Baker Hughes "Molecules To Megawatts - Takeaways from AI Power Thematic Day..."

Research evidence excerpt

Baker Hughes "Molecules To Megawatts - Takeaways from AI Power Thematic Day..."

Global Research

28 May 2026ab

Baker Hughes Equities

United StatesMolecules To Megawatts - Takeaways from

AI Power Thematic Day Investor Meetings Oil Drilling, Equipment & Services

12-month rating Neutral *

12m price target US$73.00AI Power Thematic Day

We hosted investor meetings with Chase Mulvehill - VP, Investor Relations, and Chad

Stephenson - Director, Investor Relations at our AI Power Thematic 1x1 Day. Key focus Price (27 May 2026) US$63.20

areas from our conversations included the post-conflict outlook, growing power orders RIC: BKR.O BBG: BKR US

into data centers, its NovaLT offering, and the pending GTLS acquisition. We come away

from the meetings positive, and see progress across the key focus areas serving as key Trading data and key metrics

catalysts for 2026. 52-wk range US$69.67-36.68

Market cap. US$62.4b

Key Takeaways from AI Power Thematic Day Investor Meetings + Dinner Shares o/s 987m (COM)

Middle East. BKR remains confident in its 2Q26 guide despite the conflict Free float 100%

continuing through May and continues to expect a measured post-conflict activity Avg. daily volume ('000) 9,296

ramp. Longer-term, a Middle East recovery will help both sides of the business, and Avg. daily value (m) US$581.1

a renewed global focus on energy security should drive a structural tailwind for Common s/h equity (12/26E) US$15.0b

BKR. This shift should drive not only increasing OFS activity, but also power, P/BV (12/26E) 4.2x

infrastructure, and geothermal investments. We see this, combined with growing Net debt to EBITDA (12/26E) 2.1x

data center demand, driving upside to BKR's $40Bn Horizon 2 IET order target.

EPS (UBS, diluted) (USD)

Data Center Demand.