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Fiscal Third Quarter 2026 Earnings Results Teleconference July 30, 2026
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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 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 third quarter of fiscal year 2026 andour Annual Report on Form 10- 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 cautioned not to place undue reliance on our forward-looking statements. Except as required by law, the Company disclaims any obligation or undertaking to update or revise any forward-looking statements contained herein to reflect any change in assumptions, beliefs, or expectations or any change in events, conditions, or circumstances upon which any such forward-looking statements are based. Non-GAAP Financial Measures Forward-Looking Statements 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”). These non-GAAP financial measures are identified by an asterisk (*) throughout this presentation. Reconciliations of non-GAAP financial measures to the most directly comparable GAAP measures are available on our investor website in the relevant Earnings Release section, except for forecasted adjusted EPS and capital expenditures and targeted adjusted net debt-to-adjusted EBITDA ratio, for which reconciliations are not provided because it is not possible, without unreasonable efforts, to predict the timing or occurrence of the events, transactions or future investment activities that affect these measures. Adjusted EPS guidance is provided on a diluted basis from continuing operations attributable to Air Products. 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 3 $3.47 Adjusted Earnings Per Share* ($/share) Up 12%, primarily driven by volume and equity affiliates’ income $0.8 Adjusted Operating Income* ($B) Up 9%, primarily Asia and Americas; includes 3% currency 25.6% Adjusted Operating Margin* (%) Improved 110 bps, primarily volume and price partially offset by higher costs $3.2 Sales ($B) Up 5%: volume 3%, price 1%, currency 1%; energy pass-through flat $3.3 Operating Cash Flow ($B) YTD Base business supports strong cash flow 11.7% Adjusted ROC* (%) LTM Up 60 bps vs prior year and 30 bps sequentially Continued underlying business performance drove third quarter growth Q3 FY2026 (comparisons versus prior year third quarter)
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Making progress relative to our key priorities 4 Unlock earnings growth • Adjusted EPS* up 14% year-to-date; raised full-year adjusted EPS guidance* • Volume growth led by on-site, including new asset start-ups • Pricing combined with productivity more than offset inflation • Year-to-date SG&A costs lower 2% vs. prior year, reflecting progress on rightsizing the organization • Exited Louisiana Clean Energy Complex (LCEC) • Additional project cancellations for Arizona (Casa Grande) and other smaller clean energy distribution projects • Actions underway to redeploy the industrial gas assets and sell ammonia production assets from LCEC • Finalized marketing and distribution agreement with Yara for renewable ammonia • Clear pathway for a significant reduction in capex • Capex to deliver backlog of traditional IG projects of approximately $3.0 billion, including new project wins in electronics • Free cash flow1 positive year-to-date on strong operating cash flow • Continue to return cash to shareholders in the form of dividends Optimize large projects Maintain capital discipline 5-Year Roadmap Target Metrics High single-digit annual adjusted 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* 1 Adjusted for NGHC capex, less our approximate cash investment in the joint venture
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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 as renewable hydrogen Reduces Air Products’ need for green hydrogen downstream investment Improves commercial visibility to green ammonia market 5
