Baker Hughes Company · NASDAQ:BKR
Baker Hughes — Q1 2025 Earnings Presentation
22 slides from Baker Hughes's earnings presentation, Apr 23, 2025
Slide 1: 1Q 2025 Results
1Q 2025 Results April 23, 2025 Copyright 2025 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
Slide 2: Forward-looking statements and non-GAAP 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 st
Slide 3: Lorenzo Simonelli, Chairman & Chief Executive Officer
Lorenzo Simonelli Chairman & Chief Executive Officer Copyright 2025 Baker Hughes Company. All rights reserved.
Slide 4: Gas and LNG tailwinds prevail over growing macro uncertainty
MACRO & MARKET OUTLOOK 4 Gas and LNG tailwinds prevail over growing macro uncertainty MACRO OUTLOOK 2025 MARKET DYNAMICS Geopolitical & trade policy uncertainty LNG: continue to expect ~100 MTPA of LNG FIDs from 2024-26 Gas infrastructure: several projects progressing, with Strong natural gas & LNG
Slide 5: 1Q 2025 Results Highlights
1Q 2025 RESULTS 5 Highlights Strong quarterly results Solid year-over-year Adjusted EBITDA1 growth driven by strong margin expansion First major data center orders Over 350 MW of Nova LTTM turbines ordered New long-term LNG commitments NextDecade & Argent LNG agreements provide long-term visibility
Slide 6: Sustained commercial momentum across new and existing end markets
KEY AWARDS & TECHNOLOGY DEVELOPMENTS 6 Sustained commercial momentum across new and existing end markets Nova LTTM LM9000 Gas Tech Services Deepwater Brazil Industrial Power Generation Liquefied Natural Gas (LNG) Gas Tech Services (GTS) OFSE Data Centers Liquefaction & Power Generation Record Equipm
Slide 7: Ahmed Moghal, Executive Vice President & Chief Financial Officer
Ahmed Moghal Executive Vice President & Chief Financial Officer Copyright 2025 Baker Hughes Company. All rights reserved.
Slide 8: 1Q 2025 Financial Results
FINANCIAL PERFORMANCE 8 1Q 2025 Financial Results Operational FINANCIALS1 1Q'25 4Q’24 1Q’24 Record first-quarter improvements ORDERS ($M) 6,459 (14)% (1)% Adj. EBITDA drive strong margin increase REVENUE ($M) 6,427 (13)% 0% Adj. EBITDA ($M) 1,037 (21)% 10% Adj. EBITDA Margin 16.1% (170) bps 140 bps
Slide 9: Robust balance sheet and strong shareholder returns
CAPITAL ALLOCATION 9 Robust balance sheet and strong shareholder returns 60%-80% FCF 1 PRIORITY Balance Sheet Technology Dividends Buybacks Portfolio Investment Management • Maintain a strong • Focus growth capital on • Prioritize dividend growth • Repurchase shares to • Disciplined strategy for PHI
Slide 10: IET: Strong execution drives record first-quarter EBITDA
INDUSTRIAL & ENERGY TECHNOLOGY (IET) SEGMENT RESULTS 10 IET: Strong execution drives record first-quarter EBITDA FINANCIALS1 1Q'25 4Q’24 1Q’24 Strong order momentum continues ORDERS ($M) 3,178 (15)% 9% Solid quarter for Gas Tech Equipment & record Gas Tech Services upgrades orders Consistent revenue
Slide 11: OFSE: Continued margin progress in softening market environment
OILFIELD SERVICES & EQUIPMENT (OFSE) SEGMENT RESULTS 11 OFSE: Continued margin progress in softening market environment FINANCIALS1 1Q'25 4Q’24 1Q’24 Resilient NAM performance ORDERS ($M) 3,281 (12)% (9)% Production-weighted NAM mix drives less cyclicality Softer international revenue REVENUE ($M) 3
Slide 12: Tariff Impact, FY'25 Framework & 2Q'25 Guidance
GUIDANCE FRAMEWORK 12 Tariff Impact, FY’25 Framework & 2Q’25 Guidance Tariff Impact FY’25 Framework 2Q’25 Guidance BKR BKR BKR2 REVENUE ($M) 6,300 – 7,000 • Estimated $100M - $200M potential net • Trade policy & tariff uncertainty introduces impact to consolidated 2025 EBITDA1 high degree of variabi
Slide 13: Lorenzo Simonelli, Chairman & Chief Executive Officer
Lorenzo Simonelli Chairman & Chief Executive Officer Copyright 2025 Baker Hughes Company. All rights reserved.
Slide 14: Appendix
Appendix Copyright 2025 Baker Hughes Company. All rights reserved.
Slide 15: Results by Reporting Segment: Oilfield Services & Equipment
APPENDIX 15 Results by Reporting Segment Oilfield Services & Equipment (in millions) Three Months Ended Variance March 31, December 31, March 31, Year-over- Segment results 2025 2024 2024 Sequential year Orders $ 3,281 $ 3,740 $ 3,624 (12%) (9%) Revenue $ 3,499 $ 3,871 $ 3,783 (10%) (8%) EBITDA $ 62
Slide 16: Results by Reporting Segment: Industrial & Energy Technology
APPENDIX 16 Results by Reporting Segment Industrial & Energy Technology (in millions) Three Months Ended Variance March 31, December 31, March 31, Year-over- Segment results 2025 2024 2024 Sequential year Orders $ 3,178 $ 3,756 $ 2,918 (15%) 9% Revenue $ 2,928 $ 3,492 $ 2,634 (16%) 11% EBITDA $ 501
Slide 17: Orders by Reporting Segment
APPENDIX 17 Orders by Reporting Segment Orders by Reporting Segment ($ in millions) 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 18: OFSE & IET Reporting Segment Revenues
APPENDIX 18 OFSE & IET Reporting Segment Revenues Consolidated Revenue by Reporting Segment and Product Line ($ in millions) Oilfield Services & Equipment Geographic Revenue ($ in millions) Copyright 2025 Baker Hughes Company. All rights reserved. Note: certain columns and rows may not add up due to
Slide 19: GAAP to Non-GAAP reconciliations
APPENDIX 19 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 Net cash flow from operating activities (GAAP) $ 1,888 $ 461 $ 858
Slide 20: Additional reconciliations
APPENDIX 20 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 2025 4Q 2024 1Q 2024 Income before income taxes (GAAP) $ 561 $ 79
Slide 21: Follow our journey
bakerhughes.com Follow our @bakerhughesco journey Baker Hughes bakerhughesco @bakerhughesco Confidential. Copyright 2025 Baker Hughes Company. All rights reserved.
Slide 22: Baker Hughes
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