Overseas Power Shortage · [Tianfeng Auto] Baker Hughes 26Q2 Review - 0727

English summary

Results: 26Q2 revenue of $6.742 billion, yoy -2%/qoq +2%; new orders of $10.501 billion, yoy +49%/qoq +29%. Backlog reached $40.1 billion, a record high. 26Q2 Industrial & Energy Technology (IET) revenue was $3.291 billion, +2% yoy excluding asset disposal effects. Margin improved to 20.6%, yoy +2.8pct/qoq +0.3pct. 26Q2 adjusted EBITDA was $1.231 billion, yoy +2%/qoq +6%; margin 18.3%, yoy +0.7pct; GAAP net income attributable to shareholders was $681 million, yoy -3% (Q1 had asset disposals). Free cash flow was $1.109 billion, yoy +364%/qoq +428%. IET (Industrial & Energy) business introduction: 1. Industrial and energy business: 26Q2 new orders of $7.1 billion, yoy +101%/qoq +45%;…