貝克休斯 (BKR) 2025 Q2 法說會逐字稿

Good day, ladies and gentlemen, and welcome to the Baker Hughes Company's second-quarter 2025 earnings conference call. (Operator Instructions) As a reminder, this conference call is being recorded.

女士們、先生們，大家好，歡迎參加貝克休斯公司 2025 年第二季財報電話會議。（操作員指示）提醒一下，本次電話會議正在錄音。

I would now like to introduce your host for today's conference, Mr. Chase Mulvehill, Vice President of Investor Relations. Sir, you may begin.

現在我想介紹今天會議的主持人、投資者關係副總裁 Chase Mulvehill 先生。先生，您可以開始了。

Thank you. Good morning, everyone, and welcome to Baker Hughes' second-quarter earnings conference call. Here with me are our Chairman and CEO, Lorenzo Simonelli; and our CFO, Ahmed Moghal. The earnings release we issued yesterday evening can be found on our website at bakerhughes.com. We will also be using a presentation with our prepared remarks during this webcast, which can be found on our investor website.

謝謝。大家早安，歡迎參加貝克休斯第二季財報電話會議。和我一起的有我們的董事長兼執行長 Lorenzo Simonelli 和我們的財務長 Ahmed Moghal。您可在我們的網站bakerhughes.com上查閱我們昨晚發布的財報。我們還將在本次網路直播中使用一份包含我們準備好的發言稿的演示文稿，該演示文稿可在我們投資者網站上查閱。

As a reminder, we will provide forward-looking statements during this conference call. These statements are not guarantees of future performance and involve a number of risks and assumptions. Please review our SEC filings and website for the factors that could cause actual results to differ materially. Reconciliation of adjusted EBITDA and certain GAAP to non-GAAP measures can be found in our earnings release.

提醒一下，我們將在本次電話會議中提供前瞻性陳述。這些聲明並非對未來業績的保證，並且涉及許多風險和假設。請查看我們的美國證券交易委員會 (SEC) 文件和網站，以了解可能導致實際結果發生重大差異的因素。調整後的 EBITDA 和某些 GAAP 與非 GAAP 指標的對帳可以在我們的收益報告中找到。

With that, I'll turn the call over to Lorenzo.

說完這些，我將把電話轉給洛倫佐。

Thank you, Chase. Good morning, everyone, and thanks for joining us. First, I'd like to provide a quick outline for today's call. I will begin by discussing our strong second-quarter results and recently announced transactions. I will then highlight key awards and technology developments announced during the quarter and provide some support on the macro backdrop.

謝謝你，蔡斯。大家早安，感謝大家的參與。首先，我想簡單介紹一下今天的電話會議內容。我將首先討論我們強勁的第二季業績和最近宣布的交易。然後，我將重點介紹本季宣布的關鍵獎項和技術發展，並在宏觀背景下提供一些支援。

After this, I will share an update on the exciting progress we are making in the distributed power space with a particular focus on data centers. Ahmed will then cover our financial performance, followed by an overview of our portfolio optimization strategy and our outlook. Finally, I'll provide a quick recap before opening the line for questions.

此後，我將分享我們在分散式電源領域取得的令人興奮的進展，特別關注資料中心。然後，艾哈邁德將介紹我們的財務業績，並概述我們的投資組合優化策略和前景。最後，在開放式提問之前，我將先做一個簡短的回顧。

Let's now turn to the key highlights on slide 4. We delivered another strong set of results, maintaining the trend of meeting or exceeding the midpoint of our EBITDA guidance for the 10th consecutive quarter. Adjusted EBITDA rose to $1.21 billion reflecting a 170 basis point year-over-year improvement in margins. This was driven by the impact of structural cost actions and stronger operational execution.

現在讓我們來看看投影片 4 上的重點內容。我們再次取得了強勁的業績，連續第 10 個季度保持達到或超過 EBITDA 預期中位數的趨勢。調整後的 EBITDA 增至 12.1 億美元，利潤率年增 170 個基點。這是由結構性成本行動和更強的營運執行力的影響所推動的。

We continue to make clear progress in scaling our business system, a standardized platform that enables consistent strategy execution and delivers differentiated outcomes. These efforts are driving structural margin improvement, strengthening the resilience of our earnings, and laying the foundation for long-term value creation. This performance reflects strong execution across both segments amid ongoing macro and industry-related headwinds.

我們在擴展業務系統方面繼續取得明顯進展，這是一個標準化的平台，可以實現一致的策略執行並提供差異化的結果。這些努力正在推動結構性利潤率的提高，增強我們獲利的彈性，並為長期價值創造奠定基礎。這項業績反映出，在持續的宏觀和產業相關不利因素影響下，兩個部門都表現出色。

Oilfield Services and Equipment delivered 90 basis points of sequential margin improvement driven by stronger international and subsea and surface pressure systems revenue, as well as meaningful progress on cost (inaudible) initiatives. In Industrial & Energy Technology, margins expanded by 190 basis points year over year, supported by the continued deployment of our business system, which is enhancing operational discipline and execution.

油田服務和設備業務的利潤率環比提高了 90 個基點，這得益於國際業務、海底和地面壓力系統收入的增加以及成本（聽不清楚）計劃的重大進展。在工業和能源技術領域，利潤率年增 190 個基點，這得益於我們業務系統的持續部署，從而加強了營運紀律和執行力。

IET orders continue to demonstrate strong momentum totaling $3.5 billion in the quarter. Notably, this was achieved with no material LNG equipment orders, once again highlighting the strength and versatility of our technology portfolio as we further expand across energy and industrial end markets.

IET 訂單持續呈現強勁勢頭，本季總額達到 35 億美元。值得注意的是，這項成就是在沒有實質液化天然氣設備訂單的情況下實現的，隨著我們進一步拓展能源和工業終端市場，再次凸顯了我們的技術組合的實力和多功能性。

This diversification is reflected in the growing demand for our data center solutions. During the quarter, we booked more than 550 million in power generation equipment orders for data centers. In addition, we experienced another strong quarter for Gas Tech Services upgrades and transactional bookings as customers focus on improving performance and extending the life of equipment.

這種多樣化體現在我們的資料中心解決方案日益增長的需求上。本季度，我們為資料中心預訂了超過5.5億美元的發電設備訂單。此外，由於客戶專注於提高效能和延長設備壽命，我們在天然氣技術服務升級和交易預訂方面又經歷了一個強勁的季度。

IET backlog grew 3% sequentially, reaching a new record of $31.3 billion reinforcing the durability of our growth outlook. Following a strong first half and a positive outlook for the second-half awards, we are confident in achieving IET's full-year order guidance range of $12.5 billion to $14.5 billion. Looking beyond this year, we see continued momentum for power solutions, sustained growth in new energy, and a robust pipeline of LNG and gas infrastructure opportunities, all of which support a constructive outlook for orders.

IET 積壓訂單季增 3%，達到 313 億美元的新紀錄，增強了我們成長前景的持久性。由於上半年業績表現強勁且對下半年訂單前景看好，我們有信心實現 IET 全年訂單指引範圍 125 億美元至 145 億美元。展望今年，我們看到電力解決方案持續成長的勢頭、新能源的持續成長以及強勁的液化天然氣和天然氣基礎設施機會，所有這些都支持訂單的積極前景。

During the quarter, we generated free cash flow of $239 million and returned a total of $423 million to shareholders, including $196 million in share repurchases.

本季度，我們產生了 2.39 億美元的自由現金流，並向股東返還了總計 4.23 億美元，其中包括 1.96 億美元的股票回購。

Turning to slide 5, we also announced free strategic transactions in the quarter to advance our portfolio optimization strategy, reinforcing efforts to enhance the durability of earnings and cash flow while creating long-term value for shareholders. First, regarding divestitures, we entered into an agreement to establish a joint venture with Cactus, contributing surface pressure control in exchange for approximately $345 million while maintaining a minority ownership stake.

轉到投影片 5，我們也在本季宣布了免費策略交易，以推進我們的投資組合優化策略，加強努力提高收益和現金流的持久性，同時為股東創造長期價值。首先，關於資產剝離，我們與 Cactus 達成協議，建立合資企業，以約 3.45 億美元的價格提供地表壓力控制，同時保留少數股權。

Additionally, we announced the sale of precision sensors and instrumentation to Crane Company for approximately $1.15 billion. These proceeds will provide the company with increased flexibility to reinvest in higher growth, higher return opportunities, supporting further margin expansion and enhancing overall returns.

此外，我們也宣布以約 11.5 億美元的價格向 Crane Company 出售精密感測器和儀器。這些收益將為公司提供更大的靈活性，以便將其再投資於更高成長、更高回報的機會，支持進一步擴大利潤率並提高整體回報。

Next, from a strategic acquisition perspective, we signed an agreement to purchase Continental Disc Corporation, a leading provider of pressure management solutions for approximately $540 million. CDC represents a high-quality bolt-on acquisition within IET, adding a highly complementary offering to our existing valves portfolio that expands our presence in the pressure and flow control market and brings margin accretive life-cycle-based revenue.

接下來，從策略性收購的角度來看，我們簽署了一項協議，以約5.4億美元收購領先的壓力管理解決方案供應商Continental Disc Corporation。 CDC代表了 IET 內部的一次高品質附加收購，為我們現有的閥門產品組合增加了高度互補的產品，擴大了我們在壓力和流量控制市場的影響力，並帶來了基於生命週期的利潤增值收入。

As we advance our portfolio optimization initiatives, we remain focused on executing a strategic and disciplined capital allocation approach to maximize long-term shareholder value. Overall, we made strong progress on multiple fronts during the quarter, and each of these actions support our commitment to profitable growth, continuous margin expansion, and improving quality of earnings.

在推進投資組合優化計畫的同時，我們仍將專注於執行策略性和嚴謹的資本配置方法，以最大化長期股東價值。總體而言，本季度我們在多個方面取得了重大進展，每項行動都支持我們對獲利成長、持續利潤率擴大和提高獲利品質的承諾。

Turning to slide 6, we continue to build strong commercial momentum across new and existing markets with growing synergy opportunities across our portfolio that enhance how we deliver value to customers while expanding our market presence.

轉到投影片 6，我們繼續在新市場和現有市場上建立強勁的商業勢頭，並透過我們產品組合中不斷增長的協同機會增強我們向客戶提供價值的方式，同時擴大我們的市場佔有率。

During the quarter, IET secured two significant data center awards. First, we received our largest data center award to date for 30 NovaLT gas turbines. These units will deliver almost 500 megawatts of power to data centers in the United States and operate on a blend of natural gas and hydrogen, supporting both reliability and lower carbon operations.

