Air Products And Chemicals, Inc. · NYSE:APD
Air Products And Chemicals — Q2 2026 Earnings Presentation
19 slides from Air Products And Chemicals's earnings presentation, Apr 30, 2026
Slide 1: Fiscal Second Quarter 2026 Earnings Results Teleconference
Fiscal Second Quarter 2026 Earnings Results Teleconference April 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: Delivered strong underlying business performance in second quarter
Delivered strong underlying business performance in second quarter Performance Highlights Q2 FY2026 (comparisons versus prior year second quarter) $3.2 $0.8 $2.0 Sales Adjusted Operating Income* Operating Cash Flow ($B) ($B) ($B) YTD Up 9%: volume +4%, currency +4%, Up 19% with improvement in all Ba
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 • First half adjusted EPS* up 15% year-to- • Negotiations with Yara progressing on • Disciplined capital deployment to fund date; raising full year adjusted EPS low-emission ammo
Slide 5: Building on strong supply chain resilience to capture helium volume growth
Building on strong supply chain resilience to capture helium volume growth Diversity of Sources Dedicated Storage Cavern Logistical Flexibility Contracting Model Primarily sourced from U.S. with Dedicated storage cavern in the U.S. A large helium ISO container fleet Approximately 90% of our volume i
Slide 6: Managing end market dynamics to support customers and mitigate risks
Managing end market dynamics to support customers and mitigate risks Energy Chemicals Electronics Metals 21% 21% 17% 15% Resilient volumes in Pressure from imports in Higher volumes driven Stable volumes outside Americas and Asia; partial Europe limiting margins; by increased production Europe; ramp
Slide 7: Q2 Results Summary
Q2 Results Summary Adjusted Op Inc* ($MM) Adjusted Operating Margin* Adjusted EPS* ($/share) Adjusted ROC*# Q2FY26 $753 Q2FY26 23.7% Q2FY26 $3.20 Q2FY26 11.4% 19% Q2FY25 21.6% 210bp Q2FY25 $2.69 19% (10)bp Q2FY25 $631 Q2FY25 11.5% vs PY vs PY vs PY vs PY (1)% (70)bp Q1FY26 $3.16 1% 40bp Q1FY26 $757
Slide 8: Base business drives second quarter improvement vs. prior year
Base business drives second quarter improvement vs. prior year Adjusted EPS* Base excluding helium 0.48 3.20 Strong on-site volume New assets beginning to ramp up, expected to further contribute to earnings in second half Strong pricing in Americas and Europe Lower costs, including productivity, ne
Slide 9: Segment Performance
Segment Performance Q2 FY2026 Sales Op Income Highlights % change vs Q2 FY25 % change vs Q2 FY25 Americas $1,384 million $374 million • Strong on-sites; merchant volume up, including helium for space launches • Prior year included income from a one-time customer contract amendment +8% +2% • Price do
Slide 10: Cash Flow and Balance Sheet
Cash Flow and Balance Sheet Q2 FY2026 year-to-date (unless otherwise noted) Cash flow $2.0B from operations Base business supports stable cash flow Capital $1.8B expenditures* On track to spend ~$1B less capex from prior year Cash returned $0.8B to shareholders 40+ consecutive years of dividend incr
Slide 11: Outlook
Outlook FY26 Adjusted EPS* Q3 FY26 Adjusted EPS* FY26 Capital Expenditures* $13.00 to $13.25 $3.25 to $3.35 ~$4.0 Billion Up +8% to +10% vs prior year Up +5% to +8% vs prior year Down ~$1B vs prior year • Continued focus on price and productivity • Continued focus on price and productivity • Include
Slide 12: Appendix
Appendix 12
Slide 13: Americas: Results Summary
Americas: Results Summary Sales ($MM) Operating Income ($MM) Operating Margin Q2FY26 $1,384 Q2FY26 $374 Q2FY26 27.0% 8% 2% (140)bp Q2FY25 $1,287 Q2FY25 $366 Q2FY25 28.4% vs PY vs PY vs PY 3% (7)% (310)bp Q1FY26 $1,342 Q1FY26 $404 Q1FY26 30.1% vs PQ vs PQ vs PQ vs Q2FY25 vs Q1FY26 Performance Highlig
Slide 14: Asia: Results Summary
Asia: Results Summary Sales ($MM) Operating Income ($MM) Operating Margin Q2FY26 $833 Q2FY26 $240 Q2FY26 28.8% Q2FY25 8% Q2FY25 $191 25% Q2FY25 410bp $774 24.7% vs PY vs PY vs PY Q1FY26 $832 Flat 3% 90bp Q1FY26 $232 Q1FY26 27.9% vs PQ vs PQ vs PQ vs Q2FY25 vs Q1FY26 Performance Highlights Sales 8% -
Slide 15: Europe: Results Summary
Europe: Results Summary Sales ($MM) Operating Income ($MM) Operating Margin Q2FY26 Q1FY26 $30$789 Q2FY26 $212 Q2FY26 26.8% 8% 8% Q2FY25 26.9% (10)bp Q2FY25 Q1FY25 $33 $727 Q2FY25 $196 vs PY vs PY vs PY 1% (5)% Q1FY26 (180)bp Q1FY26 Q4FY25 $782 $32 Q1FY26 $224 28.6% vs PQ vs PQ vs PQ vs Q2FY25 vs Q1F
Slide 16: Middle East and India: Results Summary
Middle East and India: Results Summary Sales ($MM) Operating Income ($MM) Equity Affiliates’ Income ($MM) Q2FY26 $29 Q2FY26 $5 Q2FY26 $79 (11)% N.M. 1% Q2FY25 $33 Q2FY25 $(3) Q2FY25 $78 vs PY vs PY vs PY (4)% $6 (21)% $85 (6)% Q1FY26 $30 Q1FY26 Q1FY26 vs PQ vs PQ vs PQ Performance Highlights (compar
Slide 17: Corporate and Other: Results Summary
Corporate and Other: Results Summary Sales ($MM) Operating Income ($MM) Q2FY26 $137 Q2FY26 $(77) Q2FY25 $95 45% Q2FY25 $(118) 35% vs PY vs PY Q1FY26 $117 17% Q1FY26 29% $(109) vs PQ vs PQ Performance Highlights • Operating income up vs prior year and sequentially on lower changes to sale of equipmen
Slide 18: Committed to reliably supplying Helium globally across end markets
Committed to reliably supplying Helium globally across end markets Helium Volume by End Market Helium Volume by Segment ~90% Helium volume under contractual arrangements that are longer than Aerospace 16% one year Europe Electronics 26% 35% Americas HSD% 37% Helium Medical Helium Volume Volume 18% S
Slide 19: Adjusted Net Debt* and Leverage Ratio Adjusted for NGHC Net Debt*
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 $16,807 3.2x $11,735 2.2x $(5,072) (1.0x) Net Debt (-) NGHC Net Debt Adj. Net Debt* Net Debt/ Adj. EBITDA (-) NGHC Net Debt Adj. Net Debt/ Adj. Adjustment E
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