Company to Discuss Today's Joint Announcement with Yara International ASA Regarding Advanced Negotiations to Partner on Low-emission Ammonia Projects LEHIGH VALLEY, Pa., Dec. 8, 2025 /PRNewswire/ -- Air Products (NYSE: APD) will host an investor teleconference today, Monday, December 8, 2025, at 9:00 a.m. USET to discuss its joint announcement with Yara International ASA (OSE:YAR) issued earlier this morning. The teleconference will be open to the public and the media in listen-only mode by telephone and I ...

Core Points - Lisa A. Davis will not stand for re-election at Air Products' 2026 Annual Meeting of Shareholders and will retire from the board [1] - Ms. Davis has served on the board for nearly six years, bringing over 35 years of industry experience [2] - She will continue her role as Chair of the Management Development and Compensation Committee until the Annual Meeting [3] - Air Products' Board Chairman praised Ms. Davis for her strategic insights and global perspective [4] Company Overview - Air Products is a leading industrial gases company with over 85 years of operation, focusing on energy, environmental, and emerging markets [4] - The company generated $12 billion in sales for fiscal 2025, operating in approximately 50 countries [5] - Air Products is the leading global supplier of hydrogen and is involved in large clean hydrogen projects [4]

Core Insights - Linde plc is recognized as one of the best European dividend stocks to buy now [1] - UBS has upgraded Linde to a Buy rating, citing expected earnings growth acceleration in 2026 as a potential catalyst for share price increase [2] - The stock is currently trading at a 10% discount to its historical average multiple, indicating lower investor confidence in growth trends [2] Financial Performance - In Q3 2025, Linde reported revenue of $8.6 billion, reflecting a 3% year-over-year increase [3] - Operating profit for the same quarter was $2.4 billion, with adjusted operating profit also at $2.6 billion, both up 3% [3] - Operating cash flow increased by 8% year-over-year to $2.9 billion [3] Strategic Developments - In June 2025, Linde entered a long-term agreement to supply industrial gases for a $4 billion low-carbon ammonia project in Louisiana [4] - The company plans to invest $400 million in a new on-site facility to complement its existing hydrogen and syngas infrastructure in the region [4] Company Overview - Linde plc is a global industrial gases and engineering firm that provides high-quality gases, specialized mixtures, and related technologies across various industries [5]

Financial Data and Key Metrics Changes - Brookfield Infrastructure Partners reported third quarter Funds from Operations (FFO) of $654 million, or $0.83 per unit, representing a 9% increase compared to the previous year, driven by strong organic growth [3][4] - The company maintained a well-capitalized balance sheet with liquidity totaling $5.5 billion at the end of the third quarter [8] Business Line Data and Key Metrics Changes - Utilities segment generated FFO of $190 million, slightly ahead of the prior year, benefiting from inflation indexation and over $450 million of capital added to the rate base [3][4] - Transport segment's FFO was $286 million, lower than last year due to asset sales, but slightly ahead when adjusted for capital recycling initiatives [4] - Midstream segment generated FFO of $156 million, a 6% increase year-over-year, driven by strong customer activity levels [5] - Data segment's FFO was $138 million, a significant increase of over 60% compared to the prior year, attributed to a full quarter contribution from a tower portfolio acquisition in India and strong organic growth [5] Market Data and Key Metrics Changes - The company noted strong volumes across its networks and rate increases on rail networks and toll roads, contributing to solid underlying performance in the transport segment [4] - The data segment's growth was supported by the commissioning of new capacity at hyperscale data centers and increased billings at U.S. retail colocation data centers [5] Company Strategy and Development Direction - Brookfield Infrastructure has secured six new investments totaling over $1.5 billion, including a $1.3 billion New Zealand natural gas infrastructure operation and a $1 billion South Korean industrial gas business [9][10] - The company is focusing on AI-related infrastructure, expecting to deploy up to $500 million annually into this sector, which represents a significant growth opportunity [13] - The outlook for the company remains favorable, with expectations for new investments to deliver returns above the 12%-15% target range [12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to source the best opportunities despite increased competition in the data sector, emphasizing their global franchise and access to significant capital [17][19] - The company is optimistic about the macroeconomic backdrop and long-term mega trends such as digitalization, deglobalization, and decarbonization driving future growth [13] Other Important Information - The company completed a $700 million corporate issuance of medium-term notes at a historically tight credit spread, enhancing liquidity and supporting growth initiatives [6][8] - Brookfield Infrastructure has generated over $3 billion in proceeds from asset sales this year and aims to achieve a further $3 billion over the next 12-18 months [11] Q&A Session Summary Question: Thoughts on rising competition for capital deployment opportunities - Management acknowledged increased competition in the data sector but remains confident in their ability to source opportunities due to their global presence and capital access [17][19] Question: Timing and success metrics for LP unit repurchases and ATM program - Management indicated that they are contemplating the program to increase liquidity and avoid dilution for existing shareholders, but specifics on measuring success were not provided [20][22] Question: Future IPOs for midstream assets following RockPoint's success - Management stated that public markets remain a potential exit strategy for monetizing assets, depending on market conditions [26] Question: Investment thesis for CenterSquare and future growth opportunities - Management expressed optimism about the growth potential of CenterSquare, highlighting significant expansion opportunities and a robust capital deployment plan [28][29] Question: Market interest in stabilized data center portfolios - Management noted strong demand for the data center portfolio and plans to continue executing capital recycling initiatives in Europe and other markets [33][35] Question: Differences between sovereign compute opportunities and hyperscale AI labs - Management highlighted the distinct nature of sovereign compute opportunities, focusing on creating tailored solutions for governments while also servicing hyperscale customers [37][38] Question: Organic growth rates in data businesses - Management indicated that organic growth rates in data businesses are tracking slightly ahead of underwriting assumptions, with significant new projects expected in the coming years [45]

