貝克休斯 (BKR) 2025 Q3 法說會逐字稿

Good day, ladies and gentlemen, and welcome to the Baker Hughes Company third-quarter 2025 earnings call. (Operator Instructions)

女士們、先生們，大家好，歡迎參加貝克休斯公司 2025 年第三季財報電話會議。（操作員指示）

As a reminder, this conference is being recorded. I would now like to introduce your host for today's conference. Mr. Chase Mulvehill, Vice President of Investor Relations. Sir, you may begin.

提醒一下，本次會議正在錄製中。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 third-quarter earnings conference call. Here with me are 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.

謝謝。大家早安，歡迎參加貝克休斯第三季財報電話會議。和我一起的有董事長兼執行長 Lorenzo Simonelli 和我們的財務長 Ahmed Moghal。您可以在我們的網站 bakerhughes.com 上找到我們昨天晚上發布的收益報告。

We'll also be using a presentation with our prepared remarks during this webcast, which can be found on our investor website. 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.

我們還將在本次網路廣播中使用一份包含我們準備好的發言稿的演示文稿，您可以在我們的投資者網站上找到。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。

Please review our SEC filings and website for the factors that could cause actual results to differ materially. Reconciliations of adjusted EBITDA and certain GAAP to non-GAAP measures can be found in our earnings release.

請查看我們的美國證券交易委員會文件和網站，以了解可能導致實際結果有重大差異的因素。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 third-quarter results. Next, I will highlight key awards announced during the quarter and provide some thoughts on the broader macro environment. Following this, I will share an update on the current progress in the LNG sector.

謝謝你，蔡斯。大家早安，感謝大家的收看。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三季業績。接下來，我將重點介紹本季宣布的關鍵獎項，並對更廣泛的宏觀環境提出一些看法。接下來，我將分享液化天然氣領域的最新進展。

I will then hand it over to Ahmed, who will present an overview of our financial results, followed by an update on our continued focus on portfolio management, including the Chart Industries acquisition. To conclude, I will summarize the main points before we open the line for questions.

然後我將把發言權交給艾哈邁德，他將概述我們的財務業績，然後介紹我們對投資組合管理的持續關注，包括對 Chart Industries 的收購。最後，在我們開始提問之前，我將總結一下要點。

Let us now turn to the key highlights on slide 4. We continue to execute at a high level, delivering another quarter of strong results. Adjusted EBITDA rose to $1.24 billion above the midpoint of our guidance range. This performance reflects continued momentum from our Business System deployment, positive trends in Gas Technology, and strong outperformance in US land where our leverage to production is a clear advantage.

現在讓我們來看看投影片 4 上的重點內容。我們繼續保持高水準執行，又一個季度取得了強勁的業績。調整後的 EBITDA 升至 12.4 億美元，高於我們指引範圍的中點。這一業績反映了我們業務系統部署的持續勢頭、天然氣技術的積極趨勢以及美國陸地市場的強勁表現，我們在生產槓桿方面具有明顯優勢。

Oilfield Services and Equipment margins softened in response to the broader macro environment, while Industrial and Energy Technology reported improved results, contributing to a 20 basis points year-over-year increase in consolidated adjusted EBITDA margins to 17.7%. This margin progression highlights the resilience of our portfolio and the foundation we have built through disciplined execution.

受宏觀環境影響，油田服務和設備利潤率有所下降，而工業和能源技術業績有所改善，導致合併調整後 EBITDA 利潤率年增 20 個基點至 17.7%。這一利潤率成長凸顯了我們投資組合的韌性以及我們透過嚴格執行所建立的基礎。

Given the strong operational performance year-to-date, we now expect full year adjusted EBITDA to the total company to exceed $4.7 billion. Standing to orders, IET continues to build strong momentum, achieving $4.1 billion during the quarter, driven by LNG equipment, record Cordant Solutions orders, and ongoing strength in gas infrastructure and power generation.

鑑於今年迄今強勁的營運業績，我們目前預計全年調整後的公司 EBITDA 將超過 47 億美元。根據訂單情況，IET 繼續保持強勁勢頭，本季實現了 41 億美元的銷售額，這得益於液化天然氣設備、創紀錄的 Cordant Solutions 訂單以及天然氣基礎設施和發電領域的持續強勁增長。

As a result, IET backlog grew 3% sequentially, reaching a new record of $32.1 billion further reinforcing the durability and visibility of our growth outlook. Through the first three quarters, IET orders totaled nearly $11 billion including $1.6 billion from New Energy, already reaching the high end of the $1.4 billion to $1.6 billion guidance range. With good visibility into fourth quarter awards, we now expect full year IET orders to exceed our prior midpoint.

因此，IET 積壓訂單環比增長 3%，達到 321 億美元的新紀錄，進一步增強了我們成長前景的持久性和可見性。前三個季度，IET 訂單總額接近 110 億美元，其中包括來自新能源的 16 億美元，已達到 14 億美元至 16 億美元指引範圍的高端。由於第四季度的獎項前景看好，我們現在預計全年 IET 訂單將超過我們之前的中點。

Looking ahead, we are targeting at least $40 billion of IET orders over the next three years. This outlook is supported by the breadth and versatility of our technology portfolio, which continues to generate a robust pipeline across an expanding range of end markets. We expect growth to be led by gas infrastructure, power generation, and new energy markets, while LNG equipment orders are expected to remain consistent with our solid performance over the past two years.

展望未來，我們的目標是在未來三年內獲得至少 400 億美元的 IET 訂單。這一前景得到了我們技術組合的廣度和多功能性的支持，該技術組合將繼續在不斷擴大的終端市場中產生強大的管道。我們預計成長將由天然氣基礎設施、發電和新能源市場推動，而液化天然氣設備訂單預計將與我們過去兩年的穩健表現保持一致。

In OFSE, Subsea Surface and Pressure Systems delivered a record quarter with $1.2 billion in orders driven by major contract winds in Turkiye and Brazil. Turning to slide 5. As I highlighted, we made strong progress on IET orders year-to-date, reflecting continued momentum across LNG, power generation, and new energy markets. With strong visibility into our current pipeline, we expect this strength to carry into 2026.

在 OFSE，海底表面和壓力系統部門在本季度創下了 12 億美元的訂單記錄，這主要得益於土耳其和巴西的主要風電合約。翻到幻燈片 5。正如我所強調的，今年迄今為止，我們在 IET 訂單方面取得了長足的進步，反映了液化天然氣、發電和新能源市場的持續成長勢頭。憑藉對我們目前管道的強大洞察力，我們預計這種優勢將持續到 2026 年。

In LNG, we secured over $800 million in equipment orders this quarter, including Trains 3 and 4 of Sempra's Port Arthur Phase 2 and Train 4 of NextDecade's Rio Grande LNG. At Rio Grande, our Cordant Asset Health digital solution is being deployed on the first three trains. These awards reflect continued investment in large scale LNG infrastructure and demonstrate our ability to deliver value by integrating equipment and digital capabilities to reduce downtime and boost availability and production.

在液化天然氣領域，本季我們獲得了超過 8 億美元的設備訂單，包括 Sempra 的 Port Arthur 第二期專案的 3 號和 4 號生產線以及 NextDecade 的 Rio Grande LNG 專案的 4 號生產線。在裡奧格蘭德，我們的 Cordant Asset Health 數位解決方案正在前三列火車上部署。這些獎項反映了我們對大型液化天然氣基礎設施的持續投資，並證明了我們透過整合設備和數位功能來減少停機時間並提高可用性和產量，從而創造價值的能力。

In power generation, we continue to experience strengthening demand for distributed power, cogeneration, and geothermal solutions throughout the oil and gas, industrial data center and geothermal markets. Notably, we secured a significant award from Dynamis for mobile power generation for oil and gas operations in North America, supplying more than 1 gigawatt of aeroderivative gas turbines to meet rising energy needs across upstream and downstream markets.

在發電方面，我們持續感受到石油和天然氣、工業資料中心和地熱市場對分散式電力、熱電聯產和地熱解決方案的需求不斷增強。值得注意的是，我們獲得了 Dynamis 公司頒發的重要獎項，為北美的石油和天然氣業務提供移動發電，供應超過 1 千兆瓦的航空衍生燃氣渦輪機，以滿足上游和下游市場日益增長的能源需求。

We also made meaningful progress in geothermal power, securing a contract to design and deliver equipment for five Organic Rankine Cycle power plants for Fervo's Cape Station project in Utah. This site will generate 300 megawatts of clean, reliable power, enough to supply approximately 180,000 homes. This builds on our earlier collaboration with Fervo where OFSE provided subsurface drilling and production technologies.

我們還在地熱發電領域取得了重大進展，獲得了為猶他州 Fervo 的 Cape Station 專案設計和交付五座有機朗肯循環發電廠設備的合約。該發電廠將生產 300 兆瓦的清潔、可靠電力，足以為約 18 萬戶家庭供電。這是在我們早期與 Fervo 的合作基礎上建立的，當時 OFSE 提供了地下鑽井和生產技術。

Together these wins demonstrate the growing relevance of our integrated portfolio for scalable low carbon energy solutions. We also signed a collaboration agreement with controlled thermal resources for the 500 megawatt Hell's Kitchen geothermal project in California. As part of this broader trend, we are seeing continued momentum in data center power demand.

這些勝利共同證明了我們的綜合產品組合對於可擴展的低碳能源解決方案日益增長的相關性。我們也與受控熱能資源公司簽署了加州 500 兆瓦地獄廚房地熱專案的合作協議。作為這一更廣泛趨勢的一部分，我們看到資料中心電力需求持續成長。

Year-to-date we have now booked more than $700 million in power generation equipment orders for data center applications led by our NovaLT technology. We remain confident in achieving $1.5 billion of data center orders ahead of our original three-year timeline, underscoring the increasing relevance of our power solutions in this fast growing market.

年初至今，我們已為以 NovaLT 技術為主導的資料中心應用程式預訂了超過 7 億美元的發電設備訂單。我們仍然有信心提前實現 15 億美元的資料中心訂單，這凸顯了我們的電源解決方案在這個快速成長的市場中日益增長的相關性。

On aftermarket services, we secured a long-term service contract with bp for its Tangguh LNG facility in Indonesia and extended our agreement with Pembina Pipeline to support upgrades for the Alliance pipeline system in North America. These awards reinforce the convertibility of our installed base into aftermarket and service opportunities, reflecting the resilience of our life cycle model.

