Air Products & Chemicals : APD Q2 FY26 Reconciliation Tables

Published: 2026-04-30 06:19:01 ET APD

Published on 04/30/2026 at 06:19 am EDT

‌Fiscal Second Quarter 2026

Non-GAAP Reconciliations

April 30, 2026

GENERATING A CLEANER FUTURE

Purpose of Reconciliation Tables.............................................................................................................................................................................................................................................................. 2

Summary of Non-GAAP Adjustments ...................................................................................................................................................................................................................................................... 3

Adjusted Operating Income and Adjusted Operating Margin............................................................................................................................................................................................................ 5

Adjusted Earnings per Share...................................................................................................................................................................................................................................................................... 6

Adjusted Effective Tax Rate........................................................................................................................................................................................................................................................................ 8

Adjusted Return on Capital ........................................................................................................................................................................................................................................................................ 9

Capital Expenditures 10

Net Debt- and Adjusted Net Debt-to-Adjusted EBITDA 12

NGHC Adjustments 14

Our financial presentations, earnings teleconferences, and other investor and analyst communications include references to non-GAAP ("adjusted") financial measures. The purpose of this document is to provide reconciliations between the historical non-GAAP financial measures that we have disclosed and the most directly comparable measure calculated and presented in accordance with U.S. generally accepted accounting principles ("GAAP").

We provide non-GAAP financial measures to allow investors, potential investors, securities analysts, and others to evaluate our business in the same manner as management. We believe such measures, when viewed together with our GAAP results, offer a more complete understanding of the factors and trends affecting our financial performance and support analysis of our results on a more consistent basis.

Amounts provided herein are in millions of U.S. Dollars, except for per share amounts, which are calculated and presented on a diluted basis from continuing operations attributable to Air Products in U.S. Dollars per weighted average common share. Comparisons versus ("vs.") prior periods may include percentage (%) and basis point (bp) changes.

Our non-GAAP financial measures should be considered within the context of our complete audited and unaudited financial results for the given period, which are available in the "Investors" section of our website at https://www.airproducts.com. Readers are cautioned that non-GAAP financial measures have inherent limitations and should not be considered in isolation or as a substitute for the corresponding GAAP measures. Our definitions and calculations of non-GAAP financial measures may differ from those used by other companies, which may limit comparability.

The tables below detail non-GAAP items disclosed on the following pages and the impact of each such item on our consolidated income statements.

Q1 2026

Q2 2026

GAAP

Non-GAAP

Items(A)

Non-GAAP

GAAP

Non-GAAP

Items(A)

Non-GAAP

Operating income

$734.5

$22.0

$756.5

$752.7

Equity affiliates' income

172.2

179.4

Interest expense

54.5

49.5

Other non-operating income (expense), net

(1.4)

9.7

8.3

0.9

4.6

5.5

Income before taxes

$850.8

$31.7

$882.5

$883.5

$4.6

$888.1

Income tax expense

159.4

4.0

163.4

158.7

1.1

159.8

Net income

$691.4

$27.7

$719.1

$724.8

$3.5

$728.3

Net income attributable to noncontrolling interests

13.2

0.6

13.8

14.4

Net income attributable to Air Products

$678.2

$27.1

$705.3

$710.4

$3.5

$713.9

Earnings per share

$3.04

$0.12

$3.16

$3.19

$0.02

$3.20

(A) For non-GAAP item details, refer to the table below.

Q1 2026

Q2 2026

Non-GAAP Items

Before Tax

Tax

After Tax

Before Tax

Tax

After Tax

Business and asset actions(B)

$28.3

$3.1

$24.6

Non-service pension cost, net(C)

3.4

0.9

2.5

4.6

1.1

3.5

Total Non-GAAP Items

$31.7

$4.0

$27.1

$4.6

$1.1

$3.5

Earnings per share

$0.12

$0.02

(B) Before tax impact of non-GAAP adjustments for the first quarter of fiscal 2026 includes $22.0 reflected in "Operating income" and $6.3 reflected in "Other non-operating income (expense), net". Amount attributable to noncontrolling interests for the period was $0.6.

