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Item 1. Business

2025-11-20 compared with 2024-11-21 · 100 added, 122 removed, 112 unchanged (66% of the section changed)

As used in this report, unless the context indicates otherwise, the terms “we,” “our,” “us,” the “Company,” "Air Products," or “registrant” include controlled subsidiaries and affiliates of Air Products.

As used in this report, unless the context indicates otherwise, the terms “we,” “our,” “us,” the “Company,” "Air Products," or “registrant” include our controlled subsidiaries and affiliates.

Additional information about Air Products is available on our website at www.airproducts.com.

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About Air Products

Air Products and Chemicals, Inc., a Delaware corporation originally founded in 1940, is a world-leading industrial gases company that has built a reputation for its innovative culture, operational excellence, and commitment to safety and the environment.

Focused on serving energy, environmental, and emerging markets, we are committed to generating a cleaner future by offering products and services that enable our customers to improve their environmental performance, product quality, and productivity.

With sustainability at its core, our two-pillar growth strategy includes the optimization and growth of our core industrial gases business while developing, engineering, building, owning, and operating some of the world’s largest clean hydrogen projects that will advance the transition to low- and zero-carbon energy in the industrial and heavy-duty transportation sectors.

Our regional industrial gases business provides essential gases, related equipment, and applications expertise to customers in dozens of industries, including refining, chemicals, metals, electronics, manufacturing, medical, and food.

Through our sale of equipment businesses, we also provide turbomachinery, membrane systems, and cryogenic containers globally.

Air Products and Chemicals, Inc., a Delaware corporation founded in 1940, is a world-leading industrial gases company that has built a reputation for its innovation, operational excellence, and commitment to safety and environmental stewardship.

Focused on serving energy, environmental, and emerging markets and generating a cleaner future, we offer products and services that improve our customers’ operations and sustainability.

We serve a broad range of industries, including refining, chemicals, metals, electronics, manufacturing, medical, and food, providing essential industrial gases, related equipment, and applications expertise.

We also develop, engineer, build, own, and operate some of the world’s largest clean hydrogen projects supporting the transition to low- and zero-carbon energy, particularly in industrial applications and the heavy-duty transportation sector.

Additionally, our sale of equipment businesses provide specialized products such as turbomachinery, membrane systems, and cryogenic containers to customers worldwide.

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 26, Business Segment and Geographic Information , to the consolidated financial statements for additional information.

Our Businesses

Industrial Gases Business

Our industrial gases business, which is organized and operated regionally in the Americas, Asia, Europe, and Middle East and India segments, produces and sells atmospheric gases such as oxygen, nitrogen, and argon;

Regional Industrial Gases

process gases such as hydrogen, helium, carbon dioxide ("CO 2 "), carbon monoxide, and syngas (a mixture of hydrogen and carbon monoxide);

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We derive a competitive advantage in locations where we have pipeline networks, which enable us to provide a reliable and economic supply of products to our larger customers.

Industrial gases are generally produced at or near the point of use given the complexity and inefficiency of storing molecules at low temperatures.

The industrial gases business develops, builds, and operates equipment for the production or processing of gases.

Atmospheric gases are produced through various air separation processes, of which cryogenic distillation is the most prevalent, while process gases are produced by methods other than air separation.

To produce hydrogen, we purify byproduct sources obtained from the chemical and petrochemical industries.

We have historically produced hydrogen from hydrocarbons exclusively without carbon capture (known as "gray hydrogen");

however, we are also investing in projects that are intended to create a reliable and consistent world-scale source of low-carbon hydrogen produced from hydrocarbons with carbon capture (known as “blue hydrogen”) as well as carbon-free hydrogen produced from renewable energy (known as “green hydrogen”).

Industrial gases are generally produced at or near the point of use due to the complexity and inefficiency of storing molecules at low temperatures.

The industrial gases business develops, builds, and operates equipment for the production and processing of gases.

