What changed in this filing

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Item 8. Financial Statements and Supplementary Data

2025-11-20 compared with 2024-11-21 · 769 added, 510 removed, 1655 unchanged (44% of the section changed)

23 unchanged sentences

Deloitte & Touche LLP, an independent registered public accounting firm, has issued its opinion on the Company’s internal control over financial reporting as of 30 September 2025 as stated in its report which appears herein.

/s/ Seifi Ghasemi /s/ Melissa N.

Seifi Ghasemi Melissa N.

Chairman, President, and Executive Vice President and

Chief Executive Officer Chief Financial Officer

/s/ Eduardo F.

Menezes /s/ Melissa N.

Menezes Melissa N.

Chief Executive Officer and Director

Executive Vice President and

(Principal Executive Officer)

Chief Financial Officer

20 November 2025 20 November 2025

27 unchanged sentences

Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

Critical Audit Matters

Critical Audit Matter

The critical audit matter communicated below is a matter arising from the current-period audit of the financial statements that was communicated or required to be communicated to the audit committee and that (1) relates to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, subjective, or complex judgments.

6 unchanged sentences

Revenue associated with these contracts is generally recognized over time during the period in which the Company delivers or makes available the agreed upon quantity of gases.

In addition, certain on-site industrial gas contracts contain complex terms and provisions such as tolling arrangements, minimum payment requirements, pricing provisions, and variable components that are specific to a customer arrangement.

These arrangements may require greater judgment in determining when contractual requirements have been met, impacting the timing and amount of revenue to be recorded.

In addition, certain on-site industrial gas contracts contain complex terms and provisions such as tolling arrangements, minimum payment requirements, and pricing provisions that are specific to a customer arrangement.

These arrangements may require greater judgment in determining when contractual requirements have been met, impacting the amount of revenue to be recorded.

We identified revenue recognition for certain on-site industrial gas customer contracts with complex terms and provisions as a critical audit matter because of the judgments necessary for management to evaluate these contract terms, including amendments, in order to determine the amount of revenue to be recognized.

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Our audit procedures related to revenue recognition for certain on-site industrial gas customer contracts with complex terms and provisions included the following procedures, among others:

• We tested the effectiveness of the Company’s controls related to the amount and timing of revenue recognition, including controls over the evaluation of complex terms and provisions in certain on-site industrial gas customer contracts.

• We evaluated the terms included within original customer contracts and related amendments to assess the accounting for provisions such as minimum payment requirements, pricing provisions, settlement terms, and variable components that require management to apply judgment in determining revenue recognition associated with the contract.

• We tested the effectiveness of the Company’s controls related to the amount of revenue recognition, including controls over the evaluation of complex terms and provisions in certain on-site industrial gas customer contracts.

• We evaluated the terms included within original customer contracts and related amendments to assess the accounting for provisions such as minimum payment requirements, pricing provisions, and settlement terms that require management to apply judgment in determining revenue recognition associated with the contract.

• We evaluated customer transactions and agreed the amount of revenue recognized to underlying contracts, customer invoices, and cash receipts.

• We inquired of personnel who oversee operations, customer relations, and revenue recognition as to the presence of contract amendments, and interpretation of contract terms.

• We inquired of personnel who oversee operations and revenue recognition as to the presence of contract amendments, and interpretation of contract terms.

/s/ Deloitte & Touche LLP

12 unchanged sentences

Research and development expense 96.3 100.2 105.6

Gain on sale of business

Business and asset actions 3,747.0 57.0 244.6

Shareholder activism-related costs 86.3 — —

Gain on sale of business

67.3 1,575.6 —

Other income (expense), net 110.1 58.2 34.8

Operating Income 4,466.1 2,494.6 2,338.8

Operating Income (Loss) ( 877.0 ) 4,466.1 2,494.6

Equity affiliates' income 647.7 647.7 604.3

1 unchanged sentence

Other non-operating income (expense), net 2.6 ( 73.8 ) ( 39.0 )

Income From Continuing Operations Before Taxes 4,821.2 2,882.4 2,754.7

Income tax provision 944.9 551.2 500.8

Income From Continuing Operations 3,876.3 2,331.2 2,253.9

(Loss) Income from discontinued operations, net of tax ( 13.9 ) 7.4 12.6

Net Income 3,862.4 2,338.6 2,266.5

Net income attributable to noncontrolling interests of continuing operations 34.2 38.4 10.4

Net Income Attributable to Air Products $ 3,828.2 $ 2,300.2 $ 2,256.1

Net Income Attributable to Air Products

Net income from continuing operations $ 3,842.1 $ 2,292.8 $ 2,243.5

Net (loss) income from discontinued operations ( 13.9 ) 7.4 12.6

Net Income Attributable to Air Products $ 3,828.2 $ 2,300.2 $ 2,256.1

Income (Loss) From Continuing Operations Before Taxes ( 440.7 ) 4,821.2 2,882.4

Income tax expense (benefit) ( 94.3 ) 944.9 551.2

Income (Loss) From Continuing Operations ( 346.4 ) 3,876.3 2,331.2

Income (Loss) from discontinued operations, net of tax ( 8.0 ) ( 13.9 ) 7.4

Net Income (Loss) ( 354.4 ) 3,862.4 2,338.6

Net income attributable to noncontrolling interests 40.1 34.2 38.4

Net Income (Loss) Attributable to Air Products ($ 394.5 ) $ 3,828.2 $ 2,300.2

Net Income (Loss) Attributable to Air Products

Net income (loss) from continuing operations ($ 386.5 ) $ 3,842.1 $ 2,292.8

Net income (loss) from discontinued operations ( 8.0 ) ( 13.9 ) 7.4

Net Income (Loss) Attributable to Air Products ($ 394.5 ) $ 3,828.2 $ 2,300.2

Per Share Data (A) (U.S.

Dollars per share)

Basic EPS from continuing operations $ 17.27 $ 10.31 $ 10.11

Basic EPS from discontinued operations ( 0.06 ) 0.03 0.06

Basic EPS Attributable to Air Products

$ 17.21 $ 10.35 $ 10.16

Diluted EPS from continuing operations $ 17.24 $ 10.30 $ 10.08

Diluted EPS from discontinued operations ( 0.06 ) 0.03 0.06

Diluted EPS Attributable to Air Products $ 17.18 $ 10.33 $ 10.14

Basic earnings (loss) per share from continuing operations ($ 1.74 ) $ 17.27 $ 10.31

Basic earnings (loss) per share from discontinued operations ( 0.04 ) ( 0.06 ) 0.03

Basic Earnings (Loss) Per Share Attributable to Air Products ($ 1.77 ) $ 17.21 $ 10.35

Diluted earnings (loss) per share from continuing operations ($ 1.74 ) $ 17.24 $ 10.30

Diluted earnings (loss) per share from discontinued operations ( 0.04 ) ( 0.06 ) 0.03

Diluted Earnings (Loss) Per Share Attributable to Air Products ($ 1.77 ) $ 17.18 $ 10.33

Weighted Average Common Shares (in millions)

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222.7 222.8 222.7

(A) Earnings per share ("EPS") is calculated independently for each component and may not sum to total EPS due to rounding.

(A) Earnings (loss) per share is calculated independently for each component and may not sum to total earnings (loss) per share due to rounding.

The accompanying notes are an integral part of these statements.

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Dollars) 2025 2024 2023

Net Income $ 3,862.4 $ 2,338.6 $ 2,266.5

Other Comprehensive Income (Loss), net of tax:

Net Income (Loss) ($ 354.4 ) $ 3,862.4 $ 2,338.6

Other Comprehensive Income, net of tax:

Translation adjustments, net of tax of ($ 61.4 ), ($ 33.0 ), and ($ 32.8 )

( 95.6 ) 381.5 151.1

Net (loss) gain on derivatives, net of tax of $ 10.7 , $ 48.6 , and ($ 63.9 )

Net gain (loss) on derivatives, net of tax of ($ 1.8 ), $ 10.7 , and $ 48.6

40.0 ( 159.5 ) 369.2

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46.0 55.9 53.8

Total Other Comprehensive Income (Loss) 274.7 521.0 ( 1,299.5 )

Comprehensive Income 4,137.1 2,859.6 967.0

Total Other Comprehensive Income 5.0 274.7 521.0

Comprehensive Income (Loss) ( 349.4 ) 4,137.1 2,859.6

Net Income Attributable to Noncontrolling Interests 40.1 34.2 38.4

Other Comprehensive (Loss) Income Attributable to Noncontrolling Interests ( 147.0 ) 184.3 ( 29.3 )

Comprehensive Income Attributable to Air Products $ 4,249.9 $ 2,636.9 $ 985.9

Other Comprehensive Income (Loss) Attributable to Noncontrolling Interests 65.1 ( 147.0 ) 184.3

Comprehensive Income (Loss) Attributable to Air Products ($ 454.6 ) $ 4,249.9 $ 2,636.9

The accompanying notes are an integral part of these statements.

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Prepaid expenses 174.9 179.9

Assets held for sale 427.7 —

Other receivables and current assets 689.5 610.8

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Current portion of long-term debt 716.3 611.4

Liabilities held for sale 50.5 —

Total Current Liabilities $ 4,218.6 $ 4,179.6

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Total Liabilities and Equity $ 41,059.5 $ 39,574.6

(A) Includes balances associated with a consolidated variable interest entity ("VIE"), including amounts reflected in "Total Assets" that can only be used to settle obligations of the VIE of $ 4,393.9 and $ 2,256.8 as of 30 September 2024 and 30 September 2023, respectively, as well as liabilities of the VIE reflected within "Total Liabilities" for which creditors do not have recourse to the general credit of Air Products of $ 3,473.4 and $ 1,461.1 as of 30 September 2024 and 30 September 2023, respectively.

Refer to Note 3, Variable Interest Entities , for additional information.

(A) Includes balances associated with a consolidated variable interest entity ("VIE"), including amounts reflected in "Total Assets" that can only be used to settle obligations of the VIE of $ 7,134.7 and $ 4,393.9 as of 30 September 2025 and 2024, respectively, as well as liabilities of the VIE reflected within "Total Liabilities" for which creditors do not have recourse to the general credit of Air Products of $ 4,937.7 and $ 3,473.4 as of 30 September 2025 and 2024, respectively.

Refer to Note 3, Variable Interest Entities , for additional information regarding the NEOM Green Hydrogen Company joint venture.

The accompanying notes are an integral part of these statements.

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Operating Activities

Net income $ 3,862.4 $ 2,338.6 $ 2,266.5

Net income (loss) ($ 354.4 ) $ 3,862.4 $ 2,338.6

Net income attributable to noncontrolling interests of continuing operations 40.1 34.2 38.4

Net income attributable to Air Products 3,828.2 2,300.2 2,256.1

Net loss (income) from discontinued operations 13.9 ( 7.4 ) ( 12.6 )

Net income from continuing operations attributable to Air Products 3,842.1 2,292.8 2,243.5

Adjustments to reconcile income to cash provided by operating activities:

Net income (loss) attributable to Air Products ( 394.5 ) 3,828.2 2,300.2

Net (income) loss from discontinued operations 8.0 13.9 ( 7.4 )

Net income (loss) from continuing operations attributable to Air Products ( 386.5 ) 3,842.1 2,292.8

Adjustments to reconcile net income (loss) to cash provided by operating activities:

Depreciation and amortization 1,564.2 1,451.1 1,358.3

Deferred income taxes ( 554.8 ) ( 69.3 ) ( 24.7 )

Gain on sale of business ( 1,575.6 ) — —

Tax reform repatriation ( 34.9 ) — —

Business and asset actions 3,747.0 57.0 244.6

Undistributed earnings to equity method investments ( 206.0 ) ( 261.2 ) ( 214.7 )

Gain on sale of business ( 67.3 ) ( 1,575.6 ) —

Undistributed earnings of equity method investments ( 269.8 ) ( 206.0 ) ( 261.2 )

Gain on sale of assets and investments ( 66.4 ) ( 31.4 ) ( 15.8 )

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Proceeds from sale of assets and investments 245.8 1,878.8 25.4

Purchases of investments ( 141.4 ) ( 640.1 ) ( 1,637.8 )

Proceeds from investments 470.7 897.0 2,377.4

Other investing activities 72.4 4.8 7.0

Purchases of short-term investments ( 117.6 ) ( 141.4 ) ( 640.1 )

Proceeds from short-term investments 122.5 470.7 897.0

Proceeds from other investing activities 115.4 72.4 4.8

Cash Used for Investing Activities ( 7,168.7 ) ( 4,919.2 ) ( 5,916.4 )

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Payments on long-term debt ( 429.9 ) ( 486.2 ) ( 615.4 )

(Decrease) Increase in commercial paper and short-term borrowings ( 289.9 ) 268.2 17.9

Net (decrease) increase in commercial paper and short-term borrowings ( 74.7 ) ( 289.9 ) 268.2

Dividends paid to shareholders ( 1,584.1 ) ( 1,564.9 ) ( 1,496.6 )

3 unchanged sentences

Other financing activities ( 91.3 ) ( 132.5 ) ( 205.8 )

Cash Provided by (Used for) Financing Activities 2,615.4 1,609.6 ( 1,000.6 )

Cash Provided by Financing Activities

2,795.2 2,615.4 1,609.6

Discontinued Operations

4 unchanged sentences

Effect of Exchange Rate Changes on Cash ( 7.0 ) 19.8 6.5

Increase (Decrease) in cash and cash items 1,362.7 ( 1,094.0 ) ( 1,757.9 )

(Decrease) Increase in cash and cash items ( 1,123.7 ) 1,362.7 ( 1,094.0 )

Cash and cash items – Beginning of year 2,979.7 1,617.0 2,711.0

17 unchanged sentences

Net income — — 2,300.2 — — 2,300.2 38.4 2,338.6

Other comprehensive loss — — — ( 1,270.2 ) — ( 1,270.2 ) ( 29.3 ) ( 1,299.5 )

Other comprehensive income — — — 336.7 — 336.7 184.3 521.0

Dividends on common stock ($ 6.87 per share)

3 unchanged sentences

Issuance of treasury shares for stock option and award plans — ( 6.1 ) — — 13.7 7.6 — 7.6

Investments by noncontrolling interests — — — — — — 33.0 33.0

Purchase of noncontrolling interests — — — — — — ( 1.9 ) ( 1.9 )

Investments by noncontrolling interests (A)

— — — — — — 682.2 682.2

Other equity transactions — 0.6 ( 4.6 ) — — ( 4.0 ) — ( 4.0 )

1 unchanged sentence

Net income — — 3,828.2 — — 3,828.2 34.2 3,862.4

Other comprehensive income — — — 336.7 — 336.7 184.3 521.0

Other comprehensive income (loss) — — — 421.7 — 421.7 ( 147.0 ) 274.7

Dividends on common stock ($ 7.06 per share)

3 unchanged sentences

Issuance of treasury shares for stock option and award plans — 3.9 — — ( 16.8 ) ( 12.9 ) — ( 12.9 )

Investments by noncontrolling interests (A)

— — — — — — 682.2 682.2

Investments by noncontrolling interests — — — — — — 428.5 428.5

Other equity transactions — 0.5 ( 2.5 ) — — ( 2.0 ) ( 0.5 ) ( 2.5 )

Balance as of 30 September 2024 $ 249.4 $ 1,253.2 $ 19,545.7 ($ 2,027.7 ) ($ 1,984.1 ) $ 17,036.5 $ 1,637.2 $ 18,673.7

Net income — — 3,828.2 — — 3,828.2 34.2 3,862.4

Net income (loss) — — ( 394.5 ) — — ( 394.5 ) 40.1 ( 354.4 )

Other comprehensive income (loss) — — — ( 60.1 ) — ( 60.1 ) 65.1 5.0

5 unchanged sentences

Investments by noncontrolling interests — — — — — — 595.6 595.6

Purchase of noncontrolling interests — — — — — — ( 5.9 ) ( 5.9 )

Other equity transactions — 0.2 ( 3.7 ) — — ( 3.5 ) — ( 3.5 )

1 unchanged sentence

(A) Includes noncash activity related to the NEOM Green Hydrogen Company joint venture.

Refer to Note 3, Variable Interest Entities , for additional information.

The accompanying notes are an integral part of these statements.

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Business and Asset Actions

Acquisitions and Divestitures

Revenue Recognition

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Accumulated Other Comprehensive Loss

Earnings Per Share

Earnings (Loss) Per Share

Supplemental Information

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About Air Products

Air Products and Chemicals, Inc., a Delaware corporation originally founded in 1940, is a global 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 , for additional information.

Our results of operations for the periods presented in this Annual Report on Form 10-K include the results of our former liquefied natural gas process technology and equipment business, which we sold to Honeywell International Inc.

on 30 September 2024.

This divestiture, which does not qualify for presentation as a discontinued operation, reflects our commitment to our industrial gases and clean hydrogen growth strategy.

Refer to Note 4, Gain on Sale of Business , for additional information.

Basis of Presentation

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Intercompany transactions and balances are eliminated in consolidation.

Certain prior year information has been reclassified to conform to the fiscal year 2024 presentation.

Certain prior period information has been reclassified to conform to the current year presentation.

As further described in Note 2, New Accounting Guidance , we adopted Accounting Standards Update (“ASU”) No.

2023-07, "Segment Reporting (Topic 280):

Improvements to Reportable Segment Disclosures" in fiscal year 2025.

Accordingly, additional segment disclosure information has been included for fiscal years 2023 and 2024.

Discontinued Operations

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We are not the primary beneficiary of any other material VIEs.

We account for a VIE for which we exercise significant influence but are not the primary beneficiary, such as the Jazan Integrated Gasification and Power Company joint venture, as an equity method investment.

We account for a VIE for which we have an equity interest and exercise significant influence but are not the primary beneficiary, such as the Jazan Integrated Gasification and Power Company joint venture, as an equity method investment.

For additional information on this joint venture, refer to Note 10, Equity Affiliates .

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Costs incurred for shipping and handling are also included in cost of sales.

Depreciation is recorded using the straight-line method, which deducts equal amounts of the cost of each asset from earnings every year over its expected economic useful life.

Depreciation is recorded using the straight-line method, which deducts equal amounts of the cost of each asset from earnings every year over its estimated economic useful life.

The principal lives for major classes of plant and equipment are summarized in Note 11, Plant and Equipment, net .

We continue to depreciate assets that are temporarily idle.

Depreciation is discontinued when assets meet the criteria for classification as held for sale.

Selling and Administrative Expense

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Some transactions are made in currencies different from an entity’s functional currency.

Gains and losses from these foreign currency transactions, and the impact of related hedges, are generally reflected in "Other income (expense), net" on our consolidated income statements as they occur and were not material for the periods presented.

