貝克休斯 (BKR) 2025 Q4 法說會逐字稿

Good day, ladies and gentlemen, and welcome to the Baker Hughes Company fourth-quarter and full year 2025 earnings 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 年第四季及全年財報電話會議。（操作員說明）提醒各位，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.

現在我謹向大家介紹今天會議的主持人，投資者關係副總裁蔡斯·穆爾維希爾先生。先生，您可以開始了。

Thank you. Good morning, everyone, and welcome to Baker Hughes fourth-quarter and full year 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。各位早安，歡迎參加貝克休斯第四季及全年財報電話會議。和我在一起的是我們的董事長兼執行長洛倫佐·西蒙內利；以及我們的財務長艾哈邁德·莫加爾。昨晚發布的盈利報告可在我們的網站 bakerhughes.com 上找到。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的投資者網站上找到。

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 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.

再次提醒，我們將在本次電話會議中提供前瞻性聲明。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。請查閱我們向美國證券交易委員會提交的文件和網站，以了解可能導致實際結果與預期結果有重大差異的因素。有關調整後 EBITDA 和某些 GAAP 與非 GAAP 指標的調整表，請參閱我們的獲利報告。

With that, I will turn it over to Lorenzo.

接下來，我將把麥克風交給洛倫佐。

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 start with our strong fourth quarter and full year results, highlight her awards and discuss the macro environment. Following this, we'll walk through the progress we are making as we further scale our Power Systems portfolio and capture growing demand in this space. I will then hand it over to Ahmed, who will present an overview of our financial results followed by an update on the progress we're making on chart integration planning. To conclude, I will summarize the main points before we open the line for questions.

謝謝你，蔡斯。各位早安，感謝各位的收看。首先，我想簡單概述一下今天電話會議的內容。我將首先介紹我們強勁的第四季和全年業績，重點介紹她所獲得的獎項，並討論宏觀環境。接下來，我們將介紹我們在進一步擴大電力系統產品組合併滿足該領域不斷增長的需求方面所取得的進展。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，並介紹我們在圖表整合計劃方面取得的進展。最後，在開放式提問環節之前，我將總結重點。

Let us now turn to slide 4. We continue to execute at a high level, delivering another quarter of strong results. Adjusted EBITDA totaled $1.34 billion, surpassing the midpoint of our guidance range and contributing to a record full year adjusted EBITDA of $4.83 billion. This achievement demonstrates sustained momentum from our business system and ongoing positive performance in industrial and energy technology, which more than offset continued macro-driven softness in oilfield services and equipment. Adjusted earnings per share rose to $0.78 resulting in a full year adjusted EPS of $2.60, a 10% increase from 2024.

現在讓我們來看第4張投影片。我們持續保持高水準的執行力，又一個季度取得了強勁的業績。調整後 EBITDA 總計 13.4 億美元，超過了我們預期範圍的中點，並促成了全年調整後 EBITDA 創紀錄的 48.3 億美元。這項成就表明，我們的業務體系保持了持續的成長勢頭，工業和能源技術領域也取得了持續的積極表現，這足以抵消油田服務和設備領域持續的宏觀疲軟。調整後每股收益增至 0.78 美元，全年調整後每股收益為 2.60 美元，比 2024 年增長 10%。

Adjusted EBITDA margins for the fourth quarter rose 30 basis points year-over-year to a record 18.1%. While OFSE margins declined due to prevailing market conditions, IET margins increased by 160 basis points to 20%. For the full year, company adjusted EBITDA margins increased by 90 basis points to a record of 17.4%. OFSE margins remained resilient even though revenue declined by 8%, while IET margins demonstrated another year of meaningful expansion, increasing 170 basis points to a historical high of 18.5%.

第四季調整後 EBITDA 利潤率年增 30 個基點，達到創紀錄的 18.1%。儘管受當前市場狀況影響，OFSE 利潤率下降，但 IET 利潤率卻上升了 160 個基點，達到 20%。全年來看，公司調整後的 EBITDA 利潤率成長了 90 個基點，達到創紀錄的 17.4%。儘管收入下降了 8%，但 OFSE 利潤率仍然保持韌性；而 IET 利潤率則連續第二年實現了顯著擴張，增長了 170 個基點，達到 18.5% 的歷史新高。

Turning to orders. IET delivered strong fourth quarter order bookings of $4 billion, contributing to a record full year total of $14.9 billion, exceeding the high end of our guidance range. For the second consecutive year, non-LNG equipment orders represented approximately 85% of total IET orders. This performance highlights the end market diversity and versatility of our IET portfolio, led by growth in power generation and new energy alongside continued strength in energy infrastructure and LNG.

開始處理訂單。IET第四季訂單金額強勁成長，達到40億美元，全年訂單總額創下149億美元的歷史新高，超過了我們預期範圍的上限。連續第二年，非液化天然氣設備訂單約佔 IET 總訂單的 85%。這項業績凸顯了我們 IET 產品組合在終端市場的多樣性和多功能性，這得益於發電和新能源領域的成長，以及能源基礎設施和液化天然氣領域的持續強勁表現。

IET achieved a record backlog of $32.4 billion at year-end, while book-to-bill exceeded 1 times. During the fourth quarter, we generated robust free cash flow of $1.3 billion, contributing to a record annual free cash flow of $2.7 billion. This represents a free cash flow conversion rate of 57% in 2025, above our 45% to 50% target range. This strong performance was driven by enhanced working capital efficiency and higher customer down payments, which contributed to free cash flow for the year exceeding expectations.

IET 年底積壓訂單金額達到創紀錄的 324 億美元，訂單出貨比超過 1 倍。第四季度，我們產生了強勁的自由現金流，達到 13 億美元，使年度自由現金流創下 27 億美元的紀錄。這意味著到 2025 年，自由現金流轉換率將達到 57%，高於我們 45% 至 50% 的目標範圍。這一強勁的業績得益於營運資本效率的提高和客戶預付款的增加，這使得公司當年的自由現金流超出了預期。

Now turning to slide 5. As I highlighted, we maintained robust order momentum in IET throughout 125. In LNG, we delivered another strong quarter of equipment orders providing critical liquefaction technology for Train 5 at next decade's Rio Grande LNG facility and Commonwealth LNG's export terminal. In 2025, we booked $2.3 billion of LNG equipment orders. Looking ahead to 2026, we expect similar levels of LNG awards, including material orders outside of the US. Building on these achievements, we are further strengthening the durability of our life cycle model through major aftermarket service awards.

現在請看第5張投影片。正如我所強調的，我們在 IET 125 年期間保持了強勁的訂單成長動能。在液化天然氣領域，我們又完成了一個強勁的季度設備訂單，為未來十年裡奧格蘭德液化天然氣工廠的 5 號生產線和聯邦液化天然氣出口終端提供了關鍵的液化技術。2025年，我們預定了價值23億美元的液化天然氣設備訂單。展望 2026 年，我們預計液化天然氣訂單數量將維持類似水平，包括美國以外的材料訂單。在這些成就的基礎上，我們透過獲得重要的售後服務獎項，進一步增強了我們生命週期模式的持久性。

This includes long-term service agreements for Cheniere’s Corpus Christi Trains 8 and 9 as well as iCenter remote monitoring and diagnostics for next decades, Rio Grande Trains 1, 2 and 3. In Power Systems, orders increased significantly to $2.5 billion in 2025, including $1 billion tied to data center applications, reflecting accelerating demand and growing customer confidence in our solutions.

這包括為 Cheniere 的 Corpus Christi 8 號和 9 號列車以及未來幾十年的 Rio Grande 1 號、2 號和 3 號列車提供 iCenter 遠端監控和診斷的長期服務協議。在電力系統領域，訂單額大幅成長，到 2025 年將達到 25 億美元，其中包括與資料中心應用相關的 10 億美元，這反映出需求加速成長以及客戶對我們解決方案的信心不斷增強。

Capitalizing on this strong momentum in Power Systems, 2025 marked a milestone year for our NovaLT industrial gas turbines. Booking approximately 2 gigawatts of orders across oil and gas, industrial and data center markets. In addition, during the fourth quarter, we secured a large slot reservation agreement for approximately 1 gigawatt of NovaLT capacity to support data center applications which we expect to convert into a firm order in 2026.

憑藉電力系統領域的強勁發展勢頭，2025 年成為我們 NovaLT 工業燃氣渦輪機發展史上具有里程碑意義的一年。在石油天然氣、工業和資料中心市場預訂約 2 吉瓦的訂單。此外，在第四季度，我們獲得了約 1 吉瓦 NovaLT 容量的大型插槽預訂協議，以支援資料中心應用，我們預計將在 2026 年將其轉化為正式訂單。

Additionally, our Power Systems business secured a major contract to supply over 40 brush generators for gas-fired utility scale power plants which will collectively deliver approximately 7 gigawatts of reliable power and enhanced grid resilience, highlighting the critical role our technologies play in strengthening US energy infrastructure.

此外，我們的電力系統業務獲得了一項重大合同，將為燃氣公用事業規模的發電廠供應 40 多台有刷發電機，這些發電機將總共提供約 7 吉瓦的可靠電力，並增強電網彈性，這凸顯了我們的技術在加強美國能源基礎設施方面發揮的關鍵作用。

We also continue to capture synergy opportunities across our Power Systems and compression businesses, highlighted by a significant award to supply an integrated solution for Tengiz Gas Separation Complex in Kazakhstan. This project underscores the value of our integrated portfolio in delivering complex, large-scale infrastructure solutions.

我們也繼續在電力系統和壓縮業務之間尋找協同效應的機會，其中最引人注目的是獲得了為哈薩克斯坦騰吉茲氣體分離綜合體提供整合解決方案的重要合約。此專案凸顯了我們綜合產品組合在提供複雜的大規模基礎設施解決方案方面的價值。

Further, we are seeing increased commercial synergy potential across the enterprise by combining complementary surface and subsurface OFSE technologies with our extensive IET portfolio, we are unlocking growing synergy opportunities across field management, offshore production, geothermal and CCS. This is most evident in new energy booking $434 million of orders in the quarter and a record $2 billion for the full year, well above our $1.4 billion to $1.6 billion target.

此外，透過將互補的地面和地下油田服務工程 (OFSE) 技術與我們廣泛的 IET 產品組合相結合，我們看到整個企業的商業協同潛力不斷增強，我們正在油田管理、海上生產、地熱和碳捕集與封存 (CCS) 領域釋放不斷增長的協同機會。這一點在新能源領域體現得最為明顯，該季度新能源訂單額達到 4.34 億美元，全年訂單額更是創下 20 億美元的紀錄，遠遠超過我們 14 億至 16 億美元的目標。

During the quarter, notable new energy awards included the supply of critical turbo machinery equipment for a blue ammonia project in the US, along with continued strength for geothermal orders in US and Hungary. Looking forward, we are targeting $2.4 billion to $2.6 billion of new energy orders in 2026. IET's Cordant solutions sustained robust momentum in 2025, achieving double-digit order growth for the fried consecutive year and a 20% increase in software orders.

