Tech and Industrial Giants Report Strong H1 2024 Results: Sopra Steria, Capgemini, and Air Liquide Show Resilience

Sopra Steria: H1 2024 Results Continued Margin Growth

Revenue came to €2,949.4 million1, equating to total growth of 3.8% and organic growth2 of 0.3%. Q2 revenue equated to organic growth of 0.5%. Operating profit on business activity up 13.6% to €285.3 million; operating margin of 9.7%, up 0.9 points from H1 2023. Net profit attributable to the Group from continuing operations was up 50.5% at €169.3 million, generating a margin of 5.7%. Net profit attributable to the Group, including net profit from discontinued operations, was up 9.5% at €123.2 million. Free cash flow totalled €44.0 million, in keeping with historical seasonal effects excluding a delay in the collection of tax credit receivables. Finalisation of the sale of Sopra Banking Software activities in early September confirmed. Full-year targets: revenue relatively stable on an organic basis; operating margin on business activity of at least 9.7%; free cash flow of around €350 million. At its meeting on 24 July 2024, Sopra Steria's Board of Directors, chaired by Pierre Pasquier, approved the financial statements for the first half of 2024; the Statutory Auditors have conducted a limited review of the financial statements. Cyril Malargé, Chief Executive Officer of Sopra Steria Group, commented: "Despite the market having adopted a wait-and-see stance, prompting us last week to adjust our full-year organic revenue growth guidance for the current financial year, our first-half results are robust. They provide tangible evidence of the business's shift towards higher-added-value. This shift is intended to position Sopra Steria as a trusted, credible European alternative to global players, harnessing technology and artificial intelligence to help our clients deliver on their transformation objectives. Our priorities fall into three key areas: upscaling in consulting; moving our tech offerings higher up the value chain; and upgrading our operating model. Integration of companies acquired in 2023 has proceeded in line with the roadmap and is generating tangible commercial and operational synergies. Profitability at CS Group and the Benelux reporting unit improved significantly in the first half, confirming our full-year guidance. Furthermore, most of the steps in the sale of banking software activities to Axway have been successfully completed. As such, the sale will be finalised in early September. Lastly, we have improved operating profitability across each of our reporting units and confirm our guidance of achieving a Group operating margin of close to 10% in full-year 2024." Presentation of the 2024 interim financial statements The planned sale of most of the activities of Sopra Banking Software, announced on 21 February 2024, was reflected in the first half of the year in the legal carve-out of the Sopra Banking Software activities to be sold and the transfer to various Group entities of the activities to be retained. Since the carved-out activities constituted a separate major line of business at 31 December 2023, they have been classified as a discontinued operation (in accordance with IFRS 5, Non-Current Assets Held for Sale and Discontinued Operations). The financial statements for the first half of 2024 are presented in accordance with this standard as of 1 January 2024, as are the restated comparative financial statements for 2023. Moreover, as part of the review of assets acquired and liabilities assumed, the Group harmonised the method used to recognise revenue at Ordina. It considered that Ordina acted as an "agent" in the Netherlands and Belgium, in contracts involving the sale of external expertise. Revenue recognised for certain contracts now corresponds to a net amount equivalent to its margin or its commission rather than being recognised on a gross basis together with the recognition of an operating expense (IFRS 15). The 2023 baseline has been restated for the purposes of calculating organic revenue growth. After taking these two factors into account, restated Q1 2024 revenue came to €1,484.6 million, equating to organic growth of 0.2% (vs €1,587.4m reported, equating to organic growth of 0.3%). Detailed breakdown of operating performance in H1 2024 Sopra Steria revenue totalled €2,949.4 million, an increase of 3.8% relative to H1 2023 reported. The positive impact of changes in scope was €295.8 million, arising from the consolidation of CS Group and Tobania since 1 March 2023, and of Ordina since 1 October 2023. Currency fluctuations had a positive impact of €8.3 million. The classification of activities of Sopra Banking Software as assets held for sale generated a €163.5 million negative impact. Lastly, harmonisation of the method used to recognise revenue at Ordina generated a €41.1 million negative impact. At constant exchange rates, scope and accounting standards, revenue grew 0.3%. The Group's operating profit on business activity rose 13.6% to €285.3 million, equating to a margin of 9.7%, up 0.9 points from H1 2023 reported. The classification of certain activities of Sopra Banking Software as assets held for sale is estimated to have a positive 0.5-point impact over the half‑year period (positive 0.2-point impact on a full-year basis). In France (42% of total Group revenue), revenue grew 4.4% to €1,251.3 million. This figure reflects the consolidation of CS Group for two extra months compared with the first half of 2023 and the reallocation of €21.6 million of revenue from activities that previously fell within the scope of Sopra Banking Software. At constant scope, revenue was down 1.6%, with the second quarter showing an improvement (down 0.1%) relative to the first quarter (down 3.0%). The defence and transport verticals both posted growth in the half-year; the public sector and financial services held steady; and other verticals - notably aeronautics - declined. The operating margin on business activity (9.5%) was up 0.4 points from the first half of 2023. The reallocation of activities previously within the scope of Sopra Banking Software boosted revenue by 0.2 points. CS Group's profitability increased by around 2 points. Revenue for the United Kingdom (17% of total Group revenue) came in at €487.3 million, equating to organic growth of 3.1%, after declining slightly in the second quarter, notably as a result of the electoral context, which particularly affected SSCL's business. The most buoyant business areas were financial services, government and transport. The operating margin on business activity was once again high (11.6%), up 0.2 points from the first half of 2023. The Europe reporting unit (36% of total Group revenue) generated revenue of €1,050.5 million, representing total growth of 28.1%. This change reflects the consolidation of Ordina and Tobania, the reallocation of €15.0 million of revenue from activities previously within the scope of Sopra Banking Software and a €41.1 million decline in revenue resulting from the harmonisation of the method used to recognise revenue at Ordina. Growth at constant scope, exchange rates and accounting standards came in at 1.5%. The most buoyant growth was in Scandinavia, Spain and Italy. The operating margin on business activity came in at 9.3%, up 0.4 points compared with the first half of 2023, including the dilutive effect of the reallocation of activities previously within the scope of Sopra Banking Software (-0.1 points). Profitability at the Benelux reporting unit, into which three companies are in the process of being integrated, increased by around 2 points. The Solutions reporting unit (5% of total Group revenue) generated revenue of €160.3 million, up 12.6% in total following the reallocation of €17.9 million in revenue from activities previously falling within the scope of Sopra Banking Software. Excluding changes in scope, revenue held steady. Human Resources Solutions posted growth of 5.2%. Property Management Solutions contracted by 5.3%. The reporting unit's operating margin on business activity came to 7.6%, down 2.4 points from its level in the first half of 2023. The reallocation of activities previously within the scope of Sopra Banking Software had a negative impact of 3.1 points. Excluding the impact of changes in scope, the reporting unit's operating margin on business activity improved by 0.7 points. Comments on the components of net profit for H1 2024 Profit from recurring operations came to €251.2 million, up 20.9% relative to the first half of 2023. It included a €13.2 million share-based payment expense (versus €28.4 million in the first half of 2023) and a €20.9 million amortisation expense on allocated intangible assets (versus €14.9 million in the first half of 2023). Operating profit was €229.7 million, up 29.7%, after a net expense of €21.5 million for other operating income and expenses (compared with a net expense of €30.7 million in the first half of 2023). Net interest expense was €18.2 million (versus €12.5 million in the first half of 2023). The tax expense was €33.3 million in the half‑year period, versus €42.5 million in the first half of 2023, translating to a Group‑wide tax rate of 15.7% following the recording of non‑recurring tax