Foreign exchange gains and losses from the foreign currency remeasurement of balances associated with intercompany and third-party financing transactions, related income tax assets and liabilities, and the impact of related hedges are reflected within “Other non-operating income (expense), net" and were not material for the periods presented.

Foreign exchange gains and losses from the foreign currency remeasurement of balances associated with income tax assets and liabilities, intercompany and third-party financing transactions, and the impact of related hedges are reflected within “Other non-operating income (expense), net" and were not material for the periods presented in this report.

In addition, foreign currency forward points and currency swap basis differences that are excluded from the assessment of hedge effectiveness of our cash flow hedges of intercompany loans (“excluded components”) are recorded within “Other non-operating income (expense), net" on a straight-line basis.

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Government assistance that relates to expenses is recognized in the income statement as a reduction of the related expense or as a component of other income (expense), net.

Government assistance did not have a material impact on our consolidated financial statements for the periods presented in this Annual Report on Form 10-K.

Government assistance did not have a material impact on our consolidated financial statements for the periods presented in this report.

Environmental Expenditures

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The amounts charged to income from continuing operations related to environmental matters totaled $ 37.7 , $ 27.0 , and $ 24.9 in fiscal years 2025, 2024, and 2023, respectively.

In addition, during the fourth quarter of fiscal year 2024, we recorded a pre-tax expense of $ 19.4 in results from discontinued operations to increase our existing liability for retained environmental remediation obligations associated with the sale of our former Amines business in September 2006.

Refer to the " Pace " discussion within Note 19, Commitments and Contingencies , for additional information.

Additionally, in fiscal years 2025 and 2024, we recorded pre-tax losses from discontinued operations of $ 10.6 and $ 19.4 , respectively, primarily to increase our existing liabilities for retained environmental remediation obligations associated with previously divested businesses.

Refer to the "Piedmont" and "Pace" discussions under Note 19, Commitments and Contingencies , for additional information.

The measurement of environmental liabilities is based on an evaluation of currently available information with respect to each individual site and considers factors such as existing technology, presently enacted laws and regulations, and prior experience in remediation of contaminated sites.

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The assessment of the likelihood of default is based on various factors, including the length of time the receivables are past due, historical experience, existing economic conditions, and forward-looking information.

When we identify specific customers with known collectability issues, the assessment for credit losses is performed on an individual basis, considering current and forward-looking information of the customer.

We also consider variables that may mitigate the inherent credit risk of a particular transaction, such as the estimated fair value of the collateral, whether by use or sale.

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Balance at 30 September 2025 $ 30.2

In addition, our lease receivables and financing receivables are presented net of allowances for credit losses.

As of 30 September 2024 and 2023, the allowance for credit losses on lease receivables and financing receivables were not material.

We carry inventory that is comprised of finished goods, work-in-process, raw materials and supplies.

Additionally, lease and financing receivables are presented net of allowances for credit losses.

As of 30 September 2025 and 2024, the allowance on lease receivables was not material.

In fiscal year 2025, we recorded a $ 300 allowance for credit loss related to a financing receivable in connection with our exit from the sustainable aviation fuel expansion project with World Energy.

Refer to Note 3, Variable Interest Entities , and Note 5, Business and Asset Actions , for additional information.

The allowance on financing receivables was not material as of 30 September 2024.

We carry inventories consisting of finished goods, work-in-process, raw materials, and supplies.

Inventories are stated at the lower of cost or net realizable value and are presented net of applicable reserves on our consolidated balance sheets.

Cost is determined using the first-in, first-out ("FIFO") method.

We write down our inventories for estimated obsolescence or when inventories become unmarketable based on assumptions about future demand and market conditions.

Refer to Note 9, Inventories , for further detail.

Inventories on our consolidated balance sheets are stated at the lower of cost or net realizable value.

We determine the cost of all our inventories on a first-in, first-out basis ("FIFO").

We write down our inventories for estimated obsolescence or unmarketable inventory based upon assumptions about future demand and market conditions.

Equity Method Investments

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Impairment of Long-Lived Assets

Long-lived assets are grouped for impairment testing at the lowest level for which there are identifiable cash flows that are largely independent of the cash flows of other assets and liabilities.

Long-lived assets are evaluated for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset group may not be recoverable.

We assess recoverability by comparing the carrying amount of the asset group to estimated undiscounted future cash flows expected to be generated by the asset group.

If an asset group is considered impaired, the impairment loss to be recognized is measured as the amount by which the asset group’s carrying amount exceeds its fair value.

Long-lived assets meeting the held for sale criteria are reported at the lower of carrying amount or fair value less cost to sell.

Long-lived assets are grouped for impairment testing at the lowest level for which identifiable cash flows are largely independent of the cash flows of other assets and liabilities.

We assess recoverability by comparing the carrying amount of the asset or asset group to estimated undiscounted future cash flows expected to be generated by the asset group.

If an asset group is determined to be impaired, the impairment loss to be recognized is measured as the amount by which the asset group’s carrying amount exceeds its estimated fair value.

An estimate of the asset group's fair value is based on the discounted value of its estimated cash flows.

Long-lived assets that meet the criteria to be classified as held for sale are reported at the lower of their carrying amount or fair value less cost to sell.

The fair value of the disposal group is estimated utilizing a discounted cash flow analysis.

Long-lived assets intended for disposal through means other than sale are evaluated for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset or disposal group may not be recoverable.

In fiscal year 2025, we recorded impairment charges to reduce the carrying value of long-lived assets associated with exited projects.

A portion of the related plant and equipment is capable of being marketed through secondary equipment channels but did not meet the criteria for classification as held for sale.

The estimated net realizable value of these assets was $ 22.5 , which remains classified within “Plant and equipment, net” on our consolidated balance sheet as of 30 September 2025.

Separately, two coal gasification plants in China met the criteria to be classified as held for sale.

Accordingly, the estimated fair value less cost to sell for long-lived assets of $ 418.3 is included in “Assets held for sale” on our consolidated balance sheet as of 30 September 2025.

Refer to Note 5, Business and Asset Actions , and Note 16, Fair Value Measurements , for additional information.

Asset Retirement Obligations

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Preliminary purchase price allocations are made at the date of acquisition and finalized when information about facts and circumstances that existed as of the acquisition date needed to finalize underlying estimates is obtained or when we determine that such information is not obtainable, within a maximum measurement period of one year.

Goodwill is subject to impairment testing at least annually.

In addition, goodwill is tested more frequently if a change in circumstances or the occurrence of events indicates that potential impairment exists.

Goodwill is tested for impairment at least annually, and more frequently if events or changes in circumstances indicate that goodwill may be impaired.

During fiscal year 2025, no triggering events were identified that would require impairment testing for any of our reporting units containing goodwill.

We completed our annual goodwill impairment test and concluded there were no indications of impairment.

Refer to Note 12, Goodwill , for further detail.

Intangible Assets

Intangible assets with determinable lives primarily consist of customer relationships, purchased patents and technology, and certain land use rights.

Intangible assets with determinable lives primarily consist of customer relationships.

The cost of intangible assets with determinable lives is amortized on a straight-line basis over the estimated period of economic benefit.

1 unchanged sentence

Indefinite-lived intangible assets consist of trade names and trademarks.

Indefinite-lived intangibles are subject to impairment testing at least annually.

In addition, intangible assets are tested more frequently if a change in circumstances or the occurrence of events indicates that potential impairment exists.

Indefinite-lived intangibles are tested for impairment at least annually, and more frequently if events or changes in circumstances indicate that the assets may be impaired.

During fiscal year 2025, no triggering events were identified that would require impairment testing for any of our indefinite-lived intangible assets.

We completed our annual impairment test for these assets and concluded there were no indications of impairment.

Customer relationships are generally amortized over periods of five to 25 years.

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NEW ACCOUNTING GUIDANCE

New Accounting Guidance to be Implemented

Climate-Related Disclosures

In March 2024, the SEC issued Release No.

33-11275, “The Enhancement and Standardization of Climate-Related Disclosures for Investors", which includes final rules for providing qualitative and quantitative disclosures regarding certain climate-related topics on an annual basis.

As a result of ongoing litigation in the U.S., the SEC issued an order in April 2024 to stay the effectiveness of the rules while judicial review is pending.

If the rules are not overturned and take effect on schedule, prospective adoption will be permitted with phased-in compliance beginning with our Annual Report on Form 10-K for the fiscal year ending 30 September 2026.

We are evaluating the impact these rules will have on our disclosures.

Accounting Guidance Implemented in Fiscal Year 2025

Reportable Segment Disclosures

In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“ASU”) No.

In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No.

2023-07, "Segment Reporting (Topic 280):

Improvements to Reportable Segment Disclosures".

The update includes enhanced disclosures about significant segment expenses and identification of the chief operating decision maker.

The update will be effective in our Annual Report on Form 10-K for the fiscal year ending 30 September 2025 as well as interim periods thereafter, although early adoption is permitted.

The amendments must be applied retrospectively to all prior periods presented.

We are evaluating the impact this update will have on our disclosures.

We adopted the update upon its effective date in fiscal year 2025 and implemented the expanded disclosure requirements in Note 26, Business Segment and Geographic Information , of this Annual Report on Form 10-K.

Pursuant to the update, we expanded our disclosures to include significant expense categories that are regularly provided to our Chief Operating Decision Maker, as well as other segment items included in the reported measure of segment profit or loss.

Prior period segment disclosures presented in this report have been updated to reflect the additional information now required under the new guidance.

These updates will also be reflected in our Quarterly Reports on Form 10-Q beginning with the first quarter of fiscal year 2026.

New Accounting Guidance to be Implemented

Climate-Related Disclosures

In March 2024, the SEC issued Release No.

33-11275, "The Enhancement and Standardization of Climate-Related Disclosures for Investors", which includes final rules for providing annual qualitative and quantitative disclosures regarding certain climate-related topics.

As a result of legal challenges, the SEC issued an order in April 2024 to stay the effectiveness of the rules pending the completion of judicial review of the consolidated challenges before the United States Court of Appeals for the Eighth Circuit.

The SEC subsequently announced its withdrawal of its legal defense to such challenges in March 2025;

however, the rules have not been formally rescinded by the SEC.

In April 2025, the appellate court suspended its proceedings indefinitely and directed the SEC to file a status report outlining its next steps.

In response, the SEC stated in July 2025 that it does not intend to revisit the rules and requested the court to rule on the pending petitions.

In September 2025, the appellate court declined the SEC's request and placed the litigation in abeyance, which will remain in effect until the SEC reconsiders the rules by notice-and-comment rulemaking or renews its defense.

We continue to monitor these developments.

Income Tax Disclosures

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We are evaluating the impact this update will have on our disclosures.

Disaggregation of Income Statement Expenses

In November 2024, the FASB issued ASU 2024-03, “Income Statement – Reporting Comprehensive Income – Expense Disaggregation Disclosures (Subtopic 220-40):

Disaggregation of Income Statement Expenses”, which requires additional disclosures of certain costs and expenses, including purchases of inventory, employee compensation, depreciation, intangible asset amortization, as well as selling expenses in the notes to the financial statements.

In January 2025, the FASB clarified that the update will be effective in our Annual Report on Form 10-K for the fiscal year ending 30 September 2028 as well as interim periods thereafter, although early adoption is permitted.

The amendments should be applied either prospectively after the effective date or retrospectively to any or all periods presented.

We are evaluating the impact this update will have on our disclosures.

Measurement of Credit Losses for Accounts Receivable and Contract Assets

In July 2025, the FASB issued ASU 2025-09, “Measurement of Credit Losses for Accounts Receivable and Contract Assets”, which allows an entity to elect a practical expedient to assume that current conditions as of the balance sheet date do not change when estimating expected credit losses.

This update will be effective at the beginning of fiscal year 2027, although early adoption is permitted.

The amendments should be applied on a prospective basis.

We are evaluating the implications of this update.

At this time, we do not expect it will have a material impact on our financial statements.

Accounting for Internal-Use Software

In September 2025, the FASB issued ASU 2025-06, “Targeted Improvements to the Accounting for Internal-Use Software”, which establishes criteria for commencing cost capitalization for software projects.

This update will be effective at the beginning of fiscal year 2029, although early adoption is permitted.

The amendments can be applied prospectively, retrospectively, or via a modified prospective transition method.

We are evaluating the impact this update will have on our financial statements.

VARIABLE INTEREST ENTITIES

We are the primary beneficiary of the NEOM Green Hydrogen Company joint venture ("NGHC"), which is a variable interest entity ("VIE") that is consolidated in our Middle East and India segment.

We are the primary beneficiary of the NEOM Green Hydrogen Company joint venture ("NGHC"), a variable interest entity ("VIE") that is consolidated in our Middle East and India segment.

We are not the primary beneficiary of any other material VIEs.

During the first quarter of fiscal year 2024, we determined that World Energy, LLC ("World Energy") is a VIE for which we have no equity interest and are not the primary beneficiary.

Our other material VIEs are those in which we hold variable interests but are not the primary beneficiary.

We have an equity interest and exercise significant influence in the Jazan Integrated Gasification and Power Company joint venture ("JIGPC"), which we account for as an equity method investment in our Middle East and India segment.

We have no equity interest in World Energy, LLC ("World Energy"), but hold a variable interest through a financing receivable that was fully reserved in fiscal year 2025 in connection with our exit from the SAF expansion project.

Our variable interests in NGHC, JIGPC, and World Energy are further discussed below.

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Owned and operated by NGHC, the facility will be powered by renewable energy to produce green ammonia for Air Products as the exclusive offtaker under a long-term take-if-tendered agreement.

We intend to transport the green ammonia around the world to be dissociated to produce green hydrogen for transportation and industrial markets.

Air Products is an equal owner in NGHC with our joint venture partners, ACWA Power and NEOM Company.

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Therefore, we consolidate NGHC within the Middle East and India segment.

Project Financing

In May 2023, NGHC finalized the $ 6.7 billion engineering, procurement, and construction ("EPC") agreement with Air Products named as the main contractor and system integrator for the facility.

NGHC secured non-recourse project financing of approximately $ 6.1 billion, which is expected to fund about 73 % of the project and will be drawn over the construction period.

At the same time, NGHC secured additional non-recourse credit facilities totaling approximately $ 500 primarily for working capital needs.

Under the financing, the assets of NGHC can only be used to settle obligations of the joint venture, and creditors of NGHC do not have recourse to the general credit of Air Products.

Under the project financing discussed below, the assets of NGHC can only be used to settle obligations of the joint venture, and creditors of NGHC do not have recourse to the general credit of Air Products.

A table summarizing balances associated with NGHC as reflected on our consolidated balance sheets is provided on page 89 .

NGHC completed its first drawdown on the project financing in July 2023.

As of 30 September 2024 and 2023, total principal borrowings were $ 3,323.4 and $ 1,364.8 , respectively.

The balance as of 30 September 2024 includes short-term borrowings of $ 51.6 from a 6.21 % variable rate Saudi Riyal facility.

The remaining borrowings include the long-term facilities below, which are reflected net of unamortized discounts and debt issuance costs within "Long-term debt" on our consolidated balance sheets.

Project Financing

In May 2023, NGHC finalized the $ 6.7 billion engineering, procurement, and construction agreement, naming Air Products as the main contractor and system integrator for the facility.

To support the project, NGHC secured project financing that is non-recourse to Air Products of approximately $ 6.1 billion, which is expected to fund about 73 % of the project and will be drawn over the construction period.

At the same time, NGHC secured additional credit facilities totaling approximately $ 500 , primarily for NGHC's working capital needs.

These facilities are also non-recourse to Air Products.

Total principal borrowings were $ 4.9 billion and $ 3.3 billion as of 30 September 2025 and 2024, respectively.

These balances include short-term borrowings of $ 24.0 and $ 51.6 , respectively, under a variable-rate Saudi Riyal facility, which carried an interest rate of 6.30 % as of 30 September 2025.

The remaining borrowings are from long-term facilities, which are reflected net of unamortized discounts and debt issuance costs within "Long-term debt" on our consolidated balance sheets.

A summary of NGHC's long-term borrowings is provided in the table below:

30 September Fiscal Year Maturities 2025 2024

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Dollar variable-rate facility 5.14 % (A)

2027 to 2041 630.6 345.5

Dollar stated-rate facility 5.00 %

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Payable in Other Currencies

Saudi Riyal Loan Facility variable-rate 6.69 % (B)

Saudi Riyal Loan Facility stated-rate facility 2.00 %

Saudi Riyal stated-rate facility 2.00 %

2028 to 2041 1,000.1 735.2

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$ 4,909.7 $ 3,271.8

Unamortized discount and debt issuance costs (C)

Unamortized discount and debt issuance costs (B)

Total NGHC Long-term Debt $ 4,677.6 $ 3,053.3

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These rates do not include the impact of our floating-to-fixed interest rate swaps, which result in an overall lower interest rate for the borrowings.

Additional information is provided below.

(B) Based on the Saudi Arabian Interbank Offered Rate ("SAIBOR") plus an annual margin of 0.80 %.

(C) Our consolidated balance sheets as of 30 September 2024 and 2023 also included $ 4.6 and $ 58.8 , respectively, for remaining project financing fees that were eligible for deferral as a noncurrent asset.

Once additional borrowings are drawn, the unamortized balance is reclassified as an offset to the outstanding debt.

Additional information regarding these instruments is provided below.

(B) Our consolidated balance sheets as of 30 September 2025 and 2024 also included $ 3.8 and $ 4.6 , respectively, for remaining project financing fees that were eligible for deferral as a noncurrent asset.

As additional borrowings are drawn, the unamortized balance is reclassified as an offset to the outstanding debt.

Interest Rate Swaps

In May 2023, NGHC entered into floating-to-fixed interest rate swaps designed to hedge the long-term variable rate debt facilities available under the project financing during the construction period of the project.

We discontinued cash flow hedge accounting for certain swaps during the third quarter of fiscal year 2024.

As a result of the de-designation, unrealized gains and losses are recorded to "Other non-operating income (expense), net" on our consolidated income statements.

For the fiscal year ended 30 September 2024, unrealized losses were $ 16.3 ($ 4.3 attributable to Air Products after tax).

Unrealized losses attributable to our noncontrolling partners were $ 10.6 .

Refer to Note 15, Financial Instruments , for additional information.

The green hydrogen-based ammonia production facility is being constructed on land owned by our joint venture partner, NEOM Company, for which NGHC signed a 50-year lease agreement.

The land lease commenced during the third quarter of fiscal year 2023.

Accordingly, we recorded an operating lease with a right-of-use asset and corresponding liability of $ 223 , of which $ 209 was paid as a lump-sum in August 2023.

Additional payments under the lease will occur after the first 30 years of the lease term.

We discontinued cash flow hedge accounting for certain swaps during the third quarter of fiscal year 2024 due to changes in the anticipated drawdown timeline for the hedged borrowings.

