10 Key Takeaways from 2026 Digital Investor Day

研报英文原文证据摘录

10 Key Takeaways from 2026 Digital Investor Day

J P M O R G A N North America Equity Research

18 June 2026

SLB Overweight

SLB, SLB US

10 Key Takeaways from 2026 Digital Investor Day Price (17 Jun 26):$50.33

Price Target (Dec-26):$61.00

JPM View: We attended SLB’s 2026 Digital Investor Day hosted at the New York Oil & Gas Exploration & Production

ACStock Exchange, where the management team focused on reframing the Digital Arun Jayaram

segment from a bolt-on enabler into a structural, company-wide earnings engine. (1-212) 622-8541

We sensed a confident tone as the company built its case around a high-margin arun.jayaram@jpmchase.com

financial profile, an accelerating TAM, and four reinforcing moats (domain Jason Kim

expertise, platforms, partnerships, scale). The 2025 Digital financial performance (1-212) 622-1408

anchored the pitch, with $2.7bn of revenue at a 35% adjusted EBITDA margin and jason.b.kim@jpmchase.com

$1.0bn of ARR. SLB is targeting ambitions to double both ARR and EBITDA, Sowmya Vemulapalli

while expanding EBITDA margins to 38-42% by 2030 and laying out an upbeat set (1-212) 270-4660

sowmya.vemulapalli@jpmchase.com

of targets that, in our view, underscores why Digital is increasingly central to the J.P. Morgan Securities LLC

company’s earnings trajectory rather than a peripheral enabler. We believe the

investment case rests on proprietary domain foundational models, key

partnerships, and concrete operational proofpoints in autonomous drilling and

production optimization that competitors cannot easily replicate, reinforcing our

view that SLB is executing a credible transition from being “first in digital” to a

“digital-first” OFS company.

• Digital financial profile screens as the company’s best. In 2025, Digital