income in the United Kingdom. For the 2024 financial year as a whole, the tax rate is estimated at around 23%. Net profit/(loss) from associates came in at a €1.4 million loss (compared with a €0.1 million loss in the first half of 2023). Net profit from continuing operations came in at €176.9 million, up 45.0%, giving a margin of 6.0%. Net profit/(loss) from discontinued operations came in at a loss of €46.1 million. Consolidated net profit came to €130.7 million, up 7.2% relative to the first half of 2023. After deducting €7.6 million in non‑controlling interests, net profit attributable to the Group came to €123.2 million, up 9.5% (compared with €112.5 million in the first half of 2023), representing a net profit margin of 4.2%. Basic earnings per share came to €6.11 (up 9.7%), compared with €5.57 per share in the first half of 2023. Financial position at 30 June 2024 Free cash flow in the first half of 2024 came in at €44.0 million, in keeping with historical seasonal effects excluding the delay until July of the collection of tax credit receivables. This compares with €122.9 million in the first half of 2023, which included net receipts in advance of around €50 million. Net financial debt totalled €1,057.0 million at 30 June 2024. This included €93.9 million in dividend payments. At end-June, it equated to 1.6x pro forma 12‑month rolling EBITDA before the impact of IFRS 16 (with the financial covenant stipulating a maximum of 3x). Workforce The Group's net headcount stood at 56,001 employees at 30 June 2024 (compared with 56,273 employees at 31 March 2024). Excluding headcount corresponding to the parts of Sopra Banking Software currently in the process of being sold, the net headcount at end-June was 52,413 employees. A total of 9,182 staff were employed at international service centres (India, Poland, Spain, etc.). The results for the first half of 2024 will be presented to financial analysts and investors in a French/English webcast on Wednesday, 24 July 2024 at 6:30 p.m. (Paris time). Practical information about the presentation and webcast can be found in the 'Investors' section of the Group's website: https://www.soprasteria.com/investors Upcoming financial releases Thursday, 31 October 2024 (before market opening): Publication of Q3 2024 revenue This document contains forward-looking information subject to certain risks and uncertainties that may affect the Group's future growth and financial results. Readers are reminded that licence agreements, which often represent investments for clients, are signed in greater numbers in the second half of the year, with varying impacts on end-of-year performance. Actual outcomes and results may differ from those described in this document due to operational risks and uncertainties. More detailed information on the potential risks that may affect the Group's financial results can be found in the 2023 Universal Registration Document filed with the Autorité des Marchés Financiers (AMF) on 15 March 2024 (see pages 40 to 46 in particular). Sopra Steria does not undertake any obligation to update the forward-looking information contained in this document beyond what is required by current laws and regulations. The distribution of this document in certain countries may be subject to the laws and regulations in force. Persons physically present in countries where this document is released, published or distributed should enquire as to any applicable restrictions and should comply with those restrictions. About Sopra Steria Sopra Steria, a major player in the European tech sector with 56,000 employees in nearly 30 countries, is recognised for its consulting, digital services and software development. It helps its clients drive their digital transformation and obtain tangible and sustainable benefits. The Group provides end-to-end solutions to make large companies and organisations more competitive by combining in-depth knowledge of a wide range of business sectors and innovative technologies with a fully collaborative approach. Sopra Steria places people at the heart of everything it does and is committed to putting digital to work for its clients in order to build a positive future for all. In 2023, the Group generated revenue of €5.8 billion. The world is how we shape it. Sopra Steria (SOP) is listed on Euronext Paris (Compartment A) - ISIN: FR0000050809 The activities of Sopra Banking Software currently in the process of being sold are recognised in assets held for sale (in accordance with IFRS 5). Methods used to recognise revenue from a certain type of contract at Ordina have been harmonised (in accordance with IFRS 15). Alternative performance measures are defined in the glossary at the end of this document. The increase in Axway's share capital to help finance the purchase will take place between 26 July and 20 August 2024 (inclusive). Baseline : 2023 Leverage calculated on the basis of net financial debt before IFRS 5 of €1,048 million.

Sopra Steria: H1 2024 Results Continued Margin Growth By Investing.com

Full-year targets: revenue relatively stable on an organic basis; operating margin on business activity of at least 9.7%; free cash flow of around €350 million. At its meeting on 24 July 2024, Sopra Steria's Board of Directors, chaired by Pierre Pasquier, approved the financial statements for the first half of 2024; the Statutory Auditors have conducted a limited review of the financial statements. Cyril Malargé, Chief Executive Officer of Sopra Steria Group, commented: Despite the market having adopted a wait-and-see stance, prompting us last week to adjust our full-year organic revenue growth guidance for the current financial year, our first-half results are robust. They provide tangible evidence of the business's shift towards higher-added-value. This shift is intended to position Sopra Steria as a trusted, credible European alternative to global players, harnessing technology and artificial intelligence to help our clients deliver on their transformation objectives. Our priorities fall into three key areas: upscaling in consulting; moving our tech offerings higher up the value chain; and upgrading our operating model. Integration of companies acquired in 2023 has proceeded in line with the roadmap and is generating tangible commercial and operational synergies. Profitability at CS Group and the Benelux reporting unit improved significantly in the first half, confirming our full-year guidance. Furthermore, most of the steps in the sale of banking software activities to Axway have been successfully completed3. As such, the sale will be finalised in early September. Lastly, we have improved operating profitability across each of our reporting units and confirm our guidance of achieving a Group operating margin of close to 10% in full-year 2024. Presentation of the 2024 interim financial statements The planned sale of most of the activities of Sopra Banking Software, announced on 21 February 2024, was reflected in the first half of the year in the legal carve-out of the Sopra Banking Software activities to be sold and the transfer to various Group entities of the activities to be retained. Since the carved-out activities constituted a separate major line of business at 31 December 2023, they have been classified as a discontinued operation (in accordance with IFRS 5, Non-Current Assets Held for Sale and Discontinued Operations). The financial statements for the first half of 2024 are presented in accordance with this standard as of 1 January 2024, as are the restated comparative financial statements for 2023. Moreover, as part of the review of assets acquired and liabilities assumed, the Group harmonised the method used to recognise revenue at Ordina. It considered that Ordina acted as an agent in the Netherlands and Belgium, in contracts involving the sale of external expertise. Revenue recognised for certain contracts now corresponds to a net amount equivalent to its margin or its commission rather than being recognised on a gross basis together with the recognition of an operating expense (IFRS 15). The 2023 baseline has been restated for the purposes of calculating organic revenue growth. After taking these two factors into account, restated Q1 2024 revenue came to €1,484.6 million, equating to organic growth of 0.2% (vs €1,587.4m reported, equating to organic growth of 0.3%). Detailed breakdown of operating performance in H1 2024 Sopra Steria revenue totalled €2,949.4 million, an increase of 3.8% relative to H1 2023 reported. The positive impact of changes in scope was €295.8 million, arising from the consolidation of CS Group and Tobania since 1st March 2023, and of Ordina since 1st October 2023. Currency fluctuations had a positive impact of €8.3 million. The classification of activities of Sopra Banking Software as assets held for sale generated a €163.5 million negative impact. Lastly, harmonisation of the method used to recognise revenue at Ordina generated a €41.1 million negative impact. At constant exchange rates, scope and accounting standards, revenue grew 0.3%. The Group's operating profit on business activity rose 13.6% to €285.3 million, equating to a margin of 9.7%, up 0.9 points from H1 2023 reported. The classification of certain activities of Sopra