Earnings call transcript: Air Products Q3 2025 sees EPS beat, stock dips

Air Products and Chemicals Inc. (APD) reported its third-quarter 2025 earnings, showcasing a robust adjusted earnings per share (EPS) of $3.09, surpassing the company’s guidance. However, sales volume fell by 4%, and the stock experienced a slight dip of 0.78% to $244.66 following the announcement. Despite the stock’s minor decline, the company remains focused on strategic investments in hydrogen and digital transformation.

Key Takeaways

• Adjusted EPS of $3.09 exceeded guidance.
• Sales volume decreased by 4%.
• Stock price declined by 0.78% to $244.66.
• Continued investment in hydrogen and digital tools.
• Cost reduction plan on track, aiming for $185-$195 million in savings.

Company Performance

Air Products reported a solid financial performance in Q3 2025, with adjusted EPS exceeding expectations. However, the company faced a 4% decline in sales volume, reflecting challenges in market demand. Despite this, the company maintained its adjusted operating income and increased total company prices by 1%. Air Products continues to lead in the hydrogen and electronics sectors, supported by its strong global manufacturing capabilities.

Financial Highlights

• Revenue: Not specified.
• Earnings per share: $3.09, exceeding guidance.
• Adjusted operating income: Unchanged.
• Total company price: Up 1%.
• Sales volume: Down 4%.

Outlook & Guidance

Air Products has set its full-year adjusted EPS guidance between $11.90 and $12.10. The company is also maintaining its capital expenditure guidance at approximately $5 billion. Looking ahead, Air Products aims for high single-digit EPS growth and targets a 30% operating margin by 2030. The company expects to achieve a return on capital employed (ROCE) in the mid to high teens by 2030 and aims to be cash neutral over the next three years.

Executive Commentary

CEO Eduardo Menezes emphasized the company’s strategic focus, stating, "We expect to consistently achieve high single-digit or better adjusted EPS growth rate while maintaining or reducing our financial leverage." Menezes also highlighted the company’s investment in AI and digital tools, saying, "We are investing to bring additional AI and digital transformation tools to the majority of our employees."

Risks and Challenges

• Market Demand: A 4% decline in sales volume indicates potential challenges in market demand.
• Supply Chain: Ongoing global supply chain disruptions could impact operations.
• Economic Conditions: Macroeconomic pressures may affect consumer spending and industrial activity.
• Competition: Increasing competition in the hydrogen and electronics sectors could pressure margins.
• Regulatory Changes: Potential changes in environmental regulations could impact operations and costs.

The earnings call highlighted Air Products’ commitment to innovation and strategic investment, despite facing some operational challenges. The company’s focus on hydrogen, digital transformation, and cost reduction positions it well for future growth.

Full transcript - Air Products and Chemicals Inc (APD) Q3 2025:

Eric, Call Moderator/Operator, Air Products and Chemicals: Now, please turn the call over to Eduardo Menezes.

Eduardo Menezes, CEO/Executive, Air Products and Chemicals: Thank you, Eric. This is Eduardo Menezes. Thank you for joining us. Please turn to slide three. The Air Products and Chemicals team delivered solid fiscal third-quarter results. Our adjusted EPS of $3.09 exceeded our guidance and were higher than last year on a comparable basis, excluding the impact of the LNG business sale. We saw positive base business results despite significant global heating headwinds and continue to see positive cost savings across the organization from our productivity actions. Air Products and Chemicals has a solid core industrial gas business with significant potential. The results this quarter show the strength and resilience of our base business. I’m confident we can continue to improve margins and unlock value through systematic cost productivity, pricing, and operational excellence. Let me share some examples of how we are executing our productivity commitments. We continue to review and optimize our portfolio.

The previously announced global cost reduction plan remains on track and will generate significant savings. Once all actions under the plan are fully executed, we expect to realize annual savings of $185 to $195 million. Air Products and Chemicals has the lowest SG&A as a % of sales in the industry, and we are continuing to improve on this metric. We are investing to bring additional AI and digital transformation tools to the majority of our employees for use in their day-to-day work. I expect the combination of the Air Grassroots project and large ongoing AI corporate initiatives in areas like energy management will significantly change the way we work and open many new productivity opportunities for Air Products and Chemicals. We are committed to project execution and capital discipline.

