Baker Hughes Company · NASDAQ:BKR
Baker Hughes — Q3 2026 Earnings Presentation
27 slides from Baker Hughes's earnings presentation, Oct 28, 2026
Slide 1: 3Q 2026 Results
3Q 2026 Results October 28, 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, trans
Slide 2: Forward-looking statements
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
Slide 3: Lorenzo Simonelli, Chairman & Chief Executive Officer
Lorenzo Simonelli Chairman & Chief Executive Officer
Slide 4: Highlights
3Q 2026 RESULTS 4 Highlights Solid quarterly performance Adjusted EBITDA1 of $1.42 billion and Adjusted EBITDA margin1 of 17.6%, reflecting consistent IET execution, improved OFSE activity and early Chart progress Continued order momentum Strong demand across key end markets drove $5.9 billion of IE
Slide 5: Strong order momentum across a diversified portfolio
KEY AWARDS & TECHNOLOGY DEVELOPMENTS 5 Strong order momentum across a diversified portfolio Power Systems Gas Infrastructure Lifecycle Services & Digital Energy Upstream • 1.1 GW power-generation order for a • Venture Global award for four • SBM Offshore services agreement for • Multi-year MAS2 cont
Slide 6: Energy security and rising power demand support sustained growth
MACRO & MARKET OUTLOOK 6 Energy security and rising power demand support sustained growth ENERGY UPSTREAM ENERGY INFRASTRUCTURE INDUSTRIAL Flat ~800MTPA ~$100B year-over-year 2026 global upstream global LNG installed base by 2030 2030 Power Systems annual spending (~950MTPA by 2035)1 addressable mar
Slide 7: Integrated solutions unlocking greater value across the asset lifecycle
MATURE ASSETS SOLUTIONS (MAS) 7 Integrated solutions unlocking greater value across the asset lifecycle M A T U R E A S S E T S S O L U TI O N S : C U S T O M E R O U T C O M E S Recovery Optimization Improve recovery factors through reservoir knowledge and unlock Asset Productivity & Integrity Main
Slide 8: Ahmed Moghal, Executive Vice President & Chief Financial Officer
Ahmed Moghal Executive Vice President & Chief Financial Officer
Slide 9: 3Q 2026 Financial results
FINANCIAL PERFORMANCE 9 3Q 2026 Financial results FINANCIALS1 3Q’26 Δ2Q’26 Δ3Q’25 Sustained commercial order RPO ($B)2 46.4 16% 31% momentum drove record RPO Orders ($M) 10,764 2% 31% Revenue ($M) 8,025 19% 14% 1.3x total company book-to-bill Adjusted EBITDA ($M) 1,415 15% 14% Adjusted EBITDA Margin
Slide 10: Capital allocation framework
CAPITAL ALLOCATION FRAMEWORK 10 Capital allocation framework Balance Technology Portfolio PRIORITY Sheet Investment Dividends Buybacks Management 3Q’26 STATUS 2.5x 2% sales $228M $- Chart Leverage1 R&D Investment2 Dividends Share repurchases Completed the acquisition in an all- cash transaction Focu
Slide 11: IET: Broad-based order strength and continued EBITDA growth
INDUSTRIAL & ENERGY TECHNOLOGY (IET) SEGMENT RESULTS 11 IET: Broad-based order strength and 3 Q ’ 2 6 I E T H I G H L I GH TS continued EBITDA growth Record RPO Financials 3Q’26 Δ2Q’26 Δ3Q’25 RPO ($B)1 39.4 6% 23% 1.7x book-to-bill Orders ($M) 5,886 (17%) 42% 3,477 6% 3% Revenue & EBITDA Revenue ($M
Slide 12: OFSE: Strong execution drives sequential outperformance
OILFIELD SERVICES & EQUIPMENT (OFSE) SEGMENT RESULTS 12 OFSE: Strong execution drives sequential 3 Q ’ 2 6 O F S E H I GH L I GH TS outperformance Outperformance Financials 3Q’26 Δ2Q’26 Δ3Q’25 RPO ($B)1 3.4 13% 5% Of guidance midpoint across all metrics Orders ($M) 4,047 19% (1%) 3,660 6% 1% +8% QoQ
Slide 13: Chart: Disciplined integration and execution drive early progress