Banking Software as assets held for sale is estimated to have a positive 0.5-point impact over the half'year period (positive 0.2-point impact on a full-year basis). In France (42% of total Group revenue), revenue grew 4.4% to €1,251.3 million. This figure reflects the consolidation of CS Group for two extra months compared with the first half of 2023 and the reallocation of €21.6 million of revenue4 from activities that previously fell within the scope of Sopra Banking Software. At constant scope, revenue was down 1.6%, with the second quarter showing an improvement (down 0.1%) relative to the first quarter (down 3.0%). The defence and transport verticals both posted growth in the half-year; the public sector and financial services held steady; and other verticals " notably aeronautics " declined. The operating margin on business activity (9.5%) was up 0.4 points from the first half of 2023. The reallocation of activities previously within the scope of Sopra Banking Software boosted revenue by 0.2 points. CS Group's profitability increased by around 2 points. Revenue for the United Kingdom (17% of total Group revenue) came in at €487.3 million, equating to organic growth of 3.1%, after declining slightly in the second quarter, notably as a result of the electoral context, which particularly affected SSCL's business. The most buoyant business areas were financial services, government and transport. The operating margin on business activity was once again high (11.6%), up 0.2 points from the first half of 2023. The Europe reporting unit (36% of total Group revenue) generated revenue of €1,050.5 million, representing total growth of 28.1%. This change reflects the consolidation of Ordina and Tobania, the reallocation of €15.0 million of revenue4 from activities previously within the scope of Sopra Banking Software and a €41.1 million decline in revenue resulting from the harmonisation of the method used to recognise revenue at Ordina. Growth at constant scope, exchange rates and accounting standards came in at 1.5%. The most buoyant growth was in Scandinavia, Spain and Italy. The operating margin on business activity came in at 9.3%, up 0.4 points compared with the first half of 2023, including the dilutive effect of the reallocation of activities previously within the scope of Sopra Banking Software (-0.1 points). Profitability at the Benelux reporting unit, into which three companies are in the process of being integrated, increased by around 2 points. The Solutions reporting unit (5% of total Group revenue) generated revenue of €160.3 million, up 12.6% in total following the reallocation of €17.9 million in revenue4 from activities previously falling within the scope of Sopra Banking Software. Excluding changes in scope, revenue held steady. Human Resources Solutions posted growth of 5.2%. Property Management Solutions contracted by 5.3%. The reporting unit's operating margin on business activity came to 7.6%, down 2.4 points from its level in the first half of 2023. The reallocation of activities previously within the scope of Sopra Banking Software had a negative impact of 3.1 points. Excluding the impact of changes in scope, the reporting unit's operating margin on business activity improved by 0.7 points. Comments on the components of net profit for H1 2024 Profit from recurring operations came to €251.2 million, up 20.9% relative to the first half of 2023. It included a €13.2 million share-based payment expense (versus €28.4 million in the first half of 2023) and a €20.9 million amortisation expense on allocated intangible assets (versus €14.9 million in the first half of 2023). Operating profit was €229.7 million, up 29.7%, after a net expense of €21.5 million for other operating income and expenses (compared with a net expense of €30.7 million in the first half of 2023). Net interest expense was €18.2 million (versus €12.5 million in the first half of 2023). The tax expense was €33.3 million in the half'year period, versus €42.5 million in the first half of 2023, translating to a Group'wide tax rate of 15.7% following the recording of non'recurring tax income in the United Kingdom. For the 2024 financial year as a whole, the tax rate is estimated at around 23%. Net profit/(loss) from associates came in at a €1.4 million loss (compared with a €0.1 million loss in the first half of 2023). Net profit from continuing operations came in at €176.9 million, up 45.0%, giving a margin of 6.0%. Net profit/(loss) from discontinued operations came in at a loss of €46.1 million. Consolidated net profit came to €130.7 million, up 7.2% relative to the first half of 2023. After deducting €7.6 million in non'controlling interests, net profit attributable to the Group came to €123.2 million, up 9.5% (compared with €112.5 million in the first half of 2023), representing a net profit margin of 4.2%. Basic earnings per share came to €6.11 (up 9.7%), compared with €5.57 per share in the first half of 2023. Financial position at 30 June 2024 Free cash flow in the first half of 2024 came in at €44.0 million, in keeping with historical seasonal effects excluding the delay until July of the collection of tax credit receivables. This compares with €122.9 million in the first half of 2023, which included net receipts in advance of around €50 million. Net financial debt totalled €1,057.0 million at 30 June 2024. This included €93.9 million in dividend payments. At end-June, it equated to 1.6x5 pro forma 12'month rolling EBITDA before the impact of IFRS 16 (with the financial covenant stipulating a maximum of 3x). Workforce The Group's net headcount stood at 56,001 employees at 30 June 2024 (compared with 56,273 employees at 31 March 2024). Excluding headcount corresponding to the parts of Sopra Banking Software currently in the process of being sold, the net headcount at end-June was 52,413 employees. A total of 9,182 staff were employed at international service centres (India, Poland, Spain, etc.). The results for the first half of 2024 will be presented to financial analysts and investors in a French/English webcast on Wednesday, 24 July 2024 at 6:30 p.m. (Paris time). - Register for the French-language webcast here - Register for the English-language webcast here Practical information about the presentation and webcast can be found in the ~Investors' section of the Group's website: https://www.soprasteria.com/investors Upcoming financial releases Thursday, 31 October 2024 (before market opening): Publication of Q3 2024 revenue This document contains forward-looking information subject to certain risks and uncertainties that may affect the Group's future growth and financial results. Readers are reminded that licence agreements, which often represent investments for clients, are signed in greater numbers in the second half of the year, with varying impacts on end-of-year performance. Actual outcomes and results may differ from those described in this document due to operational risks and uncertainties. More detailed information on the potential risks that may affect the Group's financial results can be found in the 2023 Universal Registration Document filed with the Autorité des Marchés Financiers (AMF) on 15 March 2024 (see pages 40 to 46 in particular). Sopra Steria does not undertake any obligation to update the forward-looking information contained in this document beyond what is required by current laws and regulations. The distribution of this document in certain countries may be subject to the laws and regulations in force. Persons physically present in countries where this document is released, published or distributed should enquire as to any applicable restrictions and should comply with those restrictions. About Sopra Steria Sopra Steria, a major player in the European tech sector with 56,000 employees in nearly 30 countries, is recognised for its consulting, digital services and software development. It helps its clients drive their digital transformation and obtain tangible and sustainable benefits. The Group provides end-to-end solutions to make large companies and organisations more competitive by combining in-depth knowledge of a wide range of business sectors and innovative technologies with a fully collaborative approach. Sopra Steria places people at the heart of everything it does and is committed to putting digital to work for its clients in order to build a positive future for all. In 2023, the Group generated revenue of €5.8 billion. The world is how we shape it. Sopra Steria (SOP) is listed on Euronext Paris (Compartment A) " ISIN: FR0000050809 For more information, visit us at www.soprasteria.com Annexes __________ 1 The activities of Sopra Banking Software currently in the process of being sold are recognised in assets held for sale (in accordance with IFRS 5). Methods used to recognise revenue from a certain type of contract at Ordina have been harmonised (in accordance with IFRS 15). 2 Alternative performance measures are defined in the glossary at the end of this document. 3 The increase in Axway's share capital to help finance the purchase will take place between 26 July and 20 August 2024 (inclusive). 4 Baseline : 2023 5 Leverage calculated on the basis of net financial debt before IFRS 5 of €1,048 million.

