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Fiscal First Quarter 2026 Earnings Results Teleconference January 30, 2026
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This presentation contains “forward-looking statements” within the safe harbor provisions of the Private Securities Litigation R eform Act of 1995, including statements about earnings and capital expenditure guidance, business outlook, investment opportunities and potential transactions that are subject to ongoing negotiations and their expected impact and timing. These forward -looking statements are based on management’s expectations and assumptions as of the date of this presentation and are not guarantees of future performance. While forward-looking statements are made in good faith and based on assumptions, expectations and projections that management believes are reasonable based on currently available information, actual performance and financial results may differ materially from projections and estimates expressed in the forward-looking statements because of many factors, including, without limitation, those disclosed in our earnings release for the first quarter of fiscal year 2026 and our Annual Report on Form 1 0-K for our fiscal year ended September 30, 2025 as well as in our other filings with the U.S. Securities and Exchange Commission. You are c autioned not to place undue reliance on our forward-looking statements. Except as required by law, the Company disclaims any obligation o r undertaking to update or revise any forward-looking statements contained herein to reflect any change in assumptions, beliefs, o r expectations or any change in events, conditions, or circumstances upon which any such forward -looking statements are based. Forward-Looking Statements Non-GAAP Financial Measures This presentation and the discussion on the accompanying conference call contain certain financial measures that are not prepared in accordance with U.S. generally accepted accounting principles (“GAAP”). We have posted to our investor website, in the relevant Earnings Release section, reconciliations of these non-GAAP financial measures to the most directly comparable financial measures prepared in accordance with GAAP. Management believes these non-GAAP financial measures provide investors, potential investors, securities analysts, and others with useful information to evaluate our business because such measures, when viewed together with our GAAP disclosures, provide a more complete understanding of the factors and trends affecting our business. The non-GAAP financial measures supplement our GAAP disclosures and are not meant to be considered in isolation or as a substitute for the most directly comparable measures prepared in accordance with GAAP. These measures may not be comparable to similarly titled measures used by other companies. 2
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Performance Highlights Q1 FY2026 (comparisons versus prior year first quarter) 3 $3.16 Adjusted Earnings Per Share* ($/share) Up 10% on strong underlying performance $0.8 Adjusted Operating Income* ($B) Up 12% with improvement in all reporting segments, includes 2% currency 24.4% Adjusted Operating Margin* (%) Improved 140 bps despite (50) bps from energy pass-through $3.1 Sales ($B) Up 6%: energy pass-through +3%, currency +2%, price +1%, volume flat $0.9 Operating Cash Flow ($B) Base business supports stable cash flow 11.0% Adjusted ROC* (%) Stable sequentially and in-line with plan * Non-GAAP financial measure is reconciled on our investor website. Delivered strong underlying performance for the first quarter
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Making progress relative to our key priorities 4 Unlock earnings growth • Adjusted EPS* up 10% in first quarter; affirming our full year adjusted EPS* guidance • Pricing excellence combined with productivity more than offset inflation • Volume growth expected from new asset start-ups that are on track to drive earnings in second half • Productivity improvement, including headcount reductions reflecting progress on right-sizing the organization • Announced advanced negotiations with Yara on Louisiana Clean Energy Complex and NEOM Green Hydrogen Complex • NEOM solar and wind power is 95%+ complete • Disciplined capital deployment to fund sustained growth; on track to reduce capex from prior year • Authorized dividend increase; 44th consecutive year of dividend increases • Committed to maintain our A/A2 rating • Targeting net cash flow neutral to positive in FY26 Optimize large projects Maintain capital discipline 5-Year Roadmap Target Metrics High single digit annual earnings per share growth Adjusted operating margin improvement Net cash flow neutral to positive through 2029 Mid-teens adjusted ROC by 2030 ~2.0x adjusted net debt- to-adjusted EBITDA * Non-GAAP financial measure is reconciled on our investor website. Adjusted EPS guidance is provided on a diluted basis from continuing operations attributable to Air Products. Management is unable to reconcile, without unreasonable efforts, the Company’s forec asted range of adjusted EPS to a comparable GAAP range.
