Air Products & Chemicals, Inc.

FIRST NINE MONTHS 2025 VS. FIRST NINE MONTHS 2024

FIRST NINE MONTHS 2025 IN SUMMARY

•Sales of $8.9 billion decreased $42.7. On a percentage basis, sales were flat as higher energy cost pass-through to customers of 2% and higher pricing of 1% were offset by lower volumes of 3%. Unfavorable volumes were driven by the September 2024 LNG divestiture, lower global helium demand, and previously announced project exits, partially offset by higher on-sites and favorable non-recurring items in the Americas segment.

•Operating loss was $893.8 and operating margin was negative 10.1%, primarily due to project exit costs in fiscal year 2025. In the prior year, operating income was $2.0 billion and operating margin was 22.9%.

•Equity affiliates' income of $463.7 decreased 1%, or $6.9, primarily due to lower income from JIGPC, a prior year asset sale in an Americas affiliate, and an impairment charge related to a joint venture in China that was recorded during the second quarter of fiscal year 2025. These impacts were partially offset by higher income from an affiliate in Italy.

•Net loss was $364.5, primarily due to materially higher charges for business and asset actions in fiscal year 2025. In the prior year, net income was $1.9 billion.

•Adjusted EBITDA of $3.7 billion increased 1%, or $28.2, as higher pricing and productivity improvements were partially offset by higher costs, lower volumes, and unfavorable currency.

•Loss per share of $1.76 was driven by an after-tax charge attributable to Air Products of $2.3 billion for business and asset actions that was primarily recorded during the second quarter. In the prior year, earnings per share ("EPS") was $8.43. Major factors impacting earnings (loss) per share are summarized in the table presented on page 56.

•Adjusted EPS of $8.63 decreased 3%, or $0.24. Adjusted EPS excludes charges for business and asset actions and other items as summarized in the reconciliation on page 67.

Summary of Changes in Earnings (Loss) Per Share

The diluted per share impacts presented in the tables below were calculated independently and do not sum to the total change due to rounding.

**Change versus prior period is not meaningful due to materially higher charges for business and asset actions in fiscal year 2025. The per share impact of these charges is primarily reflected in the "Operating Items" section in the table above.

(A)The per share impacts associated with charges for business and asset actions were calculated based on a total after-tax charge attributable to Air Products of $2.3 billion ($10.35 per share). The amount of the charges attributable to our noncontrolling partners was $3.5.

(B)Reflected on the consolidated income statements within "Other income (expense), net."

(C)The per share impact reflected within "Gain on de-designation of cash flow hedges" was calculated based on an after-tax gain attributable to Air Products of $7.2 ($0.03 per share) compared to $3.0 ($0.01 per share) in the prior year. Amounts attributable to our noncontrolling partners were $17.6 and $7.3, respectively.

The table below summarizes the diluted per share impact of our non-GAAP adjustments for the first nine months of fiscal years 2025 and 2024:

(A)The charge for business and asset actions in fiscal year 2025 was primarily recorded within operating results. For additional information regarding this charge, Refer to Note 4, Business and Asset Actions, to the consolidated financial statements.