Capgemini H1 2024 results

Paris, July 26, 2024 - The Board of Directors of Capgemini SE, chaired by Paul Hermelin, convened yesterday in Paris to review and adopt the accounts of Capgemini Group for the first half of 2024. Aiman Ezzat, Chief Executive Officer of the Capgemini Group, said: "As expected, our growth trajectory started to improve in Q2 and is trending in the right direction in almost all businesses, sectors and regions. The recovery is particularly visible in North America. However, the slope of recovery in the second half will be affected by the recent deterioration of the outlook in the automotive and aerospace sectors and the slower recovery in financial services. In this context, we now expect a low single-digit constant currency exit rate, and target a constant currency growth rate of -0.5% to -1.5% for the full year. Despite this, we confirm our operating margin and free cash flow targets for the full year, demonstrating the resilience of the Group. Our leadership in AI services is clearly recognized by industry analysts. Generative AI is still driving many client discussions and we are engaging in larger programs to deploy uses cases at scale. We are currently working on over 350 new projects, and we have over 2,000 deals in the pipeline. We also scaled our capabilities, having trained more than 120,000 employees on generative AI tools and continue to invest in tools, assets and platforms. Client demand is primarily focused on improved efficiency and cost transformation. The traction for our value-added services in the fields of cloud, data & AI, sustainability, and intelligent industry remains strong. In an environment that remains soft in the short term, all our resources are mobilized around growth. As demonstrated by the performance of our Strategy & Transformation business, we are well positioned to capture the market upturn." 1HALF KEY FIGURES Capgemini generated revenues of €11,138 million in H1 2024, down -2.5% year-on-year on a reported basis and -2.6% at constant exchange rates. On an organic basis (i.e., restated for changes in Group scope and exchange rates), revenues contracted by -3.0%. As anticipated, the demand environment is starting slowly to improve. Having passed the trough in Q1, revenue growth rates improved in Q2 as expected, in all businesses and almost all regions and sectors. Q2 Group revenues thus contracted by -1.9% at constant exchange rates and -2.3% on an organic basis. In the first half of the year, clients remained focused on driving efficiency through cost transformation programs. Demand for non-strategic discretionary deals remains soft. In that context, Capgemini's most innovative services in Cloud, Data & AI and Intelligent Industry continued to enjoy solid traction. Bookings totaled €11,793 million in the first half of 2024, down -1.7% at constant exchange rates, leading to a book-to-bill ratio of 1.06 for the period. Booking trends also improved in Q2: at €6,138 million, Q2 bookings were stable year-on-year at constant currency and the book-to-bill ratio reached 1.09, which is above historical average and reflects ongoing robust commercial momentum. The operating margin amounts to €1,384 million or 12.4% of revenues, a stable % year-on-year. The continued shift in Capgemini's mix of offerings towards more innovative and value-added services more than compensated for the inflation impact, illustrating the resilience of the Group's operating model. The investment in selling efforts to fuel future growth was offset by the improvement in gross margin, to 26.7%. Other operating income and expenses represent a net expense of €237 million, down by €25 million year-on-year. Consequently, the operating profit amounts to €1,147 million, almost flat year-on-year in value and up +20 basis points in % of Group revenues, to 10.3%. Net financial result is an income of €20 million compared with a €22 million expense in H1 2023, reflecting mainly higher interest income. The income tax expense is €326 million, up by €13 million. The effective tax rate is 28.0% in H1 2024, compared with 27.8% for the same period last year. Taking into account the share of profits of associates and non-controlling interests, the Group share in net profit for H1 2024 is up +3% year-on-year at €835 million. Basic earnings per share increased by +4% year-on-year to €4.88. Normalized earnings per share stands at €5.88, compared with €5.80 in H1 2023. Finally, organic free cash flow generation amounted to €163 million in H1 2024, compared with -€53 million for the same period last year. Capgemini announced or closed four acquisitions since the beginning of the year. Total cash outflow for acquisitions amounted to €30 million in H1. The Group also paid dividends of €580 million (€3.40 per share) and allocated €325 million (net) to share buybacks. OPERATIONS BY REGION At constant exchange rates, revenues in the North America region (28% of Group revenues in H1 2024) decreased by -5.4% year-on-year. The Financial Services, TMT (Telecoms, Media and Technology) and Consumer Goods & Retail sectors contributed the most to this decline, partly offset by growth in the Manufacturing sector. Operating margin increased to 15.5%, compared with 15.2% in H1 last year. Revenues in the United Kingdom and Ireland region (12% of Group revenues) declined by -2.8%, mostly driven by the Financial Services and Consumer Goods & Retail sectors. Conversely, the Energy & Utilities and Services sectors enjoyed a solid growth. Operating margin rose from 18.4% to 20.5%. Activity in France (20% of Group revenues) was down -2.7%. Solid momentum in the Public Sector was more than offset by visible softness in the TMT, Manufacturing and Financial Services sectors. Operating margin decreased from 11.1% in H1 last year to 9.1%. Revenues in the Rest of Europe region (31% of Group revenues) were virtually stable at -0.1%. The underlying sector performance proved quite contrasted, with a strong momentum in the Energy & Utilities and Public sectors offset by a visible contraction of the TMT sector. Operating margin increased to 11.1%, compared with 10.5% in H1 2023. Finally, revenues in the Asia-Pacific and Latin America region (9% of Group revenues) were down -1.6%. This contraction was mainly driven by the decline of the Financial Services sector, partly offset by the Consumer Goods & Retail and Public sectors which proved quite dynamic over the period. The region reported an operating margin of 10.5%, up from 10.2% in H1 last year. OPERATIONS BY BUSINESS At constant exchange rates, total revenues of Strategy & Transformation services (9% of the Group's total revenues in H1 2024) increased by +2.7% year-on-year at constant exchange rates. Client demand for strategic consulting on their transition towards a more digital and sustainable model is supplemented by their growing interest in exploring the broad GenAI opportunity. Total revenues of Applications & Technology services (62% of the Group's total revenues and Capgemini's core business) declined by -3.4%. Revenue growth rates started to improve in Q2 in all businesses and almost all regions and sectors. Group revenues totaled €5,611 million, -1.9% year-on-year at constant exchange rates and -2.3% on an organic basis. As expected, North America is the region which improved the most in Q2 with a revenue contraction limited to -3.7% at constant exchange rates compared with -7.1% posted in Q1, mainly driven by an improvement in the TMT sector - although still contracting in Q2. The Rest of Europe region posted slight growth of +0.4%, with continued momentum in the Energy & Utilities sector, while the Financial Services and Services sectors returned to growth. Revenues in the United Kingdom and Ireland decreased by -2.5%, with softness in the Financial Services and Consumer Goods & Retail sectors partly offset by a dynamic Energy & Utilities sector. Activity decreased by -2.7% in France despite a solid momentum in the Public Sector. Finally, revenues in the Asia-Pacific and Latin America region declined moderately at -1.6%. HEADCOUNT The Group's total headcount stands at 336,900 as at June 30, 2024, down -4% year-on-year and virtually stable since the end of March. The offshore workforce stands at 192,500 employees or 57% of the total headcount. BALANCE SHEET Capgemini's balance sheet structure was relatively unchanged in H1 2024. Cash and cash equivalents and cash management assets represent €2.9 billion as at June 30, 2024. Taking into account total borrowings of €5.7 billion, Capgemini's net debt stands at €2.8 billion as at June 30, 2024, compared with €3.2 billion as at June 30, 2023 and €2.0 billion as at December 31, 2023. SUSTAINABILITY In terms of environmental sustainability, Capgemini has been accelerating its internal sustainability upskilling program through its own Sustainability Campus. In June, the Group made the Sustainability awareness module mandatory to all employees, starting in August 2024. Capgemini was recognized again by an Ecovadis Platinum rating in recognition of its sustainability achievement, with an overall score of 87 points out of 100, up 7 points from last year, and remained part of the CDP (Carbon Disclosure Project) A-List. The Group also extended the scope of its Energy Command Center (ECC) in India in partnership with Schneider Electric, from 8 campuses (operated since 2022) to 23 campuses and more than 70 buildings. In addition, the ECC is now offered as a service, leveraging Capgemini's and Schneider Electric's joint expertise in energy optimization to help organizations accelerate their transition towards smarter and more sustainable energy management. In terms of diversity and inclusion, Capgemini is continuing to shape inclusive futures for all. The Group recently launched the 2 cohort of EmpowHer, its sponsorship program to bring women to executive leadership positions. In February, Capgemini published its D&I policy, illustrating its focus and commitments. In May, the Group launched its fourth global employee network group, CulturALL, which celebrates the rich heritage, unique customs, and traditions that each employee brings to the table, with 160 nationalities across over 50 countries represented within the Group. In addition, Capgemini has been