[Table_Title] 研究报告 Research Report 24 Jul 2025 贝克休斯 (BKR US) 两大业务均大幅增长；25 财年指导目标将上调 Scott Darling Catherine Li scott.darling@htisec.com catherine.dy.li@htisec.com [Table_yemei1] 热点速评 Flash Analysis [Table_summary] 要闻回顾以及最新动态 我们预计 Baker Hughes'（HTI 未覆盖）的 25 年第二季度业绩将得到市场的积极评价，该公司报告的调整后息税折旧 摊销前利润为 12.12 亿美元，高于共识。该公司表示，将 "上调工业能源与技术业务的全年收入和息税折旧摊销前 利润指导，并重新确定油田服务与设备业务的全年指导"，但没有提供更多细节（该公司最初的指导是收入 269 亿 至 286 亿美元，调整后息税折旧摊销前利润 47 亿至 52 亿美元，按部门划分，见下文）。 点评 收入和利润率均超预期： Baker Hughes 公布的调整后息税折旧摊销前利润（EBITDA）为 12.12 亿美元，比共 ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-Q (Mark One) ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2025 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from_________to__________ Baker Hughes Company (Exact name of registrant as specified in its charter) Delaware 81-4403168 (State or other jurisdiction (I.R.S. Employer ...

Thank you for joining us. So where so tell us a little bit about where all the demand is coming from right now. Yeah, Sarah, great to see you.And uh look, we're seeing continued momentum from an energy infrastructure perspective. Strong orders in the uh first half and we see strong orders continuing in the second half and in particular in the first half data center growth. Uh you see our Nova LT turbines uh both 12 megawatt, 16 megawatt and uh multif fuel flexible turbines continue to have a strong order in ...

Baker Hughes Company (BKR) Q2 2025 Earnings Call July 23, 2025 09:30 AM ET Company ParticipantsChase Mulvehill - VP - Investor RelationsLorenzo Simonelli - Chairman & CEOAhmed Moghal - EVP & CFOScott Gruber - Director - Oilfield Services & Equipment ResearchJ. David Anderson - Managing DirectorConference Call ParticipantsArun Jayaram - Research AnalystSaurabh Pant - Director & Equity Research AnalystOperatorGood day, ladies and gentlemen, and welcome to the Baker Hughes Company Second Quarter twenty twenty ...

Baker Hughes Company (BKR) Q2 2025 Earnings Call July 23, 2025 09:30 AM ET Speaker0Good day, ladies and gentlemen, and welcome to the Baker Hughes Company Second Quarter twenty twenty five Earnings Conference Call. At this time, all participants are in a listen only mode. Later, we will conduct a question and answer session and instructions will follow at that time. As a reminder, this conference call is being recorded. I would now like to introduce your host for today's conference, Mr.Chase Mulvehill, Vice ...

Key Takeaways BKR posted Q2 EPS of $0.63 and revenues of $6.91B, both beating their consensus estimate. Cost efficiency and segment productivity helped offset inflation and drove improved results. IET revenues rose 5% and EBITDA jumped 18%, while OFSE revenues and orders declined.Baker Hughes Company (BKR) reported second-quarter 2025 adjusted earnings of 63 cents per share, which beat the Zacks Consensus Estimate of 55 cents. The bottom line also improved from the year-ago level of 57 cents.Total quarter ...

2Q 2025 Results July 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, transmitted, reproduced, altered, or used for any purpose without the express written consent of Baker Hughes. Copyright 2025 Baker Hughes Company. All rights reserved. 1 This presentation (and oral statements made regar ...

Baker Hughes (BKR) came out with quarterly earnings of $0.63 per share, beating the Zacks Consensus Estimate of $0.55 per share. This compares to earnings of $0.57 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of +14.55%. A quarter ago, it was expected that this oilfield services company would post earnings of $0.47 per share when it actually produced earnings of $0.51, delivering a surprise of +8.51%.Over the last four quarter ...

