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Air Products talks up blue hydrogen after CEO swap

Gas
February 6, 2025

Air Products chose not to give any prominence to its incoming leadership team in the company’s Q1 2025 earnings call today.

Adjusted EBITDA increased 1%, with margin improvement attributed to favourable pricing and business mix, although volume declined 2% due to the LNG divestment to Honeywell. Analyst sentiment was ‘neutral to slightly positive,’ according to Seeking Alpha commentary.

In a low-key session where all questions were handled by Chief Financial Officer Melissa Schaeffer, the only insights of note centred around the industrial gas major’s ongoing discussions to try to secure equity partnerships and offtakers for its evolving $4.5bn blue hydrogen project in the US state of Louisiana.

The facility’s progress remains on track but the crucial need for partners looms large for the megaproject.

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