GAAP

Non-GAAP

Items(A)

Non-GAAP

GAAP

Non-GAAP

Items(A)

Non-GAAP

GAAP

Non-GAAP

Items(A)

Non-GAAP

GAAP

Non-GAAP

Items(A)

Non-GAAP

GAAP

Non-GAAP

Items(A)

Non-GAAP

Operating income (loss)

$643.6

$29.9

$673.5

($2,328.0)

$2,959.3

$631.3

$790.6

($49.5)

$741.1

$16.8

$795.0

$811.8

($877.0)

$3,734.7

$2,857.7

Equity affiliates' income

150.6

145.5

6.8

152.3

167.6

184.0

647.7

6.8

654.5

Interest expense

42.6

42.2

61.4

67.8

214.0

Other non-operating income (expense), net

38.9

(28.3)

10.6

(18.6)

22.2

3.6

(6.0)

11.2

5.2

(11.7)

12.9

1.2

2.6

18.0

20.6

Income (loss) from continuing operations before taxes

$790.5

$1.6

$792.1

($2,243.3)

$2,988.3

$745.0

$890.8

($38.3)

$852.5

$121.3

$807.9

$929.2

($440.7)

$3,759.5

$3,318.8

Income tax (benefit)/expense

140.7

7.3

148.0

(505.8)

648.2

142.4

159.6

(5.1)

154.5

111.2

49.1

160.3

(94.3)

699.5

605.2

Net income (loss) from continuing operations

$649.8

($5.7)

$644.1

($1,737.5)

$2,340.1

$602.6

$731.2

($33.2)

$698.0

$10.1

$758.8

$768.9

($346.4)

$3,060.0

$2,713.6

Net income (loss) attributable to noncontrolling interests

32.4

(25.2)

7.2

(6.9)

11.0

4.1

9.4

0.1

9.5

5.2

7.2

12.4

40.1

(6.9)

33.2

Net income (loss) from continuing operations attributable to Air Products

$617.4

$19.5

$636.9

($1,730.6)

$2,329.1

$598.5

$721.8

($33.3)

$688.5

$4.9

$751.6

$756.5

($386.5)

$3,066.9

$2,680.4

Earnings (loss) per share from continuing operations

$2.77

$0.09

$2.86

($7.77)

$10.45

$2.69

$3.24

($0.15)

$3.09

$0.02

$3.37

$3.39

($1.74)

$13.76

$12.03

(A) For non-GAAP item details, refer to the table below.

Q1 2025

Q2 2025

Q3 2025

Q4 2025

Non-GAAP Items

Before Tax

Tax

After Tax

Before Tax

Tax

After Tax

Before Tax

Tax

After Tax

Before Tax

Tax

After Tax

Before Tax

Tax

After Tax

Business and asset actions(B)

$2,934.7

$640.6

$2,290.6

$24.1

$8.7

$15.4

$795.0

$45.9

$741.9

$3,753.8

$695.2

$3,047.9

Shareholder activism-related costs(C)

$29.9

$8.0

$21.9

31.4

0.4

31.0

25.0

6.2

18.8

86.3

14.6

71.7

Gain on sale of business(C)

(67.3)

(15.4)

(51.9)

(67.3)

(15.4)

(51.9)

Gain on sale of other assets(C)

(31.3)

(7.5)

(23.8)

(31.3)

(7.5)

(23.8)

(Gain) Loss on de-designation of cash flow hedges(D)

(38.8)

(3.3)

(10.3)

11.5

1.0

3.0

0.3

0.1

(27.0)

(2.2)

(7.2)

Non-service pension cost, net(E)

10.5

2.6

7.9

10.7

2.7

8.0

10.9

2.8

8.1

12.9

3.2

9.7

45.0

11.3

33.7

Tax reform adjustment related to deemed foreign dividends

34.9

(34.9)