As a result of the de-designation, unrealized gains and losses are recorded to "Other non-operating income (expense), net" on our consolidated income statements as summarized in the table below:

Fiscal Year Ended 30 September 2025 2024 2023

Gain (loss) on de-designation of cash flow hedges $ 27.0 ($ 16.3 ) $ —

Amount attributable to noncontrolling partners in NGHC 17.6 ( 10.6 ) —

Amount attributable to Air Products after tax 7.2 ( 4.3 ) —

We re-designated certain affected swaps as outstanding borrowings under the available project financing became commensurate with the swaps’ notional values.

The remaining de-designated swaps will continue to be excluded from hedge accounting until additional borrowings align with their notional amounts, at which point they may re-qualify for cash flow hedge accounting.

The green hydrogen-based ammonia production facility is being constructed on land owned by our joint venture partner, NEOM Company.

NGHC signed a 50-year lease agreement for the site, which commenced during the third quarter of fiscal year 2023.

As a result, we recognized an operating lease with a right-of-use asset and corresponding liability of $ 223 , of which $ 209 was paid as a lump-sum in August 2023.

Additional lease payments are due after the first 30 years of the lease term.

NGHC Balance Sheet

The table below summarizes balances associated with NGHC as reflected on our consolidated balance sheets:

30 September 30 September

Cash and cash items $ 40.3 $ 34.5

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Accordingly, we account for our 55 % investment, which includes 4 % that is attributable to the noncontrolling partner of APQ, under the equity method within the Middle East and India segment.

The carrying value of our investment, including amounts attributable to noncontrolling interests, totaled $ 2,871.2 and $ 2,862.2 as of 30 September 2024 and 30 September 2023, respectively.

Our loss exposure is limited to our investment in the joint venture.

Our investment primarily consists of shareholder loans that qualify as in-substance common stock in the joint venture.

The carrying value of our investment, including amounts attributable to noncontrolling interests, totaled $ 3.1 billion and $ 2.9 billion as of 30 September 2025 and 2024, respectively.

The balance as of 30 September 2025 reflects a final investment of approximately $ 115 that we completed during the second quarter of fiscal year 2025.

This investment was made in the form of a shareholder loan, which the joint venture used to purchase the remaining project assets.

Our total investment in JIGPC primarily consists of shareholder loans that qualify as in-substance common stock in the joint venture.

Certain shareholders receive a preferred cash distribution pursuant to the joint venture agreement, which specifies each shareholder’s share of income after considering the amount of cash available for distribution.

As such, the earnings attributable to Air Products may not be proportionate to our ownership interest in the venture.

In November 2023, we finalized an agreement to purchase a sustainable aviation fuel (“SAF”) facility in Paramount, California from World Energy.

We determined the acquisition contains an embedded sales-type lease.

As a result, we are accounting for the transaction as a financing arrangement and recorded a financing receivable, which had a carrying value of approximately $ 300 as of 30 September 2024.

At the time of acquisition, we entered into a Master Project Agreement (“MPA”) containing terms for operation of the acquired facility as well as amended terms for the construction and operation of an SAF expansion project subject to construction at the same location.

The MPA includes a tolling arrangement whereby we will receive feedstock from and produce renewable fuels for World Energy over a term that will conclude 15 years after onstream of the expansion project with the option to renew for two five-year terms.

The SAF expansion project is currently on hold pending receipt of permits.

During the first quarter of fiscal year 2024, we determined that World Energy is a VIE and our financing receivable represents a variable interest in World Energy.

In November 2023, we purchased a sustainable aviation fuel (“SAF”) facility in Paramount, California, from World Energy and accounted for the transaction as a financing arrangement because the agreement contained an embedded sales-type lease.

As of 30 September 2024, the related financing receivable had a carrying value of approximately $ 300 .

Additionally, we entered into a Master Project Agreement ("MPA") that included terms for operation of the acquired facility as well as amended terms for the construction and operation of an SAF expansion project subject to construction at the same location.

The MPA also included a tolling arrangement whereby we would receive feedstock from and produce renewable fuels for World Energy over a term to conclude 15 years after onstream of the expansion project with the option to renew for two five-year terms.

Subsequently, the expansion project was put on hold pending receipt of permits.

We determined that World Energy is a VIE, and our financing receivable represented a variable interest in World Energy.

We are not the primary beneficiary as we do not have control over their key operating decisions, including feedstock supply, production of renewable fuels, and negotiating and executing supply agreements with customers.

As of 30 September 2024, our maximum exposure to loss is approximately $ 2 billion.

This includes project-related spending of approximately $ 1.5 billion, of which $ 1.2 billion is capitalized within “Plant and equipment, net” and $ 330 is deferred within "Other noncurrent assets", and approximately $ 215 for open purchase commitments, all of which relate to the SAF expansion project.

Our exposure also includes the financing receivable of $ 300 discussed above, which we begin to collect at the onstream of the expansion project, as well as related accrued interest, which accrues monthly.

Accrued interest was not material as of 30 September 2024.

During the second quarter of fiscal year 2025, we terminated the MPA and announced our decision to exit the project.

In connection with this decision, we recorded project exit charges totaling approximately $ 1.9 billion, the majority of which were recognized at the time of the announcement.

The charges included approximately $ 1.6 billion to write down assets that had primarily been reflected within "Plant and equipment, net" and $ 300 to establish an allowance for credit loss equal to the value of the financing receivable, which had previously been placed on non-accrual status.

The remaining charge primarily reflects estimated costs to terminate contractual commitments and satisfy other obligations associated with exiting the site.

We have no further loss exposur e related to our variable interest in World Energy as of 30 September 2025 ;

however, there could be future impacts to ea rnings as we finalize our exit from the project.

The ch arges discussed above were recorded in aggregate with those related to other actions as described in Note 5, Business and Asset Actions .

Estimates used to calculate the charges reflect our best judgment based on information available as of 30 September 2025.

GAIN ON SALE OF BUSINESS

Fiscal Year 2025 Sale of Singapore Business

In April 2025, we completed the sale of our 100 % ownership interest in a consolidated subsidiary located in Singapore.

The transaction resulted in cash proceeds of $ 104.3 , which was received in full upon closing.

As a result of the divestiture, we recognized a gain of $ 67.3 ($ 51.9 after tax) that is presented as “Gain on sale of business” on our consolidated income statement for fiscal year 2025.

The gain was not recorded in the results of the Asia segment.

Prior to the divestiture, the subsidiary contributed annual sales of approximately $ 50 to our Asia segment, primarily through the merchant gas supply mode.

Assets divested in the transaction primarily included regionally located on-site production facilities and associated infrastructure.

Fiscal Year 2024 Sale of LNG Business

On 30 September 2024, we completed the sale of our liquefied natural gas ("LNG") process technology and equipment business to Honeywell International Inc.

for approximately $ 1.8 billion in an all-cash transaction.

This divestiture reflects our commitment to our industrial gases and clean hydrogen growth strategy.

As a result of the transaction, we recorded a gain of $ 1,575.6 during the fourth quarter of fiscal year 2024 that is reflected within "Gain on sale of business" on our consolidated income statements ($ 1,198.4 after tax).

This gain was not recorded in segment results.

The LNG business does not qualify for presentation as a discontinued operation because the disposal does not represent a strategic shift that has had or will have a major effect on our operations and financial results.

The LNG business generated operating income for our Corporate and other segment of approximately $ 135 , $ 120 , and $ 95 in fiscal years 2024, 2023, and 2022, respectively.

As a result of the transaction, we recorded a gain of approximately $ 1.6 billion during the fourth quarter of fiscal year 2024 that is reflected within "Gain on sale of business" on our consolidated income statements (approximately $ 1.2 billion after tax).

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

The LNG business did not qualify for presentation as a discontinued operation because the disposal did not represent a strategic shift that had or will have a major effect on our operations and financial results.

The LNG business generated operating income for our Corporate and other segment of approximately $ 135 in fiscal year 2024 and $ 120 in fiscal year 2023.

BUSINESS AND ASSET ACTIONS

Our consolidated income statements reflect charges for strategic business and asset actions intended to optimize costs and focus resources on our growth projects.

As further discussed below, charges for business and asset actions were $ 57.0 ($ 43.8 after tax), $ 244.6 ($ 204.9 attributable to Air Products after tax), and $ 73.7 ($ 61.0 after tax) in fiscal years 2024, 2023, and 2022, respectively.

These charges were not recorded in segment results.

The table below summarizes charges related to business and asset actions as reflected on our consolidated income statements.

These charges are not included in segment results.

2025 2024 2023

Project exit costs $ 3,623.3 $ — $ 217.6

Global cost reduction plan 123.7 57.0 27.0

During the second quarter of fiscal year 2024, we recognized an expense of $ 57.0 for severance and other postemployment benefits payable to employees identified under a global cost reduction plan.

We originated this plan during the third quarter of fiscal year 2023, which resulted in an initial charge of $ 27.0 .

In total, approximately 1,100 employees globally are eligible to receive benefits under the plan.

We estimated benefits payable according to our ongoing benefit arrangements.

The table below reconciles these charges to the carrying amount of the remaining accrual for unpaid benefits as of 30 September 2024.

This balance primarily relates to the additional actions identified during the second quarter of fiscal year 2024.

We expect to pay the majority of the remaining benefits over the next six months.

Third quarter fiscal year 2023 charge $ 27.0

Business and asset actions recorded through operating results $ 3,747.0 $ 57.0 $ 244.6

Project exit-related impairment of equity method investment (A)

Subtotal $ 3,753.8 $ 57.0 $ 244.6

Income tax benefit

695.2 13.2 34.7

Amount attributable to noncontrolling interests 10.7 — 5.0

Business and asset actions attributable to Air Products after-tax $ 3,047.9 $ 43.8 $ 204.9

(A) Amount recorded through "Equity affiliates' income" reflects an other-than-temporary impairment of a joint venture in China that had been formed to develop clean hydrogen infrastructure in the region.

Project Exit Costs

Fiscal Year 2025

During the second quarter of fiscal year 2025, our Board of Directors and Chief Executive Officer initiated a project review to focus resources on projects we believe will deliver the greatest value to our shareholders.

As a result of this review, we made the decision to exit various projects, primarily related to clean energy generation and distribution.

The review remains ongoing and may result in additional costs in future periods.

In connection with this review, we recognized project exit costs totaling approximately $ 3.6 billion in fiscal year 2025.

These costs primarily consisted of noncash write-downs of project assets to their estimated net realizable value or fair value less cost to sell, as well as estimated costs to terminate contractual commitments.

Of the total charge, approximately $ 2.4 billion related to our decision to exit three U.S.-based projects within our Americas segment in the second quarter and approximately $ 755 related to several smaller-scale projects across our global portfolio, primarily supporting the energy transition.

These exits were driven by challenging commercial conditions, unfavorable regulatory actions, project-specific economic factors, and slower-than-expected development in certain markets.

The remaining $ 425 charge related to the impairment of two coal gasification plants in China that we decided to market for sale in the fourth quarter of fiscal year 2025 due to customer-related challenges.

These actions did not result in the impairment of goodwill or intangible assets.

The table below reconciles project exit charges recognized in operating results for fiscal year 2025 to the related accrual reflected in “Payables and Accrued Liabilities” on our consolidated balance sheet as of 30 September 2025:

Project exit costs $ 3,623.3

Noncash expenses (A)

Cash payments (B)

Currency translation adjustment 12.1

Amount accrued as of 30 September 2025

(A) Noncash expenses included approximately $ 2.5 billion to write down plant and equipment.

The remaining amount primarily relates to other assets associated with our exit from the sustainable aviation fuel expansion project with World Energy as discussed in Note 3, Variable Interest Entities .

(B) Cash expenditures associated with these actions primarily reflect costs to terminate contractual commitments and settle asset retirement obligations.

Total cash outflows are projected to be approximately $ 355 once the exit strategy is fully implemented.

We determined that assets and liabilities associated with two coal gasification plants in our Asia segment met the criteria for held-for-sale classification.

As discussed above, we recorded an impairment charge of approximately $ 425 to write down the assets to their estimated fair value less costs to sell.

Of the charge, $ 350.6 related to plant and equipment.

As of 30 September 2025, our consolidated balance sheet included assets held for sale of $ 427.7 , which primarily consisted of plant and equipment with an estimated value of $ 418.3 , and liabilities held for sale of $ 50.5 .

We expect to complete the sales of these plants in fiscal year 2026.

Any gain or loss from the sales will be recognized at the time of the transaction based on the carrying amounts classified as held for sale.

Interim adjustments to these amounts may be recorded prior to closing, depending on changes in market participant assumptions or updated indications of fair value, including developments in the expected selling price and transaction timing.

In addition, we identified plant and equipment with a net realizable value of $ 22.5 that did not meet the held-for-sale criteria but is capable of being marketed through a secondary equipment market.

These assets remain classified within "Plant and equipment, net" on our consolidated balance sheet as of 30 September 2025.

Both the held-for-sale assets and the marketable plant and equipment were subject to Level 3 fair value measurements due to the use of significant unobservable inputs.

Refer to Note 16, Fair Value Measurements, for additional information.

Estimates related to the actions described above reflect our best judgment based on information available as of 30 September 2025.

Final settlement of these items may differ materially from our current estimates, which could impact our consolidated financial statements in future periods.

While we expect to complete exit activities within the next twelve months, we cannot predict the occurrence of future events and circumstances that could extend this process beyond one year in certain cases.

Fiscal Year 2023

In fiscal year 2023, we recorded a noncash charge of $ 217.6 to write off assets associated with exited projects that were previously under construction in our Asia and Europe segments.

The assets written off included those related to our withdrawal from coal gasification in Indonesia as well as a project in Ukraine that was permanently suspended due to Russia's invasion of the country.

Global Cost Reduction Plan

In June 2023, we initiated a global cost reduction plan that provides severance and other postemployment benefits to employees designated for involuntary separation.

In accordance with our accounting policy, we recognize related costs in the period management formally commits to a defined set of actions under the plan.

Benefits are determined based on the terms of our established ongoing benefit arrangements.

Since the plan was initiated in 2023, we incurred costs totaling $ 207.7 for approximately 3,600 employees globally.

The table below reconciles costs related to our global cost reduction plan to payables and accrued liability balances as reflected on our consolidated balance sheets:

2023 Charge $ 27.0

Cash payments ( 6.8 )

Currency translation adjustment ( 0.4 )

Amount accrued as of 30 September 2023 (A)

Second quarter fiscal year 2024 charge 57.0

Amount accrued as of 30 September 2023

2024 Charge $ 57.0

Cash payments ( 43.6 )

Currency translation adjustment 0.8

Amount accrued as of 30 September 2024 (A)

(A) Reflected within "Payables and accrued liabilities" on our consolidated balance sheets.

Asset Actions

In fiscal year 2023, we recorded a noncash charge of $ 217.6 to write off assets associated with exited projects that were previously under construction in our Asia and Europe segments.

Of the charge, $ 5.0 was attributable to a noncontrolling partner.

Also as a result of the invasion, we divested our small industrial gas business in Russia in fiscal year 2022 and recorded a noncash charge of $ 73.7 that included transaction costs and cumulative currency translation losses.

Prior to the divestiture, this business was reflected in our Europe segment.

Amount accrued as of 30 September 2024

2025 Charge $ 123.7

Cash payments ( 57.5 )

Currency translation adjustment 1.4

Amount accrued as of 30 September 2025

The remaining liability as of 30 September 2025 primarily relates to employees identified during fiscal year 2025.

We expect implementation of these actions to be substantially complete by the end of fiscal year 2026.

However, position eliminations are subject to legal requirements that vary by jurisdiction, which may extend this process beyond one year in certain cases.

ACQUISITIONS AND DIVESTITURES

Acquisition of Ijsfabriek Strombeek

On 30 April 2025, we acquired a 100 % interest in Ijsfabriek Strombeek, an independent industrial gases company located in Belgium.

Total consideration, net of cash acquired, was $ 74.2 , which included $ 59.9 paid in cash at closing.

Ijsfabriek Strombeek produces and distributes a portfolio of merchant gases, including medical gases, dry ice, and carbon dioxide.

We accounted for the acquisition as a business combination within our Europe segment.

Assets recognized primarily consisted of plant and equipment of $ 32.2 ;

goodwill of $ 31.3 ;

and intangible assets of $ 15.8 .

The goodwill is not expected to be deductible for income tax purposes.

Intangible assets acquired primarily include customer relationships with a weighted-average amortization period of approximately 10 years.

The acquired assets were recorded at their estimated fair values based primarily on a preliminary purchase price allocation.

We may record adjustments to these assets during the preliminary purchase price allocation period, which could be up to one year from the acquisition date.

Financing Arrangement:

Uzbekistan Facility

On 25 May 2023, we entered into an investment agreement with the Government of the Republic of Uzbekistan and Uzbekneftegaz JSC (“UNG”) to purchase a natural gas-to-syngas processing facility in Qashqadaryo Province, Uzbekistan, for $ 1 billion.

Under the agreement, Air Products will acquire, own, and operate the facility and supply all offtake products to UNG under a 15 -year on-site contract, with UNG supplying the feedstock natural gas and utilities.

Under the agreement, Air Products owns and operates the acquired facility and is supplying all offtake products to UNG under a 15 -year on-site contract, with UNG supplying the feedstock natural gas and utilities.

Throughout this term, we receive a fixed monthly fee (regardless of whether UNG requires the output) comprised of two components:

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The repurchase price on a discounted basis, which consists of the total monthly plant capacity fees received over the term of the arrangement plus the repurchase option price, exceeds our purchase price.

Accordingly, our progress payments of approximately $ 920 , of which $ 120 was paid during fiscal year 2024, are reflected within "Financing receivables" on our consolidated balance sheet as of 30 September 2024.

Accordingly, our payments related to the facility are reflected within "Financing receivables" on our consolidated balance sheets.

Financing receivables associated with the Uzbekistan transaction were $ 1 billion as of 30 September 2025 and $ 920 as of 30 September 2024.

Amounts paid in connection with the facility are reflected on our consolidated statements of cash flows within "Investment in financing receivables" and were approximately $ 62 , $ 120 , and $ 600 in fiscal years 2025, 2024, and 2023, respectively.

Refer to Note 4, Gain on Sale of Business , for details regarding gains recognized from the sale of a Singapore subsidiary in fiscal year 2025 and the LNG business in fiscal year 2024.

Sale of Other Assets

In June 2025, we sold a regional office in Hersham, England, for cash proceeds of $ 37.7 .

We recognized a gain on sale of $ 31.3 ($ 23.8 after tax) that is presented within “Other income (expense), net” on our consolidated income statements for the fiscal year ended 30 September 2025.

The gain was not recorded in the results of the Europe segment.