We expect to finalize the current energy transition projects in line with our previous guidance and to continue investing growth to build density in our core industrial gas business. We intend to take full advantage of our leading on-site positions in hydrogen and electronics, always through disciplined capital allocation. Now, please turn to slide four. We presented this slide for the first time last quarter, and I thought it would be helpful to talk about it one more time. This is Air Products and Chemicals’ five-year roadmap to unlock our earnings potential. We have a strong team running the core business, and I’m confident all our leaders are personally committed to take Air Products and Chemicals through this journey. Our objective for the next five years, starting in fiscal year 2026, is to consistently achieve high single-digit or better adjusted EPS growth rate while maintaining or reducing our financial leverage.

By doing that and maintaining the capital discipline I mentioned a few times during this presentation, we should achieve operating margins of 30% and ROCE in the mid to high teens by 2030. Now, I will turn it over to Melissa to discuss our quarter results. Melissa?

Melissa, CFO/Financial Executive, Air Products and Chemicals: Thank you, Eduardo. Good morning, everyone. Please turn to slide six to review our results. Our third-quarter adjusted EPS of $3.09 exceeded the upper end of our guidance of $2.90 to $3.00. Compared to last year, sales volume was down 4%, mainly due to the sale of the LNG business last year, lower helium demand, and project exits, while partially offset by favorable on-site across the region. The sale of the LNG business drove volume lower 2%. Total company price was up 1%, which equates to a 2% improvement for the merchant business. Adjusted operating income was unchanged as strong base business performance, including continued pricing strength in non-helium products across all regions, was largely offset by the sale of the LNG business and exited projects. Adjusted operating margin was flat but improved about 300 bps sequentially due to favorable volume and productivity improvements.

Now, please turn to slide seven for the details of our third-quarter EPS. Third-quarter adjusted EPS of $3.09 decreased $0.11 from prior year. This was negatively impacted by $0.14 from the sale of the LNG business and $0.12 impact from project exits. Without these headwinds, EPS would have improved $0.15 versus prior year. Volume added $0.06, better fitting from strong on-site volume. This volume growth was partially offset by lower helium demand and project exits in the Americas. Price was positive $0.05, driven by strong non-helium pricing actions across all regions. Costs were $0.03 favorable due to productivity and lower maintenance, partially offset by higher depreciation and inflation. The tax rate this quarter was $0.05 unfavorable compared to last year, which benefits from several one-time items. Interest expense was $0.02 higher as project exits reduced the interest eligible for capitalization.

Now, please turn to slide number eight for an update of our fiscal 2025 guidance. Our fiscal full-year adjusted EPS guidance is now in the range of $11.90 to $12.10, keeping the midpoint unchanged at $12. We remain cautious in our outlook, recognizing the significant economic uncertainties around the world. Our guidance for CapEx stays at approximately $5 billion for the year. We’ve included additional details on the segment results in the appendix section. Now, we will turn the call over for questions. Operator?

Eric, Call Moderator/Operator, Air Products and Chemicals: Thank you. If you would like to ask a question, please signal by pressing star one on your telephone keypad. If you’re using a speakerphone, please make sure your mute function is turned off to allow your signal to reach our equipment. Again, please press star one to ask a question. We’ll pause for just a moment. We’ll go first to John Roberts with Mizuho Securities.

Thank you. Could you give us an update on the plan to use third parties at DARO blue ammonia and carbon capture project for both ammonia and the carbon capturing and sequestration?

Eduardo Menezes, CEO/Executive, Air Products and Chemicals: Hi, John. Good morning. This is Eduardo. Yeah. As we said last quarter, we are working to get this partnership done by the end of the current year. We’re still working on that. Also, three months later, I would say that we’re reasonably optimistic we’ll get there. I’ve seen some reports this quarter for other blue ammonia projects in the US Gulf Coast. If you look at this report, you look at the amount of the numbers that they published in terms of CapEx for the size of the plants they are publishing, our numbers, I believe we are a little better in terms of unit of CapEx for capacity. We expect to do that because we have a larger scale. I think that validates the numbers that we presented in terms of the competitiveness of our project in terms of CapEx.

I also saw a report about comparing the cost of blue ammonia in the US Gulf Coast with gray ammonia in Europe, also ratifying the point that we’re making that the US will be very competitive. The fundamentals of the project will remain very strong. Now it’s a question of finding the right partnership, finding the right agreements, and negotiating these agreements, which takes a little time. That’s where we are. We have a dedicated team working on that. I’m participating personally in a lot of these meetings. When we have more information that we can share with you, we’ll do that.

All right. Thank you.