34.9

(34.9)

Tax on repatriation of foreign earnings

(31.4)

31.4

(31.4)

31.4

Total Non-GAAP Items

$1.6

$7.3

$19.5

$2,988.3

$648.2

$2,329.1

($38.3)

($5.1)

($33.3)

$807.9

$49.1

$751.6

$3,759.5

$699.5

$3,066.9

Earnings (loss) per share

$0.09

$10.45

($0.15)

$3.37

$13.76

(B) Before tax impact reflected primarily in "Operating income". Includes amounts attributable to noncontrolling interests as follows: $3.5 in Q2, $7.2 in Q4, and $10.7 in FY.

(D) Before tax impact reflected in "Other non-operating income (expense), net". Includes amounts attributable to noncontrolling interests as follows: $25.2 gain in Q1, $7.5 loss in Q2, $0.1 loss in Q3, and $17.6 net gain in FY.

(E) Before tax impact reflected in "Other non-operating income (expense), net".

vs. Prior Year vs. Prior Quarter

$ %/bp

Sales

$3,102.5

$3,171.8

$2,916.2

Operating Income (Loss)

734.5

752.7

(2,328.0)

$3,080.7

132%

$18.2

Operating Margin

23.7%

(79.8%)

10,350 bp

- bp

Reconciliation of GAAP to Non-GAAP: Operating Income (Loss)

$734.5

$752.7

($2,328.0)

Business and asset actions

22.0

2,927.9

Shareholder activism-related costs

31.4

Adjusted Operating Income

$756.5

$752.7

$631.3

$121.4

19%

($3.8)

(1%)

Adjusted Operating Margin

24.4%

23.7%

21.6%

210 bp

(70 bp)

QTD vs. Prior Year QTD vs. Prior Quarter YTD vs. Prior Year

2026

2025

Q1 2026

2025

Q2 YTD

$/share

Earnings (Loss) Per Share(A)

$3.04

$3.19

$6.23

($7.77)

($5.00)

$10.96

141%

$0.15

$11.23

225 %

Business and asset actions

0.11

10.28

Shareholder activism-related costs

0.14

0.24

(Gain) Loss on de-designation of cash flow hedges

0.01

(0.03)

Non-service pension cost, net

0.01

0.02

0.03

0.04

0.07

Tax reform adjustment related to deemed foreign dividends

(0.16)

Tax on repatriation of foreign earnings

0.14

Subtotal - Non-GAAP items

0.12

0.02

0.14

10.45

10.54

Adjusted Earnings Per Share

$3.16

$3.20

$6.37

$2.69

$5.54

$0.51

19%

$0.04

$0.83

15%

(A) Amounts are computed independently and may not sum to totals due to rounding.

Adjusted EPS Outlook

Air Products has provided full-year fiscal 2026 adjusted EPS guidance in the range of $13.00 to $13.25 and third-quarter fiscal 2026 adjusted EPS guidance in the range of $3.25 to $3.35. This guidance is provided on a diluted basis from continuing operations attributable to Air Products. The table below compares this guidance to historical adjusted EPS for the second quarter and full-year fiscal 2025.

Adjusted EPS excludes the impact of certain items that the Company believes are not representative of its underlying business performance, such as the non-service components of net periodic benefit/cost for its defined benefit pension plans, the incurrence of costs for business, asset, and cost reduction actions and impairment charges, or the recognition of gains or losses on certain disclosed items. The per share impact for each non-GAAP adjustment is calculated independently and may not sum to total adjusted EPS due to rounding.

Air Products is unable to reconcile, without unreasonable efforts, the forecasted range of adjusted EPS to a comparable GAAP range because management is not able to predict the timing or occurrence of events or transactions that management believes are not representative of the Company's underlying business performance, which are necessary to calculate adjusted EPS.

