Industrial gas major Air Products has reported an annual operating loss of $877m after it took a $3.7bn – $3bn after tax – hit early in the financial year in asset write-downs and portfolio changes under the company’s new leadership team headed by Eduardo Menezes.
The company’s full-year 2025 results were also affected by lower volumes and higher costs, with sales down 1% from the prior year to $12bn.
Air Products said the lower volumes were mainly due to the September 2024 sale of its LNG business to Honeywell, which boosted its prior-year results by $1.6bn.
The company also cited weaker global helium demand and lower pricing, plus the previously announced project exits. This was partly offset by stronger on-site and non-helium merchant sales.
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