Baker Hughes Company · NASDAQ:BKR

Baker Hughes — Merger or Acquisition (July 2025)

26 slides from Baker Hughes's merger presentation, Jul 29, 2025

  1. Slide 1: Acquisition of Chart Industries

    Acquisition of Chart Industries Executing our strategic vision to be an Energy & Industrial Technology leader July 29, 2025 • July 29, 2025

  2. Slide 2: This presentation contains forward-looking statements

    2 This presentation (and oral statements made regarding the subjects of this presentation) contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Exchange Act of 1934, as amended (each a “forward-looking statement”). Al

  3. Slide 3: Today's Speakers

    ACQUISITION OF CHART INDUSTRIES 3 Today’s Speakers Lorenzo Simonelli Ganesh Ramaswamy Ahmed Moghal Chairman & Chief Executive Officer Executive Vice President Executive Vice President & Industrial & Energy Technology Chief Financial Officer Copyright 2025 Baker Hughes Company. All rights reserved.

  4. Slide 4: Executing our strategic vision to be an energy & industrial technology leader

    ACQUISITION OF CHART INDUSTRIES 4 Executing our strategic vision to be an energy & industrial technology leader Transforms Baker Hughes’ Industrial & Energy Technology segment Increases focus on the most attractive and resilient energy and industrial end markets Combines highly complementary portfol

  5. Slide 5: Transaction summary

    ACQUISITION OF CHART INDUSTRIES 5 Transaction summary All-cash transaction $210 per share in cash, implying $13.6B enterprise value ~9x 2025E $325M Consensus annualized Clear and realizable synergies EBITDA on fully expected cost $325M expected cost synergies well-aligned with Baker synergized basis

  6. Slide 6: Chart Industries overview

    ACQUISITION OF CHART INDUSTRIES 6 Chart Industries overview A leader in process technologies and equipment for gas and liquid molecule handling • Designs and manufactures 2024 REVENUE MIX BY END MARKET highly-engineered equipment for critical applications Hydrogen, Nuclear & Helium Other Specialty •

  7. Slide 7: Next step in Baker Hughes' strategic portfolio journey

    ACQUISITION OF CHART INDUSTRIES 7 Next step in Baker Hughes’ strategic portfolio journey 2025E Combined Company 5 years ago 2025E (with Chart) IET IET IET 37% 48% 55% Revenue $21B $27B $32B 63% 52% 45% OFSE OFSE OFSE Adj. EBITDA $2.4B1,4 $4.6B2,4 $6.1B3,4 Adj. EBITDA 11%1,4 17%2,4 19%3,4 Margin Deli

  8. Slide 8: IET Overview

    IET Overview Ganesh Ramaswamy Executive Vice President Industrial & Energy Technology Copyright 2025 Baker Hughes Company. All rights reserved.

  9. Slide 9: Highly strategic combination with Industrial & Energy Technology

    IET + CHART 9 Highly strategic combination with Industrial & Energy Technology Chart enhances our growth strategy and doubles IET exposure to non-O&G markets Baker Hughes IET Combined IET segment (with Chart) Hydrogen, Nuclear Power & Helium Power Industrial Industrial Industrial5 Energy Other Speci

  10. Slide 10: Significantly expanding IET's total addressable market

    GAS TECHNOLOGY EQUIPMENT & SERVICES 10 Significantly expanding IET’s total addressable market Diversifying into new industrial markets while expanding in existing higher-growth markets EXPANDED TAM IN CORE MARKETS TAM IN NEW MARKETS 5YR CAGR1 MSD MSD MSD HDD HDD MSD MSD LIQUIFIED NATURAL GAS MOBILIT

  11. Slide 11: Deepening penetration across expanded TAM

    GAS TECHNOLOGY EQUIPMENT & SERVICES 11 Deepening penetration across expanded TAM Complementary products and capabilities unlock additional value for customers ONSHORE / GAS MOBILITY & LIQUIFIED POWER GEN & GENERAL NEW ENERGY METALS & MINING OFFSHORE INFRASTRUCTURE NATURAL GAS DATA CENTERS INDUSTRIAL

  12. Slide 12: Expanding customer value proposition for data centers

    AI-LED DIGITAL INFRASTRUCTURE 12 Expanding customer value proposition for data centers Asset performance lifecycle solutions including storage, power generation & heat rejection Turbines, generators, synchronous Air cooled heat exchangers, fans, cryogenic condensers, heat pumps, geothermal, CCUS sto