Deconsolidation of Blue Hydrogen Industrial Gases Company

In January 2025, our 51 %-owned consolidated subsidiary, Air Products Qudra ("APQ"), issued equity in its wholly-owned subsidiary, Blue Hydrogen Industrial Gases Company ("BHIG"), resulting in a 50 /50 joint venture with Saudi Aramco Development Company (a subsidiary of Aramco).

BHIG is currently constructing plants and pipelines to distribute hydrogen, nitrogen and oxygen in Saudi Arabia’s Jubail Industrial City.

As a result of the transaction, we determined that APQ no longer holds a controlling financial interest in BHIG.

Accordingly, the assets and liabilities associated with the entity were derecognized from our consolidated balance sheet during the second quarter of fiscal year 2025.

Amounts derecognized primarily included plant and equipment of approximately $ 600 and long-term debt, net of deferred financing costs, of approximately $ 655 .

While we no longer control BHIG, we maintain the ability to exercise significant influence regarding key decisions.

Accordingly, we recorded an equity method investment for APQ's 50 % interest in the entity.

This investment is reflected within "Investment in net assets of and advances to equity affiliates" on our consolidated balance sheet and totaled $ 164.6 as of 30 September 2025.

REVENUE RECOGNITION

Nature of Goods and Services

The principal activities from which we generate sales from our contracts with customers are described below with their respective revenue recognition policies.

For an overall summary of these policies and discussion on payment terms and presentation, refer to Note 1, Basis of Presentation and Major Accounting Policies .

The principal activities from which we generate revenue under our contracts with customers are described below, along with the related revenue recognition policies.

For a comprehensive overview of these policies, including payment terms and presentation, refer to Note 1, Basis of Presentation and Major Accounting Policies .

Regional Industrial Gases

Our regional industrial gases businesses produce and sell atmospheric gases such as oxygen, nitrogen, and argon (primarily recovered by the cryogenic distillation of air) and process gases such as hydrogen, helium, carbon dioxide, carbon monoxide, syngas, and specialty gases.

We distribute gases to our sale of 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 who require large volumes of gases and have relatively constant demand.

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

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

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 (primarily recovered by the cryogenic distillation of air);

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

and specialty gases.

The majority of our revenue is generated from our sale of gas customers within these regional industrial gases segments.

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 who require large volumes of gases and have relatively constant demand.

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.

Revenue associated with this supply mode is generally recognized over time during the period in which we deliver or make available the agreed upon quantity of goods.

• 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 is 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.

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.

Both liquid bulk and packaged gases sales do not contain minimum purchase requirements as they are governed by contracts and/or purchase orders that are based on the customer's requirements.

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.

Performance obligations associated with this supply mode are satisfied at a point in time when the customer receives and obtains control of the product, which generally occurs upon delivery.

The timing of revenue recognition for our regional industrial gases businesses is generally consistent with our right to invoice the customer.

The timing of revenue recognition for our regional industrial gases business is generally consistent with our right to invoice the customer.

Variable components of consideration that may not be resolved within the month, such as the ability to earn an annual bonus or incur a penalty, are more relevant to on-site contracts and are considered constrained as they can be impacted by a single significant event such as a plant outage, which could occur at the end of a contract period.

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We design and manufacture equipment for air separation, hydrocarbon recovery and purification, and liquid helium and liquid hydrogen transport and storage.

The Corporate and other segment includes activity related to the sale of cryogenic and gas processing equipment.

Through the end of fiscal year 2024, this segment also reflected sales of natural gas liquefaction equipment associated with the liquefied natural gas process technology and equipment business that was divested on 30 September 2024.

The Corporate and other segment includes activity related to the sale of cryogenic and gas processing equipment for air separation.

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.

Our sale of equipment contracts are generally comprised of a single performance obligation as the individual promised goods or services contained within the contracts are integrated with or dependent upon other goods or services in the contract for a single output to the customer.

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Since our contracts are generally comprised of a single performance obligation, contract modifications are typically accounted for as part of the existing contract and are recognized as a cumulative adjustment for the inception-to-date effect of such change.

In addition, changes in estimates on projects accounted for under the cost incurred input method are recognized as a cumulative adjustment for the inception-to-date effect of such change.

We recorded changes to project estimates that unfavorably impacted operating income by approximately $ 175 , $ 115 , and $ 30 in fiscal years 2024, 2023, and 2022, respectively.

In addition, changes in estimates on sale of equipment projects accounted for under the cost incurred input method are recognized as a cumulative adjustment for the inception-to-date effect of such changes.

Changes to project revenue and cost estimates unfavorably impacted operating results by approximately $ 85 in fiscal year 2025, $ 175 in fiscal year 2024, and $ 115 in fiscal year 2023.

Disaggregation of Revenue

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Merchant 2,195.7 1,157.9 1,912.9 63.0 — 5,329.5 44 %

Sale of equipment — — — — 889.0 889.0 7 %

Sale of equipment (A)

— — — — 878.4 878.4 7 %

Total $ 5,040.1 $ 3,224.3 $ 2,823.4 $ 134.4 $ 878.4 $ 12,100.6 100 %

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Merchant 2,225.4 1,293.1 1,926.5 86.8 — 5,531.8 44 %

Sale of equipment — — — — 970.8 970.8 8 %

Sale of equipment (A)

— — — — 889.0 889.0 7 %

Total $ 5,369.3 $ 3,216.1 $ 2,963.1 $ 162.5 $ 889.0 $ 12,600.0 100 %

Interest income associated with financing and lease arrangements accounted for approximately 1 % of our total consolidated sales in fiscal year 2024 and less than 1 % of our total consolidated sales in fiscal years 2023 and 2022.

(A) Through the end of fiscal year 2024, our Corporate and other segment included the 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 , for additional information regarding the sale.

Interest income from financing and lease arrangements represented approximately 1 % of our total consolidated sales in fiscal years 2025 and 2024, and less than 1 % in fiscal year 2023.

Remaining Performance Obligations

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Contract fulfillment costs – current Other receivables and current assets 85.4 103.7

Contract assets – noncurrent

Other noncurrent assets 82.3 —

Contract fulfillment costs – noncurrent Other noncurrent assets 33.8 —

Contract liabilities – current Payables and accrued liabilities $ 253.4 $ 240.0

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Our ability to invoice the customer for contract asset balances is not only based on the passage of time, but also the achievement of certain contractual milestones.

Contract fulfillment costs primarily include deferred costs related to sale of equipment projects that cannot be inventoried and for which we expect to recognize revenue upon transfer of control at project completion or costs related to fulfilling a specific anticipated contract.

We defer contract fulfillment costs for sale of equipment projects that cannot be inventoried due to their custom nature and alignment with specific customer specifications.

These costs are expected to be recovered when revenue is recognized, which generally occurs upon transfer of control at project completion.

We also defer contract fulfillment costs incurred to enhance on-site supply assets, which are expected to be recovered as performance obligations are satisfied under the corresponding customer agreement.

Costs to obtain a contract, or "contract acquisition costs," are capitalized at the time we establish a contract with the customer.

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DISCONTINUED OPERATIONS

During the fourth quarter of fiscal year 2024, we recorded a pre-tax loss from discontinued operations of $ 19.4 ($ 13.9 after tax) to increase our existing liability for retained environmental remediation obligations associated with the sale of our former Amines business in September 2006.

Refer to the " Pace " discussion within Note 19, Commitments and Contingencies , for additional information.

The loss did not have an impact on our statement of cash flows for the fiscal year ended 30 September 2024.

In fiscal year 2023, income from discontinued operations, net of tax, of $ 7.4 primarily resulted from a net tax benefit recorded in the fourth quarter upon release of tax liabilities for uncertain tax positions taken with respect to the sale of our former Performance Materials Division ("PMD"), which was completed in 2017.

Additionally, our consolidated statement of cash flows for the fiscal year ended 30 September 2023 reflected cash provided by operating activities of discontinued operations of $ 0.6 from income tax refunds associated with the sale.

In fiscal year 2022, income from discontinued operations, net of tax, of $ 12.6 primarily resulted from a net tax benefit recorded in the fourth quarter upon release of tax liabilities for uncertain tax positions taken with respect to the sale of PMD.

Additionally, our consolidated statement of cash flows for the fiscal year ended 30 September 2022 reflected cash provided by operating activities of discontinued operations of $ 59.6 primarily from income tax refunds associated with the sale.

We recorded net losses from discontinued operations of $ 8.0 and $ 13.9 in fiscal years 2025 and 2024, respectively, compared to net income from discontinued operations of $ 7.4 in fiscal year 2023.

In fiscal year 2025, a pre-tax loss from discontinued operations of $ 10.6 was recorded in the third quarter primarily to increase our existing liability for retained environmental remediation obligations related to production facilities in the atmospheric emulsions and global pressure-sensitive adhesives businesses, which were sold in 2008.

Refer to the "Piedmont" discussion under Note 19, Commitments and Contingencies , for additional information.

The loss did not impact the statement of cash flows for the fiscal year ended 30 September 2025.

In fiscal year 2024, a pre-tax loss from discontinued operations of $ 19.4 was recorded in the fourth quarter to increase our existing liability for retained environmental remediation obligations related to the 2006 sale of the Amines business.

Refer to the "Pace" discussion under Note 19, Commitments and Contingencies , for additional information.

The loss did not impact the statement of cash flows for the fiscal year ended 30 September 2024.

In fiscal year 2023, net income from discontinued operations of $ 7.4 was driven by a net tax benefit recognized during the fourth quarter upon the release of tax liabilities for uncertain tax positions associated with the 2017 sale of the Performance Materials Division.

The consolidated statement of cash flows for the fiscal year ended 30 September 2023 included $ 0.6 of cash provided by operating activities of discontinued operations, resulting from income tax refunds associated with the sale.

The components of inventories are as follows:

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"Investment in net assets of and advances to equity affiliates" on our consolidated balance sheets were $ 5,366.1 and $ 4,792.5 as of 30 September 2025 and 2024, respectively.

Substantially all our equity method investments are foreign affiliates.

As of 30 September 2024, our equity affiliates and related ownership percentages were as follows:

As of 30 September 2025, all of our equity method investments are foreign affiliates.

These affiliates and related ownership percentages were as follows:

Abdullah Hashim Industrial Gases & Equipment Co., Ltd.

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Kulim Industrial Gases Sdn.

Chengdu Air & Gas Products Ltd.

Blue Hydrogen Industrial Gases Company ( 26 %) (A) ;

Sapio Produzione Idrogeno Ossigeno S.r.l.

Helios S.p.A.

Chengdu Air & Gas Products Ltd.

and principally, other industrial gas producers.

Helios S.p.A.

(A) We recorded an equity method investment for a 51%-owned consolidated subsidiary's interest in the Blue Hydrogen Industrial Gases Company joint venture following a deconsolidation event in the second quarter of fiscal year 2025.

Refer to Note 6, Acquisitions and Divestitures , for additional information.

Dividends and other distributions received from equity affiliates were $ 385.5 , $ 441.7 , and $ 344.3 in fiscal years 2025, 2024, and 2023, respectively.

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Investment in JIGPC

During the first quarter of fiscal year 2022, we made an initial investment of $ 1.6 billion to acquire a 55 % ownership interest in the JIGPC joint venture, of which 4 % is attributable to the noncontrolling partner of APQ.

During the second quarter of fiscal year 2023, we completed a second investment of $ 908 , which did not change our ownership interest.

Our investments were executed to align with the timing of the joint venture's purchase of project assets.

The amounts invested included approximately $ 130 and $ 73 received from the noncontrolling partner of APQ for the first and second investment, respectively.

The carrying value of our investment in JIGPC, including amounts attributable to noncontrolling interests, totaled $ 2,871.2 and $ 2,862.2 as of 30 September 2024 and 2023, respectively.

We hold a 55 % ownership interest in the JIGPC joint venture, of which a 4 % interest is attributable to the noncontrolling partner of APQ.

We determined JIGPC is a VIE for which we have an equity interest and exercise significant influence but are not the primary beneficiary.

Refer to Note 3, Variable Interest Entities , for additional information.

Jazan Gas Project Company

Jazan Gas Project Company (“JGPC”), a previous joint venture between Air Products and ACWA Holding, had a 20 -year agreement to supply oxygen and nitrogen to Aramco’s oil refinery and power plant in Jazan.

The parties terminated the supply agreement in October 2021, and JGPC sold its air separation units to Aramco.

We initially sold these assets to JGPC and deferred profit proportionate to our 26 % ownership in the joint venture.

With the termination of the supply agreement and sale of the air separation units complete, we recognized the remaining deferred profit, net of other project finalization costs, in equity affiliates’ income in the first quarter of fiscal year 2022.

Additionally, our consolidated statement of cash flows for fiscal year 2022 includes a noncash adjustment of $ 94.4 to reduce the carrying value of our investment in JGPC to zero and remove an obligation to make equity contributions to JGPC under an equity bridge loan that was no longer required.

Equity Method Investment Impairment

During the fourth quarter of fiscal year 2022, we determined there was an other-than-temporary impairment in two small equity affiliates in the Asia segment.

As a result, we recorded a noncash charge of $ 14.8 to write down the full carrying value of the investments.

This charge is reflected on our consolidated income statements within “Equity affiliates' income” and was not recorded in segment results.

Our investment in JIGPC was completed in stages to align with the joint venture’s acquisition of project assets, beginning with an initial investment of $ 1.6 billion in fiscal year 2022 followed by a $ 908 investment in fiscal year 2023.

The second investment is reflected within "Investment in and advances to unconsolidated affiliates" on the consolidated statement of cash flows for the fiscal year ended 30 September 2023.

These amounts included approximately $ 130 and $ 73 received from the noncontrolling partner of APQ for the first and second installments, respectively.

As of 30 September 2024, the carrying value of our investment totaled approximately $ 2.9 billion.

In the second quarter of fiscal year 2025, we made a final investment of approximately $ 115 in the form of a shareholder loan, which the joint venture used to purchase the remaining project assets.

The carrying value of our investment totaled approximately $ 3.1 billion as of 30 September 2025.

The carrying value of our investment includes amounts attributable to the noncontrolling partner.

Project Exit-Related Impairment of Equity Method Investment

In fiscal year 2025, we determined there was an other-than-temporary impairment of a joint venture in China that had been established to develop clean hydrogen infrastructure in the region.

As a result, we recorded a charge of $ 6.8 to write down the full carrying value of the investment.

There were no other events or changes in circumstances that indicated the carrying amount of our equity method investments may not be recoverable, and therefore, no further impairment testing was required.

Additional information regarding project exit decisions is provided in Note 5, Business and Asset Actions .

PLANT AND EQUIPMENT, NET

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Goodwill, net as of 30 September 2024 $ 146.3 $ 174.7 $ 534.3 $ 15.8 $ 34.0 $ 905.1

Acquisition — — 31.3 — — 31.3

Currency translation and other ( 2.8 ) ( 2.2 ) 32.3 — 0.2 27.5

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Amortization expense for intangible assets was $ 37.3 , $ 31.5 , and $ 32.5 in fiscal years 2025, 2024, and 2023, respectively.

Refer to Note 1, Basis of Presentation and Major Accounting Policies , for the amortization periods for each major class of intangible assets.

For details on the amortization periods applicable to each major class of intangible assets, refer to Note 1, Basis of Presentation and Major Accounting Policies .

The table below details the amount of amortization expense expected to be recorded for our finite-lived intangible assets in each of the next five years and thereafter:

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30 September 2025 2024

Operating lease right-of-use assets $ 1,047.7 $ 974.0

Operating lease right-of-use assets, net

$ 944.0 $ 1,047.7

Operating lease liabilities

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We also enter into forward exchange contracts to hedge the cash flow exposure on intercompany loans and third-party debt.

This portfolio of forward exchange contracts consists primarily of Euros and U.S.

This portfolio of forward exchange contracts consists primarily of the U.S.

Dollar and each of the South Korean Won, Canadian Dollar, Chinese Renminbi, and Euro.

The maximum remaining term of any forward exchange contract currently outstanding and designated as a cash flow hedge at 30 September 2025 is 2.5 years.

Forward exchange contracts are also used to hedge the value of investments in certain foreign subsidiaries and affiliates by creating a liability in a currency in which we have a net equity position.

The primary currency pair in this portfolio of forward exchange contracts is Euros and U.S.

The primary currency pair in this portfolio of forward exchange contracts is the U.S.

Dollar and Chilean Peso.

We also utilize forward exchange contracts that are not designated as hedges.

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Total Forward Exchange Contracts $ 6,668.0 0.9 $ 6,794.6 0.8

The increase in the notional value of our forward exchange contracts that are not designated is primarily due to the origination of forward exchange contracts that offset other forward exchange contracts previously designated as cash flow hedges of intercompany loans.

The hedged intercompany loans were repaid early.

The increase in the notional value of forward exchange contracts that are not designated is primarily due to the origination of forward exchange contracts that offset other forward exchange contracts previously designated as net investment hedges that were de-designated during fiscal year 2025.

We also use foreign currency-denominated debt to hedge the foreign currency exposures of our net investment in certain foreign subsidiaries.

The designated foreign currency-denominated debt and related accrued interest was € 3,188.1 million ($ 3,741.5 ) at 30 September 2025 and € 1,905.7 million ($ 2,121.9 ) at 30 September 2024.

The designated foreign currency-denominated debt is presented within "Long-term debt" and "Current portion of long-term debt" on the consolidated balance sheets.

The designated foreign currency-denominated debt is presented on our consolidated balance sheets within "Long-term debt" as of 30 September 2025 and "Long-term debt" and "Current portion of long-term debt" as of 30 September 2024.

Debt Portfolio Management

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The current cross currency interest rate swap portfolio consists of fixed-to-fixed swaps primarily between the U.S.

Dollar and each of the Chinese Renminbi, Indian Rupee, and Chilean Peso.

Dollar and each of the Chinese Renminbi, Chilean Peso, and Indian Rupee.

The table below summarizes our outstanding interest rate management contracts and cross currency interest rate swaps:

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Interest rate swaps (fair value hedge) $ 800.0 SOFR 1.64 % 2.0 $ 800.0 SOFR 1.64 % 3.0

Interest rate swaps

(cash flow hedge) (A)

Interest rate swaps (cash flow hedge) (A)

$ 3,106.0 2.78 % SOFR 20.1 $ 2,159.3 2.72 % SOFR 21.2

Interest rate swaps

(not designated) (A)

$ 461.4 3.27 % SOFR 20.5 $ — — % — % 0.0

Interest rate swaps (not designated) (A)

$ 269.1 3.28 % SOFR 20.2 $ 461.4 3.27 % SOFR 20.5

Cross currency interest rate swaps (net investment hedge) $ 70.3 4.86 % 4.53 % 0.5 $ 16.7 5.39 % 3.64 % 0.2

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30 September 2025 2024 2025 2024

Current portion of long-term debt $ 549.7 $ — ($ 0.3 ) $ —

Long-term debt $ 1,522.5 $ 2,057.1 ($ 23.1 ) ($ 36.6 )

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Total Liabilities at Fair Value $ 93.6 $ — $ 93.6 $ — $ 100.6 $ — $ 100.6 $ —

Nonrecurring Fair Value Measurements – Project Exit Activities

We estimate the value of certain long-lived assets associated with exited projects using Level 3 inputs under the fair value hierarchy due to the absence of observable market prices and significant reliance on management judgment and estimation techniques.

