Air Products (APD) Q2 FY26 earnings call

Air Products delivered a resilient first half—on-site refining strength, ramping Asia assets and productivity drove margin expansion and a raised full-year guide—while it manages a helium supply shock from the Middle East conflict via its Texas cavern and diversified sources. Management is pivoting large-project capital toward an electronics super-cycle (notably a record Samsung fab win) as the Darrow blue-ammonia project's base case remains no-go pending economics.