Atmospheric gases are produced through various air separation processes, with cryogenic distillation being the most prevalent, while process gases are produced by methods other than air separation.

Hydrogen is a process gas that is typically produced by purifying byproduct sources obtained from chemical and petrochemical industries without carbon capture, commonly referred to as “gray hydrogen.” We primarily produce gray hydrogen.

In addition, we are advancing projects that produce low-carbon hydrogen from hydrocarbons with carbon capture (“blue hydrogen”) and carbon-free hydrogen from renewable energy (“green hydrogen”), such as the NEOM Green Hydrogen Project in Saudi Arabia.

In fiscal year 2025, we exited certain clean energy projects as discussed in Note 5, Business and Asset Actions , to the consolidated financial statements.

Despite these actions, we continue to see opportunity in clean energy and are pursuing focused investments in scalable, economically viable solutions that support long-term shareholder value.

Electricity is the largest cost component in the production of atmospheric gases.

To produce hydrogen, carbon monoxide, and syngas, steam methane reformers use natural gas as the primary raw material, while gasifiers use liquid and solid hydrocarbons as the primary raw material.

To produce hydrogen, carbon monoxide, and syngas, steam methane reformers use natural gas as the primary raw material, while gasifiers use liquid and solid hydrocarbons.

We mitigate electricity, natural gas, and hydrocarbon price fluctuations contractually through pricing formulas, surcharges, cost pass-through provisions, and tolling arrangements.

During fiscal year 2024, no significant difficulties were encountered in obtaining adequate supplies of power and natural gas.

Helium is produced as a byproduct of gases extracted from underground reservoirs, primarily natural gas as well as CO 2 purified before resale.

During fiscal year 2025, we did not encounter significant difficulties in obtaining adequate supplies of power and natural gas.

Helium is produced as a byproduct of gases extracted from underground reservoirs, primarily natural gas and CO 2 purified before resale.

Because helium is generally sourced globally at long distances from point of sale, we maintain an inventory of helium in our fleet of ISO containers as well as in underground storage facilities in Amarillo, Texas and Beaumont, Texas.

We distribute gases to our industrial gas customers through different supply modes depending on various factors including the customer's volume requirements and location.

Our supply modes are as follows:

• On-Site Gases— Supply mode associated with customers, principally in the energy production and refining, chemical, metals, and electronics industries worldwide, that require large volumes of gases and have relatively constant demand.

Gases are produced and supplied by large facilities we construct or acquire on or near the customers’ facilities or by pipeline systems from centrally located production facilities.

These sale of gas contracts are generally governed by 15- to 20-year contracts.

We also deliver smaller quantities of product through small on-site plants (cryogenic or non-cryogenic generators), typically via a 10- to 15-year sale of gas contract.

The contracts within this supply mode generally contain fixed monthly charges and/or minimum purchase requirements with price escalation provisions that are typically based on external indices.

We distribute product to our industrial gas customers through either our on-site or merchant supply mode depending on various factors, including the customer's volume requirements and location.

Each sale of gas supply mode is described below:

• On-site Gases — This supply mode serves customers primarily in the energy production and refining, chemical, metals, and electronics industries worldwide, where large and relatively consistent volumes of industrial gases are required.

Gases are produced and supplied through large facilities constructed or acquired on or near customer facilities, or by pipeline systems from centralized production locations.

These sale of gas arrangements are generally governed by long-term contracts ranging from 15- to 20-years.

We also deliver smaller quantities of product through small on-site plants (cryogenic or non-cryogenic generators), generally under 10- to 15-year contracts.

Contracts in this supply mode commonly include fixed monthly charges and/or minimum purchase requirements with price escalation provisions that are typically based on external indices.

Our on-site supply mode generates approximately half our total company sales.

• Merchant Gases— Supply mode for liquid bulk and packaged gas products.

Liquid bulk product is delivered in bulk in either liquid or gaseous form by tanker or tube trailer and stored, usually in its liquid state, in equipment that we typically design and install at the customer’s site for vaporizing into a gaseous state as needed.