Eric, Call Moderator/Operator, Air Products and Chemicals: We’ll go next to Jeffrey John Zekauskas with JPMorgan Chase.

Jeffrey John Zekauskas, Analyst, JPMorgan Chase: Thanks very much. A two-part question. Your average prices year over year were up 1%. If you took out the drag from helium, how much would your average prices have been up? Secondly, in the past, Air Products and Chemicals used to say that it could dissociate hydrogen from ammonia with a 10% loss. Is that a claim that Air Products and Chemicals still wants to make, or is the dissociation characteristics different? Do you have to build an infrastructure in Europe in order to fulfill the total contract in 2030?

Eduardo Menezes, CEO/Executive, Air Products and Chemicals: Okay, Jeff. The first question I’ll ask Melissa to talk about that. We normally don’t disclose helium numbers, but we can probably give you an idea of the total impact for the year for us in terms of helium. On the second question, the dissociation, we are working with our R&D organization and engineering designing this plant. At this point, if and when we go forward with any project in Europe to dissociate ammonia, the idea is to use Air Products and Chemicals’ own technology for that. At this point, I believe that we still have the same goal in terms of yield that you mentioned on 10% losses. It’s always a question of capital inefficiency on how much you want to invest to improve your efficiency, and that’s exactly where we are.

We’re testing a lot of different catalysts and different configurations and trying to be ready to execute these projects when the volumes become more fun. As I mentioned before, all these projects in Europe are a function of the final regulation. The EU has its own umbrella regulation, let’s put it this way, that each EU member has to develop and adopt. This, or they call it transpose to law. This is a little late. It was supposed to be done a few months ago, but there are several drafts in several jurisdictions where they present what they are trying to do with the EU legislation. We and our potential customers in total, we are all following these regulations to decide where we should build this project. That’s where we are on the ammonia dissociation side and alternative, Melissa, to talk about the helium impact.

Melissa, CFO/Financial Executive, Air Products and Chemicals: Sure. Thanks, Eduardo. Thanks for the question, Jeff. Volume and price do continue to fall across the regions. Let me talk about helium as a whole instead of pricing for obvious reasons. As an order of magnitude for the quarter, helium EPS contributions were down about 4% versus prior year. For the full year, we’re anticipating around a $0.55 to $0.60 headwind from EPS, which again is about 4% to 5%. The teams are actively working to balance pricing and volumes to maximize profitability during this down cycle, but it does continue to be a headwind.

Jeffrey John Zekauskas, Analyst, JPMorgan Chase: Thank you.

Eric, Call Moderator/Operator, Air Products and Chemicals: We’ll go next to John Patrick McNulty with BMO Capital Markets.

Yeah, good morning. Thanks for taking my question. Maybe digging in a little bit more into the, I believe you said it was $175 million to $185 million cost opportunities. I guess two questions around that. One, is that in addition to the $100 million opportunity that Air Products and Chemicals had previously outlined and expected to come in a bit this year and a bit next year? Can you speak to the heavy lifting of it? It sounds like a lot of it’s going to be around digital and energy management. How long or how much effort is this going to take? Is it just kind of a simple drop in, or is there some real heavy lifting here?

Melissa, CFO/Financial Executive, Air Products and Chemicals: Yeah. Thanks. I will take that question. Let’s first talk about the productivity actions we talked about. This is a total picture of the activity that we’ve been talking about the last couple of years. We continue to execute on productivity actions. This obviously includes the right sizing of the organization. This journey will continue as we execute the major projects and reduce our headcount as those projects start to be reduced. Through our right sizing actions over the last couple of years, we have committed to take about 10% of our headcount out. We’re about 60% complete as of the end of this quarter. In order of magnitude, in FY2025, we realized about a $0.40 EPS cost savings versus what was prior to the program initiation and around a $0.25 EPS cost savings versus prior year in FY2024.

Now, associated to the digital energy that Eduardo Menezes talked about, this is a program that we are working on. There will be many programs from an AI perspective that we will be rolling out. As we continue to progress on those, we obviously will be able to update you. The vast majority of the cost savings we talked about was really associated to the headcount and productivity actions we had previously announced.

Eduardo Menezes, CEO/Executive, Air Products and Chemicals: Yeah. This is on top of that thing that we’re working for the future after this wave of these initial productivity projects.

Got it. Thanks very much for the call.

Eric, Call Moderator/Operator, Air Products and Chemicals: We’ll go next to Vincent Andrews with Morgan Stanley.

