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Air Products & Chemicals, Inc. - Quarter Report: 2025 June (Form 10-Q)

Item 5. Other Information
82
Item 6. Exhibits
83
Signature
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FORWARD-LOOKING STATEMENTS
This Quarterly Report on Form 10-Q contains “forward-looking statements” within the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include all statements that do not relate solely to historical or current facts and can generally be identified by words such as “anticipate,” “believe,” “could,” “estimate,” “expect,” “forecast,” "future," “goal,” “intend,” “may,” “outlook,” “plan,” “position,” “possible,” “potential,” “project,” “should,” “target,” “will,” “would,” and similar expressions or variations thereof, or the negative thereof, but these terms are not the exclusive means of identifying such statements. Forward-looking statements are based on management’s expectations and assumptions as of the date of this report and are not guarantees of future performance. You are cautioned not to place undue reliance on our forward-looking statements.
Forward-looking statements may relate to a number of matters, including expectations regarding revenue, margins, expenses, earnings, tax provisions, cash flows, pension obligations, share repurchases or other statements regarding economic conditions or our business outlook; statements regarding capital expenditures and plans, projects, strategies and objectives for our future operations, including our ability to win new projects and execute the projects in our backlog; and statements regarding our expectations with respect to pending legal claims or disputes. 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:
•changes in global or regional economic conditions, inflation, and supply and demand dynamics in the market segments we serve, including demand for technologies and projects to limit the impact of global climate change;
•changes in the financial markets that may affect the availability and terms on which we may obtain financing;
•the ability to execute agreements with customers and implement price increases to offset cost increases;
•disruptions to our supply chain and related distribution delays and cost increases;
•risks associated with having extensive international operations, including political risks, risks associated with unanticipated government actions and risks of investing in developing markets;
•project delays, scope changes, cost escalations, contract terminations, customer cancellations, or postponement of projects and sales;
•our ability to safely develop, operate, and manage costs of large-scale and technically complex projects;
•the future financial and operating performance of major customers, joint ventures, and equity affiliates;
•our ability to safely and effectively develop, implement, and operate new technologies and to market products produced utilizing new technologies;
•our ability to execute the projects in our backlog and refresh our pipeline of new projects;
•tariffs, economic sanctions and regulatory activities in jurisdictions in which we and our affiliates and joint ventures operate;
•the impact of environmental, tax, safety, or other legislation, as well as regulations and other public policy initiatives affecting our business and the business of our affiliates and related compliance requirements, including legislation, regulations, or policies intended to address global climate change;
•changes in tax rates and other changes in tax law;
•safety incidents relating to our operations;
•the timing, impact, and other uncertainties relating to acquisitions, divestitures, and joint venture activities, as well as our ability to integrate acquisitions and separate divested businesses, respectively;
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FORWARD-LOOKING STATEMENTS (CONTINUED)
•risks relating to cybersecurity incidents, including risks from the interruption, failure or compromise of our information systems or those of our business partners or service providers;
•catastrophic events, such as natural disasters and extreme weather events, pandemics and other public health crises, acts of war, including Russia’s invasion of Ukraine and new and ongoing conflicts in the Middle East, or terrorism;
•the impact on our business and customers of price fluctuations in oil and natural gas and disruptions in markets and the economy due to oil and natural gas price volatility;
•costs and outcomes of legal or regulatory proceedings and investigations;
•asset impairments due to economic conditions or specific events;
•significant fluctuations in inflation, interest rates, and foreign currency exchange rates from those currently anticipated;
•damage to facilities, pipelines or delivery systems, including those we are constructing or that we own or operate for third parties;
•availability and cost of electric power, natural gas, and other raw materials; and
•the commencement and success of any productivity and operational improvement programs.
In addition to the foregoing factors, forward-looking statements contained herein are qualified with respect to the risks disclosed elsewhere in this document, including in Item 2, Management’s Discussion and Analysis of Financial Condition and Results of Operations, and Item 3, Quantitative and Qualitative Disclosures About Market Risk, as well as with respect to the risks described in Item 1A, Risk Factors, to our Annual Report on Form 10-K for the fiscal year ended 30 September 2024. Any of these factors, as well as those not currently anticipated by management, could cause our results of operations, financial condition or liquidity to differ materially from what is expressed or implied by any forward-looking statement. Except as required by law, we disclaim 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.

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PART I—FINANCIAL INFORMATION
Item 1. Financial Statements
Air Products and Chemicals, Inc. and Subsidiaries
CONSOLIDATED INCOME STATEMENTS
(Unaudited)
Three Months EndedNine Months Ended
30 June30 June
(Millions of U.S. Dollars, except for share and per share data)2025202420252024
Sales$ $ $ $ 
Cost of sales    
Selling and administrative expense    
Research and development expense    
Business and asset actions    
Shareholder activism-related costs    
Gain on sale of business    
Other income (expense), net    
Operating Income (Loss)  () 
Equity affiliates' income    
Interest expense    
Other non-operating income (expense), net()() ()
Income (Loss) From Continuing Operations Before Taxes  () 
Income tax expense (benefit)  () 
Income (Loss) From Continuing Operations  () 
Loss from discontinued operations, net of tax() () 
Net Income (Loss)  () 
Net income attributable to noncontrolling interests    
Net Income (Loss) Attributable to Air Products$ $ ($)$ 
Net Income (Loss) Attributable to Air Products
Net income (loss) from continuing operations$ $ ($)$ 
Net loss from discontinued operations() () 
Net Income (Loss) Attributable to Air Products$ $ ($)$ 
Per Share Data(A) (U.S. Dollars per share)
Basic earnings (loss) per share from continuing operations$ $ ($)$ 
Basic loss per share from discontinued operations() () 
Basic Earnings (Loss) Per Share Attributable to Air Products$ $ ($)$ 
Diluted earnings (loss) per share from continuing operations$ $ ($)$ 
Diluted loss per share from discontinued operations() () 
Diluted Earnings (Loss) Per Share Attributable to Air Products$ $ ($)$ 
Weighted Average Common Shares (in millions)
Basic    
Diluted    
(A) Earnings (loss) per share is calculated independently for each component and may not sum to total earnings (loss) per share due to rounding.
The accompanying notes are an integral part of these statements.
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Air Products and Chemicals, Inc. and Subsidiaries
CONSOLIDATED COMPREHENSIVE INCOME STATEMENTS
(Unaudited)
Three Months Ended
30 June
(Millions of U.S. Dollars)20252024
Net Income$ $ 
Other Comprehensive Income (Loss), net of tax:
Translation adjustments, net of tax of ($) and $
 ()
Net gain on derivatives, net of tax of $ and ($)
  
Reclassification adjustments:
Currency translation adjustment  
Derivatives, net of tax of ($) and $
() 
Pension and postretirement benefits, net of tax of $ and $
  
Total Other Comprehensive Income (Loss) ()
Comprehensive Income$ $ 
Net Income Attributable to Noncontrolling Interests  
Other Comprehensive Income Attributable to Noncontrolling Interests  
Comprehensive Income Attributable to Air Products$ $ 

                                  ))    
Nine Months Ended
30 June
(Millions of U.S. Dollars)20252024
Net Income (Loss)($)$ 
Other Comprehensive Income, net of tax:
Translation adjustments, net of tax of ($) and ($)
  
Net gain (loss) on derivatives, net of tax of ($) and $
 ()
Reclassification adjustments:
Currency translation adjustment  
Derivatives, net of tax of $ and $
  
Pension and postretirement benefits, net of tax of $ and $
  
Total Other Comprehensive Income  
Comprehensive Income (Loss)($)$ 
 
 
 
 
$ 
(A) and $ as of 30 June 2025 and 30 September 2024, respectively, as well as liabilities of the VIE reflected within "Total Liabilities" for which creditors do not have recourse to the general credit of Air Products of $ and $ as of 30 June 2025 and 30 September 2024, respectively. Refer to Note 3, Variable Interest Entities, for additional information regarding the NEOM Green Hydrogen Company joint venture.
The accompanying notes are an integral part of these statements.
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Air Products and Chemicals, Inc. and Subsidiaries
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
Nine Months Ended
 30 June
(Millions of U.S. Dollars)20252024
Operating Activities
Net income (loss)($)$ 
Less: Net income attributable to noncontrolling interests of continuing operations  
Net income (loss) attributable to Air Products($)$ 
Net loss from discontinued operations
  
Net income (loss) from continuing operations attributable to Air Products() 
Adjustments to reconcile income to cash provided by operating activities:
Depreciation and amortization$ $ 
Deferred income taxes()()
Tax reform repatriation() 
Gain on sale of business() 
Business and asset actions  
Undistributed earnings of equity method investments()()
Gain on sale of assets and investments()()
Share-based compensation  
Noncurrent lease receivables  
Other adjustments  
Working capital changes that provided (used) cash, excluding effects of acquisitions:
Trade receivables()()
Inventories()()
Other receivables() 
Payables and accrued liabilities()()
Other working capital()()
Cash Provided by Operating Activities$ $ 
Investing Activities
Additions to plant and equipment, including long-term deposits($)($)
Acquisitions, less cash acquired() 
Investment in and advances to unconsolidated affiliates() 
Investment in financing receivables()()
Proceeds from sale of assets and investments  
Purchases of short-term investments
()()
Proceeds from short-term investments
  
Other investing activities  
Cash Used for Investing Activities($)($)
Financing Activities
Long-term debt proceeds$ $ 
Payments on long-term debt()()
Net increase (decrease) in commercial paper and short-term borrowings ()
Dividends paid to shareholders()()
Proceeds from stock option exercises   
Investments by noncontrolling interests  
Other financing activities()()
Cash Provided by Financing Activities$ $ 
Effect of Exchange Rate Changes on Cash()()
(Decrease) Increase in cash and cash items($)$ 
Cash and cash items – Beginning of year  
Cash and Cash Items – End of Period$ $ 
 — — — — — ()()  — — — — —     — — — — —     — — — — —    $ $ ($)($)$ $ $ 
(A)

The accompanying notes are an integral part of these statements.

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Air Products and Chemicals, Inc. and Subsidiaries
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
Millions of U.S. Dollars, unless otherwise indicated

1.
12
2.
12
3.
13
4.
17
5.
18
6.
19
7.
21
8.
21
9.
21
10.
22
11.
29
12.
31
13.
33
14.
34
15.
37
16.
38
17.
39
18.
40
19.
41
20.
43
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1.
Major Accounting Policies
Refer to our 2024 Form 10-K for a description of major accounting policies. There have been no significant changes to these accounting policies during the first nine months of fiscal year 2025.

2.