本季度，IET 獲得了兩項重要的資料中心獎。首先，我們獲得了迄今為止最大的資料中心合同，包括 30 台 NovaLT 燃氣渦輪機。這些裝置將向美國的數據中心輸送近 500 兆瓦的電力，並使用天然氣和氫氣混合運行，支援可靠性和低碳運營。

Second, we received an order for 16 NovaLT gas turbines, representing up to 270 megawatts of power for deployment of Frontier's data centers in Wyoming and Texas. This award is the first phase of the previously announced enterprise-wide agreement with Frontier to advance power solutions and large-scale carbon capture and storage.

其次，我們收到了 16 台 NovaLT 燃氣渦輪機的訂單，這些燃氣渦輪機可提供高達 270 兆瓦的電力，用於部署 Frontier 在懷俄明州和德克薩斯州的資料中心。該獎項是先前宣布的與 Frontier 達成的企業範圍協議的第一階段，旨在推進電力解決方案和大規模碳捕獲與儲存。

These awards reflect the accelerating long-term demand for distributed lower carbon power in support of digital infrastructure. This trend is also unlocking greater commercial synergies across our power and decarbonization portfolios, reinforcing the potential for sustained data center and new energy growth.

這些獎項反映了對支援數位基礎設施的分散式低碳電力的長期需求不斷增長。這一趨勢也釋放了我們電力和脫碳產品組合中更大的商業協同效應，增強了資料中心和新能源持續成長的潛力。

In total, IET booked 69 NovaLT units this quarter, with more than 70% allocated to data center projects. Year to date, we have secured almost 1.2 gigawatts of NovaLT capacity for data center applications, highlighting our expanding role in enabling the growth of digital infrastructure through flexible lower carbon power solutions.

總體而言，IET 本季預訂了 69 台 NovaLT 設備，其中 70% 以上分配給資料中心專案。今年迄今為止，我們已為資料中心應用確保了近 1.2 千兆瓦的 NovaLT 容量，凸顯了我們透過靈活的低碳電力解決方案推動數位基礎設施成長日益增強的作用。

We are also expanding our pipeline of future digital infrastructure opportunities. At the recent Saudi-US investment forum, we signed an MOU with DataVolt for data center projects globally, which includes plans to power data centers in the kingdom with our NovaLT turbines using hydrogen from NEOM.

我們也正在擴大未來數位基礎設施機會的管道。在最近的沙烏地阿拉伯-美國投資論壇上，我們與 DataVolt 簽署了一份諒解備忘錄，將在全球開展數據中心項目，其中包括利用 NEOM 的氫氣，使用我們的 NovaLT 渦輪機為沙烏地阿拉伯的數據中心供電的計劃。

Beyond data centers, we continue to see strong demand in gas infrastructure. In Saudi Arabia, we secured an award for four NovaLT turbines to support Aramco's master gas system free pipeline. Also, in climate technology solutions, we signed the framework agreement with Energinet to supply 16 reciprocating compressor packages, supporting an increase in biogas production while driving emissions reduction for gas infrastructure in Denmark.

除了資料中心之外，我們還看到對天然氣基礎設施的強勁需求。在沙烏地阿拉伯，我們獲得了四台 NovaLT 渦輪機的合同，以支持阿美公司的主天然氣系統免費管道。此外，在氣候技術解決方案方面，我們與 Energinet 簽署了框架協議，供應 16 套往復式壓縮機組，支援增加沼氣產量，同時推動丹麥天然氣基礎設施的減排。

In GTS, we secured more than $350 million in contractual service agreements during the quarter, strengthening our backlog of recurring revenue. Key awards included a new maintenance agreement with Petrobel to improve up time and reliability of critical turbo machinery equipment and a renewal of a multi-year service contract with Oman LNG featuring remote monitoring and diagnostic services delivered through our iCenter.

在 GTS 領域，我們在本季度獲得了超過 3.5 億美元的合約服務協議，增強了我們的經常性收入積壓。主要獎項包括與 Petrobel 簽訂的新維護協議，以提高關鍵渦輪機械設備的正常運行時間和可靠性，以及與阿曼 LNG 續簽多年期服務合同，該合同通過我們的 iCenter 提供遠程監控和診斷服務。

In new energy, we continue to build momentum internationally, where we have historically seen the greatest concentration of waters. During the quarter, [CTS] secured one of the largest CCS orders to date, providing compression technology for a large CCS hub in the Middle East. In geothermal, we successfully drilled Lower Saxony's first productive deep exploration well in Germany. This project highlights the strength of our integrated well construction and production solutions capabilities supported by advanced digital solutions that optimize performance.

在新能源領域，我們繼續在國際上累積勢頭，歷史上我們看到了水資源最集中的地方。本季度，[CTS] 獲得了迄今為止最大的 CCS 訂單之一，為中東一個大型 CCS 樞紐提供壓縮技術。在地熱領域，我們成功鑽探了德國下薩克森州第一口生產性深層勘探井。該專案凸顯了我們的綜合井建設和生產解決方案能力的優勢，並得到了優化性能的先進數位解決方案的支持。

In OFSE, we maintain strong momentum in production and mature asset solutions, booking several meaningful awards. Notably, we signed a significant master services agreement with Aramco for installation and maintenance of electric submersible pumps across the kingdom. We also received two large multi-year contracts to help optimize production, throughput, and reliability for two major operators in offshore Angola and the US Gulf Coast, leveraging our chemicals, artificial lift, and digital solutions.

在OFSE，我們在生產和成熟資產解決方案方面保持強勁勢頭，並獲得了多個有意義的獎項。值得注意的是，我們與沙烏地阿美公司簽署了一項重要的主服務協議，負責沙烏地阿拉伯各地電動潛水泵的安裝和維護。我們還獲得了兩份大型多年期合同，利用我們的化學品、人工舉升和數位解決方案，幫助安哥拉近海和美國墨西哥灣沿岸的兩家主要營運商優化產量、吞吐量和可靠性。

In Norway, Equinor awarded us a contract to industrialize offshore plug and abandonment operations in the Oseberg East Field, which followed the announcement of a new multi-year framework agreement for integrated wealth services. OFSE also secured a multi-year contract to provide drag reducing chemicals to be deployed on two major offshore pipeline systems operated by Genesis Energy. To support this agreement, we will expand our chemicals manufacturing footprint and deploy Leucipa, our digitally automated fuel production solution.

在挪威，Equinor 授予我們一份合同，將 Oseberg East 油田的海上封鎖和廢棄作業工業化，此前該公司宣布了一項新的綜合財富服務多年期框架協議。OFSE 還獲得了多年期合同，為 Genesis Energy 運營的兩個主要海上管道系統提供減阻化學品。為了支持該協議，我們將擴大化學品製造足跡並部署我們的數位自動化燃料生產解決方案 Leucipa。

Also for Leucipa, we received an award from Repsol for next-generation AI capabilities and entered into a new agreement with [ENI] to deploy Leucipa for ESP optimization and AI-driven predictive analytics in the Middle East.

此外，對於 Leucipa，我們獲得了 Repsol 頒發的下一代 AI 功能獎，並與 [ENI] 達成了一項新協議，在中東部署 Leucipa 進行 ESP 優化和 AI 驅動的預測分析。

Continuing on digital, Cordant Solutions secured a notable contract with a large [NOC] to deploy asset performance management for several compressor stations in the Middle East. Cordant Solutions was also awarded a contract with Nova Chemicals to optimize maintenance and maximize production across multiple petrochemical facilities, leveraging ATM's asset strategy and asset health digital offerings.

在數位化領域繼續發展，Cordant Solutions 與一家大型 [NOC] 簽訂了一份重要合同，為中東的幾個壓縮機站部署資產績效管理。Cordant Solutions 也與 Nova Chemicals 簽訂了一份合同，利用 ATM 的資產策略和資產健康數位產品，優化維護並最大限度地提高多個石化設施的產量。

Overall, it was another strong quarter both from a commercial and technology engagement perspective. We are building strong order and technology pipelines that extend beyond our traditional oil and gas markets, creating additional life cycle growth opportunities that further enhance our earnings and cash flow durability.

總體而言，從商業和技術參與的角度來看，這又是一個強勁的季度。我們正在建立強大的訂單和技術管道，超越我們的傳統石油和天然氣市場，創造額外的生命週期成長機會，進一步提高我們的收益和現金流的持久性。

Turning to the macro on slide 7. Amid continued macro uncertainty, I want to take a moment to reaffirm the strong, long-term fundamentals underpinning our business. Global energy demand continues to grow, supported by durable, secular macro trends that are shaping the future of the energy landscape. Population growth, particularly in emerging markets, is driving baseline demand for energy across residential, mobility, and infrastructure.

轉到投影片 7 上的巨集。在宏觀不確定性持續存在的情況下，我想花點時間重申我們業務所依賴的強勁、長期基本面。在塑造未來能源格局的持久、長期宏觀趨勢的推動下，全球能源需求持續成長。人口成長，尤其是新興市場的人口成長，正在推動住宅、交通和基礎設施對能源的基本需求。

At the same time, continued economic development and industrialization are expanding energy needs across critical sectors such as manufacturing, transportation, and technology. Urbanization and the global push for electrification are accelerating the build out of modern energy systems. This includes both expanding access to reliable electricity and supporting new demand drivers like data centers and industrial decarbonization.

同時，持續的經濟發展和工業化正在擴大製造業、交通運輸和技術等關鍵領域的能源需求。城市化和全球電氣化進程正在加速現代能源系統的建設。這包括擴大可靠電力的取得和支援資料中心和工業脫碳等新的需求驅動因素。

Amid this backdrop, there is a global push for lower carbon solutions as countries advance their emission reduction goals. In response, we are seeing increased investment in clean power, CCUS, emissions abatement, geothermal, and hydrogen. These markets require scalable, flexible, and efficient energy solutions, capabilities that are core to baker use and essential to enabling a lower carbon economy.

在此背景下，隨著各國推動減排目標，全球都在推動低碳解決方案。作為回應，我們看到對清潔能源、CCUS、減排、地熱和氫氣的投資增加。這些市場需要可擴展、靈活且高效的能源解決方案，這些功能是麵包師使用的核心，對於實現低碳經濟至關重要。

Consistent with this trend, we booked $1 billion in new energy orders during the quarter, bringing year-to-date bookings to $1.25 billion, already matching our total for last year. As a result, we now anticipate exceeding the high end of our $1.4 billion to $1.6 billion dollar order range for this year. This performance reflects increasing global demand for lower carbon solutions and reinforces our confidence in achieving our $6 billion to $7 billion order target by 2030.

