BKR · Baker Hughes Q2 FY2026 earnings call record财报电话会记录

“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.”

“Even assuming a practical utilization below full capacity, the implied revenue opportunity still represents a 3-4x 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 Two IET orders to exceed $45 billion.”

“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.”

“As customers increasingly seek integrated solutions, our connected capabilities enable us to address their most complex challenges.”

“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.”

“Following the Chart acquisition, leverage will temporarily increase, but we remain firmly committed to deleveraging and expect to return to 1-1.5x 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.”

“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%-2% revenue headwind related to Middle East disruptions.”

“Starting with third quarter guidance, we anticipate company revenue of $6.87 billion and adjusted EBITDA of $1.205 billion.”

“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.”

“On the second quarter, revenue and EBITDA both increased 7% sequentially, and margins expanded 10 basis points.”

“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 Middle East specifically.”