  13. Slide 13: Combination accelerates aftermarket services growth

    AFTERMARKET SERVICES 13 Combination accelerates aftermarket services growth Complementary footprints and digitally-enabled solutions augment value across lifecycle AFTERMARKET REVENUE & GROWTH POTENTIAL REVENUE ACCELERATORS MSD++ Accelerated installed base growth • Baker Hughes +20% unit growth by 2

  14. Slide 14: Transaction overview

    TRANSACTION OVERVIEW 14 Transaction overview • $210 per share in cash to acquire Chart Industries Offer • Enterprise value of $13.6B, including Chart net debt consideration • ~9x 2025E Consensus EBITDA, including run-rate cost synergies • Fully committed bridge financing to fund the transaction • Pe

  15. Slide 15: Financial Overview

    – PRELIMINARY AND CONFIDENTIAL DRAFT SUBJECT TO REVIEW BY COUNSEL – Financial Overview Ahmed Moghal Executive Vice President & Chief Financial Officer Copyright 2025 Baker Hughes Company. All rights reserved.

  16. Slide 16: Transaction meets strategic and financial acquisition criteria

    ACQUISITION CRITERIA 16 Transaction meets strategic and financial acquisition criteria STRATEGIC CRITERIA • Chart provides mission critical equipment, process technology and services across traditional 1 Critical Applications energy, industrial gas and specialty markets • Growing global installed ba

  17. Slide 17: Significant synergies drive value creation for Baker Hughes shareholders

    SYNERGIES 17 Significant synergies drive value creation for Baker Hughes shareholders IDENTIFIED SYNERGIES $325M EXPECTED RUN-RATE COST SYNERGIES COST SYNERGIES $325M one-time cost to achieve SG&A Optimization $325 • Optimize SG&A and public company costs • Apply IET’s business system to unlock furt

  18. Slide 18: Committed to strengthening our balance sheet

    COMMITMENT TO STRONG BALANCE SHEET 18 Committed to strengthening our balance sheet TRANSACTION FINANCING DEBT PAYDOWN FUNDING SOURCES COMBINED COMPANY LIQUIDITY • Fully committed bridge financing • Enhanced profitability growth and • $3B Revolving Credit Facility cash flow generation expected • Perm

  19. Slide 19: Capital allocation framework

    CAPITAL ALLOCATION FRAMEWORK 19 Capital allocation framework Technology Portfolio PRIORITY Balance Sheet Dividends Buybacks investment optimization DE-LEVERAGING Focus on strengthening Continue organic Maintain dividend Prioritize deleveraging post Focused on high-grading PHASE the balance sheet tec

  20. Slide 20: Closing Remarks

    Closing Remarks Lorenzo Simonelli Chairman & Chief Executive Officer Copyright 2025 Baker Hughes Company. All rights reserved.

  21. Slide 21: Transforming into a more differentiated energy & industrial company

    ACCELERATING OUR TRANSITION 21 Transforming into a more differentiated energy & industrial company Optimizing the portfolio to align with evolving energy, industrial and sustainability trends CLOSING OUT HORIZON ONE POSITIONED FOR SUCCESS IN HORIZONS TWO & THREE 2025E Combined Company (with Chart) F

  22. Slide 22: Summary: Acquisition of Chart accelerates long-term value creation

    ACQUISITION OF CHART INDUSTRIES 22 Summary: Acquisition of Chart accelerates long-term value creation Transforms Baker Hughes’ Industrial & Energy Technology segment Increases focus on the most attractive and resilient energy and industrial end markets Combines highly complementary portfolio of prod

  23. Slide 23: Follow our journey

    Follow our journey bakerhughes.com @bakerhughesco Baker Hughes bakerhughesco @bakerhughesco Copyright 2025 Baker Hughes Company. All rights reserved.

  24. Slide 24: Baker Hughes Reconciliations: Segment profit measure and GAAP to Non-GAAP

    APPENDIX 24 Baker Hughes Reconciliations: Segment profit measure and GAAP to Non-GAAP Reconciliation of Net Income (Loss) Attributable to Baker Hughes to Adjusted EBITDA and Segment EBITDA ($ in millions) FY2020 FY2024 Net income (loss) attributable to Baker Hughes (GAAP) $ (9,940) $ 2,979 Net incom

  25. Slide 25: Chart Industries Reconciliations: GAAP to Non-GAAP

    APPENDIX 25 Chart Industries Reconciliations: GAAP to Non-GAAP Reconciliation of Net Income (Loss) Attributable to Chart Industries to Adjusted EBITDA ($ in millions) FY2024 Net income (loss) attributable to Chart Industries (GAAP) $ 218.5 Net income attributable to noncontrolling interests 14.3 Los

  26. Slide 26: Baker Hughes

    Baker Hughes =

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