與此趨勢一致，我們在本季度獲得了 10 億美元的新能源訂單，使年初至今的訂單總額達到 12.5 億美元，已與去年的總額持平。因此，我們預計今年的訂單金額將超過 14 億美元至 16 億美元的上限。這項業績反映出全球對低碳解決方案的需求日益增長，並增強了我們在2030年實現60億至70億美元訂單目標的信心。

Collectively, these macro trends support a strong long-term outlook for the global energy and industrial landscape as customers increasingly prioritize efficiency, reliability, and sustainability. It is an environment aligned with our strengths and one that positions us to capitalize on the significant opportunities ahead.

總體而言，隨著客戶越來越重視效率、可靠性和永續性，這些宏觀趨勢支持全球能源和工業格局強勁的長期前景。這種環境與我們的優勢一致，使我們能夠抓住未來的重大機會。

Now turning to natural gas, we continue to see growing divergence between oil and natural gas fundamentals. Its abundant low-cost reliability and lower emissions set natural gas apart from other fossil fuels. This year is increasingly being validated across policy and market dynamics.

現在轉向天然氣，我們繼續看到石油和天然氣基本面之間的分歧越來越大。天然氣具有豐富的低成本、可靠性和較低的排放量，有別於其他化石燃料。今年的政策和市場動態越來越證實了這一點。

While we expect significant growth from renewables, scaling these technologies at pace required to meet growing energy needs remains a challenge, particularly in light of supply chain constraints, permitting delays, cost inflation, and less favorable policy support. These challenges further reinforce the positive long-term outlook for natural gas.

雖然我們預計再生能源將實現顯著成長，但以滿足日益增長的能源需求所需的速度擴大這些技術仍然是一個挑戰，特別是考慮到供應鏈限制、許可延遲、成本上漲以及政策支援不太有利等因素。這些挑戰進一步強化了天然氣的長期樂觀前景。

By 2040, we expect natural gas demand to grow by over 20%, with global LNG increasing by at least 75%. This growth outlook creates a favorable environment for Baker Hughes. We are already seeing strong momentum, booking $2.9 billion in gas infrastructure equipment orders over the past six quarters, a trend we expect to continue as countries turn to natural gas to support power generation and industrial development.

到 2040 年，我們預計天然氣需求將增加 20% 以上，全球液化天然氣需求將增加至少 75%。這種成長前景為貝克休斯創造了有利的環境。我們已經看到了強勁的發展勢頭，過去六個季度的天然氣基礎設施設備訂單總額已達 29 億美元，隨著各國轉向天然氣來支持發電和工業發展，我們預計這一趨勢將持續下去。

In LNG, approximately 60 MTPA of additional FIDs are needed over the next 18 months to reach our three-year target of 100 MTPA, which would bring the global installed base to our long-held target of 800 MTPA by 2030. Beyond this, we see continued growth in the installed base as energy demand and emission reduction efforts converge.

在液化天然氣領域，未來 18 個月內需要約 60 MTPA 的額外 FID，才能實現我們 100 MTPA 的三年目標，這將使全球安裝基數在 2030 年達到我們長期以來 800 MTPA 的目標。除此之外，隨著能源需求和減排努力的融合，我們看到安裝基數持續成長。

This year, LNG demand continues to grow rapidly, up 5% year over year, as softness in China is more than offset by strength in Europe. This increase in demand is driving sustained momentum in LNG contracting activity. For example, with McKenzie reports 49 MTPA of long-term LNG offtake contracts have been signed in the first half of the year, positioning 2025 to exceed the record 81 MTPA signed last year.

今年，液化天然氣需求持續快速成長，年增 5%，因為中國市場的疲軟被歐洲市場的強勁成長所抵消。需求的成長推動了液化天然氣合約活動的持續成長。例如，據麥肯齊報道，今年上半年已簽署了 49 MTPA 的長期液化天然氣承購合同，預計 2025 年將超過去年簽署的 81 MTPA 的創紀錄水平。

Now turning to oil markets. This year has been marked by heightened volatility, with [Brent] prices ranging from a low of $60 per barrel in early May to a high of $77 per barrel in June, with continued volatility into July. The market continues to navigate cross currents, balancing weakening demand and rising OPEC+ production against persistent geopolitical risks in both the Middle East and Russia.

現在轉向石油市場。今年是原油波動性加劇的一年，[布蘭特]原油價格從 5 月初的每桶 60 美元低點漲至 6 月的每桶 77 美元高點，且 7 月波動持續。市場繼續在逆流中前行，在需求減弱、OPEC+產量上升與中東和俄羅斯持續存在的地緣政治風險之間取得平衡。

As we look into the second half of the year, we expect continued volatility as OPEC+ accelerates the return of its 2.2 million barrels per day of idle production into what we anticipate will be a soft market. Ultimately, until all excess OPEC+ barrels are absorbed by the market, we anticipate oil-related upstream spending will remain subdued.

展望下半年，我們預計市場將繼續波動，因為 OPEC+ 正在加速將其每天 220 萬桶的閒置產量轉入我們預期的疲軟市場。最終，在所有過剩的 OPEC+ 石油產量都被市場吸收之前，我們預計石油相關的上游支出將保持低迷。

On global upstream spending, we maintain our outlook for a high-single-digit decline this year. In international, we now expect spending to decline toward the high end of our mid- to high-single-digit range given downward pressure in key countries such as Saudi Arabia and Mexico.

對於全球上游支出，我們維持今年將出現高個位數下降的預測。在國際方面，鑑於沙烏地阿拉伯和墨西哥等主要國家的下行壓力，我們現在預計支出將下降至中高個位數區間的高端。

In North America, we still project spending to decline in the low double digits. These forecasts assume current oil prices hold and no further trade policy escalation. Any meaningful deterioration in either could present incremental downside.

在北美，我們仍然預計支出將下降兩位數。這些預測假設當前油價保持不變，且貿易政策不會進一步升級。任何一方的明顯惡化都可能帶來持續的負面影響。

Longer term, we expect oil demand to grow beyond 2030. To meet that demand, significant investments will be required. In addition, we anticipate growing customer focus on mitigating reservoir decline and optimizing production efficiency. This underscores our strategic focus on mature asset solutions in OFSE. These technologies will improve production reliability, boost fuel performance, and expand our presence in more durable OpEx-led production markets, increasing the resilience of our revenue base.

從長遠來看，我們預計2030年後石油需求將會成長。為了滿足這項需求，需要大量投資。此外，我們預期客戶將越來越關注緩解油藏衰退和優化生產效率。這強調了我們對 OFSE 成熟資產解決方案的策略重點。這些技術將提高生產可靠性、增強燃料性能、擴大我們在更持久的營運支出主導的生產市場的影響力，從而增強我們收入基礎的彈性。

Turning to slide 8, I wanted to take a few minutes to discuss the opportunity we see in distributed power solutions for data center, market, and beyond. Distributed power represents a compelling growth sector for Baker Hughes, drawing on multiple parts of our enterprise from industrial gas turbines and electric motors to geothermal and CCS technologies. This opportunity broadens our market exposure to digital infrastructure and reinforces the stability of our earnings and cash flow through life cycle-driven equipment and service revenue.

翻到第 8 張投影片，我想花幾分鐘時間討論我們在資料中心、市場及其他領域的分散式電源解決方案中看到的機會。分散式能源是貝克休斯引人注目的成長領域，它利用了我們企業的多個部分，從工業燃氣渦輪機和電動馬達到地熱和 CCS 技術。這個機會擴大了我們在數位基礎設施領域的市場曝光度，並透過生命週期驅動的設備和服務收入增強了我們的收益和現金流的穩定性。

According to the IA, global energy consumption from data centers is expected to more than double, reaching 945 terawatt hours by 2030. In the US, electricity demand for data processing alone is projected to surpass the combined power needs of all energy intensive manufacturing sectors, including aluminum, steel, cement, and chemicals. To support this surge in power requirements, gas turbine manufacturers are experiencing robust order activity across both utility scale and sub-utility scale power applications.

據 IA 稱，到 2030 年，全球資料中心的能源消耗預計將增加一倍以上，達到 945 太瓦時。在美國，僅數據處理的電力需求就預計將超過所有能源密集型製造業（包括鋁、鋼鐵、水泥和化學品）的總電力需求。為了滿足激增的電力需求，燃氣渦輪機製造商在公用事業規模和亞公用事業規模的電力應用中都經歷了強勁的訂單活動。

Our portfolio is well suited for the sub-utility scale behind the meter solutions, providing advanced technology and shorter deployment timelines with our hydrogen ready NovaLT 12 and 16 megawatt turbines, as well as brush electric generators.

我們的產品組合非常適合電錶解決方案背後的次級公用事業規模，透過我們的氫能 NovaLT 12 和 16 兆瓦渦輪機以及有刷發電機提供先進的技術和更短的部署時間。

To meet rising demands, we continue to make targeted organic investments to enhance our NovaLT capabilities, including initiatives to increase power range and reduce startup times. In addition, activities are underway to significantly increase our manufacturing capacity by 2027, capitalizing on strong order visibility.

為了滿足不斷增長的需求，我們繼續進行有針對性的有機投資，以增強我們的 NovaLT 能力，包括增加功率範圍和縮短啟動時間的措施。此外，我們正在進行活動，利用強大的訂單可見性，在 2027 年大幅提高我們的製造能力。

In the utility scale space, our geothermal solutions offer customers reliable and scalable base load power, supported by IET's organic ranking cycle, steam turbine technologies, and OFSE's subsurface expertise. More broadly, we are seeing expanded market opportunities to deploy advanced and enhanced geothermal technologies to deliver dispatchable low carbon power to data centers. Additionally, we are collaborating on the development of the utility and industrial scale net power solutions, further expanding our power range and enabling near zero emissions power generation.

在公用事業規模領域，我們的地熱解決方案為客戶提供可靠且可擴展的基本負載電力，並得到 IET 的有機排名循環、蒸汽渦輪機技術和 OFSE 的地下專業知識的支持。更廣泛地說，我們看到了部署先進和增強型地熱技術向資料中心提供可調度低碳電力的市場機會不斷擴大。此外，我們正在合作開發公用事業和工業規模的淨電力解決方案，進一步擴大我們的電力範圍並實現近零排放發電。

The growing frequency of grid disruptions is prompting industries with critical operations to seek more reliable on-site power solutions. This shift is especially evident in sectors like energy, healthcare, data centers, airports, and other mission critical infrastructure, where our distributed power offerings are well positioned to meet this emerging need for behind the meter power.

