Baker Hughes

“While renewable energy will continue to expand rapidly, oil and natural gas are expected to remain a significant portion of the global energy mix for decades to come. In particular, natural gas will play a central role in providing the scale, reliability, and flexibility required to support economic growth and complement intermittent renewable generation.”

Annual report 2025A · The company itself

“However, the pace and direction of the transition to a lower- carbon economy has become increasingly uncertain and variable across different regions and markets. Recent developments indicate a potential slowdown in energy transition efforts, with sustained or increased demand for traditional oil and gas in certain markets. These shifts may result from various factors, including changes in government policies and priorities, economic pressures, energy security concerns, and evolving consumer and industrial demand patterns.”

Annual report 2025A · The company itself

“Certain geopolitical conflicts, such as between Russia and Ukraine, and instability, such as in the Middle East and the current political situation in Venezuela, have had and may continue to have the effect of heightening many other risks disclosed in our public filings, any of which could materially and adversely affect our business and results of operations. Such risks include, but are not limited to, adverse effects on regional and global macroeconomic conditions; increased volatility in the price and demand of oil and natural gas, increased exposure to cyber-attacks; limitations in our ability to implement and execute our business strategy; risks to employees and contractors that we have in the region; disruptions in global supply chains; exposure to foreign currency fluctuations; potential nationalizations and assets seizures; constraints or disruption in the capital markets and our sources of liquidity; our potential inability to service our remaining performance obligations and potential contractual breaches and litigation.”

Annual report 2025A · The company itself

“Having a concentration of customers in the energy industry may impact our overall exposure to credit risk as our customers may be similarly affected by prolonged changes in economic and industry conditions. Some of our customers may experience extreme financial distress as a result of falling commodity prices and may be forced to seek protection under applicable bankruptcy laws, which may affect our ability to recover any amounts due from such customers. Furthermore, countries that rely heavily upon income from hydrocarbon exports have been and may in the future be negatively and significantly affected by a drop in oil or gas prices, which could affect our ability to collect, timely or at all, from our customers in these countries, particularly national oil companies.”

Annual report 2025A · The company itself

“Our customers' activity levels and spending for our products and services and ability to pay amounts owed us could be impacted by the reduction of their cash flow, financial condition and the ability of our customers to access equity or credit markets. Our customers' access to capital is dependent on their ability to access the funds necessary to develop economically attractive projects based upon their expectations of future energy prices, required investments, and/or resulting returns.”

Annual report 2025A · The company itself

“INDUSTRY AND MARKET RISKS Volatility of oil and natural gas prices can adversely affect demand for our products and services. Prices of oil and gas products are set on a commodity basis. As a result, the volatility in oil and natural gas prices can impact our customers' activity levels and spending for our products and services.”

Annual report 2025A · The company itself

“Oilfield Services & Equipment The OFSE segment designs and manufactures products and provides related services and integrated solutions for onshore and offshore oilfield operations across the life cycle of an asset, ranging from exploration, appraisal, and development to production, rejuvenation, and decommissioning.”

Annual report 2025A · The company itself

“The IET segment consists of five product lines. • Gas Technology Equipment delivers highly efficient mechanical and electric-drive compression and power generation technology for projects across the natural gas value chain. The product line's portfolio includes: •Drivers, which include aero-derivative gas turbines, heavy-duty gas turbines, small- to medium-sized industrial gas turbines, steam turbines, hot gas and turboexpanders, and electric motors. •Driven equipment, which includes synchronous condensers, generators, reciprocating, centrifugal, and integrated compressors, and centrifugal pumps. •Turnkey solutions, which include power generation and gas compression modules, waste heat/energy/pressure recovery, energy storage, modularized small and large liquefaction plants, CO2 compression, and storage/use solutions. •Gas Technology Services provides advanced aftermarket support and uptime availability in critical environments and through every stage of our customers' equipment and plant life cycle.”

Annual report 2025A · The company itself

“Chart is a global leader in the design, engineering and manufacturing of process technologies and equipment for gas and liquid molecule handling across a broad range of industrial and energy end markets.”