在售後服務方面，我們與英國石油公司（BP）簽訂了位於印尼的Tangguh LNG設施的長期服務合同，並與Pembina Pipeline延長了協議，以支持北美Alliance管道系統的升級。這些獎項加強了我們的安裝基礎向售後市場和服務機會的可轉換性，反映了我們生命週期模型的彈性。

In offshore, a market we continue to see as a compelling long-term growth opportunity, IET secured an award to supply of power generation and compression equipment for an FPSO in South America. This award further demonstrates our ability to deliver integrated solutions for critical energy infrastructure. SSPS delivered a record order quarter, driven by a significant award for subsea trees in Turkiye.

在海上市場，我們繼續將其視為一個引人注目的長期成長機會，IET 獲得了為南美 FPSO 供應發電和壓縮設備的合約。該獎項進一步證明了我們為關鍵能源基礎設施提供全面解決方案的能力。SSPS 本季訂單量創歷史新高，這得益於土耳其海底採油樹訂單的重大合約。

We will supply Turkish Petroleum with integrated subsea production and intelligent completion systems for the third phase of the Sakarya Gas Field. In offshore Brazil, we also announced a frame agreement with Petrobras for up to 50 subsea trees, marking our return to this subsea tree market following an extended absence.

我們將為土耳其石油公司薩卡里亞氣田三期工程提供一體化海底生產和智慧完井系統。在巴西近海，我們也宣布與巴西石油公司達成協議，將向其供應多達50棵海底採油樹，這標誌著我們在長時間缺席後重返該海底採油樹市場。

In flexible pipe systems, we booked an additional 66 kilometers of rises and flow lines for hydrocarbon production, CO2 injection, and gas lift, again highlighting our technical leadership in complex offshore developments.

在柔性管道系統方面，我們額外預訂了 66 公里的上升管線和出油管線，用於碳氫化合物生產、二氧化碳注入和氣舉，再次凸顯了我們在複雜海上開發領域的技術領先地位。

We will also provide an all-electric integrated completion system for the Buzios field in Brazil, enabling more precise subsurface control, increased operational efficiency, and enhanced reliability. Petrobras also extended contracts for our Blue Marlin and Blue Orca stimulation vessels.

我們也將為巴西布基亞斯油田提供全電動一體化完井系統，以實現更精確的地下控制、更高的作業效率和更強的可靠性。巴西石油公司也延長了與我們的 Blue Marlin 和 Blue Orca 增產船的合約。

In Saudi Arabia, we won a major multi-year award from Aramco to expand coiled tubing drilling operations, including six new units and extensions for four existing ones, supporting both re-entry and greenfield projects across the Kingdom.

在沙烏地阿拉伯，我們贏得了阿美公司的一項重要的多年期合同，用於擴大連續油管鑽井作業，包括六個新裝置和四個現有裝置的擴建，以支持沙特王國的重返油氣項目和綠地項目。

For Production Solutions, we signed a five year extension to provide hydrocarbon and water treatment products and services across Valero's North America and UK refineries. We also continue to see strong demand in Mexico for our downstream chemical solutions as we help Pemex manage crude quality challenges.

對於生產解決方案，我們簽署了一份為期五年的延期協議，為瓦萊羅的北美和英國煉油廠提供碳氫化合物和水處理產品和服務。在我們幫助 Pemex 應對原油品質挑戰的過程中，我們也看到墨西哥對我們的下游化學解決方案的強勁需求。

These awards highlight our ability to serve downstream markets as well as upstream and midstream. In ammonia, we booked a major order from Technip Energies for the Blue Point Number One project in Louisiana. This facility is set to become the world's largest low carbon ammonia plant with a capacity of 1.4 MTPA.

這些獎項凸顯了我們服務下游市場以及上游和中游市場的能力。在氨領域，我們從 Technip Energies 獲得了路易斯安那州 Blue Point Number One 項目的大訂單。該工廠將成為世界上最大的低碳氨工廠，產能為 140 萬噸/年。

We will supply critical compression equipment for ammonia production and CO2 transportation along with steam turbines and generators for power solutions. Overall, we continue to see strong momentum across an increasingly diverse opportunity set, supported by the breadth and depth of our technology portfolio.

我們將提供用於氨生產和二氧化碳運輸的關鍵壓縮設備以及用於電力解決方案的蒸汽渦輪機和發電機。總體而言，在我們技術組合的廣度和深度的支持下，我們繼續看到日益多樣化的機會中強勁的發展勢頭。

Now turning to the macro on slide 6. The macro environment has remained relatively resilient throughout 2025 despite geopolitical and policy-related headwinds. A key factor contributing to this resilience is the powerful new growth dynamic related to the rapid deployment of generative AI. This wave of investment is unlocking new growth factors across a wide range of industries and serving as a broad stimulus for the global economy, with recent estimates indicating that AI-driven investments account for approximately 30% to 40% of US GDP growth this year.

現在轉到投影片 6 上的巨集。儘管存在地緣政治和政策方面的不利因素，但 2025 年全年宏觀環境仍保持相對彈性。促成這種韌性的關鍵因素是與生成式人工智慧的快速部署相關的強大的新成長動力。這波投資浪潮正在為各行各業釋放新的成長因素，並對全球經濟產生廣泛刺激作用，最近的估計表明，人工智慧驅動的投資約佔今年美國GDP成長的30%至40%。

Globally, McKinsey projects over $1.5 trillion in data center infrastructure investments over the next three years, a major opportunity for Baker Hughes. We are seeing a clear acceleration in project activity and commitments from leading AI companies.

麥肯錫預計未來三年全球資料中心基礎設施投資將超過 1.5 兆美元，這對貝克休斯來說是一個重大機會。我們看到領先的人工智慧公司的專案活動和承諾明顯加速。

With our power solutions portfolio well positioned to meet this demand for resilient, energy efficient infrastructure. Now turning to oil, the market continues to navigate a range of cross currents. On one hand, there are concerns around softer demand and rising OPEC+ production. On the other, persistent geopolitical risks in the Middle East and Russia continue to support commodity prices.

我們的電力解決方案組合能夠很好地滿足對彈性、節能基礎設施的需求。現在轉向石油，市場繼續在一系列的逆流中前進。一方面，人們擔心需求疲軟和 OPEC+ 產量上升。另一方面，中東和俄羅斯持續的地緣政治風險繼續支撐大宗商品價格。

Despite the accelerated return of OPEC+ supply, oil prices in the third quarter remained somewhat resilient. While it is possible some OPEC+ nations do not have the capacity to fully meet their production quotas, the near-term potential for oversupply continues to weigh on sentiment, keeping operators cautious amid the risk of short-term pricing pressure. As we shared last quarter, we continue to expect oil-related upstream investment to remain subdued until the market fully absorbs this incremental OPEC+ supply.

儘管OPEC+供應加速回升，但第三季油價仍保持一定的韌性。儘管一些 OPEC+ 國家可能沒有能力完全滿足其生產配額，但短期內供應過剩的可能性繼續影響市場情緒，使營運商在短期價格壓力風險中保持謹慎。正如我們上個季度所分享的，我們繼續預期石油相關的上游投資將保持低迷，直到市場完全吸收這一增量的 OPEC+ 供應。

Against this backdrop, our outlook for 2025 is unchanged, maintaining expectations for a high single-digit decline in global upstream spending. Looking ahead to 2026, early indicators point to another year of subdued activity, possibly leading to another year of global upstream spending decline. Longer term, the outlook is more positive, especially internationally and offshore, where substantial investment will be required to sustain production growth in response to rising demand.

在此背景下，我們對 2025 年的展望保持不變，仍預期全球上游支出將出現高個位數下降。展望2026年，早期指標表明，今年將是另一個活動低迷的一年，可能導致全球上游支出再次下降。從長期來看，前景更加樂觀，尤其是國際和海上，需要大量投資來維持產量成長，以應對不斷增長的需求。

We also expect continued growth in OpEx-driven upstream investment as operators focus on enhancing recovery rates and extending the life of existing fields. On natural gas, we continue to see growing divergence between oil and natural gas fundamentals.

我們也預計，由於營運商專注於提高採收率和延長現有油田的使用壽命，由營運支出驅動的上游投資將持續成長。在天然氣方面，我們繼續看到石油和天然氣基本面之間的分歧越來越大。

It's abundance, low-cost reliability and lower emissions set natural gas apart from other fossil fuels. That structural advantage is increasingly reflected in both policy and capital allocation. 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.

天然氣的豐富性、低成本的可靠性和較低的排放量使它有別於其他化石燃料。這種結構性優勢日益體現在政策和資本配置上。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。

LNG demand continues to demonstrate solid growth increasing by 6% this year, largely driven by a strong storage injection season in Europe, although this was partially offset by softer demand in China. This demand is driving record LNG contracting activity, which is essential for future project FIDs. According to Wood Mackenzie, 84 MTPA of long-term LNG offtake contracts were signed in the first nine months of the year, surpassing last year's total of 81 MTPA.

今年液化天然氣需求持續呈現穩健成長，增幅達 6%，主要得益於歐洲強勁的注入儲存季節，儘管這被中國需求疲軟部分抵銷。這項需求推動了創紀錄的液化天然氣合約活動，這對於未來的專案最終投資決策至關重要。據伍德麥肯茲稱，今年前九個月簽署的長期液化天然氣承購合約總量為 84 MTPA，超過了去年全年的 81 MTPA。

Over the past two years, nearly 75 MTPA of LNG projects have taken FID with an additional 25 MTPA needed to reach our three-year target of 100 MTPA. This would increase the global installed base to our long-held target of 800 MTPA by 2030. Beyond this, we see continued growth in the installed base, which I'll address shortly.

在過去兩年中，近 75 MTPA 的液化天然氣計畫已獲得最終投資決定，還需要額外 25 MTPA 才能實現我們三年 100 MTPA 的目標。這將使全球安裝基數到 2030 年增加到我們長期以來設定的 800 MTPA 的目標。除此之外，我們還看到安裝基數持續成長，我稍後會談到這一點。

In summary, we are seeing strong momentum in our key end markets, especially natural gas and AI-driven power despite persistent headwinds in global trade policy and oil. Our diverse portfolio positions us to manage volatility and we remain confident in our ability to continue executing against our long-term strategy.

總而言之，儘管全球貿易政策和石油領域持續面臨阻力，但我們的主要終端市場，尤其是天然氣和人工智慧驅動的電力市場仍呈現強勁勢頭。我們多元化的投資組合使我們能夠應對波動性，並且我們對繼續執行長期策略的能力充滿信心。

Turning to slide 7. Let me take a few minutes to share our updated perspective on global LNG capacity expansion beyond our long-held target of 800 MTPA by 2030. That milestone is now largely supported by projects that have already reached FID, but are not yet commissioned.