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3.
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billion engineering, procurement, and construction agreement with Air Products named as the main contractor and system integrator for the facility. NGHC secured project financing that is non-recourse to Air Products of approximately $ billion, which is expected to fund about % of the project and will be drawn over the construction period. At the same time, NGHC secured additional credit facilities that are non-recourse to Air Products, which total approximately $ and are primarily for NGHC's working capital needs. Total principal borrowings were $ billion and $ billion as of 30 June 2025 and 30 September 2024, respectively. These balances include short-term borrowings of $ and $, respectively, from a % variable rate Saudi Riyal facility. The remaining borrowings include long-term facilities that are reflected net of unamortized discounts and debt issuance costs within "Long-term debt" on our consolidated balance sheets.)$ $ $ Amount attributable to noncontrolling partners in NGHC()   Amount attributable to Air Products after tax()   
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 $ Trade receivables, net  Prepaid expenses  Other receivables and current assets  
Total Current Assets
$ $ Plant and equipment, net  Operating lease right-of-use assets, net  Other noncurrent assets  
Total Noncurrent Assets
$ $ 
Total Assets
$ $ LiabilitiesPayables and accrued liabilities$ $ Accrued income taxes  Short-term borrowings  
Total Current Liabilities
$ $ Long-term debt  Noncurrent operating lease liabilities  Other noncurrent liabilities  Deferred income taxes  
Total Noncurrent Liabilities
$ $ 
Total Liabilities
$ $ EquityAccumulated other comprehensive income$ $ Noncontrolling interests  

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-year agreement, which commenced in the first quarter of fiscal year 2022. JIGPC recorded financing receivables upon acquisition of the assets and recognizes financing income over the supply term.
We determined JIGPC is a VIE for which we exercise significant influence but are not the primary beneficiary as we do not have the power to direct the activities that are most significant to its economic performance. Instead, these activities, including plant dispatch, operating and maintenance decisions, budgeting, capital expenditures, and financing, require unanimous approval of the owners or are controlled by the customer. Accordingly, we account for our % investment, which includes % that is attributable to the noncontrolling partner of APQ, under the equity method within the Middle East and India segment.
Our loss exposure is limited to our investment in the joint venture. The carrying value of our investment, including amounts attributable to noncontrolling interests, totaled $ billion and $ billion as of 30 June 2025 and 30 September 2024, respectively. The balance as of 30 June 2025 reflects a final investment of approximately $ that we completed during the second quarter of fiscal year 2025. This investment was made in the form of a shareholder loan, which the joint venture used to purchase the remaining project assets.
Our investment primarily consists of shareholder loans that qualify as in-substance common stock in the joint venture. Certain shareholders receive a preferred cash distribution pursuant to the joint venture agreement, which specifies each shareholder’s share of income after considering the amount of cash available for distribution. As such, the earnings attributable to Air Products may not be proportionate to our ownership interest in the venture.
World Energy
In November 2023, we purchased a sustainable aviation fuel (“SAF”) facility in Paramount, California, from World Energy and accounted for the transaction as a financing arrangement because the agreement contained an embedded sales-type lease. As of 30 September 2024, the related financing receivable had a carrying value of approximately $. Additionally, we entered into a Master Project Agreement ("MPA") that included terms for operation of the acquired facility as well as amended terms for the construction and operation of an SAF expansion project subject to construction at the same location. The MPA also included a tolling arrangement whereby we would receive feedstock from and produce renewable fuels for World Energy over a term to conclude years after onstream of the expansion project with the option to renew for terms. Subsequently, the expansion project was put on hold pending receipt of permits.
We determined that World Energy is a VIE, and our financing receivable represented a variable interest in World Energy. We are not the primary beneficiary as we do not have control over their key operating decisions, including feedstock supply, production of renewable fuels, and negotiating and executing supply agreements with customers.
During the second quarter of fiscal year 2025, we terminated the MPA and announced our decision to exit the project. In connection with this decision, we recorded project exit charges totaling approximately $ billion, the majority of which were recognized at the time of the announcement. The charges included approximately $ billion to write down assets that had primarily been reflected within "Plant and equipment, net" and $ to establish an allowance for credit loss equal to the value of the financing receivable, which had previously been placed on non-accrual status. The remaining charge primarily reflects estimated costs to terminate contractual commitments and satisfy other obligations associated with exiting the site. We have no further loss exposure related to our variable interest in World Energy as of 30 June 2025; however, there could be future impacts to earnings as we finalize our exit from the project.
The charges discussed above were recorded in aggregate with those related to other actions as described in Note 4, Business and Asset Actions. Estimates used to calculate the charges reflect our best judgment based on information available as of 30 June 2025. The amount and timing of final settlement of these items may differ materially from our current estimates, which could materially impact our consolidated financial statements in future periods.
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4.
($ after tax) and $ ($ after tax attributable to Air Products) for the three and nine months ended 30 June 2025, respectively, were primarily recognized through operating results for project exit costs related to an ongoing review of our project backlog. The portion of the charge attributable to our noncontrolling partners was $. The nine months ended 30 June 2024 reflect a charge of $ ($ after tax) that was recorded during the second quarter for involuntary termination benefits under our ongoing global cost reduction plan.
Project Exit Costs
During the second quarter of fiscal year 2025, our Board of Directors and Chief Executive Officer initiated a review of our project portfolio in an effort to streamline our backlog and prioritize resources on projects that we believe will enhance shareholder value. In connection with this review, we decided to exit various projects related to clean energy generation and distribution. As a result of these decisions, we recorded project exit costs of $ and $ through operating results and equity affiliates' income, respectively, during the first nine months of fiscal year 2025. The majority of these costs are related to projects in the Americas segment.
The $ charge recorded to operating results primarily included the write-down of project assets to their estimated net realizable value of $, which was determined using significant unobservable inputs based on our best judgment regarding assumptions we expect market participants would use, as well as estimated costs required to terminate various contractual commitments. The $ charge recorded to equity affiliates' income reflected an other-than-temporary impairment of a joint venture in China that had been formed to develop clean hydrogen infrastructure in the region.
 
Noncash expenses(B)
()
Cash payments(C)
()Currency translation adjustment 
Amount accrued as of 30 June 2025
$ 
(A)Includes $ recorded in the second quarter following the initial decision to exit certain projects. An additional $ was recorded during the third quarter based on updated cost estimates associated with these actions.
(B)Primarily attributable to plant and equipment and other noncurrent assets associated with the sustainable aviation fuel expansion project with World Energy. Refer to the nonrecurring fair value measurements table in Note 11, Fair Value Measurements, for additional information regarding the net realizable value of assets to be disposed.
(C)Estimated cash expenditures associated with these actions are projected to total approximately $. The remaining accrual as of 30 June 2025 reflects anticipated costs to settle open purchase commitments and asset retirement obligations.
Our estimates related to exiting these projects, including the net realizable value of assets to be disposed and expected future cash obligations, reflect our best judgment based on information available as of 30 June 2025. Final settlement of these items may differ materially from our current estimates, which could impact our consolidated financial statements in future periods. While we expect to complete exit activities within the next twelve months, we cannot predict the occurrence of future events and circumstances that could extend this process beyond one year in certain cases. Additionally, our Board of Directors continues to review the business, which may lead to decisions that could result in additional charges in future periods.


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for approximately employees globally. Of these costs, $ and $ were recorded during the second quarters of fiscal years 2025 and 2024, respectively. costs were recorded for the plan during the third quarters of fiscal years 2025 or 2024.. The table below reconciles this balance to the remaining liability as of 30 June 2025:
On-site$ $ $ $ $ $ %
Merchant      %
Sale of equipment      %
Total $ $ $ $ $ $ %
Three Months Ended 30 June 2024
AmericasAsiaEuropeMiddle East
 and India		Corporate
and other		Total%
  
During the first nine months of fiscal year 2025, we recognized sales of approximately $ associated with sale of equipment contracts that were included within our current contract liabilities as of 30 September 2024.
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7.
($ after tax) primarily to increase our existing liability for retained environmental remediation obligations associated with production facilities in the atmospheric emulsions and global pressure sensitive adhesives businesses sold in 2008. Refer to the "Piedmont" discussion under Note 14, Commitments and Contingencies, for additional information. The loss did not have an impact on our statement of cash flows for the first nine months of fiscal year 2025.
8.
 $ Work in process  Raw materials, supplies, and other  Inventories$ $ 
9.
 $ $ $ $ $   $ ($)$  ) ) ) )   $ $ ($)       )) ) $ $ $ 
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 ($)$ ($)De-designated interest rate swaps   ()Other   ()Total (Gain) Loss Recognized in Income$ ($)$ ($)
Nine Months Ended 30 June
Other Income (Expense), NetOther Non-Operating Income (Expense), Net
2025202420252024
The Effects of Derivatives Not Designated as Hedging Instruments:
Forward exchange contracts($)($)($)($)
De-designated interest rate swaps  ()()
Other  () 
Total (Gain) Loss Recognized in Income($)($)($)($)
The amount of unrealized gains and losses related to cash flow hedges as of 30 June 2025 that are expected to be reclassified to earnings in the next twelve months is not material.
The cash flows related to derivative contracts are generally reported in the operating activities section of the consolidated statements of cash flows.
Credit Risk-Related Contingent Features
Certain derivative instruments are executed under agreements that require us to maintain a minimum credit rating with both Standard & Poor’s and Moody’s. If our credit rating falls below this threshold, the counterparty to the derivative instruments has the right to request full collateralization on the derivatives’ net liability position. The net liability position of derivatives with credit risk-related contingent features was $ and $ as of 30 June 2025 and 30 September 2024, respectively. Because our current credit rating is above the various pre-established thresholds, collateral has been posted on these liability positions.
Counterparty Credit Risk Management
We execute financial derivative transactions with counterparties that are highly rated financial institutions, all of which are investment grade at this time. Some of our underlying derivative agreements give us the right to require the institution to post collateral if its credit rating falls below the pre-established thresholds with Standard & Poor’s, Moody’s, or Fitch. The collateral that the counterparties would be required to post was $ and $ as of 30 June 2025 and 30 September 2024, respectively. No financial institution is required to post collateral at this time, as all have credit ratings at or above threshold.
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11.
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 $ $ $ Interest rate management contracts    LiabilitiesDerivativesForward exchange contracts$ $ $ $ Interest rate management contracts    Long-term debt, including current portion and related party    
 $ $ $ $ $ $ $ Interest rate management contracts        Total Assets at Fair Value$ $ $ $ $ $ $ $ Liabilities at Fair ValueDerivativesForward exchange contracts$ $ $ $ $ $ $ $ Interest rate management contracts        Total Liabilities at Fair Value$ $ $ $ $ $ $ $ 

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 $ $ 
(A) As a result of the project exits announced in the second quarter of fiscal year 2025, we assessed the recoverability of assets capable of being marketed in a secondary equipment market using an orderly liquidation valuation resulting in an impairment loss for the difference between the orderly liquidation value and net book value of the assets as of 31 March 2025. There have been no significant changes in the estimated net realizable value of the assets as of 30 June 2025. For additional information regarding our project exits, refer to Note 4, Business and Asset Actions, to the consolidated financial statements.
12.
 billion (approximately $ billion) in a registered public offering (the "February 2025 Offering"). The related proceeds were reduced by deferred financing charges and discounts of approximately $. In June 2025, we issued U.S. Dollar- and Euro-denominated senior fixed-rate notes with aggregate principal amounts of $ billion and € million (approximately $), respectively, in registered public offerings (the "June 2025 Offerings"). The related proceeds were reduced by deferred financing charges and discounts of approximately $. Deferred financing charges and discounts are amortized through interest expense over the life of the underlying bonds.
We used the net proceeds from the February 2025 Offering to repay commercial paper obligations, including those incurred prior to the closing of the February 2025 Offering that were used to repay € million aggregate principal amount outstanding of our % Euro-denominated senior fixed-rate notes at maturity, plus accrued interest. We intend to use the net proceeds from the June 2025 Offerings to repay commercial paper obligations and for general corporate purposes.
% Notes
2028
$ 
% Notes
2033
 