Liquid bulk sales are usually governed by three- to five-year contracts.

Packaged gas products are delivered in small quantities in either cylinders or dewars.

We operate packaged gas businesses in Europe, Asia, and Latin America.

• Merchant Gases — This supply mode includes liquid bulk and packaged gas products.

Liquid bulk gases are delivered in either liquid or gaseous form via tanker or tube trailer and stored, usually in its liquid state, in equipment that we typically design and install at the customer’s site for vaporizing into a gaseous state as needed.

Packaged gases customers receive small quantities of product delivered in either cylinders or dewars, with operations in Europe, Asia, and Latin America.

Sales of both liquid bulk and packaged gases do not include minimum purchase requirements, as they are governed by contracts and/or purchase orders that reflect the customer's specific needs.

These contracts contain stated terms that are generally five years or less.

We maintain inventory in locations that facilitate supply of products to customers on a reasonable delivery schedule.

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The refining industry uses hydrogen to facilitate the conversion of heavy crude feedstock and lower the sulfur content of gasoline and diesel fuels.

This produces cleaner transportation fuels that can be used with other equipment, particularly in the developing hydrogen-for-mobility markets, to significantly reduce emissions that contribute to climate change.

This produces cleaner transportation fuels that can be used with other equipment to significantly reduce emissions that contribute to climate change.

Many other industries that already benefit from hydrogen’s unique properties to improve quality, optimize performance, and reduce costs are also looking to hydrogen as a fuel that can help decarbonize their manufacturing processes.

We have hydrogen fueling stations that support commercial markets as well as demonstration projects across the globe.

The chemicals industry uses hydrogen, oxygen, nitrogen, carbon monoxide, and syngas as feedstocks in the production of many basic chemicals.

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Nitrogen applications are used in food processing for freezing and preserving flavor, and nitrogen is used for inerting in various fields, including the metals, chemical, and semiconductor industries.

Helium is used in laboratories and healthcare for cooling and in other industries for pressurizing, purging, and lifting.

Helium is used for its unique properties as an inert gas with an extremely low boiling point.

It is widely used in semiconductor and fiber optics manufacturing, MRI magnet cooling, and for purging and pressurizing rocket fuel systems in aerospace launches.

Additional applications include use in laboratories, cryogenics, and as a shielding gas in arc welding.

Argon is used in the metals and other industries for its unique inerting, thermal conductivity, and other properties.

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The Corporate and other segment also includes the results of our Rotoflow business, which manufactures turboexpanders and other precision rotating equipment, and our Gardner Cryogenics business, which fabricates helium and hydrogen transport and storage containers.

Additionally, through the end of fiscal year 2024, our Corporate and other segment included our liquefied natural gas ("LNG") process technology and equipment business, which was sold to Honeywell International Inc.

on 30 September 2024.

Refer to Note 4, Gain on Sale of Business , to the consolidated financial statements for additional information regarding the sale.

Steel, aluminum, and capital equipment subcomponents such as compressors are the principal raw materials in the manufacturing of equipment.

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Our sale of equipment supply mode constituted less than 10% of consolidated sales in fiscal years 2025, 2024, and 2023.

Our former liquefied natural gas ("LNG") process technology and equipment business was included in the Corporate and other segment until its sale to Honeywell International Inc.

on 30 September 2024.

The LNG business generated operating income of approximately $135 million in fiscal year 2024 and $120 million in fiscal year 2023.

As a result of the sale, we recognized a pre-tax gain of approximately $1.6 billion during the fourth quarter of fiscal year 2024, reported within "Gain on sale of business" on our consolidated income statements.

This gain was not recorded in the results of the Corporate and other segment.

Refer to Note 4, Gain on Sale of Business , to the consolidated financial statements for additional information.

We do not have a homogeneous customer base or end market, and no single customer accounts for more than 10% of our consolidated sales.

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A negative trend affecting one of these industries, or the loss of one of these major customers, although not material to our consolidated sales, could have an adverse impact on our financial results.

