Air Products And Chemicals, Inc. · NYSE:APD
Air Products And Chemicals — Q1 2026 Earnings Presentation
17 slides from Air Products And Chemicals's earnings presentation, Jan 30, 2026
Slide 1: Fiscal First Quarter 2026 Earnings Results Teleconference
Fiscal First Quarter 2026 Earnings Results Teleconference January 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 performance for the first quarter
Delivered strong underlying performance for the first quarter Performance Highlights Q1 FY2026 (comparisons versus prior year first quarter) $3.1 $0.8 24.4% Sales Adjusted Operating Income* Adjusted Operating ($B) ($B) Margin* (%) Up 6%: energy pass-through +3%, Up 12% with improvement in all Improv
Slide 4: Making progress relative to our key priorities
Making progress relative to our key priorities Unlock Optimize Maintain earnings large capital growth projects discipline • Adjusted EPS* up 10% in first quarter; • Announced advanced negotiations • Disciplined capital deployment to fund affirming our full year adjusted EPS* with Yara on Louisiana C
Slide 5: Advanced negotiations with Yara on low-emission ammonia projects
Advanced negotiations with Yara on low-emission ammonia projects NEOM Green Hydrogen Louisiana Clean Energy Complex (NGHC) Complex (LCEC) objectives objectives Potential Marketing and distribution collaboration Long-term industrial gas offtake agreement agreement provides a strong Yara to distribute
Slide 6: Criteria for FID on Louisiana Clean Energy Complex
Criteria for FID on Louisiana Clean Energy Complex CRITERIA DETAILS NEXT STEPS • Air Products would own and operate hydrogen and nitrogen assets Finalize negotiations for Traditional • Yara would own and operate ammonia assets and production CCS partner industrial gas • Carbon sequestration partner
Slide 7: Q1 Results Summary
Q1 Results Summary Adjusted Op Inc* ($MM) Adjusted Operating Margin* Adjusted EPS* ($/share) Adjusted ROC*# Q1FY26 $757 Q1FY26 24.4% Q1FY26 $3.16 Q1FY26 11.0% 140bp 10% (90)bp Q1FY25 $674 12% Q1FY25 23.0% Q1FY25 $2.86 Q1FY25 11.9% vs PY vs PY vs PY vs PY (7)% (120)bp (7)% 10bp Q4FY25 $812 Q4FY25 25.
Slide 8: Q1 continues to demonstrate strength in base business
Q1 continues to demonstrate strength in base business Base excluding helium Adjusted EPS* Strong on-site volume; merchant stable 0.42 3.16 Nominal new asset contribution; expected to ramp in second half Strong pricing in Europe and Americas 2.86 Lower costs, including productivity, net of fixed cos
Slide 9: Segment Performance
Segment Performance Q1 FY2026 Sales Op Income Highlights % change vs Q1 FY25 % change vs Q1 FY25 Americas $1,342 million $404 million • Favorable non-helium price and on-site volume • Prior year included benefit from non-recurring +4% +4% helium sale • Lower maintenance Asia $832 million $232 millio
Slide 10: Cash Flow and Balance Sheet
Cash Flow and Balance Sheet Q1 FY2026 (unless otherwise noted) Adjusted Net Debt*1 Million USD Cash flow $16,505 $0.9B from operations Base business supports $11,570 stable cash flow $(4,935) Capital $0.9B expenditures* Disciplined approach to capital investment Net Debt (-) NGHC Net Debt Adj. Net D
Slide 11: Outlook
Outlook FY26 Adjusted EPS* Q2 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 +10% to +15% vs prior year Down ~$1B vs prior year • Continued focus on price and productivity • Continued focus on price and productivity • Includ
Slide 12: Appendix
Appendix 12
Slide 13: Americas: Results Summary
Americas: Results Summary Sales ($MM) Operating Income ($MM) Operating Margin Q1FY26 $1,342 Q1FY26 $404 Q1FY26 30.1% 4% 4% Flat Q1FY25 $1,288 Q1FY25 $388 Q1FY25 30.1% vs PY vs PY vs PY 4% 3% (30)bp Q4FY25 $1,290 Q4FY25 $392 Q4FY25 30.4% vs PQ vs PQ vs PQ vs Q1FY25 vs Q4FY25 Performance Highlights Sa
Slide 14: Asia: Results Summary
Asia: Results Summary Sales ($MM) Operating Income ($MM) Operating Margin Q1FY26 $832 Q1FY26 $232 Q1FY26 27.9% 2% 7% 140bp Q1FY25 $817 Q1FY25 $216 Q1FY25 26.5% vs PY vs PY vs PY Q4FY25 $870 (4)% 3% 190bp Q4FY25 $227 Q4FY25 26.0% vs PQ vs PQ vs PQ vs Q1FY25 vs Q4FY25 Performance Highlights Sales 2% (
Slide 15: Europe: Results Summary
Europe: Results Summary Sales ($MM) Operating Income ($MM) Operating Margin Q1FY26 $30$782 Q1FY26 $224 Q1FY26 28.6% 12% 20% 190bp Q1FY25 $33 vs PY $697 Q1FY25 $187 Q1FY25 26.7% vs PY vs PY (1)% (6)% (150)bp Q4FY25 $789 $32 Q4FY25 $238 Q4FY25 30.1% vs PQ vs PQ vs PQ vs Q1FY25 vs Q4FY25 Sales 12% (1)%
Slide 16: Middle East and India: Results Summary
Middle East and India: Results Summary Sales ($MM) Operating Income ($MM) Equity Affiliates’ Income ($MM) Q1FY26 $30 Q1FY26 $6 Q1FY26 $85 $(3) $6 Flat Q1FY25 $33 Q1FY25 $(1) Q1FY25 $85 vs PY vs PY vs PY $(2) $5 $1 $(7) Q4FY25 $32 Q4FY25 Q4FY25 $92 vs PQ vs PQ vs PQ Performance Highlights (comparison
Slide 17: Corporate and Other: Results Summary
Corporate and Other: Results Summary Sales ($MM) Operating Income ($MM) Q1FY26 $117 Q1FY26 $(109) Q1FY25 $20 $8 $97 Q1FY25 $(117) vs PY vs PY $(69) $(60) Q4FY25 $186 Q4FY25 $(49) vs PQ vs PQ Performance Highlights (comparisons to prior year unless otherwise noted) • Operating income favorable primar
Air Products and Chemicals — Q1 2026 Earnings Presentation on 6ix