貝克休斯 (BKR) 2026 Q2 法說會逐字稿

Good day, ladies and gentlemen, and welcome to the Baker Hughes Company second-quarter earnings call. (Operator Instructions) As a reminder, this conference call is being recorded. I would now like to introduce your host for today's conference, Mr. Chase Mulvehill, Vice President of Investor Relations. Sir, you may begin.

各位女士、先生，大家好，歡迎參加貝克休斯公司第二季財報電話會議。(接線員指示) 提醒各位，本次電話會議將被錄音。現在我想介紹今天會議的主持人：投資人關係副總裁 Chase Mulvehill 先生。先生，您可以開始了。

Thank you. Good morning, everyone, and welcome to Baker Hughes second-quarter earnings conference call. Here with me are our Chairman and CEO, Lorenzo Simonelli; and our CFO, Ahmed Moghal.

謝謝。各位早安，歡迎參加貝克休斯第二季財報電話會議。與我一同出席的有我們的董事長兼執行長 Lorenzo Simonelli，以及財務長 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.

我們昨晚發布的財報新聞稿可在我們的網站 bakerhughes.com 上查閱。我們也將在本次網路直播的事先準備發言中使用簡報，該簡報可在我們的投資人網站上取得。

As a reminder, we will provide forward-looking statements during this conference call. These statements are not guarantees of future performance and involve a number of risks and assumptions. Please review our SEC filings and website for the factors that could cause actual results to differ materially.

提醒各位，我們將在本次電話會議中提供前瞻性陳述。這些陳述並非對未來績效的保證，且涉及多項風險與假設。請查閱我們向 SEC 提交的文件及網站資訊，以了解可能導致實際結果與預期有重大差異的因素。

Reconciliation of adjusted EBITDA and certain GAAP to non-GAAP measures can be found in our earnings release and presentation available on our investor website.

調整後 EBITDA 與部分 GAAP 與非 GAAP 指標之間的調節表，可在我們的財報新聞稿與投資人網站上的簡報中找到。

With that, I will turn the call over to Lorenzo.

接下來，我把電話交給 Lorenzo。

Thank you, Chase. Good morning, everyone, and thank you for joining us. First, I'd like to provide a quick outline for today's call. I will start with a summary of our second-quarter results, then highlight key awards and address the evolving macro environment. I will also discuss the recent closing of the Chart acquisition and the compelling opportunities it brings to Baker Hughes.

謝謝你，Chase。各位早安，感謝各位加入我們。首先，我想先簡要說明今天電話會議的流程。我將先總結我們第二季的業績，接著重點說明主要得標案並談談不斷演變的總體環境。我也會討論近期完成的 Chart 併購案，以及它為貝克休斯帶來的具吸引力機會。

I will then turn it over to Ahmed, who will review our financial performance, provide guidance for the third quarter and review our outlook for the full year. To close, I will highlight how we are connecting our capabilities across energy upstream, energy infrastructure and industrial markets to create greater value for our customers and shareholders.

接著我會把時間交給 Ahmed，他將回顧我們的財務表現、提供第三季指引，並說明我們對全年展望的看法。最後，我將強調我們如何串聯在能源上游、能源基礎設施與工業市場的能力，為客戶與股東創造更大價值。

Let's turn to slide 4. We delivered another strong quarter as disciplined execution and the strength of our diversified portfolio more than offset anticipated headwinds in the Middle East. While conditions in the region remain fluid, our teams have responded exceptionally well, maintaining a clear focus on safety, execution and meeting our customer needs.

我們來看投影片第 4 頁。我們再度交出強勁的一季；嚴謹的執行力與多元化產品組合的優勢，足以抵銷原先預期在中東地區的逆風。儘管該地區情勢仍在變動，我們的團隊回應得非常出色，持續清楚聚焦於安全、執行，以及滿足客戶需求。

For the second quarter, adjusted EBITDA totaled $1.23 billion, exceeding the high end of our guidance range. The outperformance was driven primarily by strong OFSE execution, supported by greater resilience in the Middle East and a solid seasonal recovery across broader markets outside the region.

第二季調整後 EBITDA 合計 12.3 億美元，超出我們指引區間的上緣。優於預期主要由 OFSE 的強勁執行所帶動，並受惠於中東地區更具韌性的表現，以及區域以外更廣泛市場的季節性回升。

Adjusted earnings per share were $0.64, up modestly year-over-year as strong operational performance more than offset the effects of the PSI divestiture and the formation of the SPC joint venture. Adjusted EBITDA margin expanded 70 basis points year-over-year to a record 18.3%, as strong IET performance more than offset lower OFSE margin resulting from higher inflationary costs. During the second quarter, we generated robust free cash flow of $1.1 billion.

調整後每股盈餘為 0.64 美元，年增幅度不大；強勁的營運表現，足以抵銷 PSI 出售以及成立 SPC 合資企業的影響。調整後 EBITDA 利潤率年增 70 個基點至創新高的 18.3%；IET 的強勁表現，足以抵銷 OFSE 因通膨成本上升而導致的較低利潤率。第二季我們產生了強勁的自由現金流 11 億美元。

Turning to orders. IET delivered another exceptional quarter with orders doubling year-over-year to a record $7.1 billion, resulting in a 2.2 times book-to-bill ratio and driving RPO up 19% to an all-time high of $37.1 billion. Over the past four quarters, IET has secured more than $20 billion of orders, providing significant revenue visibility while expanding the installed base that will drive future aftermarket and digital revenue.

接著談訂單。IET 再度交出卓越的一季，訂單年增一倍至創紀錄的 71 億美元，使出貨比（book-to-bill）達 2.2 倍，並帶動剩餘履約義務（RPO）成長 19% 至歷史新高 371 億美元。過去四個季度，IET 已取得超過 200 億美元訂單，提供顯著的營收能見度，同時擴大裝機基礎，將推動未來的售後市場與數位營收。

These results highlight the breadth and versatility of the IET portfolio and reinforce our ability to capture sustained growth as customers continue investing in reliability, resilience and security of supply across critical energy infrastructure markets. Our confidence in the long-term outlook for power generation continues to be supported by the strength of our Power Systems backlog and the depth of our order pipeline.

這些成果凸顯 IET 產品組合的廣度與多樣性，並強化我們把握持續成長的能力；因為客戶持續在關鍵能源基礎設施市場投資於可靠性、韌性與供應安全。我們對發電長期展望的信心，持續受到 Power Systems 訂單積壓的強勁支撐，以及訂單管線的深度所支持。

In response, we are further expanding gas turbine and generator capacity while maintaining disciplined capital deployment and operational flexibility. When this additional capacity comes online by 2029, we estimate it could support nearly $5 billion in annual Power Systems revenue opportunity at full utilization.

因此，我們在維持嚴謹的資本配置與營運彈性的同時，進一步擴充燃氣渦輪與發電機產能。當這些新增產能於 2029 年前後上線後，我們估計在滿載運轉下，每年可支撐接近 50 億美元的 Power Systems 營收機會。

Even assuming a practical utilization below full capacity, the implied revenue opportunity still represents a 3 to 4 times increase over 2025 revenue, underscoring the growth opportunity ahead. With $12 billion of IET orders year-to-date, strong end market demand and expanding Power systems capacity, we now expect Horizon 2 IET orders to exceed $45 billion.

即使假設實際稼動率低於滿載，所隱含的營收機會仍相當於 2025 年營收的 3 到 4 倍，凸顯未來的成長機會。在今年迄今 IET 訂單達 120 億美元、終端市場需求強勁且 Power Systems 產能擴張的背景下，我們現在預期 Horizon 2 的 IET 訂單將超過 450 億美元。

Earlier this month, we completed the acquisition of Chart Industries, a significant milestone in the continued execution of our portfolio strategy. We are pleased to welcome Chart employees to Baker Hughes and look forward to leveraging our combined capabilities to create greater value for customers and shareholders.

本月稍早，我們完成對 Chart Industries 的收購，這是我們持續執行產品組合策略的重要里程碑。我們很高興歡迎 Chart 的員工加入貝克休斯，並期待運用雙方整合後的能力，為客戶與股東創造更大價值。

Now turning to key awards on slide 5. The second quarter further demonstrated broad-based demand across our core end markets with meaningful awards across power, gas infrastructure, digital and energy upstream markets.

接著看投影片第 5 頁的主要得標案。第二季進一步展現我們核心終端市場的廣泛需求，在電力、天然氣基礎設施、數位以及能源上游市場皆取得具意義的得標。

Starting with Power, we booked $2.6 billion of Power Systems orders during the quarter, including 2.7 gigawatts of power generation. We continue to expand our presence in power generation for data center markets, securing several significant awards across North America that further reinforce our strategy and technology leadership.

先從電力業務開始，本季我們認列 26 億美元的 Power Systems 訂單，其中包含 2.7 吉瓦的發電容量。我們持續擴大在資料中心市場的發電布局，並在北美取得數個重要得標案，進一步強化我們的策略與技術領先地位。

Most notably, we secured a major award from Dynamis for NovaLT gas turbines, representing approximately 1.3 gigawatts of mobile power generation capacity across data center and oil and gas applications. Additionally, we signed a multiyear strategic agreement with Kodiak Gas Services, anchored by an initial award for approximately 1 gigawatt of power generation capacity and a framework for up to 1.8 gigawatts over time. The agreement leverages NovaLT, Frame 5 and generator technologies to support growing power demand across North America.

最值得一提的是，我們自 Dynamis 取得 NovaLT 燃氣渦輪的重大訂單，約代表 1.3 吉瓦的行動式發電容量，涵蓋資料中心以及油氣應用。此外，我們與 Kodiak Gas Services 簽署多年期策略協議，以初始訂單約 1 吉瓦的發電容量為基礎，並建立隨時間可擴展至最多 1.8 吉瓦的合作框架。該協議運用 NovaLT、Frame 5 與發電機技術，以支援北美日益成長的電力需求。

In Gas Infrastructure, we delivered another outstanding quarter highlighted by $1.8 billion of LNG equipment orders across three large projects. We received a major award from Venture Global including six LNG blocks comprising of 12 liquefaction modules. The scope includes advanced centrifugal compressors, cold boxes, air coolers and integrated control systems, further strengthening our long-standing customer relationship.