電網中斷頻率的不斷增加促使關鍵營運產業尋求更可靠的現場電力解決方案。這種轉變在能源、醫療保健、資料中心、機場和其他關鍵任務基礎設施等領域尤為明顯，在這些領域，我們的分散式電源產品能夠很好地滿足這種新興的用戶端電力需求。

Building on the momentum from our recent data center related awards totaling more than $650 million year to date, we are making strong progress toward our three-year target of $1.5 billion. The pace of recent awards positions us to meet or exceed this target earlier than planned. Importantly, This excludes the substantial recurring revenue opportunity tied to aftermarket services which typically generate 1 to 2 times the original equipment value over a 20-year period.

憑藉近期資料中心相關獎項的強勁勢頭，今年迄今為止，這些獎項總額已超過 6.5 億美元，我們正在朝著三年 15 億美元的目標邁進。最近獲獎的速度使我們能夠比計劃更早達到或超過這一目標。重要的是，這不包括與售後服務相關的大量經常性收入機會，而售後服務通常在 20 年內產生原始設備價值的 1 到 2 倍。

In summary, the surging momentum in data center development is reinforcing IET's fundamental demand drivers while also increasing the pipeline of enterprise-wide opportunities. We are expanding into attractive high growth markets beyond our traditional oil and gas space, creating new avenues for growth while further strengthening the durability of our earnings and cash flow.

總而言之，資料中心發展的強勁勢頭正在加強 IET 的基本需求驅動力，同時也增加了企業範圍內的機會。我們正在向傳統石油和天然氣領域以外的有吸引力的高成長市場擴張，創造新的成長途徑，同時進一步增強我們的獲利和現金流的持久性。

To conclude, it was another strong quarter for the company, with significant progress on several fronts despite the challenges presented by the external environment. Our focus remains on the areas within our control, most notably the continued deployment of our business system across the enterprise, which is driving productivity and accelerating our efforts to be a leaner, more efficient company.

總而言之，儘管外部環境充滿挑戰，但公司在本季又表現強勁，在多個方面取得了重大進展。我們的重點仍然是我們可以控制的領域，最值得注意的是在整個企業內繼續部署我們的業務系統，這將提高生產力並加速我們成為更精簡、更有效率的公司的努力。

Baker Hughes is well positioned to deliver sustainable growth and create long-term shareholder value. We are excited about the future as we advance into the next phase of our journey. With that, I'll turn the call over to Ahmed.

貝克休斯已做好充分準備實現永續成長並創造長期股東價值。當我們邁入旅程的下一個階段時，我們對未來充滿興奮。說完這些，我將把電話轉給艾哈邁德。

Thanks, Lorenzo. I'll begin with a review of our consolidated results and segment performance. I will then outline our portfolio optimization strategy and conclude with a summary of our outlook before turning it back to Lorenzo for final remarks.

謝謝，洛倫佐。我將首先回顧我們的綜合業績和分部業績。然後，我將概述我們的投資組合優化策略，並總結我們的展望，然後交還給 Lorenzo 進行最後的評論。

Starting on slide 10. As Lorenzo highlighted, we delivered another strong quarter of orders with total company bookings of $7 billion including $3.5 billion from IET. This performance demonstrates continued customer confidence in our diversified portfolio and underscores the strength and breadth of our market leading technologies and solutions.

從投影片 10 開始。正如洛倫佐所強調的，我們又一個季度的訂單量強勁，公司訂單總額達 70 億美元，其中包括來自 IET 的 35 億美元。這項業績顯示客戶對我們多元化產品組合的持續信心，並凸顯了我們市場領先技術和解決方案的實力和廣度。

Adjusted EBITDA increased by 7% year over year to $1.21 billion despite lower revenue driven by strong margin expansion across both segments. This performance reflects the benefits of structural cost improvements and continued deployment of our business system, which is driving greater productivity, stronger operating leverage, and more durable earnings.

儘管收入有所下降，但由於兩個部門的利潤率均強勁擴張，調整後的 EBITDA 年成長 7%，達到 12.1 億美元。這項業績反映了結構性成本改善和業務系統持續部署的好處，從而推動了更高的生產力、更強的經營槓桿和更持久的獲利。

GAAP diluted earnings per share was $0.71, excluding adjusting items, earnings per share was $0.63, up 11% year over year. We generated free cash flow of $239 million. For the full year, we maintain our free cash flow conversion target of 45% to 50% with a typical stronger performance expected in the second half of the year.

以美國通用會計準則計算，每股稀釋收益為0.71美元，扣除調整項目，每股收益為0.63美元，較去年同期成長11%。我們產生了2.39億美元的自由現金流。就全年而言，我們維持 45% 至 50% 的自由現金流轉換目標，預計下半年業績將更加強勁。

Turning to capital allocation on slide 11, our balance sheet remains in a very strong position. We ended the quarter with cash of $3.1 billion and net debt-to-EBITDA ratio of 0.6 times and liquidity of $6.1 billion. We also returned $423 million to shareholders. This included $227 million of dividends and $196 million in share repurchases. We remain committed to returning 60% to 80% of free cash flow to shareholders.

談到第 11 張投影片上的資本配置，我們的資產負債表仍然處於非常強勁的狀態。本季末，我們的現金為 31 億美元，淨負債與 EBITDA 比率為 0.6 倍，流動資金為 61 億美元。我們也向股東返還了 4.23 億美元。其中包括 2.27 億美元的股息和 1.96 億美元的股票回購。我們仍然致力於將 60% 至 80% 的自由現金流返還給股東。

The portfolio optimization actions announced in the second quarter are expected to generate about $1 billion in net proceeds upon closure of these transactions, further strengthening our balance sheet and increasing flexibility for organic investments, shareholder returns, and value accretive acquisitions.

第二季宣布的投資組合優化行動預計將在這些交易完成後產生約 10 億美元的淨收益，進一步增強我們的資產負債表，並提高有機投資、股東回報和增值收購的靈活性。

I will now highlight the results for both segments starting with IET on slide 12. During the quarter, we secured IET orders totaling $3.5 billion including record bookings for both CTS and Cordant Solutions, as well as a 28% year-over-year increase in GTS driven by another strong quarter of upgrades and transactional orders. This brings our year-to-date total to $6.7 billion which includes $1.9 billion in GTS, $1.4 billion for LNG and gas infrastructure, and more than $650 million for data center power solutions.

我現在將從幻燈片 12 上的 IET 開始重點介紹這兩個部分的結果。在本季度，我們獲得了總額達 35 億美元的 IET 訂單，其中包括 CTS 和 Cordant Solutions 的創紀錄訂單，以及 GTS 同比增長 28%，這得益於另一個季度的強勁升級和交易訂單。這使得我們今年迄今的總投資額達到 67 億美元，其中包括 19 億美元的 GTS、14 億美元的 LNG 和天然氣基礎設施以及超過 6.5 億美元的資料中心電源解決方案。

These commercial achievements further underscore the versatility of our technology portfolio and our strategic positioning to benefit from multiple secular growth trends across the energy and industrial sectors. With a book to bill of 1.1 times for the quarter, IET achieved another record RPO of $31.3 billion. This RPO level and a structurally expanding installed base provides strong revenue visibility in the years ahead.

這些商業成就進一步凸顯了我們技術組合的多功能性以及我們從能源和工業領域的多種長期成長趨勢中受益的策略定位。本季度，IET 的訂單出貨比為 1.1 倍，RPO 再次創下 313 億美元的新高。此 RPO 水平和結構性擴展的安裝基礎為未來幾年提供了強大的收入可見性。

IET revenue increased by 5% year over year to $3.3 billion, led by a 9% increase in GTS and 22% increase in CTS, partially offset by the expected softness in industrial tech. Segment EBITDA growth significantly outpaced segment revenue, increasing 18% year over year as margins expanded by 190 basis points to 17.8% despite some tariff-related headwinds. This performance was driven by record Gas Tech Equipment margins and strong execution in Cordant Solutions partially offset by CTS.

IET 營收年增 5% 至 33 億美元，其中 GTS 成長 9%，CTS 成長 22%，但被工業技術預期的疲軟部分抵銷。分部 EBITDA 成長顯著超過分部收入，較去年同期成長 18%，儘管面臨一些與關稅相關的不利因素，利潤率仍擴大 190 個基點至 17.8%。這項業績是由創紀錄的 Gas Tech Equipment 利潤率和 Cordant Solutions 的強勁執行力推動的，但 CTS 部分抵消了這一影響。

These results clearly highlight the benefit of our business system implementation. Now in its third year, this disciplined operating model is focused on performance management, strategy deployment, and continuous improvement. Rooted in lean and Kaizen principles, it is equipping teams across the enterprise with tools to simplify workflows, eliminate waste, and improve execution, ultimately supporting progress towards our 20% EBITDA margin target.

這些結果清楚地凸顯了我們業務系統實施的好處。如今，這項嚴謹的營運模式已進入第三年，專注於績效管理、策略部署和持續改善。它植根於精益和改善原則，為整個企業的團隊提供簡化工作流程、消除浪費和改善執行的工具，最終支持我們實現 20% EBITDA 利潤率目標。

Turning to OFSE on slide 13. OFSE revenue in the quarter was $3.6 billion, up 3% sequentially. In international markets, revenue increased 4% sequentially, led by Europe and the Middle East, excluding Saudi Arabia, where activity continued to trend lower.

轉到第 13 張投影片上的 OFSE。OFSE 本季營收為 36 億美元，季增 3%。在國際市場上，營收季增 4%，其中歐洲和中東地區（不包括沙烏地阿拉伯）的成長最為顯著，而沙烏地阿拉伯的活動持續呈下降趨勢。

We also saw solid growth in Latin America driven by Mexico. While upstream activity in Mexico remains subdued, we experienced strong growth in chemicals as refiners work to address rising crude quality challenges. In North America, revenue was up 1% sequentially. North America land revenues remained stable compared to the first quarter, outperforming the 3% decline in US onshore rig activity due to our strong weighting towards production-related work.

