Air Products

The core industrial gases model is predictable due to long-dated, take-or-pay style contracts and diversified end markets across regions.

Adjusted EBITDA grew modestly year over year for the nine months ended June 30, 2025. However, near-term predictability is reduced by project exits, the LNG divestiture, lower helium demand, and the elevated capital program that depresses reported free cash flow.

Policy risk around U.S. clean hydrogen incentives and timelines adds uncertainty to hydrogen projects, even as NEOM and other complexes continue to progress. Sources: FY2024 10-K; Q3 FY2025 10-Q; Reuters June 17, 2025 policy piece.