本季度，值得關注的新能源訂單包括為美國的一個藍氨計畫供應關鍵的渦輪機械設備，以及美國和匈牙利的地熱訂單持續強勁成長。展望未來，我們的目標是在 2026 年實現 24 億美元至 26 億美元的新能源訂單。IET 的 Cordant 解決方案在 2025 年保持了強勁的發展勢頭，連續第二年實現了兩位數的訂單增長，軟體訂單增長了 20%。

During the quarter, the business continued to scale its digital software offerings, reinforcing recurring revenue and life cycle pull-through across our equipment installed base while also increasing penetration of non-OEM equipment. As the global installed base of critical equipment continues to expand across energy, industrial in power sectors, we are unlocking additional pull-through opportunities for Cordant, leveraging our comprehensive solutions to drive greater value for our customers.

本季度，該公司繼續擴大其數位軟體產品規模，增強了設備安裝基礎的經常性收入和生命週期拉動，同時提高了非 OEM 設備的滲透率。隨著全球能源、工業和電力產業關鍵設備的裝機量持續成長，我們正在為 Cordant 釋放更多拉動動機會，利用我們全面的解決方案為客戶創造更大的價值。

In OFSE, we continue to see strong customer demand across deepwater and Middle East markets, driven by brownfield and OpEx-led developments that leverage our digitally enabled production portfolio. These solutions directly lower operating costs and support recurring production-led spending for our customers.

在OFSE領域，我們持續看到深水和中東市場強勁的客戶需求，這主要得益於棕地開發和以營運支出為導向的開發項目，這些項目充分利用了我們數位化賦能的生產組合。這些解決方案可直接降低營運成本，並支援我們客戶的經常性生產支出。

During 2025, we secured approximately $3 billion of Production Solutions awards in the Middle East, including approximately $1 billion of multiyear contracts in the fourth quarter from Kuwait Oil Company, Petroleum Development Oman, and ADNOC. The awards with KOC and PDO cover the deployment of advanced ESP systems and Leucipa in over 1,000 wells.

2025 年，我們在中東地區獲得了約 30 億美元的生產解決方案合同，其中包括第四季度從科威特石油公司、阿曼石油開發公司和 ADNOC 獲得的約 10 億美元的多年期合約。與 KOC 和 PDO 的合作項目涵蓋在 1000 多口油井中部署先進的 ESP 系統和 Leucipa 設備。

In addition, the ADNOC contract includes the deployment of our AccessESP system in the offshore Umm Shaif Field, along with continuous digital monitoring services that support recurring revenue over the life of these assets. Momentum has also continued across subsea markets, driving a near record order quarter for subsea and surface pressure systems with bookings of $1.1 billion and a book-to-bill of 1.4 times. During the quarter, we were awarded a multiyear frame agreement for subsea production systems and services for the Coral North LNG project offshore Mozambique.

此外，ADNOC 的合約還包括在海上 Umm Shaif 油田部署我們的 AccessESP 系統，以及持續的數位監測服務，以支援這些資產在其生命週期內的經常性收入。海底市場也持續保持強勁勢頭，推動海底和水面壓力系統訂單接近歷史最高水平，訂單金額達 11 億美元，訂單出貨比為 1.4 倍。本季度，我們獲得了莫三比克近海 Coral North LNG 專案的海底生產系統和服務多年框架協議。

Now turning to the macro on slide 6. Despite the ongoing geopolitical and trade-related uncertainty, the global macro environment remains resilient through 2025. While these headwinds are expected to persist, we anticipate modestly stronger year-over-year GDP growth in 2026, supported by continued investment in generative AI easing inflation and a supportive fiscal backdrop in several major economies.

現在就來看第 6 張投影片上的巨集。儘管地緣政治和貿易方面存在持續的不確定性，但到 2025 年，全球宏觀環境仍將保持韌性。儘管這些不利因素預計會持續存在，但我們預計，在持續投資於生成式人工智慧緩解通膨以及幾個主要經濟體有利的財政環境的支持下，2026 年 GDP 同比增速將略有增強。

This economic resilience is mirrored to the evolving landscape of global energy demand. Long-term energy demand continues to rise driven by population growth, rising living standards and accelerating electrification. At the same time, digital infrastructure, AI and data centers are adding a new and durable layer of energy demand reinforcing the need for reliable, scalable and dispatchable power. Industry estimates suggest that AI infrastructure spending totaled more than $500 billion in 2025 and is expected to approach $1 trillion annually in the late 2020s.

這種經濟韌性反映了全球能源需求格局的演變。人口成長、生活水準提高和電氣化進程加快，長期能源需求持續成長。同時，數位基礎設施、人工智慧和資料中心正在增加新的、持久的能源需求，從而強化了對可靠、可擴展和可調度電力的需求。產業估計表明，到 2025 年，人工智慧基礎設施支出總額將超過 5,000 億美元，預計到 2020 年代後期，每年的支出將接近 1 兆美元。

Resilient power supply has emerged as a key bottleneck which creates a significant opportunity for Baker Hughes as data centers build-out increases demand for behind-the-meter power solutions, providing speed, reliability and scale. Against this backdrop, we now expect to book approximately $3 billion of data center-related orders between 2025 and 2027. Given its abundance, cost-effective reliability and comparatively lower emissions profile, natural gas continues to play a central role in powering data centers. Looking ahead to 2040, we expect global natural gas demand growth of approximately 20%.

隨著資料中心建設的推進，對錶後電源解決方案的需求不斷增長，而彈性電源供應已成為關鍵瓶頸，這為貝克休斯公司創造了巨大的機遇，因為這些解決方案能夠提供速度、可靠性和規模優勢。在此背景下，我們預計在 2025 年至 2027 年間，資料中心相關訂單金額將達到約 30 億美元。鑑於天然氣儲量豐富、成本效益高、可靠性強且排放量相對較低，它在資料中心供電方面繼續發揮核心作用。展望 2040 年，我們預計全球天然氣需求將成長約 20%。

This strong growth in natural gas underpins accelerating investment in gas and power infrastructure, which we expect to represent an increasing share of our $40 billion-plus IET order target during Horizon Two. For LNG, demand continues its strong growth trajectory, increasing by approximately 7% in 2025. Looking forward, LNG demand is expected to increase by at least 75% by 2040, driven primarily by growth across Asia. Reflecting this strength in near-term order visibility, we expect to exceed our 2024 to 2026 LNG FID outlook of 100 MTPA after reaching FID on 83 MTPA of projects over the last two years. This further reinforces our long-held view of 800 MTPA installed base by 2030 and advances progress towards our 950 MTPA outlook for 2035.

天然氣的強勁成長支撐了對天然氣和電力基礎設施投資的加速，我們預計這將占我們在第二階段超過 400 億美元的 IET 訂單目標的越來越大份額。液化天然氣需求持續保持強勁成長勢頭，預計到 2025 年將成長約 7%。展望未來，預計到 2040 年，液化天然氣需求將增加至少 75%，主要受亞洲經濟成長的推動。鑑於近期訂單可見性強勁，我們預計 2024 年至 2026 年液化天然氣最終投資決策 (FID) 將超過 1 億噸/年的目標，此前兩年我們已對 83 噸/年的項目進行了最終投資決策。這進一步鞏固了我們長期以來對 2030 年裝置容量達到 8 億噸/年的看法，並推進了我們 2035 年達到 9.5 億噸/年的目標。

Turning to oil. Against the backdrop of dynamic geopolitical risk, oil prices have remained somewhat volatile in recent months as markets weigh potential supply disruptions against rising OPEC+ and offshore production. We believe further reduction in idled OPEC+ supply alongside more constructive oil supply and demand balances is required before a broad inflection in oil field services activity emerges. That inflection is likely a 2027 catalyst for the sector and may mark the beginning of an up cycle.

變成油。在地緣政治風險動態變化的背景下，近幾個月來，由於市場權衡潛在的供應中斷與歐佩克+和海上石油產量上升之間的關係，油價一直保持著一定程度的波動。我們認為，在石油服務活動出現大幅轉變之前，需要進一步減少 OPEC+ 閒置的石油供應，同時實現更具建設性的石油供需平衡。這一轉折點很可能成為 2027 年該行業的催化劑，並可能標誌著上升週期的開始。

Taking current macro factors into account, we expect low single-digit declines in global upstream spending in 2026. In North America, spending is expected to decline at a mid-single-digit rate as operators maintain both capital discipline and inventory preservation. However, our production-weighted exposure positions us to outperform the market.

考慮到目前的宏觀因素，我們預計 2026 年全球上游支出將出現個位數百分比的下降。在北美，由於營運商保持資本紀律和庫存保護，預計支出將以中等個位數的速度下降。然而，我們以產量為權重的投資策略使我們能夠跑贏大盤。

International spending is expected to be slightly down with resilience in the Middle East and Africa, offset by continued softness in other regions. Longer term, the outlook remains constructive, particularly internationally and offshore, where significant investment will be required to sustain production growth and meet rising global oil demand. We also see continued growth in OpEx-driven upstream investment as operators focus on enhancing recovery rates and extending the life of existing assets that will leverage our differentiated well construction and production solutions portfolio.

國際支出預計將略有下降，中東和非洲地區的韌性將抵消這一降幅，但其他地區的持續疲軟將抵消這一降幅。從長遠來看，前景仍然樂觀，尤其是在國際和海上市場，需要大量投資來維持產量成長並滿足不斷增長的全球石油需求。我們還看到，隨著營運商專注於提高採收率和延長現有資產的壽命，以營運支出為驅動的上游投資將持續成長，這將利用我們差異化的油井建設和生產解決方案組合。

Moving to slide 7 and 8. I want to discuss how Baker Hughes positioned to capture a significant growth opportunity in global power infrastructure spend and how our Power Systems portfolio is enabling reliability, efficiency, flexibility and long-term decarbonization for customers. This portfolio builds on decades of aeroderivatives and heavy-duty gas turbine technology development, complemented by a deliberate organic investment in our NovaLT gas turbine platform, our acquisition of BRUSH power generation and the pending acquisition of Chart.

接下來是第7張和第8張投影片。我想探討貝克休斯如何掌握全球電力基礎設施支出的巨大成長機遇，以及我們的電力系統產品組合如何為客戶實現可靠性、效率、靈活性和長期脫碳。該投資組合建立在數十年的航空衍生品和重型燃氣渦輪機技術開發之上，並輔以對我們 NovaLT 燃氣渦輪機平台的有意識的有機投資、對 BRUSH 發電的收購以及即將對 Chart 的收購。

Together, these actions have created differentiated capabilities that span power generation, grid stability and energy management. Looking ahead, we plan to continue advancing our Power Systems portfolio with a clear focus on expanding our solutions offering across these three capabilities. These strategic efforts positions us strongly for what lies ahead. We believe that global power demand is entering a multiyear cycle.