Core Insights - Brookfield Infrastructure Partners reported strong financial results for Q3 2025, with a 9% increase in funds from operations (FFO) per unit to $0.83, driven by organic growth and inflationary benefits [2][6][47] - The company achieved over $3 billion in asset sales year-to-date, with a realized internal rate of return (IRR) exceeding 20% and a 4x multiple on capital [3][12] - The company is well-positioned for growth entering 2026, with significant investments in AI infrastructure and new acquisitions [2][7] Financial Performance - Net income for Q3 2025 was $440 million, a substantial increase from a net loss of $52 million in the same period last year [5][40] - FFO for the nine months ended September 30, 2025, reached $1.938 billion, up from $1.822 billion in 2024 [5][6] - Revenues for Q3 2025 were $5.975 billion, compared to $5.270 billion in Q3 2024, reflecting strong operational performance [40] Strategic Initiatives - The company secured six new investments totaling over $1.5 billion, including a $140 million project with Bloom Energy for AI data centers [7][8] - Two utility acquisitions in Asia-Pacific were announced, including a $270 million natural gas infrastructure business in New Zealand and a $500 million industrial gas business in South Korea [9][10] - The acquisition of Colonial Enterprises, the largest refined products pipeline in the U.S., was completed in July 2025 [11] Capital Recycling - Brookfield Infrastructure generated over $3 billion in proceeds from asset sales and is on track to achieve an additional $3 billion over the next 12 to 18 months [12][13] - Significant recent sales include a 26% interest in an Australian export terminal, generating $350 million in proceeds, and a 28% interest in a North American gas storage platform, raising approximately $230 million [13][14] Segment Performance - The utilities segment generated FFO of $190 million, slightly up from $188 million in the prior year, benefiting from inflation indexation [17] - The transport segment reported FFO of $286 million, down from $308 million, primarily due to asset sales [18] - The data segment saw a 62% increase in FFO to $138 million, driven by strong organic growth and contributions from acquisitions [20] Balance Sheet and Liquidity - Total liquidity at the end of Q3 2025 was $5.5 billion, including $2.5 billion at the corporate level [22] - The company executed financings to enhance liquidity and support growth initiatives, including a corporate issuance of medium-term notes totaling C$700 million [21] Distribution and Dividend Declaration - The Board declared a quarterly distribution of $0.43 per unit, representing a 6% increase compared to the prior year [23] - The distribution is payable on December 31, 2025, to unitholders of record as of November 28, 2025 [23] Unit Repurchases and ATM Program - Brookfield Infrastructure Partners plans to increase repurchases of its outstanding limited partnership units under its normal course issuer bid program [24] - The company is exploring the establishment of an at-the-market (ATM) equity program to issue additional shares when market conditions are favorable [25]