Our businesses are not subject to seasonal fluctuations to any material extent.

While seasonality does not materially affect our long-term performance, it may result in variability in quarterly financial results.

Governmental Contracts

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The carrying value of our equity method investments is reflected as "Investment in net assets of and advances to equity affiliates" on our consolidated balance sheets.

Substantially all our equity method investments are in foreign industrial gas producers, the largest of which operate in Algeria, China, India, Italy, Mexico, Saudi Arabia, South Africa, and Thailand.

All of our equity method investments are in foreign industrial gas producers, the largest of which operate in Algeria, China, India, Italy, Mexico, and Saudi Arabia.

For additional information regarding these investments, refer to Note 10, Equity Affiliates , to the consolidated financial statements.

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and approximately five countries in the Middle East, primarily Saudi Arabia.

As discussed under "Equity Affiliates" above, we also own non-controlling interests in entities operating in Africa, Asia, Europe, Latin America, and the Middle East.

Financial information about our foreign operations and investments is included in Note 10, Equity Affiliates ;

As discussed under "Equity Affiliates" above, we also own non-controlling interests in entities operating in Asia, Europe, Latin America, and the Middle East.

Financial information related to our foreign operations and investments can be found in the consolidated financial statements under Note 10, Equity Affiliates ;

Note 24, Income Taxes ;

and Note 26, Business Segment and Geographic Information , to the consolidated financial statements.

Information about foreign currency translation is included under “Foreign Currency” in Note 1, Basis of Presentation and Major Accounting Policies , to the consolidated financial statements.

Information about our exposure to currency fluctuations is included in Note 15, Financial Instruments , to the consolidated financial statements, and in “Foreign Currency Exchange Rate Risk” included under Item 7A, Quantitative and Qualitative Disclosures About Market Risk , of this Annual Report on Form 10-K.

and Note 26, Business Segment and Geographic Information .

Details regarding foreign currency translation are provided in Note 1, Basis of Presentation and Major Accounting Policies , to the consolidated financial statements, under “Foreign Currency”.

Our exposure to currency fluctuations is discussed in Note 15, Financial Instruments , to the consolidated financial statements and Item 7A, Quantitative and Qualitative Disclosures About Market Risk , under “Foreign Currency Exchange Rate Risk”.

Technology Development

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Some of our operations are within jurisdictions that have or are developing regulatory regimes governing emissions of greenhouse gases (“GHG”), including CO 2 .

These include existing coverage under the European Union Emission Trading System, the California Cap-and-Trade Program, China’s Emission Trading Scheme and its nation-wide expansion, and South Korea’s Emission Trading Scheme.

These include the European Union Emission Trading System, the California Cap-and-Trade Program, China’s Emission Trading Scheme, and South Korea’s Emission Trading Scheme.

In the Netherlands, a CO 2 emissions tax was enacted on 1 January 2021.

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In Ontario, Environment & Climate Change Canada’s Output Based Pricing System was replaced by the GHG Emissions Performance Standards program beginning 1 January 2022.

In Singapore, the Carbon Pricing Tax Act was implemented effective 1 January 2019.

In Taiwan, enforcement of the Climate Change Response Act began in 2023 and a carbon fee was implemented effective 29 August 2024.

In addition, the U.S.

Environmental Protection Agency requires mandatory reporting of GHG emissions and is regulating GHG emissions for new construction and major modifications to existing facilities.

The European Union has issued the Corporate Sustainability Reporting Directive as well as the Corporate Sustainability Due Diligence Directive, and California has enacted the Climate Corporate Data Accountability Act and the Climate Related Financial Risk Act that will require reporting and third-party assurance of GHG emissions information for certain entities.

In March 2024, the SEC issued final rules for "The Enhancement and Standardization of Climate-Related Disclosures for Investors,” which would have required certain climate-related disclosures in our Annual Report on Form 10-K.