Full Year

2025 Earnings Per Share

$3.24

($1.74)

Business and asset actions

0.07

13.68

Shareholder activism-related costs

0.08

0.32

Gain on sale of business

(0.23)

Gain on sale of other assets

(0.11)

Gain on de-designation of cash flow hedges

(0.03)

Non-service pension cost, net

0.04

0.15

Tax reform adjustment related to deemed foreign dividends

(0.16)

Tax on repatriation of foreign earnings

0.14

2025 Adjusted EPS

$3.09

$12.03

2026 Adjusted EPS Outlook

$3.25 - $3.35

$13.00 - $13.25

$ Change

0.16 - 0.26

0.97 - 1.22

% Change

5% - 8%

8% - 10%

When applicable, the tax impact of our pre-tax non-GAAP adjustments reflects the expected current and deferred income tax impact of our non-GAAP adjustments. These tax impacts are primarily driven by the statutory tax rates of the applicable jurisdictions and the taxability of the underlying adjustments in those jurisdictions.

Income Tax Expense (Benefit)

$158.7

$159.4

$111.2

$159.6

($505.8)

$140.7

$538.4

$140.6

Income (Loss) From Continuing Operations Before Taxes

883.5

850.8

121.3

890.8

(2,243.3)

790.5

2,503.3

849.5

Effective Tax Rate

18.0%

18.7%

91.7%

17.9%

22.5%

17.8%

21.5%

16.6%

Reconciliations of GAAP to Non-GAAP:

Income Tax Expense (Benefit)

$158.7

$159.4

$111.2

$159.6

($505.8)

$140.7

$538.4

$140.6

Business and asset actions tax impact

3.1

45.9

8.7

640.6

Shareholder activism-related costs tax impact

6.2

0.4

8.0

Gain on sale of business tax impact

(15.4)

(377.2)

Gain on sale of other assets tax impact

(7.5)

(Gain) Loss on de-designation of cash flow hedges tax impact

0.1

1.0

(3.3)

2.3

(0.9)

Non-service pension cost, net tax impact

1.1

0.9

3.2

2.8

2.7

2.6

6.6

6.2

Tax reform adjustment related to deemed foreign dividends

34.9

Tax on repatriation of foreign earnings

(31.4)

Adjusted Income Tax Expense

$159.8

$163.4

$160.3

$154.5

$142.4

$148.0

$170.1

$145.9

Income (Loss) From Continuing Operations Before Taxes

$883.5

$850.8

$121.3

$890.8

($2,243.3)

$790.5

$2,503.3

$849.5

Business and asset actions

28.3

795.0

24.1

2,927.9

Shareholder activism-related costs

25.0

31.4

29.9

Gain on sale of business

(67.3)

(1,575.6)

Gain on sale of other assets

(31.3)

(Gain) Loss on de-designation of cash flow hedges

0.3

11.5

(38.8)

27.5

(11.2)

Non-service pension cost, net

4.6

3.4

12.9

10.9

10.7

10.5

26.7

25.3

Business and asset actions-equity method investment

6.8

Adjusted Income From Continuing Operations Before Taxes

$888.1

$882.5

$929.2

$852.5

$745.0

$792.1

$981.9

$863.6

Adjusted Effective Tax Rate

18.0%

18.5%

17.3%

18.1%

19.1%

18.7%

17.3%

16.9%

‌Adjusted Return on Capital ("ROC")‌

2026

2025

2024

ROC:

Net income (loss)

$724.8

$691.4

$10.1

$723.2

($1,737.5)

$649.8

$1,951.0

$708.9

Total liabilities and equity

41,644.7

41,240.7

41,059.5

41,659.1

38,872.9

40,017.2

39,574.6

36,974.3

35,921.7

Four-Quarter Trailing Net Income (Loss)

$2,149.5

($312.8)

($354.4)

$1,586.5

$1,572.2

÷ Five-Quarter Average Total Liabilities and Equity

40,895.4

40,569.9

40,236.7

39,419.6

38,272.1

ROC

5.3%

(0.8%)

(0.9%)