這些措施共同創造了涵蓋發電、電網穩定性和能源管理等方面的差異化能力。展望未來，我們計劃繼續推進我們的電力系統產品組合，重點是擴大我們在這三個方面提供的解決方案。這些策略舉措使我們為迎接未來的挑戰做好了充分準備。我們認為全球電力需求正進入一個多年周期。

By 2040, global demand is expected to double to approximately 60,000 terawatt hours. This increase implies a compounded annual growth rate of over 4% with gas-fired power generation playing a significant role in this expansion. These developments are being driven by several long-term structural trends that are transforming global power markets.

預計到 2040 年，全球電力需求將翻一番，達到約 6 萬太瓦時。這一成長意味著年複合成長率超過 4%，其中燃氣發電在這一擴張過程中發揮了重要作用。這些發展是由幾個正在改變全球電力市場的長期結構性趨勢所驅動的。

First, digitization and AI-driven compute are fundamentally reshaping power demand. Data center is a rapidly growing source of energy demand, requiring uninterrupted and highly dependable power supply. Estimates project that data center power demand will increase by a 12% compounded annual growth rate through 2040 as AI workloads increase in scale.

首先，數位化和人工智慧驅動的運算正在從根本上重塑電力需求。資料中心是能源需求快速成長的來源，需要不間斷且高度可靠的電力供應。據估計，到 2040 年，隨著人工智慧工作負載規模的擴大，資料中心電力需求將以 12% 的複合年增長率成長。

Second, the ongoing transition toward electrification in both transportation and industrial sectors is contributing to a structural increase in electricity demand. The adoption of electric vehicles is rising rapidly, with projections indicating that the global EV fleet will approximately triple by 2030 and increased nearly ninefold by 2040.

其次，交通運輸和工業部門持續推動電氣化轉型，導致電力需求結構性成長。電動車的普及速度正在迅速加快，預計到 2030 年，全球電動車保有量將成長約三倍，到 2040 年將成長近九倍。

Additionally, industrial companies are advancing their decarbonization initiatives by transitioning from fuel-based processes to electrically driven alternatives. This includes adopting advanced heat pump technologies and integrating electrified equipment into their industrial operations. Also renewable induration, hydrogen production (inaudible) and carbon capture systems all require significant incremental power even as they reduce overall emissions intensity.

此外，工業企業正在推進其脫碳計劃，從燃料驅動的製程過渡到電力驅動的替代方案。這包括採用先進的熱泵技術，並將電氣化設備整合到其工業運作中。此外，再生能源加氫、氫氣生產（聽不清楚）和碳捕獲系統都需要大量的額外電力，即使它們降低了整體排放強度。

Collectively, these factors are expected to contribute to a prolonged period of growth in power demand. reinforcing the need for reliable, flexible and energy-efficient power solutions. This trend will drive continued investment across generation, distributed power and grid resilience and it highlights the requirements for mission-critical power system solutions that can deliver both reliability today and transition ready capability for the future. This is where Baker Hughes is uniquely positioned.

綜合來看，這些因素預計將導致電力需求長期成長，從而更加凸顯了對可靠、靈活和節能的電力解決方案的必要性。這一趨勢將推動對發電、分散式電力和電網韌性的持續投資，並凸顯了對能夠提供當前可靠性和麵向未來過渡能力的關鍵任務電力系統解決方案的要求。這正是貝克休斯公司獨一無二的優勢所在。

Through our Power Systems portfolio, which is highlighted on slide 8, we sit squarely at the intersection of the key mega trends driving global power demand. Our strategy is deliberately built around fuel flexibility, electrification, digital integration and portfolio expansion, enabling us to deliver full life cycle power solutions across industrial, data center, grid, renewable and oil and gas markets. The portfolio addresses an annual market opportunity projected to exceed $100 billion by 2030 with solutions that are either currently available or under development, supported by ongoing organic investments.

透過我們在投影片 8 中重點介紹的電力系統產品組合，我們正好處於推動全球電力需求的關鍵大趨勢的交匯點。我們的策略是圍繞燃料靈活性、電氣化、數位化整合和產品組合擴展而精心構建的，使我們能夠為工業、資料中心、電網、再生能源以及石油和天然氣市場提供全生命週期電力解決方案。該投資組合旨在滿足預計到 2030 年將超過 1000 億美元的年度市場機遇，其解決方案要么是目前可用的，要么是正在開發的，並得到持續的有機投資支持。

Let me briefly walk you through our Power Systems portfolio and how it differentiates Baker Hughes as we capture accelerating growth in global power infrastructure spending. Our Power Systems business is built around three core capabilities: power generation, group stability and energy management with digital, integrated systems and aftermarket services spanning across all three. For power generation, we offer solutions across simple and combined cycle configurations alongside clean power offerings that include geothermal, flex fuel and our developing industrial scale oxy-combustion solution.

讓我簡要地向您介紹我們的電力系統產品組合，以及隨著全球電力基礎設施支出加速成長，貝克休斯如何憑藉其產品組合脫穎而出。我們的電力系統業務圍繞著三大核心能力構建：發電、集團穩定性和能源管理，並透過數位化、整合系統和售後服務貫穿所有這三個面向。在發電方面，我們提供涵蓋簡單循環和聯合循環配置的解決方案，以及包括地熱能、靈活燃料和我們正在開發的工業規模富氧燃燒解決方案在內的清潔能源產品。

This portfolio brings together a broad range of aeroderivatives and heavy-duty gas turbines for the oil and gas sector alongside industrial gas turbines, steam turbines, turbo expanders and generators that address a wide spectrum of power generation applications across diverse end markets.

該產品組合匯集了面向石油和天然氣行業的各種航空衍生產品和重型燃氣渦輪機，以及面向不同終端市場的工業燃氣渦輪機、蒸汽渦輪機、渦輪膨脹機和發電機，可滿足各種發電應用需求。

We are seeing the strongest growth in our NovaLT industrial gas turbines, engineered for distributed and behind the meter applications. The NovaLT is hydrogen ready and capable of operating on natural gas, blended fuels and up to 100% hydrogen with development plans in place to enable ammonia fuel flexibility, its high efficiency, fast our capability and low NOx performance make it particularly well suited for power generation across data center, industrial facilities and the oil and gas markets as well as the mechanical drive applications.

我們看到，專為分散式和表後應用而設計的 NovaLT 工業用燃氣渦輪機實現了最強勁的成長。NovaLT 已做好使用氫氣的準備，並能夠使用天然氣、混合燃料和高達 100% 的氫氣運行。目前已有開發計劃，以實現氨燃料的靈活性。其高效率、快速運行能力和低氮氧化物性能使其特別適合資料中心、工業設施和石油天然氣市場的發電以及機械驅動應用。

Our core oil and gas markets also continued to drive strong demand for power generation. In 2025, we secured orders of approximately 3 gigawatts for oil and gas power applications, supporting distributed power across LNG facilities, FPSOs, refineries, petrochemical plants and oil fields. Beyond gas caverns, we bring differentiated capabilities in steam turbines and turbo expanders, supporting geothermal, biomass, waste-to-energy and pressure recovery applications. With an installed base of more than 700 steam turbines and turbo expanders globally, we have proven our experience in delivering reliable, efficient power across both renewable and industrial markets.

我們的核心油氣市場也持續推動了對發電的強勁需求。2025 年，我們獲得了約 3 吉瓦的石油和天然氣發電應用訂單，為液化天然氣設施、FPSO、煉油廠、石化廠和油田提供分散式電力。除了天然氣洞穴之外，我們在蒸汽渦輪機和渦輪膨脹機方面也具備差異化能力，為地熱、生物質、垃圾發電和壓力回收應用提供支援。我們在全球擁有超過 700 台蒸汽渦輪機和渦輪膨脹機的裝機量，證明了我們在再生能源和工業市場提供可靠、高效電力方面的經驗。

We continue to advance our leadership in geothermal, highlighted by a recent order to supply the five Organic Rank and Cycle power plants at Fervo's Cape Station power generation project, which is expected to deliver 300 megawatts of clean, reliable and affordable power to the grid. In addition to the surface scope, Baker Hughes is also providing differentiated subsector expertise reflecting our ability to integrate subsurface capabilities with surface power generation.

我們持續鞏固在地熱領域的領先地位，最近獲得的訂單凸顯了這一點，該訂單將為 Fervo 的 Cape Station 發電項目的五座有機循環發電廠提供電力，預計該項目將向電網輸送 300 兆瓦清潔、可靠且價格合理的電力。除了地面業務範圍外，貝克休斯還提供差異化的子行業專業知識，這體現了我們將地下能力與地面發電相結合的能力。

By combining these capabilities, we are uniquely positioned to enable scalable, repeatable geothermal developments delivering firm renewable baseload power with attractive project economics for our customers. Through our BRUSH power generation brand, we also provide generators, electric motors and synchronous condensers supported by life cycle services and digital remote monitoring.

透過結合這些能力，我們擁有獨特的優勢，能夠實現可擴展、可重複的地熱開發，為我們的客戶提供穩定的可再生基荷電力，並帶來具有吸引力的專案經濟效益。透過我們的 BRUSH 發電品牌，我們還提供發電機、電動馬達和同步冷凝器，並提供全生命週期服務和數位化遠端監控支援。

These capabilities are increasingly critical as grids become more reliant on intermittent power and require a greater (inaudible) voltage control and resilience. Our controls, power electronics and digital platforms including [core-enable] real-time optimization, emissions monitoring and system level reliability that enhance our Power Systems value proposition to customers. We also offer industrial heat pumps and grid stabilization technologies supporting electrification and decarbonization across industrial and power applications.

隨著電網越來越依賴間歇性電力，需要更高的（聽不見的）電壓控制和彈性，這些能力變得越來越重要。我們的控制、電力電子和數位平台，包括[核心實現]即時優化、排放監測和系統級可靠性，增強了我們電力系統對客戶的價值主張。我們還提供工業熱泵和電網穩定技術，以支援工業和電力應用領域的電氣化和脫碳。

Looking ahead, the pending acquisition of Chart will add differentiated thermal management capabilities, further complementing our power generation portfolio and enabling the development of integrated tri-generation solutions for customers. To summarize, Baker Hughes offers a broad power solutions portfolio with capability spanning generation, grid stability and energy management that positions us to meet the diverse needs of customers across data centers, industrial, power, renewables and traditional energy markets.

展望未來，即將完成的對 Chart 的收購將增加差異化的熱管理能力，進一步完善我們的發電產品組合，並為客戶開發整合三聯產解決方案。總而言之，貝克休斯提供廣泛的電力解決方案組合，其能力涵蓋發電、電網穩定性和能源管理，這使我們能夠滿足資料中心、工業、電力、再生能源和傳統能源市場客戶的多樣化需求。

As global electricity demand accelerates and energy infrastructure evolves, Baker Hughes is delivering solutions that drive long-term growth operational resilience and low carbon readiness, positioning us exceptionally well for the next phase of growth in the global power market.

