Baker Hughes Company · NASDAQ:BKR
Baker Hughes — Q3 2025 Earnings Presentation
24 slides from Baker Hughes's earnings presentation, Oct 24, 2025
Slide 1: 3Q 2025 Results
3Q 2025 Results October 24, 2025 Copyright 2024 2025 Copyright BakerBaker Hughes Company. Hughes All rights Company. reserved. All rights The information contained in this document is company confidential and proprietary property of Baker Hughes and its affiliates. reserved. It is toThe be informati
Slide 2: Forward-looking statements
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
Lorenzo Simonelli Chairman & Chief Executive Officer 3 Copyright 2025 Baker Hughes Company. All rights reserved.
Slide 4: Highlights
3Q 2025 RESULTS 4 Highlights Strong quarterly results Revenues & Adjusted EBITDA above the midpoint of guidance range, led by another strong performance in IET Margins continue to expand Adjusted EBITDA margins1 expand year-on-year to 17.7%, highlighting resilient portfolio and disciplined execution
Slide 5: Strengthening commercial momentum across diverse end markets
KEY AWARDS & TECHNOLOGY DEVELOPMENTS Strengthening commercial momentum across diverse end markets Compression technology LM9000 gas turbine Subsea tree equipment Coiled tubing unit Liquefied Natural Gas Power generation solutions Offshore solutions Oilfield and asset optimization • Main liquefaction
Slide 6: Natural gas and LNG tailwinds prevail in dynamic market environment
MACRO & MARKET OUTLOOK Natural gas and LNG tailwinds prevail in dynamic market environment Macro outlook Market dynamics Data centers: continued AI-demand acceleration; confident in achieving $1.5 billion of data center orders ahead of our original three-year timeline Upstream spending: continue to
Slide 7: LNG Outlook
LNG OUTLOOK Requirement for 950 MTPA of LNG capacity by 2035 ENERGY DEMAND GROWTH & COAL-TO-GAS SUBSTITUTION UNDERPIN STRONG FUNDAMENTALS FOR NATURAL GAS & LNG LNG CAPACITY OUTLOOK 1 POWER GENERATION MIX 2 ~245 MTPA of FIDs of projects under construction and 175 MTPA of Significant room for natural
Slide 8: Ahmed Moghal
Ahmed Moghal Executive Vice President & Chief Financial Officer 8 Copyright 2025 Baker Hughes Company. All rights reserved.
Slide 9: 3Q 2025 Financial Results
FINANCIAL PERFORMANCE 3Q 2025 Financial Results FINANCIALS1 3Q'25 2Q'25 3Q'24 Adjusted EBITDA Continued strong and revenue Orders ($M) 8,207 17% 23% orders momentum growth Revenue ($M) 7,010 1% 1% Adjusted EBITDA ($M) 1,238 2% 2% Adjusted EBITDA Margin 17.7% 10 bps 20 bps Adjusted Diluted EPS 0.68 9
Slide 10: Capital allocation framework
CAPITAL ALLOCATION FRAMEWORK Capital allocation framework Technology Portfolio PRIORITY Balance Sheet Dividends Buybacks investment Management 3Q’25 STATUS Focus on enhancing Continued organic Maintained dividend Initiated deleveraging Continued focus on high- cash position ahead of technology inves
Slide 11: IET Segment Results
INDUSTRIAL & ENERGY TECHNOLOGY (IET) SEGMENT RESULTS IET: Gas Technology continues to drive robust EBITDA growth Financials1 3Q'25 2Q'25 3Q'24 Continued orders strength Orders ($M) 4,139 17% 44% Gas Tech Equipment orders doubled compared to 3Q’24 levels; second consecutive record quarter of Cordant
Slide 12: OFSE Segment Results
OILFIELD SERVICES & EQUIPMENT (OFSE) SEGMENT RESULTS OFSE: Resilient performance despite softening market environment Financials1 3Q'25 2Q'25 3Q'24 Strong orders Orders ($M) 4,068 16% 7% Record Subsea and Surface Pressure Systems (SSPS) orders Revenue ($M) 3,636 1% (8)% Solid NAM revenue performance
Slide 13: 4Q'25 and FY'25 Guidance
GUIDANCE 4Q’25 and FY‘25 Guidance Tariff Impact 4Q’25 Guidance 2025 Guidance BKR1 BKR1 REVENUE ($M) 6,650 - 7,450 REVENUE ($M) 27,000 - 27,800 Adjusted EBITDA ($M)2 1,145 - 1,365 Adjusted EBITDA ($M)2 4,630 - 4,850 OFSE OFSE REVENUE ($M) 14,200 - 14,500 FY’25 Framework REVENUE ($M) 3,450 - 3,750 EBI
Slide 14: Lorenzo Simonelli
Lorenzo Simonelli Chairman & Chief Executive Officer 14 Copyright 2025 Baker Hughes Company. All rights reserved.
Slide 15: Baker Hughes' compelling investment thesis
INVESTMENT THESIS Baker Hughes’ compelling investment thesis ADJUSTED EBITDA AND MARGIN PROGRESSION 1 ACCELERATING PROGRESS AS WE ENTER HORIZON TWO Advancing differentiated lifecycle solutions >$40B Adjusted EBITDA ($) 20%3 6 .0 Adjusted EBITDA Margin (%) 20.0% and integrated services to solve custo
Slide 16: Appendix
Appendix 16 Copyright 2025 Baker Hughes Company. All rights reserved.
Slide 17: Results by Reporting Segment
APPENDIX Results by Reporting Segment Oilfield Services & Equipment 17 Copyright 2025 Baker Hughes Company. All rights reserved. Note: certain columns and rows may not add up due to the use of rounded numbers. *EBITDA is defined as segment income plus depreciation and amortization. EBITDA margin is
Slide 18: Results by Reporting Segment
APPENDIX Results by Reporting Segment Industrial & Energy Technology (in millions) Three Months Ended Variance September 30, June 30, September 30, Year-over- Segment results 2025 2025 2024 Sequential year Orders $ 4,139 $ 3,530 $ 2,868 17% 44% Revenue $ 3,374 $ 3,293 $ 2,945 2% 15% EBITDA $ 635 $ 5
Slide 19: Orders by Reporting Segment
APPENDIX Orders by Reporting Segment Orders by Reporting Segment ($ in millions) 19 Copyright 2025 Baker Hughes Company. All rights reserved. Note: certain columns and rows may not add up due to the use of rounded numbers.
Slide 20: OFSE & IET Reporting Segment Revenues
APPENDIX OFSE & IET Reporting Segment Revenues Consolidated Revenue by Reporting Segment and Product Line ($ in millions) Oilfield Services & Equipment Geographic Revenue ($ in millions) 20 Copyright 2025 Baker Hughes Company. All rights reserved. Note: certain columns and rows may not add up due to
Slide 21: 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 Net cash flow from operating activities (GAAP) $ 1,888
Slide 22: 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 3Q 2025 2Q 2025 3Q 2024 Income before income taxes (GAAP) $ 821 $ 967 $
Slide 23: Follow our journey
bakerhughes.com Follow our @bakerhughesco journey Baker Hughes bakerhughesco @bakerhughesco Confidential. Copyright 2025 Baker Hughes Company. All rights reserved.
Slide 24: Baker Hughes
Baker Hughes ==