Air Products (APD) official guidance

Translating our backlog into a view of capital expenditures, on the right-hand side of this slide, we are targeting to invest approximately $1.5 billion per year going forward in traditional industrial gas projects. These are air separation and hydrogen projects of varying sizes, and there are new projects being added and completed projects being removed from the list. The CapEx figures for fiscal year 2027 are preliminary and represent the committed spend for traditional industrial gas projects based on our current backlog.

For capital expenditures, we now expect to spend approximately $3.5 billion this fiscal year.

We expect our fourth quarter earnings per share will be in the range of $3.55-$3.65, up 5%-8% from the prior year.

As a final note, we do not expect this project to have a material financial impact in fiscal year 2027.

Air Products is raising its full-year fiscal 2026 adjusted EPS guidance\* to a range of $13.39 to $13.49.

As we have previously indicated, we expect to reduce our capital expenditure by approximately $1 billion in fiscal 2026 and remain on track to achieve that objective.

Specific to the third quarter, we expect to deliver earnings per share in the range of $3.25-$3.35, representing a 5%-8% growth from the prior year.

Already, with the long-term agreements signed during the last six months, we expect our helium volumes to large electronic customers in Asia to more than double between 2026 and 2030.

For the second quarter of 2026, we expect to deliver earnings per share in the range of $2.95-$3.10, representing a 10%-15% improvement from the prior year.

With respect to capital, we expect to spend approximately $4 billion as we execute on our project backlog, including approximately $1 billion on traditional industrial gas projects, and invest in ongoing maintenance.

We have roughly $2.5 billion remaining to be spent on these projects from 2026 to 2028.

For the first quarter of 2026, we expect to deliver earnings per share in the range of $2.95-$3.10, representing a 3%-8% improvement from the prior year.

However, we did see a slight decline in our Jazan joint venture in 2025, and we actually look for that to be a pickup in 2026. Obviously, interest rates do impact that. As interest rates do decline, we will see improvement on the equity affiliate contributions from our Jazan joint venture.

Our Mexican joint venture did see improvements year over year. We do expect about a flat going into fiscal year 2026.

As we look to de-risk our Louisiana projects and optimize our portfolio, we expect to be modestly cash flow positive in fiscal year 2026 and are committed to staying cash flow neutral through 2028 as we close out on several projects.

As we look to de-risk our Louisiana projects and optimize our portfolio, we expect to be modestly cash flow positive in fiscal year 2026 and are committed to staying cash flow neutral through 2028 as we close out on several projects.