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Investing in growth with high-quality, traditional industrial gas projects 6 Project backlog criteria: • Final investment decision reached • Meets risk-adjusted return objectives • Quality customers $3.0B Traditional IG backlog Includes electronics, space, and smaller traditional IG projects Lower capex expected following completion of legacy clean energy projects • Traditional backlog: ~$1.5B+ per year in traditional IG at target • Maintenance: expect to reduce from FY26 • NEOM Green Hydrogen Company (NGHC): includes equity participation only • Underperforming projects: previously disclosed projects, largely Edmonton ~$3.5 B ~$3.0 B ~$2.0 to $2.5 B FY26 FY27 Target Committed backlog Maintenance NGHC Exited projects Underperforming Electronics backlog: • $2.4B in electronics projects in backlog • $1.5B+ in project wins within last 6 months
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11.4% 11.1% 11.7% Q2FY26 Q3FY25 Q3FY26 23.7% 24.5% 25.6% Q2FY26 Q3FY25 Q3FY26 $753 $741 $810 Q2FY26 Q3FY25 Q3FY26 $3.20 $3.09 $3.47 Q2FY26 Q3FY25 Q3FY26 Q3 Results Summary Performance Highlights (comparisons to prior year unless otherwise noted) • Adjusted operating income* and adjusted operating margin* primarily up on volume and price, partially offset by higher costs; currency improved results 3% • Volume up primarily on on-site, including new assets and HyCO • Results up sequentially on volume, including new assets, and price, partially offset by higher costs vs Q3FY25 vs Q2FY26 Sales 5% - Volume 3% 2% Price 1% 1% Energy pass-through - (3)% Currency 1% - # Construction in Progress ~(400)bps of Adjusted ROC 12% vs PY 8% vs PQ 9% vs PY 8% vs PQ 110bp vs PY 190bp vs PQ 7 60bp vs PY 30bp vs PQ Adjusted EPS* ($/share) Adjusted ROC*#Adjusted Op Inc* ($MM) Adjusted Operating Margin*
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3.09 (0.07) 0.08 0.37 3.47 Q3FY25 Helium Currency Base ex helium Q3FY26 Underlying performance drove improvement compared to prior year 8 Adjusted EPS* • Favorable on-site volume • New assets contributing as expected • Non-helium pricing in Americas and Europe • Higher costs, including fixed cost inflation • Strong equity affiliate contribution • Lower helium pricing partially offset by positive momentum in electronics volume +2% +12%(2)%Change vs PY +12%
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Segment Operating Income Highlights Q3 FY2026 9 Op income ($MM) % change vs PY Op margin (%) bp change vs PY Highlights Americas $395 +6% 29.9% +20bp • Favorable on-site, including HyCO and new asset contribution • Higher costs Asia $256 +18% 28.9% +210bp • Benefit from gasification assets held for sale • New asset contribution • Helium improvement Europe $231 +2% 28.3% (90)bp • Pricing more than offset higher power costs • Higher costs Middle East & India $8 (1)% N.M. • Lower volume offset by pricing Corporate & Other $(80) +3% N.M. • Continued productivity improvements • Lower sale of equipment activity
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Cash Flow and Balance Sheet Q3 FY2026 year-to-date (unless otherwise noted) $3.3B 2.1x $1.2B 1 Excludes net debt associated with NGHC joint venture; LTM calculation 10 $2.6B Cash flow from operations Base business supports strong cash flow Cash returned to shareholders 40+ consecutive years of dividend increases Adjusted Net Debt*- to-Adjusted EBITDA*1 Long-term focus on A/A2 rating and rightsizing our balance sheet Capital expenditures* On track to spend ~$1.5B less capex from prior year
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Outlook Q4 FY26 Adjusted EPS* $3.55 to $3.65 Up +5% to +8% vs prior year FY26 Adjusted EPS* $13.39 to $13.49 Up +11% to +12% vs prior year FY26 Capital Expenditures* ~$3.5 Billion Down ~$1.5 vs prior year • Continued focus on price and productivity • New asset contributions • Assumes minimal market growth • Currency assumption remains ~+2% vs PY • Updated helium assumption to ~(3)% headwind vs PY • Benefits from portfolio actions • Includes ~$1B associated to traditional IG growth projects • Significant capital to make progress on prior commitments related to energy transition projects • Reduced maintenance capex • Continued focus on price and productivity • Assumes currency relatively flat vs PY • ~(2)% helium headwind • New asset contributions similar to Q3 • Includes interest expense due to cancelled projects 11