Payable in Euros
% Notes
2031
 
% Notes
2032
 
% Notes
2037
 Total$ 
Non-Recourse Debt Associated With NGHC
NGHC has access to financing that is being drawn over the construction period of the NEOM Green Hydrogen Project. As of 30 June 2025, NGHC borrowed principal amounts totaling $ billion compared to $ billion as of 30 September 2024. Refer to Note 3, Variable Interest Entities, to the consolidated financial statements for additional information. Creditors of NGHC do not have recourse to the general credit of Air Products.
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-day $ revolving credit agreement to extend its maturity date from 27 March 2025 to 26 March 2026. All other terms remain consistent with the original agreement. Fees incurred in connection with the refinancing were not material.
We also maintain a $ billion revolving credit agreement that matures on 31 March 2029. Both the -day agreement and the five-year agreement are syndicated committed facilities that provide a source of liquidity and support our commercial paper program through the availability of senior unsecured debt to us and certain of our subsidiaries. borrowings were outstanding under either of the agreements as of 30 June 2025 or 30 September 2024.
Separately, certain of our foreign subsidiaries maintain access to committed credit facilities. As of 30 June 2025, the amount available under foreign committed credit facilities totaled $, all of which was borrowed and outstanding.
As of 30 September 2024, these facilities had a combined maximum borrowing capacity of $ billion, of which $ billion was borrowed and outstanding. During the second quarter of fiscal year 2025, we derecognized long-term borrowings from Saudi Riyal-denominated facilities upon deconsolidation of the Blue Hydrogen Industrial Gases Company ("BHIG") subsidiary. These borrowings had been drawn from a % variable-rate facility and a % fixed-rate facility, which had carrying values of $ and $ as of 30 September 2024, respectively. As further discussed in Note 19, Supplemental Information, we continue to have exposure to BHIG's borrowings through our equity method investment in the entity.
Related Party Debt
Refer to Note 19, Supplemental Information.
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13.
 $ $ $ $ $ Non-service cost:  Interest cost        Expected return on plan assets()()()()()()  Prior service cost amortization        Actuarial loss amortization        Settlements      Other      Net Periodic Cost$ $ $ $ $ $ 
Pension Benefits
20252024
Nine Months Ended 30 JuneU.S.InternationalTotalU.S.InternationalTotal
Service cost$ $ $ $ $ $ 
Non-service cost:
Interest cost      
Expected return on plan assets()()()()()()
Prior service cost amortization      
Actuarial loss amortization      
Settlements      
Other      
Net Periodic Cost$ $ $ $ $ $ 
Our service costs are primarily included within "Cost of sales" and "Selling and administrative expense" on our consolidated income statements. The amount of service costs capitalized in the first nine months of fiscal years 2025 and 2024 were not material. The non-service related impacts are presented outside operating results within "Other non-operating income (expense), net."
For the nine months ended 30 June 2025 and 2024, our cash contributions to funded pension plans and benefit payments under unfunded pension plans were $ and $, respectively. Total contributions for fiscal year 2025 are expected to be approximately $ to $. During fiscal year 2024, total contributions were $.
actuarial gain amortization recognized during the three months ended 30 June 2025 for our other postretirement benefits plans. During the nine months ended 30 June 2025, we recognized actuarial gain amortization of $ for our other postretirement benefits plans. During the three and nine months ended 30 June 2024, we recognized actuarial gain amortization of $ and $, respectively, for our other postretirement benefits plan.
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14.
million (approximately $ as of 30 June 2025) on Air Products Brasil Ltda. This fine was based on a recommendation by a unit of the Brazilian Ministry of Justice, following an investigation beginning in 2003, which alleged violation of competition laws with respect to the sale of industrial and medical gases. The fines are based on a percentage of our total revenue in Brazil in 2003.
We have denied the allegations made by the authorities and filed an appeal in October 2010 with the Brazilian courts. On 6 May 2014, our appeal was granted and the fine against Air Products Brasil Ltda. was dismissed. CADE has appealed that ruling and the matter remains pending. We, with advice of our outside legal counsel, have assessed the status of this matter and have concluded that, although an adverse final judgment after exhausting all appeals is possible, such a judgment is not probable. As a result, provision has been made in the consolidated financial statements. In the event of an adverse final judgment, we estimate the maximum possible loss to be the full amount of the fine of R$ million (approximately $ as of 30 June 2025) plus interest accrued thereon until final disposition of the proceedings.
Environmental
In the normal course of business, we are involved in legal proceedings under the Comprehensive Environmental Response, Compensation, and Liability Act ("CERCLA," the federal Superfund law), the Resource Conservation and Recovery Act ("RCRA"), and similar state environmental laws relating to the designation of certain sites for investigation or remediation. Presently, there are sites on which a final settlement or remediation has not been achieved where we, usually along with others, have been designated as a potentially responsible party by environmental authorities or are otherwise engaged in investigation or remediation, including cleanup activity at certain of our former manufacturing sites. We continually monitor these sites for which we have environmental exposure.
Accruals for environmental loss contingencies are recorded when it is probable that a liability has been incurred and the amount of loss can be reasonably estimated. As of 30 June 2025 and 30 September 2024, the consolidated balance sheets included accruals of $ and $, respectively, primarily as part of other noncurrent liabilities. These environmental liabilities will be paid over a period of up to years. We estimate the exposure for environmental loss contingencies to range from $ to a reasonably possible upper exposure of $ as of 30 June 2025.
Actual costs to be incurred at identified sites in future periods may vary from the estimates, given inherent uncertainties in evaluating environmental exposures. Using reasonably possible alternative assumptions of the exposure level could result in an increase to the environmental accrual. Due to these inherent uncertainties, a significant increase to the reasonably possible upper exposure level could occur if a new site is designated, the scope of remediation is increased, a different remediation alternative is identified, or a significant increase in our proportionate share occurs. We do not expect that any sum we may have to pay in connection with environmental matters in excess of the amounts recorded or disclosed above would have a material adverse impact on our financial position or results of operations in any one year.
Pace
As of 30 June 2025, $ of the environmental accrual was related to our facility in Pace, Florida.
In 2006, we sold our Amines business, which included operations at the Pace facility and recognized a liability for retained environmental obligations associated with remediation activities at the facility. We are required by the Florida Department of Environmental Protection ("FDEP") and the United States Environmental Protection Agency ("USEPA") to continue our remediation efforts. We recognized a before-tax expense of $ in fiscal year 2006 in results from discontinued operations and recorded an environmental accrual of $ in continuing operations on the consolidated balance sheets.
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. In fiscal year 2020, we completed an updated cost review of the environmental remediation status at the Pace facility and increased our environmental accrual for this site by $ in continuing operations on the consolidated balance sheet and recognized a before-tax expense of $ in results from discontinued operations. In fiscal year 2024, we completed our most recent cost review of the environmental remediation status at the Pace facility. Based on our review, we expect ongoing activities to continue for years. Additionally, we increased our estimate of near-term spending for an optimized groundwater recovery system and future annual costs due to higher inflation. As a result of these changes, we increased our environmental accrual for this site by $ in continuing operations on the consolidated balance sheets and recognized a before-tax expense of $ in results from discontinued operations in fiscal year 2024. There have been no significant changes to the estimated exposure.
We have implemented many of the remedial corrective measures at the Pace facility required under the 1995 consent orders issued by the FDEP and the USEPA. Contaminated soils have been bioremediated, and the treated soils have been secured in a lined on-site corrective action management unit. Several groundwater recovery systems have been installed to contain and remove contamination from groundwater. We completed an extensive assessment of the site to determine the efficacy of existing measures, what additional corrective measures may be needed, and whether newer remediation technologies that were not available in the 1990s might be better suited for groundwater remediation. Based on assessment results, we completed a focused feasibility study that identified alternative approaches that may more effectively remove contaminants. We continue to review alternative remedial approaches with the FDEP, and we completed additional field work during 2021 to support the design of an improved groundwater recovery network. This network targets areas of higher contaminant concentration and avoids areas of high groundwater iron which has proven to be a significant operability issue for the project. The design of the optimized recovery system was completed in fiscal year 2024, with construction expected to begin in fiscal year 2026. In the fourth quarter of fiscal year 2024, we completed an updated cost review which resulted in a change in assumptions regarding future operating costs as discussed above.
Piedmont
As of 30 June 2025, $ of the environmental accrual was related to a production facility site in Piedmont, South Carolina.
On 30 June 2008, we sold our Elkton, Maryland, and Piedmont, South Carolina, production facilities and the related North American atmospheric emulsions and global pressure sensitive adhesives businesses. In connection with the sale, we recognized a liability for retained environmental obligations associated with remediation activities at the Piedmont site. This site is under active remediation for contamination caused by an insolvent prior owner.
We are required by the South Carolina Department of Health and Environmental Control ("SCDHEC") to address both contaminated soil and groundwater. Numerous areas of soil contamination have been addressed, and contaminated groundwater is being recovered and treated. The SCDHEC issued its final approval to the site-wide feasibility study on 13 June 2017 and the Record of Decision for the site on 27 June 2018, after which we signed a Consent Agreement Amendment memorializing our obligations to complete the cleanup of the site.
Remediation has started in accordance with the design, which includes in-situ chemical oxidation treatment, as well as soil vapor extraction to remove volatile organic compounds from the unsaturated soils beneath the impacted areas of the plant. We estimate that source area remediation and groundwater recovery and treatment will continue through 2033. Thereafter, we currently expect this site to go into a state of monitored natural attenuation through 2038. We recognized a before-tax expense of $ in 2008 as a component of income from discontinued operations and recorded an environmental liability of $ in continuing operations on the consolidated balance sheets.
In the third quarter of fiscal year 2025, we completed an updated cost review of the environmental remediation status at Piedmont. Based on our review, we increased our estimate of remaining costs due to the extended period of time that will be required to complete the remediation along with higher annual costs due to inflation. As a result of these changes, we increased the environmental accrual for this site by $ in continuing operations on the consolidated balance sheets and recognized a before-tax expense of $ in results from discontinued operations.
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of the environmental accrual was related to a production facility site in Pasadena, Texas.
During fiscal year 2012, management committed to permanently shutting down our polyurethane intermediates ("PUI") production facility in Pasadena, Texas. In shutting down and dismantling the facility, we have undertaken certain obligations related to soil and groundwater contaminants. We have been pumping and treating groundwater to control off-site contaminant migration in compliance with regulatory requirements and under the approval of the Texas Commission on Environmental Quality ("TCEQ"). We estimate that the pump and treat system will continue to operate until 2042.
We continue to perform additional work to address other environmental obligations at the site. This additional work includes remediating impacted soils as required, investigating groundwater west of the former PUI facility, cleaning production wells, continuing post closure care for closed RCRA surface impoundment units, and maintaining engineering controls. Additionally, we have conducted an interim corrective action to treat impacted soils as recommended in the TCEQ 2019 Annual Report. We are currently in the process of renewing the site's RCRA permit. In 2012, we estimated the total exposure at this site to be $. There have been no significant changes to the estimated exposure.
Asset Retirement Obligations
Our asset retirement obligations are primarily associated with long-term on-site supply contracts under which we have built a facility on land owned by the customer and are obligated to remove the facility at the end of the contract term. The retirement of assets includes the contractually required removal of a long-lived asset from service and encompasses the sale, removal, abandonment, recycling, or disposal of the assets as required at the end of the contract term. These obligations are primarily reflected within "Other noncurrent liabilities" on the consolidated balance sheets. The timing and/or method of settlement of these obligations are conditional on a future event that may or may not be within our control.
 
Additional accruals(A)
 Liabilities settled()Accretion expense 
Currency translation adjustment
()30 June 2025$ 
(A)Primarily relates to project exits discussed in Note 4, Business and Asset Actions.
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15.
million shares remained available for future grant under our Long-Term Incentive Plan ("LTIP"), which is shareholder approved. $ $ $ Income tax benefit()()()()After-tax share-based compensation cost$ $ $ $ 
(A)Fiscal year 2025 includes noncash executive separation costs of $ to accelerate vesting of share-based awards. Refer to the "Shareholder Activism-Related Costs" disclosure in Note 19, Supplemental Information, for additional information.
Before-tax share-based compensation cost is primarily included in "Selling and administrative expense" on our consolidated income statements. The amount of share-based compensation cost capitalized in the first nine months of fiscal years 2025 and 2024 was not material.
Deferred Stock Units
During the nine months ended 30 June 2025, we granted market-based deferred stock units. The market-based deferred stock units are earned over the performance period beginning 1 October 2024 and ending 30 September 2027, conditioned on the level of our total shareholder return in relation to the S&P 500 Index over the performance period.
The market-based deferred stock units had an estimated grant-date fair value of $ per unit, which was estimated using a Monte Carlo simulation model. The model utilizes multiple input variables that determine the probability of satisfying the market condition stipulated in the grant and calculates the fair value of the awards. We generally expense the grant-date fair value of these awards on a straight-line basis over the applicable vesting period.
%Risk-free interest rate%Expected dividend yield%
In addition, during the nine months ended 30 June 2025, we granted time-based deferred stock units at a weighted average grant-date fair value of $.