Hey, good morning. This is Steve Haynes on for Vincent. Wanted to ask a question on the volume performance in Americas. Would it be possible to just get a bit more color on the 6% decline there, I guess, how that compared to your original expectation? I guess if you could just break it out between base volumes versus any impact from, I guess, some of the project exits. Thank you.

Melissa, CFO/Financial Executive, Air Products and Chemicals: Thank you for the question. From the Americas volume perspective, we actually had strong on-site volumes in our standalone assets and the Gulf Coast hiccup. The entire amount of the downturn was largely associated with two things. First, the exited project of World Energy and the prior year contribution. Second, really largely helium demand. We did see improvements in our overall merchant business outside of the helium demand. Again, underlying strong volumes across our on-site and merchants outside of World Energy and the demand in helium.

Thank you.

Eric, Call Moderator/Operator, Air Products and Chemicals: Our next question comes from the line of Joshua David Spector with UBS Investment Bank.

Joshua David Spector, Analyst, UBS Investment Bank: Yeah. Hi, good morning. I actually wanted to follow up on that same question. If World Energy is the main project exit, I don’t know what % we should assume that is of volume declines. The two pieces there are that should we expect kind of a 2% to 3% volume headwind over the next two to three quarters as a result of that? Is there any income associated with that, or is this just a top-line change? Thanks.

Melissa, CFO/Financial Executive, Air Products and Chemicals: Yes, thanks for the question. Last year during this quarter, we had contributions from World Energy of about $24 million. That was a one-time item, and we do not expect this headwind to continue moving forward.

Joshua David Spector, Analyst, UBS Investment Bank: That’s clear enough. I’ll leave it there. Thank you.

Melissa, CFO/Financial Executive, Air Products and Chemicals: Thank you.

Eric, Call Moderator/Operator, Air Products and Chemicals: We’ll go next to Michael Joseph Sison with Wells Fargo Securities.

Hey, good morning. Nice quarter. In terms of the core business, Eduardo, you mentioned, I think, in the last call that you still want to invest kind of $1.5 billion in low-risk projects for the core business. Any update there? I haven’t seen any announcements. How’s bidding activity going with that? Do you think, as we head into 2026, that’s something that you can sort of hit as a goal?

Eduardo Menezes, CEO/Executive, Air Products and Chemicals: Yeah. We continue to see a lot of project activities on small plants. Those are normally not announcements that we make because of the size of the projects. I will probably for the next quarter try to summarize what we did for the year and what we expect in the following year so that you can have a better idea of how much of this $1 billion to $1.5 billion goes to small plants. In terms of larger-sized plants, we continue to see a lot of activity for electronics in Asia. We are building a lot of plants currently in Taiwan. We see some activities still in China and South Korea. That’s an area that is moving forward. We always have some projects in the U.S., considering our large base here to replace or to increase our capacity in both hydrogen and air circulation. That continues to do okay.

This is the core of our business. This is the business that Air Products and Chemicals started as a company. We expect that to pick up and to increase in the next years. As you know, this is my first six months in the company and traveling around and going to different locations in different countries. I would say that when you go to Asia and see the capabilities that we have in terms of cryogenic equipment manufacturing and how efficient we are in these areas and how we can bring this equipment all over the globe and be competitive, I think Air Products and Chemicals is in a very strong position. It’s probably one of the or the best facilities I’ve ever seen in my career. I intend to take full advantage of that.

Great. Thank you.

Eric, Call Moderator/Operator, Air Products and Chemicals: We’ll go next to Patrick David Cunningham with Citi.

Hi, good morning. Thanks for taking my question. Eduardo, you alluded to some of the larger project announcements in the US Gulf Coast for blue ammonia. Does this change the dynamic at all for Air Products and Chemicals? I know you mentioned it was cost competitive, but are there now fewer logical equity partners for you and the market is well served, or do you see it differently?

Eduardo Menezes, CEO/Executive, Air Products and Chemicals: I think the ammonia market is a large market, so we have other people being interested in that. There is some push, stronger push now for clean ammonia, especially in the Far East. Some bids coming out for the power producers in Japan and Korea looking for clean ammonia. I think the demand will be there. On top of that, as I mentioned, I strongly believe that blue ammonia from the US Gulf Coast will be very competitive in Europe. I think there is room for our project and probably a few more projects.

Thank you.

Eric, Call Moderator/Operator, Air Products and Chemicals: We’ll go next to Matthew Dio with Bank of America.