Core Insights - Air Products reported a significant decline in fiscal 2025 results, with a GAAP loss per share of $1.74 and an operating loss of $877 million, compared to a profit of $17.24 per share and operating income of $4.5 billion in fiscal 2024 [1][5] - The fiscal 2025 results included approximately $3.7 billion in pre-tax charges related to business and asset actions, impacting overall performance [1][29] - Adjusted earnings per share (EPS) of $12.03 exceeded guidance midpoint, while adjusted operating income was $2.9 billion, reflecting a decrease from the previous year [3][5] Fiscal 2025 Full-Year Results - Total sales for fiscal 2025 were $12.0 billion, a decrease of 1% from the prior year, driven by a 4% decline in volumes, partially offset by a 2% increase in energy cost pass-through and a 1% increase in pricing [2][12] - Adjusted operating income decreased by 3% to $2.9 billion due to lower volumes and higher costs, despite higher non-helium pricing [3][9] Fiscal 2025 Fourth Quarter Results - Fourth quarter sales were $3.2 billion, down 1% from the prior year, with a 5% decrease in volumes offset by a 3% increase in energy cost pass-through [8][9] - The fourth quarter adjusted operating income was $812 million, a decrease of 4% from the previous year, primarily due to lower volumes [9][11] Business Segment Performance - In the Americas, sales decreased by 1% to $1.3 billion, with a 7% drop in volumes, while operating income fell by 13% to $392 million [11] - Asia's sales increased by 1% to $870 million, but operating income decreased by 7% to $227 million due to lower helium volumes [11] - Europe saw an 8% increase in sales to $789 million, with operating income rising by 15% to $238 million, driven by higher non-helium volumes [11] Future Outlook - The company expects fiscal 2026 adjusted EPS guidance in the range of $12.85 to $13.15, with first quarter guidance of $2.95 to $3.10 [5][12] - Anticipated capital expenditures for fiscal 2026 are approximately $4 billion [5][12]

Core Insights - CHARBONE CORPORATION has engaged RB Milestone Group LLC for investor relations services, including corporate communications and market intelligence, for an initial term of 6 months at a cost of US$59,500 [1][2] - The company is revising its shares-for-debt settlement, agreeing to settle $30,000 of a total of $118,095 through the issuance of 500,000 common shares, subject to TSX Venture Exchange approval [3] Company Overview - CHARBONE specializes in clean Ultra High Purity (UHP) hydrogen and the strategic distribution of industrial gases in North America and Asia-Pacific, focusing on building a distributed network of green hydrogen production plants [4] - The company aims to diversify its revenue streams through partnerships in helium and specialty gases, positioning itself as a leader in the transition to a low-carbon future [4]

Core Insights - Linde plc reported strong financial results for Q3 2025, with net income of $1,929 million and diluted earnings per share (EPS) of $4.09, reflecting increases of 24% and 27% respectively compared to the previous year [2][3] - The company anticipates continued growth, projecting adjusted diluted EPS for Q4 2025 in the range of $4.10 to $4.20, which represents a year-over-year increase of 3% to 6% [5][6] Financial Performance - Total sales for Q3 2025 reached $8,615 million, a 3% increase year-over-year, with underlying sales up 2% driven by price increases, while volumes remained flat [3][8] - Adjusted operating profit for the quarter was $2,558 million, up 3% from the prior year, with an adjusted operating profit margin of 29.7%, which is 10 basis points higher than the previous year [3][8] - Operating cash flow for Q3 2025 was $2,948 million, an 8% increase year-over-year, leading to a free cash flow of $1,672 million after capital expenditures of $1,276 million [4][8] Segment Performance - In the Americas, sales were $3,846 million, up 6% year-over-year, with operating profit of $1,199 million, representing 31.2% of sales [7] - Asia Pacific (APAC) sales were $1,741 million, a 1% increase year-over-year, with operating profit of $490 million, accounting for 28.1% of sales [9] - EMEA (Europe, Middle East & Africa) sales reached $2,178 million, up 3% year-over-year, with an operating profit of $781 million, which is 35.9% of sales [10] - Linde Engineering reported sales of $519 million, down 15% year-over-year, with an operating profit of $101 million [11] Future Outlook - For the full year 2025, Linde expects adjusted diluted EPS to be in the range of $16.35 to $16.45, indicating a growth of 5% to 6% compared to the previous year [6][8] - Full-year capital expenditures are projected to be between $5.0 billion and $5.5 billion to support growth and maintenance, including a $7.1 billion contractual sale of gas project backlog [6]