翻到幻燈片 7。請容許我花幾分鐘時間分享我們對全球液化天然氣產能擴張的最新看法，超越我們長期以來設定的 2030 年 8 億噸/年的產能目標。目前，這一里程碑主要由已達成最終投資決定但尚未投入使用的項目支持。

Looking beyond 2030, we now expect global LNG installed capacity to increase to approximately 950 MTPA by 2035. To achieve this level of capacity, an additional 175 MTPA of projects would need to reach FID by 2031. Our positive long-term outlook is anchored in a simple reality. The world needs more energy. This requirement is being amplified by the exponential growth in AI-driven power demand.

展望2030年以後，我們預計2035年全球液化天然氣裝置容量將增加至約9.5億噸/年。為了達到這一產能水平，到 2031 年，還需要有 1.75 億噸/年的專案達成最終投資決定。我們的積極長期前景建立在一個簡單的現實基礎上。世界需要更多的能源。人工智慧驅動的電力需求呈指數級增長，這項要求也因此被放大。

Natural gas is well suited to meet this demand, offering abundance, affordability and lower emissions than coal without the intermittency issues associated with renewable sources. In many emerging markets, natural gas accounts for less than 5% of the power mix compared to over 40% in the US. This disparity presents substantial potential for natural gas to displace coal and support the transition to a lower carbon economy, especially in regions with high energy requirements that demands reliable and affordable power solutions.

天然氣非常適合滿足這項需求，它資源豐富、價格低廉、排放量比煤炭低，而且沒有再生能源的間歇性問題。在許多新興市場，天然氣佔電力結構的比重不到 5%，而在美國則超過 40%。這種差異表明天然氣具有取代煤炭並支持向低碳經濟轉型的巨大潛力，特別是在能源需求高、需要可靠且經濟實惠的電力解決方案的地區。

Nonetheless, periods of market volatility may occur due to the nonlinear nature of supply growth. Historically, declines in spot prices have encouraged new buyers to enter the market, thereby spurring the next wave of demand and supporting LNG's sustained long-term growth trajectory.

儘管如此，由於供應成長的非線性特性，市場可能會出現波動期。從歷史上看，現貨價格的下跌會鼓勵新的買家進入市場，從而刺激下一波需求並支持液化天然氣持續的長期成長軌跡。

Turning to our technology portfolio, this remains a core differentiator for Baker Hughes. Our best-in-class liquefaction solutions pair advanced compression technology with the industry's broadest selection of drivers including heavy-duty and aeroderivative gas turbines and electric motors. We consistently raised the bar for efficiency, throughput and uptime, helping customers achieve superior LNG project economics.

談到我們的技術組合，這仍然是貝克休斯的核心差異化因素。我們一流的液化解決方案將先進的壓縮技術與業界最廣泛的驅動裝置（包括重型和航改燃氣渦輪機和電動馬達）相結合。我們不斷提高效率、吞吐量和正常運作時間的標準，幫助客戶實現卓越的液化天然氣專案經濟效益。

The LM9000 aeroderivative gas turbine exemplifies this, delivering 44% simple cycle efficiency and setting new benchmarks in performance and reliability for large-scale energy infrastructure projects. We expect that the integration of Chart will further enhance the value we bring to customers, enabling greater optimization across the LNG value chain.

LM9000 航空衍生型燃氣渦輪機就是一個很好的例子，其簡單循環效率高達 44%，為大型能源基礎設施專案樹立了性能和可靠性的新標竿。我們預計，Chart 的整合將進一步提升我們為客戶帶來的價值，從而實現整個 LNG 價值鏈的更大優化。

This allows for more efficient project design, improve and better life cycle economics which we expect will result in superior outcomes for our customers. Importantly, an increasing installed base supports structural growth over the next decade in our Gas Tech Services business, a key driver of long-term growth and earnings durability for Baker Hughes going forward.

這使得專案設計更加高效，生命週期經濟性得到改善和提高，我們期望這將為我們的客戶帶來更優異的成果。重要的是，不斷增加的安裝基礎支持了我們天然氣技術服務業務未來十年的結構性成長，這是貝克休斯未來長期成長和獲利持久性的關鍵驅動力。

The service agreements are critical to ensuring the performance, reliability and emissions performance of LNG facilities over their full life cycle. Overall, we see sustained LNG growth well beyond 2030, driven by rising global energy demand, the push for decarbonization and infrastructure expansion in emerging markets.

服務協議對於確保液化天然氣設施在整個生命週期內的性能、可靠性和排放性能至關重要。總體而言，在全球能源需求不斷增長、新興市場脫碳和基礎設施擴張的推動下，我們預計液化天然氣將在 2030 年以後持續成長。

Baker Hughes is well positioned to capitalize on this trend, leveraging deep market expertise, innovative technology and reliable execution to support our customers with solutions that improve performance reduce emissions and enhance project economics. Now let me summarize the key points before handing it over to Ahmed.

貝克休斯充分利用了這一趨勢，利用深厚的市場專業知識、創新的技術和可靠的執行力，為客戶提供提高性能、減少排放和增強專案經濟效益的解決方案。現在，讓我總結一下要點，然後再交給艾哈邁德。

The first quarter was marked by strong execution and meaningful strategic progress. Operationally, we continue to form at a high level. IET delivered another quarter of strong order momentum, further demonstrating the breadth and versatility of our portfolio.

第一季的特點是執行力強、策略進展有意義。在營運方面，我們繼續保持高水準運作。IET 本季訂單勢頭強勁，進一步證明了我們產品組合的廣度和多功能性。

At the same time, our business system continues to drive consistent performance across the company. The announced acquisition of Chart represents a significant milestone in our journey to become a leading energy and industrial technology company.

同時，我們的業務系統繼續推動整個公司的穩定業績。宣布收購 Chart 標誌著我們成為領先能源和工業技術公司的重要里程碑。

We see substantial opportunity in combining our portfolios, and we expect that the acquisition will enrich our differentiated technology offerings and enhance the value we deliver to customers across critical, high-growth markets. As we announced earlier this month, we are conducting a comprehensive evaluation of our capital allocation focus, business, cost structure and operations in connection with the pending acquisition of Chart.

我們看到合併投資組合的巨大機遇，我們預計此次收購將豐富我們的差異化技術產品，並提升我們在關鍵高成長市場中為客戶提供的價值。正如我們本月稍早宣布的那樣，我們正在對即將進行的 Chart 收購相關的資本配置重點、業務、成本結構和營運進行全面評估。

This evaluation reflects the disciplined actions we have consistently taken over the years to establish a proven track record of driving strong performance and represents a natural progression in our ongoing value creation strategy.

這項評估反映了我們多年來一貫採取的嚴謹行動，以建立推動強勁業績的良好記錄，並代表了我們正在進行的價值創造策略的自然進展。

We have made substantial progress in driving operational improvements, advancing our portfolio and delivering leading shareholder returns and we are confident that we have the right strategy to build on this momentum and continue creating long-term value for shareholders.

我們在推動營運改善、提升產品組合和實現領先的股東回報方面取得了實質進展，我們相信我們擁有正確的策略來鞏固這一勢頭並繼續為股東創造長期價值。

Lastly, I want to take this opportunity to extend my sincere congratulations to Ganesh Ramaswamy as he embarks on his next chapter as a CEO. During the past three years, Ganesh has been an exceptional leader at Baker Hughes, successfully implementing our business system and leading the organization with purpose. To maintain continuity and sustained progress within IET, Maria Claudia Borras, a seasoned and highly respected executive at Baker Hughes will step in as Interim EVP of IET.

最後，我想藉此機會向 Ganesh Ramaswamy 表示誠摯的祝賀，祝賀他開啟執行長的新篇章。在過去三年中，Ganesh 一直是貝克休斯的傑出領導者，成功實施了我們的業務系統並有目的地領導組織。為了保持 IET 的連續性和持續進步，貝克休斯公司經驗豐富且備受尊敬的高管 Maria Claudia Borras 將擔任 IET 的臨時執行副總裁。

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

說完這些，我將把電話轉給艾哈邁德。

Thanks, Lorenzo. Starting on slide 9. As Lorenzo highlighted, we delivered another quarter of strong orders with total company bookings of $8.2 billion, including $4.1 billion from IET. Adjusted EBITDA increased by 2% year-over-year to $1.24 billion based on revenue growth of 1% as margins increased by 20 basis points to 17.7%.

謝謝，洛倫佐。從第 9 張投影片開始。正如洛倫佐所強調的，我們又交付了季度強勁的訂單，公司總訂單額達 82 億美元，其中包括來自 IET 的 41 億美元。調整後 EBITDA 年成長 2% 至 12.4 億美元，基於營收成長 1%，利潤率增加 20 個基點至 17.7%。

This performance continues to reflect the benefits of structural cost improvements and continued deployment of our business system, driving greater productivity, stronger operating leverage and more durable earnings.

這項業績持續反映了結構性成本改善和業務系統持續部署的好處，推動了更高的生產力、更強的營運槓桿和更持久的獲利。

GAAP diluted earnings per share were $0.61. Excluding adjusting items, earnings per share were $0.68. We generated free cash flow of $699 million. For the full year, we expect free cash flow conversion of 45% to 50%, with a typical strong performance expected in the fourth quarter. Turning to capital allocation on slide 10.

GAAP稀釋每股收益為0.61美元。扣除調整項目後，每股收益為0.68美元。我們實現了6.99億美元的自由現金流。我們預計全年自由現金流轉換率將達到 45% 至 50%，預計第四季將出現典型的強勁表現。轉向投影片 10 上的資本配置。

Our balance sheet remains in a very strong position. We ended the quarter with cash of $2.7 billion and net debt to adjusted EBITDA ratio of 0.7 times and liquidity of $5.7 billion. During the quarter, we returned $227 million to shareholders through dividends. Our near-term priority is to maintain the strength of our balance sheet in preparation for the closing of the Chart acquisition.

我們的資產負債表仍然保持非常強勁的狀態。本季末，我們的現金為 27 億美元，淨負債與調整後 EBITDA 比率為 0.7 倍，流動資金為 57 億美元。本季度，我們透過股息向股東返還了 2.27 億美元。我們近期的首要任務是保持資產負債表的強勁，為完成 Chart 收購做好準備。

On portfolio management actions, I'm pleased to report that we closed the acquisition of Continental Disc Corporation on August 7, the sale of precision sensors and instrumentation and the creation of the Surface Pressure Control JV with Cactus are progressing as expected with closing anticipated early next year.