4.0%

4.1%

ROC change vs. prior year

120 bp

ROC change vs. prior quarter

610 bp

Reconciliation from Net Income (Loss) to Adjusted Return After-Tax:

Net income (loss)

$724.8

$691.4

$10.1

$723.2

($1,737.5)

$649.8

$1,951.0

$708.9

Loss from discontinued operations, net of tax

8.0

13.9

Interest expense

49.5

54.5

67.8

61.4

42.2

42.6

49.7

55.7

Business and asset actions

28.3

795.0

24.1

2,927.9

Shareholder activism-related costs

25.0

31.4

29.9

Gain on sale of business

(67.3)

(1,575.6)

Gain on sale of other assets

(31.3)

(Gain) Loss on de-designation of cash flow hedges

0.3

11.5

(38.8)

27.5

(11.2)

Non-service pension cost, net

4.6

3.4

12.9

10.9

10.7

10.5

26.7

25.3

Tax reform adjustment related to deemed foreign dividends

(34.9)

Tax on repatriation of foreign earnings

31.4

Tax other(A)

(10.0)

(14.1)

(60.8)

(6.0)

(654.2)

(14.9)

357.6

(14.5)

Adjusted Return After-Tax

$768.9

$763.5

$825.0

$748.3

$628.5

$679.1

$850.8

$764.2

Reconciliation from Total Liabilities and Equity to Adjusted Capital Employed:

Total liabilities and equity

$41,644.7

$41,240.7

$41,059.5

$41,659.1

$38,872.9

$40,017.2

$39,574.6

$36,974.3

$35,921.7

Less: Payables and accrued liabilities

2,856.9

3,035.3

3,237.7

3,368.1

3,423.9

3,023.7

2,926.2

3,168.6

2,783.0

Less: Accrued income taxes

118.7

174.5

179.4

156.3

182.8

586.1

558.5

155.9

156.2

Less: NGHC debt and partners' equity (see page 14 for detail)

6,766.9

6,644.0

6,195.2

5,752.4

5,343.1

4,815.1

4,042.5

3,613.3

3,025.1

Less: Liabilities held for sale

49.8

51.6

50.5

Less: Noncurrent operating lease liabilities

600.1

607.0

616.0

646.6

637.4

655.1

677.9

639.3

652.1

Less: Other noncurrent liabilities

1,378.6

1,341.5

1,348.1

1,351.8

1,320.9

1,348.1

1,350.5

1,108.7

1,092.5

Less: Deferred income taxes

733.0

661.9

579.6

673.9

670.4

1,195.0

1,159.9

1,182.1

1,281.3

Subtotal

$29,140.7

$28,724.9

$28,853.0

$29,710.0

$27,294.4

$28,394.1

$28,859.1

$27,106.4

$26,931.5

Less: Cash and cash items, net of NGHC cash (see page 14 for detail)

896.2

897.7

1,815.7

2,285.9

1,478.6

1,821.5

2,945.2

2,142.1

2,360.1

Less: Short-term investments

111.4

117.5

5.0

61.8

102.8

Adjusted Capital Employed(B)

$28,244.5

$27,827.2

$27,037.3

$27,424.1

$25,704.4

$26,455.1

$25,908.9

$24,902.5

$24,468.6

Four-Quarter Trailing Adjusted Return After-Tax

$3,105.7

$2,965.3

$2,880.9

$2,906.7

$2,922.6

÷ Five-Quarter Average Adjusted Capital Employed

27,247.5

26,889.6

26,506.0

26,079.0

25,487.9

Adjusted ROC(B)

11.4%

11.0%

10.9%

11.1%

11.5%

Adjusted ROC(B) change vs. prior year

(10)bp

Adjusted ROC(B) change vs. prior quarter

40 bp

(A) Represents the tax impact on interest expense and our pre-tax non-GAAP adjustments. For details on our effective tax rates, refer to page 8.