Annual report 2025A · The company itself

“Industrial & Energy Technology The IET segment combines a broad array of domain expertise, technologies, software, and services for energy and industrial customers across a broad array of applications including on- and offshore, LNG, pipeline and gas storage, distributed gas, refining, petrochemical, hydrogen, geothermal, CCUS, and power inclusive of integration with renewable energy sources.”

Annual report 2025A · The company itself

“Our products, services, and expertise serve the upstream, midstream/LNG and downstream sectors of the oil and gas industry, new energy markets, power & utilities sector as well as broader chemical and industrial segments across a variety of verticals.”

Annual report 2025A · The company itself

“OFSE customers include large integrated major and super-major oil and natural gas companies; U.S. and international independent oil and natural gas companies; national or state-owned oil and natural gas companies; engineering, procurement, and construction contractors; geothermal and other renewable companies; and other oilfield services companies.”

Annual report 2025A · The company itself

“IET solutions unlock the ability to transform, transfer, and transport energy efficiently, while capturing and reducing emissions, with customers that are industrial, upstream, midstream, and downstream, onshore and offshore, and small-to-large scale operators. Midstream and downstream customers include LNG plants, pipelines, storage facilities, and a wide range of engineering, procurement, and construction companies, as well as industrial sector customers such as data centers, utilities, marine, cement, steel and refinery and petrochemical producers.”

Annual report 2025A · The company itself

“Control of oil and natural gas reserves by national oil companies may impact the demand for our services and products and create additional risks in our operations. Much of the world's oil and natural gas reserves are controlled by national oil companies. National oil companies may require their contractors to meet local content requirements or other local standards, such as conducting our operations through joint ventures with local partners that could be difficult or undesirable for us to meet.”

Annual report 2025A · The company itself

“Our products are used in deepwater, and other harsh environments, and severe service applications.”

Annual report 2025A · The company itself

“The total dollar amount of the Company's RPO as of December 31, 2025 was $35.9 billion.”

Annual report 2025A · The company itself

“However, the pace and direction of the transition to a lower- carbon economy has become increasingly uncertain and variable across different regions and markets. Recent developments indicate a potential slowdown in energy transition efforts, with sustained or increased demand for traditional oil and gas in certain markets. These shifts may result from various factors, including changes in government policies and priorities, economic pressures, energy security concerns, and evolving consumer and industrial demand patterns.”

Annual report 2025A · The company itself

“Certain geopolitical conflicts, such as between Russia and Ukraine, and instability, such as in the Middle East and the current political situation in Venezuela, have had and may continue to have the effect of heightening many other risks disclosed in our public filings, any of which could materially and adversely affect our business and results of operations. Such risks include, but are not limited to, adverse effects on regional and global macroeconomic conditions; increased volatility in the price and demand of oil and natural gas, increased exposure to cyber-attacks; limitations in our ability to implement and execute our business strategy; risks to employees and contractors that we have in the region; disruptions in global supply chains; exposure to foreign currency fluctuations; potential nationalizations and assets seizures; constraints or disruption in the capital markets and our sources of liquidity; our potential inability to service our remaining performance obligations and potential contractual breaches and litigation.”

Annual report 2025A · The company itself

“Having a concentration of customers in the energy industry may impact our overall exposure to credit risk as our customers may be similarly affected by prolonged changes in economic and industry conditions. Some of our customers may experience extreme financial distress as a result of falling commodity prices and may be forced to seek protection under applicable bankruptcy laws, which may affect our ability to recover any amounts due from such customers. Furthermore, countries that rely heavily upon income from hydrocarbon exports have been and may in the future be negatively and significantly affected by a drop in oil or gas prices, which could affect our ability to collect, timely or at all, from our customers in these countries, particularly national oil companies.”

Annual report 2025A · The company itself

“Our customers' activity levels and spending for our products and services and ability to pay amounts owed us could be impacted by the reduction of their cash flow, financial condition and the ability of our customers to access equity or credit markets. Our customers' access to capital is dependent on their ability to access the funds necessary to develop economically attractive projects based upon their expectations of future energy prices, required investments, and/or resulting returns.”

Annual report 2025A · The company itself

“INDUSTRY AND MARKET RISKS Volatility of oil and natural gas prices can adversely affect demand for our products and services. Prices of oil and gas products are set on a commodity basis. As a result, the volatility in oil and natural gas prices can impact our customers' activity levels and spending for our products and services.”