在天然氣基礎設施方面，我們再度交出亮眼的一季，重點是三個大型專案合計 18 億美元的 LNG 設備訂單。我們獲得 Venture Global 的重大訂單，包括 6 個 LNG 區塊、共 12 個液化模組。供應範圍包含先進離心式壓縮機、冷箱、空冷器與整合式控制系統，進一步強化我們長期的客戶關係。

We also booked a significant award from Golar to provide four aeroderivative gas turbine-driven refrigerant compressor trains for a floating LNG facility, marking the fourth Golar vessel to feature Baker Hughes gas technology solutions. In addition, we secured multiple awards supporting Cheniere's Sabine Pass LNG facility, including aeroderivative gas turbines and compression equipment for Train 7, a boil-off gas re-liquefaction unit and fleet-wide gas turbine enhancements that helped drive record GTS upgrade orders in the quarter.

我們也自 Golar 取得重要訂單，將為一座浮式 LNG 設施提供 4 套由航改型燃氣渦輪驅動的冷媒壓縮機機組（compressor trains）；這是第四艘採用貝克休斯天然氣技術解決方案的 Golar 船舶。此外，我們取得多項支援 Cheniere Sabine Pass LNG 設施的訂單，包括第 7 列（Train 7）的航改型燃氣渦輪與壓縮設備、一套蒸發氣再液化（boil-off gas re-liquefaction）裝置，以及全船隊燃氣渦輪強化方案，帶動本季 GTS 升級訂單創下紀錄。

Beyond equipment upgrades, we continue to strengthen our life cycle services portfolio through a significant multiyear agreement extension with Nigeria LNG, and a new multiyear CSA with ANOH Gas Processing Company for its gas processing facility in Nigeria. Together, these awards highlight the strength of our LNG franchise, the durability of our installed base and the recurring nature of our services business.

除設備升級外，我們也透過與 Nigeria LNG 的重要多年期協議展延，以及與 ANOH Gas Processing Company 就其奈及利亞天然氣處理設施簽訂新的多年期 CSA，持續強化我們的全生命週期服務產品組合。綜合而言，這些得標案凸顯我們 LNG 業務的優勢、裝機基礎的耐久性，以及服務業務的經常性特質。

We also continued to see strong global demand across gas processing and production infrastructure. During the quarter, we secured two significant awards for electric motor-driven compression trains, supporting the brownfield expansion of a large offshore field in the Middle East; and Aramco's Uthmaniyah onshore gas development. These awards demonstrate the critical role of our compression technology in enhancing recovery, sustaining production and improving the efficiency of global gas infrastructure.

我們也持續看到全球在天然氣處理與生產基礎設施方面的強勁需求。本季我們取得兩項重要訂單，提供電動馬達驅動的壓縮機機組（compression trains），分別支援中東一座大型離岸油氣田的既有設施擴建（brownfield expansion），以及 Aramco 的 Uthmaniyah 陸上天然氣開發案。這些得標案顯示我們的壓縮技術在提升採收率、維持產量以及改善全球天然氣基礎設施效率方面所扮演的關鍵角色。

Turning to Digital Solutions. We also continue to accelerate digital adoption across our installed base, securing multiple software awards for our Cordant Solutions portfolio with several NOCs and IOCs. In addition, we entered into a preferred supplier agreement with a large global turbine manufacturer to deliver sensing, condition monitoring and asset health software solutions that enhance equipment reliability and performance.

轉向數位解決方案。我們也持續加速在既有裝機基礎中的數位採用，並憑藉 Cordant Solutions 產品組合在多家國家石油公司（NOC）與國際石油公司（IOC）中獲得多項軟體獎項。此外，我們與一家大型全球渦輪機製造商簽訂優先供應商協議，提供感測、狀態監測與資產健康軟體解決方案，以提升設備可靠性與效能。

Turning to Energy Upstream. Our OFSE team received several key awards across integrated services, subsea digital and production, reinforcing the breadth of our capabilities and global customer relationships. In integrated services, we secured a major award from Petrobras for well construction solutions across Brazil's Santos Basin, while Equinor extended key contracts for integrated drilling, well services and wireline intervention in Norway.

轉向能源上游。我們的 OFSE 團隊在整合式服務、海底數位與生產等領域獲得多項重要獎項，進一步強化我們能力的廣度與全球客戶關係。在整合式服務方面，我們取得巴西國家石油公司（Petrobras）在巴西桑托斯盆地的井建設解決方案重大訂單；同時，Equinor 也在挪威延長整合鑽井、井服務與電纜測井介入（wireline intervention）的關鍵合約。

In subsea, we expanded our North Sea footprint with a new manufacturing facility in Norway and booked two notable subsea production systems awards, including Azule Energy's ultra deepwater development offshore Angola and an offshore gas development in Brunei. These investments and awards demonstrate the strength of our global subsea capabilities.

在海底業務方面，我們於挪威新增製造設施，擴大在北海的布局，並取得兩項值得關注的海底生產系統訂單，包括 Azule Energy 位於安哥拉外海的超深水開發案，以及汶萊的一項離岸天然氣開發案。這些投資與獎項展現了我們全球海底能力的實力。

We also continue to build commercial momentum across our digital platforms while extending their application into adjacent markets. Kantori, our autonomous well construction solution launched earlier in 2026, secured an award for an Equinor well construction project and was recognized with the 2026 OTC Spotlight New Technology Award.

我們也持續在數位平台上建立商業動能，同時將其應用延伸至相鄰市場。Kantori 是我們於 2026 年初推出的自主井建設解決方案，已取得 Equinor 一項井建設專案的訂單，並獲頒 2026 年 OTC Spotlight 新技術獎。

Leucipa also reached an important milestone with its first deployment outside oil and gas, integrating our ESP and digital production optimization capabilities to support a geothermal and lithium development in Europe. Finally, we also advanced our geothermal strategy through an agreement with Mantle Reach Power to support up to 500 megawatts of development in North America.

Leucipa 也達成一項重要里程碑，首次在油氣產業之外部署，整合我們的電潛泵（ESP）與數位生產最佳化能力，以支援歐洲一項地熱與鋰資源開發。最後，我們也透過與 Mantle Reach Power 的協議推進地熱策略，支援北美最高達 500 兆瓦的開發。

Separately, we entered into a strategic collaboration with H&P. Collectively, these awards demonstrate the breadth of the Baker Hughes portfolio, the growing value of our enterprise capabilities and rising demand for integrated energy and industrial solutions spanning molecules to electrons.

另外，我們與 H&P 建立策略合作。綜合而言，這些獎項展現了 Baker Hughes 產品組合的廣度、我們企業級能力日益提升的價值，以及市場對涵蓋「分子到電子」的整合式能源與工業解決方案需求持續上升。

Turning to the macro on slide 6. Since the onset of the conflict in the Middle East, global growth expectations have moderated, with the World Bank now projecting growth of 2.5% in 2026. While the recent escalation has increased uncertainty, global trade and energy markets continue to adapt as supply chains adjust. Inventories are rebuilt and regional supply and demand patterns evolve.

接著看第 6 張投影片的總體環境。自中東衝突爆發以來，全球成長預期已趨於溫和，世界銀行目前預測 2026 年成長率為 2.5%。儘管近期升級提高了不確定性，全球貿易與能源市場仍在供應鏈調整下持續適應。庫存正在回補，區域供需型態也在演變。

At the same time, these events have further elevated energy security as a strategic priority for governments, customers and economies globally. The need for resilient infrastructure, diversified supply and secure energy flows is supporting sustained investment across energy upstream and energy infrastructure, markets where Baker Hughes is particularly well positioned.

同時，這些事件也進一步使能源安全成為全球各國政府、客戶與經濟體的策略優先事項。對具韌性的基礎設施、多元化供應與安全能源流的需求，正支撐能源上游與能源基礎設施的持續投資，而這些市場正是 Baker Hughes 特別具備優勢的領域。

Across global energy upstream markets, customers remain focused on maximizing production from existing assets while preserving flexibility to respond to evolving market conditions, which continues to drive demand for production optimization and mature asset solutions. Reflecting these dynamics, we expect global upstream spending this year to decline modestly year over year, as growth in Latin America, offshore Africa and North America Land is more than offset by lower spending in Europe and the Middle East.

在全球能源上游市場，客戶仍聚焦於在保有因應市場變化彈性的同時，最大化既有資產的產量，這持續推動對生產最佳化與成熟資產解決方案的需求。反映這些動態，我們預期今年全球上游支出將較去年小幅下滑，因拉丁美洲、非洲離岸與北美陸上（North America Land）的成長，將被歐洲與中東較低的支出所抵銷。

In LNG, recent disruptions further reinforce the importance of supply security and energy diversification. We believe it will take time for LNG markets to fully normalize given the complexity of restoring liquefaction capacity, rebalancing trade flows and rebuilding inventories.

在 LNG 方面，近期的干擾進一步凸顯供應安全與能源多元化的重要性。鑑於恢復液化產能、重新平衡貿易流向與重建庫存的複雜性，我們認為 LNG 市場要完全正常化仍需要時間。

Importantly, recent developments have not changed our conviction in the long-term LNG outlook. We continue to see a path toward installed nameplate capacity approaching 800 MTPA by 2030 and approximately 950 MTPA by 2035, underpinned by energy security needs, expanding power demand and increasing natural gas consumption across emerging markets.

重要的是，近期發展並未改變我們對 LNG 長期前景的信心。我們仍看到一條路徑：到 2030 年裝置名目產能接近 8 億噸/年（MTPA），到 2035 年約 9.5 億噸/年（MTPA）；其背後動能來自能源安全需求、電力需求擴張，以及新興市場天然氣消費增加。

Turning to Power Markets. Demand remains exceptionally strong. The rapid growth of AI and other compute-intensive workloads is driving a step change in electricity demand with access to reliable, scalable power increasingly becoming the primary constraint. We believe the power generation market remains in the early stages of a multiyear growth cycle, driven by accelerating investment in AI infrastructure.

接著看電力市場。需求仍然異常強勁。AI 與其他高運算負載的快速成長，正推動用電需求出現階躍式上升，而取得可靠、可擴展的電力供應正日益成為主要限制因素。我們認為發電市場仍處於多年成長循環的早期階段，其動能來自 AI 基礎設施投資加速。

The magnitude of planned hyperscaler investment reinforces the durability of this trend. Capital spending by the largest hyperscalers is expected to double, increasing from approximately $370 billion in 2025 to nearly $750 billion by 2028.

