BAKER HUGHES（BKR）：两大业务均大幅增长，25财年指导目标将上调

Investment Rating - The report maintains an "Outperform" rating for Baker Hughes, indicating an expected total return exceeding the relevant market benchmark over the next 12-18 months [12]. Core Insights - Baker Hughes is expected to receive positive market feedback for its Q2 2025 performance, with adjusted EBITDA reported at $1.212 billion, surpassing consensus estimates [1][2]. - The company plans to raise its full-year revenue and adjusted EBITDA guidance for its Industrial Energy and Technology segment, while also revising guidance for its Oilfield Services and Equipment segment [1][2]. - The strong performance in Q2 2025 is attributed to productivity improvements, structural cost reductions, and sales growth across both business segments [2][3]. Summary by Sections Financial Performance - Adjusted EBITDA for Q2 2025 was $1.212 billion, exceeding the consensus of $1.123 billion by nearly 10% [2]. - Revenue for the quarter was $6.910 billion, slightly above consensus, driven by growth in both business segments [2]. - The EBITDA margin improved to 18% in Q2 2025 from 16.1% in Q1 2025 [2][5]. Oilfield Services and Equipment - Revenue for this segment reached $3.617 billion, exceeding consensus expectations [2]. - Adjusted EBITDA for the segment was also above consensus, benefiting from productivity gains and cost-cutting measures [2]. - The full-year guidance for this segment is set at $14.5 billion to $15.5 billion in revenue, with adjusted EBITDA between $2.85 billion and $3.15 billion [2]. Industrial and Energy Technology - This segment reported revenue of $3.293 billion, surpassing expectations, with an EBITDA margin of 18% [3]. - The strong performance is attributed to favorable pricing, beneficial foreign exchange rates, and productivity, although partially offset by rising costs [3]. - The full-year guidance for this segment is revenue between $12.4 billion and $13.1 billion, with adjusted EBITDA of $2.2 billion to $2.4 billion [3].