(B) Effective for fiscal year 2026, we present adjusted ROC excluding cash and short-term investments. This presentation aligns the definition of adjusted ROC with that used for grants made under our long-term incentive compensation plan beginning in fiscal year 2026. In certain prior periods, we presented return on capital measures both including and excluding cash and short-term investments, which were previously referred to as "Adjusted ROC" and "Adjusted ROC, excluding cash and short-term investments," respectively. The calculation of adjusted ROC for the fourth quarter of fiscal year 2025, as presented above, has been recast to conform to the current year's presentation. For purposes of this measure, cash reflects total cash and cash items, net of NGHC cash, as reconciled on page 14.

Capital expenditures is a non-GAAP financial measure that management uses to evaluate our deployment of capital and assess alignment with our strategic priorities. Our calculation of this measure begins as the sum of cash paid 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, each of which are reported on our consolidated statements of cash flows.

We then adjust this amount to exclude spending for additions to plant and equipment by our consolidated joint venture, NEOM Green Hydrogen Company ("NGHC"), to the extent such spending is funded by sources other than Air Products' cash. These other funding sources include NGHC's project financing, which is non-recourse to Air Products, as well as equity contributions from the other joint venture partners. Management believes this adjustment provides a more useful view of the capital we deploy to support the ongoing growth of our business.

The most directly comparable GAAP measure to our non-GAAP capital expenditures is "Cash used for investing activities," as reported on our consolidated statements of cash flows. The reconciliation of cash used for investing activities to our reported capital expenditures is provided below:

Q2 YTD

Cash used for investing activities

$2,318.8

$4,419.4

Proceeds from sale of assets and investments

49.0

36.5

Purchases of short-term investments

(117.6)

Proceeds from short-term investments

11.1

Proceeds from other investing activities

11.0

60.9

NGHC expenditures not funded by Air Products' equity(A)

(590.4)

(1,470.9)

Capital expenditures

$1,788.4

$2,939.4

(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. Substantially all the funding we provide to NGHC is limited for use by the joint venture for its capital expenditures.

The table below outlines the cash flow components included in our definition of capital expenditures:

Q2 YTD

Additions to plant and equipment, including long-term deposits

$2,358.8

$4,009.1

Investment in and advances to unconsolidated affiliates

20.0

365.4

Investments in financing receivables

35.8

NGHC expenditures not funded by Air Products' equity(A)

(590.4)

(1,470.9)

Capital expenditures

$1,788.4

$2,939.4

It is not possible, without unreasonable efforts, to reconcile our forecasted capital expenditures to future cash used for investing activities because management is 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. Accordingly, management is unable to fully reconcile, without unreasonable efforts, our forecasted capital expenditures to future cash used for investing activities.

We expect capital expenditures of approximately $4.0 billion for fiscal year 2026.

Net debt-to-adjusted EBITDA is a non-GAAP financial measure commonly used by investors, analysts, and credit rating agencies to assess financial leverage and liquidity. Management also uses this metric as an indicator of the Company's financial strength and capital structure efficiency.

We calculate this ratio by dividing net debt by adjusted EBITDA on a trailing twelve-month basis ("LTM"). Net debt is defined as total debt, which includes short-term borrowings, the current portion of long-term debt, and long-term debt, less cash and cash items and short-term investments, when applicable.

We also present adjusted net debt-to-adjusted EBITDA to exclude the effect of the consolidated NGHC joint venture. NGHC has borrowings from project financing that are non-recourse to the Company and holds cash and cash items that can only be used to settle obligations of the joint venture. Management believes this adjusted presentation provides useful supplemental information regarding the total debt and cash and cash items on our consolidated balance sheet.

The periods presented in the tables below are as of and for the periods ended 31 March 2026.