recognized as one of the "Best Places to Work for People with Disabilities" this year. OUTLOOK The Group's financial targets for 2024 are updated as follows: The inorganic contribution to growth should be around half a point (was ranging from a marginal impact up to 1 point). CONFERENCE CALL Aiman Ezzat, Chief Executive Officer, accompanied by Nive Bhagat, Chief Financial Officer, and Olivier Sevillia, Chief Operating Officer, will present this press release during a conference call in English to be held today at 8.00 a.m. Paris time (CET). You can follow this conference call live via webcast at the following link. A replay will also be available for a period of one year. All documents relating to this publication will be posted on the Capgemini investor website at https://investors.capgemini.com/en/. This press release may contain forward-looking statements. Such statements may include projections, estimates, assumptions, statements regarding plans, objectives, intentions and/or expectations with respect to future financial results, events, operations and services and product development, as well as statements, regarding future performance or events. Forward-looking statements are generally identified by the words "expects", "anticipates", "believes", "intends", "estimates", "plans", "projects", "may", "would", "should" or the negatives of these terms and similar expressions. Although Capgemini's management currently believes that the expectations reflected in such forward-looking statements are reasonable, investors are cautioned that forward-looking statements are subject to various risks and uncertainties (including, without limitation, risks identified in Capgemini's Universal Registration Document available on Capgemini's website), because they relate to future events and depend on future circumstances that may or may not occur and may be different from those anticipated, many of which are difficult to predict and generally beyond the control of Capgemini. Actual results and developments may differ materially from those expressed in, implied by or projected by forward-looking statements. Forward-looking statements are not intended to and do not give any assurances or comfort as to future events or results. Other than as required by applicable law, Capgemini does not undertake any obligation to update or revise any forward-looking statement. This press release does not contain or constitute an offer of securities for sale or an invitation or inducement to invest in securities in France, the United States or any other jurisdiction. ABOUT CAPGEMINI Capgemini is a global business and technology transformation partner, helping organizations to accelerate their dual transition to a digital and sustainable world, while creating tangible impact for enterprises and society. It is a responsible and diverse group of 340,000 team members in more than 50 countries. With its strong over 55-year heritage, Capgemini is trusted by its clients to unlock the value of technology to address the entire breadth of their business needs. It delivers end-to-end services and solutions leveraging strengths from strategy and design to engineering, all fueled by its market leading capabilities in AI, cloud and data, combined with its deep industry expertise and partner ecosystem. The Group reported 2023 global revenues of €22.5 billion. Organic growth or like-for-like growth in revenues is the growth rate calculated at constant Group scope and exchange rates. The Group scope and exchange rates used are those for the reported period. Exchange rates for the reported period are also used to calculate growth at constant exchange rates. When determining activity trends by business and in accordance with internal operating performance measures, growth at constant exchange rates is calculated based on total revenues, i.e., before elimination of inter-business billing. The Group considers this to be more representative of activity levels by business. As its businesses change, an increasing number of contracts require a range of business expertise for delivery, leading to a rise in inter-business flows. Operating margin is one of the Group's key performance indicators. It is defined as the difference between revenues and operating costs. It is calculated before "Other operating income and expense" which include amortization of intangible assets recognized in business combinations, expenses relative to share-based compensation (including social security contributions and employer contributions) and employee share ownership plan, and non-recurring revenues and expenses, notably impairment of goodwill, negative goodwill, capital gains or losses on disposals of consolidated companies or businesses, restructuring costs incurred under a detailed formal plan approved by the Group's management, the cost of acquiring and integrating companies acquired by the Group, including earn-outs comprising conditions of presence, and the effects of curtailments, settlements and transfers of defined benefit pension plans. Normalized net profit is equal to profit for the year (Group share) adjusted for the impact of items recognized in "Other operating income and expense", net of tax calculated using the effective tax rate. Normalized earnings per share is computed like basic earnings per share, i.e., excluding dilution. Organic free cash flow is equal to cash flow from operations less acquisitions of property, plant, equipment and intangible assets (net of disposals) and repayments of lease liabilities, adjusted for cash out relating to the net interest cost. Net debt (or net cash) comprises (i) cash and cash equivalents, as presented in the Consolidated Statement of Cash Flows (consisting of short-term investments and cash at bank) less bank overdrafts, and also including (ii) cash management assets (assets presented separately in the Consolidated Statement of Financial Position due to their characteristics), less (iii) short- and long-term borrowings. Account is also taken of (iv) the impact of hedging instruments when these relate to borrowings, intercompany loans, and own shares. CHANGE IN CASH AND CASH EQUIVALENTS AND ORGANIC FREE CASH FLOW Limited review procedures on the interim consolidated financial statements have been completed. The auditors are in the process of issuing their report. Note that in the appendix, certain totals may not equal the sum of amounts due to rounding adjustments.

Air Liquide: H1 2024 Results

(d) Based on the recurring net profit, see reconciliation in appendix. Commenting on the results in the first half of 2024, François Jackow, Chief Executive Officer of the Air Liquide Group, stated: "Air Liquide once again delivered a very solid financial performance in the first half of 2024 with a significant increase in its operating margin, supported by the acceleration of structural efficiencies. In a persistently subdued market environment, our Group recorded growth in sales on a comparable basis, reflecting the solidity of our business model. We are successfully continuing the rollout of our ADVANCE strategic plan, for which we raised the margin ambition at the beginning of the year. At a time when our Group has never had so many opportunities related to the energy transition and the growth of digital and artificial intelligence, we are also preparing for the future, simplifying our organization to improve our performance and developing major projects that will strengthen our long-term growth momentum." In the first half of 2024, Group sales were up by +2.6% on a comparable basis, with a sequential improvement between the first and second quarters. On a published basis, sales were at -4.3%, due to negative currency impacts and lower energy prices - for which variations are contractually passed through to Large Industries customers. Gas & Services, which represent more than 95% of Group revenue, saw an increase of +2.6% on a comparable basis in the first half of 2024, supported in particular by the dynamism of the Healthcare business and the Americas. In line with its ADVANCE plan and raised performance ambition, Air Liquide achieved in the first half of 2024 a significant improvement of +100 basis pointsin its operating margin excluding the energy impact. Efficiencies have now reached233 million euros, thanks to approximately 1,000 operational efficiency projects, to business portfolio management and to price adjustments in Industrial Merchant, based on the ability of the teams to create added value for our customers. The Group's net profit recurringexcluding currency impact rose by +16%, and +5% excluding the contribution of Argentina in the first half of 2024. Our cash flow remained very strong with a ratio to sales of 24%, enabling financing of the investments needed for future growth. At 10.7% at the end of June, recurring ROCE has continued to improve, exceeding 10% in line with the ADVANCE objectives. The investment backlog remains at a very high level of 4.1 billion euros, and is well diversified in terms of geographies. The portfolio of 12-month investment opportunities increased to 4 billion euros, mainly in the Americas and Europe. More than 40% of these are related to the energy transition. The Group is thus successfully pursuing the development of large-scale projects, in particular in the fields of decarbonization and semiconductors. In 2024, Air Liquide is confident in its ability to further increase its operating margin and to deliver recurring net profit growth, at constant exchange rates. Growth in the Industrial Merchant business (+2.0%) continued in the 1 half of 2024 with a price effect of +4.2% in addition to the sharp increase (+10.7%) in the 1 half of 2023, and gas volumes down slightly. Revenue from Large Industries (+1.1%) benefited from the start-up of two large units in the 1 quarter and stronger demand from Chemicals customers in Europe and the United States in the 2 quarter, but was impacted by the sale of a cogeneration unit in Europe and by customer turnarounds. The Healthcare business was the growth driver in the 1 half-year, with an increase in sales of +9.1%, supported by the growth of all therapies in Home Healthcare and an increase in the price of medical gases in an inflationary environment. Finally, in Electronics (+0.3%), sales returned to growth in the 2 quarter and offset the decline observed in the 1 quarter reflecting the high basis of comparison at the beginning of 2023. Cash flows from operating activitiesbefore changes in workingcapital amounted to 3,155 million euros during the 1 half of 2024, down by -1.7%. This amounted to a high level of 23.6% of sales. Calculated from a net profit showing a change of -2.4% as published, the -1.7% decrease of the cash flows from activities before changes in working capital is mainly explained by higher current taxes in the 1 half of 2024 compared with those of 2023 which benefited from favorable exceptional items. Net debt at June 30, 2024 reached 10,156 million euros, a decrease of 394 million euros compared with June 30, 2023 and an increase of 935 million euros compared with December 31, 2023, following the payment of more than 1.7 billion euros in dividends in May. The net debt-to-equity ratio, adjusted for the seasonal effect of the dividend payment, reached 35.2%. At 10.7%, recurring ROCE remained above the target of more than 10% in the Advance strategic plan, and was up sharply by +50 basis points compared to the 1 half of 2023. In the 1 half-year, the Group continued to decarbonize its assets. In particular, Air Liquide announced long-term power purchase agreements (PPAs) for the supply of 500 GWh of renewable electricity per year and has decided on the electrification of a third Air Separation Unit in China. A Cryocapcarbon capture unit is under construction to decarbonize the Group's largest hydrogen production unit in Europe. Furthermore, in the 1 half-year, Air Liquide continued to develop projects that will significantly reduce the carbon footprint of its customers. The Air Liquide Board of Directors met on July 25, 2024. During this meeting, the Board reviewed the consolidated financial statements ending June 30, 2024. Limited review procedures were completed with respect to the consolidated interim financial statements, and an unqualified review report is in the process of being issued by the statutory auditors. Performance indicators 23 Calculation of performance indicators (Semester) 24 Calculation of performance indicators (Quarter) 27 2nd quarter 2024 revenue 27 Geographic and segment information 28 Consolidated income statement 29 Consolidated balance sheet 30 Consolidated cash flow statement 31 Sales, Operating Income Recurring and investments key figures synthesis 33 H1 2024 PERFORMANCE Unless otherwise stated, all variations in revenue outlined below are on a comparable basis, excluding currency, energy (natural gas and electricity) and significant scope impacts. Growth in the Industrial Merchant business (+2.0%) continued in the 1 half of 2024 with a price effect of +4.2% in addition to the sharp increase (+10.7%) in the 1 half of 2023, and gas volumes down slightly. Revenue from Large Industries (+1.1%) benefited from the start-up of two large units in the 1 quarter and stronger demand from Chemicals customers in Europe and the United States in the 2 quarter, but was impacted by the sale of a cogeneration unit in Europe and by customer turnarounds. The Healthcare business was the growth driver in the 1 half-year, with an increase in sales of +9.1%, supported by the growth of all therapies in Home Healthcare and an increase in the price of medical gases in an inflationary environment. Finally, in Electronics (+0.3%), sales returned to growth in the 2 quarter and offset the decline observed in the 1 quarter reflecting the high basis of comparison at the beginning of 2023. Gas & Services revenue in the Americas reached 5,175 millioneuros in the 1 half of 2024 and increased by +7.9% (including the contribution of Argentina for +5.7%). All businesses grew in the region. Large Industries (+8.1%) benefited from the start-up of a production unit and demand that firmed up in the 2 quarter. In Industrial Merchant, revenue increased by +5.5%, supported by a price effect (+7.3%) that strengthened in the 2 quarter. The growth was very strong in Healthcare (+23.3%). In the Electronics business (+9.2%), sales of Carrier Gases and of Equipment & Installations posted double-digit growth. Europe In Europe, sales were down slightly by -1.3% in the 1 half of 2024 and reached 4,475 million euros. In Large Industries (-1.7%), excluding the sale of a cogeneration unit in the first quarter, revenue was up. In Industrial Merchant (-5.2%), volumes contracted but the price effect improved in the 2 quarter. The Healthcare business posted solid sales growth (+4.4%), supported by the development of Home Healthcare and Medical Gases. Asia Pacific Revenue in the Asia Pacific region was nearly stable (-0.8%) in the 1 half of 2024 and amounted to 2,593 million euros. In Large Industries (-0.9%), the start-up of a new unit in March partially offset customer turnarounds. Industrial Merchant's sales (-0.6%) were impacted by the marked decline in helium sales, which was largely offset by the increase in volumes of other gases. Electronics revenue was also flattish (-0.6%), with growth in Carrier Gases and Advanced Materials sales offsetting the decline in Equipment & Installation sales. Middle East and Africa Revenue in the Middle East & Africa region increased sharply by +7.1% to 553 million euros in the 1 half of 2024. All business lines grew. In Large Industries, hydrogen volumes in Saudi Arabia and air gas volumes in Egypt were both high. The sharp growth in Industrial Merchant sales was supported by a strong price effect. In Healthcare, the rise in medical gas volumes in South Africa and the development of diabetes treatment in Saudi Arabia were the main contributors to revenue growth. Global Markets & Technologies Sales in the Global Markets & Technologies business amounted to 386 million euros in the 1 half of 2024, a decrease of -2.0% on a comparable basis. The increase in sales of technological equipment (Turbo-Braytons, biogas equipment, hydrogen refueling stations, etc.) and the increase in hydrogen volumes for mobility in the United States partially offset the impact of the divestiture of the technological activities for the Aeronautical sector at the end of February and the decrease in biogas prices. Order intake for Group projects and third-party customers amounted to 416 million euros. This includes more than 40 Turbo-Brayton LNG reliquefaction units, special systems for the Electronics and Space industries, and equipment for the transportation and distribution of hydrogen and air gases. Order intake for the Group and third-party customers amounted to 557 million euros in the 1 half. The first phase of the Group's major project with ExxonMobil in Baytown, Texas (United States), which involves the construction of four large modular Air Separation Units, contributes to this amount. Order intake also includes installations for the hydrogen supply chain. Group orders represent a large majority of new projects. The Group's operating income recurring (OIR) reached 2,601 million euros in the 1 half of 2024. It increased by +4.9% and by +10.6% on a comparable basis, which is significantly higher than the comparable sales growth of +2.6%. The operating margin (OIR to revenue) stood at 19.4%, a strong improvement of +100 basis points excluding the energy impact (no impact from Argentina). The increase was +170 basis points as published due in particular to the accretive effect linked to the decrease in energy costs contractually passed through to Large Industries customers. Efficiencies contributed to this margin improvement and amounted to 233 million euros, up sharply by +13.1% compared to the 1 half of 2023. The Group's transformation programs accounted for a quarter of the efficiencies and included in particular the rollout of digital resources to support operations and the optimization of the supply chain, the implementation of shared service centers and the reorganization of the Home Healthcare businesses in France. The rollout of a single ERP for the Europe region and a new simplified Group organization will contribute to future efficiencies. Efficiencies related to purchases, which account for more than a quarter of the total, were high despite an inflationary context. In addition, the cross-functional program of continuous improvement actively supported the achievement of more than a third of efficiencies. It includes numerous industrial efficiency projects, deployed thanks to a digital platform to help replicate initiatives and a network of committed experts. Management of prices and of the portfolio of activities also contributed to the margin improvement. Operating income recurring in Europe amounted to 922 million euros, an increase as published of +8.9% compared with the 1 half of 2023. Excluding the energy passthrough impact, the operating margin improved very significantly by +170 basis points comparedwith the 1 half of 2023. In Industrial Merchant, significant efficiencies and accretive price management supported margin growth. The efficiencies generated in Healthcare and the payment of an indemnity by a Large Industries customer also contributed to this. In Asia Pacific, operating income recurring stood at 564million euros, a decrease as published of -7.7%. Excluding the energy passthroughimpact, the operating margin decreased by -50 basis points. In the 1 half of 2023, the payment of an indemnity by a Large Industries customer contributed significantly to the improvement in the margin. Excluding this exceptional effect in 2023, the operating margin increased in the 1 half of 2024, driven by efficiencies generated in the Industrial Merchant, Electronics and Large Industries businesses, despite the dilutive effect of lower helium volumes and prices. Other operating income and expenses showed a net balance of -87 million euros in the 1 half of 2024. Other operating expenses amounted to -125 million euros and notably included restructuring costs. Other operating income amounted to 38 million euros and mainly reflected capital gains on the divestiture of businesses. As a reminder, in the 1 half of 2023, other operating income and expenses showed a positive net balance of 33 million euros which benefited from the sales of the Group's stake in Hydrogenics. Financial income and expenses