Second-Quarter 2025 Results Overview [Financial & Operational Highlights](index=1&type=section&id=Financial%20%26%20Operational%20Highlights) Baker Hughes reported strong Q2 2025 results with increased adjusted EBITDA and margins, driven by cost improvements, alongside strategic portfolio optimization and key awards - The company achieved a **170 basis point** year-over-year increase in total adjusted EBITDA margins to **17.5%**, driven by structural cost improvements and higher productivity, despite a modest revenue decline[3](index=3&type=chunk) Q2 2025 Financial and Operational Highlights | Metric | Q2 2025 | YoY Change | QoQ Change | | :--- | :--- | :--- | :--- | | Orders | $7.0B | -7% | +9% | | Revenue | $6.9B | -3% | +8% | | Adjusted EBITDA* | $1,212M | +7% | +17% | | Adjusted Diluted EPS* | $0.63 | +11% | +23% | | Cash Flow from Operations | $510M | +47% | -28% | | Free Cash Flow* | $239M | +125% | -47% | - The company returned **$423 million** to shareholders, which included **$196 million** in share repurchases[5](index=5&type=chunk) - The Industrial & Energy Technology (IET) segment achieved a **record backlog of $31.3 billion**, with strong order momentum continuing despite the absence of large LNG awards[4](index=4&type=chunk)[29](index=29&type=chunk) [Strategic Developments & Key Awards](index=3&type=section&id=Strategic%20Developments%20%26%20Key%20Awards) In Q2, the company advanced its portfolio optimization through three strategic transactions and secured significant new energy and data center awards - Executed three strategic transactions to optimize the portfolio: formed a JV with Cactus, Inc. for the OFSE Surface Pressure Control product line for **~$345 million**; agreed to sell the IET Precision Sensors & Instrumentation product line to Crane Company for **~$1.15 billion**; and agreed to acquire Continental Disc Corporation, a pressure management solutions provider, for **~$540 million**[9](index=9&type=chunk)[10](index=10&type=chunk)[11](index=11&type=chunk) - Secured significant awards for data center projects, with year-to-date awards **exceeding $650 million**, including the largest data center award to-date for **30 NovaLT™ turbines** to deliver up to **500 MW** of power[13](index=13&type=chunk) - New Energy bookings reached **$1.25 billion** year-to-date, highlighted by one of the largest CCS orders to-date in the Middle East[18](index=18&type=chunk) - OFSE secured multi-year production solutions contracts in Angola and Kazakhstan, and a contract with Equinor for offshore plug and abandonment (P&A) operations in Norway[19](index=19&type=chunk) Consolidated Financial Performance [Consolidated Financial Results](index=5&type=section&id=Consolidated%20Financial%20Results) Consolidated Q2 financial performance featured $6.91 billion revenue, $701 million GAAP net income, and $1.212 billion adjusted EBITDA, with increased RPO and positive cash flow Consolidated Financial Results Overview | Metric | Q2 2025 Value | Sequential Change | YoY Change | | :--- | :--- | :--- | :--- | | Revenue | $6,910M | +8% | -3% | | GAAP Net Income | $701M | +$299M | +$122M | | Adjusted Net Income* | $623M | +22% | +10% | | Adjusted EBITDA* | $1,212M | +17% | +7% | - The year-over-year increase in adjusted net income and adjusted EBITDA was driven by productivity and structural cost-out initiatives, and favorable FX, partially offset by lower volume in OFSE and cost inflation[28](index=28&type=chunk) [Other Financial Items](index=5&type=section&id=Other%20Financial%20Items) Total Remaining Performance Obligations increased to $34.0 billion, with IET segment's RPO reaching a record $31.3 billion, alongside strong cash flow generation - Remaining Performance Obligations (RPO) ended the quarter at **$34.0 billion**, up **$0.8 billion** sequentially, with IET RPO at a **record $31.3 billion** and OFSE RPO at **$2.7 billion**[29](index=29&type=chunk) Key Financial Metrics | Metric | Q2 2025 Value | | :--- | :--- | | GAAP Diluted EPS | $0.71 | | Adjusted Diluted EPS* | $0.63 | | Cash Flow from Operations | $510M | | Free Cash Flow* | $239M | | Capital Expenditures, net | $271M | Segment Performance [Oilfield Services & Equipment (OFSE)](index=6&type=section&id=Oilfield%20Services%20%26%20Equipment%20(OFSE)) OFSE revenue was $3.62 billion, down 10% year-over-year but up 3% sequentially, with EBITDA margin improving to 18.7% due to productivity and cost-out initiatives OFSE Segment Performance | Metric | Q2 2025 Value | Sequential Change | YoY Change | | :--- | :--- | :--- | :--- | | Orders | $3,503M | +7% | -14% | | Revenue | $3,617M | +3% | -10% | | EBITDA | $677M | +9% | -5% | | EBITDA Margin | 18.7% | +0.9 pts | +0.9 pts | - International revenue of **$2,689 million** was down **10%** year-over-year, with the largest decline in the Europe/CIS/Sub-Saharan Africa region (**-21%**), while North America revenue was down **9%** year-over-year[33](index=33&type=chunk)[34](index=34&type=chunk) - The sequential increase in EBITDA was primarily driven by productivity, structural cost-out initiatives, and higher volume, partially offset by inflation and revenue mix[35](index=35&type=chunk) [Industrial & Energy Technology (IET)](index=7&type=section&id=Industrial%20%26%20Energy%20Technology%20(IET)) IET delivered strong growth with revenue up 5% year-over-year to $3.29 billion and EBITDA up 18% to $585 million, driven by Gas and Climate Technology Solutions IET Segment Performance | Metric | Q2 2025 Value | Sequential Change | YoY Change | | :--- | :--- | :--- | :--- | | Orders | $3,530M | +11% | +2% | | Revenue | $3,293M | +12% | +5% | | EBITDA | $585M | +17% | +18% | | EBITDA Margin | 