關於投資組合管理行動，我很高興地報告，我們於 8 月 7 日完成了對 Continental Disc Corporation 的收購，精密感測器和儀器的銷售以及與 Cactus 成立表面壓力控制合資公司的事宜正在按預期進行，預計將於明年年初完成。

When these two divestitures close, they will reduce annual EBITDA by approximately $150 million and generate around $1.4 billion in gross cash proceeds. Turning to the Chart acquisition. We were pleased to receive shareholder approval on October 6. We're currently working in a number of countries to achieve the customary approvals and continue to expect the deal to close in mid-2026.

當這兩項資產剝離完成後，年度 EBITDA 將減少約 1.5 億美元，並產生約 14 億美元的總現金收益。談到 Chart 收購。我們很高興於 10 月 6 日獲得股東批准。我們目前正在多個國家開展工作，以獲得常規批准，並預計交易將於 2026 年中期完成。

As stated in the Chart acquisition announcement, our objective is to achieve a net debt to adjusted EBITDA ratio of 1 times to 1.5 times within 24 months following the close of the deal. This reduction will be accomplished through a combination of existing cash balances, ongoing free cash flow generation and proceeds from continued portfolio management initiatives, which are anticipated to yield $1 billion of incremental proceeds.

如 Chart 收購公告所述，我們的目標是在交易結束後的 24 個月內實現淨債務與調整後 EBITDA 比率達到 1 倍至 1.5 倍。此次削減將透過現有現金餘額、持續的自由現金流產生以及持續投資組合管理計劃的收益相結合的方式實現，預計將產生 10 億美元的增量收益。

We have formed an integration management office and commenced integration planning with the team at Chart. In the near term, the focus is on harmonizing systems and processes, supply chain, commercial and operations structured across 14 dedicated work streams. This disciplined and targeted approach is designed to enable a seamless integration and position us to realize the full $325 million in anticipated cost synergies.

我們已經成立了一個整合管理辦公室，並與 Chart 團隊開始整合規劃。短期內，重點是協調 14 個專用工作流程中的系統和流程、供應鏈、商業和營運結構。這種嚴謹且有針對性的方法旨在實現無縫整合，並使我們能夠實現預期的 3.25 億美元成本協同效應。

Our early collaborations have demonstrated that both organizations possess aligned cultural values, prioritizing the customer at the core of all activities. The integration planning team is directed by the principle of making decisions that support the future enterprise and prioritize value creation while also acknowledging the strengths and capabilities of the legacy businesses.

我們早期的合作表明，兩個組織都擁有一致的文化價值觀，將客戶放在所有活動的核心。整合規劃團隊的指導原則是做出支持未來企業的決策並優先創造價值，同時也承認傳統業務的優勢和能力。

In addition to the significant cost synergies, we're excited about the commercial opportunities enabled by the combined product and technology portfolios. The combination expands Baker Hughes capabilities in key growth markets such as LNG, data centers, gas infrastructure, hydrogen and CCUS while also enhancing our ability to deliver differentiated value-added solutions to customers.

除了顯著的成本綜效之外，我們也對合併後的產品和技術組合所帶來的商業機會感到興奮。此次合併擴大了貝克休斯在液化天然氣、資料中心、天然氣基礎設施、氫氣和 CCUS 等關鍵成長市場的能力，同時也增強了我們為客戶提供差異化增值解決方案的能力。

Let's now move to our segment results, starting with IET on slide 11. During the quarter, we secured IET orders totaling $4.1 billion, including more than $800 million of LNG equipment and a second consecutive record for Cordant Solutions.

現在讓我們轉到我們的細分結果，從幻燈片 11 上的 IET 開始。本季度，我們獲得了總額達 41 億美元的 IET 訂單，其中包括價值超過 8 億美元的 LNG 設備，並連續第二次創下 Cordant Solutions 的訂單紀錄。

With a book-to-bill of 1.2 times for the quarter, IET achieved another record RPO of $32.1 billion. This RPO level and a structurally expanding installed base provides strong revenue visibility for 2026 and beyond. IET revenue increased by 15% year-over-year to $3.4 billion, led by double-digit growth in Gas Technology Services, Gas Technology Equipment and Industrial Solutions.

本季度，IET 的訂單出貨比為 1.2 倍，RPO 再次創下 321 億美元的新高。這項 RPO 水平和結構性擴展的安裝基礎為 2026 年及以後提供了強大的收入可見度。IET 營收年增 15% 至 34 億美元，其中天然氣技術服務、天然氣技術設備和工業解決方案均達到兩位數成長。

Segment EBITDA increased 20% year-over-year to $635 million as margins expanded by 90 basis points to 18.8%. This strong performance was led by record GTE margins and the highest Cordant Solution margins in the past four years.

分部 EBITDA 較去年同期成長 20% 至 6.35 億美元，利潤率擴大 90 個基點至 18.8%。這一強勁表現得益於創紀錄的 GTE 利潤率和過去四年來最高的 Cordant Solution 利潤率。

Turning to OFSE on slide 12. OFSE revenue this quarter was $3.6 billion, up 1% sequentially. Well construction led growth with a 4% increase driven by drilling services. OFSE delivered EBITDA of $671 million, slightly above the guidance midpoint. EBITDA margins declined by 30 basis points sequentially to 18.5% as cost inflation and business mix were largely offset by cost-out initiatives and overall productivity improvements.

轉到投影片 12 上的 OFSE。OFSE 本季營收為 36 億美元，季增 1%。在鑽井服務的推動下，油井建設引領成長，成長了 4%。OFSE 的 EBITDA 為 6.71 億美元，略高於預期中位數。由於成本上漲和業務組合在很大程度上被成本削減措施和整體生產力提高所抵消，EBITDA 利潤率環比下降 30 個基點至 18.5%。

In International, revenue declined 1% sequentially, where declines in Saudi Arabia, Argentina and the North Sea were largely offset by growth in Asia Pacific and Middle East, excluding Saudi Arabia. In the Kingdom, we see the potential for measured rig additions during 2026.

國際業務收入較上季下降 1%，其中沙烏地阿拉伯、阿根廷和北海地區的營收下降大部分被亞太地區和中東地區（沙烏地阿拉伯除外）的成長所抵銷。在沙特，我們預計 2026 年期間鑽井數量將有增加的潛力。

In North America, revenue was up 6% sequentially. Onshore revenues increased slightly compared to the second quarter significantly outperforming the 6% decline in North America land rig activity due to our strong weighting towards production-related businesses. In SSPS, we continue to see positive momentum offshore, where we booked record orders led by significant subsea tree awards in Turkiye and Brazil.

在北美，營收季增 6%。由於我們大力投資生產相關業務，陸上收入與第二季度相比略有增加，明顯超過北美陸上鑽井活動 6% 的下降。在 SSPS 領域，我們繼續看到海上作業的積極勢頭，我們獲得了創紀錄的訂單，其中以土耳其和巴西的重大海底採油樹合約為首。

Moving to slide 13. I want to provide an update on our outlook as well as the ongoing impacts of the trade policy changes. Starting with trade policy, the net tariff impact to EBITDA remained near prior quarter levels. We now project this net impact will be at the low end of our $100 million to $200 million range. We continue to execute several mitigation actions to minimize the financial impact and these measures will continue to play a critical role in managing ongoing exposure.

移至幻燈片 13。我想提供有關我們的展望以及貿易政策變化的持續影響的最新資訊。從貿易政策開始，淨關稅對 EBITDA 的影響仍然接近上一季的水準。我們現在預計，這一淨影響將處於 1 億至 2 億美元範圍的低端。我們將繼續採取多項緩解措施，以盡量減少財務影響，這些措施將繼續在管理持續風險方面發揮關鍵作用。

Note that this assumes no further trade policy escalation, including retaliatory tariffs and continued success of our mitigation actions across both segments. We are also monitoring the evolution of US-China trade policies, particularly with the 90-day pause potentially ending on November 10.

請注意，這假設貿易政策不會進一步升級，包括報復性關稅以及我們在兩個領域的緩和行動繼續取得成功。我們也關注中美貿易政策的演變，特別是可能在 11 月 10 日結束的 90 天貿易暫停期。

Next, I would like to update you on our outlook. The ranges for revenue, EBITDA and depreciation and amortization are shown on this slide, and I'll focus on the midpoint of our guidance ranges. For the fourth quarter, we anticipate total company adjusted EBITDA of approximately $1.255 billion, primarily driven by sustained growth and margin expansion within IET.

接下來，我想向大家介紹一下我們的展望。這張投影片顯示了收入、EBITDA 和折舊及攤銷的範圍，我將重點放在我們的指導範圍的中點。對於第四季度，我們預計公司調整後的 EBITDA 總額約為 12.55 億美元，主要得益於 IET 內部的持續成長和利潤率擴大。

Specifically, IET's fourth quarter performance is expected to reflect ongoing momentum supported by strong revenue conversion from the segment's record backlog and continuous productivity improvements through our business system.

具體而言，IET 第四季的業績預計將反映出持續的勢頭，這得益於該部門創紀錄的積壓訂單帶來的強勁收入轉換以及我們業務系統持續的生產力提高。

As a result, we project IET EBITDA of $680 million, implying more than 100 basis points of the year-over-year margin increase. For OFSE, we anticipate fourth quarter EBITDA of $650 million. This projection reflects the potential for tempered year-end product sales across offshore and international markets as well as anticipated E&P budget constraints affecting US land.

因此，我們預計 IET EBITDA 為 6.8 億美元，這意味著利潤率將年增 100 個基點以上。對於 OFSE，我們預計第四季的 EBITDA 為 6.5 億美元。這項預測反映了海上和國際市場年底產品銷售放緩的可能性，以及預期影響美國陸地的勘探與生產預算限制。

Now turning to our full year guidance. We have updated the ranges to include actual year-to-date results and the fourth quarter guidance. Accordingly, we are raising the midpoint of total company adjusted EBITDA to $4.74 billion. For IET, we are raising the guidance range for both revenue and EBITDA, increasing the midpoint for revenue to $13.05 billion from $12.9 billion and EBITDA to $2.4 billion from $2.35 billion. Additionally, we're increasing the midpoint of the IET orders guidance range by $500 million to $14 billion, reflecting robust year-to-date results and anticipated incremental LNG and power generation orders in the fourth quarter.

現在談談我們的全年指引。我們已更新範圍以包括今年迄今為止的實際結果和第四季度指引。因此，我們將公司調整後 EBITDA 總額的中點提高至 47.4 億美元。對於 IET，我們提高了營收和 EBITDA 的指引範圍，將營收中點從 129 億美元提高到 130.5 億美元，將 EBITDA 從 23.5 億美元提高到 24 億美元。此外，我們將 IET 訂單指引範圍的中點提高了 5 億美元，達到 140 億美元，這反映了年初至今的強勁業績以及預計第四季度液化天然氣和發電訂單的增量。

The major factors driving our guidance ranges for IET will be the pace of backlog conversion in GTE, the impact of any aeroderivative supply chain tightness in gas technology, foreign exchange rates and trade policy.