In April 2024, the SEC stayed the effectiveness of the final rules pending the outcome of certain legal challenges.

In Taiwan, enforcement of the Climate Change Response Act began in 2023.

A carbon fee framework pursuant to that law has also been announced, with collections thereunder first scheduled for 2026, covering emissions generated in 2025.

In September 2025, the U.S.

Environmental Protection Agency (“EPA”) issued a proposed rule to end federal mandatory GHG reporting for almost all sectors (including Subpart P that we are subject to);

however, the rule is not yet final and timing is uncertain.

Additionally, in August 2025, the EPA issued a proposed rule to reconsider its 2009 Endangerment Finding rule (and a 2016 agency affirmation of that rule) that was the basis for subsequent actions to regulate certain GHGs under the federal Clean Air Act, including for new constructions and major modifications to existing facilities, as well as new motor vehicles.

The European Union has issued the Corporate Sustainability Reporting Directive as well as the Corporate Sustainability Due Diligence Directive, and California has enacted the Climate Corporate Data Accountability Act and the Climate Related Financial Risk Act that will require GHG emissions and climate-related financial risk reporting for certain entities.

Furthermore, some jurisdictions have various mechanisms to target the power sector to achieve emission reductions, which often result in higher power costs.

Increased public concern may result in more international, U.S.

federal, and/or regional requirements to reduce or mitigate the effects of GHG emissions.

Increased public concern may result in more international and/or regional requirements to reduce or mitigate the effects of GHG emissions.

Although uncertain, these developments could increase our costs related to consumption of electric power, hydrogen production and application of our gasification technology.

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We continue to develop technologies to help our facilities and our customers lower energy consumption, improve efficiency, and lower emissions.

We see significant opportunities for hydrogen for mobility, low carbon intensity hydrogen production supporting the global energy transition, utilization of carbon capture technologies, including subsequent CO 2 product use or sequestration, and gasification.

Expenditures for capital projects intended to control pollution from existing operating facilities as required under current environmental regulations were not material in fiscal years 2025, 2024, and 2023.

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Sustainability

Sustainability is at the core of our higher purpose to bring people together to collaborate and innovate solutions to the world’s most significant energy and environmental sustainability challenges.

Our low- and zero-carbon hydrogen and other first mover projects demonstrate our commitment to making investments that will make a meaningful difference on climate issues, allowing us to support our customers’ sustainability journeys, conserve resources, and care for our employees and communities.

Our Sustainability Report details our strategy and the role our employees play in achieving our goals.

We pursue opportunities to improve energy efficiency and lower emissions across our operations.

Additionally, our customers rely on our expertise to enhance their operations, boost efficiency, improve yields, and reduce their environmental footprint.

Our offerings include gases, equipment, technologies, and applications that enable our customers, and their customers, to improve their sustainability performance by avoiding GHG emissions, improving efficiency, allowing the use of by-product gases, and recycling resources between facilities.

Our latest Sustainability Report is available at www.airproducts.com/company/sustainability/sustainability-report.

Human Capital Management

As of 30 September 2024, we had approximately 23,000 employees, of which over 95% were working full-time and approximately 75% were located outside the United States.

We have collective bargaining agreements with unions and works councils at certain locations that expire on various dates over the next four years.

Under 20% of our total workforce is covered by such agreements.

Overall, we have a corporate strategy supported by our leaders and enabled by a positive organizational culture.

We believe our employees are our most valuable asset and are critical to our organization's success.

Our goal is to be the safest, most diverse, and most profitable industrial gas company in the world, providing excellent service to our customers.

Integral to our success is the continued development of our 4S culture (Safety, Speed, Simplicity and Self-Confidence) and the creation of a work environment where our employees feel that they belong and matter.

Our talent-related initiatives, including employee recruitment and development, diversity and inclusion, and compensation and benefits programs, focus on building and retaining the world-class talent to execute our two-pillar growth strategy and fulfill Air Products' higher purpose.

Safety is a core value and fundamental to our goal of being the safest, most diverse, and most profitable industrial gas company in the world.

