"Investment in net assets of and advances to equity affiliates" on our consolidated balance sheets were $5,366.1 and $4,792.5 as of 30 September 2025 and 2024, respectively.

As of 30 September 2025, all of our equity method investments are foreign affiliates. These affiliates and related ownership percentages were as follows:



Abdullah Hashim Industrial Gases & Equipment Co., Ltd. (25%);			INFRA Group (40%);
Air Products South Africa (Proprietary) Limited (50%);			INOX Air Products Private Limited (50%);
Bangkok Cogeneration Company Limited (49%);			Jazan Integrated Gasification and Power Company (51%);
Bangkok Industrial Gases Co., Ltd. (49%);			Kulim Industrial Gases Sdn. Bhd. (50%);
Blue Hydrogen Industrial Gases Company (26%)(A);			Sapio Produzione Idrogeno Ossigeno S.r.l. (49%);
Chengdu Air & Gas Products Ltd. (50%);			and principally, other industrial gas producers.
Helios S.p.A. (49%);

(A)We recorded an equity method investment for a 51%-owned consolidated subsidiary's interest in the Blue Hydrogen Industrial Gases Company joint venture following a deconsolidation event in the second quarter of fiscal year 2025. Refer to Note 6, Acquisitions and Divestitures, for additional information.

Dividends and other distributions received from equity affiliates were $385.5, $441.7, and $344.3 in fiscal years 2025, 2024, and 2023, respectively.

As of 30 September 2025 and 2024, the amount of investment in companies accounted for by the equity method included equity method goodwill of $34.5 and $38.7, respectively.

The summarized financial information presented below is on a combined 100% basis and has been compiled based on the financial statements of our equity affiliates.


30 September		2025	2024
Current assets		$3,968.5	$3,197.2
Noncurrent assets		16,490.1	14,719.8
Current liabilities		1,441.4	1,138.3
Noncurrent liabilities		12,626.3	11,690.4


Fiscal Year Ended 30 September	2025	2024	2023
Net sales(A)	$5,831.7	$5,666.4	$5,192.9

Gross profit	2,849.0	2,722.0	2,465.5
Operating income	2,206.6	2,149.3	1,847.4
Net income	1,263.6	1,209.5	1,062.9

(A)Includes financing revenue of $1,137.3, $1,128.6, and $1,011.3 in fiscal years 2025, 2024, and 2023, respectively. Financing revenue primarily relates to the JIGPC joint venture discussed below.

We hold a 55% ownership interest in the JIGPC joint venture, of which a 4% interest is attributable to the noncontrolling partner of APQ. We determined JIGPC is a VIE for which we have an equity interest and exercise significant influence but are not the primary beneficiary. Refer to Note 3, Variable Interest Entities, for additional information.

Our investment in JIGPC was completed in stages to align with the joint venture’s acquisition of project assets, beginning with an initial investment of $1.6 billion in fiscal year 2022 followed by a $908 investment in fiscal year 2023. The second investment is reflected within "Investment in and advances to unconsolidated affiliates" on the consolidated statement of cash flows for the fiscal year ended 30 September 2023. These amounts included approximately $130 and $73 received from the noncontrolling partner of APQ for the first and second installments, respectively.

As of 30 September 2024, the carrying value of our investment totaled approximately $2.9 billion. In the second quarter of fiscal year 2025, we made a final investment of approximately $115 in the form of a shareholder loan, which the joint venture used to purchase the remaining project assets. The carrying value of our investment totaled approximately $3.1 billion as of 30 September 2025.

In fiscal year 2025, we determined there was an other-than-temporary impairment of a joint venture in China that had been established to develop clean hydrogen infrastructure in the region. As a result, we recorded a charge of $6.8 to write down the full carrying value of the investment. There were no other events or changes in circumstances that indicated the carrying amount of our equity method investments may not be recoverable, and therefore, no further impairment testing was required.