超大規模雲端業者（hyperscaler）規劃中的投資規模，進一步印證此趨勢的持久性。最大型 hyperscaler 的資本支出預期將倍增，從 2025 年約 3,700 億美元增加至 2028 年接近 7,500 億美元。

As this infrastructure is deployed, S&P Global forecasts data center power demand will grow at an 18% annual rate through 2030, reaching approximately 1,850 terawatt hours, equivalent to India's projected annual electricity consumption by the end of the decade.

隨著這些基礎設施部署，S&P Global 預測資料中心用電需求將以 18% 的年複合成長率成長至 2030 年，達到約 1,850 太瓦時（TWh），相當於印度在本十年末預估的年度用電量。

More broadly, the combination of AI-driven power demand, energy security priorities and continued electrification is driving investment across the energy value chain. This is creating demand, not only for power generation and natural gas infrastructure but also for grid modernization, energy management, carbon capture and other lower carbon solutions that improve reliability, resilience and affordability.

更廣泛而言，AI 驅動的用電需求、能源安全優先事項與持續電氣化的組合，正推動能源價值鏈各環節的投資。這不僅創造對發電與天然氣基礎設施的需求，也帶動電網現代化、能源管理、碳捕集及其他提升可靠性、韌性與可負擔性的低碳解決方案需求。

This opportunity aligns directly with Baker Hughes' strategy. Our differentiated portfolio positions us to benefit from the convergence of energy and industrial demand. As customers increasingly seek integrated solutions, our connected capabilities enable us to address their most complex challenges.

此一機會與 Baker Hughes 的策略直接契合。我們具差異化的產品組合，使我們能受惠於能源與工業需求的匯流。隨著客戶日益尋求整合式解決方案，我們互聯的能力使我們能應對其最複雜的挑戰。

As a result, we see approximately $100 billion of addressable market opportunity by 2030 for Power Systems with more than half expected to be associated with behind-the-meter solutions, and further growth through 2035.

因此，我們預期到 2030 年，電力系統（Power Systems）可服務市場機會約為 1,000 億美元，其中超過一半預計與表後（behind-the-meter）解決方案相關，並在 2035 年前進一步成長。

Let me now turn to Chart on slide 7. the successful closing of the Chart acquisition marks an important milestone in Baker Hughes' portfolio strategy and our evolution into our higher-value industrialized energy solutions company. Chart adds differentiated capabilities in thermal management, air and gas handling and carbon capture, complementing our existing technologies and strengthening our position across attractive energy and industrial markets, including gas infrastructure, data centers, space, new energy and industrial gases.

接著我轉到第 7 張投影片的 Chart。成功完成對 Chart 的收購，標誌著 Baker Hughes 產品組合策略的重要里程碑，也代表我們朝向更高價值的工業化能源解決方案公司演進。Chart 帶來在熱管理、空氣與氣體處理以及碳捕集方面的差異化能力，與我們既有技術形成互補，並強化我們在具吸引力的能源與工業市場中的地位，包括氣體基礎設施、資料中心、太空、新能源與工業氣體。

The combination expands the solutions we can offer customers while materially increasing our installed base and life cycle services opportunity. This enhances our revenue mix through greater recurring aftermarket and digital growth, supporting more durable earnings and cash flow over time.

此一結合擴大了我們可提供給客戶的解決方案，同時大幅增加我們的裝機基礎與全生命週期服務機會。這將透過更高比例的經常性售後市場收入與數位成長，改善我們的營收組合，並在時間推移下支撐更具韌性的獲利與現金流。

Given the scale and strategic importance of these capabilities, Chart will operate as Baker Hughes' third reporting segment. This structure preserves the business' commercial and operational focus while highlighting Chart's contribution to Baker Hughes' growth and financial performance.

鑑於這些能力的規模與策略重要性，Chart 將作為 Baker Hughes 的第三個報告分部運作。此架構在凸顯 Chart 對 Baker Hughes 成長與財務表現貢獻的同時，也保留該業務在商業與營運上的專注。

Importantly, the reporting structure does not change how we will capture the anticipated synergies. With Day One successfully completed, we are now focused on disciplined integration execution and delivering the full value of the transaction.

重要的是，這項報告架構不會改變我們取得預期綜效的方式。隨著 Day One 順利完成，我們目前聚焦於嚴謹的整合執行，並交付本交易的全部價值。

Our integration management office is advancing 18 workstreams across the combined organization with clear milestones and accountability for both cost and commercial synergies. We have structured the initial integration into two phases across the first 180 days.

我們的整合管理辦公室正在推進合併後組織的 18 個工作流，並針對成本與商業綜效設定明確里程碑與責任歸屬。我們已將初期整合規劃為前 180 天的兩個階段。

During the first 90 days, we are prioritizing customer continuity, employee retention and consistent operational performance. We are also initiating early cost synergy actions while mobilizing commercial teams to pursue cross-selling opportunities, expand life cycle services and develop more integrated customer solutions.

在前 90 天，我們將優先確保客戶服務不中斷、留任員工並維持一致的營運表現。我們也將啟動早期成本綜效行動，同時動員商業團隊把握交叉銷售機會、擴大全生命週期服務，並開發更整合的客戶解決方案。

Over the next 90 days, we plan to shift towards delivering early value and further embedding the Baker Hughes business system by aligning operating models and advancing our commercial playbook. We will also launch commercial workshops and sales training to support combined solutions and an integrated go-to-market strategy. This sales approach enables us to capture near-term efficiencies while building the foundation for sustained operational improvement and commercial growth.

在接下來的 90 天，我們計畫轉向交付早期價值，並透過對齊營運模式與推進商業作戰手冊，進一步導入 Baker Hughes 的業務系統。我們也將啟動商業工作坊與銷售訓練，以支援組合式解決方案與整合的市場進入策略。此一銷售方式使我們能在短期內取得效率，同時建立持續營運改善與商業成長的基礎。

Turning to synergies on slide 8. We have identified almost 300 initiatives across procurement, corporate costs, systems, operations and footprint optimization, reinforcing our confidence in delivering the full $325 million of annualized cost synergies by year three.

接著看第 8 頁的協同效益。我們已在採購、公司成本、系統、營運與據點（足跡）優化等方面辨識出近 300 項倡議，進一步強化我們對於在第三年實現每年年化 3.25 億美元成本協同效益的信心。

The largest opportunities are concentrated in three areas. First, SG&A offers significant potential through the elimination of duplicative costs and simplifying support functions and systems. Second, the scale of the combined company should drive meaningful supply chain efficiencies through greater purchasing power with suppliers and a more streamlined logistics network.

最大的機會主要集中在三個領域。第一，SG&A 透過消除重複成本，以及簡化支援職能與系統，具備顯著的改善潛力。第二，合併後公司的規模應可藉由對供應商更強的採購議價能力，以及更精簡的物流網路，帶動具實質意義的供應鏈效率提升。

Third, we see significant opportunities to optimize our manufacturing and operating footprint, leveraging the scale of the combined company to improve efficiency and utilization across our global operations. The Baker Hughes business system will be central to this work, providing the operating discipline and accountability required to convert identified opportunities into sustainable margin and cash flow improvement.

第三，我們看到在製造與營運據點（足跡）方面有顯著的優化機會，可運用合併後公司的規模，在全球營運中提升效率與產能利用率。Baker Hughes 的業務系統將是這項工作的核心，提供將已辨識機會轉化為可持續的毛利率與現金流改善所需的營運紀律與問責機制。

In addition to cost synergies, we see meaningful commercial upside. Chart broadens the solutions we can offer in existing markets while expanding our reach into attractive industrial adjacencies. For data centers, our power generation capabilities complement Chart's thermal management and cryogenic storage system. Chart also expands our capabilities in geothermal and CCUS through thermal management, gas handling and carbon capture, enabling broader solutions and greater participation across the project value chain.

除成本協同效益外，我們也看到可觀的商業上行空間。Chart 擴大了我們在既有市場可提供的解決方案，同時將觸角延伸至具吸引力的工業相鄰領域。在資料中心方面，我們的發電能力可與 Chart 的熱管理與低溫儲存系統形成互補。Chart 亦透過熱管理、氣體處理與碳捕集，擴充我們在地熱與 CCUS 的能力，使我們能提供更完整的解決方案，並在專案價值鏈中參與得更深更廣。

In metals and mining, Chart's established customer relationships create opportunities to introduce additional Baker Hughes technologies. We also see emerging opportunities in space where Chart's cryogenic expertise complements our power generation and liquefaction capabilities in a market requiring advanced fuels, thermal management and mission-critical infrastructure solutions.

在金屬與礦業領域，Chart 既有的客戶關係為我們導入更多 Baker Hughes 技術創造機會。我們也看到太空領域的新興機會：Chart 的低溫專長可與我們在發電與液化方面的能力互補；該市場需要先進燃料、熱管理與關鍵任務基礎設施解決方案。

Aftermarket represents another substantial opportunity. Baker Hughes' global service network and field presence position us to increase attachment rates across Chart's installed base, while the cross-selling of iCenter, Cordant and Uptime can enhance asset performance, improve customer outcomes and generate additional recurring higher-margin revenue.

售後市場是另一個可觀的機會。Baker Hughes 的全球服務網路與現場佈局，使我們能提高 Chart 已安裝基礎的附著率（attachment rates）；同時，交叉銷售 iCenter、Cordant 與 Uptime 可提升資產績效、改善客戶成果，並帶來額外的經常性高毛利收入。

Overall, our work to date reinforces our confidence in the strategic fit of the combination. We are now focused on integrating with discipline, delivering the cost synergies we have identified and steadily realizing the benefits of the broader portfolio.

整體而言，我們迄今的工作進一步強化了我們對此次結合在策略契合度上的信心。我們目前聚焦於以紀律推進整合、落實已辨識的成本協同效益，並穩步實現更廣泛產品組合所帶來的效益。

To close, let me briefly recap. Our second-quarter performance reinforces the momentum across Baker Hughes. We delivered results above expectations, led by OFSE and supported by strengthening energy upstream markets.

最後，讓我簡要回顧。我們第二季的表現強化了 Baker Hughes 全面的動能。在 OFSE 帶動、並受益於上游能源市場走強的支持下，我們交出高於預期的成果。

We also achieved another record quarter of IET orders, reflecting strong demand across the data centers and gas infrastructure markets. This demand, combined with our expanding order pipeline and increased gas turbine and generator capacity supports raising our Horizon 2 IET orders target to more than $45 billion.