amounted to -216million euros, stable compared with -211 million euros in the 1 half of 2023. It included net finance costs of -129 million euros, up +9.3% compared to the 1 half of 2023, which benefited from the proceeds generated by the early redemption of bonds in US dollars. When excluding this exceptional proceeds from the 2023 comparison basis, net finance costs decrease by -7.8%. The average cost of net debt of 3.4% was only slightly higher than in the 1 half of 2023 (3,3%), despite the increase in interest rates, 81% of the Group's gross debt being at fixed rates at the end of June 2024. Other financial income and expenses amounted to -87 million euros, compared to -93 million euros in the 1 half of 2023. The tax expense was 543 million euros, corresponding to an effective tax rate of 23.6%, slightly up compared to the 1 half of 2023 (23.4%). These relatively low effective rates are explained by non-recurring items in the 1 half of 2024 and a reduced tax rate on the capital gain on the divestiture of the Group's stake in Hydrogenics in the 1 half of 2023. Net earnings per share amounted to 2.92 euros per share,a decline of -2.3% compared with the 1 half of 2023, in line with the change in net profit (Group share) as published. Recurring net earnings per share were up +3.2%. The average number of outstanding shares used for the calculation of net earnings per share as of June 30, 2024 was 576,342,279. Cash flows from operating activitiesbefore changes in workingcapital amounted to 3,155 million euros during the 1 half of 2024, down by -1.7%. This amounted to a high level of 23.6% of sales. Calculated from a net profit showing a change of -2.4% as published, the -1.7% decrease of the cash flows from activities before changes in working capital is mainly explained by higher current taxes in the 1 half of 2024 compared with those of 2023 which benefited from favorable exceptional items. The limited increase of 282 million euros in the working capital requirement (WCR) compared to December 31, 2023 reflects in particular the increase in helium reserves stored in the Group's cavern in Germany, a decrease in trade payables due to the lower energy prices in the period and a slight increase in trade receivables. Netcash flows from operating activities after changes in working capital amounted to 2,845millioneuros, a decrease of -3.9% compared with the1 half of 2023. Grosscapital expenditure totaled 1,699 million euros. It includes payments on industrial investments in the amount of 1,656 million euros and financial investments in the amount of 43 million euros. The proceeds from sale of assets amounted to 97 million euros and notably include the divestiture of technological activities for the Aeronautics sector (Global Markets and Technologies). They compare with 252 million euros in the 1 half of 2023, which included the sale of the Group's stake in Hydrogenics and of the Large Industries business in Trinidad and Tobago. Netcapital expenditure totaled 1,570 million euros. Net debt at June 30, 2024 reached 10,156 million euros, a decrease of 394 million euros compared with June 30, 2023 and an increase of 935 million euros compared with December 31, 2023, following the payment of more than 1.7 billion euros in dividends in May. The net debt-to-equity ratio, adjusted for the seasonal effect of the dividend payment, reached 35.2%. In the 1 half-year, the Group continued to decarbonize its assets by rolling out actions aligned with the three levers: low-carbon energy supply, asset management and CO capture. In order to reduce its Scope 2 emissions, in the 1 half-year Air Liquide announced long-term power purchase agreements (PPAs) for the supply of 500 GWh of renewable electricity per year for its units in South Africa, Brazil and Germany. Furthermore, in the 1 half-year, Air Liquide continued to develop projects that will significantly reduce the carbon footprint of its customers. In the United States, this includes the first phase of investment in a site for the production of large quantities of low-carbon air gases, allowing the customer to produce hydrogen with a low carbon footprint by capturing and sequestering 7 million metric tons of CO per year. In Europe, Air Liquide received support from the European Commission via a 160 million euro grant for the D'Artagnan project, the central link in the CO capture and sequestration chain, which aims to reduce emissions from the Dunkirk industrial basin (France) by 1.5 million metric tons per year. Finally, in order to actively contribute to the decarbonization of mobility, the Group decided to invest in the logistics chain downstream of the Normand'Hy electrolyzer in France and created the TEAL joint venture with TotalEnergies, which aims to roll out more than 100 hydrogen refueling stations for trucks in Europe in the next 10 years. The industrial investment decisions for the 1 half of 2024 reached 1,587 million euros. In Large Industries, they concern in particular the first investment phase for 120 million euros (out of a total of 850 million US dollars) for the major project announced with ExxonMobil in Baytown, Texas (United States). This involves building four large modular Air Separation Units (LMAs) as part of a long-term contract to supply low-carbon oxygen and nitrogen allowing the customer to produce, in particular, low-carbon hydrogen for the synthesis of ammonia and the decarbonization of existing facilities. These decisions also include the electrification of an existing Air Separation Unit (ASU) in China, which currently consumes steam produced by the customer from coal. It is the third ASU of this type to be electrified in China and will contribute to the reduction of CO emissions accounted for under Scope 2. In the Industrial Merchant business line, the decisions include on-site gas generation units, in particular two units to supply oxygen to a customer in the Pharmaceuticals sector in Europe, as well as investments in the production and distribution of argon in Europe and the United States. The development of the Electronics business continues, notably with the extension of advanced materials production units in the United States and Japan. Lastly, in the Global Marketsand Technologies business, decisions mainly concern the logistics chain for hydrogen mobility, downstream of the Normand'Hy electrolyzer in France. Financialinvestment decisions totaled 43 millioneuros in the 1 half of 2024. They included in particular several small acquisitions in Industrial Merchant in China, the United States, Canada and Italy. They also included a small acquisition in Europe in Home Healthcare and a capital contribution to the joint venture created with TotalEnergies, which will deploy a network of refueling stations for the hydrogen mobility of trucks in Europe. The investment backlog maintained a very high level of 4.1 billion euros in the 1 half of 2024, compared to 3.5 billion euros in the 1 half of 2023. They consisted of more than 80 projects with a balanced geographical distribution. Large Industries accounted for nearly half of these investments and Electronics more than one third. START-UPS The mainstart-ups in the 1 half of 2024 included: - to supply customers in Large Industries and Industrial Merchant: a major hydrogen and CO production unit integrating a CO capture and recycling system for Chemicals customers in China, a large air separation unit in the United States, and medium-sized units in Egypt, India and China; - in the Electronics business, in particular, a large ultra-pure carrier gas plant in Japan and medium scale units in Taiwan and the United States. The additional contribution to sales of unit start-ups and ramp-ups totaled 108 million euros in the 1 half of 2024. Over the year, it is expected to be between 230 and 250 millioneuros, a contribution slightly lower than that initially planned, volumes being lower in a context of soft demand and a limited number of start-ups of new units having been postponed for a few months. In 2025, the additional contribution to sales from unit ramp-ups and start-ups should be more than 250 million euros. INVESTMENT OPPORTUNITIES The portfolio of 12-month investment opportunities reached a record level of 4.0 billion euros at the end of June 2024. Projects at the heart of the energy transition represent more than 40% of the portfolio and are located mainly in the Americas, with notably the major project with ExxonMobil in Baytown, Texas (United States), and in Europe, where large electrolyzer and carbon capture projects are in an advanced development phase. Opportunities in Electronics are now spread across Asia, Europe and the United States. The portfolio of opportunities at more than 12 months is growing and has reached a very high level. It includes in particular significant projects in the energy transition and the Electronics sector. RISK FACTORS There was no change in risk factors during the first half. Risk factors are described in the 2023 Universal Registration Document on pages 72 to 89. OUTLOOK Air Liquide once again delivered a very solid financial performance in the first half of 2024 with a significant increase in its operating margin, supported by the acceleration of structural efficiencies. In a persistently subdued market environment, the Group recorded growth in sales on a comparable basis, reflecting the solidity of its business model. Air Liquide successfully continued the rollout of its ADVANCE strategic plan, for which the margin ambition was raised at the beginning of the year. At a time when the Group has never had so many opportunities related to the energy transition and to the growth of digital and artificial intelligence, it is also preparing for the future, simplifying its organization to improve its performance and developing major projects that will strengthen its long-term growth momentum. In the first half of 2024, Group sales were up by +2.6% on a comparable basis, with a sequential improvement between the first and second quarters. On a published basis, sales were at -4.3%, due to negative currency impacts and lower energy prices - for which variations are contractually passed through to Large Industries customers. Gas & Services, which represent more than 95% of Group revenue, saw