NOV Inc 2Q26 First Take - ALERT

研报英文原文证据摘录

NOV Inc 2Q26 First Take - ALERT

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

28 July 2026

NOV Inc Neutral

NOV, NOV US

2Q26 First Take - ALERT Price (28 Jul 26):$19.82

Oil & Gas Exploration & Production

EBITDA Results: Adj. EBITDA $243mm vs. JPMe/STe of $203mm/$201mm. Arun Jayaram AC

(1-212) 622-8541

JPM View: Stock Reaction – Moderately Positive. We anticipate a moderately arun.jayaram@jpmchase.com

positive reaction to the print, which featured a +20% adjusted EBITDA beat and Sowmya Vemulapalli

an in-line 3Q26 guide, albeit with orders coming in lighter than expected. Heading (1-212) 270-4660

into the print, sentiment around the stock was already constructive, with NOV sowmya.vemulapalli@jpmchase.com

shares up +6.2% MTD following management's optimistic update at our Jason Kim

conference in June and +26.8% YTD. Investors have had reason to lean more (1-212) 622-1408

jason.b.kim@jpmchase.com

constructive in the near-term as management characterized Middle East logistics J.P. Morgan Securities LLC

disruptions as easing and manageable (with orders delayed rather than canceled)

despite a ~$32mm headwind in 1Q26 and a similar hit in 2Q26, setting up potential

activity catch-up if shipping normalizes. Confidence is further supported by

tangible demand and backlog signals, including management's expectation for a

2H26 step-up as FIDs drive the conversion of firm orders into backlog, alongside

a more robust offshore cadence (10-12 FPSO FIDs vs. a typical 6-8).

Across 2Q, NOV noted ongoing Middle East logistical challenges albeit while

benefiting from improving demand across most regions. The company reported

2Q26 adjusted EBITDA of $243mm, which was +20%/+21% above JPMe/STe of

$203mm/$201mm and reflects the normalized figure excluding the $40mm tariff

benefit.