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Advanced negotiations with Yara on low-emission ammonia projects 5 Potential collaboration provides a strong strategic fit based on complementary capabilities Louisiana Clean Energy Complex (LCEC) objectives Long-term industrial gas offtake agreement Yara to own and operate ammonia production, storage, and ship loading assets Agreements expected by mid- 2026 NEOM Green Hydrogen Complex (NGHC) objectives Marketing and distribution agreement Yara to distribute up to 1.2 mtpa green ammonia on a commission basis Agreement expected in first half of 2026
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6 Criteria for FID on Louisiana Clean Energy Complex CRITERIA DETAILS Traditional industrial gas scope • Air Products would own and operate hydrogen and nitrogen assets • Yara would own and operate ammonia assets and production • Carbon sequestration partner would own and operate CO2 transport and storage assets; bidding in process Long-term offtake agreement • 25-year offtake agreement expected with Yara for ~80% of the hydrogen production • Expect remaining ~20% of hydrogen to Air Products’ U.S. Gulf Coast hydrogen pipeline • Yara produces and ships the ammonia and has regulatory risk for CBAM Clearly defined construction cost and risk • Capital already invested leading to ~90% completion of detailed design along with the purchase of all major equipment, reducing inflation exposure • Obtain bids and finalize construction contracts Attractive return with traditional industrial gas risk profile • Targeting double-digit return on the go forward Air Products capital expenditures • Meaningful EPS uplift starting at onstream • Air Products receives the 45Q tax credit NEXT STEPS Finalize negotiations for CCS partner Negotiate formal EPC bids Finalize definitive agreements with Yara Final go / no-go FID by mid 2026 Evaluate potential equity partnerships
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25.6% 23.0% 24.4% Q4FY25 Q1FY25 Q1FY26 $812 $674 $757 Q4FY25 Q1FY25 Q1FY26 10.9% 11.9% 11.0% Q4FY25 Q1FY25 Q1FY26 $3.39 $2.86 $3.16 Q4FY25 Q1FY25 Q1FY26 Performance Highlights (comparisons to prior year unless otherwise noted) • Volume flat as favorable on-site offset lower helium, including prior year non- recurring helium sale in Americas • Price improved on non-helium products • Adjusted operating income* and operating margin* up on business mix, lower costs, and price • Energy pass-through lowered operating margin ~50bp • Results declined sequentially on volume and higher costs; includes seasonality Q1 Results Summary vs Q1FY25 vs Q4FY25 Sales 6% (2)% Volume - (3)% Price 1% - Energy pass-through 3% 1% Currency 2% - # Construction in Progress ~(400)bps of Adjusted ROC 10% vs PY (7)% vs PQ 12% vs PY (7)% vs PQ 140bp vs PY (120)bp vs PQ 7 (90)bp vs PY 10bp vs PQ * Non-GAAP financial measure is reconciled on our investor website. Adjusted EPS* ($/share) Adjusted ROC*#Adjusted Op Inc* ($MM) Adjusted Operating Margin*
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2.86 (0.16) 0.04 0.42 3.16 Q1FY25 Helium Currency Base ex helium Q1FY26 Q1 continues to demonstrate strength in base business 8 Adjusted EPS* * Non-GAAP financial measure is reconciled on our investor website. Base excluding helium Strong on-site volume; merchant stable Nominal new asset contribution; expected to ramp in second half Strong pricing in Europe and Americas Lower costs, including productivity, net of fixed cost inflation, and lower maintenance Helium Includes benefit from prior year non- recurring sale in Americas Lower underlying on price and volume
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Segment Performance Q1 FY2026 9 Sales % change vs Q1 FY25 Op Income % change vs Q1 FY25 Highlights Americas $1,342 million +4% $404 million +4% • Favorable non-helium price and on-site volume • Prior year included benefit from non-recurring helium sale • Lower maintenance Asia $832 million +2% $232 million +7% • Productivity improvements drove results • Reduced depreciation due to certain gasification assets classified as held for sale • Lower helium volume and price Europe $782 million +12% $224 million +20% • Favorable on-site and non-helium merchant volume, including prior year turnaround • Non-helium price and favorable currency more than offset higher costs Middle East & India $30 million (8)% $6 million N.M. • Continued focus on productivity • Equity affiliates’ income flat Corporate & Other $117 million +21% $(109) million +7% • Higher sale of equipment cost estimates • Lower Corporate overhead costs
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Cash Flow and Balance Sheet Q1 FY2026 (unless otherwise noted) $0.9B 2.2x $0.4B Cash flow from operations Base business supports stable cash flow Cash returned to shareholders 40+ consecutive years of dividend increases Adjusted Net Debt*- to-Adjusted EBITDA*1 Committed to our A/A2 rating * Non-GAAP financial measure is reconciled on our investor website. 1 Excludes net debt associated with NGHC joint venture; LTM calculation10 $0.9B Capital expenditures* Disciplined approach to capital investment $16,505 $11,570 $(4,935) Net Debt (-) NGHC Net Debt Adj. Net Debt Adjusted Net Debt*1 Million USD Adjusted Net Debt*-to-Adjusted EBITDA*1 Ratio 3.2x 2.2x (1.0x) Net Debt/ Adj. EBITDA (-) NGHC Net Debt Adjustment Adj. Net Debt/ Adj. EBITDA