影響 IET 指導範圍的主要因素是 GTE 積壓訂單轉換的速度、任何航空衍生產品供應鏈對天然氣技術緊密性的影響、外匯匯率和貿易政策。

For OFSE, we're increasing the midpoint of revenue by $150 million to $14.35 billion and holding the EBITDA midpoint relatively unchanged at $2.62 billion. Factors driving our guidance ranges for OFSE include execution of our SSPS backlog, the impact on near-term activity levels in North America and international markets, trade policy, foreign exchange rates and pricing across more transactional markets.

對於 OFSE，我們將營收中點提高 1.5 億美元至 143.5 億美元，並將 EBITDA 中點保持相對不變，為 26.2 億美元。影響 OFSE 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、外匯匯率以及更多交易市場的定價。

Looking ahead to 2026, we remain focused on delivering profitable growth alongside continued margin expansion. In IET, we anticipate continued EBITDA growth even with the PSI divestiture taken into account. This positive outlook is supported by a record backlog and another year of strong margin improvement. We remain firmly committed to achieving 20% IET margins next year.

展望 2026 年，我們將繼續致力於實現獲利成長並持續擴大利潤率。在 IET 中，即使考慮到 PSI 的剝離，我們預計 EBITDA 仍將繼續成長。這一積極前景受到創紀錄的積壓訂單和另一年強勁的利潤率成長的支持。我們仍然堅定地致力於明年實現 20% 的 IET 利潤率。

In OFSE, we expect operator activity to remain subdued throughout much of 2026, suggesting a modest reduction in global upstream spending due to softening oil fundamentals. Taking into consideration the deconsolidation of SPC's results, we anticipate positive SSPS momentum into 2026 driven by strong backlog levels. Against this backdrop, we will continue to prioritize margin resilience and closing the gap with peers.

在 OFSE 中，我們預計營運商活動在 2026 年的大部分時間裡仍將保持低迷，這意味著由於石油基本面疲軟，全球上游支出將適度減少。考慮到 SPC 業績的拆分，我們預計在強勁的積壓訂單水準的推動下，SSPS 將在 2026 年呈現積極勢頭。在此背景下，我們將繼續優先考慮利潤率彈性並縮小與同行的差距。

Before turning the call back to Lorenzo, I also wanted to briefly highlight the key financial commitments of our Horizon Two strategy, which we laid out in September at the Barclays Conference. We are targeting total company margins of 20% by 2028, representing a substantial increase from our 2025 implied margin guidance.

在將電話轉回給洛倫佐之前，我還想簡要地強調一下我們在 9 月巴克萊會議上提出的「地平線二號」策略的主要財務承諾。我們的目標是到 2028 年將公司總利潤率提高到 20%，這比我們 2025 年的隱含利潤率指導值大幅提高。

Over the next three years, we also aim to secure at least $40 billion in IET orders, which highlights our strong market visibility and robust technology portfolio. Lastly, we remain committed to achieving at least 50% free cash flow conversion by 2028. These targets do not factor in the expected accretive benefits from Chart.

未來三年，我們還計劃獲得至少 400 億美元的 IET 訂單，這凸顯了我們強大的市場知名度和強大的技術組合。最後，我們仍然致力於在 2028 年實現至少 50% 的自由現金流轉換。這些目標並未將 Chart 預期的增值收益納入考量。

In closing, we are proud of our strong third quarter operational results, which further demonstrate our commitment to delivering long-term value for our shareholders. Looking ahead, we remain focused on driving sustainable improvements in both financial performance and operational efficiency, ensuring that our actions consistently translate into attractive returns and ongoing value creation for our shareholders.

最後，我們對第三季強勁的營運表現感到自豪，這進一步證明了我們致力於為股東創造長期價值的承諾。展望未來，我們將繼續致力於推動財務績效和營運效率的可持續改善，確保我們的行動始終如一地轉化為可觀的回報並為股東持續創造價值。

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

說完這些，我就把電話轉回給洛倫佐。

Thank you, Ahmed. Our strong third quarter performance represents clear evidence of the consistent execution and operational discipline embedded across the organization. We have fundamentally changed the way we operate. And today, Baker Hughes is in its strongest position since the merger nearly a decade ago.

謝謝你，艾哈邁德。我們第三季的強勁表現清楚地證明了整個組織始終如一的執行力和營運紀律。我們從根本上改變了我們的營運方式。如今，貝克休斯正處於近十年前合併以來最強勁的地位。

Through Horizon One, we have delivered substantial operational improvement, expanding adjusted EBITDA margins by 320 basis points, while achieving tremendous commercial success. Looking ahead to Horizon Two, our focus remains on continued margin expansion, targeting a 20% margin for total company adjusted EBITDA by 2028.

透過 Horizo​​n One，我們實現了顯著的營運改進，將調整後的 EBITDA 利潤率提高了 320 個基點，同時取得了巨大的商業成功。展望“第二階段”，我們的重點仍然是持續擴大利潤率，目標是到 2028 年公司調整後 EBITDA 的利潤率達到 20%。

As we pursue our Horizon Two targets, it is important to recognize the broader context in which we operate. Baker Hughes sits at the convergence of the energy and industrial ecosystems at a time when their interdependence has never been more critical. The rise of AI is a transformative force driving both productivity and energy consumption.

在我們追求「地平線二」目標的過程中，認識到我們行動的更廣泛背景非常重要。貝克休斯處於能源和工業生態系統的交匯處，此時兩者的相互依存關係比以往任何時候都更加重要。人工智慧的興起是推動生產力和能源消耗的變革力量。

Combined with the rising energy demand in emerging economies, this reinforces our conviction that natural gas will play a central role in the global energy mix going forward. This is the age of gas, and Baker Hughes is well positioned to benefit. The Chart acquisition further expands this runway and is expected to enhance both our revenue growth profile and long-term margin expansion opportunity.

再加上新興經濟體不斷增長的能源需求，加強了我們的信念，即天然氣將在未來的全球能源結構中發揮核心作用。這是天然氣時代，貝克休斯已做好充分準備從中受益。Chart 的收購進一步拓展了這個發展空間，預計將增強我們的營收成長前景和長期利潤擴張機會。

We have outlined the significant commercial opportunities ahead as well as the levers to continue driving margin expansion and ultimately delivering stronger shareholder returns and meaningful sustained value for our customers and shareholders.

我們概述了未來重大的商業機會以及繼續推動利潤率擴張的槓桿，並最終為我們的客戶和股東帶來更強勁的股東回報和有意義的持續價值。

As we look to the future, we are encouraged by the breadth of the opportunity in front of us with our disciplined strategy, expanding technology portfolio and teams fully aligned we believe Baker Hughes is well positioned to deliver long-term value at the intersection of energy and industrial markets.

展望未來，我們受到眼前廣闊機會的鼓舞，憑藉嚴謹的戰略、不斷擴展的技術組合和完全協調的團隊，我們相信貝克休斯完全有能力在能源和工業市場的交匯處實現長期價值。

To conclude, I want to thank the entire Baker Hughes team for once again delivering outstanding results. Your passion, discipline and pursuit of excellence continue to push the company forward.

最後，我要感謝整個貝克休斯團隊再次取得出色的成績。您的熱情、紀律和對卓越的追求不斷推動公司向前發展。

With that, I'll hand it back to Chase.

就這樣，我將把它交還給 Chase。

Operator, we can now open for questions.

接線員，我們現在可以開始提問了。

Thank you. We will now begin the question-and-answer session. (Operator Instructions)

謝謝。我們現在開始問答環節。（操作員指示）

David Anderson, Barclays.

巴克萊銀行的大衛安德森。

Thank you. Good morning, Lorenzo. How are you?

謝謝。早安，洛倫佐。你好嗎？

Good.

好的。

So power has been a huge theme over the last quarter. It kind of seems to be ramping up in the last month or so. I was wondering if you could please talk about some of the various opportunities you're seeing today and over the next several years in power generation. Obviously, the data center demand for your NovaLT is getting a lot of attention. But the dynamics order today shows how distributed power is also a growing in store in the oil patch.

因此，電力是上個季度的重要主題。在過去一個月左右的時間裡，這種情況似乎有所加劇。我想知道您是否可以談談您目前以及未來幾年在發電領域看到的一些機會。顯然，您的 NovaLT 的資料中心需求受到了廣泛關注。但今天的動態秩序表明，分散式能源在石油領域的應用也正在不斷增長。

Then you mentioned the geothermal opportunities and then also offshore. I was wondering if you could kind of put that all together for us and talk about kind of the size and the duration of these opportunities, but also what else is out there in terms of end markets for power generation. Thank you.

然後您提到了地熱機會以及海上機會。我想知道您是否可以為我們把這些內容匯總在一起，並談談這些機會的規模和持續時間，以及在發電終端市場方面還有哪些其他機會。謝謝。

Yeah, Dave, definitely, and it's an exciting time when you think about power generation at the broad side of what's happening in the world. And really, it's a demand growth across power generation solutions, and it's definitely beyond just the NovaLT for data center applications. When you think of Baker Hughes, we've got an equipment offering that includes generators, synchronized condensers, electric motors and geothermal solutions that really serve across power and industrial and oil and gas markets.

是的，戴夫，絕對是這樣，當你從世界正在發生的事情的廣闊角度來思考發電時，這是一個令人興奮的時刻。事實上，這是整個發電解決方案的需求成長，而且絕對超出了資料中心應用的 NovaLT。當您想到貝克休斯時，我們會提供包括發電機、同步電容器、電動馬達和地熱解決方案在內的設備，這些設備真正服務於電力、工業和石油天然氣市場。

And in addition, obviously, we've got the aeroderivatives and heavy-duty gas turbines that are available for the oil and gas power applications. And as you mentioned, we booked a significant order from Dynamis this quarter. So if you think about this award, and this quarter, we booked [800 million] of power generation-related orders this quarter. And looking ahead, the pipeline is very strong. And I think it's important to note that it's not just data center, but it's really across oil and gas and industrial markets. And when you think about it, it's accelerating across the oil and gas sector.

