Baker Hughes Company · NASDAQ:BKR
Baker Hughes — Q4 2025 Earnings Presentation
25 slides from Baker Hughes's earnings presentation, Jan 26, 2026
Slide 1: 4Q 2025 Results
4Q 2025 Results January 26, 2026 Copyright 2026 Baker Hughes Company. All rights reserved. The information contained in this document is company confidential and proprietary property of Baker Hughes and its affiliates. It is used only for the benefit of Baker Hughes and may not be distributed, trans
Slide 2: Forward-looking statements disclaimer
This presentation (and oral statements made regarding the subjects of this presentation) may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (each a “forward-looking sta
Slide 3: Lorenzo Simonelli, Chairman & Chief Executive Officer
Lorenzo Simonelli Chairman & Chief Executive Officer 3 Copyright 2026 Baker Hughes Company. All rights reserved.
Slide 4: Highlights
4Q 2025 & FULL YEAR 2025 RESULTS 4 Highlights Strong 4Q & record FY’25 results Revenue & Adjusted EBITDA exceeded guidance midpoint, driven by strong IET performance and resulting in record FY’25 Adjusted EBITDA1 IET order momentum remains strong Power systems, LNG, and New Energy awards supported r
Slide 5: Commercial momentum continues across diverse end markets
KEY AWARDS & TECHNOLOGY DEVELOPMENTS Commercial momentum continues across diverse end markets Gas Infrastructure & LNG Power Systems New Energy & Cordant Solutions Production Optimization • Main liquefaction equipment for • Signed slot reservation agreement for • Award to supply critical • Contract
Slide 6: Energy infrastructure positioned at the center of power demand growth
MACRO & MARKET OUTLOOK Energy infrastructure positioned at the center of power demand growth 2026 Market Dynamics Macro Outlook Power Generation: broadening demand for power generation applications across multiple end markets Data Centers: continued AI-demand acceleration; increasing 3-year data cen
Slide 7: Power demand expected to double by 2040
POWER GENERATION | MACRO Power demand expected to double by 2040 Electrification, EV adoption, and data centers to accelerate demand growth Global Power Demand1 (TWh) U.S. Power Demand1 (TWh) 70,000 Gas Coal Oil Hydro Nuclear Wind Solar Other 7,000 CAGR 2025-2040 60,000 6,000 +2.5% +4.2% CAGR 50,000
Slide 8: Power systems supports diverse energy and industrial markets
POWER SYSTEMS PORTFOLIO Power systems supports diverse energy and industrial markets Driving efficiency, reliability and sustainability across a $100B+ annual market opportunity by 2030 DATA CENTERS GEOTHERMAL INDUSTRIAL POWER GRID LIQUEFIED NATURAL GAS OILFIELD CAPABILITIES POWER GENERATION GRID ST
Slide 9: Ahmed Moghal, Executive Vice President & Chief Financial Officer
Ahmed Moghal Executive Vice President & Chief Financial Officer 9 Copyright 2026 2025 Baker Hughes Company. All rights reserved.
Slide 10: 4Q & FY 2025 Financial Results
FINANCIAL PERFORMANCE 4Q & FY 2025 Financial Results Record quarterly & FINANCIALS1 4Q'25 3Q'25 4Q'24 FY’25 FY’24 Continued strong FY’25 Adjusted orders and revenue EBITDA and 7,886 (4)% 5% 29,585 5% Orders ($M) momentum Adjusted EBITDA Revenue ($M) 7,386 5% —% 27,733 —% margin1 Adjusted EBITDA ($M)
Slide 11: Capital allocation framework
CAPITAL ALLOCATION FRAMEWORK Capital allocation framework Technology Portfolio PRIORITY Balance Sheet Dividends Buybacks investment Management TY’25 STATUS Focus on enhancing Continued organic Maintained dividend Initiated de-leveraging Continued focus on high- cash position ahead of technology inve
Slide 12: IET: Consistent execution drives record revenue, EBITDA, and margin
INDUSTRIAL & ENERGY TECHNOLOGY (IET) SEGMENT RESULTS IET: Consistent execution drives record revenue, EBITDA, and margin Financials1 4Q'25 3Q'25 4Q'24 FY’25 FY’24 Robust order momentum continues Orders ($M) 4,024 (3)% 7% 14,871 14% Strong quarter for Gas Tech & third consecutive record quarter of Co
Slide 13: OFSE: Margin resilience supported by solid execution and cost discipline
OILFIELD SERVICES & EQUIPMENT (OFSE) SEGMENT RESULTS OFSE: Margin resilience supported by solid execution and cost discipline Financials1 4Q'25 3Q'25 4Q'24 FY’25 FY’24 Solid SSPS orders Orders ($M) 3,862 (5)% 3% 14,714 (3)% Strong Subsea & Surface Pressure Systems (SSPS) orders, with 1.4x book-to-bi
Slide 14: 1Q'26 and FY'26 Guidance
GUIDANCE 1Q’26 and FY‘26 Guidance Tariff Impact 1Q’26 Guidance 2026 Guidance BKR Low Range Midpoint High Range BKR Low Range Midpoint High Range REVENUE ($M) 6,100 6,400 6,700 REVENUE ($M) 26,200 27,250 28,300 Adjusted EBITDA ($M) 1 980 1,060 1,140 Adjusted EBITDA ($M) 1 4,550 4,850 5,150 OFSE REVEN
Slide 15: Lorenzo Simonelli, Chairman & Chief Executive Officer
Lorenzo Simonelli Chairman & Chief Executive Officer 15 Copyright 2026 Baker Hughes Company. All rights reserved.