Annual report 2025A · The company itself

“Oilfield Services & Equipment The OFSE segment designs and manufactures products and provides related services and integrated solutions for onshore and offshore oilfield operations across the life cycle of an asset, ranging from exploration, appraisal, and development to production, rejuvenation, and decommissioning.”

Annual report 2025A · The company itself

“Our products, services, and expertise serve the upstream, midstream/LNG and downstream sectors of the oil and gas industry, new energy markets, power & utilities sector as well as broader chemical and industrial segments across a variety of verticals.”

Annual report 2025A · The company itself

“OFSE customers include large integrated major and super-major oil and natural gas companies; U.S. and international independent oil and natural gas companies; national or state-owned oil and natural gas companies; engineering, procurement, and construction contractors; geothermal and other renewable companies; and other oilfield services companies.”

Annual report 2025A · The company itself

“Control of oil and natural gas reserves by national oil companies may impact the demand for our services and products and create additional risks in our operations. Much of the world's oil and natural gas reserves are controlled by national oil companies. National oil companies may require their contractors to meet local content requirements or other local standards, such as conducting our operations through joint ventures with local partners that could be difficult or undesirable for us to meet.”

Annual report 2025A · The company itself

“Our products are used in deepwater, and other harsh environments, and severe service applications.”

Annual report 2025A · The company itself

“The total dollar amount of the Company's RPO as of December 31, 2025 was $35.9 billion.”

Annual report 2025A · The company itself

“•Digital & artificial intelligence ("AI") advancement: We are seeing growing demand for more intelligent operations and the adoption of AI-based solutions as part of our customers' digital transformations. Across industrial and energy markets, digital is both an enabler and a driver, unlocking new levels of efficiency and productivity in operations, while simultaneously generating significantly incremental demand for power to support digital-intensive industries, including data centers.”

Annual report 2025A · The company itself

“We continue to invest in new technologies, equipment, and facilities and to expand our capabilities and technology portfolio to meet the challenges of a net-zero future. These efforts include expanding into new energy areas such as geothermal and CCUS, strengthening our digital architecture and addressing key energy market themes.”

Annual report 2025A · The company itself

“We continue to invest in new technologies, equipment, and facilities and to expand our capabilities and technology portfolio to meet the challenges of a net-zero future. These efforts include expanding into new energy areas such as geothermal and CCUS, strengthening our digital architecture and addressing key energy market themes.”

Annual report 2025A · The company itself

“The transaction closed on January 1, 2026. •Climate Technology Solutions ("CTS") includes CCUS, hydrogen, clean power, geothermal and emissions abatement capabilities to enable energy operators, as well as users of energy in the broader industry, to achieve their emission reduction goals.”

Annual report 2025A · The company itself

“We have invested in developing innovative technologies and solutions for clean energy applications, including geothermal, CCUS, hydrogen energy, and other integrated solutions. As the energy transition slows and demand shifts back toward traditional oil and gas applications, the market for our clean energy technologies and services may not develop as anticipated, which could adversely affect our revenue from these segments and the return on our investments in clean energy innovation.”

Annual report 2025A · The company itself

“We offer a range of technologies specifically designed to help customers reduce their carbon footprint.”

Annual report 2025A · The company itself

“The transaction closed on January 1, 2026. •Climate Technology Solutions ("CTS") includes CCUS, hydrogen, clean power, geothermal and emissions abatement capabilities to enable energy operators, as well as users of energy in the broader industry, to achieve their emission reduction goals.”

Annual report 2025A · The company itself

“Across industrial and energy markets, digital is both an enabler and a driver, unlocking new levels of efficiency and productivity in operations, while simultaneously generating significantly incremental demand for power to support digital-intensive industries, including data centers. In 2025, we booked $1 billion of orders tied to data center applications. We now expect to book approximately $3 billion of data center-related orders between 2025 and 2027 – underscoring the relevance of our power solutions in this fast-growing market.”