此外，顯然，我們還有可用於石油和天然氣發電應用的航空衍生產品和重型燃氣渦輪機。正如您所說，本季度我們從 Dynamis 那裡接到了一筆重要訂單。因此，如果您考慮這個獎項，那麼本季度我們已預訂了 [8 億] 與發電相關的訂單。展望未來，我們的管道非常強大。我認為值得注意的是，它不僅僅是數據中心，而且它實際上涉及石油、天然氣和工業市場。想想看，石油和天然氣產業正在加速發展。

When you look at some of the basins, specifically US shale basins, electrification, grid constraints are driving a steep change in the need for distributed power demand and you saw that example by the Dynamis Award, and we see that continuing also in the downstream markets.

當你觀察一些盆地，特別是美國頁岩盆地時，電氣化、電網限制正在推動分散式電力需求的急劇變化，你可以在 Dynamis 獎中看到這個例子，我們看到這種情況在下游市場也在繼續。

And as you look at data centers, we continue to see strong momentum. Year-to-date, we've booked approximately 1.2 gigawatts of data center power solutions. We remain confident that we'll achieve the $1.5 billion of data center orders ahead of the original three-year time line that we mentioned.

當您觀察資料中心時，我們繼續看到強勁的勢頭。年初至今，我們已經預訂了約 1.2 千兆瓦的資料中心電源解決方案。我們仍然有信心，我們將提前完成我們提到的原定三年時間表，實現 15 億美元的資料中心訂單。

And you mentioned that as well, geothermal power generation and very pleased with the relationship that we have with Fervo and others and the award for the organic ranking cycle that we announced 300 megawatts of power and that's enough to power 180,000 homes.

您也提到了地熱發電，我們對與 Fervo 和其他公司的關係感到非常高興，並且我們宣布獲得了有機排名週期獎，發電量為 300 兆瓦，足以為 180,000 戶家庭供電。

And as we look forward, there's continued opportunities as well with our OFSE business and the relationship we have with Fervo on the subsurface drilling production technologies, gas decline and really an integrated solution that we can offer that leverages both OFSE and IET capabilities.

展望未來，我們的 OFSE 業務以及我們與 Fervo 在地下鑽井生產技術、天然氣衰減以及我們可以提供的利用 OFSE 和 IET 功能的綜合解決方案方面的合作關係仍將帶來機遇。

So as we think about it, in summary, there's going to be strong performance going forward on the IET side as well as the integrated solutions. The power generation business is going to be continuing to be a key contributor and really allows us to show the diversification of the solutions that we have across the total portfolio. And importantly, this continues to expand our installed base.

因此，當我們考慮這一點時，總而言之，IET 方面以及整合解決方案的未來將會有強勁的表現。發電業務將繼續發揮關鍵作用，並真正讓我們展示整個產品組合中解決方案的多樣化。重要的是，這將持續擴大我們的安裝基礎。

And as you know, that turns into services business and calories as well with a long margin durability and reoccurring revenue for Baker Hughes going forward. So exciting times as the world continues to need more energy.

如您所知，這將轉化為服務業務和卡路里，並為貝克休斯帶來長期利潤持久性和經常性收入。這是一個令人興奮的時刻，因為世界仍然需要更多的能源。

Appreciate it. Thank you, Lorenzo.

非常感謝。謝謝你，洛倫佐。

Arun Jayaram, JPMorgan.

摩根大通的阿倫‧賈亞拉姆 (Arun Jayaram)。

Yeah, good morning.

是的，早安。

Morning, Arun.

早安，阿倫。

Morning.

早晨。

Yeah. My question is wondering if you could talk a little bit about some of the key financial targets in Horizon Two and kind of give us -- Lorenzo, I meant some of the building blocks you see that are necessary to get to the 20% corporate adjusted EBITDA target by 2028 and maybe some thoughts on achieving $40 billion of IET orders over this time horizon.

是的。我的問題是，您是否可以談談「地平線二」中的一些關鍵財務目標，並告訴我們——洛倫佐，我的意思是，您認為到 2028 年實現 20% 企業調整後 EBITDA 目標所必需的一些基本要素，以及關於在此時間範圍內實現 400 億美元 IET 訂單的一些想法。

Yeah, sure, Arun. And let me start off with maybe the order side of the $40 billion, and then I'll pass it over to Ahmed. I think he can cover the margin progression and -- as you highlighted, we're on pace to, again, book just over $40 billion of IET orders during Horizon One, and we're extremely confident in our ability to deliver at least that level over Horizon Two, which is what we stated as the goal going forward out to 2028. And importantly, it's -- you got to remember that does not include the Chart acquisition, obviously, at this stage.

是的，當然，阿倫。我先會先談一下 400 億美元的訂單，然後再交給艾哈邁德。我認為他可以覆蓋利潤增長，而且——正如您所強調的，我們有望在“地平線一號”期間再次獲得超過 400 億美元的 IET 訂單，並且我們非常有信心能夠在“地平線二號”期間至少實現這一水平，這也是我們提出的到 2028 年的目標。重要的是，你必須記住，這顯然不包括現階段的 Chart 收購。

And what's giving us confidence is a really strong visibility to the project activity, the pipeline that we see and the versatile technology portfolio we have across multiple areas of LNG, power generation, industrial and new energy.

讓我們充滿信心的是，專案活動、我們所看到的管道以及我們在液化天然氣、發電、工業和新能源等多個領域擁有的多功能技術組合具有很強的可視性。

So if you take them one by one, if you think about LNG, we estimate 25 MTPA of FIDs that are going to take place during the course of the next 15 months to really reach our three-year target of 100 MTPA. And that will take us to the 800 MTPA by -- that we announced for 2030. And then as we look going forward, there's going to be more FIDs taking place. And as you saw from the prepared remarks, installed capacity rising to 950 MTPA by 2035.

因此，如果你逐一考慮，如果你考慮液化天然氣，我們估計未來 15 個月內將發生 25 MTPA 的 FID，以真正實現我們 100 MTPA 的三年目標。這將使我們達到我們宣布的 2030 年 8 億噸/年的目標。展望未來，將會有更多的最終投資決定 (FID) 發生。正如您從準備好的演講中所看到的，到 2035 年，裝置容量將上升到 950 MTPA。

And so as we look at the LNG space, continued order momentum going out in the next few years. And that provides with it also the opportunity for strong upgrades and service activity across our installed base as well.

因此，當我們觀察液化天然氣領域時，未來幾年訂單動能將持續。這也為我們在整個已安裝基礎上進行強有力的升級和服務活動提供了機會。

If you look at gas infrastructure, again, durable long cycle opportunities. As you think about natural gas and you think about gas being a prominent energy mix in the future, you're going to need more gas infrastructure as you think about the elements of being able to get the gas from out of the ground and the compression and the pipelines. We see a growing opportunity for that gas infrastructure going forward.

如果你看一下天然氣基礎設施，你會發現持久的長週期機會。當您考慮天然氣並認為天然氣將成為未來的主要能源結構時，您將需要更多的天然氣基礎設施，因為您需要考慮從地下開採天然氣、進行壓縮以及鋪設管道等因素。我們看到天然氣基礎設施未來將迎來越來越大的發展機會。

On power generation, I mentioned it before, again, the step function change in demand for distributed power cogeneration and also geothermal solutions that we mentioned previously also to Dave. And if you look at another theme of data centers, again, emerging as one of the key new end markets, and we've secured several awards for our NovaLTs and we expect $1.5 billion target to be achieved ahead of schedule.

關於發電，我之前提到過，分散式發電熱電聯產和地熱解決方案的需求呈現階躍變化，我們之前也向戴夫提過。如果你看一下資料中心的另一個主題，它再次成為關鍵的新終端市場之一，而我們的 NovaLT 已經獲得了多個獎項，我們預計 15 億美元的目標將提前實現。

And let's not forget new energy. And as you look at this year already, we booked $1.6 billion of orders already at the high end of our 2025 guidance, and we expect this momentum to continue across hydrogen, geothermal and carbon capture and sequestration going forward. And lastly, digital.

我們不要忘記新能源。回顧今年，我們已經獲得了 16 億美元的訂單，達到了 2025 年指導目標的高端，我們預計這一勢頭將在氫能、地熱能和碳捕獲與封存領域繼續保持。最後，數位化。

You're applying productivity and efficiency across all of this and our Cordant Solutions and the capabilities we have around iCenter and really tracking over 2,000 turbomachinery assets across the globe continuing to be an opportunity as we go forward in enriching the installed base. So if you look at those factors, and it gives us a lot of confidence that the $40 billion-plus of IET orders in Horizon Two out to 2028. And with that, I will hand it over to Ahmed to go through the margin.

您將在所有這些方面應用生產力和效率，以及我們的 Cordant 解決方案和我們在 iCenter 方面擁有的功能，並真正追蹤全球 2,000 多台渦輪機械資產，這將繼續成為我們不斷豐富安裝基礎的機會。因此，如果考慮這些因素，我們就會非常有信心，到 2028 年，「地平線二」計畫的 IET 訂單總額將超過 400 億美元。說完這些，我將把它交給艾哈邁德 (Ahmed) 來處理餘地。

Yeah. Thanks, Lorenzo. So look, Arun, as we look at the construct to that margin target and looking at '25, our guidance implies EBITDA margins slightly below 17.5% for the total company. So total 20% company margins represents about 250 basis points of margin improvement over those next three years. So just as a reminder, that 20% margin target does not include the expected accretion from the pending Chart acquisition.

是的。謝謝，洛倫佐。因此，阿倫，當我們審視利潤率目標的構建並展望 25 年時，我們的指導意味著整個公司的 EBITDA 利潤率略低於 17.5%。因此，公司總利潤率 20% 意味著未來三年利潤率將提高約 250 個基點。因此需要提醒的是，20% 的利潤率目標並不包括即將進行的 Chart 收購所帶來的預期成長。

And when we step back and look at it to achieve this margin target, there are two broad buckets at the overall company level. And then maybe I'll give some color on the segment dynamics. So at the total level, continuous improvement, we continue to do that through the Baker Hughes business system. And that will always remain a cornerstone of how we execute our strategy, consistent execution, cost control and leverage and process discipline.

當我們回顧並審視實現這一利潤目標時，我們會發現，從整個公司層級來看，有兩個大問題。然後我可能會對片段動態進行一些說明。因此，在整體層面上，我們將繼續透過貝克休斯業務系統進行持續改進。這將永遠是我們執行策略、一致執行、成本控制和槓桿以及流程紀律的基石。

The other piece to that, and we haven't talked about this much, but AI, I think when we look at it, it allows us to unlock new levels of efficiency and productivity. And we see that as a good tailwind over the next few years. And that goes all the way from enabling functions as well as optimizing supply chain, engineering, logistics and so forth.