我們也再度創下 IET 訂單的單季新高，反映資料中心與天然氣基礎設施市場的強勁需求。這股需求，加上我們持續擴大的訂單管線，以及燃氣渦輪與發電機產能提升，支持我們將 Horizon 2 的 IET 訂單目標上調至超過 450 億美元。

Importantly, the equipment orders we secure today expand our installed base and create a longer-term runway for higher-margin services, upgrades and digital solutions. The addition of Chart further advances our portfolio strategy by strengthening our capabilities across energy and industrial markets and expanding our life cycle services opportunity, while also providing cost and commercial synergy portal. This positions Baker Hughes to deliver more consistent growth, margins and cash flow over time.

重要的是，我們今天取得的設備訂單將擴大已安裝基礎，並為更高毛利的服務、升級與數位解決方案提供更長期的成長跑道。納入 Chart 也進一步推進我們的產品組合策略：強化我們在能源與工業市場的能力、擴大全生命週期服務機會，同時也帶來成本與商業協同效益的潛力。這使 Baker Hughes 能在時間推移中實現更一致的成長、利潤率與現金流。

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

接下來，我把電話會議交給 Ahmed。

Thanks, Lorenzo. I'll begin on slide 10. We delivered exceptional orders in the second quarter with total company bookings of $10.5 billion. IET contributed a record $7.1 billion well above the previous record of $4.9 billion set just last quarter.

謝謝你，Lorenzo。我將從第 10 頁開始。我們第二季的訂單表現非常出色，全公司訂單金額（bookings）達 105 億美元。IET貢獻了創紀錄的 71 億美元，遠高於上一季才剛創下的 49 億美元前次紀錄。

Adjusted EBITDA of $1.23 billion increased 2% year over year as continued growth in IET more than offset lower OFSE performance. Adjusted EBITDA margin increased by 70 basis points year over year to 18.3%. GAAP diluted earnings per share was $0.68. Excluding $0.04 of adjusting items, adjusted diluted earnings per share were $0.64, up 2% year over year despite the impact of divestitures completed earlier this year.

調整後 EBITDA 為 12.3 億美元，年增 2%，因 IET 的持續成長足以抵銷 OFSE 較低的表現。調整後 EBITDA 利潤率年增 70 個基點至 18.3%。GAAP 稀釋每股盈餘為 0.68 美元。扣除 0.04 美元的調整項目後，調整後稀釋每股盈餘為 0.64 美元，年增 2%，儘管受到今年稍早完成的資產剝離影響。

During the quarter, we generated free cash flow of $1.1 billion, supported by strong customer collections across IET, including milestone and advanced payments along with improved working capital performance in OFSE.

本季我們產生 11 億美元自由現金流，主要受 IET 強勁的客戶收款所支撐，包括里程碑款與預收款，同時 OFSE 的營運資金表現亦有所改善。

Moving on to capital allocation on slide 11. At quarter end, the company's balance sheet remains strong with net debt to adjusted EBITDA ratio declining to 0.1 times. Following the Chart acquisition, leverage will temporarily increase, but we remain firmly committed to deleveraging and expect to return to 1 to 1.5 times net leverage within 24 months, supported by free cash flow generation, synergy realization, disciplined capital allocation and proceeds from portfolio actions, including the announced Waygate divestiture.

接著看第 11 頁的資本配置。截至季末，公司資產負債表仍然強健，淨負債對調整後 EBITDA 比率降至 0.1 倍。在完成收購 Chart 後，槓桿將暫時上升，但我們仍堅定致力於去槓桿，並預期在 24 個月內將淨槓桿回到 1 至 1.5 倍，這將由自由現金流產生、協同效益落地、審慎的資本配置，以及產品組合行動的處分收益所支持，其中包括已宣布的 Waygate 出售案。

Before turning to the segment results, I would like to briefly address the Chart acquisition. As you heard from Lorenzo, Chart will be reported as Baker Hughes' third operating segment, reflecting the scale and strategic importance of the business while providing investors with clear visibility into its financial performance.

在進入各事業部門結果之前，我想先簡要說明 Chart 的收購案。如同 Lorenzo 所提到的，Chart 將被列為 Baker Hughes 的第三個營運事業部門，反映該業務的規模與策略重要性，同時也讓投資人能清楚掌握其財務表現。

Integration and synergy execution will continue to be managed centrally through our Integration Management Office and dedicated workstreams. Our immediate focus is on disciplined execution and early value capture.

整合與協同效益的執行將持續由我們的整合管理辦公室（Integration Management Office）及各專責工作流集中管理。我們當前的重點是以紀律執行並及早取得價值。

We continue to target $325 million of annualized cost synergies by year three, including $95 million in year one, $230 million in year two and $325 million in year three. Overall, we remain confident that the acquisition will accelerate revenue growth, expand margins and free cash flow, and enhance the durability of Baker Hughes' financial profile over time.

我們仍以第三年達成每年年化 3.25 億美元成本協同效益為目標，其中第一年 9,500 萬美元、第二年 2.30 億美元、第三年 3.25 億美元。整體而言，我們仍有信心此收購將加速營收成長、擴大利潤率與自由現金流，並隨時間提升 Baker Hughes 財務體質的韌性。

Let's now turn to segment results, starting with IET on slide 12. During the quarter, orders doubled year over year to a record of $7.1 billion, driven by continued strength in Power Systems and LNG along with record upgrade orders in GTS. Our second-quarter IET results reflect another solid quarter of performance with revenue of $3.3 billion, near the midpoint of our guidance range and in line with the levels a year ago.

現在來看各事業部門表現，先從第 12 頁的 IET 開始。本季訂單年增一倍至創紀錄的 71 億美元，主要由 Power Systems 與 LNG 的持續強勁表現所帶動，並加上 GTS 的升級訂單創新高。我們第二季 IET 的表現依然穩健，營收為 33 億美元，接近我們指引區間的中點，且與一年前水準相當。

Compared to last year, revenue was impacted by the PSI and CDC transactions, which together represented a headwind of 2% to aggregate revenue. Revenue was modestly impacted by ongoing disruptions in the Middle East, while growth continued to be led by GTS as we work through the overdue aeroderivative backlog.

相較去年，營收受到 PSI 與 CDC 交易影響，兩者合計對總營收造成 2% 的逆風。營收亦受到中東持續干擾的些許影響；同時，隨著我們消化逾期的航改型（aeroderivative）積壓訂單，成長仍主要由 GTS 帶動。

We continue to expect GTS growth to level off in the second half of the year, reflecting the timing of planned service outages and a significantly lower contribution from catch-up work associated with the overdue backlog. IET EBITDA increased 16% year-over-year to $678 million, and margins expanded by 280 basis points to 20.6%. This strong margin performance was driven by favorable backlog pricing and ongoing execution of the Baker Hughes business system, further reinforcing our operating discipline.

我們仍預期 GTS 成長將在下半年趨於持平，反映計畫性停機維修的時點安排，以及與逾期積壓訂單相關的追趕工作（catch-up work）貢獻將顯著降低。IET EBITDA 年增 16% 至 6.78 億美元，利潤率擴張 280 個基點至 20.6%。這項強勁的利潤率表現主要由有利的在手訂單定價，以及 Baker Hughes 業務系統的持續落實所驅動，進一步強化我們的營運紀律。

Turning to OFSE on slide 13. OFSE delivered significantly stronger than anticipated quarter despite ongoing disruptions in the Middle East, further demonstrating the resilience of the portfolio and the benefits of its diversified geographic and product mix.

接著看第 13 頁的 OFSE。儘管中東仍有持續干擾，OFSE 本季表現仍顯著優於預期，進一步展現產品組合的韌性，以及其多元化地理與產品組合所帶來的效益。

Revenue for the quarter was $3.45 billion, reflecting a 7% sequential increase and above the high end of our guidance range. Growth was led by Brazil, Mexico, Asia Pacific and North America Land. In the Middle East, product revenue exceeded our expectations, demonstrating our ability to effectively manage logistical constraints and support customer activity across the region. As a result, OFSE revenue in the Middle East declined 1% sequentially, leaving revenue down 10% from the fourth quarter of 2025.

本季營收為 34.5 億美元，季增 7%，且高於我們指引區間的上緣。成長主要由巴西、墨西哥、亞太與北美陸上（North America Land）帶動。在中東，產品營收高於我們預期，顯示我們能有效管理物流限制並支援區域內客戶活動。因此，OFSE 在中東的營收季減 1%，使營收較 2025 年第四季下降 10%。

OFSE reported EBITDA of $605 million, also exceeding the high end of our guidance range. EBITDA margin of 17.5% increased 10 basis points sequentially. This performance reflected strength in SSPS margin, which more than offset margin pressure in OFS from Middle East related disruptions and ongoing inflationary costs. In addition, SSPS continued its order momentum, securing $667 million in the quarter. When excluding the impact of SPC, this represents a 29% increase year over year.

OFSE 報告 EBITDA 為 6.05 億美元，同樣超出我們指引區間的上緣。EBITDA 利潤率為 17.5%，較前一季提升 10 個基點。此表現反映 SSPS 利潤率的強勁，足以抵消因中東相關擾動及持續通膨成本所帶來的 OFS 利潤率壓力。此外，SSPS 持續維持訂單動能，本季取得 6.67 億美元訂單。若排除 SPC 的影響，這相當於年增 29%。

Turning to slide 14. I will review our third-quarter and full-year 2026 guidance on a standalone Baker Hughes basis. Given the recent close, we are not providing Chart segment guidance today. We will provide updated Baker Hughes and Chart guidance ahead of the third-quarter earnings call.

接著看第 14 頁投影片。我將以 Baker Hughes 單獨口徑，說明我們 2026 年第三季與全年指引。鑑於近期完成交割，我們今天不提供 Chart 事業部門的指引。我們將在第三季財報電話會議前，提供更新後的 Baker Hughes 與 Chart 指引。

For clarity, I'll speak to the midpoint of the guidance ranges. For the purposes of this guidance, we assume current activity levels in the Middle East remain broadly unchanged through year end. Under this assumption, we expect OFSE revenue in the region to remain broadly consistent with second-quarter levels, while IET continues to face a 1% to 2% revenue headwind related to Middle East disruptions.

