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    Laurent Guy Favre

    Research Analyst at Exane BNP Paribas

    Laurent Guy Favre's questions to L AIR LIQUIDE SA /FI (AIQUY) leadership

    Laurent Guy Favre's questions to L AIR LIQUIDE SA /FI (AIQUY) leadership • Q1 2021

    Question

    Laurent Guy Favre from Exane BNP Paribas asked for color on refining demand levels for Q2, particularly questioning if the reopening in the U.S. was driving a strong recovery back to pre-COVID levels ahead of the driving season.

    Answer

    CFO & Executive VP Fabienne Lecorvaisier noted a contrasted situation, with refining still low in the U.S. and Europe but picking up in Singapore, and does not expect a full return to 2019 levels until late 2021 or early 2022. Michael J. Graff, Executive VP, added that while the U.S. driving season and recovery from the freeze will boost Q2, a full recovery remains distant due to lagging jet fuel demand.

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    Laurent Guy Favre's questions to L AIR LIQUIDE SA /FI (AIQUY) leadership • Q3 2020

    Question

    Laurent Guy Favre asked about the magnitude of temporary cost savings in Q3 and the full-year expectation. He also sought clarification on whether the Q4 performance guidance for a similar performance to Q3 was on a year-on-year or sequential basis.

    Answer

    CFO & Executive VP Fabienne Lecorvaisier stated that temporary savings were strong in Q3 but will soften in Q4, with the full-year total expected to be slightly less than double the H1 amount. Regarding Q4, executives described a 'plateau in the recovery,' with sequential improvement in some areas but tough year-over-year comparisons, implying the comment referred to the overall business environment rather than a specific growth metric.

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