我們也看到，在墨西哥的推動下，拉丁美洲實現了穩健成長。儘管墨西哥的上游活動依然低迷，但隨著煉油廠努力應對日益嚴峻的原油品質挑戰，化學品業務經歷了強勁增長。在北美，營收季增 1%。與第一季相比，北美陸地收入保持穩定，由於我們高度重視生產相關工作，其表現優於美國陸上鑽井活動 3% 的下降。

Driven by disciplined execution and a continued focus on cost efficiencies, OFSE delivered EBITDA of $677 million, exceeding the midpoint of our guidance range despite a challenging market. Importantly, EBITDA margins expanded 90 basis points sequentially to 18.7%.

在嚴格的執行和持續關注成本效率的推動下，OFSE 實現了 6.77 億美元的 EBITDA，儘管市場充滿挑戰，但仍超過了我們指導範圍的中點。重要的是，EBITDA 利潤率環比擴大 90 個基點，達到 18.7%。

Turning to slide 14, I'd like to take a few minutes to highlight the progress we've made on portfolio optimization and how we are advancing the strategic priority as we transition from Horizon One, a period defined by significant operational improvement, into Horizon Two, which will be characterized by continued execution discipline and an increased focus on strategic growth, particularly in industrial, new energy markets, and mature asset solutions.

轉到第 14 張投影片，我想花幾分鐘時間重點介紹我們在投資組合優化方面取得的進展，以及我們如何在從「第一階段」（以顯著的營運改善為特徵）向「第二階段」過渡的過程中推進戰略重點，第二階段的特點是持續執行紀律並更加註重戰略增長，特別是在工業、新能源市場和成熟資產解決方案領域。

We have remained focused on reshaping the portfolio to drive higher profitability and position Baker Hughes for more durable, long-term growth. Including the $1.5 billion of expected proceeds from the PSI and SPC transactions, we will have generated over $2.5 billion in cash from a series of strategic actions since the merger in 2017.

我們一直致力於重塑投資組合，以提高獲利能力，並使貝克休斯實現更持久的長期成長。包括 PSI 和 SPC 交易預期獲得的 15 億美元收益在內，自 2017 年合併以來，我們將透過一系列策略行動獲得超過 25 億美元的現金。

Our divested businesses will now be with owners where they are a stronger strategic fit while enabling Baker Hughes to further streamline its portfolio and concentrate in higher margin recurring revenue opportunities. These transactions have unlocked significant value, strengthened our balance sheet, and enhanced our strategic focus and flexibility.

我們剝離的業務現在將歸屬於與其策略更契合的所有者，同時使貝克休斯能夠進一步精簡其投資組合併專注於利潤率更高的經常性收入機會。這些交易釋放了巨大的價值，增強了我們的資產負債表，並提高了我們的策略重點和靈活性。

We have also been disciplined in how we've redeployed this capital, including the acquisition of CDC, we have reinvested approximately $1.8 billion to expand our industrial presence and align with long-term growth trends. Other notable investments include BRUSH electric motors, which expanded IET's driver and power generation offerings; and Altus Intervention, which strengthened our capabilities within mature asset solutions.

我們在重新部署這些資本方面也非常嚴謹，包括收購 CDC，我們已重新投資約 18 億美元來擴大我們的工業影響力並順應長期成長趨勢。其他值得注意的投資包括 BRUSH 電動機，它擴大了 IET 的驅動和發電產品；以及 Altus Intervention，它增強了我們在成熟資產解決方案方面的能力。

We have also made early-stage investments in decarbonization technologies that, once commercialized, could drive meaningful long-term growth. The combination of the PSI divestiture and CDC acquisition is a clear example for our portfolio strategy in action. We are monetizing non-core assets and unlocking significant value while reinvesting into higher-margin recurring revenue businesses at attractive multiples that enhance returns.

我們也對脫碳技術進行了早期投資，這些技術一旦商業化，將能夠推動有意義的長期成長。PSI 資產剝離和 CDC 收購的結合是我們投資組合策略實施的一個明顯例子。我們正在將非核心資產貨幣化並釋放巨大的價值，同時以有吸引力的倍數再投資於利潤率更高的經常性收入業務，以提高回報。

Collectively, these actions advance our strategy to reshape the portfolio for more resilient earnings and cash flows. They demonstrate our disciplined approach, prioritizing strategic fit, exposure to growth markets, accretive margins and returns, and life-cycle-based business models. Looking ahead, we'll continue to invest in opportunities that strengthen our industrial footprint and unlock meaningful synergies.

總的來說，這些措施推進了我們重塑投資組合以獲得更具彈性的收益和現金流的策略。它們體現了我們嚴謹的方法，優先考慮策略契合度、成長市場曝光度、增值利潤和回報以及基於生命週期的商業模式。展望未來，我們將繼續投資於能夠加強我們的工業足跡並釋放有意義的協同效應的機會。

Our ability to integrate acquisitions effectively is enabled by the strength of our business system. It provides the structure, discipline, and repeatability to execute with speed and consistency, accelerating synergy capture and driving faster value creation. With the net leverage ratio of 0.6 times EBITDA, we have ample capacity to pursue value accretive opportunities, including high return organic investments, disciplined M&A, and continued capital return to shareholders.

我們有效整合收購的能力得益於我們強大的業務系統。它提供了結構、紀律和可重複性，以便快速、一致地執行，加速協同效應的獲取並推動更快的價值創造。淨槓桿率為 EBITDA 的 0.6 倍，我們有充足的能力尋求價值增值機會，包括高回報的有機投資、有紀律的併購以及持續向股東提供資本回報。

This financial flexibility enables us to allocate capital with precision and purpose, with a clear focus on actions to accelerate revenue growth, enhance margins, improve returns, and strengthen our long-term position. Our ultimate objective remains the same: to maximize long-term shareholder value and position Baker Hughes for sustainable differentiated growth.

這種財務靈活性使我們能夠精確而有目的地分配資本，明確專注於加速收入成長、提高利潤率、改善回報和加強我們的長期地位的行動。我們的最終目標始終如一：最大化長期股東價值，並使貝克休斯實現可持續的差異化成長。

Turning to slide 15, I want to provide an update on the dynamic trade policy environment and our outlook. In the second quarter, we estimate that the increase in tariff rates negatively impacted our EBITDA by approximately $15 million. We executed a series of mitigation initiatives that helped limit the financial impact, and these actions will continue to play a critical role in managing ongoing exposure.

翻到第 15 張投影片，我想介紹一下動態貿易政策環境和我們的展望。在第二季度，我們估計關稅稅率的提高對我們的 EBITDA 產生了約 1500 萬美元的負面影響。我們實施了一系列緩解措施，有助於限制財務影響，這些行動將繼續在管理持續風險方面發揮關鍵作用。

Since our trade policy update in our previous earnings call, there have been several changes, both implemented and proposed relative to the tariff rates assumed in our original analysis. At a high level, our updated analysis suggests that these developments largely offset each other. As a result, we are maintaining the previously communicated estimate of $100 to $200 million net EBITDA impact for the year.

自從我們上次收益電話會議中更新貿易政策以來，相對於我們最初分析中假設的關稅稅率，已經實施和提議了幾項變更。從高層次來看，我們最新的分析表明，這些發展在很大程度上相互抵消。因此，我們維持先前公佈的今年淨 EBITDA 影響 1 億至 2 億美元的估計。

Note that this assumes recently announced tariffs are implemented as planned. No further trade policy escalation, including retaliatory tariffs, and continued success of our mitigation actions across both segments. We are tracking the risk for retaliatory tariffs in key regions.

請注意，這假設最近宣布的關稅按計劃實施。貿易政策不再升級，包括報復性關稅，我們在兩個領域的緩和行動繼續取得成功。我們正在追蹤重點地區的報復性關稅風險。

While not currently reflected in our net tariff impact estimate, we remain prepared to implement additional mitigation initiatives to limit, where possible, any further impact on our global operations and financial performance. Beyond the direct impact of ongoing trade policy shifts, we continue to monitor potential secondary effects such as more cautious customer behavior and signs of broader economic weakness.

雖然目前尚未反映在我們的淨關稅影響估算中，但我們仍準備實施額外的緩解措施，盡可能限制對我們的全球營運和財務表現的進一步影響。除了持續的貿易政策變化的直接影響之外，我們還將繼續監測潛在的次要影響，例如更謹慎的客戶行為和更廣泛的經濟疲軟跡象。

Next, I would like to update you on our outlook. The details of our third-quarter and full-year 2025 guidance are also found on slide 15. The ranges for revenue, EBITDA, and depreciation and amortization are shown on this slide, and I'll focus on the midpoint of our guidance.

接下來，我想向大家介紹一下我們的展望。我們的 2025 年第三季和全年指引的詳細資訊也可在第 15 張投影片上找到。這張投影片顯示了收入、EBITDA 以及折舊和攤提的範圍，我將重點放在我們指導的中點。

While there's still volatility around trade policy developments, we have been successfully executing our mitigation plans, and our underlying business continues to perform well. In light of these factors and consistent with our commitment to transparency, we are re-establishing full-year guidance for both segments and the company overall.

儘管貿易政策發展仍然存在波動，但我們一直在成功執行緩解計劃，並且我們的基礎業務繼續表現良好。鑑於這些因素，並秉承我們對透明度的承諾，我們正在為兩個部門以及整個公司重新制定全年指導。

For the third quarter, we expect total company EBITDA of approximately $1.185 billion at the midpoint of our guidance range, led by continued strong growth in IET and resilient margins in OFSE. For IET, we expect third-quarter results to benefit from continued productivity gains supported by the enhanced implementation of our business system, as well as strong revenue conversion from the segment's record backlog.

對於第三季度，我們預計公司總 EBITDA 約為 11.85 億美元，處於指導範圍的中點，這得益於 IET 的持續強勁增長和 OFSE 的彈性利潤率。對於 IET，我們預計第三季的業績將受益於我們業務系統加強實施所支持的持續生產力成長，以及該部門創紀錄的積壓訂單帶來的強勁收入轉換。

Overall, we anticipate IET EBITDA of $600 million at the midpoint of our guidance range. For OFSE, we expect third-quarter EBITDA of $665 million at the midpoint of our guidance range, which represents flat sequential margins on a slight revenue decline.

總體而言，我們預計 IET EBITDA 將達到 6 億美元，處於我們指引範圍的中點。對於 OFSE，我們預計第三季的 EBITDA 為 6.65 億美元，處於我們指導範圍的中點，這意味著利潤率將與上一季持平，但收入將略有下降。

Now turning to our full-year guidance. We see continued strength in IET fundamentals while OFSE remains challenged by subdued market conditions. Taking this into account, we expect total company EBITDA of $4.675 billion at the midpoint of our guidance range.