Annual report 2025A · The company itself

“IET solutions unlock the ability to transform, transfer, and transport energy efficiently, while capturing and reducing emissions, with customers that are industrial, upstream, midstream, and downstream, onshore and offshore, and small-to-large scale operators. Midstream and downstream customers include LNG plants, pipelines, storage facilities, and a wide range of engineering, procurement, and construction companies, as well as industrial sector customers such as data centers, utilities, marine, cement, steel and refinery and petrochemical producers.”

Annual report 2025A · The company itself

“OUR VISION & STRATEGY With our diverse portfolio, leading technology and clear purpose to make energy safer, cleaner and more efficient, Baker Hughes is well positioned to deliver solutions across industrial and energy markets.”

Annual report 2025A · The company itself

“Our products, services, and expertise serve the upstream, midstream/LNG and downstream sectors of the oil and gas industry, new energy markets, power & utilities sector as well as broader chemical and industrial segments across a variety of verticals.”

Annual report 2025A · The company itself

“We continue to invest in new technologies, equipment, and facilities and to expand our capabilities and technology portfolio to meet the challenges of a net-zero future. These efforts include expanding into new energy areas such as geothermal and CCUS, strengthening our digital architecture and addressing key energy market themes.”

Annual report 2025A · The company itself

“We have invested in developing innovative technologies and solutions for clean energy applications, including geothermal, CCUS, hydrogen energy, and other integrated solutions. As the energy transition slows and demand shifts back toward traditional oil and gas applications, the market for our clean energy technologies and services may not develop as anticipated, which could adversely affect our revenue from these segments and the return on our investments in clean energy innovation.”

Annual report 2025A · The company itself

“IET solutions unlock the ability to transform, transfer, and transport energy efficiently, while capturing and reducing emissions, with customers that are industrial, upstream, midstream, and downstream, onshore and offshore, and small-to-large scale operators. Midstream and downstream customers include LNG plants, pipelines, storage facilities, and a wide range of engineering, procurement, and construction companies, as well as industrial sector customers such as data centers, utilities, marine, cement, steel and refinery and petrochemical producers.”

Annual report 2025A · The company itself

“Across industrial and energy markets, digital is both an enabler and a driver, unlocking new levels of efficiency and productivity in operations, while simultaneously generating significantly incremental demand for power to support digital-intensive industries, including data centers. In 2025, we booked $1 billion of orders tied to data center applications. We now expect to book approximately $3 billion of data center-related orders between 2025 and 2027 – underscoring the relevance of our power solutions in this fast-growing market.”

Annual report 2025A · The company itself

“OUR VISION & STRATEGY With our diverse portfolio, leading technology and clear purpose to make energy safer, cleaner and more efficient, Baker Hughes is well positioned to deliver solutions across industrial and energy markets.”

Annual report 2025A · The company itself

“Our business could be impacted by both geopolitical and terrorism threats, including armed conflict, in countries where we or our customers do business and our business operations may be impacted by civil unrest and/or government expropriations. Geopolitical and terrorism threats continue to grow in a number of key countries where we currently or may in the future do business. Geopolitical and terrorism threats, including armed conflict among countries, have led to, among other things, a loss of our investment in the country, adverse impact to our employees, and impairment of our or our customers' ability to conduct operations.”

Annual report 2025A · The company itself

“Further, the broader consequences of geopolitical and terrorism threats, which may include further sanctions that prohibit our ability to do business in specific countries, embargoes, supply chain disruptions, the potential inability to service our remaining performance obligations and potential contractual breaches and litigation, regional instability and geopolitical shifts, and the extent of any such threats effect on our business and results of operations as well as the global economy, cannot be predicted.”

Annual report 2025A · The company itself

“Certain geopolitical conflicts, such as between Russia and Ukraine, and instability, such as in the Middle East and the current political situation in Venezuela, have had and may continue to have the effect of heightening many other risks disclosed in our public filings, any of which could materially and adversely affect our business and results of operations. Such risks include, but are not limited to, adverse effects on regional and global macroeconomic conditions; increased volatility in the price and demand of oil and natural gas, increased exposure to cyber-attacks; limitations in our ability to implement and execute our business strategy; risks to employees and contractors that we have in the region; disruptions in global supply chains; exposure to foreign currency fluctuations; potential nationalizations and assets seizures; constraints or disruption in the capital markets and our sources of liquidity; our potential inability to service our remaining performance obligations and potential contractual breaches and litigation.”

