Risk Reward Update

Research evidence excerpt

Risk Reward Update

formance Current Stock Price Price Target New Data Era: Positive

Technology Diffusion: Positive

Source: Refinitiv, Morgan Stanley Research, Morgan Stanley Institutional Equities Division. The probabilities of our Bull,

Base, and Bear case scenarios playing out were estimated with implied volatility data from the options market as of 17 View descriptions of Risk Rewards Themes here

Jun 2026. All figures are approximate risk-neutral probabilities of the stock reaching beyond the scenario price in either

three-months’ or one-years’ time. View explanation of Options Probabilities methodology here

BULL CASE $55.00 BASE CASE $42.00 BEAR CASE $25.00

~7.5x EV/EBITDA on Bull Case EBITDA ~8.0x EV/EBITDA on 2027E Base Case ~8.5x EV/EBITDA on Bear Case EBITDA

EBITDAOil prices rebound, approaching MS bull Oil prices soften materially and approach

case scenario and supporting robust Oil prices remain range-bound near current MS bear case, muting upstream activity

upstream activity upside. Continued strip; power biz growth prospects = upside upside. Oil activity declines, and though gas

tightness in oil macro fundamentals and risk. Upstream investment stabilizes and is more resilient, total activity still falls,

strong gas growth outlook supports robust begins to rebound, driving global upstream weighing on pricing. Power business

upstream activity upside, which paired with activity and OFSE pricing higher. Base case (VoltaGrid 20% stake + MENA JV) struggles

a cleaner OFSE supply-side drives includes contributions from HAL's 20% to find traction and does not contribute

meaningful pricing traction and upstream VoltaGrid & announced MENA JV orders. PT meaningfully to earnings (at least in near-