen charging stations for mobility 2 (Japan and France) ● External factors: unfavorable currency impact 1 Excluding currency, energy, and significant scope impacts Commenting on the first quarter of 2018, Benoît Potier, Chairman and CEO of Air Liquide, said: “For the first three months of this year, revenue growth was very solid on a comparable basis. It accelerated compared with the previous quarters in a more favorable economic environment. The activity level in terms of new customers’ projects was also higher. All of our activities leveraged on this environment. The growth of Large Industries, driven by stronger demand in Europe and the start-ups and ramp-ups of new production units, is of particular note, as is the sustained growth of Industrial Merchant. This quarter was also marked by improvement in Engineering & Construction and the ever-dynamic development of Global Markets & Technologies. In addition, all geographies were up, especially Asia, with double-digit sales growth in China. The Group continues to generate recurring operational efficiency gains and new synergies related to the integration of Airgas. Cash flow remains high, allowing for further targeted investments. In the first quarter, our investment decisions amounted to nearly 600 million euros and will contribute to the future growth of the Group. Accordingly, assuming a comparable environment, Air Liquide is confident in its ability to deliver net profit 1 growth in 2018, calculated at constant exchange rate and excluding 2017 exceptionals .” 1 2017 exceptionals: exceptional non-cash items having a net positive impact on 2017 net profit. www.airliquide.com Follow us on Twitter @airliquidegroup