現在談談我們的全年指引。我們看到 IET 基本面繼續保持強勁，而 OFSE 仍然面臨低迷的市場環境的挑戰。考慮到這一點，我們預計公司總 EBITDA 將達到 46.75 億美元，處於我們指引範圍的中點。

In IET, we maintain the midpoint of our orders guidance range of $13.5 billion given our solid first-half orders performance and positive outlook for the second half, particularly in LNG. Also, we are raising the guidance range for both revenue and EBITDA, increasing the midpoint for revenue to $12.9 billion from $12.75 billion, and EBITDA to $2.35 billion from $2.3 billion.

在 IET，鑑於我們上半年訂單表現穩健且對下半年（尤其是 LNG）前景樂觀，我們維持訂單指導範圍的中點 135 億美元。此外，我們也提高了營收和 EBITDA 的指引範圍，將營收中點從 127.5 億美元提高到 129 億美元，將 EBITDA 從 23 億美元提高到 23.5 億美元。

The major factors driving our third-quarter and full-year guidance ranges for IET will be the pace of backlog conversion in GTE, the impact of any error derivative supply chain tightness in gas tech, foreign exchange rates, trade policy, and operational execution in industrial tech and CTS.

影響我們對 IET 第三季和全年指導範圍的主要因素將是 GTE 的積壓轉換速度、天然氣技術領域任何錯誤衍生供應鏈緊張程度的影響、外匯匯率、貿易政策以及工業技術和 CTS 的營運執行情況。

For OFSE, we are re-establishing full-year guidance with midpoints of $14.2 billion for revenue and $2.625 billion for EBITDA, implying marginal improvement despite lower revenue, driven by strong execution of our structural cost out program and reinforcing the durability of our margins.

對於 OFSE，我們重新制定了全年指引，其中間點為收入 142 億美元，EBITDA 26.25 億美元，這意味著儘管收入下降，但仍將實現邊際改善，這得益於我們結構性成本削減計劃的強力執行以及利潤率持久性的增強。

Factors driving our third-quarter and full-year guidance range for OFSE include execution of our SSPS backlog, the impact on near-term activity levels in North American and international markets, trade policy, and pricing across more transactional markets.

影響 OFSE 第三季和全年指導範圍的因素包括 SSPS 積壓訂單的執行情況、對北美和國際市場近期活動水準的影響、貿易政策以及更多交易市場的定價。

We remain confident in our ability to deliver solid performance in 2025 with continued growth in IET helping to offset softness in more market sensitive areas of OFSE, underscoring the strength of our portfolio and the benefits of our strategic diversification.

我們仍有信心在 2025 年實現穩健的業績，IET 的持續成長將有助於抵消 OFSE 對市場更敏感領域的疲軟，凸顯我們投資組合的實力和策略多元化的優勢。

In summary, we are pleased with the company's operational performance during the second quarter. OFSE delivered strong margin performance despite softness in the upstream market, while IET margins continued to progress towards our 20% target. We remain focused on elements within our control, streamlining operations and driving efficiencies that will benefit us well beyond the cycle.

綜上所述，我們對公司第二季的經營業績感到滿意。儘管上游市場疲軟，OFSE 仍實現了強勁的利潤表現，而 IET 利潤率則繼續朝著我們的 20% 目標邁進。我們將繼續專注於我們能夠控制的因素，簡化營運並提高效率，這將使我們在週期之外受益。

With that, I'll turn the call back over to Lorenzo.

說完這些，我將把電話轉回給洛倫佐。

Thank you, Ahmed. Our strong second-quarter results clearly demonstrate the continued progress we are making in transforming our operations and streamlining the organization, even in a challenging and uncertain market environment.

謝謝你，艾哈邁德。我們強勁的第二季業績清楚地表明，即使在充滿挑戰和不確定的市場環境中，我們在轉變營運和精簡組織方面仍在不斷取得進展。

As you can see illustrated on slide 17, we have evolved into a much more profitable energy and industrial technology company. At the midpoint of our 2025 guidance, Baker Hughes' EBITDA margin will have increased by almost 600 basis points over the past five years. Additionally, EBITDA has more than doubled over the same period. The magnitude of this improvement speaks to the substantial progress we've made and reinforces our confidence in the strategic vision we set out when we formed the company.

正如您在第 17 張投影片上看到的，我們已經發展成為一家利潤更高的能源和工業技術公司。按照我們 2025 年指引的中點計算，貝克休斯的 EBITDA 利潤率將在過去五年中增加近 600 個基點。此外，EBITDA 同期成長了一倍以上。這種大幅改善表明我們取得了實質進展，並增強了我們對公司成立時所製定的策略願景的信心。

We are entering Horizon TWO from a position of strength with a clear path to drive further growth and enhanced margins, underscoring our commitment to delivering long-term value for our shareholders. Our business system is a critical enabler for continued success, driving operational discipline, improving productivity, and accelerating the consistency of execution.

我們正以強大的實力進入第二階段，擁有明確的路徑來推動進一步的成長和提高利潤率，這凸顯了我們致力於為股東提供長期價值的承諾。我們的業務系統是持續成功、推動營運紀律、提高生產力和加速執行一致性的關鍵推動因素。

We are now complementing our operational efforts with additional portfolio optimization actions. These transactions announced in the second quarter served as a clear blueprint for our strategy, unlocking value from non-core businesses and recycling that capital into higher margin opportunities aligned with our financial and strategic frameworks.

我們現在正在透過額外的投資組合優化行動來補充我們的營運工作。在第二季宣布的這些交易為我們的策略提供了清晰的藍圖，釋放了非核心業務的價值，並將這些資本回收到符合我們的財務和策略框架的更高利潤機會中。

In addition to our operational and portfolio progress, our complementary and versatile technology portfolio supports our strong position in key growth markets, including natural gas, new energy, and mature basins. This enables us to capitalize on emerging secular trends, driving sustained order momentum into Horizon Two and beyond.

除了我們的營運和產品組合進展之外，我們互補且多功能的技術組合還支持我們在天然氣、新能源和成熟盆地等關鍵成長市場中的強勢地位。這使我們能夠利用新興的長期趨勢，推動持續的訂單動能進入第二階段及以後。

The opportunities emerging within these growth markets are fostering enhanced commercial integration throughout the company. By leveraging our enterprise-wide customer relationships, cross-segment sales channels, and integrated offerings, we'll be able to drive incremental growth and capture a greater share of our addressable market.

這些成長市場中出現的機會正在促進整個公司的商業整合。透過利用我們企業範圍內的客戶關係、跨部門銷售管道和綜合產品，我們將能夠推動增量成長並佔據更大目標市場份額。

To conclude, thank you to the entire Baker Hughes team for yet again delivering outstanding results. As we continue our journey to take Baker Hughes and energy forward, we remain committed to our customers, shareholders, and employees. With that, I'll turn the call back over to Chase.

最後，感謝整個貝克休斯團隊再次取得出色的成績。在我們繼續推動貝克休斯和能源產業向前發展的旅程中，我們始終致力於服務我們的客戶、股東和員工。說完這些，我就把電話轉回給 Chase。

Operator, we can now open up for questions.

接線員，我們現在可以開始提問了。

(Operator Instructions) Scott Gruber, Citi Group.

（操作員指示）花旗集團的斯科特·格魯伯。

So the margin performance across both segments was impressive and the outlook in OFS was better than we expected given the backdrop. Can you just unpack the drivers of the margin performance a bit more? And as we start to think about '26, your confidence level and hitting the 20% mark in IET, and then thinking about OFS, giving your internal drivers, if you think you can grind those margins a bit higher in the soft market or is a kind of flat assumption a good starting point for us?

因此，這兩個部門的利潤表現令人印象深刻，而且考慮到這一背景，OFS 的前景比我們預期的要好。能否進一步解釋一下利潤表現的驅動因素？當我們開始考慮 26 時，您的信心水平和在 IET 中達到 20% 的目標，然後考慮 OFS，給出您的內部驅動力，您是否認為您可以在疲軟的市場中將這些利潤率提高一點，或者某種平穩的假設對我們來說是一個好的起點？

Yeah, Scott. Look, obviously we're pleased with the way the teams have executed in the first half and also in the second quarter with that progress and continuous improvement despite the external headwinds. So yeah, I think it's helpful as we think about it by segment. So in OFSE, the EBITDA margins, as we pointed out, expanded by around 90 basis points sequentially to 18.7%, and that was on the back of sequential stronger revenue, as well as the progress we've made on cost efficiency.

是的，斯科特。看，顯然我們對球隊在上半年和第二季度的表現感到滿意，儘管面臨外部阻力，球隊仍然取得了進步並持續改進。是的，我認為當我們按部分考慮它時它會很有幫助。因此，正如我們所指出的，OFSE 的 EBITDA 利潤率環比擴大了約 90 個基點，達到 18.7%，這是得益於環比增長的收入以及我們在成本效率方面取得的進步。

So by cost efficiency, really we're looking at a few things. We continue to streamline our cost structure, so right sizing and making sure we understand the current activity levels and, simple things like removing duplication across, the segment, which we've been doing for over a year. So I think, that's one piece on cost, but then also on price, we remain disciplined. So (technical difficulty)

因此，從成本效益來看，我們實際上正在考慮一些事情。我們將繼續精簡我們的成本結構，從而確定正確的規模並確保我們了解當前的活動水平，以及諸如消除整個部門的重複等簡單的事情，我們已經這樣做了一年多。所以我認為，這是成本方面的問題，但在價格方面，我們仍保持紀律。所以（技術難度）

Ladies and gentlemen, please stand by. Speaker lines are having technical difficulties. Again, please stand by.

女士們、先生們，請稍候。揚聲器線路出現技術故障。再次，請稍候。

Sorry, so that's -- so sorry, we may have lost you for a second, but I was on IET EBITDA margins. So we -- the margins expanded by 190 basis points, close to 18% despite some tariff-related headwinds. And that impacted margins to be cleared by around 40 basis points in IET. So the drivers of the performance are record margins in GTE. Cordant Solutions also contributed to solid performance. And that's underpinned by our business system, which we've had in place for -- coming into its third year.