隨著全球電力需求加速成長和能源基礎設施不斷發展，貝克休斯正在提供能夠推動長期成長、營運韌性和低碳準備的解決方案，這使我們在全球電力市場的下一階段成長中佔據了非常有利的地位。

Before turning the call over to Ahmed, I want to reiterate the strength of our 2025 results. Despite macro-related headwinds in OFSE and tariff-related trade friction, we delivered 90 basis points of margin expansion driven by continued execution of the Baker Hughes business system and a disciplined focus on pricing optimization and productivity enhancements. At the same time, the breadth and versatility of our portfolio supported a record year of IT orders, underscoring the durability of our strategy. These results demonstrate that Baker Hughes continues to execute and deliver for our customers and shareholders.

在將電話交給艾哈邁德之前，我想重申我們2025年的業績預期。儘管OFSE面臨宏觀經濟逆風和關稅相關的貿易摩擦，但我們透過持續執行貝克休斯業務系統以及對定價優化和生產力提升的嚴格關注，實現了90個基點的利潤率增長。同時，我們產品組合的廣度和多功能性支撐了IT訂單創紀錄的一年，凸顯了我們策略的持久性。這些結果表明，貝克休斯公司將繼續為我們的客戶和股東創造價值。

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

接下來，我將把電話交給艾哈邁德。

Thanks, Lorenzo. I'll begin on slide 10 with an overview of our consolidated results and then speak to segment details before summarizing our first quarter and full year outlook. As Lorenzo mentioned, we delivered very strong orders in the fourth quarter, with total company orders of $7.9 billion, including $4 billion from IET. Adjusted EBITDA of $1.34 billion increased by 2% year-over-year, driven by continued IET growth while OFSE results were impacted by macro-driven headwinds. Adjusted EBITDA margins expanded by 30 basis points year-over-year to 18.1%, exceeding 18% for the first time.

謝謝你，洛倫佐。我將從第 10 張投影片開始，概述我們的綜合業績，然後詳細介紹各個業務板塊，最後總結我們第一季和全年的展望。正如洛倫佐所提到的，我們在第四季度獲得了非常強勁的訂單，公司總訂單額達 79 億美元，其中包括來自 IET 的 40 億美元。經調整的 EBITDA 為 13.4 億美元，較去年同期成長 2%，主要得益於 IET 的持續成長，而 OFSE 的表現則受到宏觀經濟不利因素的影響。經調整的 EBITDA 利潤率年增 30 個基點至 18.1%，首次超過 18%。

GAAP diluted earnings per share were $0.88. Excluding $0.10 of adjusting items in the quarter, diluted earnings per share increased 12% year-over-year to $0.78. We generated free cash flow of $1.34 billion for the quarter, supported by strong collections, customer down payments and results from our ongoing working capital efficiency efforts.

以美國通用會計準則（GAAP）計算，稀釋後每股收益為0.88美元。若剔除本季0.10美元的調整項目，稀釋後每股盈餘較去年同期成長12%至0.78美元。本季我們創造了13.4億美元的自由現金流，這得益於強勁的應收帳款回收、客戶預付款以及我們持續改善營運資本效率的成果。

Turning to capital allocation on slide 11. Our balance sheet remains strong with cash increasing to $3.7 billion. Net debt to adjusted EBITDA ratio decreasing to 0.5 times and liquidity increasing to $6.7 billion at year-end. In 2025, we returned $1.3 billion to shareholders in dividends and share repurchases. Our near-term priority is to maintain the strength of our balance sheet in preparation for the closing of the Chart acquisition. With regulatory reviews still underway in certain jurisdictions, we currently expect closing in the second quarter understanding that the timing may evolve as those processes progress.

接下來，我們來看第 11 頁的資本配置部分。我們的資產負債表依然穩健，現金增加至37億美元。淨負債與調整後 EBITDA 比率下降至 0.5 倍，流動資金在年底增加至 67 億美元。2025年，我們透過股利和股票回購向股東返還了13億美元。我們近期的首要任務是保持資產負債表的穩健，為完成對 Chart 的收購做好準備。由於某些司法管轄區的監管審查仍在進行中，我們目前預計將在第二季完成交易，但隨著這些流程的進展，時間可能會有所變化。

As previously stated, our objective is to achieve a net debt to adjusted EBITDA ratio of 1 to 1.5 times within 24 months following the close of the transaction. This reduction will be accomplished through a combination of ongoing free cash flow generation and proceeds from continued portfolio management initiatives, which are anticipated to yield $1 billion of incremental proceeds. Consistent with our portfolio management and capital allocation framework, we announced earlier this month the completion of the sale of the Precision sensors and instrumentation business as well as the formation of the surface pressure control joint venture with Cactus.

如前所述，我們的目標是在交易完成後的 24 個月內，將淨債務與調整後 EBITDA 的比率控制在 1 到 1.5 倍之間。此次減支將透過持續的自由現金流產生和持續的投資組合管理計劃的收益相結合的方式實現，預計這將帶來 10 億美元的額外收益。根據我們的投資組合管理和資本配置框架，我們在本月初宣布完成精密感測器和儀器業務的出售，以及與 Cactus 成立地面壓力控制合資企業。

These strategic transactions have generated approximately $1.5 billion in gross cash proceeds subject to customary closing adjustments. These actions reflect our disciplined approach to portfolio management and our commitment to maximizing long-term value creation for shareholders. We would like to express our sincere gratitude to the employees of PSI and SBC for their dedication and hard work and wish them continued success going forward.

這些策略交易已產生約 15 億美元的現金總收益，但需根據慣例進行交割調整。這些舉措體現了我們嚴謹的投資組合管理方法以及我們致力於為股東創造長期價值的承諾。我們衷心感謝PSI和SBC的員工們的奉獻和辛勤工作，並祝福他們未來繼續取得成功。

In parallel with these portfolio actions, we are making progress on our comprehensive evaluation. We are also executing incremental targeted cost-out initiatives with quick cash backs that are expected to support durable margin expansion as we move through 2026. As we further advance our comprehensive evaluation, our top priority remains closing the Chart transaction and executing a seamless integration where we see compelling strategic and financial benefits. We're focused on delivering our integration priorities and capturing identified synergies while positioning the combined companies to enhance customer value, strengthen our industrial portfolio and support sustainable profitable growth.

在採取這些投資組合行動的同時，我們的綜合評估也正在取得進展。我們也正在實施逐步的、有針對性的成本削減計劃，並快速獲得現金返還，預計這些計劃將支持我們在 2026 年實現持久的利潤率成長。隨著我們進一步推進全面評估，我們的首要任務仍然是完成 Chart 交易並實現無縫整合，因為我們看到了由此帶來的顯著策略和財務效益。我們專注於實現整合優先事項，並發揮已確定的協同效應，同時使合併後的公司能夠提升客戶價值，加強我們的工業產品組合，並支持可持續的盈利增長。

From an integration standpoint, we have now moved into high-level day one operating model design, placing strong emphasis on culture, integration and execution planning. Our two companies share significant commonalities particularly in our highly complementary portfolios, which together enhance our solutions offering and deliver greater value for customers across the equipment life cycle.

從整合的角度來看，我們現在已經進入了高層次的第一天營運模式設計階段，重點是文化、整合和執行計劃。我們兩家公司有很多共同點，尤其是在我們高度互補的產品組合方面，這共同增強了我們的解決方案，並在設備生命週期內為客戶創造了更大的價值。

Let's now turn to segment results. Starting with IET on slide 12. During the quarter, we booked strong IET orders of $4 billion, primarily driven by continued power systems and LNG order momentum. For the full year, IET achieved a record $14.9 billion of orders, resulting in a book-to-bill of 1.1 times and a record RPO of $32.4 billion. Notably, this marks the sixth consecutive year of IT RPO growth.

現在我們來看細分市場的結果。從第 12 張投影片上的 IET 開始。本季度，我們獲得了 40 億美元的強勁 IET 訂單，主要得益於電力系統和液化天然氣訂單的持續成長勢頭。全年來看，IET 的訂單金額創下 149 億美元的紀錄，訂單出貨比為 1.1 倍，RPO 達到創紀錄的 324 億美元。值得注意的是，這標誌著 IT RPO 連續第六年實現成長。

Our fourth quarter results reflect outstanding performance in IET with revenue of $3.81 billion exceeding the high end of our guidance range due to strong project execution and favorable project timing. EBITDA increased 19% year-over-year to a record of $761 million resulting in significant margin expansion of 160 basis points to 20%.

我們第四季的業績反映了IET業務的出色表現，營收達到38.1億美元，超過了我們預期範圍的上限，這得益於強勁的專案執行和有利的專案時間表。EBITDA 年成長 19%，達到創紀錄的 7.61 億美元，利潤率大幅提升 160 個基點，達到 20%。

This exceptional performance was driven by strong backlog pricing, productivity gains and continued execution of the Baker Hughes business system reinforcing the operating leverage in the segment. For the full year, IET revenue increased 10% to $13.4 billion, while EBITDA rose 21% to $2.5 billion with margins increasing 170 basis points to 18.5%, historical highs for all three. This meaningful margin improvement was driven by strength across both Industrial Solutions and gas tech equipment. In 2025, the recently divested PSI business contributed $374 million of revenue and $48 million of EBITDA.

這項卓越業績得益於強勁的積壓訂單定價、生產效率的提高以及貝克休斯業務系統的持續執行，從而增強了該部門的營運槓桿作用。全年來看，IET 的營收成長了 10%，達到 134 億美元，而 EBITDA 成長了 21%，達到 25 億美元，利潤率成長了 170 個基點，達到 18.5%，這三項指標均創歷史新高。這項顯著的利潤率提升得益於工業解決方案和氣體技術設備兩大業務的強勁表現。2025 年，最近剝離的 PSI 業務貢獻了 3.74 億美元的收入和 4,800 萬美元的 EBITDA。

Turning to OFSE on slide 13. We delivered another strong quarter of orders with SSPS bookings of $1.1 billion. This was led by continued strength in subsea project bookings where we captured approximately 25% of the global subsea tree market in 2025. As a result, SSPS orders increased by 13% year-over-year to $3.5 billion in 2025 with a strong book-to-bill of 1.1 times, driving increased visibility and reflecting broadening customer penetration.

請參閱第 13 頁投影片中的 OFSE。我們又迎來了一個強勁的訂單季度，其中 SSPS 訂單達到 11 億美元。這主要得益於海底項目訂單的持續強勁成長，預計到 2025 年，我們將佔據全球海底採油樹市場約 25% 的份額。因此，SSPS 的訂單金額年增 13%，到 2025 年達到 35 億美元，訂單出貨比高達 1.1 倍，提高了可見度，並反映出客戶滲透率的擴大。

Our fourth quarter OFSE performance reflected ongoing macro-related headwinds while continuing to demonstrate solid execution and cost discipline. Revenue totaled $3.57 billion, and the segment delivered EBITDA of $647 million resulting in 40 basis points of sequential margin declined to 18.1%, with all metrics effectively in line with the midpoint of our guidance range.

