| Air Liquide has compiled the following items for consideration to assist in the financial modelling of the Group Q3 2024 results. This document is not intended to provide additional information beyond existing disclosures. |
| ● Significant perimeter impact |
| No significant perimeter effect is expected in Q3 2024. |
| ● Currency |
| Main currency variations (from the largest to the smallest impact on Group sales in Q3 2024): |
| € versus |
Q3 2023 |
Q3 2024 |
Change |
| Argentinian Peso |
347.3 |
1045.3 |
+201.0% |
| US Dollar |
1.088 |
1.099 |
+1.0% |
| Brazilian Real |
5.310 |
6.092 |
+14.7% |
| Egyptian Pound |
33.38 |
53.35 |
+59.8% |
| Japanese Yen |
0.157 |
0.164 |
+4.1% |
|
| In Q2 2024, the currency impact was -2.8% on Group revenue and -2.9% on Gas & Services revenue. It is estimated to be around -3% in Q3 2024 for both Group and Gas & Services revenue. |
| ● Energy pass-through impact |
| In Q2 2024, the energy pass-through effect was -1.5% on Group revenue and -1.6% on Gas & Services revenue. For both Group and Gas & Services revenue, it is expected to be between -0.5% and -1.0% in Q3 2024. |
| ● Business items |
| Activity highlights are detailed below based on public information. Unless otherwise stated, all variations in revenue outlined below are on a comparable basis. |
| In Industrial Merchant, sales increased by +2.5% in Q2 2024 with a price effect of +4.7% on top of +8.6% in Q2 2023, and softening volumes. In the Americas, revenue was up +6.1%, with increased pricing (+8.1%) and resilient gas volumes. Europe sales declined -3.9% with soft volumes and despite improved pricing (-0.5% compared to -1.9% in Q1, the price of Bulk gases being indexed to energy prices). In Asia, revenue declined -1.9%, with -1.1% pricing, impacted by the marked decline in Helium sales, which was largely offset by the strong increase in Packaged Gas volumes in China. |
| In Large Industries, sales were up +1.2% in Q2 2024. The Americas revenue (+12.2%) benefited from the start-up of a production unit in Q1 and demand that firmed-up in Q2. In Europe (-2.5%), excluding the impact of the sale of a cogeneration unit in Q1, revenue was up thanks to increased volumes in Chemicals. In Asia, revenue decreased -0.8%, where the start-up of a large hydrogen production unit in China in March partially offset several customer turnarounds. |
| In Healthcare, sales were up +10.2% in Q2 2024. In the Americas, sales increased by +26.1%, driven by the strong increase in prices in the US in Proximity care and Argentina in a context of hyperinflation. In Europe, sales were up +4.6%, thanks to a sharp increase in the number of patients in Home Healthcare, and solid sales growth in Medical Gases supported by a balanced contribution from volumes and prices in an inflationary context. |
| Electronics revenue was up +2.6% in Q2 2024. In the Americas, sales were up +15.3% thanks to strong growth in Carrier Gases and record-high sales in Equipment & Installations, while sales of materials remained down. Q2 2024 revenue in Asia increased +0.6%, with sales growth in Advanced Materials and Carrier Gases being partly offset by the low sales of Specialty Materials and Equipment & Installations. |
| Consolidated revenue from Engineering & Construction amounted to €105m in Q2 2024, up +13.1%. |
| Revenue in Global Markets & Technologies totalled €186m in Q2 2024, down -8.5%, due in particular to the divestiture of the technological activities for the Aeronautics sector in Q1 2024. |
| ● Strong focus on performance |
| Air Liquide once again delivered a very solid financial performance in the first half of 2024 with a significant increase in its operating margin of +100bps excluding the energy pass-through impact, supported by the acceleration of structural efficiencies. |
| ● Reminder of FY 2024 Guidance |
| “Air Liquide is confident in its ability to further increase its operating margin and to deliver recurring net profit growth, at constant exchange rates.” |
| The pre-close calls with the sell-side financial analysts will be held from October 3, 2024, to October 7, 2024, and the quiet period will begin on October 8, 2024. |
| Q3 2024 results will be announced on October 23, 2024. |
| For the full document click the link below: |
| Air Liquide |
| Stay ahead of the curve! Subscribe to InsidEntity for daily updates on all your favourite companies. |
