Air Products

Allocation has been active and mixed. Positives include the divestiture of the LNG equipment business to Honeywell at fiscal year-end 2024 and a sharpened focus on core gases and hydrogen.

Negatives include exits from three U.S. projects announced in February 2025 with expected pre-tax charges up to $3.1 billion and cash costs up to $800 million, and overall free cash flow usage during the capex surge. After the proxy contest and leadership change, the board is emphasizing discipline on project risk and returns.

Dividends continue to grow, while buybacks have been modest relative to capex needs. Sources: FY2024 10-K; Feb 24, 2025 8-K on project exits; Q3 FY2025 10-Q.