我們第四季的OFSE表現反映了持續的宏觀經濟逆風，同時持續展現穩健的執行力和成本控制能力。營收總計 35.7 億美元，該業務板塊實現 EBITDA 6.47 億美元，導致利潤率環比下降 40 個基點至 18.1%，所有指標均基本符合我們指導範圍的中點。

Results were impacted by seasonal declines in the North Sea and Asia Pacific continued softness in Mexico and weaker year end product sales as customers remain cautious with capital deployment. These pressures were partially offset by improving activity in Sub-Saharan Africa, Brazil and Saudi Arabia reflecting pockets of resilience across our international portfolio.

業績受到北海和亞太地區季節性下滑、墨西哥市場持續疲軟以及年底產品銷售疲軟的影響，因為客戶在資本部署方面仍然保持謹慎。這些壓力部分被撒哈拉以南非洲、巴西和沙烏地阿拉伯的業務活動改善所抵消，這反映出我們國際投資組合中存在一些韌性區域。

For the full year, revenue fell 8% to $14.3 billion while EBITDA of $2.62 billion resulted in resilient margins of 18.3%, effectively flat year-over-year despite the meaningful top line decline. This margin resilience reflects continued cost discipline and structural actions to remove duplication across the segment, preserving profitability through cycle downturns. In 2025, SPC contributed $627 million of revenue and $137 million of EBITDA. These results will be deconsolidated in 2026 with our 35% minority ownership accounted for as an equity investment. Next, I would like to provide an update on our outlook for the first quarter and full year 2026.

全年來看，營收下降 8% 至 143 億美元，而 EBITDA 為 26.2 億美元，利潤率保持在 18.3% 的穩健水平，與上年基本持平，儘管營收大幅下降。這種利潤率韌性反映了持續的成本控制和消除該部門重複建設的結構性措施，從而在經濟週期低迷時期保持了盈利能力。2025年，SPC貢獻了6.27億美元的營收和1.37億美元的EBITDA。這些績效將於 2026 年從合併報表中剔除，屆時我們持有的 35% 少數股權將作為股權投資計入。接下來，我想就我們對 2026 年第一季和全年的展望作一次更新。

The detailed guidance can be found on slide 14 for both the ranges and midpoints are presented. For clarity, I'll focus on the midpoint of our guidance figures. Please note, these figures exclude the recently divested PSI business and account for the deconsolidation of SPC results as both transactions were completed on January 1. Also, all references to organic metrics exclude the results of businesses that have been divested, deconsolidated or acquired since the beginning of 2025. Specifically, the results of PSI and SPC as well as the recently acquired Continental Disc Corporation business are excluded from organic references provided below.

詳細指導請參閱第 14 張投影片，其中給出了範圍和中點。為了更清楚地說明問題，我將重點放在我們預期數據的中間值。請注意，這些數字不包括最近剝離的 PSI 業務，並且已考慮了 SPC 業績的取消合併，因為這兩項交易均於 1 月 1 日完成。此外，所有關於有機成長指標的參考資料均不包括自 2025 年初以來已剝離、取消合併或收購的業務的表現。具體而言，PSI 和 SPC 的業績以及最近收購的 Continental Disc Corporation 業務均不包含在以下提供的有機成長參考數據中。

This approach ensures that organic metrics accurately reflect the company's ongoing operations and provide a clear comparison by excluding the impact of such transactions. Following the closing of the Chart acquisition, full year guidance will be updated to reflect our outlook for the combined business for the remainder of the year.

這種方法確保有機指標準確反映公司的持續營運情況，並透過排除此類交易的影響，提供清晰的比較。在完成對 Chart 的收購後，我們將更新全年業績預期，以反映我們對合併後業務在今年剩餘時間內的展望。

Starting with full year guidance, we anticipate company revenue of $27.25 billion and adjusted EBITDA of $4.85 billion, implying organic adjusted EBITDA growth rate in the mid-single-digit range. Free cash flow conversion is expected to approach 50%, underscoring our progress to drive more durable free cash flow through cycles. The effective tax rate is projected to fall within the range of 22% to 26%, and we continue to pursue initiatives aimed at further optimizing our tax rate beyond 2026.

從全年業績指引來看，我們預計公司營收為 272.5 億美元，調整後 EBITDA 為 48.5 億美元，這意味著有機調整後 EBITDA 成長率將達到中等個位數。預計自由現金流轉換率將接近 50%，這凸顯了我們在推動更持久的自由現金流以應對週期性變化方面的進展。預計實際稅率將在 22% 至 26% 的範圍內，我們將繼續推行旨在進一步優化 2026 年以後稅率的措施。

In IET, we expect orders to remain at robust levels through this year, supported by continued momentum in LNG, a stronger year of FPSO and gas infrastructure awards and sustained strength for Power Systems. Against this favorable backdrop, we project $13.5 billion to $15.5 billion of IET orders in 2026, which is flat at the midpoint on an organic basis and would mark the fourth consecutive year with at least $13 billion in orders. We also remain confident in achieving our three-year Horizon Two target of more than $40 billion in IET orders.

在 IET 領域，我們預計今年的訂單將保持強勁水平，這得益於液化天然氣業務的持續成長勢頭、FPSO 和天然氣基礎設施訂單的強勁增長以及電力系統業務的持續強勁表現。在這種有利的背景下，我們預計 2026 年 IET 訂單金額將達到 135 億美元至 155 億美元，以有機成長計算，中位數持平，這將是連續第四年訂單額至少達到 130 億美元。我們也仍然有信心實現三年內第二階段的目標，即獲得超過 400 億美元的 IET 訂單。

Importantly, these anticipated orders will provide significant backlog visibility for our equipment businesses while also underpinning years, if not decades, of high-margin services growth. This outlook reinforces the durability and long-term value creation that is embedded within the company.

重要的是，這些預期訂單將為我們的設備業務提供重要的積壓訂單可見性，同時也將支撐未來數年甚至數十年的高利潤服務成長。這種前景強化了公司所蘊含的持久性和長期價值創造能力。

Supported by record backlog levels, we expect full year IET revenue of $13.5 billion reflecting steady organic growth. Additionally, we project EBITDA of $2.7 billion, positioning IET to achieve its 20% margin target this year. This margin outlook is supported by ongoing productivity improvements, disciplined cost management in industrial products and the conversion of higher-margin backlog within Gas Tech equipment.

由於創紀錄的訂單積壓水平，我們預計 IET 全年營收將達到 135 億美元，反映出穩定的內生成長。此外，我們預計 EBITDA 為 27 億美元，這將使 IET 實現今年 20% 的利潤率目標。這一利潤率前景得益於持續的生產效率提升、工業產品嚴格的成本管理以及 Gas Tech 設備中高利潤積壓訂單的轉換。

For OFSE, we anticipate revenue to be slightly lower year-over-year, but flat on an organic basis. This stability is primarily driven by robust growth in our SSPS business which is anticipated to offset slight declines within the OFSE portfolio. Based on our current outlook, we expect $13.75 billion in revenue and EBITDA of $2.475 billion. When adjusted for the impact of the SPC transaction, this guidance implies relatively flat organic margins year-over-year.

對於 OFSE，我們預計收入將同比略有下降，但按有機增長計算將持平。這種穩定性主要得益於我們 SSPS 業務的強勁成長，預計這將抵消 OFSE 投資組合的輕微下滑。根據我們目前的預測，我們預計營收將達到 137.5 億美元，EBITDA 將達到 24.75 億美元。在調整以消除 SPC 交易的影響後，該指引意味著有機利潤率同比基本持平。

This resilient margin outlook is underpinned by ongoing productivity enhancements and continued efforts to right-size our cost structure, which deliver quick cash paybacks. These cost actions are expected to offset higher tariff-related costs, unfavorable product mix. and pricing variability across different markets. Notably, our disciplined approach to cost optimization is fully aligned with our ongoing comprehensive review with each initiative prioritized to drive structural margin improvement and enhance long-term competitiveness.

這項穩健的利潤前景得益於持續的生產效率提升和不斷調整成本結構的努力，這些努力能夠帶來快速的現金回報。這些成本控制措施可望抵消關稅相關成本上升、產品組合不利以及不同市場價格差異的影響。值得注意的是，我們嚴謹的成本優化方法與我們正在進行的全面審查完全一致，每項措施都優先考慮推動結構性利潤率提高和增強長期競爭力。

Now turning to first quarter guidance. We anticipate total company revenues of $6.4 billion and adjusted EBITDA of $1.06 billion. For IET, we expect results to demonstrate strong year-over-year EBITDA growth led by gas technology. Overall, we expect IET EBITDA of $600 million. The major factors driving our guidance ranges for IET will be the pace of backlog conversion GTE, the impact of any supply chain tightness, foreign exchange rates and trade policy.

現在來看第一季業績展望。我們預計公司總營收為 64 億美元，調整後 EBITDA 為 10.6 億美元。對於 IET，我們預計業績將顯示出強勁的同比 EBITDA 成長，這主要得益於天然氣技術的發展。總體而言，我們預計 IET 的 EBITDA 為 6 億美元。影響我們對 IET 指導範圍的主要因素是積壓訂單轉換速度、供應鏈緊張的影響、外匯匯率和貿易政策。

For OFSE, we anticipate results to reflect typical seasonality. Accordingly, EBITDA is expected to be $540 million for the quarter. Factors driving our guidance ranges for OFSE include execution of our SSPS backlog, near-term activity levels, trade policy, foreign exchange rates and pricing across more transactional markets. In summary, we are extremely pleased with the company's operational performance in 2025.

對於OFSE，我們預期結果將反映典型的季節性。因此，預計本季 EBITDA 為 5.4 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、近期活動水準、貿易政策、外匯匯率以及更多交易市場的定價。總而言之，我們對公司 2025 年的營運表現非常滿意。

IET once again delivered record results, while OFSE margins demonstrated exceptional resilience despite a challenging macro environment. Together, these results clearly demonstrate that the Baker Hughes business system is driving execution, productivity and profitability across the organization. We remain firmly committed to structurally improving free cash flow and margins while also capitalizing on market opportunities through our differentiated solutions portfolio with line of sight to our 20% company adjusted EBITDA margin target by 2028. All of this is focused on delivering sustained long-term value for our shareholders.

儘管宏觀環境充滿挑戰，但 IET 再次取得了創紀錄的業績，而 OFSE 利潤率也展現了非凡的韌性。這些結果共同清楚地表明，貝克休斯的業務系統正在推動整個組織的執行力、生產力和獲利能力。我們將繼續堅定致力於從結構上改善自由現金流和利潤率，同時透過我們差異化的解決方案組合抓住市場機會，力爭在 2028 年實現公司調整後 EBITDA 利潤率 20% 的目標。這一切都是為了帶給股東持續的長期價值。

I'll turn the call back to Lorenzo.