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16.
 ($)($)($)Other comprehensive income before reclassifications    Amounts reclassified from AOCL()  ()Net current period other comprehensive income (loss)($)$ $ $ Amount attributable to noncontrolling interests()   Balance at 30 June 2025$ ($)($)($)
Derivatives
qualifying
as hedges		Foreign
currency
translation
adjustments		Pension and
postretirement
benefits		Total
Balance at 30 September 2024$ ($)($)($)
Other comprehensive income before reclassifications    
Amounts reclassified from AOCL    
Net current period other comprehensive income$ $ $ $ 
Amount attributable to noncontrolling interests    
Balance at 30 June 2025$ ($)($)($)
)$ $ $ Cost of sales()()  Interest expense() () Other non-operating income (expense), net()   
Total (Gain) Loss on Cash Flow Hedges, net of tax
($)$ $ $ 
Currency translation adjustment associated with business and asset actions
$ $ 
Pension and Postretirement Benefits, net of tax(A)
$ $ $ $ 
(A)The components of net periodic benefit/cost reclassified out of AOCL include items such as prior service cost amortization, actuarial loss amortization, settlements, and curtailments and are included in “Other non-operating income (expense), net” on the consolidated income statements. Refer to Note 13, Retirement Benefits, for additional information.
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17.
 $ ($)$ Net income from discontinued operations() () Net income (loss) attributable to Air Products$ $ ($)$ 
Denominator (in millions)
Weighted average common shares — Basic    Effect of dilutive securities:Employee stock option and other award plans    Weighted average common shares — Diluted    
Per Share Data(A) (U.S. Dollars per share)
Basic EPS from continuing operations$ $ ($)$ Basic EPS from discontinued operations() () Basic earnings (loss) per share attributable to Air Products$ $ ($)$ Diluted EPS from continuing operations$ $ ($)$ Diluted EPS from discontinued operations() () Diluted earnings (loss) per share attributable to Air Products$ $ ($)$ (A) Earnings (loss) per share is calculated independently for each component and may not sum to total earnings (loss) per share due to rounding.    
(A)Due to the net loss reported for the nine months ended 30 June 2025, outstanding share-based awards were excluded from the computation of diluted loss per share. These shares would have had an antidilutive impact, thus diluting the loss per share.

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18.
compared to an income tax expense of $ for the prior year period. The tax benefit in fiscal year 2025 represents an effective tax rate of % on the pre-tax loss reported for the nine months ended 30 June 2025 compared to an effective rate of % for tax expense on the pre-tax income reported for the nine months ended 30 June 2024. The year-to-date rate in fiscal year 2025 was primarily impacted by a pre-tax charge of approximately $ billion, which was primarily recorded during the second quarter. Our effective tax rate was % and % for the three months ended 30 June 2025 and 2024, respectively.
Our estimates related to the items discussed below reflect our best judgment based on information available as of 30 June 2025. The amount and timing of final settlement of these items may differ from our current estimates, which could impact our tax provision in future periods. Similarly, impacts recognized in future periods may impact period tax costs and benefits.
Business and Asset Actions
In fiscal year 2025, we recorded charges related to our decision to exit certain projects and other cost reduction measures as described in Note 4, Business and Asset Actions. These efforts resulted in a pre-tax charge of approximately $ billion, which was primarily recorded during the second quarter. The related net tax benefit of $ included a $ cost for reserves established for uncertain tax positions related to the deductibility of business and asset actions incurred in foreign subsidiaries and a $ cost primarily related to lower U.S. tax benefits for foreign-derived income. We also incurred a $ increase in our valuation allowance related to tax benefits for foreign business and asset actions for which we could not recognize an income tax benefit.
Tax Reform Adjustment Related to Deemed Foreign Dividends
During the second quarter of fiscal year 2025, we recorded a $ net income tax benefit related to our intent to file a refund claim after the review of several U.S. Tax Court cases regarding the U.S. taxation of deemed foreign dividends in the transition year of the Tax Cuts and Jobs Act (our fiscal year 2018). While we were not a party to these cases, the opinions resulted in a change to our intent to pursue a refund claim. The $ income tax benefit is net of a $ reserve for an uncertain tax position related to the calculation of the refund amount.
Tax on Repatriation of Foreign Earnings
During the second quarter of fiscal year 2025, we recorded a $ cost related to estimated withholding taxes on foreign earnings we no longer intend to indefinitely reinvest. There were no other significant changes to our assumptions regarding the reinvestment of foreign earnings during the first nine months of fiscal year 2025.
Shareholder Activism-Related Costs
As further discussed in Note 19, Supplemental Information, we recorded costs of $ during the first nine months of fiscal year 2025 related to a proxy contest that concluded in January. The net tax benefit associated with these costs was $.
Cash Paid for Taxes, Net of Refunds
Income tax payments, net of refunds, were $ and $ for the nine months ended 30 June 2025 and 2024, respectively. The fiscal year 2025 amount included approximately $ of tax payments related to the gain on the sale of our LNG business in September 2024.
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19.
and $ for the three and nine months ended 30 June 2025, respectively, and $ and $ for the three and nine months ended 30 June 2024, respectively. Sales agreements with related parties include terms that are consistent with those that we believe would have been negotiated at an arm’s length with an independent party. As of 30 June 2025 and 30 September 2024, our consolidated balance sheets included related party trade receivables of approximately $ and $, respectively.
During the third quarter of fiscal year 2025, we reimbursed $ to Mantle Ridge LP and certain of its affiliated entities (collectively, “Mantle Ridge”) for costs they incurred in connection with the proxy contest that concluded in January 2025. Refer to “Shareholder Activism-Related Costs” below for additional information.
Related party debt primarily includes a loan with our joint venture partner, Lu’An Clean Energy Company. Total debt owed to related parties was $ and $ as of 30 June 2025 and 30 September 2024, respectively. The amount outstanding as of 30 June 2025 included short-term borrowings of $ and current portion of long-term debt of $. As of 30 September 2024, the current portion of long-term debt owed to related parties was $.
Shareholder Activism-Related Costs
Our consolidated income statements include shareholder activism-related costs of $ ($ after tax) and $ ($ after tax) for the three and nine months ended 30 June 2025, respectively. These costs were recorded in connection with a proxy contest that concluded in January 2025 following certification of the election of directors at the 2025 Annual Meeting of Shareholders. Mantle Ridge, an Air Products' investor, nominated three of the nine directors elected, including Paul C. Hilal, Mantle Ridge’s founder and Chief Executive Officer ("CEO").
During the third quarter of fiscal year 2025, the Board of Directors voted to authorize a cash reimbursement of $ to Mantle Ridge. Paul C. Hilal abstained from voting on this matter. Costs subject to reimbursement included those incurred by Mantle Ridge for legal counsel, proxy engagement services, governance advisors, communication expenses, and other out-of-pocket costs related to its engagement with Air Products. The Board members who voted on this matter unanimously concluded that these expenses were incurred with the objective of effecting changes to Air Products’ governance structure and strategic direction that serve the interests of long-term shareholder value. Additionally, they viewed the election of three of Mantle Ridge’s nominees by a majority of shares voted at the 2025 Annual Meeting as evidence of broad shareholder support for such changes. Given this level of support, the Board determined that such expenses should be shared pro rata among all shareholders.
Shareholder activism-related costs for the nine months ended 30 June 2025 also include amounts incurred directly by Air Products, such as legal and other professional service fees, proxy solicitation expenses, and executive separation costs related to the departure of our former CEO following the appointment of a new CEO by the Board of Directors. The CEO separation costs included a noncash expense of $ to accelerate vesting of share-based awards and $ for severance and other cash benefits that were paid during the second quarter.
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 billion. Under the agreement, Air Products owns and operates the acquired facility and is supplying all offtake products to UNG under a on-site contract, with UNG supplying the feedstock natural gas and utilities. Throughout this term, we receive a fixed monthly fee (regardless of whether UNG requires the output) comprised of two components: a plant capacity fee and an operating and maintenance fee.
We are accounting for the transaction as a financing arrangement as we did not obtain accounting control of the facility due to UNG having the unilateral right to reacquire the facility at the end of the contract term. The repurchase price on a discounted basis, which consists of the total monthly plant capacity fees received over the term of the arrangement plus the repurchase option price, exceeds our purchase price. Accordingly, our payments related to the facility are reflected within "Financing receivables" on our consolidated balance sheets. Financing receivables associated with the Uzbekistan transaction were approximately $ and $ as of 30 June 2025 and 30 September 2024, respectively.
Changes in Estimates
Changes in estimates on sale of equipment projects accounted for under the cost incurred input method are recognized as a cumulative adjustment for the inception-to-date effect of such change. We recorded changes to project revenue and cost estimates that unfavorably impacted operating income (loss) by approximately $ and $ for the three and nine months ended 30 June 2025, respectively, and operating income by approximately $ and $ for the three and nine months ended 30 June 2024, respectively.

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20.
operating segments that meet the aggregation criteria under GAAP.  $ $ $ $ $ 
(A)
Operating income (loss)    () 
(B)
Depreciation and amortization      Equity affiliates' income      
(B)
Three Months Ended 30 June 2024Sales$ $ $ $ $ $ 
(A)
Operating income (loss)   ()() 
(B)
Depreciation and amortization      Equity affiliates' income      
(B)
 ))   
$ $ $ 
 ()()
$ ($)$ 
(A) Reflected on the consolidated income statements within "Other income (expense), net."
 $ $ $ Equity method investment impairment associated with business and asset actions— — ()— Consolidated Equity Affiliates' Income$ $ $ $ 

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Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
46
48
55
57
66
74
79
80

This Management’s Discussion and Analysis contains “forward-looking statements” within the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, including statements about business outlook. These forward-looking statements are based on management’s expectations and assumptions as of the date of this Quarterly Report on Form 10-Q and are not guarantees of future performance. Actual performance and financial results may differ materially from projections and estimates expressed in the forward-looking statements because of many factors not anticipated by management, including, without limitation, those described in "Forward-Looking Statements" and Item 1A, Risk Factors, of our Annual Report on Form 10-K for the fiscal year ended 30 September 2024 (the "2024 Form 10-K"), which was filed with the SEC on 21 November 2024.
This discussion should be read in conjunction with the interim consolidated financial statements and the accompanying notes contained in this Quarterly Report on Form 10-Q. Financial information is presented on a continuing operations basis. Unless otherwise stated, amounts discussed are in millions of U.S. Dollars, except for per share data, which is calculated and presented on a diluted basis in U.S. Dollars per weighted average common share.
The financial measures discussed below are presented in accordance with U.S. generally accepted accounting principles ("GAAP"), except as noted. We present certain financial measures on an "adjusted", or "non-GAAP", basis because we believe such measures, when viewed together with financial results computed in accordance with GAAP, provide a more complete understanding of the factors and trends affecting our historical financial performance. For each non-GAAP financial measure, including adjusted earnings per share ("EPS"), adjusted EBITDA, adjusted effective tax rate, and capital expenditures, we present a reconciliation to the most directly comparable financial measure calculated in accordance with GAAP. These reconciliations and explanations regarding the use of non-GAAP financial measures are presented under the “Reconciliations of Non-GAAP Financial Measures” section beginning on page 66.
Comparisons included in the discussion that follows are for the third quarter and first nine months of fiscal year 2025 versus ("vs.") the third quarter and first nine months of fiscal year 2024. The disclosures provided in this Quarterly Report on Form 10-Q are complementary to those made in our 2024 Form 10-K.
We manage our operations, assess performance, and report earnings under five reportable segments: Americas, Asia, Europe, Middle East and India, and Corporate and other. The discussion that follows is based on these operations. Refer to Note 20, Business Segment Information, to the consolidated financial statements for additional information.
For information concerning activity with our related parties, refer to Note 19, Supplemental Information, to the consolidated financial statements.
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THIRD QUARTER 2025 VS. THIRD QUARTER 2024
THIRD QUARTER 2025 IN SUMMARY
•Sales of $3.0 billion increased 1%, or $37.2, as higher energy cost pass-through to customers of 3%, higher pricing of 1%, and a favorable impact from currency of 1% were partially offset by lower volumes of 4%. The lower volumes primarily reflect the September 2024 LNG business divestiture, lower global helium demand, and project exits, partially offset by higher on-sites.
•Operating income of $790.6 increased 7%, or $53.0, reflecting gains from the sale of a business and other assets, non-helium merchant pricing, and cost improvements. These benefits were partially offset by shareholder activism-related costs, a net charge for updated cost estimates related to previously announced business and asset actions, and the September 2024 LNG business divestiture. Operating margin of 26.2% increased 150 basis points ("bp") from 24.7% in the prior year.
•Equity affiliates' income of $167.6 decreased 1%, or $1.3.
•Net income of $723.2 increased 2%, or $14.3, as gains from the sale of a business and other assets, higher non-helium merchant pricing, and cost improvements were partially offset by lower volumes, shareholder activism-related costs, and a charge for business and asset actions.
•Adjusted EBITDA of $1.3 billion increased 3%, or $42.9, driven by favorable costs and higher pricing, partially offset by lower volumes.
•EPS of $3.24 increased 4%, or $0.11 per share. EPS major factors are summarized in the table presented on page 47.
•Adjusted EPS of $3.09 decreased 3%, or $0.11 per share. Adjusted EPS excludes a net gain of $0.15 per share driven by gains recognized on the sale of a business and other assets as well as other adjustments as summarized in the reconciliation on page 67.

