Q2 FY25 Summary of Results (comparisons versus prior year):

GAAP results, including loss per share# of $7.77 and net loss of $1.7 billion, driven by an after-tax charge attributable to Air Products of $2.3 billion for business and asset actions recorded during the fiscal 2025 second quarterAdjusted earnings per share ("EPS")* of $2.69; adjusted EBITDA* of $1.2 billion

Q2 FY25 Announcements

Appointed Eduardo F. Menezes Chief Executive Officer of Air Products and member of the Board of Directors, joining other Board members elected in January 2025; Wayne T. Smith and Dennis H. Reilley named Chairman and Vice Chairman, respectivelyIncreased quarterly dividend to $1.79 per share, marking the 43rd consecutive year of dividend increasesAnnounced exit of three U.S. projects: World Energy Sustainable Aviation Fuel expansion project in Paramount, California; green liquid hydrogen project in Massena, New York; and carbon monoxide project in Texas. These and other strategic initiatives, including workforce actions under the Company's global cost reduction plan, resulted in charges of approximately $2.9 billion ($2.3 billion attributable to Air Products after tax, or $10.28 per share).

LEHIGH VALLEY, Pa., April 1, 2025 /PRNewswire/ -- Air Products (NYSE:APD) will hold a conference call to discuss its fiscal 2025 second quarter financial results on Thursday, May 1, 2025 at 8:00 a.m. ET. The teleconference will be open to the public and the media in listen-only mode by telephone and Internet broadcast.

APD Q2FY25 live teleconference:  773-305-6865Passcode:  7519932Internet broadcast/slides: Available on the Event Details page on Air Products' Investor Relations website. Internet replay: Available on the Event Details page on Air Products' Investor Relations website.

LEHIGH VALLEY, Pa., March 13, 2025 /PRNewswire/ -- Air Products (NYSE: APD) will highlight its Freshline® Smart Technology and food freezing solutions for seafood processors at Seafood Expo North America at the Boston Convention and Exhibition Center from March 16-18.

Air Products' Freshline® Smart Technology allows customers to monitor their food manufacturing equipment remotely to optimize processes and track key performance parameters. Self-monitoring analysis allows customers to see data in real-time, which can help maximize efficiency, productivity, and sustainability. For data driven manufacturers, the possibilities with this technology are limitless.

Company Will Write Down Assets and Expects to Record a Pre-Tax Charge Not to Exceed $3.1 Billion in Its Fiscal Second Quarter

LEHIGH VALLEY, Pa., Feb. 24, 2025 /PRNewswire/ -- As part of a review initiated by Air Products' (NYSE: APD) newly-elected Board of Directors and Chief Executive Officer, the Company today announced its decision to exit three projects in the U.S. As a result, Air Products expects to record a pre-tax charge not to exceed $3.1 billion in its fiscal 2025 second quarter, primarily to write down assets and terminate contractual commitments. The estimated charge, which will not impact adjusted earnings per share for fiscal 2025, relates to the following projects:

 Air Products' Industry Experts will Present the Details of Recent Hydrogen Boiler Trials, as well as Information on Hydrogen's Role in Enhancing Microgrid Resilience

LEHIGH VALLEY, Pa., Feb. 10, 2025 /PRNewswire/ -- Air Products (NYSE:APD) will highlight how its industrial gases, such as hydrogen, can help the power industry generate a cleaner future and reach its decarbonization goals at POWERGEN International, from February 11-13, at the Kay Bailey Hutchison Convention Center in Dallas, Texas.

Q1 FY25 (comparisons versus prior year):

GAAP EPS# of $2.77, up one percent; GAAP net income of $650 million, up five percent; and GAAP net income margin of 22.2 percent, up 150 basis pointsAdjusted EPS* of $2.86, up one percent; adjusted EBITDA* of $1.2 billion, up one percent; and adjusted EBITDA margin* of 40.6 percent, up 140 basis points

Fiscal 2025 and Recent Highlights

Increased quarterly dividend on the Company's common stock to $1.79 per share, marking the 43rd consecutive year of dividend increases; Air Products expects to return approximately $1.6 billion to shareholders in 2025

Seifi Ghasemi to Leave the Company Following More than 10 Years of Dedicated ServiceWayne T. Smith Named Board Chairman and Dennis H. Reilley Named Board Vice Chairman

LEHIGH VALLEY, Pa., Feb. 4, 2025 /PRNewswire/ -- Air Products' (NYSE: APD) Board of Directors today announced the appointment of Eduardo F. Menezes as Chief Executive Officer (CEO) of Air Products effective February 7, 2025, succeeding Seifollah ("Seifi") Ghasemi, who is leaving the Company after more than 10 years of dedicated service. Mr. Menezes will also join the Air Products Board.

