2Q26: Broad-Based Beat and Constructive 2H Guide

研报英文原文证据摘录

2Q26: Broad-Based Beat and Constructive 2H Guide

UpdateM...With a strong growth outlook. Beyond the Middle East, management remained

positive on the near-term growth outlook underpinned by strengthening offshore

momentum across exploration & deepwater, rising demand for production and

recovery solutions, and continued Digital growth. Data Center Solutions (DCS)

results were also notable, with segment revenue reaching ~$186 MM in 2Q, implying

a ~$0.75 B annualized run-rate, up from ~$0.5 B exiting 4Q25. SLB continues to see

its DCS business on track to exceed $1 B annualized revenue run-rate by the end of

2026 and management initiated a new >$2 B exit-2027 target, which is supported by

backlog currently in place. In DCS, growth is broadening across customers,

geographies and scope, including Meta in Canada, while the business model remains

relatively capital-light.

Raising our estimates. Reiterate OW; raise PT to $55/sh from $54/sh. SLB’s 2Q

performance demonstrated the resilience of its diversified portfolio, with strength

across key segments (e.g., Digital, Production Systems), and broad geographic

strength in NAm and int'l (ex-ME) markets offsetting ME disruption. The 3Q and

preliminary 4Q outlook support a solid earnings ramp through year-end, while

accelerating deepwater activity, production-recovery demand and a more durable

exploration cycle improve visibility into 2027. Separately, the new >$2B DCS exit-

rate target reinforces this differentiated growth vector and supports SLB’s evolution

toward higher-growth, less cyclical earnings streams. Commensurate with our

estimate revisions (see Exhibit 2 ), we raise our PT +2% to $55 from $54.

Exhibit 1: 2Q26 Earnings Snapshot

2Q26 Earnings Snapshot

($ in millions) Actual MSe %∆ Cons. %∆

Revenue 8,972 8,750 3% 8,675 3%