These assets include:

• Assets meeting the held for sale criteria that are actively being marketed for sale.

We utilized an internally- developed discounted cash flow analysis to estimate the fair value, including costs to sell, as there were no observable market prices available.

We expect to complete the sale of these assets in fiscal year 2026.

• Plant and equipment that do not meet the held for sale criteria but are capable of being sold through secondary equipment markets.

These assets were evaluated for recoverability and the impairment loss was measured using an orderly liquidation valuation approach.

The impairment loss was recognized as the difference between the estimated liquidation value and the net book value of the assets as of 31 March 2025.

There have been no significant changes in the estimated net realizable value for the remaining assets as of 30 September 2025.

The table below presents the nonrecurring fair value measurements of these long-lived assets, categorized within the fair value hierarchy:

Balance Sheet Location

Total Estimated Value Level 1 Level 2 Level 3 FY25

Impairment Charges (A)

Assets held for sale

$ 418.3 $— $— $ 418.3 $ 350.6

Plant and equipment, net

22.5 — — 22.5 2,116.2

(A) Impairment charges were recorded in aggregate with other project exit-related costs as described in Note 5, Business and Asset Actions .

The table below summarizes our total outstanding debt as reflected on our consolidated balance sheets:

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$ 34.7 $ 83.5

Current portion of long-term debt 611.4 615.0

Current portion of long-term debt (B)

Long-term debt 16,769.9 13,428.6

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Total Debt $ 17,698.4 $ 14,227.9

(A) Balances reflect bank obligations with weighted average interest rates of 4.0 % and 5.2 % as of 30 September 2024 and 2023, respectively.

The decrease from fiscal year 2023 is primarily due to the repayment of commercial paper.

(A) Short-term borrowings include bank obligations with weighted average interest rates of 5.0 % and 4.0 % as of 30 September 2025 and 2024, respectively.

(B) Current portion of long-term debt includes amounts of $ 59.0 and $ 200.0 owed to related parties as of 30 September 2025 and 2024, respectively.

Related Party Debt

Our related party debt includes loans with our joint venture partners.

Total debt owed to related parties was $ 304.4 and $ 328.3 as of 30 September 2024 and 30 September 2023, respectively, of which $ 200.0 and $ 177.6 , respectively, was reflected within "Current portion of long-term debt" on our consolidated balance sheets.

The remaining related party debt balance as of 30 September 2024 primarily includes a loan with Lu’An Clean Energy Company.

Debt Covenants

Various debt agreements to which we are a party include financial covenants and other restrictions, including restrictions pertaining to the ability to create property liens and enter into certain sale and leaseback transactions.

As of 30 September 2024, we were in compliance with all the financial and other covenants under our debt agreements.

As of 30 September 2025, total debt owed to related parties was $ 236.5 , consisting of shareholder loans with our joint venture partner, Lu’An Clean Energy Company.

As of 30 September 2024, total debt owed to related parties was $ 304.4 .

Fiscal Year 2025 Registered Public Offerings

In February 2025, we issued Euro-denominated senior fixed-rate notes with an aggregate principal amount of € 1.0 billion (approximately $ 1.0 billion) in a registered public offering (the "February 2025 Offering").

The related proceeds were reduced by deferred financing charges and discounts of approximately $ 8 .

In June 2025, we issued U.S.

Dollar- and Euro-denominated senior fixed-rate notes with aggregate principal amounts of $ 1.1 billion and € 500 million (approximately $ 570 ), respectively, in registered public offerings (the "June 2025 Offerings").

The related proceeds were reduced by deferred financing charges and discounts of approximately $ 12 .

Deferred financing charges and discounts are amortized through interest expense over the life of the underlying bonds.

We used the net proceeds from the February 2025 Offering to repay commercial paper obligations, including those incurred prior to the closing of the February 2025 Offering that were used to repay € 300 million (approximately $ 311 ) aggregate principal amount outstanding of our 1.000 % Euro-denominated senior fixed-rate notes at maturity, plus accrued interest, and for general corporate purposes.

We used the net proceeds from the June 2025 Offerings to repay commercial paper obligations and for general corporate purposes.

Summary of Long-Term Debt Instruments

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Payable in U.S.

Medium-term Notes (weighted average rate)

Series E 7.6 % 2026 $ 17.2 $ 17.2

Note 3.35 % 2024 — 400.0

Note 1.50 % 2026 550.0 550.0

Note 1.85 % 2027 650.0 650.0

Note 4.60 % 2029 750.0 —

Note 2.05 % 2030 900.0 900.0

Note 4.75 % 2031 600.0 —

Note 4.80 % 2033 600.0 600.0

Note 4.85 % 2034 1,150.0 —

Note 2.70 % 2040 750.0 750.0

Note 2.80 % 2050 950.0 950.0

Other (weighted average rate)

Variable-rate industrial revenue bonds 3.38 % 2035 to 2050 618.9 618.9

7.6 % Medium-term Series E Notes (weighted average rate) 2026 $ 17.2 $ 17.2

1.500 % Senior Notes (A)

2026 550.0 550.0

1.850 % Senior Notes 2027 650.0 650.0

4.300 % Senior Notes 2028 600.0 —

4.600 % Senior Notes (B)

2029 750.0 750.0

2.050 % Senior Notes 2030 900.0 900.0

4.750 % Senior Notes (B)

2031 600.0 600.0

4.800 % Senior Notes 2033 600.0 600.0

4.900 % Senior Notes 2033 500.0 —

4.850 % Senior Notes (B)

2034 1,150.0 1,150.0

2.700 % Senior Notes 2040 750.0 750.0

2.800 % Senior Notes 2050 950.0 950.0

2.802 % Industrial Revenue Bonds (weighted average variable-rate) 2035 to 2050 618.9 618.9

7.11 % Other (variable-rate) 2025 — 38.8

Payable in Other Currencies

Eurobonds 1.000 % 2025 334.0 317.2

Eurobonds 0.500 % 2028 556.7 528.6

Eurobonds 0.800 % 2032 556.7 528.6

Eurobonds 4.000 % 2035 779.4 740.1

Saudi Riyal Loan Facility variable-rate 7.35 % 2027 451.1 451.1

Saudi Riyal Loan Facility 2.00 % 2026 to 2034 222.2 192.1

1.000 % Euro-denominated Notes 2025 — 334.0

0.500 % Euro-denominated Notes 2028 586.8 556.7

2.950 % Euro-denominated Notes 2031 586.8 —

0.800 % Euro-denominated Notes 2032 586.8 556.7

3.250 % Euro-denominated Notes 2032 586.8 —

4.000 % Euro-denominated Notes 2035 821.5 779.4

3.450 % Euro-denominated Notes 2037 586.8 —

7.35 % Saudi Riyal Loan Facility (variable-rate) (C)

2.00 % Saudi Riyal Loan Facility (C)

2026 to 2034 — 222.2

1.86 % New Taiwan Dollar Loan Facility 2026 to 2028 98.5 131.5

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2.75 % New Taiwan Dollar Loan Facility (variable-rate) 2026 to 2030 98.5 94.8

Other 4.07 % (weighted average rate)

2033 to 2034 9.4 —

4.07 % Other (weighted average rate) 2030 to 2034 10.0 9.4

Related Party Debt

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5.7 % Chinese Renminbi 2033 — 24.6

Non-Recourse Debt Associated With NGHC (A)

3,271.8 1,364.8

Finance Lease Obligations (weighted average rate)

Foreign 10.8 % 2025 to 2036 8.0 7.5

Non-Recourse Debt Associated With NGHC (D)

2027 to 2053 4,909.7 3,271.8

Finance Lease Obligations

Foreign 11.5 % (weighted average rate) 2026 to 2052 54.2 8.0

Total Principal Amount $ 17,996.0 $ 14,485.5

Unamortized discount and debt issuance costs 308.9 304.5

Fair value hedge accounting adjustments (B)

Fair value hedge accounting adjustments (E)

Total Long-term Debt $ 17,663.7 $ 14,144.4

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Long-term Debt $ 16,769.9 $ 13,428.6

(A) Refer to Note 3, Variable Interest Entities , for additional information.

(B) Refer to Note 15, Financial Instruments , for additional information.

(A) Subsequent to the balance sheet date, we repaid at maturity $ 550.0 aggregate principal amount of our 1.50 % senior notes due October 2025, plus accumulated and unpaid interest through the maturity date.

(B) In February 2024, we issued green senior notes with an aggregate principal amount of $ 2.5 billion in a registered public offering.

All proceeds have been disbursed or allocated to eligible projects that are expected to have environmental benefits as defined under our Green Finance Framework.

For additional information, refer to the Credit Facilities discussion on page 118 .

(D) Refer to Note 3, Variable Interest Entities , for additional information.

(E) Refer to Note 15, Financial Instruments , for additional information.

Principal maturities of long-term debt, including current portion and amounts owed to related parties, in each of the next five years and thereafter are as follows:

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Cash paid for interest, net of amounts capitalized, was $ 192.2 , $ 198.2 , and $ 131.5 in fiscal years 2025, 2024, and 2023, respectively.

Issuance of Green Senior Notes

In February 2024, we issued green senior notes with an aggregate principal amount of $ 2.5 billion in a registered public offering.

The proceeds from the notes were reduced by deferred financing charges and discounts of approximately $ 20 , which are being amortized through interest expense over the life of the underlying bonds.

We intend to use the net proceeds to finance or refinance existing or future projects that are expected to have environmental benefits as defined under our Green Finance Framework.

The interest rate, maturity, and carrying amount as of 30 September 2024 for each of these notes are summarized in the table below:

Maturities 30 September 2024

Senior Note 4.600 %

Senior Note 4.750 %

Senior Note 4.850 %

Total $ 2,500.0

Credit Facilities

2024 Credit Agreements

In March 2024, we entered into a five-year $ 3.0 billion revolving credit agreement maturing 31 March 2029 (the “2024 Five-Year Credit Agreement”) as well as a 364 -day $ 500.0 revolving credit agreement maturing 27 March 2025 that we have the ability to convert into a term loan maturing 27 March 2026 (the “2024 364-Day Credit Agreement” and, together with the 2024 Five-Year Credit Agreement, the “2024 Credit Agreements”).

Both of the 2024 Credit Agreements are syndicated facilities that provide a source of liquidity and support our commercial paper program through availability of senior unsecured debt to us and certain of our subsidiaries.

As of 30 September 2024, no borrowings were outstanding under either of the 2024 Credit Agreements.

Borrowings under both of the 2024 Credit Agreements bear interest at quoted market rates plus varying spreads based on our public debt ratings.

Each of the 2024 Credit Agreements also requires a commitment fee on unused commitments based on our public debt ratings.

There are no financial maintenance covenants in either of the 2024 Credit Agreements.

The 2024 Five-Year Credit Agreement replaced our previous $ 2.75 billion revolving credit agreement (the “2021 Credit Agreement”), which was terminated upon execution of the 2024 Five-Year Credit Agreement.

No borrowings were outstanding under the 2021 Credit Agreement at the time of its termination, and no early termination penalties were incurred.

Foreign Credit Facilities

We also have credit facilities available to certain of our foreign subsidiaries totaling $ 1,223.9 , of which $ 1,129.0 was borrowed and outstanding as of 30 September 2024.

The amount borrowed and outstanding as of 30 September 2023 was $ 1,041.4 .

Debt Covenants

As of 30 September 2025, we were in compliance with all the financial and other covenants under our debt agreements.

Committed Credit Facilities

During the second quarter of fiscal year 2025, we refinanced our existing 364 -day $ 500 revolving credit agreement to extend its maturity date from 27 March 2025 to 26 March 2026 (the “364-Day Credit Agreement”).

All other terms remain consistent with the original 364-Day Credit Agreement.

Fees incurred in connection with the refinancing were not material.

We also maintain a five-year $ 3.0 billion revolving credit agreement that matures on 31 March 2029 (the “Five-Year Credit Agreement”).

Both the 364 -Day Credit Agreement and the Five-Year Credit Agreement are syndicated committed facilities that provide a source of liquidity and support our commercial paper program through the availability of senior unsecured debt to us and certain of our subsidiaries.

No borrowings were outstanding under either of the 364-Day Credit Agreement or the Five-Year Credit Agreement as of 30 September 2025 or 30 September 2024.

Separately, certain of our foreign subsidiaries maintain access to committed credit facilities.

As of 30 September 2025, the amount available under foreign committed credit facilities totaled $ 394.0 , all of which was borrowed and outstanding.

As of 30 September 2024, these facilities had a combined maximum borrowing capacity of $ 1.2 billion, of which $ 1.1 billion was borrowed and outstanding.

During the second quarter of fiscal year 2025, we derecognized long-term borrowings from two Saudi Riyal-denominated facilities upon deconsolidation of BHIG.

These borrowings had been drawn from a 7.35 % variable-rate facility and a 2.00 % fixed-rate facility, which had carrying values of $ 451.1 and $ 222.2 as of 30 September 2024, respectively.

As further discussed in Note 6, Acquisitions and Divestitures , we continue to have exposure to BHIG's borrowings through our equity method investment in the entity.

RETIREMENT BENEFITS

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Pension benefits earned are generally based on years of service and compensation during active employment.

The components of net periodic cost (benefit) for our defined benefit pension plans for fiscal years 2024, 2023, and 2022 were as follows:

The components of net periodic cost for our defined benefit pension plans for fiscal years 2025, 2024, and 2023 were as follows:

Fiscal Year Ended 30 September

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Other — 0.3 0.3 — 0.9 0.9 — 0.9 0.9

Net Periodic Cost (Benefit) $ 83.9 $ 39.9 $ 123.8 $ 76.0 $ 34.9 $ 110.9 ($ 2.8 ) ($ 0.8 ) ($ 3.6 )

Net Periodic Cost $ 45.9 $ 20.1 $ 66.0 $ 83.9 $ 39.9 $ 123.8 $ 76.0 $ 34.9 $ 110.9

Our service costs are primarily included within "Cost of sales" and "Selling and administrative expense" on our consolidated income statements.

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A participant’s vested benefit is considered settled upon cash payment of the lump sum.

We recognize pension settlement losses when cash payments exceed the sum of the service and interest cost components of net periodic cost (benefit) of the plan for the fiscal year.

We recognize pension settlement losses when cash payments exceed the sum of the service and interest cost components of net periodic cost of the plan for the fiscal year.

We recognized pension settlement losses of $ 0.8 , $ 1.1 and $ 1.4 in fiscal years 2025, 2024 and 2023, respectively, to accelerate recognition of a portion of actuarial losses deferred in accumulated other comprehensive loss associated with the U.S.

supplementary pension plan.

We calculate net periodic cost (benefit) for a given fiscal year based on assumptions developed at the end of the previous fiscal year.

The following table sets forth the weighted average assumptions used in the calculation of net periodic cost (benefit):

We calculate net periodic cost for a given fiscal year based on assumptions developed at the end of the previous fiscal year.

The following table sets forth the weighted average assumptions used in the calculation of net periodic cost:

2025 2024 2023

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Amendments 0.3 — 1.3 —

Actuarial loss (gain) 296.2 50.7 ( 68.3 ) ( 80.1 )

Actuarial (gain) loss ( 44.7 ) ( 88.7 ) 296.2 50.7

Curtailments 1.2 — — —

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Noncurrent liabilities 141.8 124.3 118.1 118.0

Net Liability Recognized ($ 80.1 ) $ 35.8 ($ 49.8 ) ($ 28.4 )

Net (Liability) Asset Recognized ($ 106.7 ) $ 39.0 ($ 80.1 ) $ 35.8

The changes in plan assets and benefit obligation that have been recognized in other comprehensive income on a pretax basis during fiscal years 2025 and 2024 consist of the following:

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Prior service cost arising during the period 0.3 — 1.3 —

Amortization of prior service (cost) credit ( 1.1 ) ( 0.9 ) ( 1.2 ) 1.2

Amortization of prior service cost ( 1.1 ) ( 1.0 ) ( 1.1 ) ( 0.9 )

Total ($ 12.6 ) ($ 8.8 ) ($ 46.3 ) ($ 71.5 )

The net actuarial gains and losses represent the actual changes in the estimated obligation and plan assets that have not yet been recognized in the consolidated income statements and are included in accumulated other comprehensive loss.

Actuarial losses arising during fiscal year 2024 are primarily attributable to higher than expected returns on plan assets that were partially offset by lower discount rates.

Actuarial losses arising during fiscal year 2025 are primarily attributable to lower than expected returns on plan assets that were partially offset by higher discount rates.

Accumulated actuarial gains and losses that exceed a corridor are amortized over the average remaining service period of active U.S.

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The ABO and PBO related to these plans as of 30 September 2025 were $ 59.7 and $ 66.5 , respectively.

As of 30 September 2024, the U.S.

salaried pension plan had both a PBO and ABO in excess of plan assets.

As of 30 September 2023, the U.S.

salaried pension plan had plan assets in excess of ABO.

Pension Plan Assets

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De-risking strategies are also employed for closed plans as funding improves, generally resulting in higher allocations to long duration bonds.

The plans invest primarily in passive and actively managed equity and debt securities.

The plans invest primarily in actively and passively managed equity, debt, and real estate securities and funds.

Equity investments are diversified geographically and by investment style and market capitalization.

Fixed income investments include sovereign, corporate and asset-backed securities generally denominated in the currency of the plan.

Fixed income portfolios may include investment grade and high yield investments in sovereign, corporate, emerging market debt, asset-backed securities, distressed and convertible debt, loans, and private credit instruments generally denominated in the currency of the plan.

plans' investment managers are authorized to utilize derivatives to manage interest and inflation exposure.

Asset allocation targets are established based on the long-term return, volatility and correlation characteristics of the asset classes, the profiles of the plans’ liabilities, and acceptable levels of risk.

As of 30 September 2024, the U.S pension plan was at target with respect to the fixed income securities portfolio.

We continue to monitor the investment portfolio and various investment markets and will take action accordingly.

As of 30 September 2025, the U.S.

and international pension plans were within the allowable target allocation ranges.

We continue to monitor the investment portfolios and various investment markets and will take action accordingly.

Assets are routinely rebalanced through contributions, benefit payments, and otherwise as deemed appropriate.

