Air Products And Chemicals, Inc. · NYSE:APD
Air Products And Chemicals — Q4 2025 Earnings Presentation
20 slides from Air Products And Chemicals's earnings presentation, Nov 6, 2025
Slide 1: Fiscal Fourth Quarter 2025 Earnings Results Teleconference
Fiscal Fourth Quarter 2025 Earnings Results Teleconference November 6, 2025
Slide 2: Forward-Looking Statements
Forward-Looking Statements This presentation contains “forward-looking statements” within the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, including statements about earnings and capital expenditure guidance, business outlook and investment opportunities. These for
Slide 3: Performance Highlights
Performance Highlights FY2025 $12.0 $12.03 $3.3 2025 Accomplishments Sales ($B) Adjusted Earnings Per Operating Cash Flow ($B) Share* ($/share) ✓ Exceeded FY25 guidance midpoint ✓ Demonstrated strength and resilience in core business $2.9 10.1% $1.6 ✓ Unlocked value through Adjusted Operating Adjust
Slide 4: 2026 Priorities
2026 Priorities Improve core business performance and refocus capital allocation Unlock Optimize Balance Progressing in-line with our earnings growth large projects capital allocation five-year roadmap: • Pricing excellence • On track to bring NEOM • Disciplined capital • High single-digit annual co
Slide 5: Delivering cost productivity to accelerate earnings and margin expansion
Delivering cost productivity to accelerate earnings and margin expansion Returning to excellence in execution with Annual P&L cost savings1 helping to offset 3,600 a right-sized organization continued inflation and additional employees supporting new assets Employee actions by the end of Millions of
Slide 6: Continue to realign capital expenditure to focus on base business
Continue to realign capital expenditure to focus on base business Expect to reduce capital expenditures* significantly as projects reach completion; Louisiana Base Blue decision to be communicated shortly and can impact FY27+ totals • Approx. $1.5+ billion per year in traditional IG projects $5.1B N
Slide 7: Taking actions to optimize large clean energy projects
Taking actions to optimize large clean energy projects NEOM Green Hydrogen Project Louisiana Blue Project • Project on track with solar and wind power generation expected to be complete by early 2026 • Project pending (1) off-take agreement for hydrogen and nitrogen, (2) committed partners for carbo
Slide 8: FY25 Financial Results
FY25 Financial Results Adjusted Op Inc* ($MM) Adjusted Op Inc Margin* Adjusted EPS* ($/share) Adjusted ROC*# (3)% (3)% (120)bp FY25 (70)bp FY25 $12.03 FY25 10.1% FY25 $2,858 vs PY 23.7% vs PY vs PY vs PY FY24 $2,948 FY24 24.4% FY24 $12.43 FY24 11.3% vs FY24 Performance Highlights (comparisons to pri
Slide 9: FY25 demonstrates resilience in base business
FY25 demonstrates resilience in base business Base excluding helium Adjusted EPS* Positive pricing 12.43 Favorable on-site and merchant contribution 0.86 12.03 Depreciation, largely offset by productivity improvements across (0.50) segments, net of fixed cost inflation (0.30) Project exits Includes
Slide 10: Q4FY25 and FY25 Results by Segment
Q4FY25 and FY25 Results by Segment Operating Income ($MM) and Percent Comparisons Versus Prior Year Americas Asia Europe Middle East & India Corporate & Other $1,520 $851 Equity $341 (2)% Affiliates’ $845 Income (25)% $(49) $392 $227 $238 $92 (13)% (3)% +15% +4% Flat (2)% $(367) (7)% (1)% Q4FY25 FY2
Slide 11: FY25 Cash Flow and Balance Sheet
FY25 Cash Flow and Balance Sheet Cash flow Cash flow from operations $3.3B from operations • High quality base business supports stable cash flow Capital Capital Expenditures* $5.1B Expenditures* • Continued progress on energy transition and traditional industrial gases projects • Stable maintenance
Slide 12: FY26 Outlook
FY26 Outlook FY26 Adjusted EPS* Q1 FY26 Adjusted EPS* FY26 Capital Expenditures* $12.85 to $13.15 $2.95 to $3.10 ~$4.0 Billion Up +7% to +9% vs prior year Up +3% to +8% vs prior year Down ~$1B vs prior year • Continued focus on price and productivity • Continued focus on price and productivity • Inc
Slide 13: Appendix
Appendix 13
Slide 14: Q4 Results Summary
Q4 Results Summary Adjusted Op Inc* ($MM) Adjusted Op Inc Margin* Adjusted EPS* ($/share) Adjusted ROC*# Q4FY25 $812 Q4FY25 25.6% Q4FY25 $3.39 Q4FY25 10.1% (4)% (100)bp (5)% (120)bp Q4FY24 $849 Q4FY24 26.6% Q4FY24 $3.56 Q4FY24 11.3% vs PY vs PY vs PY vs PY 10% 110bp 10% (20)bp Q3FY25 $741 Q3FY25 24.