17.8% | +0.7 pts | +1.9 pts | - Year-over-year revenue growth was driven by Gas Technology Equipment (**+6%**), Gas Technology Services (**+9%**), and Climate Technology Solutions (**+22%**)[38](index=38&type=chunk) - The **18%** year-over-year increase in segment EBITDA was driven by positive pricing, favorable FX, and productivity, partially offset by cost inflation[39](index=39&type=chunk) Financial Statements & Reconciliations [Reconciliation of GAAP to non-GAAP Financial Measures](index=8&type=section&id=Reconciliation%20of%20GAAP%20to%20non-GAAP%20Financial%20Measures) This section details reconciliations of GAAP to non-GAAP financial measures and presents the unaudited condensed consolidated GAAP financial statements - Management provides non-GAAP measures like adjusted EBITDA, adjusted net income, and free cash flow, believing they are widely used by investors to analyze operating performance, liquidity, and identify underlying business trends[41](index=41&type=chunk) - For Q2 2025, GAAP Net Income of **$701 million** was reconciled to Adjusted EBITDA of **$1,212 million**, with key adjustments including adding back depreciation & amortization (**$293M**) and taxes (**$256M**), and subtracting a **$119M** gain from the change in fair value of equity securities[42](index=42&type=chunk) - Q2 2025 GAAP Net Income of **$701 million** was reconciled to Adjusted Net Income of **$623 million** after a net adjustment of **$(78) million**, primarily related to the change in fair value of equity securities[43](index=43&type=chunk) - Net cash from operating activities of **$510 million** was reconciled to Free Cash Flow of **$239 million** by subtracting net capital expenditures of **$271 million**[44](index=44&type=chunk) [GAAP Financial Statements](index=10&type=section&id=GAAP%20Financial%20Statements) This section presents the unaudited condensed consolidated financial statements for the period, including the Statements of Income, Financial Position, and Cash Flows, prepared in accordance with U.S. GAAP [Condensed Consolidated Statements of Income (Loss)](index=10&type=section&id=Condensed%20Consolidated%20Statements%20of%20Income%20(Loss)) For Q2 2025, the company reported revenue of $6.91 billion and net income attributable to Baker Hughes of $701 million, or $0.71 per diluted share Condensed Consolidated Statements of Income (Loss) | (In millions, except per share) | Q2 2025 | Q2 2024 | | :--- | :--- | :--- | | Revenue | $6,910 | $7,139 | | Cost of revenue | $5,295 | $5,493 | | Income before income taxes | $967 | $824 | | Net income attributable to Baker Hughes | $701 | $579 | | Diluted income per Class A common stock | $0.71 | $0.58 | [Condensed Consolidated Statements of Financial Position](index=11&type=section&id=Condensed%20Consolidated%20Statements%20of%20Financial%20Position) As of June 30, 2025, total assets were $38.74 billion, total equity was $17.87 billion, and cash was $3.09 billion Condensed Consolidated Statements of Financial Position | (In millions) | June 30, 2025 | Dec 31, 2024 | | :--- | :--- | :--- | | Total current assets | $17,618 | $17,211 | | Total assets | $38,740 | $38,363 | | Total current liabilities | $12,515 | $12,991 | | Total liabilities | $20,872 | $21,308 | | Total equity | $17,868 | $17,055 | [Condensed Consolidated Statements of Cash Flows](index=12&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) For Q2 2025, net cash from operating activities was $510 million, with net cash decrease of $190 million after investing and financing activities Condensed Consolidated Statements of Cash Flows | (In millions) | Three Months Ended June 30, 2025 | | :--- | :--- | | Net cash flows provided by operating activities | $510 | | Net cash flows used in investing activities | $(286) | | Net cash flows used in financing activities | $(443) | | Decrease in cash and cash equivalents | $(190) | | Cash and cash equivalents, end of period | $3,087 | Other Information [Supplemental Information & Conference Call](index=13&type=section&id=Supplemental%20Information%20%26%20Conference%20Call) This section directs investors to supplemental financial information and announces the investor conference call details - Supplemental financial information is available on the Company's investor relations website[51](index=51&type=chunk) - An investor conference call to discuss the results is scheduled for **9:30 a.m. Eastern time** on **Wednesday, July 23, 2025**[52](index=52&type=chunk) [Forward-Looking Statements](index=13&type=section&id=Forward-Looking%20Statements) This section contains a standard safe harbor statement, cautioning that the release includes forward-looking statements subject to numerous risks and uncertainties - The news release contains forward-looking statements that are subject to risks and uncertainties, and actual results could differ materially[53](index=53&type=chunk) - Key risk factors include economic and political conditions, oil and gas market volatility, ability to convert orders and RPO to revenue, and geopolitical risks such as war, terrorist activities, and cybersecurity attacks[54](index=54&type=chunk)[55](index=55&type=chunk)

Second-quarter highlights Orders of $7.0 billion, including $3.5 billion of IET orders.RPO of $34.0 billion, including record IET RPO of $31.3 billion.Revenue of $6.9 billion, down 3% year-over-year.Attributable net income of $701 million.GAAP diluted EPS of $0.71 and adjusted diluted EPS* of $0.63.Adjusted EBITDA* of $1,212 million, up 7% year-over-year.Cash flows from operating activities of $510 million and free cash flow* of $239 million.Returns to shareholders of $423 million, including $196 million of ...