Short-term borrowings

$314.4

($46.5)

$267.9

Current portion of long-term debt

173.5

Long-term debt

17,086.6

(5,080.2)

12,006.4

Long-term debt - related party

183.3

Total Debt

$17,757.8

($5,126.7)

$12,631.1

÷ LTM net income

2,149.5

Total Debt- and Adjusted Debt-to-Net Income

8.3x

(2.4x)

5.9x

Net Debt- and Adjusted Net Debt-to-Adjusted EBITDA Ratio:

Reconciliation)

Total Debt

$17,757.8

($5,126.7)

$12,631.1

Less: Cash and cash items

$951.0

(54.8)

$896.2

Net Debt (Non-GAAP)

$16,806.8

($5,071.9)

$11,734.9

÷ LTM adjusted EBITDA (see reconciliation from net income on page 13)

5,324.8

Net Debt- and Adjusted Net Debt-to-Adjusted EBITDA (Non-GAAP)

3.2x

(1.0x)

2.2x

We define adjusted EBITDA as net income or loss less income or loss from discontinued operations, net of tax, and excluding non-GAAP adjustments, which we do not believe to be indicative of underlying business trends, before interest expense, other non-operating income (expense), net, income tax expense, and depreciation and amortization expense.

The tables below present a reconciliation of consolidated net income on a GAAP basis to consolidated adjusted EBITDA:

LTM

Q2 FY26

Q1 FY26

Q4 FY25

Q3 FY25

Net income

$2,149.5

$724.8

$691.4

$10.1

$723.2

Less: Loss from discontinued operations, net of tax

(8.0)

Add: Interest expense

233.2

49.5

54.5

67.8

61.4

Less: Other non-operating income (expense), net

(18.2)

0.9

(1.4)

(11.7)

(6.0)

Add: Income tax expense

588.9

158.7

159.4

111.2

159.6

Add: Depreciation and amortization

1,559.5

375.0

370.7

412.8

401.0

Add: Business and asset actions

841.1

22.0

795.0

24.1

Add: Shareholder activism-related costs

25.0

Less: Gain on sale of business

67.3

Less: Gain on sale of other assets

31.3

Adjusted EBITDA

$5,324.8

$1,307.1

$1,299.4

$1,408.6

$1,309.7

Our non-GAAP financial measures exclude outstanding borrowings under project financing available to the NEOM Green Hydrogen Company joint venture ("NGHC"), which is consolidated within our Middle East and India segment, but is non-recourse to Air Products, and also the equity attributable to our NGHC joint venture partners. These items are summarized in the table below. Because NGHC's indebtedness and the contributions of our joint venture partners are consolidated in our financial statements, we make this adjustment to provide management and our investors with a measure that is more representative of the Company's return on capital on an ongoing basis. Likewise, we do not consider cash held by NGHC in our non-GAAP financial measures. Substantially all the funding we provide to NGHC is limited for use by the venture for its capital expenditures.

NGHC short-term borrowings

$46.5

$36.7

$24.0

$71.0

$64.4

$60.4

$51.6

$149.4

$162.7

NGHC long-term debt

5,080.2

5,027.1

4,677.6

4,284.3

3,997.1

3,499.4

3,053.3

2,552.3

2,114.3

1,930.4

NGHC noncontrolling interests

1,640.2

1,580.2

1,493.6

1,397.1

1,281.6

1,255.3

937.6

911.6

748.1

580.1

Total NGHC debt and partners' equity

$6,766.9

$6,644.0

$6,195.2

$5,752.4

$5,343.1

$4,815.1

$4,042.5

$3,613.3

$3,025.1

$2,510.5

Air Products consolidated cash and cash items

$951.0

$1,026.4

$1,856.0

$2,324.3

$1,491.4

$1,845.5

$2,979.7

$2,375.7

$2,535.0

$1,962.6

Less: NGHC cash

54.8

128.7

40.3

38.4

12.8

24.0

34.5

233.6

174.9

402.3

Cash and cash items, net of NGHC cash

$896.2

$897.7

$1,815.7

$2,285.9

$1,478.6

$1,821.5

$2,945.2

$2,142.1

$2,360.1

$1,560.3

Disclaimer

Air Products and Chemicals Inc. published this content on April 30, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on April 30, 2026 at 10:16 UTC.