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Appendix 12
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Americas: Results Summary 27.0% 29.7% 29.9% Q2FY26 Q3FY25 Q3FY26 $374 $374 $395 Q2FY26 Q3FY25 Q3FY26 $1,384 $1,261 $1,321 Q2FY26 Q3FY25 Q3FY26 Performance Highlights (comparisons to prior year unless otherwise noted) • Operating income up on volume and price, partially offset by higher costs • Strong volume from on-site, including HyCO and new asset contribution • Energy pass-through improved operating margin ~50bp vs prior year and ~200bp sequentially • Results up sequentially, including new asset contribution Operating Income ($MM) vs Q3FY25 vs Q2FY26 Sales 5% (5)% Volume 7% 4% Price - (1)% Energy pass-through (2)% (8)% Currency - - 5% vs PY (5)% vs PQ 6% vs PQ 6% vs PY 290bp vs PQ 20bp vs PY 13 Sales ($MM) Operating Margin
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Asia: Results Summary 28.8% 26.8% 28.9% Q2FY26 Q3FY25 Q3FY26 $240 $217 $256 Q2FY26 Q3FY25 Q3FY26 $833 $810 $886 Q2FY26 Q3FY25 Q3FY26 Performance Highlights (comparisons to prior year unless otherwise noted) • Operating income and operating margin up, primarily driven by volume and lower depreciation from certain gasification assets held for sale • Volume up on on-sites, including new assets, and helium • Results up sequentially on helium and recovery following Lunar New Year, partially offset by higher planned maintenance vs Q3FY25 vs Q2FY26 Sales 9% 6% Volume 6% 4% Price - 2% Energy pass-through 1% (1)% Currency 2% 1% 10bp vs PQ 210bp vs PY 7% vs PQ 18% vs PY 6% vs PQ 9% vs PY Operating Income ($MM) 14 Sales ($MM) Operating Margin
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26.8% 29.2% 28.3% Q2FY26 Q3FY25 Q3FY26 $212 $225 $231 Q2FY26 Q3FY25 Q3FY26 $789 $771 $816 Q2FY26 Q3FY25 Q3FY26 Europe: Results Summary Performance Highlights (comparisons to prior year unless otherwise noted) • Operating income up on price and currency partially offset by higher costs • Favorable business mix attributable to higher-margin on-site volumes benefited operating income • Pricing more than offset higher power costs • Energy pass-through lowered operating margin ~(50)bp • Results up sequentially primarily on merchant volume and pricing vs Q3FY25 vs Q2FY26 Sales 6% 3% Volume (2)% 1% Price 2% 1% Energy pass-through 3% 1% Currency 3% - 150bp vs PQ (90)bp vs PY 3% vs PQ 6% vs PY 9% vs PQ 2% vs PY Operating Income ($MM) Operating Margin 15 Sales ($MM)
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$79 $86 $101 Q2FY26 Q3FY25 Q3FY26 $5 $8 $8 Q2FY26 Q3FY25 Q3FY26 $29 $38 $35 Q2FY26 Q3FY25 Q3FY26 Middle East and India: Results Summary Performance Highlights (comparisons to prior year unless otherwise noted) • Operating income relatively flat, primarily driven by lower volume and higher price • Equity affiliates’ income up vs prior year and sequentially on affiliates in Saudi Arabia (9)% vs PY 19% vs PQ (1)% vs PY 74% vs PQ 18% vs PY 28% vs PQ Sales ($MM) Equity Affiliates’ Income ($MM) 16 Operating Income ($MM)
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$(77) $(83) $(80) Q2FY26 Q3FY25 Q3FY26 $137 $143 $103 Q2FY26 Q3FY25 Q3FY26 Corporate and Other: Results Summary Performance Highlights • Operating income improved on productivity improvements and favorable foreign exchange impacts, partially offset by lower sale of equipment activity • Results unfavorable sequentially on higher costs (25)% vs PQ (28)% vs PY 3% vs PY (4)% vs PQ Sales ($MM) Operating Income ($MM) 17
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$16,687 $11,442 $(5,245) Net Debt* (-) NGHC Net Debt* Adjustment Adj. Net Debt* Adjusted Net Debt*1 Million USD Adjusted Net Debt*-to-Adjusted EBITDA*1 Ratio 3.1x 2.1x (1.0x) Net Debt*/ Adj. EBITDA* (-) NGHC Net Debt* Adjustment Adj. Net Debt*/ Adj. EBITDA* Adjusted Net Debt* and Leverage Ratio Adjusted for NGHC Net Debt* 1 Excludes net debt associated with NGHC joint venture; LTM calculation 18