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Summary of Changes in Earnings 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.
Three Months EndedChange vs.
Prior Year
30 June
20252024
Earnings per share$3.20 $3.13 $0.07 
Less: Loss per share from discontinued operations(0.04)— (0.04)
Earnings per share from continuing operations$3.24 $3.13 $0.11 
% Change from prior year4%
Operating Items
Underlying business:
Volume(0.08)
Price, net of variable costs0.05 
Other costs0.03 
Currency0.01 
Business and asset actions(0.07)
Shareholder activism-related costs(0.08)
Gain on sale of business0.23 
Gain on sale of other assets(A)
0.11 
Total Operating Items$0.20 
Other Items
Interest expense(0.02)
Other non-operating income/expense, net:
Gain/Loss on de-designation of cash flow hedges(B)
(0.01)
Non-service pension cost, net0.05 
Other(0.03)
Change in effective tax rate(0.05)
Noncontrolling interests(B)
(0.02)
Total Other Items($0.08)
Total Change$0.11 
% Change from prior year4%
(A)Reflected on the consolidated income statements within "Other income (expense), net."
(B)The per share impact reflected within "Gain/Loss on de-designation of cash flow hedges" was calculated based on an after-tax loss attributable to Air Products of $0.1 during the third quarter of fiscal year 2025 compared to a gain of $3.0 in the prior year period. The loss/gain attributable to noncontrolling interests was $0.1 and $7.3 for the three months ended 30 June 2025 and 2024, respectively.


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The table below summarizes the diluted per share impact of our non-GAAP adjustments for the third quarter of fiscal years 2025 and 2024:
Three Months EndedChange vs.
Prior Year
30 June
20252024
Earnings per Share$3.24 $3.13 $0.11 
Business and asset actions0.07 — 0.07 
Shareholder activism-related costs0.08 — 0.08 
Gain on sale of business(0.23)— (0.23)
Gain on sale of other assets(0.11)— (0.11)
(Gain) Loss on de-designation of cash flow hedges— (0.01)0.01 
Non-service pension cost, net0.04 0.09 (0.05)
Adjusted Earnings per Share$3.09 $3.20 ($0.11)
% Change from prior year(3%)

THIRD QUARTER 2025 RESULTS OF OPERATIONS
Discussion of Third Quarter Consolidated Results
Three Months Ended
30 JuneChange vs. Prior Year
20252024$
%
GAAP Measures
Sales$3,022.7 $2,985.5 $37.2 1%
Operating income790.6 737.6 53.0 7%
Operating margin26.2%24.7%150 bp
Equity affiliates’ income$167.6 $168.9 ($1.3)(1%)
Net income723.2 708.9 14.3 2%
Non-GAAP Measure
Adjusted EBITDA$1,309.7 $1,266.8 $42.9 3%
$55.7 
Interest expense of $61.4 increased 10%, or $5.7, driven by the impact of project exits and a higher debt balance, partially offset by a higher carrying value of ongoing projects under construction.
Other Non-Operating Income (Expense), Net
Other non-operating expense of $6.0 increased $4.7 from the prior year. De-designated interest rate swaps related to financing for the NEOM Green Hydrogen Project resulted in an immaterial unrealized loss in the third quarter of fiscal year 2025, compared to a gain of $11.2 ($3.0 after tax, or $0.01 per share) in the prior year. Refer to Note 3, Variable Interest Entities, and Note 10, Financial Instruments, to the consolidated financial statements for additional information. Additionally, we recognized lower interest income on short-term investments in fiscal year 2025. These items were partially offset by a decrease in non-service pension costs, which were $10.9 ($8.1 after tax, or $0.04 per share) for the third quarter of fiscal year 2025 versus $25.3 ($19.1 after tax, or $0.09 per share) in the prior year.
Discontinued Operations
During the third quarter of fiscal year 2025, we recorded a pre-tax loss from discontinued operations of $10.6 ($8.0 after tax) primarily to increase our existing liability for retained environmental remediation obligations associated with production facilities in the atmospheric emulsions and global pressure sensitive adhesives businesses sold in 2008. Refer to the "Piedmont" discussion under Note 14, Commitments and Contingencies, for additional information. The loss did not have an impact on our statement of cash flows for the first nine months of fiscal year 2025.
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Net Income
Net income of $723.2 increased 2%, or $14.3. Fiscal year 2025 benefited from gains recognized in connection with the sale of a consolidated subsidiary and a regional office, higher non-helium merchant pricing, and lower non-service pension costs. Costs were also favorable, as productivity improvements and lower planned maintenance were partially offset by higher depreciation expense, fixed-cost inflation, and a prior year legal settlement. These items were partially offset by lower volumes, shareholder activism-related costs, and charges for business and asset actions. The lower volumes were primarily associated with the divestiture of the LNG business in September 2024. Additionally, fiscal year 2025 includes an after-tax loss from discontinued operations, primarily reflecting an increase to an existing liability for retained environmental remediation obligations associated with a previously divested business.
Adjusted EBITDA
Adjusted EBITDA of $1.3 billion increased 3%, or $42.9, driven by favorable costs and higher pricing, partially offset by lower volumes.
Effective Tax Rate
The effective tax rate equals the income tax provision divided by income before taxes. Equity affiliates' income is primarily included net of income taxes within income before taxes on our consolidated income statements.
Our effective tax rate was 17.9% and 16.6% for the three months ended 30 June 2025 and 2024, respectively. Our effective rate was higher in fiscal year 2025 due to lower tax benefits on both U.S. export income and excess tax benefits on share-based compensation, and higher net costs on foreign-related income taxed in the U.S. These increases were partially offset by larger benefits in fiscal year 2025 for the release of certain unrecognized tax benefits upon expiration of the statute of limitations.
Our adjusted effective tax rate, which excludes the impact of adjustments presented in the "Reconciliations of Non-GAAP Financial Measures" section beginning on page 66, was 18.1% and 16.9% for the three months ended 30 June 2025 and 2024, respectively.
On 4 July 2025, H.R.1, commonly referred to as the One Big Beautiful Bill Act (OBBBA), was enacted in the United States. OBBBA includes a broad range of tax reform provisions, including extending and modifying certain key Tax Cuts and Jobs Act provisions (both domestic and international), expanding certain Inflation Reduction Act incentives, and accelerating the phase-out of other provisions. We are evaluating the impacts of this legislation on our consolidated financial statements.
Despite the OBBBA’s revisions to the Inflation Reduction Act incentives, we still anticipate future benefits from tax incentives for certain carbon sequestration and clean hydrogen production projects.
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Discussion of Third Quarter Results by Business Segment
Americas
Three Months Ended
30 JuneChange vs. Prior Year
20252024$%/bp
Sales$1,261.0 $1,234.7 $26.3 2%
Operating income374.1 391.1 (17.0)(4%)
Operating margin29.7%31.7%(200 bp)
Equity affiliates’ income$37.8 $37.5 $0.3 1%
Adjusted EBITDA604.3 604.2 0.1 —%
The table below summarizes the major factors that impacted sales in the Americas segment for the periods presented:
Volume(6%)
Price1%
Energy cost pass-through to customers7%
Currency—%
Total Americas Sales Change
2%

Sales of $1.3 billion increased 2%, or $26.3, as higher energy cost pass-through to customers of 7% and favorable pricing of 1% were partially offset by lower volumes of 6%. Higher energy cost pass-through to customers was primarily attributable to higher natural gas prices in the U.S. Gulf Coast and California. The total segment price increase of 1% equates to a 3% improvement in our merchant business, primarily in non-helium product lines. Volumes were unfavorable primarily due to lower on-sites, including previously announced project exits, and lower helium demand.
Operating income of $374.1 decreased 4%, or $17.0, primarily due to unfavorable costs of $21 and lower volumes of $4, partially offset by higher pricing, net of power and fuel costs in our merchant business, of $9. The unfavorable costs were driven by maintenance-related depreciation and a favorable prior year legal settlement. Operating margin of 29.7% decreased 200 bp from 31.7% in the prior year, primarily due to higher energy cost pass-through to customers.
Equity affiliates’ income of $37.8 increased 1%, or $0.3.
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Asia
Three Months Ended
30 JuneChange vs. Prior Year
20252024$%/bp
Sales$810.0 $789.6 $20.4 3%
Operating income216.8 200.1 16.7 8%
Operating margin26.8%25.3%150 bp
Equity affiliates’ income$9.5 $8.7 $0.8 9%
Adjusted EBITDA353.0 324.3 28.7 9%
The table below summarizes the major factors that impacted sales in the Asia segment for the periods presented:
Volume2%
Price(1%)
Energy cost pass-through to customers1%
Currency1%
Total Asia Sales Change
3%

Sales of $810.0 increased 3%, or $20.4, as higher volumes of 2%, higher energy cost pass-through to customers of 1%, and a favorable currency impact of 1%, were partially offset by lower pricing of 1%. The higher volumes were driven by on-sites, partially offset by lower helium demand. The total segment pricing decline of 1% equates to a 4% decline in our merchant business, which was primarily attributable to helium.
Operating income of $216.8 increased 8%, or $16.7. Favorable costs of $25, primarily due to productivity improvements and lower maintenance, were partially offset by $10 of lower pricing, net of power and fuel costs, which was primarily attributable to helium. Operating margin of 26.8% increased 150 bp from 25.3% in the prior year, as the cost improvement was partially offset by lower helium pricing.
Equity affiliates’ income of $9.5 increased 9%, or $0.8.

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Europe
Three Months Ended
30 JuneChange vs. Prior Year
20252024$%/bp
Sales$770.5 $693.4 $77.1 11%
Operating income225.2 204.7 20.5 10%
Operating margin29.2%29.5%(30 bp)
Equity affiliates’ income$29.7 $26.3 $3.4 13%
Adjusted EBITDA319.8 283.2 36.6 13%
The table below summarizes the major factors that impacted sales in the Europe segment for the periods presented:

Volume3%
Price2%
Energy cost pass-through to customers1%
Currency5%
Total Europe Sales Change
11%

Sales of $770.5 increased 11%, or $77.1, due to favorable currency of 5%, higher volumes of 3%, higher pricing of 2%, and higher energy cost pass-through to customers of 1%. Favorable currency was primarily attributable to weakening of the U.S. Dollar against the British Pound Sterling and the Euro. The higher volumes were driven by on-sites, partially offset by lower helium demand. The total segment price increase of 2% equates to a 4% improvement in our merchant business, driven by non-helium product lines.
Operating income of $225.2 increased 10%, or $20.5, due to higher pricing of $14, net of power and fuel costs, favorable currency of $8, and higher volumes of $4, partially offset by higher costs of $5. The higher costs were driven by depreciation and fixed-cost inflation, partially offset by productivity improvements. Operating margin of 29.2% decreased 30 bp from 29.5% in the prior year as the higher costs and unfavorable business mix were partially offset by pricing.
Equity affiliates’ income of $29.7 increased 13%, or $3.4, driven by an affiliate in Italy.
Middle East and India

Three Months Ended
30 JuneChange vs. Prior Year
20252024$%
Sales$38.3 $32.8 $5.5 17%
Operating income (loss)
8.1 (1.4)9.5 **
Equity affiliates' income86.0 89.2 (3.2)(4%)
Adjusted EBITDA100.9 94.6 6.3 7%
** Change versus prior period is not meaningful.
Sales of $38.3 increased 17%, or $5.5, primarily due to higher volumes. Operating income was $8.1 compared to a loss of $1.4 in the prior year, which reflects the impact of lower costs and favorable volumes.
Equity affiliates' income of $86.0 decreased 4%, or $3.2, driven by JIGPC.
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Corporate and other
Three Months Ended
30 JuneChange vs. Prior Year
20252024$%
Sales$142.9 $235.0 ($92.1)(39%)
Operating loss(83.1)(56.9)(26.2)(46%)
Equity affiliates' income4.6 7.2 (2.6)(36%)
Adjusted EBITDA(68.3)(39.5)(28.8)(73%)
Sales of $142.9 decreased 39%, or $92.1, and operating loss of $83.1 increased 46%, or $26.2, primarily due to the divestiture of the LNG business in September 2024. Operating income generated by LNG in the prior year was approximately $35. The headwind from the LNG divestiture was partially offset by lower costs related to sale of equipment and productivity improvements.
Equity affiliates' income of $4.6 decreased 36%, or $2.6, driven by an affiliate in Algeria.

