1. Think of them as the 'Intel Inside' for heavy industry, providing essential gases and equipment that power countless manufacturing, energy, and tech processes.

2. Imagine a specialized Con Edison for factories, supplying vital industrial gases instead of electricity to businesses worldwide.

3. They're a bit like a Cargill for industrial gases, delivering foundational 'ingredients' and the machinery to handle them to diverse industries.

• Atmospheric Gases: Produces and supplies industrial gases including oxygen, nitrogen, and argon for diverse applications.
• Process Gases: Provides essential process gases such as hydrogen, helium, carbon dioxide, carbon monoxide, and syngas.
• Specialty Gases: Offers high-purity and custom gas mixtures for specific industrial and medical applications.
• Gas Production Equipment: Designs and manufactures air separation units and non-cryogenic generators for gas production and processing.
• Cryogenic & Gas Infrastructure Equipment: Designs and manufactures equipment for hydrocarbon recovery, natural gas liquefaction, and the transport and storage of liquid helium and hydrogen.

Air Products and Chemicals (APD) primarily sells its products and services to other companies (Business-to-Business, or B2B) across a wide range of industries globally. Due to the highly diversified nature of its customer base, Air Products and Chemicals does not have any single major customer company that accounts for 10% or more of its consolidated revenues, and therefore, specific major customer names with their stock symbols are not publicly disclosed.

However, its major customer base consists of companies operating within the following industries:

• Refining
• Chemical
• Gasification
• Metals
• Manufacturing
• Food and Beverage
• Electronics
• Magnetic Resonance Imaging (MRI)
• Energy Production

• Baker Hughes Company (BKR)

Eduardo Menezes, Chief Executive Officer

Eduardo Menezes joined Air Products as Chief Executive Officer in February 2025. He is responsible for setting the company's strategy and policies, developing leadership, and meeting shareholder commitments. Prior to Air Products, Mr. Menezes served as Executive Vice President of Linde plc from 2018 to 2021, overseeing operations in Europe, the Middle East, and Africa, which included over 40 countries, more than $8 billion in sales, and 18,000 employees. Before Linde, he spent over three decades at Praxair, Inc., holding progressively senior roles. His positions at Praxair included Executive Vice President with responsibilities for businesses in Asia, Europe, Mexico, and South America, as well as global hydrogen operations (from 2012 until the merger with Linde). He also served as President of Praxair Europe from 2007 to 2010, Managing Director of Praxair's business in Mexico from 2004 to 2007, and Vice President and General Manager for Praxair Distribution, Inc. from 2003 to 2004. Mr. Menezes holds an MBA from the State University of New York and a chemical engineering degree from the Federal University of Rio de Janeiro, Brazil.

Melissa Schaeffer, Executive Vice President and Chief Financial Officer

Melissa Schaeffer is the Executive Vice President and Chief Financial Officer at Air Products, with leadership responsibility for the company's worldwide financial organization. She was appointed CFO in 2021. Ms. Schaeffer joined Air Products in 2016 as vice president, chief audit executive, and in 2020 was appointed vice president, Finance – GEMTE, Americas, Middle East, and India. Before joining Air Products, she served as global director, Internal Audit, at Trinseo. She also worked for 10 years at Ernst & Young and was previously employed by Siemens, where she participated in a finance leadership development program. Ms. Schaeffer holds a degree in Finance and Accounting from Indiana University and an MBA from Villanova University. She also serves as an independent director on the board of Trane Technologies.

Ivo Bols, President, Europe and Africa

Ivo Bols is the President, Europe and Africa, at Air Products, responsible for the strategy and profitability of the Industrial Gases business in these regions. He joined Air Products in 1988 as a financial analyst. His career at Air Products includes roles such as European helium marketing manager (1990), district general manager and regional sales manager in France (1992), business development manager, European marketing manager (1995), general manager, Merchant Gases Germany (1999), and vice president roles for various segments including Northern Continent and Global Packaged Gases Center of Excellence (2003), Merchant Gases–Asia (2007), and Global Liquid Bulk, Generated Gases and Helium (2011). Mr. Bols holds a degree as a bio-engineer from the Katholieke Universiteit Leuven, Belgium, and an MBA.