我把電話轉回給洛倫佐。

Thank you, Ahmed. To close, we delivered an exceptionally strong quarter and an outstanding year in 2025, highlighted by record performance in IET, resilient margins in OFSE, record free cash flow and consistent execution across the company. Looking ahead to 2026, we expect organic adjusted EBITDA to grow in the mid-single-digit range led by another year of solid margin expansion.

謝謝你，艾哈邁德。總結而言，我們取得了非常強勁的季度業績和 2025 年的優異成績，其中 IET 業績創歷史新高，OFSE 利潤率保持穩定，自由現金流創歷史新高，公司各部門的執行力也始終如一。展望 2026 年，我們預計有機調整 EBITDA 將實現中等個位數成長，這主要得益於利潤率的另一年穩健擴張。

These achievements reflect the significant progress we are making towards structurally improving margins strengthening the durability of our cash flow and driving operating leverage through the Baker Hughes business system. Further, the outlook for global energy infrastructure investment remains positive, particularly in key areas such as gas, LNG, power generation and industrial energy systems.

這些成就反映了我們在結構上改善利潤率、增強現金流的持久性以及透過貝克休斯業務系統推動營運槓桿方面取得的重大進展。此外，全球能源基礎設施投資前景依然樂觀，尤其是在天然氣、液化天然氣、發電和工業能源系統等關鍵領域。

Rapidly increasing demand from digitization and electrification is reinforcing the need for a reliable, scalable and lower carbon energy solutions. Baker Hughes is uniquely positioned to capitalize on these market dynamics, providing differentiated power systems and energy infrastructure solutions that meet the evolving needs of customers. Against this favorable market backdrop, we remain confident in achieving our three-year IET orders target of at least $40 billion.

數位化和電氣化帶來的快速成長的需求，更加凸顯了對可靠、可擴展和低碳能源解決方案的必要性。貝克休斯擁有獨特的優勢，能夠充分利用這些市場動態，提供差異化的電力系統和能源基礎設施解決方案，以滿足客戶不斷變化的需求。在這種有利的市場背景下，我們仍然有信心實現三年內至少 400 億美元的 IET 訂單目標。

As part of our comprehensive review, we have initiated further cost-out programs across the company that will result in quick paybacks and drive further margin expansion through 2026 and beyond. We have also made meaningful progress enhancing our portfolio demonstrated by the three recently closed transactions and the pending chart acquisition.

作為我們全面審查的一部分，我們已在公司範圍內啟動了進一步的成本削減計劃，這將帶來快速的投資回報，並推動利潤率在 2026 年及以後進一步擴大。我們在增強投資組合方面也取得了實質進展，最近完成的三筆交易和即將進行的圖表收購證明了這一點。

As we move forward, our primary focus is on closing the Chart transaction and ensuring a seamless integration process. We continue to make substantial progress in integration planning for the Chart transaction and are increasingly confident in our ability to achieve the $325 million cost synergy target. Our commercial synergy initiatives are also moving forward with the potential to generate incremental value over time.

接下來，我們的首要任務是完成 Chart 交易，並確保無縫整合流程。我們在 Chart 交易的整合計劃方面繼續取得實質進展，並且越來越有信心實現 3.25 億美元的成本協同效應目標。我們的商業協同計劃也在穩步推進，並有望隨著時間的推移創造更多價值。

As the company moves into Horizon Two, these portfolio actions are positioning Baker Hughes to evolve into a stronger, more industrialized energy solutions company. This evolution is underpinned by an increasingly OpEx levered business mix and a differentiated life cycle portfolio, which are driving reduced cyclicality and enhance cash flow durability.

隨著公司進入第二階段，這些投資組合調整將使貝克休斯發展成為更強大、更工業化的能源解決方案公司。這一演變的基礎是營運支出槓桿化程度越來越高的業務組合和差異化的生命週期產品組合，這降低了週期性波動，提高了現金流的持久性。

Accordingly, we remain confident in our ability to continue driving returns and margins higher for the company with a path to achieving 20% company adjusted EBITDA margin by 2028. In closing, I would like to thank the entire Baker Hughes team for consistently delivering outstanding results. As we look to the future, we are energized by the opportunities that lie ahead and remain committed to our customers and employees with a disciplined focus on creating long-term sustainable value for our shareholders.

因此，我們仍有信心繼續提高公司的回報和利潤率，並預計在 2028 年實現公司調整後 EBITDA 利潤率達到 20%。最後，我要感謝貝克休斯團隊全體成員，感謝他們一直以來的卓越成果。展望未來，我們對未來的機會充滿信心，並將繼續致力於為客戶和員工創造長期可持續的價值，為股東創造穩定價值。

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

這樣，我就把電話轉回給 Chase 了。

Operator, we can now open up for questions.

操作員，現在可以開始接受提問了。

(Operator Instrucitons)

（操作說明）

Arun Jayaram, JPMorgan Chase.

Arun Jayaram，摩根大通。

Yeah. Good morning, Lorenzo, Ahmed. Your prepared remarks underscored Bakers Power Systems capabilities across a broad range of end markets. You mentioned you booked $2.5 billion of Power Systems orders in 2025. I know the business has been a strategic focus, thinking back to the BRUSH acquisition and your organic growth opportunities from the NovaLT gas turbine line. Can you elaborate on your strategy for further enhancing your current capabilities or sustaining growth from Power Systems on a go-forward basis?

是的。早安，洛倫佐，艾哈邁德。您事先準備好的演講稿強調了貝克動力系統在廣泛的終端市場中的能力。您提到您在 2025 年預定了價值 25 億美元的電力系統訂單。我知道這項業務一直是公司的策略重點，回想一下收購 BRUSH 以及 NovaLT 燃氣渦輪機產品線帶來的有機成長機會。您能否詳細說明您未來將如何進一步提升現有能力或維持電力系統業務的持續成長？

Definitely, Arun, and thank you very much. And let me just start by reiterating that we believe that we're in a global power demand multiyear growth cycle. In fact, a demand decade, as we said last week, and we're very much in the early stages of that trend worldwide and in the United States.

當然可以，阿倫，非常感謝。首先，我想重申，我們認為我們正處於全球電力需求多年成長週期。事實上，正如我們上週所說，這是一個需求十年，而且我們目前在全球範圍內以及美國都處於這一趨勢的早期階段。

If you look at current projections indicate that power demand will double by 2040 driven by the factors such as data centers, digital infrastructure, artificial intelligence, widespread adoption of EVs, also the transition of industrial bosses from fuel-based to electric power solutions, HVAC cooling across the board, a huge increase in demand. And this really is a critical need that then manifest itself for reliable and scalable energy systems. And we think that, in particular, on AI infrastructure, we expect to see a doubling in the investment and it's going to reach $1 trillion by the end of this decade, which presents a substantial opportunity for Baker Hughes.

如果看看目前的預測，就會發現到 2040 年，電力需求將翻一番，其驅動因素包括資料中心、數位基礎設施、人工智慧、電動車的廣泛普及，以及工業企業主從燃料驅動轉向電力驅動的解決方案，以及暖通空調製冷的全面發展，這些都將導致需求的大幅增長。而這正是實現可靠且可擴展的能源系統的關鍵需求。我們認為，尤其是在人工智慧基礎設施方面，預計投資額將翻一番，到本十年末將達到 1 兆美元，這對貝克休斯公司來說是一個巨大的機會。

As you saw from the prepared pages, we've identified a market opportunity of $100 billion annually for Power Systems by 2030. And we've got a range of solutions available and also in development. And in 2025, Power Systems orders totaled $2.5 billion, with $1 billion directly linked to data center applications.

正如您從準備好的頁面中看到的那樣，我們已經確定到 2030 年電力系統市場每年將有 1000 億美元的市場機會。我們有一系列現有的解決方案，還有一些正在開發中。到 2025 年，電力系統訂單總額達到 25 億美元，其中 10 億美元與資料中心應用直接相關。

So you look at also what we laid out we now see data center orders to total $3 billion between 2025 and 2027. And it represents over 150% growth compared to last year's Power Systems orders which is a clear indication of deceleration that we're seeing and also the customer adoption. So there's a large broad addressable market that is significant. And it goes beyond just the NovaLT, it really focuses on core capabilities around power generation, grid stability and energy management

所以，根據我們先前的預測，我們現在看到，2025 年至 2027 年間，資料中心訂單總額將達到 30 億美元。與去年的電力系統訂單相比，這代表著超過 150% 的成長，這清楚地表明了我們所看到的成長放緩以及客戶的接受度。因此，存在著一個龐大且意義重大的潛在市場。而且，它不僅限於NovaLT，而是真正專注於發電、電網穩定性和能源管理等核心能力。

And so as you look at some of the other things that are taking place, we also secured orders of 1.3 gigawatts for aero-derivative gas turbines within the oil and gas, including upstream gas infrastructure, FPSOs, refining, which demonstrates, again, the aspects of good prospects for distributed power solutions in our core market.

因此，當我們審視其他一些正在發生的事情時，我們也獲得了石油和天然氣行業（包括上游天然氣基礎設施、FPSO、煉油）1.3 吉瓦的航空衍生燃氣渦輪機訂單，這再次表明，分散式電力解決方案在我們核心市場具有良好的前景。

Also, geothermal, as you look at the order with Fervo, 300 megawatts Organic Rankine Cycle, unique position with ourselves as being the geothermal subsurface and surface power generation capabilities. The 40 BRUSH generators for gas-fired utility scale power plants and collectively delivering approximately 7 gigawatts of reliable power.

此外，從 Fervo 的訂單來看，地熱能，300 兆瓦有機朗肯循環，使我們在地熱地下和地表發電能力方面擁有獨特的地位。40 台 BRUSH 發電機用於燃氣公用事業規模的發電廠，總共可提供約 7 吉瓦的可靠電力。

Synchronous condensers technology that address the multibillion-dollar market that is projected to grow as renewable energy integration increases. And so we're seeing lots of new opportunities as well as energy storage being able to leverage our turbo expander and generate a portfolio as we look to see more integrated power solutions, as you also saw in the Tengiz project in Kazakhstan.

同步冷凝器技術旨在滿足數十億美元的市場需求，隨著再生能源併網程度的提高，該市場預計將持續成長。因此，我們看到了很多新的機遇，儲能能夠利用我們的渦輪膨脹機並創造一個產品組合，因為我們正在尋求更全面的電力解決方案，正如您在哈薩克斯坦的騰吉茲項目中看到的那樣。

And not to forget also in the nuclear space where we provide steam turbine generators to support more modular reactive projects. And on the overlay, the Cordant digital hardware and software solutions and the aftermarket service business. So you've got a lot of range of applications, end markets.