an increase of +2.6% on a comparable basis in the first half of 2024, supported in particular by the dynamism of the Healthcare business and the Americas. In line with its ADVANCE plan and raised performance ambition, Air Liquide achieved in the first half of 2024 a significant improvement of +100 basis pointsin its operating margin excluding the energy impact. Efficiencies have now reached233 million euros, thanks to approximately 1,000 operational efficiency projects, to business portfolio management and to price adjustments in Industrial Merchant, based on the ability of the teams to create added value for its customers. The Group's net profit recurring excluding currency impact rose by +16%, and +5% excluding the contribution of Argentina in the first half of 2024. The cash flows from operating activities before changes in working capital remained very strong with a ratio to sales of 24%, enabling financing of the investments needed for future growth. At 10.7% at the end of June, recurring ROCE has continued to improve, exceeding 10% in line with the ADVANCE objectives. The investment backlog remains at a very high level of 4.1 billion euros, and is well diversified in terms of geographies. The portfolio of 12-month investment opportunities increased to 4 billion euros, mainly in the Americas and Europe. More than 40% of these are related to the energy transition. The Group is thus successfully pursuing the development of large-scale projects, in particular in the fields of decarbonization and semiconductors. In 2024, Air Liquide is confident in its ability to further increase its operating margin and to deliver recurring net profit growth, at constant exchange rates. Performance indicators used by the Group that are not directly defined in the financial statements have been prepared in accordance with the AMF position 2015-12 about alternative performance measures. The performance indicators are the following: Definition of Currency, energy and significant scope impacts Since industrial and medical gases are rarely exported, the impact of currency fluctuations on activity levels and results is limited to euro translation impacts with respect to the financial statements of subsidiaries located outside the eurozone. The currency impact is calculated based on the aggregates for the period converted at the exchange rate for the previous period. In addition, the Group passes on variations in the cost of energy (electricity and natural gas) to its customers via indexed invoicing integrated into their medium and long-term contracts. This indexing can lead to significant variations in sales (mainly in the Large Industries Business Line) from one period to another depending on fluctuations in prices on the energy market. An energy impact is calculated based on the sales of each of the main subsidiaries in Large Industries. Their consolidation allows the determination of the energy impact for the Group as a whole. The foreign exchange rate used is the average annual exchange rate for the year N-1. Thus, at the subsidiary level, the following formula provides the energy impact, calculated for natural gas and electricity respectively: Energy impact = Share of sales indexed to energy year (N-1) x (Average energy price in year (N) - Average energy price in year (N-1)) This indexation effect of electricity and natural gas does not impact the operating income recurring. The significant scope impact corresponds to the impact on sales of all acquisitions or disposals of a significant size for the Group. These changes in scope of consolidation are determined: Calculation of performance indicators (Semester) COMPARABLE SALES CHANGE AND COMPARABLE OPERATING INCOME RECURRING CHANGE Comparable changes for sales and operating income recurring exclude the currency, energy and significant scope impacts described above. Contribution of Argentina is of +2.1% to the Group's sales comparable growth and of +4.4% to the operating income recurring comparable growth. For the Gas & Services activity, the contributions are respectively +2.2% and +4.2%. Contribution of Argentina is calculated by the difference between the amounts consolidated at Group level and these same amounts consolidated excluding data from Argentina. The same method applies to the Gas & Services activity. OPERATING MARGIN AND OPERATING MARGIN EXCLUDING ENERGY IMPACT The operating margin is the ratio of the operating income recurring divided by revenue. The operating margin excluding energy impact corresponds to the operating income recurring (not affected in absolute value by the cost of energy contractually re-invoiced to Large Industries customers) divided by revenue excluding the energy impact to which is attached the corresponding currency impact. The ratio of operating income recurring divided by the revenue (whether restated or not from the energy impact) is calculated with rounding to one decimal place. The variation between 2 periods is calculated as the difference between these rounded ratios, which can result in positive or negative differences compared to a more precise calculation, due to rounding. RECURRING NET PROFIT GROUP SHARE AND RECURRING NET PROFIT GROUP SHARE EXCLUDING CURRENCY IMPACT The recurring net profit Group share corresponds to the net profit Group share excluding exceptional and significant transactions that have no impact on the operating income recurring. The net profit recurring (Group share) excluding currency impact is up +5.0% when excluding the contribution of Argentina. Contribution of Argentina is calculated by the difference between the amounts consolidated at Group level and these same amounts consolidated excluding data from Argentina. NET PROFIT EXCLUDING IFRS16 AND NET PROFIT RECURRING EXCLUDING IFRS16 Efficiencies represent a sustainable cost reduction resulting from an action plan on a specific project. Efficiencies are identified and managed on a per project basis. Each project is followed by a team composed in alignment with the nature of the project (purchasing, operations, human resources...). RETURN ON CAPITAL EMPLOYED - ROCE Return on capital employed after tax is calculated based on the Group's consolidated financial statements, by applying the following ratio for the period in question. For the numerator: net profit excluding IFRS16 - net finance costs after taxes for the period in question. For the denominator: the average of (total shareholders' equity excluding IFRS16 + net debt) at the end of the past three half-years. RECURRING ROCE The recurring ROCE is calculated in the same manner as the ROCE using the recurring net profit excluding IFR16 for the numerator. Calculation of performance indicators (Quarter) Contribution of Argentina is calculated by the difference between the amounts consolidated at Gas & Services level and these same amounts consolidated excluding data from Argentina. The analysis of net cash and cash equivalents at the end of the period is as follows: Sales, Operating Income Recurring and investments key figures synthesis The slideshow that accompanies this release is available as of 7:20 am (Paris time) atwww.airliquide.com. Air Liquide is a world leader in gases, technologies and services for industry and healthcare. Present in 60 countries with 66,300 employees, the Group serves more than 4 million customers and patients. Oxygen, nitrogen and hydrogen are essential small molecules for life, matter and energy. They embody Air Liquide's scientific territory and have been at the core of the Group's activities since its creation in 1902. Taking action today while preparing the future is at the heart of Air Liquide's strategy. With ADVANCE, its strategic plan for 2025, Air Liquide is targeting a global performance, combining financial and extra-financial dimensions. Positioned on new markets, the Group benefits from major assets such as its business model combining resilience and strength, its ability to innovate and its technological expertise. The Group develops solutions contributing to climate and the energy transition-particularly with hydrogen-and takes action to progress in areas of healthcare, digital and high technologies. Air Liquide's revenue amounted to more than 27.5 billion euros in 2023. Air Liquide is listed on the Euronext Paris stock exchange (compartment A) and belongs to the CAC 40, CAC 40 ESG, EURO STOXX 50, FTSE4Good and DJSI Europe indexes. __________________________________ See appendix for impact of Argentina. Excluding exceptional and significant transactions that have no impact on the operating income recurring, see reconciliation in appendix. Cash flows from operating activities before changes in working capital. Based on the recurring net profit, see reconciliation in appendix. Operating margin excluding energy passthrough impact. Recurring net profit excluding exceptional and significant transactions that have no impact on the operating income recurring. See impact of Argentina in Appendix. Unless otherwise stated, all variations in revenue outlined below are on a comparable basis, excluding currency, energy (natural gas and electricity) and significant scope impacts. Including a contribution of Argentina for +4.4%. See definition and reconciliation in appendix. See impact of Argentina in Appendix. Including a contribution of Argentina for +4.4%. See definition in appendix. The average cost of net debt in the 1 half of 2023 does not include the exceptional proceeds related to the early redemption of bonds denominated in US dollars. Temporary increase of Commercial papers (variable rate) in a context of potential liquidity tensions. With no impact on operating income recurring. See definition and reconciliation in appendix. Including transactions with minority shareholders and dividends received from equity affiliates. See definition and reconciliation in appendix. See appendix for impact of Argentina. Excluding exceptional and significant transactions that have no impact on the operating income recurring, see reconciliation in appendix. Based on the recurring net profit, see reconciliation in appendix. Operating margin excluding energy passthrough impact. Recurring net profit excluding exceptional and significant transactions that have no impact on the operating income recurring.