關於另一部分，我們還沒有談論太多，但我認為，當我們審視人工智慧時，它可以讓我們開啟新的效率和生產力水平。我們認為這將是未來幾年的良好順風。這包括實現功能以及優化供應鏈、工程、物流等。

So this is a really exciting area for us. And then you've heard us talk about portfolio optimization, and that will remain a key lever. So over Horizon One and specifically, when you look at this year, we've made meaningful progress, and we intend to build on that momentum as we enter the Horizon Two until the next three years or so.

所以這對我們來說是一個非常令人興奮的領域。然後您聽到我們談論投資組合優化，這將仍然是一個關鍵槓桿。因此，在「地平線一」階段，特別是今年，我們已經取得了有意義的進展，我們打算在進入「地平線二」階段後繼續保持這一勢頭，並持續三年左右。

And in Horizon Two specifically, we're targeting at least $1 billion in proceeds from noncore asset sales going through the structure that we laid out in terms of how we assess that with a focus on reducing that exposure to more cyclical OFSE markets and shifting that increasing our presence in more industrial-like higher-margin areas. So that's at the overall company level. And then when you look at the segments, some color on that.

具體來說，在「地平線二」計畫中，我們計劃透過出售非核心資產獲得至少 10 億美元的收益，我們將按照我們制定的評估結構來評估收益，重點是減少對更具週期性的 OFSE 市場的風險敞口，並轉向增加我們在更具工業性質的高利潤領域的存在。這是整個公司層面的情況。然後，當您查看片段時，您會看到一些顏色。

For IET, first and foremost, our near-term focus is to ensure that we hit the 20% IET margins next year, so 2026. And then beyond that, we see further upside given the structural growth of the installed base that you're seeing with the book-to-bills of IET over the last few years, and the strong services pull-through that will allow for as well as the strong margin rates that are sitting in backlog, and we continue to drive that through the book-to-bills.

對 IET 來說，首先，我們近期的重點是確保明年（也就是 2026 年）達到 20% 的 IET 利潤率。除此之外，我們還看到了進一步的上升空間，因為過去幾年 IET 的訂單出貨比已經實現了安裝基數的結構性增長，而且強勁的服務拉動以及積壓訂單的強勁利潤率也將實現增長，我們將繼續通過訂單出貨比來推動這一增長。

And then in OFSE, Just to round it out, while it's a more challenging upstream market, our priority is to make sure we preserve the margin rates in the near term, as we continue to work the cost out actions, and we've been doing that over the last few years and continue to do that this year. And the focus will be continue to close the margin gap with the peers in this area.

然後在 OFSE，總而言之，雖然這是一個更具挑戰性的上游市場，但我們的首要任務是確保我們在短期內保持利潤率，因為我們將繼續採取成本削減行動，我們在過去幾年中一直在這樣做，今年也將繼續這樣做。重點將繼續縮小與該領域同行的利潤差距。

And so once -- the other thing I'd say is once Chart is closed and integrated, we expect it to be accretive to that 20% margin target. So hopefully, that gives you a little bit of color on the building blocks to the margin target.

因此，我想說的另一件事是，一旦 Chart 關閉並集成，我們預計它將增加到 20% 的利潤率目標。所以希望這能為你提供一些關於利潤目標的基礎知識。

Super helpful, thanks.

非常有幫助，謝謝。

Thank you.

謝謝。

Stephen Gengaro, Stifel.

史蒂芬·根加羅（Stephen Gengaro），Stifel。

Thanks and good morning everybody. So you have the Chart merger pending, and you've done a tremendous amount over the last five years, really reshaping the portfolio. And then in early October, you had a press release out and you mentioned this earlier about performing a comprehensive evaluation of capital allocation, the business costs and operations in general. Can you talk a bit more about what this entails and what we should expect to hear from Baker over the next couple of quarters?

謝謝大家，早安。因此，您有待完成 Chart 合併，並且在過去五年中您做了大量工作，真正重塑了投資組合。然後在十月初，您發布了一份新聞稿，其中提到了對資本配置、業務成本和整體營運進行全面評估。您能否進一步談談這意味著什麼以及我們在接下來的幾個季度中應該從貝克那裡聽到什麼消息？

Yeah, Stephen, and thanks for the question. And we've been focused on enhancing shareholder value and accelerating our transformation into a differentiated energy and industrial technology company. The pending acquisition of Chart represents a major strategic milestone in that journey. And with the shareholder approval now in hand, this is the right time to evaluate additional value creation opportunities and importantly, like you said, this approach is not new to us.

是的，史蒂芬，謝謝你的提問。我們一直致力於提高股東價值並加速向差異化能源和工業技術公司的轉型。即將進行的 Chart 收購代表了這一歷程中的重要策略里程碑。現在已獲得股東批准，這是評估額外價值創造機會的最佳時機，重要的是，正如您所說，這種方法對我們來說並不新鮮。

Over the last several years, we've consistently been taking action to drive value for our shareholders and the -- this disciplined approach has translated into tangible results during Horizon One, with EBITDA margins up over 300 basis points, while EBITDA has increased by approximately 60% which has helped us to drive significant outperformance for our shares.

過去幾年來，我們一直在採取行動為股東創造價值，這種嚴謹的方法在 Horizo​​​​n One 期間轉化為切實的成果，EBITDA 利潤率上升了 300 個基點以上，而 EBITDA 增長了約 60%，這幫助我們推動了股票的顯著表現。

So we think there's still meaningful upside ahead and we'll continue the evaluation as we've been, which reflects the ongoing disciplined approach to unlocking additional value creation opportunities. And as you think about what's next, ourselves with the Board will continue to explore all the path to drive shareholder value, carrying out the -- as previously announced, comprehensive evaluation of our capital allocation focused business cost structure and operations.

因此，我們認為未來仍有顯著的上升空間，我們將繼續進行評估，這反映了我們持續採取嚴謹的方法來釋放額外的價值創造機會。當您考慮下一步時，我們與董事會將繼續探索所有推動股東價值的途徑，進行—如前所述，對我們的資本配置重點業務成本結構和營運進行全面評估。

And I think importantly, we want investors to know that we're not resting on our laurels of recent outsized returns. We believe that there's substantial value to be recognized in the near, intermediate and long term for Baker Hughes shareholders. And we won't speculate today, but we'll keep working through the evaluation and make sure that we continue to increase shareholder value.

我認為重要的是，我們希望投資者知道，我們不會滿足於近期超額回報的成就。我們相信，對於貝克休斯股東來說，短期、中期和長期都將獲得巨大的價值。我們今天不會進行推測，但我們會繼續進行評估，確保繼續提高股東價值。

Great, thank you for all the color.

太好了，謝謝你提供的所有顏色。

Scott Gruber, Citigroup.

花旗集團的史考特‧格魯伯。

Yes, good morning, Lorenzo and Ahmed. So it's been a couple of months.

是的，早上好，洛倫佐和艾哈邁德。已經過去幾個月了。

Good morning.

早安.

It's been a couple of months since the Chart acquisition announcement. You mentioned the integration planning underway. But can you provide some more color on what you can do now through the early close period to really accelerate the time to full synergy capture and accelerate the timing to full integration of Chart into IET?

自 Chart 收購公告發布以來已經過去了幾個月。您提到正在進行的整合規劃。但是，您能否更詳細地介紹一下在早期收尾階段您可以做些什麼來真正加快實現全面協同效應的時間，並加快將 Chart 全面整合到 IET 的時間？

Definitely. And Scott, let me start by reiterating why we continue to be very confident in the strategic and industrial logic of the acquisition. And we believe that this combination is going to significantly enhance the value we can deliver to customers. It really aligns with the IET segment, adding key thermal management and air and gas handling solutions to our portfolio. The combination also expands IET's capabilities in key growth markets, unlocking commercial synergies by offering customers value-added solutions.

確實。史考特，首先讓我重申為什麼我們仍然對此次收購的策略和產業邏輯充滿信心。我們相信，這種結合將顯著提升我們為客戶提供的價值。它確實與 IET 部門保持一致，為我們的產品組合添加了關鍵的熱管理和空氣和氣體處理解決方案。此次合併也擴大了 IET 在關鍵成長市場的能力，透過為客戶提供增值解決方案來釋放商業協同效應。

The breadth and diversity of the combined portfolio is going to allow us to go aftermarket potential. And again, the aftermarket service opportunity is significant also with digital opportunities. And so I feel very good about the combined portfolio being more industrial and less cyclical positioning the company to be able to deliver more resilient and consistent long-term performance.

合併後的產品組合的廣度和多樣性將使我們能夠發揮售後市場的潛力。再次強調，數位化機會也為售後服務帶來了巨大的機會。因此，我對合併後的投資組合更加工業化、更少週期性感到非常滿意，這使公司能夠提供更具彈性和更穩定的長期業績。

And that's going to provide significant revenue synergies as we go forward in the future. And I'll let Ahmed speak to some of the progress to date in setting up the integration team.

這將為我們未來的發展帶來顯著的收入綜效。我將讓艾哈邁德介紹迄今為止組成整合團隊所取得的一些進展。

Yeah, Scott, as we look at the integration itself, the focus, as you said, is really the progress we can make before deal close. So we formed the integration management offices and the teams have a very strong operating rhythm. What we've seen very clearly are the cultures are very closely aligned customer at the core of all activities, which allows us to really drive some of that commercial synergy work. So in the near term, across those 14 work streams that are dedicated individuals across the board.

是的，斯科特，當我們審視整合本身時，正如你所說，重點實際上是我們在交易完成之前可以取得的進展。因此我們成立了整合管理辦公室，團隊的運作節奏非常強。我們非常清楚地看到，我們的文化與客戶緊密結合，是所有活動的核心，這使我們能夠真正推動一些商業協同作用。因此，在短期內，這 14 個工作流程中都將有專門的人員。

They're focused on systems integration architecture, all sorts of systems, supply chain, commercial go-to-market and operations. So a lot of work there. And as we progress, we're keeping a very clean sort of view on that swift integration and making sure that we can realize the full $325 million in anticipated cost synergies.

他們專注於系統整合架構、各種系統、供應鏈、商業上市和營運。所以那裡有很多工作要做。隨著我們的進展，我們對快速整合保持非常清晰的看法，並確保我們能夠實現預期的 3.25 億美元成本協同效應。

And just as a reminder, for the integration itself, it's now going to be led by Jim Apostolides, who's our Chief Infrastructure and Performance Officer. And he's got 25 years of operational and multi-industry leadership experience.