抱歉，那是——非常抱歉，我們可能暫時失去了你，但我當時的 IET EBITDA 利潤率是這樣的。因此，儘管存在一些與關稅相關的不利因素，利潤率仍擴大了 190 個基點，接近 18%。這對 IET 的利潤率產生了約 40 個基點的影響。因此，業績表現的驅動因素是 GTE 創紀錄的利潤率。Cordant Solutions 也為穩健的績效做出了貢獻。這是由我們的業務系統支撐的，該系統已經實施三年了。

And I'd point out also, OFSE and IET continue to work together to implement the best practices on business system across, the company. So lastly, I'd say going forward as we look at additional efficiency opportunities, we see it there in IT, we're confident on the 20% margin target. In OFSE, similarly, we're closing the margin GAAP to our peers, and we're focused on margins and not market share. So overall, pretty strong setup and the way the teams have been executing to make sure we have continuous improvement.

我還要指出的是，OFSE 和 IET 繼續合作，在整個公司範圍內實施業務系統的最佳實踐。最後，我想說，當我們展望未來時，我們會發現更多的效率機會，我們在 IT 領域也看到了這一點，我們對 20% 的利潤率目標充滿信心。同樣，在 OFSE，我們正在向同業推行利潤率 GAAP，我們關注的是利潤率而不是市場份額。總體而言，相當強大的設置和團隊的執行方式確保我們不斷改進。

Yeah, Scott, I'm not sure how much cut it out there, but really as you look at it from a trajectory of going forward, again, as Ahmed said, margin accretion is the name of the game. It's what we've stated with regards to the progression going forward. Great progress across both segments, even with some of the headwinds we see in the marketplace, in particular OFSE and the performance that they've been able to demonstrate. And as we go forward, we aim to continue that margin progression into '26.

是的，斯科特，我不確定那裡削減了多少，但實際上，當你從前進的軌跡來看時，正如艾哈邁德所說，利潤增長是遊戲的名稱。這就是我們對未來進展的陳述。儘管我們看到市場上存在一些阻力，但兩個部門都取得了巨大進步，特別是 OFSE 及其所展示的表現。隨著我們不斷前進，我們的目標是將這一利潤率成長延續到 26 年。

David Anderson, Barclays.

巴克萊銀行的大衛安德森。

I was wondering if you could just expand a little bit more on the IET order performance this quarter. Gas Tech Equipment was a bit light, but services was surprisingly strong. I was just wondering how you think these components should trend the rest of the year, and maybe what gets you to the high end of that order guide that you had reiterated.

我想知道您是否可以進一步介紹本季 IET 訂單的表現。Gas Tech Equipment 有點輕，但服務出奇地強大。我只是想知道您認為這些組件在今年剩餘時間內的趨勢會如何，以及是什麼讓您達到您重申的訂單指南的高端。

And also, while we're here, if you could provide some insight of how these orders are starting to shape up for 2026, particularly with the data center orders on page 2, what looks to be far exceeding your prior targets there.

另外，當我們在這裡時，如果您可以提供一些關於這些訂單在 2026 年如何開始形成的見解，特別是第 2 頁上的資料中心訂單，這些訂單看起來遠遠超出了您之前的目標。

Dave, yeah, I'm very pleased with the order progress made in IET and you saw bookings of $3.5 billion of orders in the quarter, taking the year to date to $6.7 billion. So we're trending towards -- our midpoint of the full-year guidance is, again, stated as $13.5 billion.

戴夫，是的，我對 IET 的訂單進度非常滿意，本季的訂單金額為 35 億美元，年初至今的訂單額已達 67 億美元。因此，我們的全年預期中位數為 135 億美元。

And this is as a result of strength and the strong visibility on orders and the back half of the year. We're confident in achieving that and continue to see strength in the overall market. As you look at orders to date, it's been driven by non-LNG markets, gas infrastructure, data centers, GTS upgrades, and Cordant Solutions.

這是由於訂單量強勁以及下半年的強勁可見性。我們有信心實現這一目標，並將繼續看到整體市場的強勁表現。從迄今為止的訂單來看，它是由非液化天然氣市場、天然氣基礎設施、資料中心、GTS 升級和 Cordant Solutions 推動的。

So if you look into the second half, we do anticipate strengthening LNG orders and a number of the projects that we've mentioned in the past coming through and that we've been working on. So as we look at the strength of our orders in the first half, touching on data centers, it's quickly emerging as a strong growth area. We've received several awards for our NovaLT turbines. Year to date, we booked over 70 NovaLT turbines for the data center market, providing 1.2 gigawatts of power.

因此，如果你展望下半年，我們確實預計液化天然氣訂單將會加強，而且我們過去提到的和我們一直在努力的一些項目也將實現。因此，當我們回顧上半年訂單的強度時，我們發現資料中心正迅速成為一個強勁的成長領域。我們的 NovaLT 渦輪機已獲得多項獎項。今年迄今為止，我們為資料中心市場預訂了 70 多台 NovaLT 渦輪機，可提供 1.2 千兆瓦的電力。

Notably, the award includes our largest single order to date of 30 NovaLTs for a customer in the US data center projects and 16 NovaLTs for Frontier infrastructure projects. So both great examples of the increasing connectivity between the surging digital infrastructure demand and also the increasing need for lower carbon solutions.

值得注意的是，該合約包括我們迄今為止最大的單筆訂單，即為美國資料中心專案的客戶訂購 30 台 NovaLT，以及為 Frontier 基礎設施專案訂購 16 台 NovaLT。這兩個例子都很好地體現了不斷增長的數位基礎設施需求和不斷增長的低碳解決方案需求之間的連結。

As we look forward, we continue to see opportunities to leverage our hydrogen-ready capabilities on the NovaLT turbines as well as providing CCS solutions such as the Frontier projects. And as we look at new energy, again, these orders, as you look at our second-quarter new energy orders, over $1 billion, which was a new record, and we're positioned to meet or exceed the target as we go forward for the year.

展望未來，我們將繼續看到機會利用 NovaLT 渦輪機的氫氣就緒能力以及提供 Frontier 專案等 CCS 解決方案。當我們再次看新能源時，這些訂單，正如你看我們第二季度的新能源訂單，超過 10 億美元，這是一個新紀錄，我們準備在今年實現或超過目標。

So as you think about data centers, in particular, we stated free order target of $1.5 billion. We do anticipate being able to meet that earlier than planned on the back strength that we see within the marketplace.

因此，當您考慮資料中心時，我們特別提出了 15 億美元的免費訂單目標。我們確實預計，憑藉市場強勁的支持力度，我們能夠比計劃更早實現這一目標。

Outside of some of the equipment side, as you mentioned, Gas Tech Services, we booked several CSA agreements totaling more than $350 million. Also experienced a strong quarter for both transactional and upgrade orders, extending the life of the equipment that we have out there installed. And year to date, we booked $1.9 billion of GTS orders, which is up 28% versus last year. And also upgrades very strong with orders up 165% for the same period, and transactional orders increased by 20%. So very strong performance by the services side on the Gas Technology.

除了您提到的部分設備方面，在 Gas Tech Services 方面，我們還簽訂了幾項 CSA 協議，總額超過 3.5 億美元。本季交易訂單和升級訂單均表現強勁，延長了我們已安裝設備的使用壽命。今年迄今為止，我們已獲得價值 19 億美元的 GTS 訂單，比去年增長了 28%。且升級非常強勁，同期訂單成長了 165%，交易訂單成長了 20%。因此，天然氣技術服務的表現非常強勁。

And also, on the digital Cordant Solutions achieving record orders. As you look at Cordant orders, up 16% year over year. Record software orders, which rose by 56%, and we see a long runway for continuous growth within Cordant as customers continue to increase the adoption.

此外，數位 Cordant 解決方案也創下了訂單記錄。從 Cordant 的訂單來看，其年增了 16%。軟體訂單創下紀錄，成長了 56%，隨著客戶採用率的不斷提高，我們看到 Cordant 擁有長期持續成長的空間。

And our large installed base that we've got as an opportunity as well as balance of plant to go after from third-party equipment. And we keep on gaining traction on our iCenter. Major milestone in the quarter is over 2,000 critical turbomachinery assets now connected.

我們擁有龐大的安裝基礎，這為我們提供了機會，同時也為工廠的平衡提供了從第三方設備中獲得的機會。我們的 iCenter 也不斷獲得關注。本季的重要里程碑是目前已連接超過 2,000 台關鍵渦輪機械資產。

So looking at the second half, again, feel good about that midpoint of the range. We expect LNG orders to strengthen. The projects are there. We see further strength in GTS orders. And also, as we look to the second-half opportunities in the FPSO market that will start to materialize.

因此，再看看下半部分，對這個範圍的中點感覺良好。我們預計液化天然氣訂單將會增加。項目就在那裡。我們看到 GTS 訂單進一步強勁。此外，我們期待 FPSO 市場下半年的機會開始實現。

And for 2026, we see secular tailwinds across many of the end markets continue to strengthen. So we expect solid momentum across LNG, and we expect '26 IET orders to be consistent with 2025 levels. So in summary, feeling a bit about the start to the year, feeling good about the second half and also the visibility we have into 2026 and beyond.

展望 2026 年，我們預期許多終端市場的長期順風動能將持續增強。因此，我們預計液化天然氣將保持強勁成長勢頭，並且預計 2026 年 IET 訂單量將與 2025 年的水準保持一致。總而言之，對今年年初有些感覺，對下半年感覺良好，並且對 2026 年及以後的前景也充滿希望。

Arun Jayaram, JPMorgan.

摩根大通的阿倫‧賈亞拉姆 (Arun Jayaram)。

You guys have had a -- called a more muscular approach to the portfolio more recently with the three transactions announced in June. I was wondering, perhaps for Ahmed, if you could discuss perhaps the net impact from these three transactions as we think about sharpening our pencil on 2026, perhaps top line or EBITDA thoughts. And maybe, thoughts, Lorenzo, on further portfolio moves and do you expect some of these moves to be focused in IET, OFSE, or both?

最近，隨著六月宣布的三筆交易，你們對投資組合採取了更強硬的態度。我想知道，也許對於艾哈邁德來說，當我們考慮在 2026 年制定計劃時，您是否可以討論一下這三筆交易的淨影響，也許是頂線或 EBITDA 的想法。也許，Lorenzo，關於進一步的投資組合變動，您是否預計其中一些變動將集中在 IET、OFSE 或兩者上？

Hi, Arun. It's Ahmed. So look, I think on the impact, the first thing I'd highlight is that these transactions, we've never intended them to drive progress towards OFSE and IET, 20% margin target. So that's an important point.