Thank you. On slide four, just look within the improve the core/refocus and then kind of achieve potential, right? You have NEOM as kind of a key driver in 2030 for offsetting underperforming projects. I assume a decent amount of that is the total agreement starting in 2030. NEOM is expected to start up in 2027, so I’m just wondering why that is more of a consideration for the 2030 profile.

Eduardo Menezes, CEO/Executive, Air Products and Chemicals: Yeah. The 2030 number comes more from zero than NEOM. NEOM, we also expect the country that you mentioned to come online in 2030. As I said before, NEOM continues to progress well. We expect to start up in 2027, and we are working as well on placing the product initially as green ammonia. The green hydrogen will need to wait for the regulation in Europe to follow. That’s where we are. We are also, in the same way, working to commercialize and finding partners for that. We’re working also in commercializing the green ammonia from NEOM starting 2027.

Eric, Call Moderator/Operator, Air Products and Chemicals: We’ll go next to Christopher S. Parkinson with Wolfe Research.

Great. Thank you so much for taking my question. Eduardo, you laid out a helpful breakdown of CapEx a few months ago and just your initial thoughts in terms of all the bars and the projects and how you’re thinking about things in the future. I realize it’s only been a few months, but is there any update on how we should be thinking about the progress of hitting those targets? It seems like the buy-side community is focusing on getting CapEx somewhere down to the mid-$3 billion. If there’s any thought process there as well as uses for cash in terms of balance sheet and eventually buy-back, just any change of thought process over the last couple of weeks and months? Thank you so much.

Eduardo Menezes, CEO/Executive, Air Products and Chemicals: Thank you. Great. No major updates on that. We continue to follow what we said before, that our intent is to be around cash neutral for the next three years. We, of course, will maintain our dividends, but we need to balance our cash sources or cash users. We expect to be able to do that in the next three years. How well we’ll do that will determine other uses that we can do with the cash, like buy-back shares. At this point, we’re trying to walk before we run. The priority is to make sure that our CapEx for 2026, 2027, and 2028 matches the cash generation that we have.

Thank you.

Eric, Call Moderator/Operator, Air Products and Chemicals: We’ll go next to Duffy Fischer with Goldman Sachs.

Yes. Good morning, guys. Thanks for the details on helium for this year. Just on that subject, Eduardo, you’ve prepped helium for a lot of years. How do you see the cycle for helium playing out over the next couple of years? How much, just at the current levels, when do we anniversary the level we’re at today? How much is the headwind next year? Do you think this is still kind of a multi-year down cycle, or can we stabilize as we get into 2026?

Eduardo Menezes, CEO/Executive, Air Products and Chemicals: Yeah. We have been debating that a lot. As you can imagine, it’s the helium market. The main question is, is there a lot of cycle or is there a structural change in what happened in the market in the last years and what will happen in the future, right? We had a few significant changes in the market. One of them was that the BLM, that used to be the largest source and had the capability of managing volume because they have storage for helium, is becoming less and less a factor in the market. In fact, it’s very minor now. Most of the helium sources now are connected to natural gas processing and LNG plants. You saw an increase in the supply side. On the demand side, we’ve seen some diversification with new players in the industrial gas space.

That is changing the way the market operates for the last few years. For the next years, I still believe that the nature of the helium market is not going to change. At some point, you’re going to have a crisis. You’re going to have a change in LNG demand. You’re going to have a war closing a plant, a mechanical failure. You’re going to see the pendulum going the other way in the market. I think, as I said before, Air Products and Chemicals tries to be a very responsible player in this market. We made an investment on a cavern a few years ago, understanding that we need to have a little more wiggle room to manage our balance of helium. I think that others are investing now. I think that’s a positive sign for the market. We’ll see some changes in the future.

One point that I think you need to take into consideration is that the price increases and decreases in this market take a little time to percolate all the way in the chain to get to the suppliers. I think that you’ll start to see that in this year, and you’ll probably continue to see that in the next year. I expect that going forward, the impact in terms of margin is going to be a little less dramatic for all the industrial gas companies because you’re going to get also a reduction on the cost of the helium that you purchase from the manufacturers. It’s not an easy situation. I think we are managing that well. Air Products and Chemicals is still making a higher margin than we were making before COVID with a much lower volume.

I think the team has been playing this well, managing the volumes in the cavern. At some point, we need to make sure we stabilize that and reuse the volumes. We’ll pull the trigger when we think it’s the right moment for that.