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.


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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.
Nine Months EndedChange vs.
Prior Year
30 June
20252024
Earnings (Loss) per share
($1.79)$8.43 ($10.22)
Less: Loss per share from discontinued operations
(0.04)— (0.04)
Earnings (Loss) per share from continuing operations
($1.76)$8.43 ($10.19)
% Change from prior year**
Operating Items
Underlying business:
Volume($0.22)
Price, net of variable costs0.19 
Other costs(0.15)
Currency(0.02)
Business and asset actions(A)
(10.13)
Shareholder activism-related costs(0.32)
Gain on sale of business0.23 
Gain on sale of other assets(B)
0.11 
Total Operating Items($10.31)
Other Impacts
Equity method investment impairment associated with business and asset actions(A)
($0.02)
Interest expense0.08 
Other non-operating income/expense, net:
Gain on de-designation of cash flow hedges(C)
0.02 
Non-service pension cost, net0.14 
Other(0.07)
Change in effective tax rate, excluding discrete items below
(0.07)
Tax reform adjustment related to deemed foreign dividends0.16 
Tax on repatriation of foreign earnings(0.14)
Noncontrolling interests(A)(C)
0.02 
Total Other Items$0.12 
Total Change($10.19)
% Change from prior year**
**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.

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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:
Nine Months EndedChange vs.
Prior Year
30 June
20252024
Earnings (Loss) per Share
($1.76)$8.43 ($10.19)
Business and asset actions(A)
10.35 0.20 10.15 
Shareholder activism-related costs0.32 — 0.32 
Gain on sale of business(0.23)— (0.23)
Gain on sale of other assets(0.11)— (0.11)
Gain on de-designation of cash flow hedges(0.03)(0.01)(0.02)
Non-service pension cost, net0.11 0.25 (0.14)
Tax reform adjustment related to deemed foreign dividends(0.16)— (0.16)
Tax on repatriation of foreign earnings0.14 — 0.14 
Adjusted Earnings per Share$8.63 $8.87 ($0.24)
% Change from prior year(3%)
(A)The charge for business and asset actions in fiscal year 2025 was primarily recorded within operating results. For additional information regarding this charge, Refer to Note 4, Business and Asset Actions, to the consolidated financial statements.
FIRST NINE MONTHS 2025 RESULTS OF OPERATIONS
Discussion of First Nine Months Consolidated Results
Nine Months Ended
30 JuneChange vs. Prior Year
20252024$
%
GAAP Measures
Sales$8,870.4 $8,913.1 ($42.7)—%
Operating income (loss)
(893.8)2,041.7 (2,935.5)**
Operating margin(10.1%)22.9%**
Equity affiliates’ income$463.7 $470.6 ($6.9)(1%)
Net income (loss)
(364.5)1,911.4 (2,275.9)**
Non-GAAP Measure
Adjusted EBITDA$3,667.8 $3,639.6 $28.2 1%
$169.1 
Interest expense decreased 14%, or $22.9, driven by a higher carrying value of ongoing projects under construction, partially offset by the impact of a higher debt balance and project exits.
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Other Non-Operating Income (Expense), net
Other non-operating income of $14.3 increased $39.6 from an expense of $25.3 in the prior year. The increase was driven by lower non-service pension costs, which were $32.1 ($24.0 after tax, or $0.11 per share) for the first nine months of fiscal year 2025 compared to $75.3 ($56.7 after tax, or $0.25 per share) in the prior year. Additionally, de-designated interest rate swaps related to financing for the NEOM Green Hydrogen Project resulted in an unrealized gain of $27.0 ($7.2 attributable to Air Products after tax, or $0.03 per share), compared to $11.2 ($3.0 after tax, or $0.01 per share) in the prior year. Refer to Note 3, Variable Interest Entities, and Note 10, Financial Instruments, to the consolidated financial statements for additional information. These items were partially offset by lower interest income on short-term investments.
Discontinued Operations
During the third quarter of fiscal year 2025, we recorded a pre-tax loss from discontinued operations of $10.6 ($8.0 after tax) primarily to increase our existing liability for retained environmental remediation obligations associated with production facilities in the atmospheric emulsions and pressure sensitive adhesives businesses sold in 2008. Refer to the "Piedmont" discussion under Note 14, Commitments and Contingencies, for additional information. The loss did not have an impact on our statement of cash flows for the first nine months of fiscal year 2025.
Net Income (Loss)
Net loss was $364.5 during the first nine months of fiscal year 2025 compared to net income of $1.9 billion in the prior year. The loss in fiscal year 2025 was primarily attributable to significantly higher after-tax charges for business and asset actions, which totaled $2.3 billion in fiscal year 2025 versus $44 in the prior year. Additionally, the current year reflects shareholder activism-related costs, lower volumes associated with the divestiture of the LNG business in September 2024, and higher costs for fixed-cost inflation, higher depreciation, and incentive compensation, which were partially offset by productivity improvements. Additionally, fiscal year 2025 benefited from gains recognized in connection with the sale of a consolidated subsidiary and the sale of a regional office, higher non-helium merchant pricing, and lower non-service pension costs.
Adjusted EBITDA
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.
Effective Tax Rate
The effective tax rate equals the income tax provision divided by income before taxes. Equity affiliates' income is primarily included net of income taxes within income before taxes on our consolidated income statements.
For the nine months ended 30 June 2025, our consolidated income statements include an income tax benefit of $205.5 compared to an income tax expense of $406.5 for the prior year period. The tax benefit in fiscal year 2025 represents an effective tax rate of 36.6% on the pre-tax loss reported for the nine months ended 30 June 2025 compared to an effective rate of 17.5% for tax expense on the pre-tax income reported for the nine months ended 30 June 2024.
The current year rate was primarily impacted by a $3.0 billion pre-tax charge for business and asset actions and other items as further discussed below. Our estimates related to many of these items reflect our best judgment based on information available as of 30 June 2025. The amount and timing of final settlement of these items may differ from our current estimates, which could impact our tax provision in future periods.
For additional information, refer to Note 18, Income Taxes, to the consolidated financial statements.
Tax Impact of Business and Asset Actions
During fiscal year 2025, we recorded a pre-tax charge of $3.0 billion for the business and asset actions discussed in Note 4, Business and Asset Actions, to the consolidated financial statements. This charge had a related net income tax benefit of $649.3.
Tax Reform Adjustment Related to Deemed Foreign Dividends
During the second quarter of fiscal year 2025, we recorded a $34.9 net income tax benefit related to our intent to file a refund claim after the review of several U.S. Tax Court cases regarding the U.S. taxation of deemed foreign dividends in the transition year of the Tax Cuts and Jobs Act (our fiscal year 2018).
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Tax on Repatriation of Foreign Earnings
During the second quarter of fiscal year 2025, we recorded a $31.4 cost related to estimated withholding taxes on foreign earnings we no longer intend to indefinitely reinvest. There were no other significant changes to our assumptions regarding the reinvestment of foreign earnings during the first nine months of fiscal year 2025.
Shareholder Activism-Related Costs
During fiscal year 2025, we incurred costs of $86.3 related to a proxy contest as further discussed in Note 19, Supplemental Information, to the consolidated financial statements. We recognized an income tax benefit of $14.6 primarily related to legal and other professional service fees as well as incremental proxy solicitation costs related to the 2025 Annual Meeting of Shareholders.
Other
In addition to the items discussed above, our effective tax rate was higher in fiscal year 2025 due to lower tax benefits on U.S. export income, higher net costs on foreign-related income taxed in the U.S, and an income tax benefit for a tax election related to a non-U.S. subsidiary that occurred in our prior fiscal year but did not recur in fiscal year 2025. These increases were partially offset by larger benefits in fiscal year 2025 for the release of certain unrecognized tax benefits upon expiration of the statute of limitations.
Adjusted Effective Tax Rate
Our adjusted effective tax rate, which excludes the impact of adjustments presented in the "Reconciliations of Non-GAAP Financial Measures" section beginning on page 66, was 18.6% and 17.9% for the nine months ended 30 June 2025 and 2024, respectively.
On 4 July 2025, H.R.1, commonly referred to as the One Big Beautiful Bill Act (OBBBA), was enacted in the United States. OBBBA includes a broad range of tax reform provisions, including extending and modifying certain key Tax Cuts and Jobs Act provisions (both domestic and international), expanding certain Inflation Reduction Act incentives, and accelerating the phase-out of other provisions. We are evaluating the impacts of this legislation on our consolidated financial statements.
Despite the OBBBA’s revisions to the Inflation Reduction Act incentives, we still anticipate future benefits from tax incentives for certain carbon sequestration and clean hydrogen production projects.
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Discussion of First Nine Months Results by Business Segment
Americas
Nine Months Ended
30 JuneChange vs. Prior Year
20252024$%/bp
Sales$3,835.8 $3,732.6 $103.2 3%
Operating income1,128.0 1,117.4 10.6 1%
Operating margin29.4%29.9%(50 bp)
Equity affiliates’ income$104.1 $118.8 ($14.7)(12%)
Adjusted EBITDA1,776.3 1,755.6 20.7 1%

The table below summarizes the major factors that impacted sales in the Americas segment for the periods presented:
Volume(1%)
Price2%
Energy cost pass-through to customers3%
Currency(1%)
Total Americas Sales Change
3%