為求清楚，我將以指引區間的中位數進行說明。就本次指引而言，我們假設中東目前的活動水準在年底前大致維持不變。在此假設下，我們預期 OFSE 在該地區的營收將大致與第二季水準一致，而 IET 仍將面臨與中東擾動相關的 1% 至 2% 營收逆風。

Our guidance also assumes logistics costs and supply chain disruptions remain broadly in line with recent levels. However, any material change in geopolitical conditions or regional disruptions could result in outcomes that differ either positively or negatively from our current guidance.

我們的指引亦假設物流成本與供應鏈擾動大致維持在近期水準。然而，若地緣政治情勢或區域性擾動出現任何重大變化，結果可能相較我們目前指引出現正向或負向的差異。

Starting with third-quarter guidance. We anticipate company revenue of $6.87 billion and adjusted EBITDA of $1.205 billion. For IET, we expect solid year-over-year EBITDA growth, driven by continued progress in Industrial Technology and CTS. While the overall impact from Middle East disruption should remain modest, we expect some increase in logistics and inflationary pressures at our regional facilities during the third quarter.

先從第三季指引開始。我們預期公司營收為 68.7 億美元，調整後 EBITDA 為 12.05 億美元。就 IET 而言，我們預期 EBITDA 將呈現穩健的年增成長，主要由工業科技與 CTS 的持續進展所帶動。雖然中東擾動的整體影響應仍屬溫和，但我們預期第三季區域設施將面臨物流與通膨壓力的些許上升。

Overall, we expect IET revenue of approximately $3.32 billion and an EBITDA of approximately $660 million. The major factors driving our guidance ranges for IET will be the pace of backlog conversion and GTE, progress with aeroderivative supply chain in GTS, the level of Middle East-related disruptions, foreign exchange rates and trade policy.

整體而言，我們預期 IET 營收約為 33.2 億美元，EBITDA 約為 6.6 億美元。推動 IET 指引區間的主要因素包括：在手訂單轉換速度與 GTE、GTS 中航改型（aeroderivative）供應鏈的進展、中東相關擾動程度、外匯匯率以及貿易政策。

For OFSE, we expect broadly stable activity in the Middle East and modest sequential growth across most other markets, complemented by strong revenue growth in SSPS and modest segment margin improvement. Consequently, we expect third quarter revenue of $3.55 billion and EBITDA of approximately $625 million.

就 OFSE 而言，我們預期中東活動大致穩定，並在多數其他市場呈現溫和的季增成長，同時 SSPS 營收強勁成長，且部門利潤率小幅改善。因此，我們預期第三季營收為 35.5 億美元，EBITDA 約為 6.25 億美元。

Outside of the Middle East conflict, 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.

除中東衝突之外，推動 OFSE 指引區間的因素包括：SSPS 在手訂單的執行、短期活動水準、貿易政策、外匯匯率，以及在較偏交易型市場中的定價。

Moving to our full-year guidance. We now expect company revenue and adjusted EBITDA to modestly exceed our previous expectations provided alongside first-quarter results. We now anticipate revenue of $27.35 billion and adjusted EBITDA of $4.85 billion. Although near-term challenges persist use of the conflict in the Middle East, we remain confident that our portfolio positions us to manage short-term disruptions effectively.

接著談全年指引。我們目前預期，公司營收與調整後 EBITDA 將小幅高於我們在第一季結果公布時所提供的先前預期。我們目前預期營收為 273.5 億美元，調整後 EBITDA 為 48.5 億美元。儘管中東衝突帶來的短期挑戰仍在，我們仍有信心，我們的產品組合使我們能有效管理短期擾動。

In IET, we have built exceptional order momentum through the first half of 2026, securing $12 billion of bookings and significantly exceeding the level implied by our original full-year outlook. Supported by this performance, our expanding pipeline and sustained customer demand, we are raising our full-year IET orders guidance to $17.5 billion to $19.5 billion.

在 IET 方面，我們於 2026 年上半年建立了卓越的訂單動能，取得 120 億美元訂單（bookings），顯著高於我們原先全年展望所隱含的水準。在此表現、我們擴大的商機管線以及持續的客戶需求支持下，我們將全年 IET 訂單指引上調至 175 億至 195 億美元。

This will mark the second consecutive year of record orders, further strengthening revenue visibility over the coming years. However, given longer GTE cycle times, we expect these orders to convert to revenue at a more measured pace with a meaningful portion of the GTE order mix extending beyond 2027.

這將是連續第二年創下訂單新高，進一步強化未來數年的營收能見度。然而，鑑於 GTE 週期時間較長，我們預期這些訂單轉換為營收的速度將較為平穩，其中相當比例的 GTE 訂單組合將延伸至 2027 年之後。

Assuming the announced Waygate divestiture closes at year-end, we are maintaining the midpoint of our full-year IET revenue guidance of $13.5 billion and modestly increasing the midpoint of our EBITDA guidance to $2.725 billion. While developments in the Middle East continue to create uncertainty for certain projects in local supply chains, we expect the impact to be more than offset by stronger-than-expected performance outside the region during the first half of the year.

假設已宣布的 Waygate 出售案於年底完成交割，我們維持全年 IET 營收指引中位數 135 億美元不變，並將 EBITDA 指引中位數小幅上調至 27.25 億美元。儘管中東局勢的發展持續為當地供應鏈中的部分專案帶來不確定性，我們預期其影響將被上半年區域外優於預期的表現所充分抵消。

For OFSE, we now expect full-year revenue of $13.85 billion and EBITDA of $2.425 billion, an improvement from last quarter, which contemplated EBITDA trending towards the low end of the original guidance range.

就 OFSE 而言，我們目前預期全年營收為 138.5 億美元，EBITDA 為 24.25 億美元，較上季有所改善；上季的展望曾預期 EBITDA 將趨近原始指引區間的下緣。

In summary, we delivered another quarter of strong execution, highlighted by record orders, continued margin expansion and robust free cash flow generation. IET continued to build on its exceptional momentum with the second consecutive quarter of record orders, while OFSE, again, demonstrated the resilience of its diversified portfolio despite ongoing market disruptions.

總結而言，我們再度交出一季強勁的執行成果，亮點包括創紀錄的訂單、持續的利潤率擴張，以及強勁的自由現金流創造。IET 延續其卓越動能，連續第二季創下訂單新高；而 OFSE 也再次在持續的市場擾動下，展現其多元化產品組合的韌性。

We entered the second half of the year well positioned to deliver sustained growth and create substantial long-term value for shareholders, supported by the addition of Chart, favorable market fundamentals and a record backlog that provides enhanced revenue visibility.

在 Chart 的加入、有利的市場基本面，以及提供更高營收能見度的創紀錄在手訂單支持下，我們以良好態勢進入下半年，準備實現持續成長並為股東創造可觀的長期價值。

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

接下來我把電話交回給 Lorenzo。

Thank you, Ahmed. For those following along, please turn to slide 16. Our second-quarter performance demonstrates the continued progress of Baker Hughes' strategy and our transformation into a leading industrialized energy solutions company.

謝謝你，Ahmed。各位若要跟著看，請翻到第 16 頁投影片。我們第二季的表現展現了 Baker Hughes 策略的持續推進，以及我們轉型為領先的工業化能源解決方案公司的進展。

At the center of this strategy is a clear objective to strengthen our capabilities across three core end markets: Energy upstream, energy infrastructure and industrial. Our focus is to connect these capabilities in ways that deliver broader solutions for customers and greater value for shareholders.

此策略的核心，是一個明確目標：在三個核心終端市場強化我們的能力——上游能源、能源基礎設施與工業。我們的重點是以能為客戶提供更全面解決方案、並為股東創造更大價值的方式，將這些能力連結起來。

In energy upstream, we deliver solutions that help customers develop and optimize resources safely and efficiently, supported by technology and digital capabilities across the full reservoir life cycle.

在上游能源方面，我們提供解決方案，協助客戶以安全且高效率的方式開發並最佳化資源，並以涵蓋整個油藏生命週期的技術與數位能力作為支撐。

In energy infrastructure, we enabled the transportation, processing and conversion of energy through leading capabilities across gas infrastructure, refining and power. These markets remain central to our strategy as energy security, electrification and rising power demand continue to drive investment in more scalable and resilient infrastructure.

在能源基礎設施方面，我們透過在天然氣基礎設施、煉油與電力等領先能力，促成能源的運輸、處理與轉換。隨著能源安全、電氣化以及電力需求上升持續推動對更具規模性與韌性的基礎設施投資，這些市場仍是我們策略的核心。

In industrial markets where energy is central to productivity and growth, the combined capabilities of Baker Hughes and Chart strengthen our offering across data centers, space, industrial gases, metals and mining and other attractive industrial markets. The close of the Chart acquisition further strengthens our position across energy infrastructure and industrial markets, creating new opportunities to deliver more integrated solutions and providing a platform to add new capabilities over time.

在以能源為生產力與成長核心的工業市場中，Baker Hughes 與 Chart 的整合能力強化了我們在資料中心、太空、工業氣體、金屬與採礦，以及其他具吸引力的工業市場的產品與服務。完成對 Chart 的收購進一步強化我們在能源基礎設施與工業市場的地位，創造新的機會以提供更整合的解決方案，並提供一個可隨時間新增新能力的平台。

What differentiates Baker Hughes is the breadth of our portfolio and our ability to connect capabilities across energy and industrial value chains, from the subsurface through energy infrastructure to the point of industrial use. As these markets increasingly converge, that breadth positions us to solve more complex customer challenges and capture opportunities beyond the reach of discrete products.

Baker Hughes 的差異化在於我們產品組合的廣度，以及我們能在能源與工業價值鏈之間連結能力——從地下到能源基礎設施，再到工業使用端。隨著這些市場日益匯流，這樣的廣度使我們能解決更複雜的客戶挑戰，並掌握超越單一產品所能觸及的機會。

Baker Hughes has always been an energy technology pioneer. Today, we are building on that foundation, recognizing that energy enables industrial progress and that our role is to help shape how energy and industrial markets advance together.

Baker Hughes 一直是能源科技的先驅。今天，我們在此基礎上持續發展，並認知到能源推動工業進步，而我們的角色是協助塑造能源與工業市場如何共同向前發展。

In closing, I want to thank all Baker Hughes employees for their commitment, performance, and support for one another as we continue to grow, evolve, and deliver for our customers and shareholders.