We believe safety is a moral obligation, and we want our employees to return home to their families safe and healthy daily.

Our overarching safety goal is zero accidents and incidents.

We strive to continually improve the safety and health of our colleagues, contractors, customers, and host communities.

Air Products uses a multidisciplinary approach to safety and health, which includes a global Environment, Health and Safety ("EHS) policy;

We are focused on attracting, developing, and retaining a highly-skilled workforce that will deliver excellent service to our customers.

We strive to create a workforce that reflects our customers and the communities where we do business.

By embracing the experiences and perspectives within our talent pool and nurturing a culture grounded in respect and collaboration, we empower employees to confidently share ideas.

This approach is central to our corporate strategy, which is supported by our leaders and enabled by a positive organizational culture.

As of 30 September 2025, we had approximately 21,300 employees, with over 99% working full-time and approximately 75% based outside the United States.

We maintain collective bargaining agreements with unions and works councils at certain locations, which expire at various times over the next four years.

Approximately 15% of our global workforce is covered by these agreements.

We offer a variety of opportunities for employees to develop their capabilities, talents, and careers.

Employees choose learning and development goals aligned to roles and responsibilities that support current and expected future business needs.

We continue to invest in new learning platforms and learner-centric experiences that encourage employee development and skills retention.

Safety is a core operating principle at Air Products.

We view it as a fundamental responsibility to ensure that every employee returns home safe and healthy each day.

Our goal is zero accidents and incidents, and we are committed to continuously improving the safety and health of our employees, contractors, customers, and the communities where we operate.

We use a multidisciplinary approach to safety and health, which includes a global Environment, Health and Safety ("EHS") policy;

goals for employee, contractor, and transportation safety;

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and external reporting on safety performance through our annual Sustainability Report, public website, and responses to various stakeholders.

Diversity, Inclusion, and Belonging

Our 2024 Sustainability Report sets forth our announced goals to further increase the percentage of women and U.S.

minorities in professional and managerial roles and the recruitment and talent development strategies we have in place to ensure we meet these ambitions.

By 2025, Air Products aims to achieve at least 28 percent female representation in the professional and managerial population globally, and at least 30 percent minority representation in that same population in the United States.

We established these goals following analysis of our global employee representation metrics and future talent needs, as well as assessing industry benchmarks and peer companies.

For more information on these initiatives and to access our most recently published Equal Employment Opportunity EEO-1 Report, please refer to our Diversity, Inclusion and Belonging website at www.airproducts.com/company/diversity.

As detailed in our 2024 Sustainability Report, in order to create an engaged workforce, individuals must be compensated fairly and equitably.

A work environment where employees know they belong and matter includes fair and equitable pay.

Our pay practices apply equally to all employees irrespective of gender, race, religion, disability, age, or any other form of personal difference.

We pay competitively in local markets where we do business and compete for talent.

We benchmark our compensation to ensure we keep pace with the market to provide competitive pay and benefits.

Our compensation programs are generally comprised of base pay, annual variable pay (bonus), and long-term incentives (stock awards under the Air Products Long-Term Incentive Plan) for eligible employees.

By aligning our pay practices with business goals, we support the financial well-being of our workforce and reinforce our commitment to responsible corporate citizenship.

Sustainable and equitable pay is essential to fostering a workplace where employees feel valued and supported.

Our compensation practices are designed to ensure fairness and promote long-term economic stability for our workforce.

We are committed to ethical pay practices that align with our values of social responsibility, ensuring that all employees receive equitable compensation regardless of gender, race, religion, disability, age, or any other personal characteristic.

We strive to offer competitive pay in the local markets where we operate, balancing financial sustainability with our ability to attract and retain talent.

To support this, we benchmark our compensation to remain aligned with market conditions and provide competitive pay and benefits.

Our compensation programs generally include base pay, annual variable pay (bonus), and long-term incentives (stock awards under the Air Products Long-Term Incentive Plan) for eligible employees.

