SLB: Thoughts heading into SLB's Digital Investor Day

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SLB: Thoughts heading into SLB's Digital Investor Day

7.8E 9,263.5E 9,987.8E

Biguet (Executive VP & CFO). 2027 9,509.4E 9,677.0E 10,076.2E 10,396.1E

EBITDA

Growth targets will be a key discussion point. Digital revenue grew at an 2025 1,997.0A 2,052.0A 2,061.0A 2,331.0A

approximate CAGR of 15.4% from 2021-2025, ahead of global industry rig 2026 1,773.0A 1,772.5E 2,068.9E 2,402.2E 2027 2,040.2E 2,261.6E 2,407.0E 2,597.1E

counts at 7.4%. That said, SLB fell short of its $3Bn revenue target in 2025

due to softening in oil & gas markets. This indicates Digital is outpacing All values in USD unless otherwise noted.

the market, but not immune to prevailing O&G markets. We expect SLB to Priced as of prior trading day's market close, EST (unless otherwise noted).

provide updated revenue expectations to 2030, and current Visible Alpha

street estimates show 2030 revenue of $4.3Bn, mapping to a 10% 5-yr

CAGR. We think SLB's target will likely meet or exceed this number, but

execution will be key.

Digital valuation remains a market debate. SLB has long-argued its Digital

business deserves a premium SOTP multiple. Critics note the small relative

size and the Digital segment cannot be easily decoupled from SLB, making

value difficult to unlock. We generally agree with the size comment -

Digital is 12% of SLB EBITDA and needs to represent a larger portion of

company results to move the needle on valuation - but also think re-rating

cases usually come down to execution. Some multi-industry businesses of

comparable growth and margin profiles trade at 15-20x EBITDA multiples

(exhibit 3). Therefore, execution and scale are key to value accretion.

Recent awards highlight growing demand for digital offerings. The recent

launch of SLB Digital Marketplace provides energy companies with a