Welcomes Andrew Evans, Paul Hilal, Bob Patel, Dennis Reilley and Alfred Stern

LEHIGH VALLEY, Pa., Jan. 23, 2025 /PRNewswire/ -- Air Products (NYSE: APD) today reported preliminary voting results from its 2025 Annual Meeting of Shareholders ("Annual Meeting") held on January 23, 2025.

Based on preliminary results, Air Products shareholders have chosen to elect the following nominees to serve on the Company's Board of Directors:

Tonit M. CalawayLisa A. DavisAndrew EvansJessica Trocchi GrazianoPaul HilalBhavesh V. ("Bob") PatelDennis ReilleyWayne T. SmithAlfred Stern

Marks 43rd Consecutive Year of Quarterly Dividend Increases on Company's Common Stock

LEHIGH VALLEY, Pa., Jan. 22, 2025 /PRNewswire/ -- The Board of Directors of Air Products (NYSE:APD) has increased the quarterly dividend on the Company's common stock to $1.79 per share, marking the 43rd consecutive year of dividend increases.

The dividend is payable on May 12, 2025 to shareholders of record at the close of business on April 1, 2025.

About Air Products Air Products (NYSE:APD) is a world-leading industrial gases company in operation for over 80 years focused on serving energy, environmental, and emerging markets and generating a cleaner future. The Company supplies essential industrial gases, related equipment and applications expertise to customers in dozens of industries, including refining, chemicals, metals, electronics, manufacturing, medical and food. As the leading global supplier of hydrogen, Air Products also develops, engineers, builds, owns and operates some of the world's largest clean hydrogen projects, supporting the transition to low- and zero-carbon energy in the industrial and heavy-duty transportation sectors. Through its sale of equipment businesses, the Company also provides turbomachinery, membrane systems and cryogenic containers globally.

Air Products' Annual Meeting is Less Than 48 Hours Away: Vote Your Shares Online Today at the Voting Website Listed on Your BLUE Proxy Card or Voting Instruction Form

Leading Proxy Advisory Firms ISS, Glass Lewis, and Egan-Jones Unanimously Recommend Replacing CEO Seifi Ghasemi and Others from the Board with Shareholder Nominees Proposed by Mantle Ridge

Mantle Ridge Urges Shareholders to Vote Online "FOR" the Four Independent Shareholder Nominees – Andrew Evans, Paul Hilal, Tracy McKibben, and Dennis Reilley – and "WITHHOLD" On Company Nominees Charles Cogut, Lisa A. Davis, Seifollah "Seifi" Ghasemi, and Edward L. Monser

The Board Expects the Following: After the Announcement of a New President No Later Than March 31st, the CEO Transition Will Be Completed Within Three Months of Joining the Company. Additionally, the Roles of Chair and CEO Will Be Separated, a New Independent Chair Appointed, and Mr. Ghasemi Will Retire from the Board

Air Products' Highly Qualified Board Is Significantly Refreshed with Outside Perspectives

Our Independent Directors Are Running a Rigorous and Orderly CEO Succession Process

Achieved Strong Preliminary Fiscal Q1 2025 Earnings Results (GAAP EPS of $2.77; adjusted EPS of $2.86)1 Which Reinforce that the Company is Committed to Creating Superior Shareholder Value

Change is In the Air: Mantle Ridge's Four Shareholder Nominees Will Help the Board Usher in a Brighter Future

All of the Leading Independent Proxy Advisory Firms – ISS, Glass Lewis, and Egan-Jones – Recommend Replacing CEO Seifi Ghasemi and Other Board Members with Mantle Ridge Nominees

Air Products' January 23, 2025 Annual Meeting is Fast Approaching: Vote Your Shares As Soon As Possible Online at the Voting Website Listed on Your BLUE Proxy Card or Voting Instruction Form

Mantle Ridge Urges Shareholders to Vote Online "FOR" All Four of its Superbly Qualified Director Nominees – Andrew Evans, Paul Hilal, Tracy McKibben, and Dennis Reilley – and "WITHHOLD" On Company Nominees Charles Cogut, Lisa A. Davis, Seifollah "Seifi" Ghasemi, and Edward L. Monser

Company to Release Full Q1FY25 Results and Host Teleconference on February 6, 2025

LEHIGH VALLEY, Pa., Jan. 14, 2025 /PRNewswire/ -- Air Products (NYSE:APD) today announced preliminary fiscal 2025 first quarter GAAP earnings per share# ("EPS") of $2.77 and preliminary fiscal 2025 first quarter adjusted EPS* of $2.86. Preliminary adjusted EPS exceeds the top end of the Company's previous fiscal 2025 first quarter adjusted EPS guidance* of $2.75 to $2.85.