Summary of Conference Call Notes on Chemicals Industry Industry Overview - The lithium supply chain is increasingly geographically diverse, but refining remains dominated by China, which holds 67% of the lithium refining market [1][1] - North America is expected to grow its mining and refining capacity, with estimates of 600kt and 700kt LCE respectively over the next 10 years [1][1] - Even with all announced projects, North America is projected to have only a modest surplus by 2035 due to high costs and competition from China [1][1] - Recent US government actions to secure lithium supply have been mixed, negatively impacting companies like Lithium Americas [1][1] - The US is unlikely to achieve supply-chain independence from China in the near term due to the lack of domestic precursor and cathode production [1][1] Key Market Trends - Global battery demand is accelerating, driven by electric vehicles (EVs) and energy storage systems (ESS), with cell prices reaching record lows at $57/kWh [2][2] - ESS deployments have increased sharply, with a 51% rise globally and 27% in the US, with China leading in grid-scale storage [2][2] - Recycling is becoming a critical solution for raw material deficits as technologies advance [2][2] Company Highlights Air Products - Air Products provides essential industrial gases for all stages of lithium-ion battery production, including mining, refining, and recycling [7][7] - The company is positioned as a key enabler of electrification trends, with a broad range of gas-handling technologies [8][8] - Current sales exposure to EV/battery applications is minimal but has potential for growth as new capacities come online [9][9] Axalta - Axalta focuses on safety and protection coatings for EV batteries, with products like Alesta e-PRO for electrical insulation and fire resistance [10][10] - The company is expanding its reach in the electrification market, particularly with its Voltatex Electrical Insulation Systems [11][11] - Axalta's current exposure to EV battery and motor electrification growth is estimated at 2% of total sales [13][13] DuPont - DuPont offers a wide range of materials for the EV ecosystem, including adhesives and coatings that enhance battery performance [15][15] - The company is undergoing a planned separation to focus on distinct channels of EV exposure, with IndustrialsCo retaining manufacturing-related products and Qnity focusing on electronics [18][18] Huntsman - Huntsman provides diverse material technologies for EV battery manufacturing and vehicle performance, with a current sales exposure to EVs/batteries estimated at 2% [24][24] - The company emphasizes its strong footprint in the foams space, particularly in Europe, with growth potential in North America [21][21] Linde - Linde supplies industrial gases and coatings for every stage of the lithium-ion battery value chain, with a focus on atmosphere control and cryogenic freezing [25][25] - The company has a significant customer base in cell manufacturing, particularly in Asia, and is expanding its presence in the EV market [29][29] PPG - PPG offers a comprehensive coatings portfolio for EV batteries, including thermal management and fire protection solutions [30][30] - The company is leveraging its existing automotive coatings technology to expand into battery-related applications, positioning itself for growth in line with the EV market [32][32] Investment Ratings - Albemarle is rated Neutral, with long-term drivers intact but near-term equity upside muddled by market conditions [1][1] - Air Products and Huntsman are rated Underperform, while Axalta, DuPont, Linde, and PPG are rated with varying degrees of potential based on their exposure to the EV market [52][52][53][53] Conclusion - The chemicals industry is experiencing significant changes driven by the electrification of transportation and energy storage solutions - Companies are adapting their product offerings to meet the growing demand for EVs and battery technologies, with varying levels of exposure and investment potential - The dominance of China in the lithium refining market poses challenges for North American companies seeking to establish a more independent supply chain

Core Insights - Air Products and Chemicals Inc. is a global leader in industrial gases and related applications, serving various industries including refining, chemicals, metals, electronics, and food and beverage [1] Financial Performance - The company is set to report its Q4 2025 earnings on November 6, with analysts expecting an EPS of $3.40, a decrease from $3.56 in the same period last year [2] - Quarterly revenue for Q4 2025 is anticipated to be $3.20 billion, slightly up from $3.19 billion a year earlier [2] - In Q3 2025, Air Products reported an adjusted EPS of $3.09, surpassing the consensus estimate of $2.98, and revenues of $3.02 billion, exceeding the consensus of $2.96 billion [3] Guidance and Expectations - The CEO highlighted solid quarterly results that exceeded guidance and were higher than the previous year, excluding the impact of an LNG sale [4] - The company has revised its full-year 2025 adjusted EPS guidance to a range of $11.90 to $12.10, with Q4 2025 adjusted EPS expected between $3.27 and $3.47 [4] Dividend Information - Air Products and Chemicals has a dividend yield of 2.64%, having paid $7.16 per share in dividends over the last 12 months [2] - To generate an income of $100 per month from dividends, an investment of approximately $45,455 is required, based on the current dividend yield [5][6]