Sales of $3.8 billion increased 3%, or $103.2, as higher energy cost pass-through to customers of 3% and higher pricing of 2% were partially offset by lower volumes of 1% and an unfavorable currency impact of 1%. Higher energy cost pass-through to customers was primarily attributable to higher natural gas prices. The total segment pricing increase of 2% equates to a 4% improvement in our merchant business, primarily in non-helium product lines. Volumes were unfavorable primarily due to lower on-sites, including previously announced project exits, and lower helium demand despite a significant, non-recurring sale of helium to an existing merchant customer during the first quarter. These headwinds were partially offset by a favorable one-time customer contract amendment in the second quarter of fiscal year 2025.
Operating income of $1.1 billion increased 1%, or $10.6, due to favorable volumes of $49 and positive pricing, net of power and fuel costs in our merchant business, of $38, partially offset by higher costs of $68 and unfavorable currency of $8. The higher costs primarily reflect higher depreciation, fixed-cost inflation, and maintenance, which were partially offset by productivity improvements. Additionally, income recognized on the sale of an equity method investment in the first quarter of fiscal year 2025 was largely offset by a favorable prior year legal settlement. Operating margin of 29.4% decreased 50 bp from 29.9% in the prior year as the margin impacts of higher costs and higher energy cost pass-through to customers were partially offset by favorable business mix. Higher energy cost pass-through to customers accounted for approximately 100 bp of the decline.
Equity affiliates’ income of $104.1 decreased 12%, or $14.7, driven by our share of income from an asset sale in the prior year as well as lower income from an affiliate in Mexico.
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Asia
Nine Months Ended
30 JuneChange vs. Prior Year
20252024$%/bp
Sales$2,401.2 $2,363.1 $38.1 2%
Operating income624.6 614.9 9.7 2%
Operating margin26.0%26.0%— bp
Equity affiliates’ income$30.3 $21.2 $9.1 43%
Adjusted EBITDA1,036.3 979.8 56.5 6%
The table below summarizes the major factors that impacted sales in the Asia segment for the periods presented:
Volume2%
Price(1%)
Energy cost pass-through to customers2%
Currency(1%)
Total Asia Sales Change
2%
Sales of $2.4 billion increased 2%, or $38.1, as higher volumes of 2% and higher energy cost pass-through to customers of 2% were partially offset by lower pricing of 1% and an unfavorable currency impact of 1%. Higher on-site volumes were partially offset by lower helium demand. The total segment pricing decline of 1% equates to a 2% decline in our merchant business, which was primarily attributable to helium.
Operating income of $624.6 increased 2%, or $9.7, primarily due to lower costs of $35 partially offset by lower pricing, net of power and fuel costs, of $22 and unfavorable currency of $6. The cost improvement was primarily attributable to productivity and lower maintenance costs, which was partially offset by higher costs related to incentive compensation and fixed-cost inflation. Operating margin of 26.0% was flat versus the prior year as the margin impact of lower costs was offset by lower helium pricing.
Equity affiliates’ income of $30.3 increased 43%, or $9.1, driven by prior year maintenance expense at an affiliate in China as well as higher income from affiliates in Thailand.
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Europe
Nine Months Ended
30 JuneChange vs. Prior Year
20252024$%/bp
Sales$2,195.1 $2,092.5 $102.6 5%
Operating income607.2 603.3 3.9 1%
Operating margin27.7%28.8%(110 bp)
Equity affiliates’ income$75.6 $58.7 $16.9 29%
Adjusted EBITDA859.0 813.2 45.8 6%
$167.6 ($6.0)$159.6 $721.8 $3.24 — — (7.5)(23.8)(0.11)— 10.9 2.8 8.1 0.04 $168.9 ($1.3)$140.6 $696.6 $3.13 — 25.3 6.2 19.1 0.09 **$463.7 $14.3 ($205.5)($391.4)($1.76)6.8 — 649.3 2,306.0 10.35 — 32.1 8.1 24.0 0.11 — — (31.4)31.4 0.14 $470.6 ($25.3)$406.5 $1,878.3 $8.43 — — 13.2 43.8 0.20 — 75.3 18.6 56.7 0.25 
Three Months Ended
30 June
Nine Months Ended
30 June
2025202420252024
Add: Shareholder activism-related costs
25.0 
Less: Gain on sale of other assets
31.3 Add: Equity method investment impairment associated with business and asset actions— Net income (loss) $ change$14.3($2,275.9)Adjusted EBITDA $ change$42.9$28.2Adjusted EBITDA % change3%1%
** Change versus prior period is not meaningful due to pre-tax charges for business and asset actions of $3.0 billion in the first nine months of fiscal year 2025, the majority of which were recorded during the second quarter of fiscal year 2025.


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The tables below present a reconciliation of operating income (loss) by segment to adjusted EBITDA by segment for the three and nine months ended 30 June 2025 and 2024:
Three Months Ended
Nine Months Ended
30 June
Change vs.
 Prior Year
30 June
Change vs.
Prior Year
Americas20252024$
%
20252024$
%
Operating income$374.1 $391.1 ($17.0)(4%)$1,128.0 $1,117.4 $10.6 1%
Add: Depreciation and amortization192.4 175.6 544.2 519.4 
Add: Equity affiliates' income37.8 37.5 104.1 118.8 
Adjusted EBITDA$604.3 $604.2 $0.1 —%$1,776.3 $1,755.6 $20.7 1%

Three Months Ended
Nine Months Ended
30 June
Change vs.
 Prior Year
30 June
Change vs.
Prior Year
Asia20252024$
%
20252024$
%
Operating income$216.8 $200.1 $16.7 8%$624.6 $614.9 $9.7 2%
Add: Depreciation and amortization126.7 115.5 381.4 343.7 
Add: Equity affiliates' income9.5 8.7 30.3 21.2 
Adjusted EBITDA$353.0 $324.3 $28.7 9%$1,036.3 $979.8 $56.5 6%

Three Months Ended
Nine Months Ended
30 June
Change vs.
 Prior Year
30 June
Change vs.
Prior Year
Europe20252024$
%
20252024$
%
Operating income$225.2 $204.7 $20.5 10%$607.2 $603.3 $3.9 1%
Add: Depreciation and amortization64.9 52.2 176.2 151.2 
Add: Equity affiliates' income29.7 26.3 75.6 58.7 
Adjusted EBITDA$319.8 $283.2 $36.6 13%$859.0 $813.2 $45.8 6%



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Three Months Ended
Nine Months Ended
30 June
Change vs.
Prior Year
30 June
Change vs.
Prior Year
Middle East and India20252024$%20252024$%
Operating income (loss)
$8.1 ($1.4)9.5 **$4.6 $8.1 ($3.5)(43%)
Add: Depreciation and amortization6.8 6.8 19.7 20.1 
Add: Equity affiliates' income86.0 89.2 249.2 256.0 
Adjusted EBITDA$100.9 $94.6 $6.3 7%$273.5 $284.2 ($10.7)(4%)
** Change versus prior period is not meaningful.
Three Months Ended
Nine Months Ended
30 June
Change vs.
 Prior Year
30 June
Change vs.
Prior Year
Corporate and other20252024$%20252024$%
%16.6%36.6%17.5%
$140.6 ($205.5)$406.5 
— 649.3 13.2 
6.2 8.1 18.6 
— (31.4)— 
$145.9 $444.9 $437.4 
$849.5 ($562.0)$2,317.9 
— 6.8 — 
%16.9%18.6%17.9%