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72 % 77 % 73 % 78 %

Real estate and other 4 - 7 %

Real estate 5 - 8 %

— % 5 % — % 6 % — %

Alternative credit 5 - 8 %

6 % 9 % — % 8 %

Cash — % — % 1 % — % 1 % — %

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In fiscal year 2025, the 5.8 % expected return for U.S.

plan assets was based on a weighted average of estimated long-term returns of major asset classes and the historical performance of plan assets.

In determining the estimated long-term asset class returns, we take into account historical long-term returns and the value of active management, as well as other economic and market factors, and input from our actuaries and investment advisors.

plan assets was based on a weighted average of estimated long-term returns of major asset classes.

In determining the estimated long-term asset class returns, we take into account historical long-term returns of asset classes and the value of active management, as well as other economic and market expectations, and input from our actuaries and investment advisors.

In fiscal year 2025, the 4.8 % expected rate of return for international plan assets was based on a weighted average return for plans outside the U.S., which vary significantly in size, asset structure and expected returns.

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Equity securities 271.5 271.5 — — 320.0 320.0 — —

Equity mutual funds — — — — 105.2 105.2 — —

Equity pooled funds 109.3 — 109.3 — 204.7 — 204.7 —

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Real estate pooled funds (A)

Alternative credit pooled funds (B)

Qualified Pension Plans $ 2,409.0 $ 2,533.0

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Fixed income pooled funds 810.2 — 810.2 — 858.0 — 858.0 —

Alternative credit pooled funds 115.4 — — 115.4 113.6 — — 113.6

Other pooled funds 18.9 — 18.9 — 19.4 — 19.4 —

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Interests in these funds are valued using the net asset value ("NAV") per share practical expedient and are not classified in the fair value hierarchy.

(B) Alternative credit pooled funds in our U.S.

plans generally allow for monthly redemption with approximately 30 days' notice.

Timing for redemption could be delayed based on the priority of our request and the availability of funds.

Interests in these funds are valued using the net asset value ("NAV") per share practical expedient and are not classified in the fair value hierarchy.

For additional information related to these funds, refer to the Alternative Credit Pooled Funds description below.

The table below summarizes changes in fair value of the pension plan assets classified as Level 3:

Insurance Contracts Fixed Income Pooled Funds Total Level 3

Insurance Contracts Alternative Credit

Pooled Funds Total Level 3

Balance at 30 September 2023 $ 165.8 $ 94.2 $ 260.0

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or international exchange where the security is actively traded and are therefore classified as Level 1 assets.

Equity Mutual Funds

Shares of mutual funds are valued at the daily closing price as reported by the fund.

The mutual funds are required to publish their daily NAV and to transact at that price.

The mutual funds are deemed to be actively traded and are classified as Level 1 assets.

Equity Pooled Funds

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Fixed Income Pooled Funds

Fixed income pooled funds are classified as either Level 2 or Level 3 assets depending on the underlying investments of the fund.

Fixed income pooled funds classified as Level 2 assets may hold government bonds, index linked bonds, corporate bonds, cash, and derivative instruments.

The NAV of these assets is based on quoted market pricing from observable pricing sources or valued based upon comparable securities with similar yields, credit ratings, or factors as of the reporting date.

Fixed income pooled funds classified as Level 3 may hold high yield bonds, emerging market debt, loans, structured credit, and other instruments.

Fixed income pooled funds may hold government bonds, index linked bonds, corporate bonds, cash, and derivative instruments.

The fixed income pooled funds are classified as Level 2 assets since the NAV of these assets is based on quoted market pricing from observable pricing sources or valued based upon comparable securities with similar yields, credit ratings, or factors as of the reporting date.

Alternative Credit Pooled Funds

Alternative credit pooled funds may hold high yield bonds, emerging market debt, loans, structured credit, distressed and convertible debt, private credit, and other instruments.

Due to the limited market activity of the underlying securities, the NAV of these assets is based on the fund manager's estimate of the fair value of the shares held as of the reporting date.

Alternative credit pooled funds are classified as either Level 3 assets or measured using the NAV per share practical expedient, based on how frequently the NAV is determined and how much advance notice is required for redemption.

Other Pooled Funds

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During fiscal years 2025 and 2024 we recognized a loss of $ 2.8 and $ 1.7 , respectively, that arose during the period, and $ 0.4 and $ 0.5 of net actuarial gain amortization, respectively.

The net actuarial gain recognized in accumulated other comprehensive loss on a pretax basis was $ 0.2 and $ 2.4 as of 30 September 2024 and 2023, respectively.

The net actuarial (gain) loss recognized in accumulated other comprehensive loss on a pre-tax basis was $ 3.0 and ($ 0.2 ) as of 30 September 2025 and 2024, respectively.

COMMITMENTS AND CONTINGENCIES

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In September 2010, the Brazilian Administrative Council for Economic Defense ("CADE") issued a decision against our Brazilian subsidiary, Air Products Brasil Ltda., and several other Brazilian industrial gas companies for alleged anticompetitive activities.

CADE imposed a civil fine of R$ 179.2 (approximately $ 33 at 30 September 2024) on Air Products Brasil Ltda.

This fine was based on a recommendation by a unit of the Brazilian Ministry of Justice, following an investigation beginning in 2003, which alleged violation of competition laws with respect to the sale of industrial and medical gases.

The fines are based on a percentage of our total revenue in Brazil in 2003.

We have denied the allegations made by the authorities and filed an appeal in October 2010 with the Brazilian courts.

On 6 May 2014, our appeal was granted and the fine against Air Products Brasil Ltda.

was dismissed.

CADE has appealed that ruling and the matter remains pending.

We, with advice of our outside legal counsel, have assessed the status of this matter and have concluded that, although an adverse final judgment after exhausting all appeals is possible, such a judgment is not probable.

As a result, no provision has been made in the consolidated financial statements.

In the event of an adverse final judgment, we estimate the maximum possible loss to be the full amount of the fine of R$ 179.2 (approximately $ 33 at 30 September 2024) plus interest accrued thereon until final disposition of the proceedings.

Additionally, during the third quarter of fiscal year 2024, we settled a dispute regarding energy management charges related to a severe winter weather storm that impacted the U.S.

Gulf Coast in February 2021.

As a result of the settlement, we recognized a gain of $ 7.7 that is reflected within "Other income (expense), net" on our consolidated income statements for the twelve months ended 30 September 2024.

We collected the settlement in full in July 2024.

CADE imposed a civil fine of R$ 179.2 million (approximately $ 34 as of 30 September 2025) on Air Products Brasil Ltda., which was based on a percentage of our total revenue in Brazil in 2003.

In May 2014, our appeal was granted and the fine was dismissed.

CADE appealed that ruling and in October 2025 the Supreme Court of Brazil rendered a judgment confirming the appellate ruling, which annulled the administrative proceeding and the fine imposed by CADE.

Under applicable law, no further remedies are available and the judgment is final.

Environmental

In the normal course of business, we are involved in legal proceedings under the Comprehensive Environmental Response, Compensation, and Liability Act ("CERCLA," the federal Superfund law), Resource Conservation and Recovery Act ("RCRA"), and similar state environmental laws relating to the designation of certain sites for investigation or remediation.

Presently, there are 26 sites on which a final settlement or remediation has not been achieved where we, usually along with others, have been designated a potentially responsible party by environmental authorities or are otherwise engaged in investigation or remediation, including cleanup activity at certain of our former manufacturing sites.

In the normal course of business, we are involved in legal proceedings under the Comprehensive Environmental Response, Compensation, and Liability Act ("CERCLA," the federal Superfund law), the Resource Conservation and Recovery Act ("RCRA"), and similar state and foreign environmental laws relating to the designation of certain sites for investigation or remediation.

Presently, there are 26 sites on which a final settlement or remediation has not been achieved where we, usually along with others, have been designated as a potentially responsible party by environmental authorities or are otherwise engaged in investigation or remediation, including cleanup activity at certain of our former and current manufacturing sites.

We continually monitor these sites for which we have environmental exposure.

Accruals for environmental loss contingencies are recorded when it is probable that a liability has been incurred and the amount of loss can be reasonably estimated.

The consolidated balance sheets at 30 September 2024 and 30 September 2023 included an accrual of $ 79.1 and $ 64.5 , respectively, primarily as part of other noncurrent liabilities .

The environmental liabilities will be paid over a period of up to 30 years.

We estimate the exposure for environmental loss contingencies to range from $ 79 to a reasonably possible upper exposure of $ 92 as of 30 September 2024.

As of 30 September 2025 and 2024, the consolidated balance sheets included accruals of $ 85.6 and $ 79.1 , respectively, primarily as part of other noncurrent liabilities .

These environmental liabilities will be paid over a peri od of up to 30 years.

W e estimate the exposure for environmental loss contingencies to range from $ 85 to a reasonably possible upper exposure of $ 98 as of 30 September 2025.

Actual costs to be incurred at identified sites in future periods may vary from the estimates, given inherent uncertainties in evaluating environmental exposures.

Using reasonably possible alternative assumptions of the exposure level could result in an increase to the environmental accrual.

Due to the inherent uncertainties related to environmental exposures, a significant increase to the reasonably possible upper exposure level could occur if a new site is designated, the scope of remediation is increased, a different remediation alternative is identified, or a significant increase in our proportionate share occurs.

Due to these inherent uncertainties, a significant increase to the reasonably possible upper exposure level could occur if a new site is designated, the scope of remediation is increased, a different remediation alternative is identified, or a significant increase in our proportionate share occurs.

We do not expect that any sum we may have to pay in connection with environmental matters in excess of the amounts recorded or disclosed above would have a material adverse impact on our financial position or results of operations in any one year.

At 30 September 2024, $ 54.7 of the environmental accrual was related to the Pace facility.

In 2006, we sold our Amines business, which included operations at Pace, Florida, and recognized a liability for retained environmental obligations associated with remediation activities at Pace.

As of 30 September 2025, $ 53.8 of the environmental accrual was related to our facility in Pace, Florida.

In 2006, we sold our Amines business, which included operations at the Pace facility and recognized a liability for retained environmental obligations associated with remediation activities at the facility.

We are required by the Florida Department of Environmental Protection ("FDEP") and the United States Environmental Protection Agency ("USEPA") to continue our remediation efforts.

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In the first quarter of 2015, we entered into a consent order with the FDEP requiring us to continue our remediation efforts at the Pace facility and complete a cost review every five years .

In the fourth quarter of fiscal year 2024, we completed an updated cost review of the environmental remediation status at the Pace facility.

Based on our review, we expect ongoing activities to continue for an additional five years for an aggregate period of 30 years.

Additionally, we increased our estimate of near-term spending for an improved groundwater recovery system and future annual costs due to higher inflation.

As a result of these changes, we increased our environmental accrual for this site by $ 19.4 in continuing operations on the consolidated balance sheets and recognized a before-tax expense of $ 19.4 in results from discontinued operations.

In fiscal year 2020, we completed an updated cost review of the environmental remediation status at the Pace facility and increased our environmental accrual for this site by $ 19 in continuing operations on the consolidated balance sheet and recognized a before-tax expense of $ 19 in results from discontinued operations.

In fiscal year 2024, we completed our most recent cost review of the environmental remediation status at the Pace facility.

Based on our review, we expect ongoing activities to continue for 30 years.

Additionally, we increased our estimate of near-term spending for an optimized groundwater recovery system and future annual costs due to higher inflation.

As a result of these changes, we increased our environmental accrual for this site by $ 19 in continuing operations on the consolidated balance sheets and recognized a before-tax expense of $ 19 in results from discontinued operations in fiscal year 2024.

There have been no significant changes to the estimated exposure.

We have implemented many of the remedial corrective measures at the Pace facility required under the 1995 consent orders issued by the FDEP and the USEPA.

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We completed an extensive assessment of the site to determine the efficacy of existing measures, what additional corrective measures may be needed, and whether newer remediation technologies that were not available in the 1990s might be better suited for groundwater remediation.

Based on assessment results, we completed a focused feasibility study that has identified alternative approaches that may more effectively remove contaminants.

We continue to review alternative remedial approaches with the FDEP, and we completed additional field work during 2021 to support the design of an improved groundwater recovery system and well network.

Based on assessment results, we completed a focused feasibility study that identified alternative approaches that may more effectively remove contaminants.

We continue to review alternative remedial approaches with the FDEP, and we completed additional field work during 2021 to support the design of an improved groundwater recovery network.

This network targets areas of higher contaminant concentration and avoids areas of high groundwater iron which has proven to be a significant operability issue for the project.

The design of the optimized recovery system was completed in fiscal year 2024, with construction expected to begin in fiscal year 2026.

In the fourth quarter of fiscal year 2024, we completed an updated cost review which resulted in a change in assumptions regarding future operating costs as discussed above.

The costs we are incurring based on the fiscal year 2024 review are higher than our previous estimates.

The design of the optimized recovery system was completed in 2024 with construction expected to begin in fiscal year 2025.

In fiscal years 2025 and 2026, we expect to connect the additional groundwater recovery wells and ancillary equipment to the existing groundwater recovery system.

At 30 September 2024, $ 10.3 of the environmental accrual was related to a production facility site in Pasadena, Texas.

As of 30 September 2025, $ 9.8 of the environmental accrual was related to a production facility site in Piedmont, South Carolina.

On 30 June 2008, we sold our Elkton, Maryland, and Piedmont, South Carolina, production facilities and the related North American atmospheric emulsions and global pressure sensitive adhesives businesses.

In connection with the sale, we recognized a liability for retained environmental obligations associated with remediation activities at the Piedmont site.

This site is under active remediation for contamination caused by an insolvent prior owner.

We are required by the South Carolina Department of Health and Environmental Control ("SCDHEC") to address both contaminated soil and groundwater.

Numerous areas of soil contamination have been addressed, and contaminated groundwater is being recovered and treated.

The SCDHEC issued its final approval to the site-wide feasibility study on 13 June 2017 and the Record of Decision for the site on 27 June 2018, after which we signed a Consent Agreement Amendment memorializing our obligations to complete the cleanup of the site.

Remediation has started in accordance with the design, which includes in-situ chemical oxidation treatment, as well as soil vapor extraction to remove volatile organic compounds from the unsaturated soils beneath the impacted areas of the plant.

We estimate that source area remediation and groundwater recovery and treatment will continue through 2033.

Thereafter, we currently expect this site to go into a state of monitored natural attenuation through 2038.

We recognized a before-tax expense of $ 24 in 2008 as a component of income from discontinued operations and recorded an environmental liability of $ 24 in continuing operations on the consolidated balance sheets.

In the third quarter of fiscal year 2025, we completed an updated cost review of the environmental remediation status at Piedmont.

Based on our review, we increased our estimate of remaining costs due to the extended period of time that will be required to complete the remediation along with higher annual costs due to inflation.

As a result of these changes, we increased the environmental accrual for this site by $ 9 in continuing operations on the consolidated balance sheets and recognized a before-tax expense of $ 9 in results from discontinued operations.

As of 30 September 2025, $ 9.9 of the environmental accrual was related to a production facility site in Pasadena, Texas.

During fiscal year 2012, management committed to permanently shutting down our polyurethane intermediates ("PUI") production facility in Pasadena, Texas.

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We continue to perform additional work to address other environmental obligations at the site.

This additional work includes remediating, as required, impacted soils, investigating groundwater west of the former PUI facility, continuing post closure care for two closed RCRA surface impoundment units, and maintaining engineering controls.

This additional work includes remediating impacted soils as required, investigating groundwater west of the former PUI facility, cleaning production wells, continuing post closure care for two closed RCRA surface impoundment units, and maintaining engineering controls.

Additionally, we have conducted an interim corrective action to treat impacted soils as recommended in the TCEQ 2019 Annual Report.

We are currently in the process of renewing the site's RCRA permit.

In 2012, we estimated the total exposure at this site to be $ 13 .

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Changes to the carrying amount of our asset retirement obligations were as follows:

Balance at 30 September 2022 $ 274.7

30 September 2023 $ 297.3

Additional accruals 33.3

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Currency translation adjustment 5.8

Balance at 30 September 2023 $ 297.3

Additional accruals 33.3

30 September 2024 $ 334.7

Additional accruals (A)

Liabilities settled ( 11.7 )

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Currency translation adjustment ( 1.6 )

Balance at 30 September 2024 $ 334.7

Reclass to liabilities held for sale

30 September 2025 $ 406.2

(A) Primarily relates to project exits discussed in Note 5, Business and Asset Actions .

Warranties and Guarantees

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The provision for estimated future costs relating to warranties is not material to the consolidated financial statements.

To date, no equity contributions or payments have been made since the inception of the guarantees discussed below.

The fair value of these guarantees is not material.

To date, no payments have been made under the guarantees discussed below.

We issued performance guarantees as a condition of project financing associated with the NEOM Green Hydrogen Project that would require us to pay up to approximately $ 0.8 billion in the event of nonperformance in our role as EPC contractor.

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however, timing of actual satisfaction of the obligations may vary.

Approximately $ 6.2 billion of our unconditional purchase obligations relate to helium and rare gases.

Approximately $ 5.0 billion of our unconditional purchase obligations relate to helium.

The majority of these obligations occur after fiscal year 2030.

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Number of common shares, end of year

222,588,256 222,372,418 222,199,845

Preferred Stock

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SHARE-BASED COMPENSATION

Our outstanding share-based compensation programs include deferred stock units and stock options.

During the fiscal year ended 30 September 2024, we granted market-based and time-based deferred stock units.

We have not issued stock option awards since fiscal year 2015.

Under all programs, the terms of the awards are fixed at the grant date.

Our outstanding share-based compensation program includes market-based and time-based deferred stock units.

We issue shares from treasury stock upon the payout of deferred stock units and the exercise of stock options.

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2025 2024 2023

Before-tax share-based compensation cost $ 61.7 $ 60.7 $ 49.5

Before-tax share-based compensation cost (A)

$ 76.6 $ 61.7 $ 60.7

Income tax benefit ( 18.3 ) ( 14.9 ) ( 14.6 )

After-tax share-based compensation cost $ 58.3 $ 46.8 $ 46.1

(A) Fiscal year 2025 includes noncash executive separation costs of $ 22.4 to accelerate vesting of share-based awards.

Refer to the "Shareholder Activism-Related Costs" disclosure in Note 25, Supplemental Information , for additional information.

Before-tax share-based compensation cost is primarily included in "Selling and administrative expense" on our consolidated income statements.

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Deferred stock units issued to outside directors are paid after their service on the Board of Directors ends at the time elected by the director (not to exceed ten years after service ends).

We generally expense the grant-date fair value of these awards on a straight-line basis over the vesting period;

We generally expense the grant-date fair value of awards on a straight-line basis over the vesting period;

however, expense recognition is accelerated for retirement eligible individuals who meet the requirements for vesting upon retirement.

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Stock Options

We have granted awards of options to purchase common stock to executives and selected employees.

The exercise price of stock options equals the market price of our stock on the date of the grant.

As of 30 September 2024, there was no unrecognized compensation cost as all stock option awards were fully vested.

