Baker Hughes Company · NASDAQ:BKR

Baker Hughes — Q2 2026 Earnings Presentation

25 slides from Baker Hughes's earnings presentation, Jul 27, 2026

  1. Slide 1: 2Q 2026 Results

    2Q 2026 Results July 27, 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, transmit

  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

    2Q 2026 RESULTS 4 Highlights Strong quarterly execution Adjusted EBITDA1 of $1.23 billion exceeded the guidance range, driven primarily by strong OFSE execution Exceptional orders performance Broad-based commercial momentum drove record IET orders of $7.1 billion, led by Power Systems and gas infras

  5. Slide 5: Strong commercial momentum across broad end markets

    KEY AWARDS & TECHNOLOGY DEVELOPMENTS 5 Strong commercial momentum across broad end markets Power Systems Gas Infrastructure Energy Upstream Digital & Enterprise Wide • 1.3 GW NovaLT 16 mobile power • Venture Global LNG award, including 6 • Major integrated well construction • Multiple Cordant Soluti

  6. Slide 6: Energy security and rising power demand support sustained growth

    MACRO & MARKET OUTLOOK 6 Energy security and rising power demand support sustained growth Modest ~800MTPA ~$100B year-over-year decline in 2026 global LNG installed base by 2030 2030 Power Systems annual global upstream spending (~950MTPA by 2035)1 addressable market opportunity Customers focused on

  7. Slide 7: Chart accelerates our transformation into a higher-value industrialized energy solutions company

    CHART 7 Chart accelerates our transformation into a higher-value industrialized energy solutions company REPORTING INTEGRATION DIVERSIFICATION LIFECYCLE Third segment 18 workstreams driving Expanded exposure into Larger installed base driving beginning 3Q'26 disciplined execution new end markets rec

  8. Slide 8: Disciplined synergy capture and commercial acceleration support long-term value creation

    CHART 8 Disciplined synergy capture and commercial acceleration support long-term value creation EXPECTED RUN-RATE COMMERCIAL SYNERGIES KEY GROWTH COST SYNERGIES $325 ACCELERATORS MARKETS Expansion New market SG&A Optimization Supply Chain Efficiencies $230 Installed Base Expansion Energy Infrastruc

  9. Slide 9: Ahmed Moghal, Executive Vice President & Chief Financial Officer

    Ahmed Moghal Executive Vice President & Chief Financial Officer

  10. Slide 10: 2Q 2026 Financial Results

    FINANCIAL PERFORMANCE 10 2Q 2026 Financial Results FINANCIALS1 2Q’26 Δ1Q’26 Δ2Q’25 Record orders drove backlog to a RPO ($M)2 40,064 11% 18% new all-time high Orders ($M) 10,501 29% 49% All Company metrics 6,742 2% (2%) Revenue ($M) outperformed guidance midpoint Adjusted EBITDA ($M) 1,231 6% 2% Adj

  11. Slide 11: Capital allocation framework

    CAPITAL ALLOCATION FRAMEWORK 11 Capital allocation framework Balance Technology Portfolio PRIORITY Sheet Investment Dividends Buybacks Management 2Q’26 STATUS 0.1x 2% sales $228M $- Chart Net Debt / LTM R&D Investment2 Dividends Share repurchases Completed the Adjusted EBITDA1 acquisition of Chart i

  12. Slide 12: IET: Strong commercial momentum and disciplined execution

    INDUSTRIAL & ENERGY TECHNOLOGY (IET) SEGMENT RESULTS 12 IET: Strong commercial momentum and 2 Q ’ 2 6 I E T H I G H L IGH T S disciplined execution Record Financials1 2Q’26 Δ1Q’26 Δ2Q’25 RPO ($M)2 37,088 12% 19% Orders, RPO & 2.2x book-to-bill Orders ($M) 7,088 45% 101% 3,291 (2%) -% EBITDA & EBITDA

  13. Slide 13: OFSE: Portfolio resilience and strong execution drive outperformance

    OILFIELD SERVICES & EQUIPMENT (OFSE) SEGMENT RESULTS 13 OFSE: Portfolio resilience and strong 2 Q ’ 2 6 O F S E H I GH L I GH TS execution drive outperformance Revenue & EBITDA Financials1 2Q’26 Δ1Q’26 Δ2Q’25 RPO ($M)2 2,976 -% 10% Above guidance range Orders ($M) 3,413 4% (3%) Revenue ($M) 3,451 7%

  14. Slide 14: 3Q'26 and FY'26 Guidance

    GUIDANCE FRAMEWORK 14 3Q’26 and FY’26 Guidance Guidance Assumptions 3Q’26 Guidance FY’26 Guidance KEY ASSUMPTIONS BKR Low Range Midpoint High Range BKR Low Range Midpoint High Range • Chart segment guidance not included REVENUE ($M) 6,570 6,870 7,170 REVENUE ($M) 26,650 27,350 28,050 • Middle East a

  15. Slide 15: Lorenzo Simonelli, Chairman & Chief Executive Officer

    Lorenzo Simonelli Chairman & Chief Executive Officer

  16. Slide 16: Reshaping how energy and industrial markets advance together

    STRATEGIC POSITIONING 16 Reshaping how energy and industrial markets advance together STRATEGIC VALUE DRIVERS Expand capabilities Broaden technology and service capabilities across core energy and industrial markets ENERGY UPSTREAM ENERGY INDUSTRIAL Extraction of the molecule INFRASTRUCTURE Consumpt

  17. Slide 17: Appendix

    Appendix Copyright 2026 Baker Hughes Company. All rights reserved.

  18. Slide 18: Results by Reporting Segment: Oilfield Services & Equipment

    APPENDIX 18 Results by Reporting Segment Oilfield Services & Equipment (in millions) Three Months Ended Variance June 30, March 31, June 30, Year-over- Segment results 2026 2026 2025 Sequential year Orders $ 3,413 $ 3,272 $ 3,503 4% (3%) Revenue $ 3,451 $ 3,237 $ 3,617 7% (5%) EBITDA * $ 605 $ 565 $

  19. Slide 19: Results by Reporting Segment: Industrial & Energy Technology

    APPENDIX 19 Results by Reporting Segment Industrial & Energy Technology (in millions) Three Months Ended Variance June 30, March 31, June 30, Year-over- Segment results 2026 2026 2025 Sequential year Orders $ 7,088 $ 4,887 $ 3,530 45% F Revenue $ 3,291 $ 3,350 $ 3,293 (2%) —% EBITDA * $ 678 $ 678 $

  20. Slide 20: Orders by Reporting Segment

    APPENDIX 20 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 2Q2026 Oilfield Services & Equipment $ 16,344 $ 3,624 $ 4,068 $ 3,807 $ 3,740 $ 15,2

  21. Slide 21: OFSE & IET Reporting Segment Revenues

    APPENDIX 21 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 2Q 2026 Well Construction $ 4,387 $ 1,061 $ 1,090

  22. Slide 22: GAAP to Non-GAAP reconciliations

    APPENDIX 22 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 1Q 2025 2Q 2025 3Q 2025 4Q 2025 FY 2025 1Q2026 2Q2026 Net cash flow from operating activities (GAAP) $ 3,062 $ 784

  23. Slide 23: Additional reconciliations

    APPENDIX 23 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 2Q 2026 1Q 2026 2Q 2025 Income before income taxes (GAAP) $ 892 $ 1,2

  24. Slide 24: 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.

  25. Slide 25: Baker Hughes: Rewriting The Energy Equation

    Baker Hughes S= Rewriting The Energy Equation”

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