Baker Hughes Company · NASDAQ:BKR

Baker Hughes — Q1 2026 Earnings Presentation

23 slides from Baker Hughes's earnings presentation, Apr 24, 2026

  1. Slide 1: 1Q 2026 Results

    1Q 2026 Results April 24, 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, transmi

  2. Slide 2: Forward-looking statements and non-GAAP disclaimer

    2 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 s

  3. Slide 3: Lorenzo Simonelli, Chairman & Chief Executive Officer

    Lorenzo Simonelli Chairman & Chief Executive Officer

  4. Slide 4: Highlights

    1Q 2026 RESULTS 4 Highlights Strong quarterly results Adjusted EBITDA1 of $1.16 billion, exceeding the guidance range as we effectively managed Middle East disruptions Record IET orders Power Systems and LNG drove record IET bookings of $4.9 billion; third consecutive quarter above $4 billion Contin

  5. Slide 5: Diversified portfolio driving broad-based order momentum

    KEY AWARDS & TECHNOLOGY DEVELOPMENTS 5 Diversified portfolio driving broad-based order momentum Power Systems Gas Infrastructure Energy Upstream Digital & Enterprise Wide • Converted ~1 GW slot reservation • 3 NovaLT 16-driven gas • Petrobras awards for flexible pipe • Cordant Asset Heath solutions

  6. Slide 6: Heightened geopolitical risk reinforcing energy security

    MACRO & MARKET OUTLOOK 6 Heightened geopolitical risk reinforcing energy security Macro Outlook Market Impact BKR Implications • Middle East conflict • Oil & LNG balances • ‘26 NAM & Int’l upstream spending, excluding introduced new layer of tightening Middle East, both relatively flat YoY macro unc

  7. Slide 7: Ahmed Moghal, Executive Vice President & Chief Financial Officer

    Ahmed Moghal Executive Vice President & Chief Financial Officer

  8. Slide 8: 1Q 2026 Financial Results

    FINANCIAL PERFORMANCE 8 1Q 2026 Financial Results FINANCIALS1 1Q’26 Δ4Q’25 Δ1Q’25 Continued orders strength leading to record backlog Orders ($M) 8,159 3% 26% Revenue ($M) 6,587 (11%) 2% +6% YoY revenue, excluding transactions2 Adjusted EBITDA ($M) 1,158 (13%) 12% Adjusted EBITDA Margin 17.6% (50)bp

  9. Slide 9: Capital allocation framework

    CAPITAL ALLOCATION FRAMEWORK 9 Capital allocation framework Balance Technology Portfolio PRIORITY Sheet Investment Dividends Buybacks Management 1Q’26 STATUS 0.3x 2% sales $228M $- $1.5B Net Debt / LTM R&D Investment2 Dividends3 Share repurchases Gross proceeds from Adjusted EBITDA1 transactions4 cl

  10. Slide 10: IET: Strong operational execution drives record orders and EBITDA margin

    INDUSTRIAL & ENERGY TECHNOLOGY (IET) SEGMENT RESULTS 10 IET: Strong operational execution drives 1 Q ’ 2 6 I E T H I G H L I GHT S record orders and EBITDA margin Financials1 1Q’26 Δ4Q’25 Δ1Q’25 Revenue & EBITDA Orders ($M) 4,887 21% 54% Above guidance midpoint Revenue ($M) 3,350 (12)% 14% EBITDA ($

  11. Slide 11: OFSE: Strong execution drives margin resilience

    OILFIELD SERVICES & EQUIPMENT (OFSE) SEGMENT RESULTS 11 OFSE: Strong execution drives margin 1 Q ’ 2 6 O F S E H I GH L I GH TS resilience Financials1 1Q’26 Δ4Q’25 Δ1Q’25 Revenue & EBITDA Orders ($M) 3,272 (15)% -% Above guidance midpoint Revenue ($M) 3,237 (9)% (7)% EBITDA ($M) EBITDA Margin 565 17