最後，我要感謝所有 Baker Hughes 員工的投入、表現，以及在我們持續成長、演進並為客戶與股東交付成果的過程中彼此支持。

Operator, we're ready to open the line for questions.

接線員，我們已準備好開放提問。

(Operator Instructions) Arun Jayaram, JPMorgan.

(接線員指示) Arun Jayaram，摩根大通。

I was wondering if you could peal a layer of the onion on your capacity expansion plans through 2029. You highlighted a $5 billion Power Systems revenue opportunity by 2029. Can you elaborate on how you see mix, pricing, and the revenue ramp -- the evolution of that through 2029 and perhaps just talk a little bit about what this means for CapEx?

我想請你們更深入拆解一下，直到2029年的產能擴張規劃。你們提到到2029年電力系統（Power Systems）有50億美元的營收機會。能否說明你們如何看待產品組合、定價，以及營收爬坡——也就是到2029年的演進路徑，並談談這對資本支出（CapEx）意味著什麼？

Yeah. Arun, I'll take that. So obviously, look, Power Systems, you've seen us highlight it a few times. It's one of the most meaningful growth opportunities. And the strength of the recent orders gives us the confidence in terms of the investments that we're making and the demand signals we're seeing, so the returns we can generate on that incremental capacity investment is strong.

好的。Arun，我來回答。很明顯，電力系統你們已經看過我們強調過幾次。這是最具意義的成長機會之一。近期訂單的強勁表現，讓我們對正在進行的投資以及所看到的需求訊號更有信心，因此我們能在新增產能投資上取得強勁的報酬。

So as we said, when you step back and look at it, our expected $5 billion of annualized revenue capacity by 2029 would represent roughly a 3 to 4 times increase from the approximate $1 billion of Power Systems revenue generated last year, layering in a practical utilization assumption on the capacity, of course. So the opportunity set is quite broad.

如同我們所說，退一步來看，我們預期到2029年可達到年化50億美元的營收產能，這大約相當於去年電力系統約10億美元營收的3到4倍成長，當然這也納入了對產能實際利用率的合理假設。因此，機會範圍相當廣。

So think about capability across gas turbines, steam turbines, turbo expanders, gearboxes, synchronous condensers and so forth, power management solutions. So it's not a single product customer-type configuration. It's a broad capability we have.

可以把它想成涵蓋燃氣渦輪、蒸汽渦輪、渦輪膨脹機、齒輪箱、同步調相機等，以及電力管理解決方案等能力。所以這不是單一產品、單一客戶類型的配置。我們具備的是廣泛的能力組合。

So I'll get into mix, and then I'll go into capacity pricing and the revenue profile. So on mix, of those capabilities I mentioned, gas turbines would represent roughly half of the opportunity. And then brush is approximately, call it, a quarter, and the balance is made up of all the other -- the products and systems we've got. So that mix also matters because it allows us to capture the demand cycle through more than one way and also increases the value of the broader solution for customers.

我先談產品組合（mix），再談產能、定價與營收輪廓。就組合而言，在我提到的這些能力中，燃氣渦輪大約占一半的機會。而Brush大約占四分之一，其餘則由我們其他產品與系統所構成。這樣的組合也很重要，因為它讓我們能以不只一種方式掌握需求循環，同時也提升了對客戶而言更完整解決方案的價值。

On CapEx specifically, we've always talked about us being very disciplined in phase, and that's what we're doing here. So generally speaking, on that incremental capacity, we're looking at paybacks below two years, so quite strong.

就資本支出（CapEx）而言，我們一直強調會以分階段方式、非常嚴謹地執行，而我們現在就是這麼做。一般來說，針對這些新增產能，我們目標回收期低於兩年，因此相當強勁。

And spend is moderate relative to the size and opportunity that we see between all the signals. And the spend will be between 2026, so this year, and out to 2028 in a phased manner. And the discipline and the intensity we've talked about, we want to make sure that we can leverage a lot of our existing roofline, the manufacturing infrastructure so that we're not looking at greenfield. So that's how we can also calibrate and keep the investment as competitive as possible.

相較於我們從各項訊號所看到的規模與機會，支出屬於適度水準。而支出將以分階段方式，從2026年（也就是今年）一路延伸到2028年。我們談到的紀律與投入強度，是要確保能充分利用既有廠房與製造基礎設施，而不是採用綠地新建。因此我們也能校準並讓投資保持在最具競爭力的水準。

And then from the supply side, we're focused on also make-by strategy. So we'll make sure critical components stay in, and we're also partnering with strategic suppliers across the world. So that's really on the CapEx side.

另外在供應端，我們也聚焦於自製/外購（make-or-buy）策略。我們會確保關鍵零組件留在內部，同時也與全球的策略供應商合作。以上就是資本支出（CapEx）面向。

On pricing, the way to think about it is it's not a simple $5 billion over megawatts to imply turbine price. The revenue opportunity includes, as I mentioned, in terms of capability, more than just gas turbine hardware; it's got the broader scope. And also, the analysis we've done is not based on today's pricing, it's more average pricing level in 2025. So we feel it's relatively grounded in the way we're thinking of the assumptions there and potential pricing expansion.

至於定價，思考方式不是把50億美元簡單除以兆瓦數來推算渦輪價格。如我所提，這個營收機會包含的不只是燃氣渦輪硬體，而是更廣的範疇。此外，我們所做的分析並非以今日價格為基礎，而是以2025年的平均價格水準為基礎。因此我們認為在相關假設與潛在價格擴張的思考上，是相對務實且有依據的。

And so lastly, I'll just talk about the revenue ramp, and it's a phased build rather than a step function sort of change. So the first incremental NovaLT capacity expected to come online in the first half of '27. And then revenue, depending on the cycle and so forth will be around 6 to 12 months based on normal timing.

最後談營收爬坡：這會是分階段建置，而不是階梯式的突變。第一批新增的NovaLT產能預計在2027年上半年上線。而營收認列則會視景氣循環等因素，依正常時程大約落在6到12個月。

The incremental capacity that we're talking about will continue to build into 2028. And so when you step back, you'll see the gas turbine capacity actually double from 2026 levels by the end of 2028. So we think about this as a real meaningful growth contributor from 2028 through 2030.

我們所談的新增產能會持續建置到2028年。因此整體來看，到2028年底，燃氣渦輪產能將較2026年的水準翻倍。我們認為這將在2028年至2030年期間，成為非常重要的成長貢獻來源。

And then, of course, you have the installed base and the services pull-through that you expect to have coming through. So as we look at this, really excited about it, the investments will remain very, very disciplined. And we expect our systems to be a real driver of growth in earnings through the end of the decade.

當然，你也會看到既有裝機基礎以及服務帶動（pull-through）的效益逐步顯現。所以我們對此非常振奮，而投資也會持續保持非常、非常嚴謹的紀律。我們預期我們的系統業務將在本十年末之前，成為獲利成長的重要驅動力。

Scott Gruber, Citigroup.

Scott Gruber，花旗集團。

Lorenzo, you outlined a number of commercial synergies with Chart now in the portfolio. Can you impact that opportunity set for us a bit more? What are some of the near-term opportunities that you see? And what could be some underappreciated opportunities?

Lorenzo，你提到Chart現在納入投資組合後，會帶來多項商業協同效益。你能否更進一步說明這個機會集合？你看到哪些近期機會？又有哪些可能被市場低估的機會？

I imagine there are some underappreciated ones that sit in the new end markets that you highlighted that maybe simply flying under the radar for folks currently. So some more color on the commercial synergy side would be great.

我想其中可能有一些被低估的機會，來自你所提到的新終端市場，或許目前對大家而言只是「在雷達下飛行」。因此若能在商業協同面向提供更多細節會很有幫助。

Yeah, Scott, definitely. And very happy and excited about closing the transaction and welcoming the Chart portfolio, the employees to the Baker Hughes family and commercial synergies are going to be a meaningful driver for the long-term value creation opportunity. As you think about the combined portfolio, it gives us a broader set of capabilities to address customer needs across the full value chain, from power generation, thermal management to gas processing, air and gas handling, cryogenic storage and transport, digital monitoring and life cycle services.

是的，Scott，當然。我們非常高興也很興奮完成交易，並歡迎Chart的產品組合與員工加入Baker Hughes大家庭；而商業協同將成為長期價值創造機會的重要驅動力。從合併後的產品組合來看，我們具備更廣泛的能力，可在完整價值鏈上滿足客戶需求，涵蓋發電、熱管理、氣體處理、空氣與氣體處理、低溫儲存與運輸、數位監測以及全生命週期服務。

And that's important because as you look at our customers, they're increasingly looking for partners that can reduce complexity, improve reliability and accelerate project execution and support them over the life of the asset. So it gives us a broader, more greater integrated solutions value proposition that's going to be a key factor for the long term in commercial synergies.

這點很重要，因為我們看到客戶愈來愈希望與能降低複雜度、提升可靠性、加速專案執行，並在資產全生命週期提供支援的合作夥伴合作。因此，這讓我們擁有更廣、更高度整合的解決方案價值主張，將成為長期商業協同的關鍵因素。

As you look at some of the near-term opportunities, I'd like to highlight maybe two areas. First, data centers is one of the clearest near-term commercial opportunities. As you've seen, the AI-driven demand is creating immediate pressure around reliable power and efficient cooling, which plays directly to the combined strength of Baker Hughes and Chart with Baker Hughes who bring the power generation, digital solutions, life cycle services and also the project execution.

談到一些近期機會，我想特別強調兩個領域。第一，資料中心是最明確的近期商業機會之一。如你所見，AI驅動的需求正立即對可靠供電與高效率散熱造成壓力，而這正好直接對應Baker Hughes與Chart合併後的優勢：Baker Hughes帶來發電、數位解決方案、全生命週期服務，以及專案執行能力。

And Chart is going to be bringing and adding the thermal management, heat transfer, cooling, cryogenic and related equipment capabilities. So together, we can really offer data center customers a broader infrastructure solution focused on uptime, energy efficiency, reliability, speed of deployment, including tri-generation style solutions that improve energy utilization and facility performance.