Francesco Maione, President, Americas, Helium and Rare Gases

Francesco Maione is the President, Americas, Helium and Rare Gases, at Air Products, responsible for the growth and profitability of the company's Atmospheric Gases and HyCO product lines, as well as Operations across North and South America, and the global helium and rare gases businesses. He joined Air Products in the U.K. in 1998 as a financial analyst for the Tonnage Gases business. Over his tenure, he has held roles across key businesses (Merchant Gases, Electronics, Tonnage Gases, Healthcare) and geographies (Asia, Europe, U.S.). His prior positions include general manager of Southern Europe Industrial Gases (2014), vice president for Spain and Portugal (2015), vice president, Southern Region, Americas (2016), and President, Atmospheric Gases, Americas (early 2020). Before Air Products, Mr. Maione worked for multinational companies such as Kuwait Petroleum in Italy and Vivendi in London. He holds a degree in business and economics from the University of Rome and an MBA from LUISS University (Rome), and is a qualified chartered accountant.

Walter L. Nelson, President, Equipment Businesses & Technical Solutions

Walter (Wally) L. Nelson is President, Equipment Businesses & Technical Solutions, at Air Products. He oversees the company's Equipment businesses (Membrane Solutions, Gardner Cryogenics, and Rotoflow), Standard Plant Solutions, the Chief Engineer's Office, Global Technology, Operational Excellence, Environmental Health, Safety and Quality, and Sustainability. He joined Air Products in 1990 as a regional project manager in the Industrial Gas Division. He moved to corporate headquarters in Allentown in 1994, progressing through various engineering and operations roles. In 1999, Mr. Nelson relocated to London as a business development manager for air separation. Upon returning to Allentown, he held several operations and commercial positions within the helium business, eventually being appointed vice president, Global Helium and Rare Gases in 2024. Mr. Nelson holds a Bachelor of Civil Engineering degree from the University of Minnesota and served as an engineering officer in the XVIII Airborne Corps of the United States Army.

Air Products and Chemicals, Inc. (APD) faces several key risks inherent to its capital-intensive industrial gas and chemical operations and its strategic pivot towards large-scale clean energy projects.

1. Project Execution and Capital Investment Risks: The company is undertaking significant, large-scale capital projects, particularly in the clean hydrogen and energy transition sectors. There is a substantial risk of delays, cost overruns, or even cancellation of these complex projects, which can lead to considerable financial charges and impact profitability. For instance, Air Products incurred a significant after-tax charge of $2.3 billion in fiscal year 2025 related to canceling several speculative clean energy projects, directly affecting its bottom line. Such execution challenges on major projects, including securing long-term offtake agreements, are consistently highlighted as a main risk, potentially reducing expected returns.
2. Market Volatility and Demand Fluctuations: Air Products' profitability is significantly impacted by volatility in demand for its specialty gases, such as helium, and the broader merchant gas business, which is sensitive to industrial cycles, manufacturing demand, and energy price fluctuations. Lower global helium demand has been identified as a material headwind, forecast to be a roughly 4% EPS drag for fiscal year 2026, with warnings that this weakness could persist into 2027. Additionally, economic slowdowns in key regions like China and Europe have led to weaker demand for merchant products and have affected volumes in these markets.
3. Regulatory Changes and Operational Hazards: As an industrial gas and chemical company, Air Products operates in a highly regulated environment. Changes in environmental laws, safety regulations, and climate-related disclosure requirements can lead to increased compliance costs, operational adjustments, and potential liabilities. For example, recent updates to OSHA's Hazard Communication Standard, including new hazard classifications for "chemicals under pressure," specifically impact the gas industry and necessitate updated safety measures. Furthermore, the inherent hazards of operating facilities, pipelines, and delivery systems (such as leaks, explosions, and toxic releases) pose continuous operational risks that could result in environmental damage, loss of life, or production disruption, negatively impacting financial results and reputation.

Air Products and Chemicals (symbol: APD) operates in several global addressable markets for its main products and services:

• Industrial Gases (including oxygen, nitrogen, and argon): The global industrial gases market size was valued at approximately USD 119.42 billion in 2025 and is projected to reach around USD 209.42 billion by 2035, expanding at a Compound Annual Growth Rate (CAGR) of 5.77% from 2026 to 2035. Asia Pacific held the highest revenue share of around 37% in this market in 2025.