此外，我們也不能忘記在核能領域，我們提供蒸汽渦輪機發電機來支援更多模組化反應器專案。此外，還有 Cordant 的數位硬體和軟體解決方案以及售後服務業務。所以它的應用範圍很廣，終端市場也很多。

And as we look to Chart, that's going to further strengthen the power portfolio by adding thermal management capabilities and deliver integrated tri-generation power solutions. So very excited. And I think in summary, you're looking at a multiyear cycle. It's driving long-term growth, operational resilience, low carbon readiness, and we've got a versatile portfolio that's going to add significantly as growth for Baker Hughes going forward.

展望 Chart，它將透過增加熱管理功能來進一步加強電力產品組合，並提供整合的三聯產電力解決方案。太激動了！總而言之，我認為這是一個多年周期。它推動了長期成長、營運韌性、低碳準備，而且我們擁有多元化的產品組合，這將為貝克休斯未來的成長帶來顯著貢獻。

Great. Thanks.

偉大的。謝謝。

Scott Gruber, Citigroup.

史考特‧格魯伯，花旗集團。

Good afternoon on your end. You offered a very robust $14.5 billion IET order intake guide for '26. Can you walk through some of the moving pieces within that guide, which segments are seeing some growth, which may be down some? It sounds like LNG will be stable. But what are the moving pieces? And then inbound exceeded your initial expectations last year, what could drive upside this year, would that most likely come from the power vertical. Thank you.

您下午好。您為 2026 年 IET 訂單量給出了非常強勁的 145 億美元預期。您能否詳細介紹一下指南中的一些動態部分，哪些部分正在成長，哪些部分可能會下降？聽起來液化天然氣供應會比較穩定。但其中的關鍵因素有哪些？去年入境業務超出了您的預期，那麼今年什麼因素可能會推動成長呢？最有可能來自電力垂直領域。謝謝。

Yeah, definitely, Scott. And again, I think as you look at the 2026 order outlook, it reflects the underlying strength that I mentioned previously as well across the broad and versatile IET portfolio. And it's really a strong start to achieving the $40 billion-plus target for Horizon Two between 2026 to 2028. And I think if you take a step back and just reflect on the prior few years of Horizon One, that order strength has been highlighted as we've gone through the years of '23, '24 and '25. As you look at LNG being strong in '23, then in '24, gas infrastructure and last year, Power Systems.

是的，當然，斯科特。而且，我認為，從 2026 年的訂單展望來看，它也反映了我之前提到的 IET 廣泛且多元化的產品組合的潛在優勢。對於實現「地平線二期」2026年至2028年間超過400億美元的目標而言，這確實是一個強勁的開端。我認為，如果你回顧一下 Horizo​​​​n One 過去幾年的發展歷程，你會發現，在 2023 年、2024 年和 2025 年，訂單實力得到了充分的體現。2023 年液化天然氣產業表現強勁，2024 年天然氣基礎設施產業表現強勁，去年電力系統產業表現強勁。

And since 2023, our non-LNG equipment orders have delivered a compounded annual growth rate of over 20% and really represent about 85% of the total IET orders for both 2024 and '25, which again further demonstrates the breadth and diversification of our offerings. Looking at 2026, again, it's going to be the aspect of strong pipelines in Power Systems. We see our $2.5 billion orders from last year as a foundation for further growth, also taking up our data center intake and as you see from the free data center order outlook, going to $3 billion, reflecting a healthy and growing pipeline.

自 2023 年以來，我們的非液化天然氣設備訂單實現了超過 20% 的複合年增長率，並且實際上佔 2024 年和 2025 年 IET 總訂單的約 85%，這再次進一步證明了我們產品的廣度和多樣性。展望 2026 年，電力系統領域強勁的管線建設仍將是關鍵所在。我們認為去年 25 億美元的訂單是進一步成長的基礎，同時也推動了資料中心業務的成長。正如您從免費資料中心訂單展望中看到的那樣，訂單將達到 30 億美元，這反映出我們擁有健康且不斷成長的業務管道。

Gas Infrastructure, as you continue to see the growth in gas, we see continued increase in natural gas production to meet the global energy demand. As you look at new energy, we set a record in 2025 with $2 billion in orders and expect this trajectory to continue led by CCUS, flex fuel power and geothermal solutions and we've got a forecast for $2.4 billion to $2.6 billion and excited about geothermal.

隨著天然氣需求的持續成長，天然氣基礎建設也需要不斷推進，以滿足全球能源需求。展望新能源，我們在 2025 年創下了 20 億美元的訂單紀錄，預計這一增長勢頭將繼續保持，主要由碳捕獲、利用與封存 (CCUS)、靈活燃料發電和地熱解決方案引領。我們預測訂單金額將達到 24 億至 26 億美元，並且對地熱能充滿信心。

As you heard from the further example in '25 with our technology that we feel is very well positioned as well as then the legacy geothermal as well. And as we go forward, strength in really being able to seamlessly integrate surface expertise with subsurface power generation and the top side as well.

正如您在 2025 年的例子中所聽到的那樣，我們認為我們的技術以及傳統的地熱技術都處於非常有利的地位。展望未來，我們的優勢在於能夠將地面專業知識與地下發電以及水面技術無縫整合。

As we look at 2026, again, feel good about that. And overall, another robust year, and there's potential to continue to have some upside. We've given our order guidance at the midpoint. There's a number of projects that, again, will materialize in '26, '27 and feeling good about that $40 billion-plus over the three-year order target.

展望2026年，我們再次感到欣慰。總體而言，又是強勁的一年，並且還有繼續上漲的潛力。我們已在中點給出了訂單指引。還有一些項目將在 2026 年和 2027 年實現，我對三年內超過 400 億美元的訂單目標感到樂觀。

Thank you.

謝謝。

(inaudible) Bank of America.

（聽不清楚）美國銀行。

Hi, Lorenzo, Ahmed. If you don't mind, I want to pivot to the margin side of things better clearly, it's very resilient margins, especially on the OFSE side of things. Ahmed I think if I got you right, you were talking about practically flat margins (inaudible) consolidation, right, that's better than what I was thinking that despite all the headwinds between mix and pricing and tariffs, if you don't mind just stepping through that and how it's cost out, helping that? And if you don't mind, just the moving pieces on the IET margin outlook as well, please?

嗨，洛倫佐，艾哈邁德。如果您不介意，我想更清楚地談談利潤率方面的問題，利潤率非常穩定，尤其是在 OFSE 方面。艾哈邁德，我想如果我理解沒錯的話，你指的是利潤率幾乎持平的（聽不清楚）整合，對吧？這比我之前想的還要好，儘管產品組合、定價和關稅方面有許多不利因素。如果你不介意的話，能否詳細解釋一下這些因素以及成本是如何計算出來的，以及這方面有哪些幫助？如果您不介意的話，能否也提供一下IET利潤率前景方面的最新動態？

Yeah, for sure, [Saurav] Look, I find this always easier to build it up by segment. So starting with IET. The team has done a great job on the margin front, and we expect this trajectory to continue into 2026. So achieving 20% margin in 2026 would represent about 150 basis points year-over-year increase. And for context, of course, this is 500 basis points improvement since 2023. And that really has been driven by the success of both our commercial and operational efforts. And as we continue to scale our business system across IET.

是的，當然，[Saurav] 你看，我發現分段建置總是比較容易。所以就從IET開始吧。團隊在利潤率方面做得非常出色，我們預計這一趨勢將持續到 2026 年。因此，到 2026 年實現 20% 的利潤率將比上年增長約 150 個基點。當然，作為參考，這比 2023 年提高了 500 個基點。這確實得益於我們在商業和營運方面的雙重成功。隨著我們不斷擴大 IET 的業務系統規模。

So just breaking it down in terms of how we expect to drive towards that 20%, it's a few key drivers. First, I would say, is just the continued conversion of our higher-margin Gas Tech Equipment backlog. So that's going to be a foundational component. Growth in Gas Tech Services, we expect to outpace the broader segment. And then Cordant you saw the robust order momentum will enter the year with higher margin backlog and that business can drive quite a bit of operating leverage.

因此，要具體說明我們如何實現 20% 的目標，主要有幾個關鍵驅動因素。首先，我認為，就是我們高利潤率的瓦斯技術設備積壓訂單的持續轉換。所以這將是一個基礎性組成部分。我們預計燃氣技術服務領域的成長速度將超過整個產業的平均值。然後，我們看到 Cordant 強勁的訂單動能將帶著更高的利潤率積壓訂單進入新的一年，而這項業務可以帶來相當大的營運槓桿效應。

And look, we're also going to continue to optimize cost in IET in areas where we know margins have lagged. So there's opportunity there. And then just to round out this piece, the net impact of PSI and CDC, they're just very modestly accretive to margins in 2026. So with that context, I feel with the strong backlog visibility and the continued productivity actions we're going to drive, we're confident in achieving the 20% for IET in '26. So that's IET.

此外，我們也將繼續優化 IET 中利潤率落後領域的成本。所以那裡蘊藏著機會。最後總結一下，PSI 和 CDC 的淨影響是，它們在 2026 年對利潤率的提升非常有限。因此，基於這樣的背景，我認為憑藉強大的積壓工作可見性和我們將要推動的持續生產力提升措施，我們有信心在 2026 年實現 IET 20% 的目標。這就是IET。

So when you look at OFSE, the '26 outlook we gave really reflects a theme that you've seen, which is a resilient margin profile despite the headwinds on a macro scale. So at the midpoint of our '26 guidance and when you compare that actually to peak '24 results, our 2026 outlook actually implies only about 50 basis points of margin decline on roughly 10% decline in revenue, and that's on an organic basis.

因此，當你審視 OFSE 時，我們給出的 2026 年展望確實反映了你所看到的趨勢，即儘管宏觀層面面臨不利因素，但利潤率依然保持穩健。因此，在我們 2026 年業績指引的中點，當你將其與 2024 年的峰值業績進行比較時，我們 2026 年的展望實際上意味著利潤率僅下降約 50 個基點，收入下降約 10%，而且這是在有機增長的基礎上。

So we've been able to achieve that through what you've seen us systematically do around cost actions, quick cash paybacks and structural changes to how we operate, which has resulted in that durability. So for '26, the modest year-over-year decline with organic margins expected to be flat. The major components I would say is, first, increased tariff costs, as you mentioned, impacting margins. That's going to be an annualized impact carrying from '25 into '26. The second is a slight change in revenue mix with SSPS growing organically, while our higher-margin OFSE business is projected to decline slightly.

因此，我們透過你們所看到的我們在成本控制、快速現金回報和營運方式的結構性變革方面所採取的系統性措施，實現了這一目標，從而確保了公司的持久發展。因此，2026 年的年減幅不大，預計有機利潤率將持平。我認為主要因素首先是關稅成本增加，正如您所提到的，這影響了利潤率。這將產生從 2025 年延續到 2026 年的年度影響。第二點是營收結構略有變化，SSPS業務將實現有機成長，而我們利潤率較高的OFSE業務預計將略有下降。

And the last thing I'd say is what I mentioned around overall market pricing variability in different markets, and that will have a modest impact. And just to round out, similar to PSI and CDC and IET for SBC, the deconsolidation will be modestly dilutive to OFSE margins in '26. So all of this, what we're doing for OFSE specifically is just to address the headwinds, just ongoing productivity supply chain optimization, that's going to be very key. And just those overall efforts, all with the line and of sight to quick cash paybacks. So that will help us position OFSE in a very strong manner as market conditions improve later this year or into '27.