We have not issued stock option awards since fiscal year 2015.

These awards generally vested incrementally over three years and remained exercisable for ten years from the date of grant.

All stock options have now been exercised, and no intrinsic value remains as of 30 September 2025.

A summary of stock option activity in fiscal year 2025 is presented below:

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Stock options outstanding and exercisable at 30 September 2025

The weighted average remaining contractual term of stock options outstanding and exercisable at 30 September 2024 was 0.2 years.

The aggregate intrinsic value of these stock options was $ 8.7 , which represents the amount by which our closing stock price of $ 297.74 per share as of 30 September 2024 exceeds the exercise price multiplied by the number of in-the-money options outstanding or exercisable.

The intrinsic value of stock options exercised during fiscal years 2025, 2024, and 2023 was $ 10.5 , $ 35.1 , and $ 53.5 , respectively.

Compensation cost is generally recognized over the stated vesting period consistent with the terms of the arrangement, which is either on a straight-line or graded-vesting basis.

Expense recognition is accelerated for retirement-eligible individuals who would meet the requirements for vesting of awards upon their retirement.

Cash received from option exercises during fiscal year 2025 was $ 1.1 .

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Balance at 30 September 2022 ($ 71.9 ) ($ 2,072.4 ) ($ 641.8 ) ($ 2,786.1 )

Other comprehensive loss before reclassifications ( 120.3 ) ( 1,230.5 ) ( 112.2 ) ( 1,463.0 )

Amounts reclassified from AOCL 91.4 7.3 64.8 163.5

Net current period other comprehensive loss ($ 28.9 ) ($ 1,223.2 ) ($ 47.4 ) ($ 1,299.5 )

Amount attributable to noncontrolling interests 14.7 ( 44.6 ) 0.6 ( 29.3 )

Balance at 30 September 2022 ($ 71.9 ) ($ 2,072.4 ) ($ 641.8 ) ($ 2,786.1 )

Other comprehensive income (loss) before reclassifications 369.2 151.1 ( 8.9 ) 511.4

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Amount attributable to noncontrolling interests 192.3 ( 8.3 ) 0.3 184.3

192.3 ( 8.3 ) 0.3 184.3

Balance at 30 September 2023 $ 61.1 ($ 1,913.3 ) ($ 597.2 ) ($ 2,449.4 )

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Balance at 30 September 2024 $ 27.2 ($ 1,545.3 ) ($ 509.6 ) ($ 2,027.7 )

Other comprehensive income (loss) before reclassifications 40.0 ( 95.6 ) ( 32.3 ) ( 87.9 )

Amounts reclassified from AOCL 41.2 5.7 46.0 92.9

Net current period other comprehensive income (loss) $ 81.2 ($ 89.9 ) $ 13.7 $ 5.0

Amount attributable to noncontrolling interests

59.1 5.5 0.5 65.1

Balance at 30 September 2025 $ 49.3 ($ 1,640.7 ) ($ 496.4 ) ($ 2,087.8 )

The table below summarizes the reclassifications out of AOCL and the affected line item on the consolidated income statements:

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2025 2024 2023

(Gain) Loss on Cash Flow Hedges, net of tax

Loss (Gain) on Cash Flow Hedges, net of tax

Sales ($ 0.2 ) $ — ($ 0.5 )

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Other non-operating income (expense), net 35.5 ( 37.9 ) ( 50.6 )

Total (Gain) Loss on Cash Flow Hedges, net of tax ($ 33.7 ) ($ 43.9 ) $ 91.4

Total Loss (Gain) on Cash Flow Hedges, net of tax $ 41.2 ($ 33.7 ) ($ 43.9 )

Currency Translation Adjustment

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Business and asset actions 1.0 — ( 0.3 )

Income from discontinued operations, net of tax — — 2.2

Other income (expense), net

Currency Translation Adjustment $ 5.7 ($ 1.5 ) ($ 0.3 )

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Refer to Note 18, Retirement Benefits , for additional information.

EARNINGS PER SHARE

The table below details the computation of basic and diluted earnings per share ("EPS"):

EARNINGS (LOSS) PER SHARE

The table below details the computation of basic and diluted earnings (loss) per share:

Fiscal Year Ended 30 September 2025 2024 2023

Net income from continuing operations $ 3,842.1 $ 2,292.8 $ 2,243.5

Net (loss) income from discontinued operations ( 13.9 ) 7.4 12.6

Net Income attributable to Air Products $ 3,828.2 $ 2,300.2 $ 2,256.1

Net income (loss) from continuing operations ($ 386.5 ) $ 3,842.1 $ 2,292.8

Net income (loss) from discontinued operations ( 8.0 ) ( 13.9 ) 7.4

Net Income (Loss) attributable to Air Products ($ 394.5 ) $ 3,828.2 $ 2,300.2

Denominator ( in millions )

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Dollars per share)

Basic EPS from continuing operations $ 17.27 $ 10.31 $ 10.11

Basic EPS from discontinued operations ( 0.06 ) 0.03 0.06

Basic EPS attributable to Air Products $ 17.21 $ 10.35 $ 10.16

Diluted EPS from continuing operations $ 17.24 $ 10.30 $ 10.08

Diluted EPS from discontinued operations ( 0.06 ) 0.03 0.06

Diluted EPS attributable to Air Products $ 17.18 $ 10.33 $ 10.14

(A) EPS is calculated independently for each component and may not sum to total EPS due to rounding.

Diluted EPS attributable to Air Products reflects the potential dilution that could occur if stock options or other share-based awards were exercised or converted into common stock.

Basic earnings (loss) per share from continuing operations ($ 1.74 ) $ 17.27 $ 10.31

Basic earnings (loss) per share from discontinued operations ( 0.04 ) ( 0.06 ) 0.03

Basic earnings (loss) per share attributable to Air Products ($ 1.77 ) $ 17.21 $ 10.35

Diluted earnings (loss) per share from continuing operations ($ 1.74 ) $ 17.24 $ 10.30

Diluted earnings (loss) per share from discontinued operations ( 0.04 ) ( 0.06 ) 0.03

Diluted earnings (loss) per share attributable to Air Products ($ 1.77 ) $ 17.18 $ 10.33

(A) Earnings (loss) per share is calculated independently for each component and may not sum to total EPS due to rounding.

Diluted earnings (loss) per share attributable to Air Products reflects the potential dilution that could occur if share-based awards were exercised or converted into common stock.

The dilutive effect is computed using the treasury stock method, which assumes all share-based awards are exercised, and the hypothetical proceeds from exercise are used by the Company to purchase common stock at the average market price during the period.

To the extent they would have been dilutive, the incremental shares, or the difference between shares assumed to be issued versus purchased, are included in the denominator of the diluted EPS calculation.

Antidilutive outstanding share-based awards were not material in fiscal years 2024, 2023 and 2022.

The table below summarizes antidilutive outstanding share-based awards that were excluded from the computation of diluted earnings (loss) per share:

Twelve Months Ended

2025 2024 2023

Antidilutive outstanding share-based awards (A)

(A) Due to the net loss reported for the twelve months ended 30 September 2025, outstanding share-based awards were excluded from the computation of diluted loss per share.

These shares would have had an antidilutive impact, thus diluting the loss per share

The table below summarizes income from U.S.

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2025 2024 2023

United States income $ 2,602.5 $ 1,050.5 $ 947.9

United States income (Loss) ($ 1,911.8 ) $ 2,602.5 $ 1,050.5

Foreign income 823.4 1,571.0 1,227.6

Equity affiliates' income 647.7 647.7 604.3

Income from continuing operations before taxes $ 4,821.2 $ 2,882.4 $ 2,754.7

Income (Loss) From Continuing Operations Before Taxes ($ 440.7 ) $ 4,821.2 $ 2,882.4

The table below details the components of our income tax provision:

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Total Deferred Tax (Benefit) Provision ( 554.8 ) ( 69.3 ) ( 24.7 )

Total Income Tax Provision $ 944.9 $ 551.2 $ 500.8

Total Income Tax (Benefit) Provision ($ 94.3 ) $ 944.9 $ 551.2

Cash Paid for Taxes (Net of Cash Refunds)

Income tax payments, net of refunds, were $ 940.7 , $ 615.9 , and $ 645.2 in fiscal years 2025, 2024, and 2023, respectively.

Fiscal year 2023 and 2022 reflect income tax refunds associated with discontinued operations of $ 0.6 and $ 59.6 , respectively.

Our income tax payments increased in fiscal year 2025 primarily due to tax payments of approximately $ 395 related to the gain on the sale of the LNG business in fiscal year 2024.

Income tax payments for fiscal year 2024 include cash paid to purchase $ 50.0 of transferable tax credits that were used to offset estimated tax payments in 2024.

Additional income tax payments related to the gain on the sale of the LNG business will be paid in fiscal year 2025.

Tax Cuts and Jobs Act

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tax laws, including a reduction in the federal corporate income tax rate to 21 %, a deemed repatriation tax on unremitted foreign earnings, as well as other changes.

As of 30 September 2024, our outstanding liability for the deemed repatriation tax was $ 101.8 , of which $ 60.8 is presented within noncurrent liabilities on our consolidated balance sheets.

We are paying this obligation in installments over two remaining years.

As of 30 September 2025, our outstanding liability for the deemed repatriation tax was $ 60.8 which will be paid in our second quarter of fiscal year 2026.

Effective Tax Rate

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Tax on foreign repatriated earnings — — 0.5

Share-based compensation ( 0.1 ) ( 0.3 ) ( 0.7 )

Business and asset actions ( 49.0 ) — 0.7

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Effective Tax Rate 21.4 % 19.6 % 19.1 %

The sale of our LNG business resulted in a gain of $ 1,575.6 , which increased our income from continuing operations before taxes.

This increase diluted the impact of recurring effective tax rate reconciling items for fiscal year 2024.

In fiscal year 2025, our effective tax rate was influenced by pre-tax charges of approximately $ 3.7 billion related to our decision to exit various projects and other cost reduction measures.

These charges, which primarily related to our U.S.

operations, resulted in an overall loss from continuing operations before taxes in fiscal year 2025.

The related net tax benefit of these actions totaled $ 695.2 , which includes an $ 11.3 cost for reserves established for uncertain tax positions related to the deductibility of certain costs in foreign subsidiaries.

We also recorded a net tax cost of $ 197.4 resulting from a $ 364.9 increase in our valuation allowance net of $ 167.5 of deferred tax assets related to the future disposal of certain foreign subsidiaries.

The approximately $ 3.7 billion of business and asset actions inflated the presentation of regular, recurring effective tax rate reconciling items.

The sale of our LNG business in the prior year resulted in a gain of approximately $ 1.6 billion.

This gain diluted the impact of recurring effective tax rate reconciling items for fiscal year 2024.

Pre-tax charges for business and asset actions in fiscal year 2023 totaled $ 244.6 .

These charges included certain losses for which we could not recognize an income tax benefit and were subject to a valuation allowance of $ 36.0 .

Partially offsetting the valuation allowance cost was a $ 15.9 income tax benefit from a tax election related to a non-U.S.

Fiscal year 2024 includes business and asset actions recorded at applicable statutory income tax rates.

The reconciling item for "State taxes, net of federal benefit" in fiscal year 2025 reflects the net state tax benefit recorded on our overall U.S.

loss for the year.

Shareholder Activism-Related Costs

In fiscal year 2025, we incurred costs of $ 86.3 related to a proxy contest led by an activist shareholder as further discussed in Note 25, Supplemental Information .

The related net tax benefit recorded in fiscal year 2025 was $ 14.6 .

Tax costs related to non-deductible amounts are included within "Business and asset actions" in our effective tax rate reconciliation.

Tax on Repatriation of Foreign Earnings

"Tax on foreign repatriated earnings" includes costs related to U.S.

taxation of foreign operations (net of foreign tax credits) and foreign taxation on the repatriation of foreign earnings.

Our fiscal year 2025 includes an income tax expense of $ 31.4 recorded in our second quarter related to withholding taxes on foreign earnings that we no longer intend to indefinitely reinvest.

There were no other changes to our assumptions regarding the reinvestment of foreign earnings during fiscal year 2025.

Our fiscal year 2025 also includes a net income tax benefit of $ 34.9 related to our intent to file a refund claim after a review of several U.S.

Tax Court cases regarding the U.S.

taxation of deemed foreign dividends in the transition year of the U.S.

Tax Cuts and Jobs Act (our fiscal year 2018).

While we were not a party to these cases, the opinions resulted in a change to our intent to pursue a refund claim.

The $ 34.9 income tax benefit is net of a $ 67.8 reserve for an uncertain tax position related to the calculation of the refund amount.

Income from Equity Affiliates

Equity affiliates’ income, which is primarily presented net of income taxes on our consolidated income statements, favorably impacts our effective tax rate.

This impact decreased in fiscal year 2024 despite an overall increase in equity affiliates' income.

The reduced impact is the result of the increase in our income from continuing operations before taxes caused primarily by the sale of our LNG business.

See Note 10, Equity Affiliates , for additional information.

Foreign Tax Differentials

"Foreign tax differentials" represent the differences between foreign earnings subject to foreign tax rates that are different than the U.S.

federal statutory rate and include tax holidays and incentives.

federal statutory rate and include tax holidays, credits, and other incentives.

Our income tax holidays relate to operations in jurisdictions that provide reduced income tax rates for certain qualifying activities and are conditioned upon us satisfying certain requirements.

Tax on foreign repatriated earnings includes costs related to U.S.

taxation of foreign operations, foreign taxation on the current and future repatriation of foreign earnings, and a U.S.

benefit for related foreign tax credits.

The impact has decreased primarily due to an increase in our U.S.

benefit for foreign tax credits.

Share-based compensation reflects the impact from recognition of $ 3.6 , $ 10.2 , and $ 18.3 of excess tax benefits in our provision for income taxes during fiscal years 2024, 2023, and 2022, respectively.

During fiscal year 2023, we recorded a charge to net income for business and asset actions of $ 244.6 ($ 204.9 attributable to Air Products after tax).

Refer to Note 5, Business and Asset Actions , for additional information.

The charge included certain losses for which we could not recognize an income tax benefit and were subject to a valuation allowance of $ 36.0 .

Partially offsetting the valuation allowance cost was a $ 15.9 income tax benefit from a tax election related to a non-U.S.

Fiscal year 2024 includes business and asset actions recorded at applicable statutory income tax rates.

These holidays are effective through fiscal years 2030 and 2033, and may be extended.

The impact of these tax holidays decreased foreign taxes by $ 30.3 , $ 25.7 , and $ 24.8 for fiscal years 2025, 2024, and 2023, respectively.

The benefit of the tax holidays on net income per share was $ 0.14 , $ 0.12 , and $ 0.11 per diluted share for fiscal years 2025, 2024, and 2023, respectively.

Fiscal year 2025 includes an overall net benefit for foreign tax differentials primarily due to business and asset actions that reduced our overall earnings in foreign jurisdictions with higher tax rates.

Deferred Tax Assets and Liabilities

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Gross Deferred Tax Assets

Tax loss carryforwards $ 132.2 $ 141.8

Basis difference in foreign subsidiaries $ 182.3 $ —

Revenue recognition 148.5 100.3

Tax loss carryforwards 137.5 132.2

Reserves and accruals 115.6 83.1

Currency losses 60.3 12.6

Retirement benefits and compensation accruals 59.2 62.5

Tax credits and other tax carryforwards 49.9 45.5

Currency losses 12.6 —

Valuation allowance ( 158.4 ) ( 153.3 )

Other 76.2 44.6

Valuation allowance ( 506.3 ) ( 158.4 )

Deferred Tax Assets $ 323.2 $ 322.4

1 unchanged sentence

Plant and equipment $ 623.5 $ 1,205.8

Currency gains — 20.6

Unremitted earnings of foreign entities 125.4 103.4

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Net Deferred Income Tax Liability $ 451.7 $ 1,032.1

Deferred tax assets for "Tax loss carryforwards" decreased primarily due to the utilization of substantially all U.S.

capital losses carryforwards against the gain on sale of our LNG business.

The deferred tax assets for "Reserves and accruals" were impacted by changes in tax deferred deductions.

Deferred tax assets for "Currency losses" changed from "Currency gains" in the prior year primarily due to movements in unrealized foreign currency losses for income tax purposes.

Deferred tax assets for "Revenue recognition" increased primarily due to timing differences on proceeds associated with the sale of the LNG business.

Deferred tax liabilities related to "Plant and equipment" increased due to the impact of accelerated tax depreciation deductions in excess of book depreciation.

Deferred tax liabilities related to "Intangible assets" decreased primarily due to the impact of capitalizing research and development expenditures for U.S tax purposes.

"Unremitted earnings of foreign entities" increased primarily due to the realization of an income tax benefit from a tax election related to a non-U.S.

subsidiary that was a deferred benefit in the prior year.

Deferred tax assets for "Revenue recognition" were impacted by increases in revenue recognized for income tax purposes in advance of GAAP.

The deferred tax assets for "Reserves and accruals" were impacted by changes in tax deferred deductions, including business and asset actions, which impacted our accounts receivable and severance accruals.

The deferred tax assets for "Basis difference in foreign subsidiaries" were the result of recognizing assets related to our tax investment basis in excess of U.S.

GAAP for certain foreign subsidiaries where we have moved the corresponding assets and liabilities to held for sale on our consolidated balance sheet.

Deferred tax assets for "Currency losses" changed primarily due to movements in unrealized foreign currency losses for income tax purposes.

Deferred tax liabilities related to "Plant and equipment" decreased primarily due to the impact of business and asset action charges recorded during the current fiscal year.

"Unremitted earnings of foreign entities" increased primarily due to accruals for future foreign withholding taxes upon earnings' repatriation.

A significant portion of the $ 3.7 billion business and asset actions charges were not recognized in the current year for income tax purposes and resulted in a significant reduction in our net deferred tax liabilities.

The majority of these deferred deductions impacted plant and equipment within the United States.

We believe it is more likely than not that future earnings and the reversal of deferred tax liabilities will be sufficient to recognize the benefit of these deductions in the future.

As of 30 September 2025 , we had the following deferred tax assets for certain tax credits:

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Federal 27.6 2030 - 2034

Credits in Foreign Jurisdictions 18.1 2025 - 2033;

Of the $ 18.1 credits in foreign jurisdictions, $ 18.0 have indefinite carryforward periods.

Credits in Foreign Jurisdictions 16.2 Indefinite

All of our $ 16.2 credits in foreign jurisdictions have indefinite carryforward periods.

As of 30 September 2025, we had the following loss carryforwards:

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The valuation allowance was $ 506.3 and $ 158.4 as of 30 September 2025 and 2024, respectively.