而Chart將帶來並補強熱管理、熱交換、冷卻、低溫（cryogenic）及相關設備能力。因此我們能為資料中心客戶提供更完整的基礎設施解決方案，聚焦於正常運行時間（uptime）、能源效率、可靠性與部署速度，並包含可提升能源利用率與設施效能的三聯供（tri-generation）類型解決方案。

And that's going to be immediate commercial opportunity for a combined offering on both sides that we're looking at, power and cooling. And it's going to be a great opportunity for us going forward.

這將是我們在供電與冷卻兩端合併方案的立即商業機會。未來對我們而言也會是非常好的機會。

Secondly, and importantly, gas infrastructure remains very actionable. As you look at both companies, we have differentiated capabilities, strong customer relationships, and there's a lot of demand out there for reliable, efficient infrastructure.

其次，而且很重要的是，天然氣基礎設施仍然是非常可落地、可執行的。當你看這兩家公司時，我們具備差異化能力、強大的客戶關係，而且市場對可靠、高效率的基礎設施有很大的需求。

The combined portfolio on gas gathering, treating, NGL recovery, compression liquefaction, cryogenic storage and transport allows us to offer customers a complete solution across the entire value of gas. And importantly, this is not just limited to natural gas. It actually is going across multiple molecules.

在天然氣集輸、處理、NGL 回收、壓縮液化、低溫儲存與運輸方面的合併產品組合，使我們能為客戶在天然氣全價值鏈上提供完整解決方案。而且重要的是，這不僅限於天然氣。實際上它涵蓋多種分子。

And the strength of the combined portfolio allows us to serve customer needs across hydrogen, helium, carbon dioxide, nitrogen, oxygen, creating additional growth and synergy opportunities and further diversifies our end market exposure.

合併後產品組合的優勢，使我們能滿足客戶在氫氣、氦氣、二氧化碳、氮氣、氧氣等方面的需求，創造額外的成長與協同機會，並進一步分散我們的終端市場曝險。

And beyond those two immediate opportunities, there are several underappreciated sources for long-term value that we're looking forward to. And it's reflected with the combination now that we have. And compelling examples are space, geothermal and mining.

除了這兩個近期的機會之外，我們也期待幾個長期價值來源，但目前市場對其認知仍不足。而這也反映在我們現在的合併之中。具代表性的例子包括太空、地熱與採礦。

If you think about space, Chart brings established customer relationships and highly relevant cryogenic storage, transport and thermal management capabilities. We see an opportunity to build on Chart's position with space customers by adding Baker Hughes' LNG expertise, energy infrastructure capabilities, the life cycle services and project execution.

談到太空，Chart 帶來既有的客戶關係，以及高度相關的低溫儲存、運輸與熱管理能力。我們看到一個機會：透過加入 Baker Hughes 的 LNG 專業、能源基礎設施能力、全生命週期服務與專案執行，來強化 Chart 在太空客戶上的既有地位。

On geothermal, another attractive opportunity. It's more tied to the Baker Hughes' commercial model. But as you look at opportunities to leverage also across the three segments with subsurface, power generation and thermal management capability that Chart brings, it's going to be a more integrated geothermal solution.

在地熱方面，這也是另一個具吸引力的機會。它與 Baker Hughes 的商業模式連結更深。但當你看如何同時運用 Chart 帶來的地下（subsurface）、發電與熱管理能力，並在三個事業部門之間加以整合時，將會形成更一體化的地熱解決方案。

And another one just to mention is mining where Chart has a large installed base, there's meaningful cross-sell opportunity, improved attachment rates leveraging our broader services portfolio, expanding the adoption of digital monitoring, asset performance solutions like Cordant. And so again, a great commercial synergy.

另外值得一提的是採礦領域，Chart 擁有龐大的已安裝基礎，存在顯著的交叉銷售機會；並可藉由我們更廣泛的服務組合提升附著率（attachment rates），擴大數位監測的採用，以及像 Cordant 這類資產績效解決方案的導入。因此，再次強調，這是一個很好的商業協同。

Over time, mining could also provide an avenue to extend selected subsurface and production-focused OFSE capabilities in a new market for us. So we believe the opportunities highlight strategic value of combining two highly complementary portfolios at a time when customers are increasingly looking for broader, more integrated solutions. And we feel very good about a substantial runway to deepen the customer relationships, expand the addressable market and drive long-term value creation for customers and shareholders.

隨著時間推進，採礦也可能為我們提供一條途徑，將部分以地下與生產為重點的 OFSE 能力延伸到一個對我們而言的新市場。因此我們相信，當客戶愈來愈尋求更廣泛、更整合的解決方案之際，這些機會凸顯了結合兩個高度互補產品組合的策略價值。我們對於有相當長的跑道來深化客戶關係、擴大可服務市場，並為客戶與股東創造長期價值，感到非常有信心。

Dave Anderson, Barclays.

Dave Anderson，巴克萊。

I was wondering if you could talk a little bit about the OFS business and how it performed this quarter. Could you -- I noticed that the well construction and completions were quite strong. Could you talk about what drove outperformance this quarter? And then kind of sorting and setting aside Middle East, what are some of the moving parts that you're seeing in the back half of the year?

我想請你談談 OFS 業務，以及它在本季的表現。你能否——我注意到井建（well construction）與完井（completions）相當強勁。你能談談本季表現優於預期的驅動因素嗎？另外，先把中東因素放一邊，下半年你看到哪些變動因素？

Dave, I'll take this one. So maybe I'll hit second quarter and then decomp a little bit of how we're thinking about the second half. But look, the team delivered a solid quarter in a pretty dynamic environment, and that's on the back of the business continuing to benefit from all the work the teams have put in over the years on structural and operating changes we've made.

Dave，這題我來回答。我先談第二季，然後再拆解一下我們對下半年的看法。不過你看，團隊在相當動態的環境中交出穩健的一季，這是因為業務持續受益於多年來團隊在結構性與營運變革上所投入的所有工作。

So on the second quarter, revenue and EBITDA both increased 7% sequentially and margins expanded 10 basis points. So obviously, as we've talked about, that exceeded our guidance across all key metrics. I would attribute the outperformance to three major areas.

就第二季而言，營收與 EBITDA 皆較前一季成長 7%，利潤率擴張 10 個基點。因此很明顯，如同我們先前所談，這在所有關鍵指標上都超出我們的指引。我會把優於預期歸因於三個主要面向。

First, again, outside the Middle East activity was broadly stronger than expected across really North America, Latin America, East Asia, Europe, sub-Saharan Africa. And so international OFS revenue outside of the Middle East increased double digits sequentially. So that was the first major factor.

第一，如前所述，中東以外的活動整體上比預期更強，涵蓋北美、拉丁美洲、東亞、歐洲、撒哈拉以南非洲等地。因此，中東以外的國際 OFS 營收較前一季呈現兩位數成長。這是第一個主要因素。

The second one I'd say is conditions in the Middle East, obviously, were volatile and disrupted, but results were better than anticipated, driven by product revenue outperformance versus our assumptions and that was mostly offset with softer service activity. And so with that higher product mix, you have elevated logistics and freight costs associated with supporting the customers in a volatile environment, that created some pressure on margins in the lease specifically.

第二個因素是，中東的狀況顯然波動且受到干擾，但結果優於預期，主要由產品營收表現優於我們假設所帶動，而服務活動較疲弱大致抵銷了部分影響。因此在產品占比提高的情況下，為了在波動環境中支援客戶而產生較高的物流與運費成本，對租賃（lease）業務的利潤率造成了一些壓力。

The third factor is really our SSPS business delivered a really good quarter. SSPS revenue increased about 10% sequentially, and margins were recovered to the high teens. And that was supported by our flexibles business and just overall good execution. So all those factors contributed to the second quarter.

第三個因素是，我們的 SSPS 業務本季表現非常好。SSPS 營收較前一季增加約 10%，利潤率回升至十幾個百分點的高檔。這得益於我們的柔性管（flexibles）業務以及整體良好的執行。因此，以上因素共同促成了第二季的表現。

Now when I think about the second half and I decomp it, there are a few things that drive the outlook -- our balanced outlook. So I'd say we -- as we mentioned, we assume Middle East activity to remain broadly stable through year-end. So that's an important assumption going in.

接著談下半年，當我把它拆解來看，有幾個因素驅動我們的展望——也就是我們較為均衡的展望。我會說——如我們提到的，我們假設中東活動將在年底前大致維持穩定。這是我們在做判斷時的一個重要前提。

North America, we expect a further seasonal recovery in onshore in the third quarter. And then depending on budget and so forth in the fourth quarter, depending on where price is, that level may be less pronounced than in previous years.

北美方面，我們預期第三季陸上業務將進一步出現季節性復甦。而第四季則取決於預算等因素、也取決於價格水準，復甦幅度可能不如過去幾年那麼明顯。

And then for international markets outside of the Middle East, we expect continued improvement in the third quarter and year-end product sales will be typically offset by typical North Sea seasonality in the fourth quarter. And then Latin America, we expect activity to remain constructive, specifically in Brazil and Mexico. Sub-Saharan Africa and Asia Pacific as well. Activity and tendering levels remain relatively healthy.

至於中東以外的國際市場，我們預期第三季將持續改善，而年底的產品銷售通常會在第四季被北海典型的季節性所抵銷。另外在拉丁美洲，我們預期活動將維持正向，特別是在巴西與墨西哥。撒哈拉以南非洲與亞太地區亦然。活動與投標（tendering）水準仍相對健康。

And then SSPS, of course, will be an important contributor to the second half, and that's going to be through stronger backlog conversion, good order momentum and stable margins. So when you put all that together, you'll get a sense that OFSE is benefiting from that diversification, good execution, changes the team has made over the last few years. And we'll look to keep up that resilience as we go through the balance of the year. So hopefully, Dave, that helps.

此外，SSPS 當然會是下半年的重要貢獻者，這將來自更強的在手訂單轉換、良好的接單動能以及穩定的利潤率。把這些因素綜合起來，你會感受到 OFSE 正受益於多元化、良好執行，以及團隊過去幾年所做的改變。我們也會在今年剩餘時間持續維持這種韌性。希望這能解答你的問題，Dave。

Carlos Escalante, Wolfe Research.

Carlos Escalante，Wolfe Research。

I wonder if I can ask about what's driving the record IET orders for the quarter. So if you can perhaps dissect what do you see as the key drivers as well as any market trends, particularly in heavy-duty versus smaller gas turbines that you may see as supporting a continued momentum on orders? And also, if you can share any thoughts and views on the associated margin with the recent IET orders?