Our Executive Officers

In addition to our Chairman, President, and Chief Executive Officer, our Executive Vice President and Chief Financial Officer, and our Executive Vice President, General Counsel and Secretary, the executive officers' information below includes members of senior leadership who were named to the Management Board as announced on 22 July 2024.

These Management Board members were designated as executive officers effective 1 October 2024.

The table below identifies each executive officer by name, age, and offices held as of 20 November 2025.

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Name Age Office

Seifi Ghasemi 80 Chairman, President, and Chief Executive Officer (became Chairman, President and Chief Executive Officer in 2014 and previously served as Chairman and Chief Executive Officer of Rockwood Holdings, Inc.

from 2001 to 2014).

Ghasemi is a member and Chairman of the Board of Directors and the Chairman of the Executive Committee of the Board of Directors.

Eduardo Menezes 62 Chief Executive Officer and Director (Principal Executive Officer) since February 2025.

Prior to joining Air Products, Mr.

Menezes served as Executive Vice President of Linde plc from 2018 to 2021, with responsibility for Europe, Middle East and Africa.

Menezes previously served for over three decades in progressively senior roles at Praxair, Inc., prior to its acquisition by Linde in 2018.

From 2012 through the time of the merger, Mr.

Menezes served as an Executive Vice President of Praxair, with responsibility for its businesses in Asia, Europe, Mexico and South America, as well as for global hydrogen operations.

Menezes also served from 2010 to 2011 as head of the North American Industrial Gases business and Praxair’s packaged gas business and from 2007 to 2010 as President of Praxair Europe.

Menezes is a member of the Board of Directors and a member of the Executive Committee of the Board of Directors.

Schaeffer 46 Executive Vice President and Chief Financial Officer (became Senior Vice President and Chief Financial Officer in August 2021 and Executive Vice President in October 2024).

Schaeffer joined the Company in 2016 and most recently served as Vice President, Finance – GEMTE, Americas, Middle East, and India from 2020 to 2021 and previously served as Vice President, Chief Audit Executive from 2016 to 2020.

Major 60 Executive Vice President, General Counsel and Secretary since 2017.

Previously, Mr.

Major served as Executive Vice President, General Counsel and Secretary for Joy Global Inc.

from 2007 to 2017.

63 President, Europe and Africa since 2017.

Bols previously served as Vice President and General Manager, Merchant Gases-Asia from 2007 to 2011, Vice President and General Manager, Global Liquid Bulk, Generated Gases and Helium from 2011 to 2012, Vice President and General Manager, Merchant Gases–Europe, from 2012 to 2014, and President, EMEA from 2014 to 2016.

Before joining the Company, Ms.

Schaeffer was global director, Internal Audit at Trinseo S.A.

and worked for 10 years at Ernst & Young LLP.

Schaeffer also serves on the board of directors of Trane Technologies plc.

Ivo Bols 64 President, Europe and Africa since 2017.

Bols previously served as President, EMEA from 2014 to 2016, Vice President and General Manager, Merchant Gases–Europe from 2012 to 2014, General Manager, Global Liquid Bulk, Generated Gases and Helium from 2011 to 2012 and Vice President and General Manager, Merchant Gases-Asia from 2007 to 2011.

Bols joined the Company in 1988.

Wolfgang Brand

47 President, Project Delivery and Technical since July 2024.

Brand joined the Company in May 2020 and initially served as Vice President, NEOM Green Hydrogen until March 2024 and then as General Manager, Project Delivery EMEA until July 2024.

Brand previously served as Chief Executive Officer and Managing Director of EMT Ingenieurgesellschaft H.

Euer mbH, a medium-sized enterprise producing and maintaining aerial reconnaissance systems, from 2018 until 2020.

Brand previously worked at Linde AG in a series of positions of increasing responsibility, including as Vice President of Petrochemicals Business Development and Sales.