需要提醒的是，對於整合本身，現在將由我們的首席基礎設施和績效長 Jim Apostolides 領導。他擁有 25 年的營運和多行業領導經驗。

And then specifically, when it comes to integration work at both GE prior to Baker Hughes, and at Baker Hughes. He's led many complex projects in the past and led those post-acquisition leadership teams. And so as an example, the GE separation across the enterprise that he was involved in. So he's been already working closely with the integration team given that many of the areas in the interim are, of course, focused on areas that fall under his supply chain scope. So we're really pleased on the momentum we're driving there.

具體來說，談到貝克休斯之前的通用電氣和貝克休斯的整合工作。他過去曾領導過許多複雜的項目，並領導過那些收購後的領導團隊。舉個例子，他參與了通用電氣公司的企業拆分。因此，他已經與整合團隊密切合作，因為過渡期間的許多領域當然都集中在屬於他的供應鏈範圍內的領域。因此，我們對我們在那裡取得的進展感到非常高興。

And with respect to timing, obviously, we mentioned the shareholder vote and the approval from Chart shareholders and we remain focused on all customary approvals that are in the queue now. So from a timing perspective, we feel good about expecting to close the deal in mid-2026.

至於時間安排，顯然，我們提到了股東投票和 Chart 股東的批准，我們仍然關注目前正在排隊的所有常規批准。因此，從時間角度來看，我們預計這筆交易將在 2026 年中期完成。

Great. I appreciate the color. Thank you.

偉大的。我很欣賞這個顏色。謝謝。

Thanks.

謝謝。

James West, Melius Research.

詹姆斯‧韋斯特，Melius Research。

Hey, good morning, Lorenzo and Ahmed.

嘿，早上好，洛倫佐和艾哈邁德。

Good morning.

早安.

So I wanted to dig in on the OFSE business and particularly the margin because you guys significantly outperformed peer group on the third quarter. You've given guidance for 4Q for a little bit more degradation, but not a lot, which is differentiated. And so I'd love to hear about the moving pieces on the margin, what you're doing to kind of address and kind of maintain high margin rate.

因此，我想深入了解 OFSE 業務，特別是利潤率，因為你們在第三季的表現明顯優於同業。您給出的第四季業績指引顯示，降幅會稍微大一些，但幅度不會太大，這是有差別的。因此，我很想聽聽關於利潤率的變化情況，以及你們為解決和維持高利潤率所採取的措施。

And then -- and if you could also expand on maybe next year as you think about -- you've given kind of the -- your guidance on what you think exploration and production spending will be for next year, down slightly what do you expect for the margin to do in that segment as we go through the year?

然後 - 如果您可以擴展明年的情況，您已經給出了關於明年勘探和生產支出的指導，您認為明年的勘探和生產支出會略有下降，您預計這一部分的利潤率在今年會如何？

Yeah, James, I'll take that. So look, we're pleased with how the OFSE team has performed given these market conditions and the resilience that they've been able to drive. So maybe what I'll do is I'll give an overall and then go a little bit in 3Q, 4Q and then a look forward into '26. So at the midpoint of our '25 guidance, OFSE margins, we're expecting them to be down 10 basis points despite an 8% decline in revenue.

是的，詹姆斯，我接受。所以，我們對 OFSE 團隊在當前市場條件下的表現以及他們所展現的韌性感到滿意。所以也許我會做的是給出一個總體情況，然後在第三季、第四季稍微展望一下，然後展望 26 年。因此，在我們 25 年指導的中點，OFSE 利潤率，我們預計儘管收入下降了 8%，但它們仍將下降 10 個基點。

So that just shows the resilience of the work the team has been doing on cost-out initiatives that they started late last year and the continued simplification that Amerino has been driving as part of the overall OFSE organization.

這表明了團隊在去年年底開始的成本削減計劃上所做工作的韌性，以及 Amerino 作為整個 OFSE 組織的一部分所推動的持續簡化。

So that's what's really helped deliver that year-over-year margin outperformance relative to the peers in this area. And then when I look at the third quarter specifically, that modest margin decline was really driven fundamentally by business mix and a little bit of cost inflation coming through, but the team was able to offset most of that by cost-out initiatives and overall productivity that they're driving through the fields and the shops.

因此，這才是真正幫助我們實現相對於該地區同業的年比利潤率優勢的因素。然後，當我具體看第三季時，我發現利潤率的小幅下降實際上是由業務組合和少量成本通膨造成的，但團隊能夠透過成本削減計劃和他們在田間和商店推動的整體生產力來抵消大部分影響。

So that again goes back to the resilience. The fourth quarter, as you mentioned, the midpoint of our guide points to both modest revenue and margin declines. And that's really built up through, I would say, a couple of things.

這又回到了彈性的問題。正如您所提到的，第四季度我們的指導中點表明收入和利潤率都會適度下降。我想說，這實際上是透過幾件事建立起來的。

One is typical seasonality in the Eastern Hemisphere and the other thing is tempered year-end product sales across both offshore and international markets. And then lastly, what we see as some E&P budget constraints affecting US land specifically.

一是東半球的典型季節性，二是海外和國際市場的年底產品銷售放緩。最後，我們認為一些 E&P 預算限制特別影響美國土地。

So that wraps up the year. And then when you look into '26, as we mentioned, we expect operator activity to remain subdued throughout most of the year, and that would suggest a modest reduction in global upstream spending due to what we see as a softening of oil fundamentals.

今年就這樣結束了。然後，當你展望 26 年時，正如我們所提到的，我們預計運營商活動在全年大部分時間仍將保持低迷，這意味著由於我們認為石油基本面疲軟，全球上游支出將適度減少。

But within SSPS, as an example, our strong backlog levels, we expect to drive positive momentum into 2026, excluding the effects of, of course, the SPC deconsolidation that will happen at the beginning of the year. So stepping back, when I look at this against this macro backdrop, we're going to continue to emphasize what we've been doing, which is cost efficiency, pricing discipline and upselling opportunities and ultimately prioritizing margin quality over volume. So that is the work that's ongoing to make sure we close the gap with the peers in this area. So hopefully, it gives you some color, James.

但以 SSPS 為例，我們強勁的積壓訂單水準預計將在 2026 年帶來正面勢頭，當然，不包括年初 SPC 拆分的影響。因此，退一步來看，當我從宏觀背景來看這個問題時，我們將繼續強調我們一直在做的事情，即成本效率、定價紀律和追加銷售機會，並最終優先考慮利潤品質而不是數量。因此，我們正在進行的工作是為了確保我們縮小與該領域同行的差距。所以希望它能給你帶來一些啟發，詹姆斯。

Yeah, that's great. Thanks so much.

是的，太棒了。非常感謝。

Thank you.

謝謝。

Marc Bianchi, TD Cowen.

馬克·比安奇 (Marc Bianchi)，TD Cowen。

Hey, thank you. I wanted to ask about NovaLT, you had a really good first half year for NovaLT, but it seems like 3Q didn't have much. What are you expecting for NovaLT in 4Q and into 2026? And what's the lead time look like for customers placing those orders?

嘿，謝謝你。我想問 NovaLT，NovaLT 上半年表現非常好，但第三季似乎不太好。您對 NovaLT 在第四季和 2026 年有何期待？那麼客戶下訂單的交貨時間是多久呢？

Yeah, Marc, I'll take this one. So as we've noted, third quarter year-to-date, we've seen a sharp increase in orders for our NovaLT turbines this year. And that's across not only data centers but also traditional and emerging industrial markets. So the diversity of this industrial gas turbine is one that's really strong.

是的，馬克，我會選擇這個。正如我們所注意到的，今年第三季迄今為止，我們的 NovaLT 渦輪機訂單量急劇增加。這不僅涉及資料中心，還涉及傳統和新興工業市場。因此，這種工業用燃氣渦輪機的多樣性非常強。

So in total, when I step back and look at it, we probably expect to book over $1 billion of NovaLT orders in '25 with oil and gas applications being roughly one-third in data centers and broader industrial making up the difference.

因此，總的來說，當我回顧一下時，我們可能預計在 25 年獲得超過 10 億美元的 NovaLT 訂單，其中石油和天然氣應用約佔資料中心的三分之一，更廣泛的工業彌補了差額。

And of course, that's a record orders year for Novas by a wide margin and the pipeline we see is quite strong. So as we highlighted, the demand for power gen applications is really broad, and we expect it to be quite strong going forward. So in terms of capacity and how we're supporting this growth, we're -- we've been significantly increasing our manufacturing capacity.

當然，這是 Novas 訂單量創紀錄的一年，而且我們看到的訂單量相當強勁。正如我們所強調的，發電應用的需求非常廣泛，我們預計未來這種需求將非常強勁。因此，就產能以及我們如何支持這一成長而言，我們一直在大幅提高我們的製造能力。

And we continue to make targeted investment in enhancing the actual performance of the industrial gas turbine in Nova, including expanding its power range and reducing startup time. So there's a piece around the actual product efficiency but also overall capacity. So we're seeing strong demand for delivery slots well into '28 and beyond.

而我們繼續進行有針對性的投資，以提升Nova工業燃氣渦輪機的實際性能，包括擴大其功率範圍和縮短啟動時間。因此，這不僅與實際產品效率有關，還與整體容量有關。因此，我們看到 28 年及以後的交貨時段需求強勁。

And so the durability and resilience of the market is quite strong as we can see from the backlog as well as demand signals we're looking at. And then, of course, the NovaLT that allows us to drive substantial potential for aftermarket services growth, given its industrial gas turbine. As I mentioned, new capacity going in, both on the production side but also supplying spares.

因此，從我們正在關注的積壓訂單和需求訊號可以看出，市場的持久性和彈性相當強。當然，NovaLT 憑藉其工業燃氣渦輪機，使我們能夠推動售後服務成長的巨大潛力。正如我所提到的，新產能正在湧入，不僅包括生產方面，還包括備件供應方面。

And as we expand that installed base, that's going to be a key area. So that recurring revenue opportunity, that new unit pipeline is one that we're very excited about. And we see quite a lot of potential in this specific area. So hopefully, Mark, that helps you a little bit.

隨著我們擴大安裝基礎，這將成為關鍵領域。因此，我們對經常性收入機會和新單位管道感到非常興奮。我們看到這個特定領域有相當大的潛力。所以，馬克，希望這能對你有一點幫助。

Very good. Thank you, Ahmed.

非常好。謝謝你，艾哈邁德。

That's okay, thank you.

沒關係，謝謝。

And thank you. That was our last question. I will hand you back to Mr. Lorenzo Simonelli, Chairman and Chief Executive Officer, to conclude the call.

謝謝你。這是我們的最後一個問題。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。

Thank you 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.

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 conference. This concludes the program. You may all disconnect.

女士們、先生們，感謝你們參加會議。本節目到此結束。你們都可以斷開連線。