Annual report 2025A · The company itself

“We conduct business in more than 120 countries that can be impacted by expected and unexpected changes in the legal and business environments in which we operate. In particular, goods, services, data, finances, people, and technology that cross international borders subject us to extensive trade laws and regulations.”

Annual report 2025A · The company itself

“Tariffs caused some global supply chain unease in early 2025 and we expect continued management of these impacts to continue in 2026.”

Annual report 2025A · The company itself

“Further, the broader consequences of geopolitical and terrorism threats, which may include further sanctions that prohibit our ability to do business in specific countries, embargoes, supply chain disruptions, the potential inability to service our remaining performance obligations and potential contractual breaches and litigation, regional instability and geopolitical shifts, and the extent of any such threats effect on our business and results of operations as well as the global economy, cannot be predicted.”

Annual report 2025A · The company itself

“We conduct business in more than 120 countries that can be impacted by expected and unexpected changes in the legal and business environments in which we operate. In particular, goods, services, data, finances, people, and technology that cross international borders subject us to extensive trade laws and regulations.”

Annual report 2025A · The company itself

“Recent changes in U.S. administrative policy have led to significant increases in tariffs on goods imported into the U.S., particularly tariffs on products manufactured in Europe, Mexico and China. These tariffs, and additional proposed tariffs or other restrictive changes, have resulted, and may further result, in retaliatory trade measures in response to such actions and ongoing uncertainty regarding existing trade agreements and greater restrictions on free trade generally, among other possible changes.”

Annual report 2025A · The company itself

“We anticipate some pricing increase and fulfillment volatility for certain raw materials and components to continue through 2026.”

Annual report 2025A · The company itself

“Disruptions in our supply chain, the high cost or unavailability of raw materials, equipment, and supplies essential to our business could adversely affect our ability to execute our operations on a timely basis. Our manufacturing operations are dependent on having sufficient raw materials, component parts and manufacturing capacity, including labor, available to meet our manufacturing plans on a timely basis, at a reasonable cost while minimizing inventories. Additional disruptions within our supply chain resulting from factors including, but not limited to, sanctions, tariffs, conflict, inflation, high interest rates, severe weather and natural disasters, and shortages in labor supply, have had and may continue to have an impact on our business and reputation.”

Annual report 2025A · The company itself

“In addition, price increases imposed by our vendors for raw materials and transportation providers used in our business, and the inability to pass these increases through to our customers, could have a material adverse effect on our business and consolidated results of operations.”

Annual report 2025A · The company itself

“The global energy landscape is undergoing a period of structural transformation, with sustained demand growth driven by population expansion, rising living standards, industrialization, electrification, and the rapid proliferation of digital infrastructure.”

Annual report 2025A · The company itself

“Changes in the global economy could impact our customers' spending levels and our financial condition, results of operations and cash flows. Demand for our services and products is highly correlated with global economic growth and substantially dependent on the levels of expenditures by our customers.”

Annual report 2025A · The company itself

“Examples of seasonal events that can impact our business are set forth below: •In OFSE, adverse weather conditions may impact our operations or our customers' operations, cause supply disruptions and result in a loss of revenue and/or damage to our equipment and facilities, which may or may not be insured.”

Annual report 2025A · The company itself

“Variation from normal weather patterns, such as cooler or warmer summers and winters, can have a significant impact on demand for our services and operations. Adverse weather conditions may interrupt or curtail our operations, or our customers' operations, cause supply disruptions and result in a loss of revenue and damage to our equipment and facilities, which may or may not be insured.”

Annual report 2025A · The company itself

“We also continue to invest and develop a range of technologies that support our customers' efforts to reduce their carbon footprint.”

Annual report 2025A · The company itself

“However, the pace and direction of the transition to a lower- carbon economy has become increasingly uncertain and variable across different regions and markets. Recent developments indicate a potential slowdown in energy transition efforts, with sustained or increased demand for traditional oil and gas in certain markets. These shifts may result from various factors, including changes in government policies and priorities, economic pressures, energy security concerns, and evolving consumer and industrial demand patterns.”