Victoria Brifo

56 Executive Vice President, Chief Human Resources Officer (became Senior Vice President, Chief Human Resources Officer in June 2018 and Executive Vice President in October 2024).

Brifo joined the Company in 2001 as site leader in Geismar, Louisiana, and progressed through a series of plant and other leadership positions, including prior service as Global Diversity Director, Global Manager of Electronics Operations, Industrial Gases Transformation Leader, and Vice President, Equipment Sales, Plant Support and Central Procurement.

Brifo has also served on the board of directors of Trinseo plc, a publicly listed provider of specialty material solutions, since June 2021.

Brian Galovich

51 Executive Vice President, Chief Information Officer (became Chief Information Officer in December 2020 and Executive Vice President in October 2024).

Prior to joining the Company, Mr.

Galovich spent 24 years at United Technologies Corporation in multiple leadership roles within digital technology, including as Vice President, Digital Technology, and Chief Information Officer of Collins Aerospace from 2018 to 2020, as Chief Information Officer of Global Business Systems for United Technologies from 2017 to 2018, and Chief Information Officer of Pratt & Whitney from 2016 to 2017.

Ahmed Hababou

56 President, Middle East and India since February 2023.

Hababou previously served as Vice President, Green Hydrogen from September 2020 until January 2023, Vice President, Southern Europe and Maghreb from 2016 to 2020, head of European Specialty Gases & Helium Operations from 2013-2016, head of operations and supply chain in Southern Europe from 2008-2013 and general manager of the Middle East from 2005-2008.

Hababou joined the Company in 2002.

Name Age Office

Kurt Lefevere

54 President, Asia since June 2024.

Lefevere previously served as Vice President, Northern Europe from 2015 until June 2024, Manager, Strategy Development and Performance Enhancement for the Company’s Global Merchant division from 2013 until 2014, and General Manager for the Packaged Gases division in Asia from 2011 until 2013.

Kurt Lefevere 55 President, Asia since June 2024.

Lefevere previously served as Vice President, Northern Continent, Europe from 2015 to June 2024, Manager, Strategy Development and Performance Enhancement for the Company’s Global Merchant division from 2013 until 2014, and General Manager for the Packaged Gases division in Asia from 2011 until 2013.

Lefevere joined the Company in 1994.

Francesco Maione

55 President, Americas since December 2020.

Matthew Lepore 55 Executive Vice President, General Counsel, Chief Compliance Officer and Secretary since August 2025.

Lepore previously served as Group General Counsel, President for Legal, Compliance and Insurance, Chief Compliance Officer, Chief Human Rights Officer and Corporate Secretary at BASF SE (Ludwigshafen am Rhein, Germany) since 2021, Senior Vice President and Global Head of Legal at BASF SE from 2018 to 2021, Senior Vice President and General Counsel, Chief Compliance Officer and Corporate Secretary of BASF Corporation (New Jersey) from 2014 to 2018, and Corporate Secretary and Chief Governance Officer at Pfizer Inc.

from 2008 to 2014.

Francesco Maione 56 President, Americas since December 2020 and Global Helium & Rare Gases since June 2025.

Maione previously served as President, Atmospheric Gases, Americas during 2020, as Vice President and General Manager, South America from 2019 until early 2020, as Vice President, Northern Region Americas, from 2018 to 2019 and Vice President, Southern Region, Americas, from 2016 to 2018.

Maione joined the Company in 1998.

63 President, Equipment Businesses since July 2024.

Mok previously served as President, Asia from October 2014 to June 2024, as Vice President, Energy and Materials, and General Services from April 2014 to September 2014, and as Vice President, North America Tonnage Gases from October 2009 to March 2014.

Mok joined the Company in 1986.

61 Senior Vice President, Global Helium and Rare Gases (became General Manager, Global Helium and Rare Gases in April 2014, Vice President, Global Helium and Rare Gases in April 2020 and Senior Vice President in August 2024).

Nelson previously served in the Company’s helium business in a variety of operations and commercial positions since he joined the Company in 1990.

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 1. Business