你好，阿倫。是艾哈邁德。所以，我認為就影響而言，我要強調的第一件事是，我們從未打算透過這些交易來推動 OFSE 和 IET 實現 20% 的利潤目標。這是很重要的一點。

And so when you take the three transactions in aggregate that we announced in the second quarter, there is going to be a very modest benefit to both segment margins. And then when you roll that forward in terms of when we expect things to growth and so forth and you look at the net EBITDA impact from these three transactions in 2026, we expect that to be just over $100 million.

因此，如果將我們在第二季宣布的三筆交易加在一起，那麼這兩個部門的利潤率都會有非常小的提升。然後，當您根據我們預期的成長時間向前推進時，您會查看這三筆交易在 2026 年產生的淨 EBITDA 影響，我們預計該影響將略高於 1 億美元。

And Arun, adding to the aspect of going forward, first of all, we're very pleased with the transactions we announced. Excited about the prospect of welcoming CDC into the family. And also, we exited businesses that are no longer aligned with the strategic priorities or return expectations, then they're going to better owners and better strategic fit for the future.

阿倫，關於未來的發展，首先，我們對宣布的交易感到非常滿意。我很高興歡迎 CDC 加入我們的大家庭。此外，我們退出了那些不再符合策略重點或回報預期的企業，然後它們將被更好的所有者和更適合未來策略的企業所擁有。

So what we've been able to do is unlock significant value and get some good valuations and redeploy that into accretive assets that come into the portfolio. And as you look at it, that's really what we've highlighted within the prepared remarks about portfolio optimization continuing to be a key part of our strategy. And we've been doing that since we came together in 2017, and it's fair to assume that we're going to continue doing that as we strengthen the portfolio through additional acquisitions and continue to look at the right divestiture.

因此，我們能夠做的是釋放巨大的價值，獲得一些良好的估值，並將其重新部署到投資組合中的增值資產中。正如您所看到的，這正是我們在準備好的評論中所強調的，投資組合優化仍然是我們策略的關鍵部分。自 2017 年成立以來，我們一直在這樣做，可以合理地假設，隨著我們透過額外的收購來加強投資組合併繼續尋找正確的資產剝離，我們將繼續這樣做。

If you think about the two segments, we have over 30 businesses that are competing for capital. And so we're really concentrating on looking at where the stronger margin profiles are, the recurring revenue potential, and the long-term growth opportunities across all of the 30 and across the two segments, and we do a rigorous assessment of each of the businesses. And it's natural to think that over time, there will be evolution that takes place and certain businesses may no longer align with our strategic priorities.

如果你考慮這兩個部分，我們有超過 30 家企業在競爭資本。因此，我們真正專注於研究所有 30 個業務和兩個業務部門的利潤率優勢、經常性收入潛力和長期成長機會，並對每個業務部門進行嚴格的評估。我們自然會認為，隨著時間的推移，情況將會演變，某些業務可能不再符合我們的策略重點。

On the further acquisitions, we'll continue to target opportunities that strengthen our industrial footprint and unlock meaningful synergies. We like businesses that offer margin-accretive, life-cycle-driven revenue, and are poised to drive IET towards leading margins. In OFSE, we'll continue to focus on strengthening our leading franchise in production solutions and mature asset solutions, and creating our exposure to the more resilient (inaudible) focused end markets.

在進一步的收購中，我們將繼續尋找機會加強我們的工業足跡並釋放有意義的協同效應。我們看好那些能夠增加利潤、以生命週期為驅動的收入並準備推動 IET 實現領先利潤率的企業。在 OFSE，我們將繼續專注於加強我們在生產解決方案和成熟資產解決方案方面的領先特許經營權，並創造我們進入更具彈性（聽不清楚）的終端市場的管道。

So with a leverage ratio of 0.6 times and an additional $1 billion of net proceeds from the transactions that are yet to close, we have ample capacity to pursue value-accretive opportunities to strengthen the portfolio. So overall, the ultimate objective remains. Maximize shareholder value, maintaining strategic and financial discipline, strengthening the earnings durability, and really continuing to position Baker Hughes for sustainable differentiated growth.

因此，憑藉 0.6 倍的槓桿率和尚未完成的交易的額外 10 億美元淨收益，我們有足夠的能力尋求增值機會來加強投資組合。所以總的來說，最終目標仍然存在。最大化股東價值，保持策略和財務紀律，增強獲利持久性，並真正繼續使貝克休斯實現可持續的差異化成長。

Saurabh Pant, Bank of America.

美國銀行的 Saurabh Pant。

I have a question on the tariff side of things. I don't know if, Lorenzo, you want to take it or Ahmed, you want to take it. But on the tariff side, your guidance, your outlook of $100 million to $200 million potential impact is the same as it was from three months back, right? And we have probably seen 1,000 headlines come out in the last three months.

我對關稅方面有疑問。我不知道洛倫佐，你想拿它還是艾哈邁德，你想拿它。但在關稅方面，您的指導，您對 1 億至 2 億美元潛在影響的預測與三個月前相同，對嗎？在過去三個月裡，我們可能已經看到了 1,000 條頭條新聞。

So maybe if you can just walk us through the puts and takes of what has happened over the past three months? And what businesses are impacted? And maybe as a follow up, I think if I heard you correctly, Ahmed, you said $15 million impact in the second quarter, right? So it sounds like you're baking in higher impact in the back half of the year. But if you can just walk us through that, the implied second half expectations, that would be helpful.

那麼，您能否向我們簡單介紹過去三個月發生的事情呢？哪些企業受到影響？也許作為後續問題，我想如果我沒聽錯的話，艾哈邁德，你說第二季的影響是 1500 萬美元，對嗎？因此聽起來您在下半年將產生更大的影響。但如果您可以向我們介紹隱含的下半年預期，那將會很有幫助。

I'll let Ahmed take that one.

我會讓艾哈邁德拿那個。

Yeah, Saurabh. So look, I think -- I'll break it out between obviously what we saw in the second quarter and then how we've underwritten our second-half outlook. So maybe starting with the second quarter. The net tariff impact is -- it was approximately about $15 million and to EBITDA, and that was primarily US, China, and Europe. And the split between the two segments was predominantly IET.

是的，Saurabh。所以，我認為——我會將其分為我們在第二季度看到的情況和我們如何展望下半年的情況。所以也許從第二季開始。淨關稅影響約 1500 萬美元，對 EBITDA 的影響主要集中在美國、中國和歐洲。這兩個部分之間的分歧主要在於 IET。

But as you sort of stated, when we look into the second half, we expect that the total net EBITDA impact to at this stage, likely exceed $100 million in the second half with sequential increases in the third quarter and then again in the fourth quarter. And that linearity really is driven by the way the actual inventory rolls through our balance sheet. And also, any surcharges that come by through our supply chain partners that actually comes through in the second half.

但正如您所說的那樣，當我們展望下半年時，我們預計現階段的總淨 EBITDA 影響可能會在下半年超過 1 億美元，並在第三季和第四季繼續增加。這種線性實際上是由實際庫存在我們的資產負債表中滾動的方式所驅動的。此外，透過我們的供應鏈合作夥伴產生的任何附加費實際上都是在下半年產生的。

So -- but to be clear, those type of impacts are clearly reflected in our guidance. But what -- it does not include or any potential escalation of trade policies and also assumes that US-China tariffs remain at today's level. So as we look at the actual mitigation actions and going forward, in the second quarter, we made significant progress.

所以——但要明確的是，這些類型的影響清楚地反映在我們的指導中。但它不包括任何潛在的貿易政策升級，並假設中美關稅保持在今天的水平。因此，當我們審視實際的緩解行動並展望未來時，我們在第二季度取得了重大進展。

And then on some of the dynamics that we've seen in the overall environment, we saw positive developments in May with the temporary easing of the tariffs between US and China. But then those developments were, I'd say, largely offset by several recent negative tariff-related announcements.

從我們在整體環境中看到的一些動態來看，隨著中美兩國暫時放寬關稅，我們在五月看到了積極的進展。但我想說，這些發展在很大程度上被最近幾項與關稅相關的負面公告所抵消。

So as an example, in early June, the US announced and implemented an increase on steel and aluminum tariffs to 50%. Then in July, the US announced a 50% tariff on copper imports, scheduled to take effect sometime August 1.

舉例來說，6月初，美國宣布並實施將鋼鐵和鋁關稅提高至50%。隨後在7月份，美國宣布對銅進口徵收50%的關稅，並計劃於8月1日左右生效。

And then also in July, the US announced increased tariffs on US imports from various countries, including Brazil, Canada, Mexico, and the EU, and also those are set to take effect on August 1, unless there's a trade deal that's reached beforehand.

同樣在 7 月份，美國宣布對來自巴西、加拿大、墨西哥和歐盟等多個國家的美國進口產品提高關稅，這些措施將於 8 月 1 日生效，除非事先達成貿易協議。

So as we take all of these different variables and recognizing their dynamic, we have confidence in our mitigation actions that we put in place immediately. And we have, as you know, a flexible global supply chain. And so, we maintain our previously communicated estimate of the $100 million to $200 million net EBITDA impact for the year.

因此，當我們考慮所有這些不同的變數並認識到它們的動態時，我們對立即採取的緩解措施充滿信心。如您所知，我們擁有靈活的全球供應鏈。因此，我們維持先前公佈的今年淨 EBITDA 影響 1 億至 2 億美元的估計。

But just as a reminder, this does not -- this assumes the recently announced tariffs are implemented as scheduled, but it does not assume any further trade policy escalation, including retaliatory tariffs. So hopefully, it gives you a good framework of how we're underwriting the balance of the year.

但需要提醒的是，這並不假設最近宣布的關稅按計劃實施，但並不假設任何進一步的貿易政策升級，包括報復性關稅。因此，希望它能為您提供一個良好的框架，讓您了解我們如何承保今年的餘額。

Thank you. And ladies and gentlemen, that was our last question. I will now hand you back to Mr. Lorenzo Simonelli, Chairman and Chief Executive Officer, to conclude the call.

謝謝。女士們、先生們，這是我們的最後一個問題。現在我將把電話會議交還給董事長兼執行長 Lorenzo Simonelli 先生，以結束本次通話。

Yeah, thanks to everyone for taking the time to join our earnings call today, and I look forward to speaking with you all again soon. Operator, you may now close out the call.

是的，感謝大家今天抽出時間參加我們的財報電話會議，我期待很快能再次與大家交談。接線員，您現在可以結束通話了。

Ladies and gentlemen, thank you for participating in today's conference. This concludes the program, and you may all disconnect.

女士們、先生們，感謝大家參加今天的會議。程式到此結束，大家可以斷開連線。