最後我想說的是，我之前提到過不同市場的整體市場價格波動，這將產生一定的影響。最後總結一下，與 PSI、CDC 和 IET 對 SBC 的情況類似，取消合併將在 2026 年對 OFSE 利潤率產生輕微稀釋作用。所以，我們為 OFSE 所做的一切，都是為了應對逆境，持續優化生產供應鏈，這將非常關鍵。所有這些努力，都是為了快速獲得現金回報。這樣一來，隨著今年稍後或 2027 年市場狀況的改善，我們將能夠以非常強大的方式定位 OFSE。

So to round out total company, our guns implies nearly 18% in 2026, which then implies 200 basis points improvement in achieving the 20% target by 2028. And we're confident in the strategy to reach this milestone, and that's driven by performance across both segments. So hopefully, that gives a bit of color [Saurav]

因此，為了完善整個公司，我們的槍支意味著到 2026 年將接近 18%，這意味著到 2028 年實現 20% 的目標將提高 200 個基點。我們對實現這一里程碑的策略充滿信心，而這得益於兩個業務板塊的出色表現。希望這能增添一些色彩。[Saurav]

Yeah, no. Absolutely, Ahmed. Thank you. Thanks a lot.

不，不是。當然，艾哈邁德。謝謝。多謝。

James West, Melius Research.

James West，Melius Research。

Thanks, and good afternoon, Lorenzo and Ahmed. So I was wondering if you could provide an update on the progress your comprehensive strategic evaluation and beyond the targeted cost-out initiatives that you mentioned, are there additional aspects of the evaluation you can discuss kind of at this time? And then maybe additionally, can you elaborate on what investors, and we should expect from Baker Hughes in the near future regarding this now?

謝謝，下午好，洛倫佐和艾哈邁德。所以我想請您介紹一下您的綜合戰略評估的進展情況，除了您提到的有針對性的成本削減措施之外，您目前還可以討論一下評估的其他方面嗎？此外，您能否詳細說明一下，投資者以及我們應該對貝克休斯在不久的將來在這方面有哪些期望？

Yeah, James, I want to emphasize, our comprehensive evaluation is a disciplined ongoing process, really designed to ensure Baker Hughes continues to create sustainable long-term value creation for shareholders. and the evaluation represents strategic, operational and financial assessment through which we are considering a broad range of strategic options. The comprehensive evaluation remains closely aligned with our key execution priorities.

是的，詹姆斯，我想強調的是，我們的全面評估是一個嚴謹的持續過程，旨在確保貝克休斯能夠繼續為股東創造可持續的長期價值。該評估涵蓋策略、營運和財務方面的考量，透過這些考量，我們正在考慮一系列廣泛的策略選擇。全面評估與我們的關鍵執行重點保持緊密一致。

These include the closure and integration of Chart, driving operational performance improvements, optimizing our portfolio and disciplined capital allocation. and these strategic priorities, combined with the evolving market conditions and the broader strategic landscape help shape the Board's perspective of the company's long-term direction and the available strategic options as we continue to advance our comprehensive review.

這些措施包括關閉和整合 Chart 公司、推動營運績效提升、優化投資組合以及進行嚴格的資本配置。這些策略重點，結合不斷變化的市場狀況和更廣泛的策略格局，有助於塑造董事會對公司長期發展方向和可用策略選擇的看法，我們將繼續推動全面評估。

Our immediate focus is on completing the pending Chat acquisition and subsequently ensuring a disciplined value-creative integration. And in summary, I think our ongoing comprehensive evaluation is focused really to position Baker Hughes for stronger returns, sustainable growth and the creation of long-term value for our shareholders. And as we progress the evaluation, we'll provide timely updates.

我們目前的重點是完成待完成的 Chat 收購，並隨後確保進行有條不紊、富有價值和創造性的整合。總而言之，我認為我們正在進行的全面評估的真正目的是為了讓貝克休斯獲得更強勁的回報、可持續的成長，並為我們的股東創造長期價值。隨著評估工作的推進，我們將及時提供最新進展。

Okay. Thanks, Lorenzo.

好的。謝謝你，洛倫佐。

Marc Bianchi, TD Cowen.

馬克·比安奇，TD Cowen。

Thank you. Could you describe your opportunity in Venezuela?

謝謝。您能描述一下您在委內瑞拉的機會嗎？

Yeah, definitely. Obviously, a lot happening in Venezuela at the start of the year with some of the political changes and the opportunity for incremental production out of the country. Unlocking that is going to require a new investment in the country's oil and gas sector. And we're taking a prudent long-term view as we continue to evaluate opportunities and also the activity we have in the market.

是的，當然。顯然，今年年初委內瑞拉發生了很多事情，包括一些政治變革以及該國逐步擴大生產的機會。要實現這一目標，就需要對該國的石油和天然氣產業進行新的投資。我們秉持審慎的長期視角，持續評估市場機會和我們目前在市場上的活動。

To give you a historical context because Venezuela is not new to us. And as you look at Baker Hughes, both from the oilfield services and equipment as well as the industrial energy technology segment side, we've generated in the past in 2012 as a reference point, $0.5 billion of revenue in Venezuela, and we've had a large presence in the country. We're one of the only American service companies that's maintained the ongoing presence in Venezuela supporting the licensed operators with activities as they've gone forward.

給你們一些歷史背景，因為委內瑞拉對我們來說並不陌生。縱觀貝克休斯公司，無論是從油田服務和設備，還是從工業能源技術領域來看，以 2012 年為例，我們在委內瑞拉創造了 5 億美元的收入，並且在該國擁有廣泛的業務。我們是少數的幾家在委內瑞拉持續開展業務、支持持牌業者開展活動的美國服務公司之一。

And we've got a large technology base and the largest installed base of oilfield power generation and more than 1,200 oil production systems as well as flexible pipe and other energy infrastructure. And as you think about Venezuela's production decline and aging infrastructure, we expect moderate production increases will require substantial investment in well integrity, off-grid power generation, equipment replacement, upgrades and services. And there's a significant ramp in oil production would provide opportunities across Baker Hughes Enterprise on the oilfield services as well as the industrial energy technology standpoint.

我們擁有龐大的技術基礎、最大的油田發電裝置容量、超過 1200 套石油生產系統以及柔性管道和其他能源基礎設施。考慮到委內瑞拉的石油產量下降和基礎設施老化，我們預計適度增產將需要對油井完整性、離網發電、設備更換、升級和服務進行大量投資。石油產量的大幅成長將為貝克休斯企業在油田服務以及工業能源技術領域帶來機會。

And as we go forward, we're obviously working with the authorities. Main consideration is the safety and being able to ensure the safetiness of our employees and the operating conditions and having also the clarity on legal and regulatory framework as we go in for the long-term aspects and the incremental opportunity of revenue is significant, and we'll be obviously programmatic as we go back, and there's a lot of work in progress, and we'll evaluate as we get clearer line of sight and we look forward to the continued conversations as the opportunity emerges, and we see the activity increase.

接下來，我們顯然會與相關部門合作。首要考慮因素是安全，確保員工安全和營運條件，同時，在著眼於長遠發展時，法律和監管框架也必須清晰明確。收入成長的機會非常可觀，我們將採取循序漸進的方式逐步恢復正常營運。目前有很多工作正在進行中，我們將根據情況進行評估，並期待隨著機會的出現和業務活動的增加，繼續進行對話。

Thank you very much.

非常感謝。

David Anderson, Barclays.

大衛安德森，巴克萊銀行。

Thank you. Good morning. A lot to digest today, Lorenzo, I wanted to focus on the NovaLT, if we could. You've now doubled your three-year data center order target to $3 billion. Does this also mean you've expanded NovaLT capacity as well? I think it was about a year ago, you announced the doubling of the initial capacity. So are you sold out for '27 deliveries? And is this further capacity expansion? Is this related to that 1 gigawatt for the slot reservation for a new data center that you showed in the presentation this morning. Thank you.

謝謝。早安.洛倫佐，今天要消化的資訊量很大，如果可以的話，我想重點討論 NovaLT。您已將三年資料中心訂單目標翻了一番，達到 30 億美元。這是否也意味著你們擴大了 NovaLT 的容量？我想大概是一年前，你們宣布將初始產能翻倍。所以 2027 年的訂單都賣完了嗎？這是進一步擴大產能嗎？這是否與您今天上午在演示中展示的為新資料中心預留的 1 吉瓦容量有關？謝謝。

Hi, Dave. Yes, it's -- I'll give some color on this. So as you said, we are on track to double our Nova capacity by the first half of '27. And the way to think about it is really as you include those planned capacity additions, our Nova slots are effectively full through 2028, which reflects, obviously, that strong and diversified demand you've seen across multiple end markets, including behind-the-meter power applications. So that incremental capacity will come online in the first half of '27 and it will support the 2 gigawatts of Nova orders that we booked to backlog during '25. But going forward, we continue to monitor the market closely through our dynamic planning process.

嗨，戴夫。是的，我會對此進行一些詳細說明。正如你所說，我們預計在 2027 年上半年將 Nova 的產能翻倍。仔細想想，考慮到計劃增加的產能，我們的 Nova 插槽實際上已經排滿了到 2028 年，這顯然反映了我們在多個終端市場（包括表後電力應用）看到的強勁且多元化的需求。因此，新增產能將於 2027 年上半年投入使用，並將支援我們在 2025 年預定的 2 吉瓦 Nova 訂單。但展望未來，我們將繼續透過動態規劃流程密切關注市場。

So you can be sure that any decision to further expand Nova capacity beyond the current doubling will be based on a disciplined assessment that we would carry out in medium- to long-term supply and demand fundamentals. And of course, guided by very clear return thresholds. So to sum it up, really, our current plan NovaLT capacity is fully committed through '28, but we are prepared to respond quickly if market conditions and customer demand warranted.

因此，您可以放心，任何進一步擴大 Nova 產能（在當前翻倍之後）的決定，都將基於我們對中長期供需基本面的嚴謹評估。當然，這一切都要以非常明確的回報門檻為指導。總而言之，我們目前的 NovaLT 產能計畫已全部排滿至 2028 年，但如果市場狀況和客戶需求需要，我們已做好迅速回應的準備。

Thank you.

謝謝。

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。這是我們最後一個問題。我將把電話轉交給董事長兼執行長洛倫佐·西蒙內利先生，由他來結束本次通話。

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.

感謝各位今天抽空參加我們的財報電話會議，期待很快能再次與大家交流。操作員，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. You may all disconnect. Have a great day.

女士們、先生們，感謝各位參加今天的會議。節目到此結束。你們可以斷開連結了。祝你有美好的一天。