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Q2 FY26 Adjusted EPS* $2.95 to $3.10 Up +10% to +15% vs prior year FY26 Adjusted EPS* $12.85 to $13.15 Up +7% to +9% vs prior year Outlook FY26 Capital Expenditures* ~$4.0 Billion Down ~$1B vs prior year *Non-GAAP financial measure. Reconciliation of historical adjusted EPS and capital expenditures is available on our investor website. Adjusted EPS guidance is provided on a diluted basis from continuing operations attributable to Air Products. Management is u nable to reconcile, without unreasonable efforts, the Company’s forecasted range of adjusted EPS or capital expenditures to a comparable GAAP range. • Continued focus on price and productivity • New asset contributions in second half • Assumes minimal market growth given macro-economic headwinds • Assumes favorable currency +1% vs PY • ~(4)% helium headwind similar to FY25 • Benefits from portfolio actions • Includes ~$1B associated to traditional IG growth projects • Significant capital to progress prior commitments to energy transition projects • Minimal investment beyond prior commitments on Louisiana Clean Energy Complex in FY26 • Reduced maintenance capex • Continued focus on price and productivity • Assumes favorable currency +3% vs PY • ~(3)% helium headwind 11
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30.4% 30.1% 30.1% Q4FY25 Q1FY25 Q1FY26 $392 $388 $404 Q4FY25 Q1FY25 Q1FY26 $1,290 $1,288 $1,342 Q4FY25 Q1FY25 Q1FY26 Americas: Results Summary Performance Highlights (comparisons to prior year unless otherwise noted) • Volume down primarily on prior year non-recurring helium sale • Price improved for non-helium products • Operating income up on price, on-site volume, and lower maintenance partially offset by prior year non-recurring items and fixed cost inflation • Energy pass-through lowered operating margin ~150bp • Results up sequentially on improved volume and price, partially offset by higher costs Operating Income ($MM) vs Q1FY25 vs Q4FY25 Sales 4% 4% Volume (4)% 2% Price 2% 1% Energy pass-through 6% 1% Currency - - 4% vs PY 4% vs PQ 3% vs PQ 4% vs PY (30)bp vs PQ Flat vs PY 13 Sales ($MM) Operating Margin
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26.0% 26.5% 27.9% Q4FY25 Q1FY25 Q1FY26 $227 $216 $232 Q4FY25 Q1FY25 Q1FY26 $870 $817 $832 Q4FY25 Q1FY25 Q1FY26 Asia: Results Summary Performance Highlights (comparisons to prior year unless otherwise noted) • Volume flat as on-site, including new assets, offset by lower helium • Price decline driven by helium • Operating income and operating margin up on productivity and reduced depreciation due to certain gasification assets being classified as held for sale, partially offset by lower helium • Results up sequentially on lower costs and business mix vs Q1FY25 vs Q4FY25 Sales 2% (4)% Volume - (3)% Price (1)% - Energy pass-through 2% - Currency 1% (1)% 190bp vs PQ 140bp vs PY 3% vs PQ 7% vs PY (4)% vs PQ 2% vs PY Operating Income ($MM) 14 Sales ($MM) Operating Margin
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30.1% 26.7% 28.6% Q4FY25 Q1FY25 Q1FY26 $238 $187 $224 Q4FY25 Q1FY25 Q1FY26 $32 $33 $30 Q4FY25 Q1FY25 Q1FY26 $789 $697 $782 Q4FY25 Q1FY25 Q1FY26 Europe: Results Summary Performance Highlights (comparisons to prior year unless otherwise noted) • Favorable non-helium volume, including prior year turnaround • Price improved for non-helium products • Operating income and operating margin up on volume and price, partially offset by higher costs; currency improved results • Results down sequentially, primarily higher costs and lower volume vs Q1FY25 vs Q4FY25 Sales 12% (1)% Volume 5% (2)% Price 1% - Energy pass-through (2)% 1% Currency 8% - (150)bp vs PQ 190bp vs PY (1)% vs PQ 12% vs PY (6)% vs PQ 20% vs PY Operating Income ($MM) Operating Margin 15 Sales ($MM)
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$92 $85 $85 Q4FY25 Q1FY25 Q1FY26 $5 $(1) $6 Q4FY25 Q1FY25 Q1FY26 $32 $33 $30 Q4FY25 Q1FY25 Q1FY26 Middle East and India: Results Summary Performance Highlights (comparisons to prior year unless otherwise noted) • Operating income increased on lower costs • Equity affiliates’ income flat vs prior year; down sequentially on affiliates in Saudi Arabia $(3) vs PY $(2) vs PQ $6 vs PY $1 vs PQ Flat vs PY $(7) vs PQ Sales ($MM) Equity Affiliates’ Income ($MM) 16 Operating Income ($MM)
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$(49) $(117) $(109) Q4FY25 Q1FY25 Q1FY26 $186 $97 $117 Q4FY25 Q1FY25 Q1FY26 Corporate and Other: Results Summary Performance Highlights (comparisons to prior year unless otherwise noted) • Operating income favorable primarily on lower costs, including productivity • Results declined sequentially on sale of equipment, including project activity and changes to project estimates $(69) vs PQ $20 vs PY $8 vs PY $(60) vs PQ Sales ($MM) Operating Income ($MM) 17