Full interim consolidated financial statements as of and for the quarter ended December 31, 2024 are not yet complete as of the date of this press release. The preliminary earnings per share information presented above is based upon information available as of the date of this press release and is subject to change upon completion of all quarter-end close processes, as well as the possible occurrence of interim events prior to the issuance of our full financial statements. Accordingly, undue reliance should not be placed on this preliminary unaudited financial information. Please also refer to the "Forward-Looking Statements" provided below.

Egan-Jones Finds "Many Compelling Reasons to Support Mantle Ridge's Case for Change" and States that "Voting for the Mantle Ridge Nominees is in the Best Interest of the Company and its Shareholders" 

Asserts "Mismanagement and the Absence of Effective Leadership" Have "Significantly Eroded Shareholder Value" and that "Mr. Seifi Ghasemi is Not the Right Leader to Unlock the Full Potential of Air Products"

Calls Out "Absence of a Clear CEO Succession Plan" 

Finds "Entrenched and Unqualified CEO" Seifi Ghasemi "Seeks to Maintain Control for as Long as Possible"; Finds "Prioritizing his Self-Serving Agenda over the Shareholders' Best Interests" a "Breach of Mr. Ghasemi's and the Board's Fiduciary Duties"

Strongly Disagrees with ISS' Opinion Published Today

Urges Shareholders to Vote "FOR" ONLY Air Products' Nominees on the WHITE Proxy Card

LEHIGH VALLEY, Pa., Jan. 13, 2025 /PRNewswire/ -- Air Products' (NYSE: APD) Board of Directors today sent a letter to shareholders in connection with its upcoming 2025 Annual Meeting of Shareholders (the "Annual Meeting"), which will be held at 8:30 a.m. U.S. Eastern Time on January 23, 2025. All Air Products shareholders of record as of the close of business on November 27, 2024, will be entitled to vote at the Annual Meeting.

Institutional Shareholder Services "ISS" Finds Incumbent Board Has Failed to "Properly Oversee" a "Credible Succession Plan" and States that Reconstitution of the Board with a "New Chairman" Would "Allow Fresh Board Assessment of Board Leadership and the Careful Deliberation on Optimal Timing for a CEO Transition"

ISS Recommends Shareholders Vote "WITHHOLD" Against Seifi Ghasemi, Charles Cogut and Edward L. Monser – Company Nominees Opposed by Mantle Ridge – Further Reinforcing the Need for Change

Answers Frequently Asked Questions Received from Employee Shareholders About Vote Anonymity

Mantle Ridge's Director Nominees Reaffirm Commitment to Working Constructively with Air Products' Continuing Directors as Part of a Reconstituted Board to Create Value for All Shareholders If Elected

Urges Shareholders to Vote the BLUE Proxy Card "FOR" All Four of Mantle Ridge's Superbly Qualified Director Nominees – Andrew Evans, Paul Hilal, Tracy McKibben, and Dennis Reilley – and "WITHHOLD" on the Company Nominees Charles Cogut, Lisa A. Davis, Seifollah "Seifi" Ghasemi, and Edward L. Monser

Glass Lewis Finds a "Compelling" Case for Change at Air Products Following "Years of Poor Performance Fueled by a Spate of High-Cost, Low-Visibility Strategic Expeditions Pointedly Departing from APD's Core Risk Profile"

Report Notes Board Has Overseen a "Faulty Succession Effort" and that Certain of the Company's "Quantitative Rebuttals Heavily Tax Analytical Veracity"

Glass Lewis Recognizes "Mantle Ridge's Copious Dissection of APD's Track Record" is "Much More Decisive" than Air Products' Perspective on Company's Strategic Pivot

LEHIGH VALLEY, Pa., Jan. 9, 2025 /PRNewswire/ -- Air Products' (NYSE:APD) Board of Directors today sent a letter to shareholders in connection with its upcoming 2025 Annual Meeting of Shareholders (the "Annual Meeting"), which will be held at 8:30 a.m. U.S. Eastern Time on January 23, 2025. All Air Products shareholders of record as of the close of business on November 27, 2024 will be entitled to vote at the Annual Meeting. The letter is available at voteairproducts.com.

The full text of the letter to shareholders follows:

Highlights Strength of Mantle Ridge's Four Director Nominees

Puts Performance of Selected Incumbent Directors into Perspective – Including Responsibility for Operational Underperformance, Flawed Capital Allocation and Strategy, Poor Project Execution, Failed Management Development and Succession Planning, Failed Compensation Alignment, and Degradation of Board Composition, Performance, and Governance Safeguards

Urges Shareholders to Vote the BLUE Proxy Card "FOR" Mantle Ridge's Four Highly Qualified Director Nominees – Andrew Evans, Paul Hilal, Tracy McKibben, and Dennis Reilley – and "WITHHOLD" on the Company Nominees Charles Cogut, Lisa A. Davis, Seifollah "Seifi" Ghasemi, and Edward L. Monser