Terrific. Thank you for that.

Eric, Call Moderator/Operator, Air Products and Chemicals: We’ll go next to Kevin William McCarthy with Vertical Research Partners.

Yes. Thank you. And good morning. Eduardo, you’ve set forth a long-term return on capital employed goal in the mid to high teens. I was wondering if you could speak to the trajectory from today’s level of 10% to that goal. Obviously, there’s some short-term friction or volatility as you reshape the portfolio. When do you think we might turn the corner, and how might you rank order the most important drivers to get those returns higher over the next several years?

Eduardo Menezes, CEO/Executive, Air Products and Chemicals: Thank you, Kevin. I’ll ask Melissa to take this question. I’ll make a comment at the end. Go ahead.

Melissa, CFO/Financial Executive, Air Products and Chemicals: Sure. Absolutely. No, thank you, Eduardo. And thanks, Kevin, for the question. As you saw this quarter, our ROC is around 11.1%, which is down versus prior quarter. This is largely the significant construction process that we have. Ex. NEOM, obviously, that would improve greatly. We did see a four-quarter trailing after-tax return that went down a little bit due to the headwinds from helium and our canceled projects. That was coupled, obviously, with higher debt and lower deferred income tax driven by our canceled projects. That’s providing some of the headwinds. Without CIP and cash, our ROC would actually be up about 500 basis points. As we see the CIP reduce and our cash balances, obviously, increase as we become more disciplined on our capital allocation, our ROC will improve. We’ve given you the forecast over the next five years.

I fully anticipate that we should be able to meet and beat that. As I said, the reduction and the capital outlay will help that greatly.

Eduardo Menezes, CEO/Executive, Air Products and Chemicals: Yeah. A lot of influence from construction progress on the numbers. A little complicated accounting here because we consolidate NEOM 100% at this point. That will be de-consolidated at start up. Melissa and the team have our calculators in the background. We are pushing hard to get to this ROC by two meetings by 2030.

Eric, Call Moderator/Operator, Air Products and Chemicals: We’ll go next to Lawrence Alexander with Jefferies.

Hi. This is Dan Rizzo for Lawrence. In your opening remarks, you mentioned inflation being somewhat of a headwind. I was just wondering what exactly that is and what you expect going forward in terms of costs.

Eduardo Menezes, CEO/Executive, Air Products and Chemicals: We continue to see inflation all over. As we all know, the situation status is not very clear, to say the least. We’re trying to manage that the best way we can. It is always a function of how well we also manage our pricing. You have just to stay ahead in the race between price and inflation. That’s a battle that we fight every day. Inflation has been a concern. The tariffs will impact at some point, more than we expect. Our business is directly not affected that much, but our customers are, and sometimes our suppliers are. That’s the source of inflation we see.

Thanks.

Eric, Call Moderator/Operator, Air Products and Chemicals: We’ll go next to James Hooper with Sanford C. Bernstein.

Good morning. Thank you very much for taking my question. I think we’ve touched on NEOM and DARO. Can we have an update on the other underperforming projects in Edmonton, Rotterdam, and Arizona? These are meant to come online in the next couple of years. Is there any way that these can be delayed, or do you think those should you not be able to get the demand or off-take, or are these date-set? Thank you.

Eduardo Menezes, CEO/Executive, Air Products and Chemicals: Yeah. These are all projects that have schedules for two years or more. Not a lot of things change in three months. Our forecast in terms of capital and schedule is still the same that we provided you last quarter. If there are changes, we’ll come back to you. At this point, what we presented before is exactly where we are in terms of CapEx and schedule.

Melissa, CFO/Financial Executive, Air Products and Chemicals: One incremental comment. The projects that you talked about, the Edmonton project and our assets in Rotterdam, are underpinned by customers. Those are a little bit of a different flavor than our NEOM and Louisiana projects.

Eric, Call Moderator/Operator, Air Products and Chemicals: This concludes the question and answer portion of today’s call. At this time, I would like to turn the call back over to Eduardo Menezes for any additional or closing remarks.

Eduardo Menezes, CEO/Executive, Air Products and Chemicals: Thank you. I would like to again thank everyone for joining our call today. We appreciate your interest in Air Products and Chemicals, and we look forward to discussing our results with you again next quarter. All the best and have a great day. Thank you.

Eric, Call Moderator/Operator, Air Products and Chemicals: This concludes today’s call. Thank you for your participation. You may now disconnect.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.