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CAPITAL EXPENDITURES
Capital expenditures is a non-GAAP financial measure that we define as the sum of cash flows for additions to plant and equipment, including long-term deposits, acquisitions (less cash acquired), investment in and advances to unconsolidated affiliates, and investment in financing receivables on our consolidated statements of cash flows. Additionally, we adjust additions to plant and equipment to exclude NEOM Green Hydrogen Company (“NGHC”) expenditures funded by the joint venture's project financing, which is non-recourse to Air Products, as well as our partners’ equity contributions to arrive at a measure that we believe is more representative of our investment activities. Substantially all the funding we provide to NGHC is limited for use by the venture for its capital expenditures.
A reconciliation of cash used for investing activities to our reported capital expenditures is provided below:
Nine Months Ended
30 June
20252024
Cash used for investing activities$5,681.0 $4,773.8 
Proceeds from sale of assets and investments185.4 26.3 
Purchases of short-term investments
(117.6)(141.4)
Proceeds from short-term investments
122.5 413.1 
Other investing activities112.7 45.9 
NGHC expenditures not funded by Air Products' equity(A)
(1,981.2)(1,242.0)
Capital expenditures$4,002.8 $3,875.7 
(A)Reflects the portion of "Additions to plant and equipment, including long-term deposits" that is associated with NGHC, less our approximate cash investment in the joint venture.
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LIQUIDITY AND CAPITAL RESOURCES
We believe we have sufficient cash, cash flows from operations, and funding sources to meet our liquidity needs. As further discussed in the "Cash Flows From Financing Activities" section below, we have the ability to raise capital through a variety of financing activities, including accessing capital or commercial paper markets or drawing upon our credit facilities.
As of 30 June 2025, we had $1.7 billion of foreign cash and cash items compared to total cash and cash items of $2.3 billion. We do not expect that a significant portion of the earnings of our foreign subsidiaries and affiliates will be subject to U.S. income tax upon repatriation to the U.S. Depending on the country in which the subsidiaries and affiliates reside, the repatriation of these earnings may be subject to foreign withholding and other taxes. However, since we have significant current investment plans outside the U.S., it is our intent to indefinitely reinvest the majority of our foreign cash and cash items that would be subject to additional taxes outside the U.S.
Cash Flows From Operations
Nine Months Ended
30 June
20252024
Net income (loss) from continuing operations attributable to Air Products(391.4)1,878.3 
Adjustments to reconcile income to cash provided by operating activities:
Depreciation and amortization1,151.4 1,070.3 
Deferred income taxes(497.2)(74.3)
Tax reform repatriation(34.9)— 
Gain on sale of business(67.3)— 
Business and asset actions2,952.0 57.0 
Undistributed earnings of equity method investments(137.8)(124.1)
Gain on sale of assets and investments(46.9)(23.3)
Share-based compensation65.7 46.2 
Noncurrent lease receivables40.1 59.2 
Other adjustments31.4 36.4 
Changes in working capital accounts(1,069.5)(236.0)
Cash Provided by Operating Activities$1,995.6 $2,689.7 
For the first nine months of fiscal year 2025, cash provided by operating activities was $2.0 billion. The adjustment for deferred income taxes of $497.2 was driven by the tax impacts of project exit costs as described in Note 4, Business and Asset Actions, to the consolidated financial statements. The working capital accounts were a use of cash of $1.1 billion. The use of cash of $624.6 in other working capital was driven by payments for income taxes that exceeded income tax expense by $538.6, including tax impacts of the project exit costs described in Note 4, Business and Asset Actions, to the consolidated financial statements. We made approximately $395 of tax payments related to the gain on the September 2024 sale of the LNG business in fiscal year 2025. Payables and accrued liabilities were a use of cash of $215.1 primarily due to payments for contract terminations and severance related to our business and asset actions. A use of cash of $102.8 for other receivables was primarily due to the timing of value added tax payments during the construction of the NEOM Green Hydrogen Project. Trade receivables resulted in a use of cash of $91.4, driven by the timing of cash collections.
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For the first nine months of fiscal year 2024, cash provided by operating activities was $2.7 billion. We recorded a charge of $57.0 for the accrual of severance and other postemployment benefits under our global cost reduction plan. Refer to Note 4, Business and Asset Actions, to the consolidated financial statements for additional information. The working capital accounts were a use of cash of $236.0. A use of cash of $175.1 within "Payables and accrued liabilities" primarily resulted from payments for incentive compensation under the fiscal year 2023 plan, a reduction of customer advances for sale of equipment projects as we recognized revenue, and a reduction of liabilities associated with accrued utilities. The use of cash of $111.0 within "Inventories" primarily related to purchases of helium. The use of cash of $21.9 within "Other working capital" primarily related to the timing of tax payments. The source of cash of $82.4 within "Other receivables" primarily related to the refunds of value added taxes paid during the construction of the NEOM Green Hydrogen Project.
Cash Flows From Investing Activities
Nine Months Ended
30 June
20252024
Additions to plant and equipment, including long-term deposits($5,504.9)($4,721.5)
Acquisitions, less cash acquired(59.9)— 
Investment in and advances to unconsolidated affiliates(365.4)— 
Investment in financing receivables(53.8)(396.2)
Proceeds from sale of assets and investments185.4 26.3 
Purchases of short-term investments(117.6)(141.4)
Proceeds from short-term investments122.5 413.1 
Other investing activities112.7 45.9 
Cash Used for Investing Activities($5,681.0)($4,773.8)
For the first nine months of fiscal year 2025, cash used for investing activities was $5.7 billion. The use of cash primarily resulted from additions to plant and equipment, including long-term deposits, of $5.5 billion, as well as a use of cash of $365.4 for investments in and advances to unconsolidated affiliates. Refer to the "Capital Expenditures" section below for further detail. Cash paid for acquisitions, net of cash acquired, totaled $59.9 and was paid at the closing of the acquisition of an independent industrial gases company in Belgium. Refer to Note 5, Acquisitions and Divestitures, to the consolidated financial statements for additional information. These uses of cash were partially offset by proceeds of $185.4 from asset and investment sales, including $104.3 from the sale of a subsidiary in Singapore and $37.7 for the sale of a regional office in Hersham, England. Refer to Note 5, Acquisitions and Divestitures, to the consolidated financial statements for additional information.
For the first nine months of fiscal year 2024, cash used for investing activities was $4.8 billion. The use of cash primarily resulted from additions to plant and equipment, including long-term deposits, of $4.7 billion and an investment in financing receivables of $396.2. Refer to the "Capital Expenditures" section below for further detail. Proceeds from investments of $413.1 resulted from maturities of time deposits with terms greater than three months but less than one year and exceeded purchases of investments of $141.4.
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Capital Expenditures (Non-GAAP Financial Measure)
The components of our capital expenditures are detailed in the table below. Refer to page 72 for a definition of this non-GAAP financial measure as well as a reconciliation to cash used for investing activities.
Nine Months Ended
30 June
20252024
Additions to plant and equipment, including long-term deposits
$5,504.9 $4,721.5 
Acquisitions, less cash acquired
59.9 — 
Investment in and advances to unconsolidated affiliates
365.4 — 
Investment in financing receivables
53.8 396.2 
NGHC expenditures not funded by Air Products' equity(A)
(1,981.2)(1,242.0)
Capital Expenditures$4,002.8 $3,875.7 
(A)Reflects the portion of "Additions to plant and equipment, including long-term deposits" that is associated with NGHC, less our approximate cash investment in the joint venture.
Capital expenditures for the first nine months of fiscal year 2025 totaled $4.0 billion compared to $3.9 billion for the first nine months of fiscal year 2024. Spending for plant and equipment primarily included project spending for our clean energy projects such as the NEOM Green Hydrogen Project in NEOM City, Saudi Arabia, as well as our clean energy complexes in Louisiana, United States, and Alberta, Canada. Additionally, we continue to invest capital in our core industrial gas business for new industrial gas plants as well as maintaining and replacing existing facilities. The investment in and advances to unconsolidated affiliates of $365.4 includes approximately $213 associated with Blue Hydrogen Industrial Gases ("BHIG"), and approximately $115 associated with our final investment in the JIGPC joint venture. Cash paid for acquisitions, net of cash acquired, totaled $59.9 and was paid at the closing of the acquisition of an independent industrial gases company in Belgium. The investment in financing receivables of $53.8 relates to payments made in connection with the financing arrangement for the natural gas-to-syngas processing facility in Uzbekistan. The prior year investment in financing receivables of $396.2 primarily reflects payments associated with the purchase of renewable fuel assets from World Energy as well as the purchase of a natural gas-to-syngas processing facility in Uzbekistan. Refer to Note 3, Variable Interest Entities, and Note 19, Supplemental Information, to the consolidated financial statements for additional information.
Outlook for Investing Activities
It is not possible, without unreasonable efforts, to reconcile our forecasted capital expenditures to future cash used for investing activities because we are unable to identify the timing or occurrence of our future investment activity, which is driven by our assessment of competing opportunities at the time we enter into transactions. These decisions, either individually or in the aggregate, could have a significant effect on our cash used for investing activities.
We expect capital expenditures for fiscal year 2025 to be approximately $5 billion. We anticipate capital expenditures to be funded with our current cash balance and cash generated from continuing operations. We also have access to other sources of funding as discussed below.
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Cash Flows From Financing Activities
Nine Months Ended
30 June
20252024
Long-term debt proceeds$3,978.2 $4,119.9 
Payments on long-term debt(380.1)(76.7)
Net increase (decrease) in commercial paper and short-term borrowings214.7 (183.3)
Dividends paid to shareholders(1,185.7)(1,171.4)
Proceeds from stock option exercises 1.1 6.2 
Investments by noncontrolling interests485.9 278.7 
2024
$15.6 
75.3 
0.8 
$91.7 
Net periodic cost was $16.3 and $47.8 for the three and nine months ended 30 June 2025, respectively. Net periodic cost was $31.1 and $91.7 for the three and nine months ended 30 June 2024, respectively. The decrease in costs versus the prior year were primarily attributable to non-service costs, which were driven by a higher expected return on plan assets due to a higher beginning balance of plan assets, lower interest cost, and a decrease in actuarial loss amortization. Non-service related components of net periodic cost are reflected within "Other non-operating income (expense), net" on our consolidated income statements.
Service costs result from benefits earned by active employees and are reflected as operating expenses primarily within "Cost of sales" and "Selling and administrative expense" on our consolidated income statements. The amount of service costs capitalized in the first nine months of fiscal years 2025 and 2024 was not material.
Company Contributions
Management considers various factors when making pension funding decisions, including tax, cash flow, and regulatory implications. For the nine months ended 30 June 2025 and 2024, our cash contributions to funded pension plans and benefit payments for unfunded pension plans were $20.8 and $25.6, respectively.
Total contributions for fiscal year 2025 are expected to be approximately $30 to $40. During fiscal year 2024, total contributions were $34.7.
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CRITICAL ACCOUNTING POLICIES AND ESTIMATES
A description of our major accounting policies, including those that we consider to be the most critical to understanding our financial statements, is included in our 2024 Form 10-K. There were no significant changes to our accounting policies during the first nine months of fiscal year 2025.
Management’s Discussion and Analysis of our financial condition and results of operations is based on the consolidated financial statements and accompanying notes that have been prepared in accordance with GAAP. The preparation of these financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. These estimates reflect our best judgment about current and/or future economic and market conditions and their effect based on information available as of the date of our consolidated financial statements. If conditions change, actual results may differ materially from these estimates.
Judgments and estimates of uncertainties are required to apply our accounting policies in many areas. However, application of policies that management has identified as critical places significant importance on management’s judgment, often as the result of the need to make estimates about the effects of matters that are inherently uncertain.
During the first nine months of fiscal year 2025, we recorded charges totaling approximately $3.0 billion ($2.3 billion attributable to Air Products after tax, or $10.35 per share) for the actions described in Note 4, Business and Asset Actions, to the consolidated financial statements. This charge included approximately $1.8 billion to reduce the carrying value of assets associated with project exits to their estimated net realizable value of $22.5. We estimated the net realizable value of the assets as of 31 March 2025 assuming an orderly liquidation through a secondary equipment market based on our experience with selling similar equipment. An asset’s orderly liquidation value is the amount that could be realized from a liquidation sale, given a reasonable period of time to find a buyer, selling the asset in the existing condition where it is located, and assuming the highest and best use of the asset by market participants. The inputs used for the valuation include significant unobservable inputs, or "Level 3" inputs, based on our best judgment regarding assumptions we expect market participants would use. The loss was measured as the difference between the orderly liquidation value of the assets and the net book value of the assets as of 31 March 2025. There have been no significant changes in the estimated net realizable value as of 30 June 2025.
Additionally, during the first nine months of fiscal year 2025, we recorded changes to project revenue and cost estimates on certain sale of equipment projects that are accounted for under the cost incurred input method. Accordingly, we recorded cumulative effect adjustments that unfavorably impacted operating income (loss) by approximately $20 and $63 for the three and nine months ended 30 June 2025, respectively.
There were no other changes to our estimates during the first nine months of fiscal year 2025 that had a significant impact on our financial condition, change in financial condition, liquidity, or results of operations.
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Item 3. Quantitative and Qualitative Disclosures About Market Risk
Information on our utilization of financial instruments and an analysis of the sensitivity of these instruments to selected changes in market rates and prices is included in our 2024 Form 10-K.
Our net financial instrument position increased from a liability of $13,855.3 at 30 September 2024 to a liability of $16,564.3 at 30 June 2025. The increase was primarily due to the issuance of Euro- and U.S. Dollar- denominated senior fixed-rate notes during the second and third quarters of fiscal year 2025, as well as additional borrowings under the project financing associated with the NEOM Green Hydrogen Project as discussed in Note 3, Variable Interest Entities, to the consolidated financial statements. Aggregate principal amounts of Euro- and U.S. Dollar- denominated senior fixed-rate notes issued were €1.5 billion and $1.1 billion, respectively. These increases were partially offset by the derecognition of long-term debt associated with Blue Hydrogen Industrial Gases Company ("BHIG") and the repayment of €300 million aggregate principal amount outstanding of our 1.000% Euro-denominated senior fixed-rate notes at maturity in February 2025. For additional information regarding deconsolidation of BHIG, refer to Note 5, Acquisitions and Divestitures, to the consolidated financial statements.
Interest Rate Risk
Our debt portfolio as of 30 June 2025, including the effect of currency and interest rate swap agreements, was composed of 92% fixed-rate debt and 8% variable-rate debt. Our debt portfolio as of 30 September 2024, including the effect of currency and interest rate swap agreements, was composed of 87% fixed-rate debt and 13% variable-rate debt. The increase in fixed-rate debt is primarily due to the issuance of Euro and U.S. Dollar-denominated senior fixed-rate notes as well as the derecognition of variable-rate debt associated with BHIG.
The sensitivity analysis related to the interest rate risk on the fixed portion of our debt portfolio assumes an instantaneous 100 bp parallel move in interest rates from the level at 30 June 2025, with all other variables held constant. A 100 bp increase in market interest rates would result in a decrease of $1,151 and $1,035 in the net liability position of financial instruments at 30 June 2025 and 30 September 2024, respectively. A 100 bp decrease in market interest rates would result in an increase of $1,316 and $1,197 in the net liability position of financial instruments at 30 June 2025 and 30 September 2024, respectively.
There were no material changes to the sensitivity analysis related to the variable portion of our debt portfolio since 30 September 2024.
Foreign Currency Exchange Rate Risk
The sensitivity analysis related to foreign currency exchange rates assumes an instantaneous 10% change in the foreign currency exchange rates from their levels at 30 June 2025, with all other variables held constant. A 10% strengthening or weakening of the functional currency of an entity versus all other currencies would result in a decrease or increase, respectively, of $571 and $408 in the net liability position of financial instruments at 30 June 2025 and 30 September 2024, respectively. The increase in sensitivity is primarily due to the issuance of the Euro-denominated senior fixed-rate notes noted above.

Item 4. Controls and Procedures
Disclosure Controls and Procedures
We maintain a comprehensive set of disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act). Under the supervision of the Chief Executive Officer and Chief Financial Officer, our management conducted an evaluation of the effectiveness of our disclosure controls and procedures as of 30 June 2025. Based on that evaluation, the Chief Executive Officer and Chief Financial Officer concluded that, as of 30 June 2025, our disclosure controls and procedures were effective.
Internal Control Over Financial Reporting
There was no change in our internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) during the quarter ended 30 June 2025 that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.
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PART II—OTHER INFORMATION
Item 5. Other Information
None of the Company’s directors or Section 16 reporting officers or any Rule 10b5-1 trading arrangement or non-Rule 10b5-1 trading arrangement (as such terms are defined in Item 408 of Regulation S-K) during the third quarter of fiscal year 2025.

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Item 6. Exhibits
(a) Exhibits required by Item 601 of Regulation S-K
Exhibit No.Description
(10)
Material Contracts
10.1
10.2
10.3
10.4
10.5
10.6
(31)Rule 13a-14(a)/15d-14(a) Certifications
31.1
31.2
(32)Section 1350 Certifications
32.1
(101)Interactive Data Files
101.INSInline XBRL Instance Document. The XBRL Instance Document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.
101.SCHInline XBRL Taxonomy Extension Schema Document.
101.CALInline XBRL Taxonomy Extension Calculation Linkbase Document.
101.LABInline XBRL Taxonomy Extension Label Linkbase Document.
101.PREInline XBRL Taxonomy Extension Presentation Linkbase Document.
101.DEFInline XBRL Taxonomy Extension Definition Linkbase Document.
104Cover Page Interactive Data File, formatted in Inline XBRL (included in Exhibit 101).
†
The certification attached as Exhibit 32.1 that accompanies this Quarterly Report on Form 10-Q is not deemed filed with the Securities and Exchange Commission and is not to be incorporated by reference into any filing of Air Products and Chemicals, Inc. under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended, whether made before or after the date of this Form 10-Q, irrespective of any general incorporation language contained in such filing.
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
Air Products and Chemicals, Inc.
(Registrant)
By:/s/ Melissa N. Schaeffer
Melissa N. Schaeffer
Executive Vice President and Chief Financial Officer
(Principal Financial Officer)
Date:31 July 2025
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