CHART SEGMENT RESULTS 13 Chart: Disciplined integration and 3 Q ’ 2 6 C H A R T H I G H LI GH TS execution drive early progress 0.9x Financials 3Q’26 RPO ($B)1 3.6 Book-to-bill Orders ($M) 831 888 ~30% Revenue ($M) EBITDA ($M) 156 17.6% Aftermarket revenue mix EBITDA Margin2 Solid orders Led by LNG,
Slide 14: 4Q'26 and FY'26 Guidance
GUIDANCE FRAMEWORK 14 4Q’26 and FY’26 Guidance 4Q’26 Guidance Assumptions 4Q’26 Guidance FY’26 Guidance KEY ASSUMPTIONS BKR Low Range Midpoint High Range BKR Low Range Midpoint High Range • Middle East assumptions remain largely unchanged REVENUE ($M) 7,800 8,250 8,700 REVENUE ($M) 29,160 29,610 30,
Slide 15: Lorenzo Simonelli, Chairman & Chief Executive Officer
Lorenzo Simonelli Chairman & Chief Executive Officer
Slide 16: Solutions unlocking the company's full potential
STRATEGIC POSITIONING 16 Solutions unlocking the company’s full potential STRONGER FOUNDATION CURRENT FOCUS LOOKING AHEAD A DIFFERENTIATED Strengthened Connect Scale enterprise PORTFOLIO BUILT FOR the core capabilities solutions DURABLE GROWTH Simplified the operating model Connecting capabilities C
Slide 17: Appendix
Appendix Copyright 2026 Baker Hughes Company. All rights reserved.
Slide 18: Results by Reporting Segment: Oilfield Services & Equipment
APPENDIX 18 Results by Reporting Segment Oilfield Services & Equipment (in millions) Three Months Ended Variance September 30, June 30, September 30, Year-over- Segment results 2026 2026 2025 Sequential year Orders $ 4,047 $ 3,413 $ 4,068 19% (1%) Revenue $ 3,660 $ 3,451 $ 3,636 6% 1% EBITDA * $ 659
Slide 19: Results by Reporting Segment: Industrial & Energy Technology
APPENDIX 19 Results by Reporting Segment Industrial & Energy Technology (in millions) Three Months Ended Variance September 30, June 30, September 30, Year-over- Segment results 2026 2026 2025 Sequential year Orders $ 5,886 $ 7,088 $ 4,139 (17%) 42% Revenue $ 3,477 $ 3,291 $ 3,374 6% 3% EBITDA * $ 6
Slide 20: Results by Reporting Segment: Chart
APPENDIX 20 Results by Reporting Segment Chart (in millions) Three Months Ended September 30, Segment results 2026 Orders $ 831 Revenue $ 888 EBITDA * $ 156 EBITDA margin * 17.6% September 30, Orders by Product Line 2026 Original Equipment $ 587 Aftermarket 244 Total Orders $ 831 September 30, Reven
Slide 21: Orders by Reporting Segment
APPENDIX 21 Orders by Reporting Segment Orders by Reporting Segment ($ 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 2Q2026 3Q 2026 Total Oilfield Services & Equipment $ 16,344 $ 3,624 $ 4,068 $ 3,807 $ 3,74
Slide 22: Revenue by Reporting Segment
APPENDIX 22 Revenue by Reporting Segment 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 3Q 2026 Well Construction $ 4,387 $ 1,061 $ 1,090
Slide 23: Revenue by Reporting Segment: Geographic Revenue
APPENDIX 23 Revenue by Reporting Segment Oilfield Services & Equipment Geographic Revenue ($ in millions) 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 3Q 2026 North America $ 4,116 $ 990 $ 1,023 $ 971 $ 971 $ 3,955 $ 922 $ 928 $ 980 $ 943 $
Slide 24: GAAP to Non-GAAP reconciliations
APPENDIX 24 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 3Q 2026 Net cash flow from operating activities (GAAP) $ 3,06
Slide 25: Additional reconciliations
APPENDIX 25 Additional reconciliations Reconciliation of Income Tax (GAAP) to Adjusted Income Tax (non-GAAP) Reconciliation of Net Income Attributable to Baker and Effective Tax Rate (GAAP) to Adjusted Effective Tax Rate (non-GAAP) Hughes to Adjusted Net Income Attributable to ($ in millions) Baker
Slide 26: 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.
Slide 27: Baker Hughes
Baker Hughes S= Rewriting The Energy Equation”