Air Products: Some Clean Energy Projects Halted

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Air Products: Some Clean Energy Projects Halted

USA | Chemicals

Air Products EquityJuneResearch30, 2026

COMPANY UPDATESome Clean Energy Projects Halted

The Louisiana Clean Energy Project and the Casa Grande Zero Carbon Project RATING BUY

will not move forward, and a pre-tax charge of up to $2.9bn is expected. PRICE $271.35^

These exits illustrate the company's focus on growing the core gas business, PRICE TARGET | % TO PT $351.00 | +29%

improving productivity, and capitalizing on the secular increase in industrial 52W HIGH-LOW $307.96 - $229.11

gas demand from data centers and semiconductors. The stock likely re-rates FLOAT (%) | ADV MM (USD) 99.8% | 368.90

as evidence of a return to the traditional growth algorithm materializes. MARKET CAP $60.5B

TICKER APD

Louisiana Project Shelved: With construction costs continuing to escalate, Air Products has ^Prior trading day's closing price unless otherwise noted.

decided it will not proceed with the Louisiana Clean Energy project. A pre-tax charge of up to $2.5bn

is possible, but the company will work to reduce this charge by re-purposing some of the equipment

and assets. The company is also discontinuing the Zero Carbon Project in Arizona for a pre-tax FY (Sep) CHANGE TO JEFe JEF vs CONS

charge of ~$400m. Separately, the company also announced that the agreement with Yara for 2026 2027 2026 2027

renewable ammonia from the NEOM Project in Saudi Arabia is being finalized. REV NA NA NM +1%

EPS NA NA NM -1%

Growth Despite Volatility: The macro environment remains mixed with deflation in Asia, Europe

slowed by weaker chemical activity, and the Americas likely trending higher. Hydrogen demand

2026 ($) Q1A Q2A Q3 Q4 FY

will continues to advance with an increase in electronics demand and as semiconductor-related