Annual report 2025A · The company itself

“If we are unable to attract and retain key personnel, we may not be able to execute our business strategy effectively and our operations could be adversely affected. Our operations and future success depend on our ability to recruit, train, and retain key personnel. People are a key resource to developing, manufacturing, and delivering our products and providing technical services and solutions to our customers around the world.”

Annual report 2025A · The company itself

“Disruptions in our supply chain, the high cost or unavailability of raw materials, equipment, and supplies essential to our business could adversely affect our ability to execute our operations on a timely basis. Our manufacturing operations are dependent on having sufficient raw materials, component parts and manufacturing capacity, including labor, available to meet our manufacturing plans on a timely basis, at a reasonable cost while minimizing inventories. Additional disruptions within our supply chain resulting from factors including, but not limited to, sanctions, tariffs, conflict, inflation, high interest rates, severe weather and natural disasters, and shortages in labor supply, have had and may continue to have an impact on our business and reputation.”

Annual report 2025A · The company itself

“•Digital & artificial intelligence ("AI") advancement: We are seeing growing demand for more intelligent operations and the adoption of AI-based solutions as part of our customers' digital transformations. Across industrial and energy markets, digital is both an enabler and a driver, unlocking new levels of efficiency and productivity in operations, while simultaneously generating significantly incremental demand for power to support digital-intensive industries, including data centers.”

Annual report 2025A · The company itself

“The global energy landscape is undergoing a period of structural transformation, with sustained demand growth driven by population expansion, rising living standards, industrialization, electrification, and the rapid proliferation of digital infrastructure.”

Annual report 2025A · The company itself

“Disruptions in our supply chain, the high cost or unavailability of raw materials, equipment, and supplies essential to our business could adversely affect our ability to execute our operations on a timely basis. Our manufacturing operations are dependent on having sufficient raw materials, component parts and manufacturing capacity, including labor, available to meet our manufacturing plans on a timely basis, at a reasonable cost while minimizing inventories. Additional disruptions within our supply chain resulting from factors including, but not limited to, sanctions, tariffs, conflict, inflation, high interest rates, severe weather and natural disasters, and shortages in labor supply, have had and may continue to have an impact on our business and reputation.”

Annual report 2025A · The company itself

“The partial or complete loss of GE Vernova or GE Aerospace as suppliers, as well as contracts with our Aero JV with GE Vernova, may adversely affect our business, financial condition, results of operations and cash flows. We currently have extensive commercial relationships with GE Vernova and GE Aerospace. Although we have long-term contractual frameworks in place with both GE Vernova and GE Aerospace, if either GE Vernova or GE Aerospace were to discontinue or reduce their business with the Company, fail to perform their obligations under existing contracts (such as our long-term supply agreement for heavy-duty gas turbines, the Second Amended and Restated Supply and Technology Development Agreement or the related intellectual property agreements with GE Aerospace) or experience disruptions, our business, financial condition, results of operations and cash flows may be adversely affected.”

Annual report 2025A · The company itself

“The global energy landscape is undergoing a period of structural transformation, with sustained demand growth driven by population expansion, rising living standards, industrialization, electrification, and the rapid proliferation of digital infrastructure.”

Annual report 2025A · The company itself

“We have seen prices stabilize for ferrous and non-ferrous metals and other raw materials, but availability of nickel based super alloys, tungsten carbide, and rare earth components are constrained.”

Annual report 2025A · The company itself

“Many of the raw materials essential to our business require the use of rail, storage, and trucking services to transport the materials to our job sites. These services, particularly during times of high demand, may cause delays in the arrival of or otherwise constrain our supply of raw materials. These constraints could have a material adverse effect on our business and consolidated results of operations.”

Annual report 2025A · The company itself

“Many of the raw materials essential to our business require the use of rail, storage, and trucking services to transport the materials to our job sites. These services, particularly during times of high demand, may cause delays in the arrival of or otherwise constrain our supply of raw materials. These constraints could have a material adverse effect on our business and consolidated results of operations.”

Annual report 2025A · The company itself

“Currency fluctuations or devaluations may impact our operating results. Fluctuations or devaluations in foreign currencies relative to the U.S. dollar can impact our revenue and our costs of doing business and create volatility, as well as the costs of doing business of our customers.”

Annual report 2025A · The company itself