Air Products And Chemicals, Inc. · NYSE:APD
Air Products And Chemicals — Q3 2026 Earnings Presentation
18 slides from Air Products And Chemicals's earnings presentation, Jul 30, 2026
Slide 1: Fiscal Third Quarter 2026 Earnings Results Teleconference
Fiscal Third Quarter 2026 Earnings Results Teleconference July 30, 2026
Slide 2: Forward-Looking Statements and Non-GAAP Financial Measures
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, investment opportunities and potential
Slide 3: Continued underlying business performance drove third quarter growth
Continued underlying business performance drove third quarter growth Performance Highlights Q3 FY2026 (comparisons versus prior year third quarter) $3.2 $0.8 $3.3 Sales Adjusted Operating Income* Operating Cash Flow ($B) ($B) ($B) YTD Up 5%: volume 3%, price 1%, Up 9%, primarily Asia and Base busine
Slide 4: Making progress relative to our key priorities
Making progress relative to our key priorities Unlock Optimize Maintain earnings large capital growth projects discipline • Adjusted EPS* up 14% year-to-date; • Exited Louisiana Clean Energy • Clear pathway for a significant raised full-year adjusted EPS guidance* Complex (LCEC) reduction in capex •
Slide 5: Finalized agreement with Yara for renewable ammonia distribution
Finalized agreement with Yara for renewable ammonia distribution Enables green ammonia produced at NGHC to be commercialized through Yara’s existing global supply chain Marketing and distribution agreement; Yara compensated on a commission basis Yara to market green ammonia not sold by Air Products
Slide 6: Investing in growth with high-quality, traditional industrial gas projects
Investing in growth with high-quality, traditional industrial gas projects $3.0B Lower capex expected following completion of legacy clean Traditional IG backlog energy projects Includes electronics, space, and smaller traditional IG ~$3.5 B projects ~$3.0 B ~$2.0 to $2.5 B Electronics backlog: • $2
Slide 7: Q3 Results Summary
Q3 Results Summary Adjusted Op Inc* ($MM) Adjusted Operating Margin* Adjusted EPS* ($/share) Adjusted ROC*# Q3FY26 $810 Q3FY26 25.6% Q3FY26 Q3FY26 $3.47 11.7% Q3FY25 9% Q3FY25 110bp Q3FY25 $3.09 12% Q3FY25 60bp $741 24.5% 11.1% vs PY vs PY vs PY vs PY 190bp Q2FY26 8% Q2FY26 30bp Q2FY26 $753 8% Q2FY2
Slide 8: Underlying performance drove improvement compared to prior year
Underlying performance drove improvement compared to prior year Adjusted EPS* 0.37 3.47 • Favorable on-site volume • New assets contributing as expected • Non-helium pricing in Americas and Europe 3.09 0.08 • Higher costs, including fixed cost (0.07) inflation • Strong equity affiliate contribution
Slide 9: Segment Operating Income Highlights
Segment Operating Income Highlights Q3 FY2026 Op income Op margin ($MM) (%) Highlights % change vs PY bp change vs PY • Favorable on-site, including HyCO and new $395 29.9% Americas asset contribution +6% +20bp • Higher costs • Benefit from gasification assets held for sale $256 28.9% Asia • New ass
Slide 10: Cash Flow and Balance Sheet
Cash Flow and Balance Sheet Q3 FY2026 year-to-date (unless otherwise noted) Cash flow $3.3B from operations Base business supports strong cash flow Capital $2.6B expenditures* On track to spend ~$1.5B less capex from prior year Cash returned $1.2B to shareholders 40+ consecutive years of dividend in
Slide 11: Outlook
Outlook FY26 Adjusted EPS* Q4 FY26 Adjusted EPS* FY26 Capital Expenditures* $13.39 to $13.49 $3.55 to $3.65 ~$3.5 Billion Up +11% to +12% vs prior year Up +5% to +8% vs prior year Down ~$1.5 vs prior year • Continued focus on price and • Continued focus on price and • Includes ~$1B associated to pro
Slide 12: Appendix
Appendix 12
Slide 13: Americas: Results Summary
Americas: Results Summary Sales ($MM) Operating Income ($MM) Operating Margin Q3FY26 $1,321 Q3FY26 $395 Q3FY26 29.9% Q3FY25 $1,261 5% Q3FY25 $374 6% Q3FY25 20bp 29.7% vs PY vs PY vs PY Q2FY26 $1,384 (5)% Q2FY26 6% Q2FY26 290bp $374 27.0% vs PQ vs PQ vs PQ vs Q3FY25 vs Q2FY26 Sales 5% (5)% Performanc
Slide 14: Asia: Results Summary
Asia: Results Summary Sales ($MM) Operating Income ($MM) Operating Margin Q3FY26 $886 Q3FY26 $256 Q3FY26 28.9% Q3FY25 9% 18% 210bp $810 Q3FY25 $217 Q3FY25 26.8% vs PY vs PY vs PY Q2FY26 $833 6% 7% 10bp Q2FY26 $240 Q2FY26 28.8% vs PQ vs PQ vs PQ vs Q3FY25 vs Q2FY26 Sales 9% 6% Performance Highlights
Slide 15: Europe: Results Summary
Europe: Results Summary Sales ($MM) Operating Income ($MM) Operating Margin Q3FY26 $816 Q3FY26 $231 Q3FY26 28.3% Q3FY25 6% 2% Q3FY25 (90)bp $771 Q3FY25 $225 29.2% vs PY vs PY vs PY Q2FY26 3% 9% Q2FY26 150bp $789 Q2FY26 26.8% vs PQ $212 vs PQ vs PQ vs Q3FY25 vs Q2FY26 Performance Highlights Sales 6%
Slide 16: Middle East and India: Results Summary
Middle East and India: Results Summary Sales ($MM) Operating Income ($MM) Equity Affiliates’ Income ($MM) Q3FY26 $35 Q3FY26 $8 Q3FY26 $101 (9)% (1)% 18% Q3FY25 $38 Q3FY25 $8 Q3FY25 $86 vs PY vs PY vs PY Q2FY26 19% Q2FY26 74% Q2FY26 28% $29 $5 $79 vs PQ vs PQ vs PQ Performance Highlights (comparisons
Slide 17: Corporate and Other: Results Summary
Corporate and Other: Results Summary Sales ($MM) Operating Income ($MM) Q3FY26 $103 Q3FY26 $(80) (28)% Q3FY25 $(83) 3% Q3FY25 $143 vs PY vs PY (25)% Q2FY26 (4)% Q2FY26 $137 $(77) vs PQ vs PQ Performance Highlights • Operating income improved on productivity improvements and favorable foreign exchang
Slide 18: Adjusted Net Debt and Leverage Ratio
Adjusted Net Debt* and Leverage Ratio Adjusted for NGHC Net Debt* Adjusted Net Debt*1 Adjusted Net Debt*-to-Adjusted EBITDA*1 Million USD Ratio $16,687 3.1x $11,442 2.1x $(5,245) (1.0x) Net Debt* (-) NGHC Net Debt* Adj. Net Debt* Net Debt*/ Adj. EBITDA* (-) NGHC Net Debt* Adj. Net Debt*/ Adj. Adjust
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