Slide 15: Q4 demonstrates strength in base business growth
Q4 demonstrates strength in base business growth Base excluding helium Productivity across segments partially Adjusted EPS* offset by higher maintenance-related costs and labor inflation Positive pricing across all regions 3.56 Includes prior year early contract termination in the Americas offset by
Slide 16: Americas: Results Summary
Americas: Results Summary Sales ($MM) Operating Income ($MM) Operating Income Margin Adjusted EBITDA* ($MM) Q4FY25 $1,290 Q4FY25 $392 Q4FY25 30.4% Q4FY25 $632 Q4FY24 (1)% Q4FY24 $448 (13)% Q4FY24 (380)bp (5)% $1,308 34.2% Q4FY24 $668 vs PY vs PY vs PY vs PY 2% 5% 70bp 5% Q3FY25 $1,261 Q3FY25 $374 Q3
Slide 17: Asia: Results Summary
Asia: Results Summary Sales ($MM) Operating Income ($MM) Operating Income Margin Adjusted EBITDA* ($MM) Q4FY25 $870 Q4FY25 $227 Q4FY25 26.0% Q4FY25 $376 Q4FY24 1% (7)% (240)bp (2)% $861 Q4FY24 $244 Q4FY24 28.4% Q4FY24 $383 vs PY vs PY vs PY vs PY Q3FY25 7% 4% 7% $810 Q3FY25 $217 Q3FY25 (80)bp Q3FY25
Slide 18: Europe: Results Summary
Europe: Results Summary Sales ($MM) Operating Income ($MM) Operating Income Margin Adjusted EBITDA* ($MM) Q4FY25 $789 Q4FY25 $238 Q4FY25 30.1% Q4FY25 $335 8% 15% 180bp 15% Q4FY24 $731 vs PY Q4FY24 $207 Q4FY24 28.3% Q4FY24 $292 vs PY vs PY vs PY 2% 90bp 5% Q3FY25 $771 5% Q3FY25 29.2% Q3FY25 $320 vs P
Slide 19: Middle East and India: Results Summary
Middle East and India: Results Summary Sales ($MM) Operating Income ($MM) Adjusted EBITDA* ($MM) Q4FY25 $32 Q4FY25 $5 Q4FY25 $103 $2 $7 $7 Q4FY24 $31 Q4FY24 $(2) Q4FY24 $96 vs PY vs PY vs PY $(6) $(3) $2 Q3FY25 $38 Q3FY25 $8 Q3FY25 $101 vs PQ vs PQ vs PQ Performance Highlights (comparisons to prior
Slide 20: Corporate and Other: Results Summary
Corporate and Other: Results Summary Sales ($MM) Operating Income ($MM) Adjusted EBITDA* ($MM) Q4FY25 $186 Q4FY25 $(49) Q4FY25 $(38) Q4FY24 $257 $(72) $(1) $(6) Q4FY24 $(48) Q4FY24 $(32) vs PY vs PY vs PY $43 $34 $31 Q3FY25 $143 Q3FY25 $(83) Q3FY25 $(68) vs PQ vs PQ vs PQ Performance Highlights (com
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