Air Products & Chemicals, Inc.

FIRST QUARTER 2026 VS. FIRST QUARTER 2025

FIRST QUARTER 2026 IN SUMMARY

•Sales of $3.1 billion increased 6%, or $171.0, due to higher energy cost pass-through to customers of 3%, a favorable impact from currency of 2%, and higher pricing of 1%. Volumes were flat on a percentage basis as higher on-sites were offset by lower helium demand and a significant prior year, non-recurring helium sale to an existing merchant customer in the Americas segment.

•Operating income of $734.5 increased 14%, or $90.9, primarily due to favorable business mix, lower costs, and higher non‑helium merchant pricing. Operating margin of 23.7% increased 170 basis points ("bp") from 22.0% in the prior year. On a non-GAAP basis, adjusted operating income of $756.5 increased 12%, or $83.0, and adjusted operating margin of 24.4% increased 140 bp compared to 23.0% in the prior year. These non-GAAP results exclude charges recorded in fiscal year 2026 to update cost estimates related to prior-year business and asset actions as well as prior-year shareholder activism-related costs as discussed below.

•Earnings per share ("EPS") of $3.04 increased 10%, or $0.27 per share. A summary table of changes in EPS is presented on page 40. On a non-GAAP basis, adjusted EPS of $3.16 increased 10%, or $0.30 per share, and also excludes non‑operating adjustments for a prior‑year gain on certain de‑designated hedging instruments and non‑service pension cost as discussed below.

Summary of Changes in EPS

The per share impacts for the items presented in the table below were calculated independently and may not sum to the total change in EPS due to rounding.

(A)EPS impacts associated with charges for business and asset actions were calculated based on a total after-tax charge of $24.6 ($0.11 per share).

(B)EPS impact reflected within "Gain on de-designation of cash flow hedges" was calculated based on an after-tax gain attributable to Air Products of $10.3. The gain attributable to our noncontrolling partners was $25.2.

The table below summarizes the per share impact of our non-GAAP adjustments for the first quarter of fiscal years 2026 and 2025. These impacts were calculated independently and may not sum to totals due to rounding.