• Hydrogen: The global hydrogen market size was valued at USD 229.53 billion in 2025. It is projected to grow to USD 406.95 billion by 2034, exhibiting a CAGR of 6.68% during the forecast period. Asia Pacific dominated the hydrogen market with a market share of 31.45% in 2025.

• Helium: The global helium market has reached a value of USD 5.42 billion in 2025. It is projected to hit USD 9.47 billion by 2032, growing at a robust CAGR of 8.29% from 2026 to 2032.

• Carbon Dioxide: The global carbon dioxide market size was valued at USD 11.90 billion in 2025 and is projected to grow to USD 16.30 billion by 2034, at a CAGR of 3.60%. Asia Pacific dominated this market with a share of 46.10% in 2025.

• Air Separation Units (ASU): The global air separation unit market is estimated to be valued at USD 6.4 billion in 2025 and is projected to reach USD 9.7 billion by 2035, registering a CAGR of 4.3% over the forecast period.

Air Products and Chemicals, Inc. (APD) is expected to drive future revenue growth over the next two to three years through several key strategies:

1. Major Clean Energy and Hydrogen Projects: Air Products is significantly investing in large-scale clean energy initiatives and hydrogen production projects, such as the NEOM project, which are anticipated to contribute substantially to revenue as they move from investment phases to operational output. The company has allocated substantial capital expenditures towards these projects, including ongoing negotiations for low-emission ammonia projects in Saudi Arabia and the U.S.

2. Expansion in the Electronics Market and Core Industrial Gases: The company is strategically growing its core industrial gas business, with a particular focus on opportunities within the rapidly expanding electronics sector. This includes leveraging its infrastructure near global electronics providers to benefit from tailwinds in data centers, artificial intelligence (AI), and the CHIPS Act. Air Products is executing projects in Asia, some reaching close to $1 billion in capital expenditure per site, with new projects in this range expected to be decided soon.

3. Pricing Actions and Productivity Improvements: Management has consistently highlighted disciplined pricing strategies and ongoing productivity enhancements as critical drivers for earnings and margin expansion. These efforts are expected to offset inflationary pressures and contribute to sustained revenue growth.

4. Contribution from New Assets: New assets coming online from the company's significant capital projects, particularly in traditional industrial gases and clean energy, are projected to transition from heavy investment phases into revenue-generating operations. This transition is expected to improve operating leverage and contribute to overall revenue growth.

Share Repurchases

• Air Products and Chemicals has shown minimal share repurchase activity from fiscal years ending September 2020 to 2024, with a median buyback yield of 0.0%.
• The company expects to increase its return of capital to shareholders through potential share repurchases over the next 12-18 months, as capital expenditures moderate and it anticipates becoming cash flow positive.

Share Issuance

• Air Products and Chemicals' shares outstanding remained relatively stable, with a slight decline of 0.04% in 2025, a 0.04% increase in 2024, and a 0.09% increase in 2023.

Outbound Investments

• In July 2020, Air Products, ACWA Power, and NEOM formed a joint venture for a $5 billion green hydrogen-based ammonia production facility in Saudi Arabia, with Air Products' estimated total investment being approximately $3.7 billion.
• Air Products finalized a $12 billion gasification and power joint venture in Jazan Economic City, Saudi Arabia, in September 2021, where it holds a 46% stake.
• The company is in advanced talks with Yara International regarding major hydrogen and ammonia projects, including a planned Louisiana complex estimated at $8-9 billion, with a final investment decision targeted by mid-2026.

Capital Expenditures

• Air Products' capital expenditures were approximately $5.2 billion in both fiscal years 2023 and 2024. The company forecasts capital expenditures of around $5.0 billion for fiscal year 2025 and approximately $4.0 billion for fiscal year 2026.
• The primary focus of capital expenditures is on large-scale clean energy projects, particularly green and blue hydrogen production, including significant investments in the NEOM Green Hydrogen Complex and a Louisiana clean energy partnership.
• In fiscal Q2 2025, Air Products recorded a pre-tax charge of approximately $2.9 billion to exit three large U.S. clean energy projects, including a green liquid hydrogen project in New York, as part of a strategic project rationalization.