  12. Slide 12: 2Q'26 and FY'26 Guidance

    GUIDANCE FRAMEWORK 12 2Q’26 and FY’26 Guidance Guidance Assumptions 2Q’26 Guidance FY’26 Guidance KEY ASSUMPTIONS BKR Low Range Midpoint High Range BKR Low Range Midpoint High Range • Middle East disruptions continue through the end of REVENUE ($M) 6,250 6,500 6,750 REVENUE ($M) 26,200 27,250 28,300

  13. Slide 13: Lorenzo Simonelli, Chairman & Chief Executive Officer

    Lorenzo Simonelli Chairman & Chief Executive Officer

  14. Slide 14: Executing our strategy to transform Baker Hughes

    STRATEGIC POSITIONING 14 Executing our strategy to transform Baker Hughes CONNECTING ENERGY SOURCES UNIQUELY POSITIONED AT THE INTERSECTION WITH INDUSTRIAL OUTCOMES OF ENERGY AND INDUSTRIAL MARKETS • Transforming into a leading industrialized energy solutions company • Delivering differentiated solu

  15. Slide 15: Appendix

    Appendix Copyright 2026 Baker Hughes Company. All rights reserved.

  16. Slide 16: Results by Reporting Segment: Oilfield Services & Equipment

    APPENDIX 16 Results by Reporting Segment Oilfield Services & Equipment (in millions) Three Months Ended Variance March 31, December 31, March 31, Year-over- Segment results 2026 2025 2025 Sequential year Orders $ 3,272 $ 3,862 $ 3,281 (15%) —% Revenue $ 3,237 $ 3,572 $ 3,499 (9%) (7%) EBITDA* $ 565

  17. Slide 17: Results by Reporting Segment: Industrial & Energy Technology

    APPENDIX 17 Results by Reporting Segment Industrial & Energy Technology (in millions) Three Months Ended Variance March 31, December 31, March 31, Year-over- Segment results 2026 2025 2025 Sequential year Orders $ 4,887 $ 4,024 $ 3,178 21% 54% Revenue $ 3,350 $ 3,814 $ 2,928 (12%) 14% EBITDA* $ 678

  18. Slide 18: Orders by Reporting Segment

    APPENDIX 18 Orders by Reporting Segment Orders by Reporting Segment ($ in millions) Total Oilfield Services & Equipment FY 2023 1Q 2024 2Q 2024 3Q 2024 4Q 2024 FY 2024 1Q 2025 2Q 2025 3Q 2025 4Q 2025 FY 2025 1Q 2026 Oilfield Services & Equipment $ 16,344 $ 3,624 $ 4,068 $ 3,807 $ 3,740 $ 15,240 $ 3,

  19. Slide 19: OFSE & IET Reporting Segment Revenues

    APPENDIX 19 OFSE & IET Reporting Segment Revenues Consolidated Revenue by Reporting Segment and Product Line ($ in millions) Oilfield Services & Equipment FY 2023 1Q 2024 2Q 2024 3Q 2024 4Q 2024 FY 2024 1Q 2025 2Q 2025 3Q 2025 4Q 2025 FY 2025 1Q 2026 Well Construction $ 4,387 $ 1,061 $ 1,090 $ 1,050

  20. Slide 20: GAAP to Non-GAAP reconciliations

    APPENDIX 20 GAAP to Non-GAAP reconciliations Reconciliation of Net Cash Flow From Operating Activities to Free Cash Flow ($ in millions) FY 2023 1Q 2024 2Q 2024 3Q 2024 4Q 2024 FY 2024 FY 2025 1Q2026 1Q 2025 2Q 2025 3Q 2025 4Q 2025 Net cash flow from operating activities (GAAP) $ 3,062 $ 784 $ 348 $

  21. Slide 21: Additional reconciliations

    APPENDIX 21 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 1Q 2026 4Q 2025 1Q 2025 Income before income taxes (GAAP) $ 1,274 $ 5

  22. Slide 22: Join us in rewriting The Energy Equation

    Join us in rewriting The Energy Equation bakerhughes.com @bakerhughesco Baker Hughes bakerhughesco @bakerhughesco Copyright 2026 Baker Hughes Company. All rights reserved.

  23. Slide 23: Baker Hughes

    Baker Hughes S= Rewriting The Energy Equation”

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