我想問一下，本季 IET 訂單創新高的驅動因素是什麼。如果可以的話，請你拆解一下你看到的關鍵驅動因素以及任何市場趨勢，特別是重型（heavy-duty）相較於較小型燃氣渦輪機的趨勢，是否支持訂單動能持續。另外，你能否分享一下近期 IET 訂單所對應的利潤率的一些想法與看法？

Yeah. Sure, Carlos. And the record quarter reflects both the breadth of the Baker Hughes portfolio and also the strong demand that we're seeing across multiple end markets. And I think what's really encouraging is that the momentum isn't being driven by one market, by continued strength across data centers, LNG, gas processing and production infrastructure markets.

好的。當然可以，Carlos。本季創紀錄的表現，反映了 Baker Hughes 產品組合的廣度，以及我們在多個終端市場看到的強勁需求。而真正令人鼓舞的是，這股動能並非由單一市場所驅動，而是來自資料中心、LNG、天然氣處理與生產基礎設施等市場的持續強勁。

A key driver is the continued strength in Power Systems, where orders totaled $2.6 billion in the quarter. And demand was broad-based, including another sizable generator order, strong gear orders and approximately 150 gas turbines for power generation applications. And I think -- what you're seeing here is, again, the continued theme of behind the meter applications being very relevant and continuing to have strength going forward.

一個關鍵驅動因素是電力系統（Power Systems）持續強勁，本季訂單總額達 26 億美元。需求面相當廣泛，包括另一筆可觀的發電機訂單、強勁的齒輪訂單，以及約 150 台用於發電應用的燃氣渦輪機。而我認為——你在這裡看到的是，再次印證「表後」（behind the meter）應用持續高度相關，且未來仍將保持強勁。

And as a result, year-to-date Power Systems orders are approaching $4 billion, already exceeding the $3.2 billion book to all of last year. And the sustained order strength continues to build backlog visibility into 2030 and beyond as we continue to see strong demand signals coming through.

因此，年初至今電力系統（Power Systems）訂單正逼近40億美元，已超過去年全年32億美元的訂單額。而且，持續強勁的訂單動能也讓我們對2030年及以後的在手訂單（backlog）能見度不斷提升，因為我們持續看到強勁的需求訊號傳來。

I think it's also important to remember from a power generation perspective, we still have available 2027 delivery slots for some of our turbine Frame 5 and also the capacity addition, which is expected to add meaningful slots for NovaLT deliveries beginning in late '28. So again, continuing momentum there.

我認為也很重要的是要記得，從發電的角度來看，我們部分渦輪機Frame 5仍有2027年的交付檔期可用，此外還有產能擴增，預期將自28年下半年起為NovaLT交付新增相當可觀的檔期。所以，那邊的動能仍在延續。

Data centers remain important as a source of Power Systems demand, supported by the need for reliable, rapidly deployable power generation solutions. And during the quarter, data centers accounted for $2.2 billion of Power Systems orders.

資料中心仍是電力系統需求的重要來源，背後支撐因素是對可靠且可快速部署的發電解決方案的需求。本季資料中心貢獻了22億美元的電力系統訂單。

I think though, again, it's important that we emphasize that the IET order strength was much broader than just data centers. Even if you exclude data centers-related activity, IET orders would have reached $4.9 billion, matching the previous quarterly record. And key growth drivers outside of data centers have been gas infrastructure markets where we continue to see robust investment across LNG, gas processing and production infrastructure.

不過我認為，同樣重要的是我們要強調，IET的訂單強勁遠不僅來自資料中心。即使排除與資料中心相關的活動，IET訂單也會達到49億美元，追平先前的單季紀錄。而資料中心以外的主要成長動能來自天然氣基礎設施市場，我們持續看到LNG、天然氣處理以及生產基礎設施領域的投資相當強勁。

LNG, particularly important contributor in the quarter, approximately $1.8 billion of equipment orders across three major projects. And through the first half of the year, we booked $2.9 billion of LNG equipment orders already exceeding the full-year total from last year.

LNG在本季是特別重要的貢獻者，三個大型專案合計約18億美元的設備訂單。而在上半年，我們已入帳（booked）29億美元的LNG設備訂單，已超過去年全年總額。

So we secured also two additional gas infrastructure awards related to offshore production and onshore gas processing, and it highlights the scale of infrastructure investment underway across many regions and continuing also in the Middle East. And in addition, our GTS delivered record orders, including an all-time high and upgrade activity, which shows customers continuing to place importance and efficiency and extending the life of the existing assets.

我們也取得另外兩項與海上生產及陸上天然氣處理相關的天然氣基礎設施標案，凸顯多個地區正在進行、且在中東也持續的基礎設施投資規模。此外，我們的GTS創下訂單新高，包括史上最高的升級（upgrade）活動，顯示客戶持續重視效率並延長既有資產的使用壽命。

And with regards to margins, I think what's good is that we've continued to apply and secure these awards within our disciplined commercial framework, consistent with our objective of driving continuous margin expansion over time. And the current supply-demand environment across gas infrastructure, power markets remains constructive and continues to score strong pricing dynamics.

至於毛利率，我認為值得肯定的是，我們持續在嚴謹的商業紀律框架下爭取並拿下這些標案，符合我們隨時間推進持續擴大利潤率的目標。而目前天然氣基礎設施與電力市場的供需環境仍具建設性，並持續呈現強勁的定價動能。

So as these orders come back to revenue over the coming years, we expect that pricing strength, combined with our disciplined project selection and execution, will provide meaningful favorable tailwind for IET margin performance in 2027 and beyond.

因此，隨著這些訂單在未來幾年逐步轉為營收，我們預期定價力道，加上我們嚴謹的專案篩選與執行，將在2027年及以後為IET的利潤率表現帶來顯著的正向助力。

Marc Bianchi, TD Cowen.

Marc Bianchi，TD Cowen。

David had asked about OFSE for the second half already. Can you talk about some of the puts and takes for IET in the second half? Annual guidance has increased by less than the first half beat. I think you touched on Gastech services, some logistical costs in our prepared remarks, but maybe you could expand more on that? And then similarly, on free cash, really strong here in the first half, but you've kept the conversion rate the same.

David已經問過下半年OFSE的部分。你能談談IET在下半年的一些利多與利空因素嗎？全年指引的上調幅度小於上半年超預期的幅度。我想你在準備稿中提到Gastech服務以及一些物流成本，但也許你可以再多展開說明？另外同樣地，自由現金流上半年非常強勁，但你們維持相同的轉換率（conversion rate）。

Yeah. Marc, so obviously, as you know, we stepped back and looked at the first half, great performance by the team, $12 billion of IET orders, backlog sitting just over $37 billion, which is a record. So as we look at the second half, we've kept the balanced outlook. Our guidance again assumes Middle East revenues to remain broadly consistent. But obviously, there's still a level of uncertainty around project timing and local supply chains and so forth just in the environment.

是的。Marc，如你所知，我們回頭檢視了上半年，團隊表現非常出色：IET訂單達120億美元，在手訂單（backlog）略高於370億美元，創下紀錄。因此在看下半年時，我們維持較為均衡的展望。我們的指引仍假設中東營收大致維持一致。但顯然，在目前環境下，專案時程與在地供應鏈等仍存在一定程度的不確定性。

And then for IET specifically, of course, we also have the Gastech equipment backlog conversion. So just that cadence of that, the aeroderivative supply chain progress. And then, of course, the usual stuff that we monitor around FX and trade policy.

而就IET而言，當然我們也有Gastech設備在手訂單的轉換。因此包括其節奏、航改型（aeroderivative）供應鏈的進展。以及當然，我們一如既往會監控外匯與貿易政策等因素。

And then when you convert that to first-half free cash flow was obviously strong. That was driven by some favorable working capital performance by strong customer collections, which come on the back of that type of order strength, but also milestone payments as we continue to progress on individual projects. So as we look at the balance of the year, that can create, with working capital movements, some quarter-to-quarter variability, but still, we remain committed to our overall free cash flow outlook.

再把這些反映到自由現金流，上半年自由現金流顯然很強勁。這主要由一些有利的營運資金表現所帶動，包括強勁的客戶收款——這與訂單強勁相呼應——同時也包括我們在各個專案持續推進下取得的里程碑款項。因此在看今年剩餘時間時，營運資金的變動可能造成季度間的波動，但我們仍致力於維持整體自由現金流展望。

On 2027, while it's still early, and we're not providing formal guidance, but with the backlog sitting at these types of record levels, it gives us good visibility into 2027 and beyond. And as I mentioned in one of the answers, the pace of the backlog conversion will differ, particularly within GTE where a lot of the orders that we've taken in the first half and overall, 2026, are expected to convert after 2027.

關於2027年，雖然仍為時尚早，我們也未提供正式指引，但在手訂單處於這樣的歷史高位，讓我們對2027年及以後有良好的能見度。正如我在其中一個回答中提到的，在手訂單轉換的速度會有所不同，特別是在GTE內部，我們上半年以及整體而言在2026年取得的許多訂單，預期會在2027年之後才轉為營收。

But what we do see next year is profitability, which is coming through with the way the teams are executing, the favorable pricing and the high-quality mix that we've got sitting in that backlog between Power Systems, LNG and services and upgrades. So it's a great setup with good visibility as we go through. And the revenue cadence will obviously be paced by cycle times in capacity, but with the margin visibility we have into 2027 and beyond, we feel pretty good about where we are at.

但我們確實看到明年獲利能力將逐步顯現，這來自團隊的執行方式、有利的定價，以及我們在在手訂單中所擁有的高品質組合，涵蓋電力系統、LNG，以及服務與升級。因此，隨著我們持續推進，這是一個能見度很好的布局。而營收節奏顯然會受到產能週期時間的影響，但基於我們對2027年及以後的利潤率能見度，我們對目前的狀況相當有信心。

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

以上是我們最後一個問題。我把時間交回給董事長兼執行長Lorenzo Simonelli先生，為本次電話會議作結。

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. Thank you.

感謝各位今天撥冗參加我們的財報電話會議，我也期待不久後再次與各位交流。接線員，您現在可以結束本次電話會議。謝謝。

Ladies and gentlemen, thank you for participating in today's conference. This concludes the program. You may now disconnect. Everyone, have a great day.

各位女士、先生，感謝您參與今天的會議。本次議程到此結束。您現在可以掛線。祝各位有美好的一天。