As of 30 September 2024, the balance primarily related to $ 43.8 of foreign loss carryforwards and credits, $ 18.2 of U.S.

federal foreign income tax credits, $ 53.5 related to foreign capital losses, and $ 39.9 related to other deferred tax assets including those established during fiscal year 2023 from our Business and Asset Actions.

As of 30 September 2025, the balance primarily related to deferred tax assets of $ 392.0 , including those established from foreign business and asset actions, $ 55.3 related to foreign capital losses, $ 44.6 of foreign loss carryforwards and credits, and $ 10.8 of U.S.

federal foreign income tax credits.

If events warrant the reversal of the valuation allowance, it would result in a reduction of tax expense.

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Unrecognized Tax Benefits

A reconciliation of the beginning and ending amount of the unrecognized tax benefits, which excludes interest and penalties, is as follows:

A reconciliation of the beginning and ending amount of unrecognized tax benefits, which excludes interest and penalties, is as follows:

2025 2024 2023

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Of our unrecognized tax benefits as of 30 September 2025, $ 150.5 would impact the effective tax rate from continuing operations if recognized.

In fiscal year 2022, reserves for unrecognized tax benefits decreased $ 25.5 due to statute of limitation expirations.

We released reserves of $ 17.2 related to the sale of PMD.

Upon release of the reserves, we recorded income tax benefits of $ 14.8 as a component of discontinued operations.

The PMD reserve was net of related deferred tax assets of $ 2.4 .

In fiscal year 2023 we released an additional $ 5.2 of reserves related to the sale of PMD.

Fiscal year 2022 also reflects a $ 15.4 reduction for tax positions of prior years.

This was primarily due to a $ 10.6 reduction caused by changes to income tax rates.

Interest and penalties related to unrecognized tax benefits are recorded as a component of income tax expense and totaled $ 1.8 , $ 5.0 , and $ 1.2 in fiscal years 2024, 2023, and 2022, respectively.

In fiscal year 2025 we recorded a $ 67.8 reserve related to our intent to file a refund claim after a review of several U.S.

Tax Court cases regarding the U.S.

taxation of deemed foreign dividends in the transition year of the U.S.

Tax Cuts and Jobs Act.

We also recorded a total of $ 11.3 in reserves for uncertain tax positions related to the deductibility of business and asset actions incurred in foreign subsidiaries.

Interest and penalties related to unrecognized tax benefits are recorded as a component of income tax expense and totaled ($ 0.2 ), $ 1.8 , and $ 5.0 in fiscal years 2025, 2024, and 2023, respectively, and include benefits when reserves are released, typically due to the expiration of various statutes of limitation.

Our accrued balance for interest and penalties was $ 27.8 and $ 28.5 as of 30 September 2025 and 2024, respectively.

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We have related party sales to some of our equity affiliates and joint venture partners as well as other income primarily from fees charged for use of Air Products' patents and technology.

Sales to and other income from related parties totaled approximately $ 350 , $ 380 , and $ 300 for the fiscal years ended 30 September 2024, 2023, and 2022, respectively.

Sales to and other income from related parties totaled approximately $ 355 , $ 350 , and $ 380 in fiscal years 2025, 2024, and 2023, respectively.

Sales agreements with related parties include terms that are consistent with those that we believe would have been negotiated at an arm’s length with an independent party.

As of 30 September 2025 and 2024, our consolidated balance sheets included related party trade receivables of approximately $ 105 and $ 120 , respectively.

During the third quarter of fiscal year 2025, we reimbursed $ 24.7 to Mantle Ridge LP and certain of its affiliated entities (collectively, “Mantle Ridge”) for costs they incurred in connection with the proxy contest that concluded in January 2025.

Refer to “Shareholder Activism-Related Costs” below for additional information.

Refer to Note 17, Debt , for information concerning debt owed to related parties.

Shareholder Activism-Related Costs

Our consolidated income statement for fiscal year 2025 includes shareholder activism-related costs totaling $ 86.3 ($ 71.7 after tax) recorded in connection with a proxy contest that concluded in January 2025 following certification of the election of directors at the 2025 Annual Meeting of Shareholders.

Of the total, $ 31.9 was incurred directly by Air Products for legal and other professional service fees and proxy solicitation expenses, primarily during the first quarter.

An additional $ 29.7 was recorded due to the departure of our former chief executive officer following the Board of Directors’ appointment of a new chief executive officer.

These separation costs included a noncash expense of $ 22.4 to accelerate vesting of share-based awards and $ 7.3 in severance and other cash benefits paid during the second quarter.

The remaining $ 24.7 relates to a cash reimbursement paid to Mantle Ridge, an investor in Air Products, who nominated three of the nine directors elected in 2025, including Paul C.

Hilal, Mantle Ridge’s founder and chief executive officer.

The Board of Directors voted to authorize the cash reimbursement during the third quarter, with Mr.

Hilal abstaining from the vote.

Reimbursed costs included those incurred by Mantle Ridge for legal counsel, proxy engagement services, governance advisors, communication expenses, and other out-of-pocket costs related to its engagement with Air Products.

The Board members who voted on this matter unanimously concluded that these expenses were incurred in the interest of enhancing long-term value for all shareholders and that the election of three of Mantle Ridge’s nominees reflected strong shareholder support for Mantle Ridge’s engagement.

Accordingly, the Board determined that such expenses should be shared pro rata among all shareholders.

Supplemental Balance Sheet Information

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Current lease receivables 49.4 74.5

Current financing receivables — 50.0

Other 77.1 66.6

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30 September 2025 2024

World Energy deferred project costs

$ 329.4 $ 202.9

Pension benefits $ 210.9 $ 200.0

Derivative instruments 162.8 48.7

Deferred tax assets 127.9 127.8

Prepaid tax 100.4 41.0

Contract assets 82.3 —

Contract fulfillment costs 33.8 —

Investments other than equity method 17.4 67.1

Deferred financing fees 3.8 4.6

Derivative instruments 48.7 320.6

World Energy deferred project costs (A)

Other 282.0 352.9

Other noncurrent assets $ 1,021.3 $ 1,171.5

(A) Prior year balance includes assets that were subsequently written off in fiscal year 2025 as part of our exit from the sustainable aviation fuel expansion project with World Energy.

Refer to Note 5, Business and Asset Actions , for additional information.

Payables and Accrued Liabilities

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Trade creditors $ 1,437.0 $ 1,451.6

Contract liabilities 240.0 413.0

Dividends payable 398.4 393.6

Accrued payroll and employee benefits 303.3 257.2

Contract liabilities 253.4 240.0

Project exit costs 178.3 —

Accrued interest 138.8 120.6

Severance and other postemployment benefits 101.6 34.0

Current lease obligations 91.8 100.3

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Asset retirement obligations $ 328.8 $ 322.9

Contract liabilities 283.6 290.0

Pension benefits 266.1 236.1

Postretirement benefits 5.0 8.9

Contingencies related to uncertain tax positions 120.7 98.5

Environmental liabilities 71.8 67.2

Derivative instruments 57.7 56.0

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tax reform — 60.8

Contingencies related to uncertain tax positions 98.5 89.6

Contract liabilities 290.0 136.9

Environmental liabilities 67.2 50.2

Other 214.4 210.1

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BUSINESS SEGMENT AND GEOGRAPHIC INFORMATION

During the fiscal year ended 30 September 2024, we managed our operations, assessed performance, and reported earnings under the following reportable segments:

We determine our reportable segments based on the manner in which our Chief Operating Decision Maker ("CODM") reviews financial results and allocates resources.

The accounting policies applied to our reportable segments are consistent with those used in the preparation of our consolidated financial statements.

Our reportable segments are as follows:

• Middle East and India;

• Corporate and other

Our reportable segments reflect the manner in which our chief operating decision maker reviews results and allocates resources.

We evaluate the performance of our segments based upon segment operating income.

Except for the Corporate and other segment, each reportable segment meets the definition of an operating segment and does not include the aggregation of multiple operating segments.

Our Corporate and other segment includes the aggregation of two operating segments that meet the aggregation criteria under GAAP.

Industrial Gases – Regional

Our industrial gases business is organized and operated regionally in the Americas, Asia, Europe, and Middle East and India segments.

This business produces and sells gases to diversified customers in dozens of industries, including those in refining, chemicals, metals, electronics, manufacturing, medical, and food.

The Americas, Asia, Europe, and Middle East and India segments represent the operations of our regional industrial gases business.

Each of these segments qualifies as an individual operating segment and does not reflect the aggregation of multiple operating segments.

Corporate and other consists of two operating segments that meet the aggregation criteria under GAAP.

All segments also include our share of results from several equity method joint ventures, the largest of which operate in Algeria, China, India, Italy, Mexico, and Saudi Arabia.

Our CODM, who is our Chief Executive Officer, evaluates the performance of our reportable segments through segment operating income.

This measure is reviewed regularly in internal management reports and serves as a key metric to monitor actual results against forecasts and prior periods.

Segment operating income informs decisions related to resource allocation, including capital investments and employees, and supports strategic planning and long-term project development.

Segment operating income does not include gains or losses that we do not consider to be indicative of our underlying business performance, such as charges related to business or asset actions.

Regional Industrial Gases

The industrial gases business in the regional segments produces and sells gases to diversified customers in dozens of industries, including those in refining, chemicals, metals, electronics, manufacturing, medical, and food.

Our industrial gas portfolio includes atmospheric gases such as oxygen, nitrogen, and argon;

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We offer our industrial gas products through either the on-site gases supply mode or the merchant gases supply mode, both of which are described in Note 7, Revenue Recognition .

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

This business also develops, builds, and operates equipment for the production or processing of gases.

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.

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Competition in industrial gases is based primarily on price, reliability of supply, and the development of industrial gas applications.

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

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.

Corporate and other

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Our Corporate and other segment also includes the results of our turbo machinery and distribution sale of equipment businesses.

Through 30 September 2024, this segment also included the results of the LNG process technology and equipment business that was divested during the fourth quarter of fiscal year 2024.

Refer to Note 4, Gain on Sale of Business , for additional information.

Competition for our sale of equipment businesses is based primarily on plant efficiency and technological performance, service, technical know-how, and price, as well as schedule and plant performance guarantees.

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In addition to assets of the global businesses included in this segment, other assets include cash and cash items, short-term investments, deferred tax assets, and financial instruments.

Equity Affiliates

Our reporting segments include our share of the results of several joint ventures accounted for under the equity method.

The largest of these joint ventures operate in Algeria, China, India, Italy, Mexico, Saudi Arabia, South Africa, and Thailand.

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

Through the end of fiscal year 2024, our Corporate and other segment also included the 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.

Business Segment Information

Americas Asia Europe Middle East and India Corporate and other Total

Sales $ 5,040.1 $ 3,224.3 $ 2,823.4 $ 134.4 $ 878.4 $ 12,100.6 (A)

Operating income (loss) 1,565.1 859.2 810.0 5.9 ( 292.7 ) 2,947.5 (B)

$ 5,125.9 $ 3,271.0 $ 2,984.5 $ 135.9 $ 520.0 $ 12,037.3

Cost of sales ( 3,423.5 ) ( 2,323.3 ) ( 1,893.2 ) ( 107.4 ) ( 508.6 ) ( 8,256.0 )

Selling and administrative expense ( 206.6 ) ( 118.3 ) ( 254.0 ) ( 24.1 ) ( 303.1 ) ( 906.1 )

Other segment items (B)

23.8 21.7 7.4 5.2 ( 75.6 ) ( 17.5 )

Operating income (loss) (C)

$ 1,519.6 $ 851.1 $ 844.7 $ 9.6 ($ 367.3 ) $ 2,857.7

Other segment information:

Depreciation and amortization 732.1 518.9 247.4 25.9 39.9 1,564.2

Equity affiliates' income 158.8 32.9 88.1 347.5 20.4 647.7 (B)

Expenditures for long-lived assets 2,733.1 574.8 865.2 2,517.5 106.1 6,796.7

Equity affiliates' income (D)

157.0 42.3 101.9 340.9 12.4 654.5

Investments in net assets of and advances to equity affiliates 555.2 331.3 649.9 3,713.2 116.5 5,366.1

Total assets 12,058.7 6,712.2 6,916.8 10,919.4 4,452.4 41,059.5

Sales $ 5,369.3 $ 3,216.1 $ 2,963.1 $ 162.5 $ 889.0 $ 12,600.0 (A)

Operating income (loss) 1,439.7 906.5 663.4 16.9 ( 287.3 ) 2,739.2 (B)

Depreciation and amortization 649.3 433.5 196.2 27.5 51.8 1,358.3

Equity affiliates' income 109.2 29.7 102.5 349.8 13.1 604.3 (B)

Expenditures for long-lived assets 2,610.7 406.6 1,010.6 2,868.6 126.1 7,022.6

$ 5,040.1 $ 3,224.3 $ 2,823.4 $ 134.4 $ 878.4 $ 12,100.6

Cost of sales ( 3,284.8 ) ( 2,255.8 ) ( 1,783.7 ) ( 101.0 ) ( 743.4 ) ( 8,168.7 )

Selling and administrative expense ( 212.5 ) ( 122.0 ) ( 243.2 ) ( 28.2 ) ( 336.5 ) ( 942.4 )

Other segment items (B)

22.3 12.7 13.5 0.7 ( 91.2 ) ( 42.0 )

Operating income (loss) (C)

$ 1,565.1 $ 859.2 $ 810.0 $ 5.9 ($ 292.7 ) $ 2,947.5

Other segment information:

Depreciation and amortization 699.3 471.0 207.1 26.6 47.1 1,451.1

Equity affiliates' income 158.8 32.9 88.1 347.5 20.4 647.7

Investments in net assets of and advances to equity affiliates 472.9 322.9 573.8 3,317.7 105.2 4,792.5

Total assets 12,383.8 7,436.5 5,849.2 8,477.4 5,427.7 39,574.6

Sales $ 5,368.9 $ 3,143.3 $ 3,086.1 $ 129.5 $ 970.8 $ 12,698.6 (A)

Operating income (loss) 1,174.4 898.3 503.4 21.1 ( 184.7 ) 2,412.5 (B)

Expenditures for long-lived assets 2,733.1 574.8 865.2 2,517.5 106.1 6,796.7

$ 5,369.3 $ 3,216.1 $ 2,963.1 $ 162.5 $ 889.0 $ 12,600.0

Cost of sales ( 3,715.5 ) ( 2,194.6 ) ( 2,080.1 ) ( 120.0 ) ( 722.8 ) ( 8,833.0 )

Selling and administrative expense ( 222.4 ) ( 123.7 ) ( 224.0 ) ( 26.9 ) ( 360.0 ) ( 957.0 )

Other segment items (B)

8.3 8.7 4.4 1.3 ( 93.5 ) ( 70.8 )

Operating income (loss) (C)

$ 1,439.7 $ 906.5 $ 663.4 $ 16.9 ($ 287.3 ) $ 2,739.2

Other segment information:

Depreciation and amortization 649.3 433.5 196.2 27.5 51.8 1,358.3

Equity affiliates' income 98.2 22.1 78.2 293.9 3.9 496.3 (B)

Equity affiliates' income 109.2 29.7 102.5 349.8 13.1 604.3

Expenditures for long-lived assets 2,033.7 663.4 482.4 1,312.7 134.2 4,626.4

(A) Sales relate to external customers only.

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

All intersegment sales are eliminated in consolidation.

(B) Refer to the Reconciliations to Consolidated Results section below.

Reconciliations to Consolidated Results

Operating Income

The table below reconciles total operating income disclosed in the table above to consolidated operating income as reflected on our consolidated income statements:

(B) For the regional segments, other segment items primarily include impacts from transactions not directly related to our principal earnings activities, such as technology and royalty income and gains and losses on asset sales.

For the Corporate and other segment, other segment items primarily include research and development expense and the net impact of gains and losses on foreign currency transactions.

(D) Segment equity affiliates’ income in fiscal year 2025 excludes a $ 6.8 impairment charge related to a joint venture in China, which was recorded as part of our business and asset actions during the second quarter.

As a result, total segment equity affiliates’ income does not reconcile to equity affiliates’ income for the total company as reported on the consolidated income statement for the fiscal year ended 30 September 2025.

Reconciliation of Segment Operating Income to Consolidated Results

The table below reconciles segment operating income to income (loss) from continuing operations before taxes as reflected on our consolidated income statements:

Fiscal Year Ended 30 September

2025 2024 2023

Total $ 2,947.5 $ 2,739.2 $ 2,412.5

Gain on sale of business

Segment Operating Income $ 2,857.7 $ 2,947.5 $ 2,739.2

Business and asset actions ( 3,747.0 ) ( 57.0 ) ( 244.6 )

Consolidated Operating Income $ 4,466.1 $ 2,494.6 $ 2,338.8

Shareholder activism-related costs ( 86.3 ) — —

Gain on sale of business

67.3 1,575.6 —

Gain on sale of other assets (A)

Consolidated Operating Income (Loss) ($ 877.0 ) $ 4,466.1 $ 2,494.6

Equity affiliates' income 647.7 647.7 604.3

The table below reconciles total equity affiliates' income disclosed in the table above to consolidated equity affiliates' income as reflected on our consolidated income statements:

Fiscal Year Ended 30 September 2024 2023 2022

Total $ 647.7 $ 604.3 $ 496.3

Equity method investment impairment charge — — ( 14.8 )

Consolidated Equity Affiliates' Income $ 647.7 $ 604.3 $ 481.5

Interest expense 214.0 218.8 177.5

Other non-operating income (expense), net 2.6 ( 73.8 ) ( 39.0 )

Income (Loss) From Continuing Operations Before Taxes ($ 440.7 ) $ 4,821.2 $ 2,882.4

(A) Reflected on the consolidated income statements within "Other income (expense), net."

Geographic Information

6 unchanged sentences

Total $ 12,037.3 $ 12,100.6 $ 12,600.0

Long-Lived Assets (A)

Long-Lived Assets (A) (Plant and equipment, net)

30 September 2025 2024 2023

United States $ 8,909.1 $ 9,159.3 $ 7,431.0

Saudi Arabia (B)

6,910.6 5,080.2 1,818.1

China 2,654.6 3,845.7 3,744.7

Saudi Arabia 5,080.2 1,818.1 595.7

Other foreign operations 6,863.5 5,285.7 4,478.3

Total $ 25,337.8 $ 23,370.9 $ 17,472.1

(A) "Long-lived assets" represents plant and equipment, net.

(A) In fiscal year 2025, we recorded impairment charges to long-lived assets associated with various project exits, as described in Note 5, Business and Asset Actions .

These charges impacted all regions, with the majority related to projects in the United States.

(B) Long-lived assets in Saudi Arabia primarily relate to the NEOM Green Hydrogen Project as discussed in Note 3, Variable Interest Entities .

Changes in and Disagreements with Accountants on Accounting and Financial Disclosure

1 unchanged sentence

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 8. Financial Statements and Supplementary Data