Slide 16: Baker Hughes' compelling investment thesis
INVESTMENT THESIS Baker Hughes’ compelling investment thesis ADJUSTED EBITDA AND MARGIN PROGRESSION 1 ACCELERATING PROGRESS IN HORIZON TWO Adjusted EBITDA ($) 20%3 Adjusted EBITDA Margin (%) 20.0% • Disciplined execution driving mid-single digits organic EBITDA1,4 6 .0 17.8%2 17.4% 18.0% growth in 2
Slide 17: Appendix
Appendix 17 Copyright 2026 Baker Hughes Company. All rights reserved.
Slide 18: Results by Reporting Segment
APPENDIX Results by Reporting Segment Oilfield Services & Equipment (in millions) Three Months Ended Variance December 31, September 30, December 31, Year-over- Segment results 2025 2025 2024 Sequential year Orders $ 3,862 $ 4,068 $ 3,740 (5%) 3% Revenue $ 3,572 $ 3,636 $ 3,871 (2%) (8%) EBITDA* $ 6
Slide 19: Results by Reporting Segment
APPENDIX Results by Reporting Segment Industrial & Energy Technology (in millions) Three Months Ended Variance December 31, September 30, December 31, Year-over- Segment results 2025 2025 2024 Sequential year Orders $ 4,024 $ 4,139 $ 3,756 (3%) 7% Revenue $ 3,814 $ 3,374 $ 3,492 13% 9% EBITDA* $ 761
Slide 20: Orders by Reporting Segment
APPENDIX Orders by Reporting Segment Orders by Reporting Segment ($ in millions) Oilfield Services & Equipment FY 2022 1Q 2023 2Q 2023 3Q 2023 4Q 2023 FY 2023 1Q 2024 2Q 2024 3Q 2024 4Q 2024 FY 2024 1Q 2025 2Q 2025 3Q 2025 4Q 2025 FY 2025 Total Oilfield Services & Equipment $ 14,089 $ 4,100 $ 4,192
Slide 21: OFSE & IET Reporting Segment Revenues
APPENDIX OFSE & IET Reporting Segment Revenues Consolidated Revenue by Reporting Segment and Product Line ($ in millions) Oilfield Services & Equipment FY 2022 1Q 2023 2Q 2023 3Q 2023 4Q 2023 FY 2023 1Q 2024 2Q 2024 3Q 2024 4Q 2024 FY 2024 1Q 2025 2Q 2025 3Q 2025 4Q 2025 FY 2025 Well Construction $
Slide 22: GAAP to Non-GAAP reconciliations
APPENDIX GAAP to Non-GAAP reconciliations Reconciliation of Net Cash Flow From Operating Activities to Free Cash Flow ($ in millions) FY 2022 1Q 2023 2Q 2023 3Q 2023 4Q 2023 FY 2023 1Q 2024 2Q 2024 3Q 2024 4Q 2024 FY 2024 1Q 2025 2Q 2025 3Q 2025 4Q 2025 FY 2025 Net cash flows from operating activiti
Slide 23: Additional reconciliations
APPENDIX Additional reconciliations Reconciliation of Income Tax (GAAP) to Adjusted Income Tax (non-GAAP) and Effective Tax Rate (GAAP) to Adjusted Effective Tax Rate (non- GAAP) ($ in millions) Effective tax rate reconciliation 4Q 2024 FY 2024 4Q 2025 FY 2025 Income before income taxes (GAAP) $ 792
Slide 24: Follow our journey
bakerhughes.com Follow our @bakerhughesco journey Baker Hughes bakerhughesco @bakerhughesco Confidential. Copyright 2026 Baker Hughes Company. All rights reserved.
Slide 25: Baker Hughes
Baker Hughes =