Financials Baker Hughes Company

Equities

BKR

US05722G1004

Oil Related Services and Equipment

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Projected Income Statement: Baker Hughes Company

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Net sales ¹	20,705	20,536	21,156	25,506	27,829	26,936	27,668	28,566
Change	-	-0.82%	3.02%	20.56%	9.11%	-3.21%	2.72%	3.25%
EBITDA ¹	2,357	2,681	2,981	3,763	4,591	4,617	4,971	5,316
Change	-	13.75%	11.19%	26.23%	22%	0.56%	7.67%	6.93%
EBIT ¹	1,040	1,576	1,920	2,676	3,455	3,477	3,865	4,253
Change	-	51.54%	21.83%	39.38%	29.11%	0.63%	11.16%	10.05%
Interest Paid ¹	-264	-299	-252	-216	-198	-200.5	-193.1	-192
Earnings before Tax (EBT) ¹	-15,202	428	22	2,655	3,265	3,180	3,679	3,932
Change	-	102.82%	-94.86%	11,968.18%	22.98%	-2.6%	15.68%	6.88%
Net income ¹	-9,940	-219	-601	1,943	2,979	2,246	2,612	2,857
Change	-	97.8%	-174.43%	423.29%	53.32%	-24.59%	16.28%	9.37%
Announcement Date	1/21/21	1/20/22	1/23/23	1/23/24	1/30/25	-	-	-

¹USD in Million

Estimates

Fiscal Period: December	2020 Q2	2020 Q3	2020 Q4	2021 Q1	2021 Q2	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2	2025 Q3	2025 Q4	2026 Q1	2026 Q2	2026 Q3	2026 Q4	2027 Q1
Net sales ¹	4,736	5,049	5,495	4,782	5,142	5,093	5,519	4,835	5,047	5,369	5,905	5,716	6,315	6,641	6,835	6,418	7,139	6,908	7,364	6,427	6,644	6,771	7,036	6,506	6,898	7,009	7,254	6,786
Change	-	6.61%	8.83%	-12.98%	7.53%	-0.95%	8.36%	-12.39%	4.38%	6.38%	9.98%	-3.2%	10.48%	5.16%	2.92%	-6.1%	11.23%	-3.24%	6.6%	-12.72%	3.38%	1.91%	3.92%	-7.54%	6.04%	1.6%	3.49%	-6.45%
EBITDA ¹	444	549	769	562	611	664	844	625	651	758	947	782	907	983	1,091	943	1,130	1,208	1,310	1,037	1,121	1,185	1,272	1,077	1,241	1,304	1,406	1,109
Change	-	23.65%	40.07%	-26.92%	8.72%	8.67%	27.11%	-25.95%	4.16%	16.44%	24.93%	-17.42%	15.98%	8.38%	10.99%	-13.57%	19.83%	6.9%	8.44%	-20.84%	8.14%	5.71%	7.32%	-15.36%	15.22%	5.13%	7.78%	-21.09%
EBIT ¹	104	234	462	270	333	402	571	348	376	503	692	512	631	716	816	660	847	930	1,019	752	829.7	888.5	977.7	802.1	947.3	1,063	1,146	-
Change	-	125%	97.44%	-41.56%	23.33%	20.72%	42.04%	-39.05%	8.05%	33.78%	37.57%	-26.01%	23.24%	13.47%	13.97%	-19.12%	28.33%	9.8%	9.57%	-26.2%	10.34%	7.08%	10.04%	-17.96%	18.11%	12.17%	7.81%	-
Charge d'intérêts ¹	-69	-66	-69	-74	-65	-67	-95	-64	-60	-65	-64	-64	-58	-49	-45	-41	-47	-55	-54	-51	-50.2	-50.09	-49.28	-48.5	-48	-47.5	-46.5	-
Earnings before Tax (EBT) ¹	-376	-264	1,520	-536	66	209	688	187	-655	144	345	760	614	759	522	641	824	1,009	792	561	775.9	855	955.1	753.6	907.2	969.9	1,035	838.6
Change	-	29.79%	675.76%	-135.26%	112.31%	216.67%	229.19%	-72.82%	-450.27%	121.98%	139.58%	120.29%	-19.21%	23.62%	-31.23%	22.8%	28.55%	22.45%	-21.51%	-29.17%	38.3%	10.21%	11.71%	-21.1%	20.39%	6.9%	6.73%	-18.98%
Net income ¹	-201	-170	653	-452	-68	8	294	72	-839	-17	182	576	410	518	439	455	579	766	1,179	402	554	611.6	682.4	539	648.8	693.3	740.4	603
Change	-	15.42%	484.12%	-169.22%	84.96%	111.76%	3,575%	-75.51%	-1,265.28%	97.97%	1,170.59%	216.48%	-28.82%	26.34%	-15.25%	3.64%	27.25%	32.3%	53.92%	-65.9%	37.81%	10.4%	11.59%	-21.01%	20.36%	6.86%	6.8%	-18.56%
Announcement Date	7/22/20	10/21/20	1/21/21	4/21/21	7/21/21	10/20/21	1/20/22	4/20/22	7/20/22	10/19/22	1/23/23	4/19/23	7/19/23	10/25/23	1/23/24	4/23/24	7/25/24	10/22/24	1/30/25	4/22/25	-	-	-	-	-	-	-	-

¹USD in Million

Estimates

Forecast Balance Sheet: Baker Hughes Company

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Net Debt ¹	3,501	2,874	4,169	3,374	2,659	1,955	1,210	497
Change	-	-17.91%	45.06%	-19.07%	-21.19%	-26.48%	-38.11%	-58.93%
Announcement Date	1/21/21	1/20/22	1/23/23	1/23/24	1/30/25	-	-	-

¹USD in Million

Estimates

Cash Flow Forecast: Baker Hughes Company

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
CAPEX ¹	787	541	772	1,016	1,075	1,167	1,201	1,256
Change	-	-31.26%	42.7%	31.61%	5.81%	8.59%	2.9%	4.55%
Free Cash Flow (FCF) ¹	518	1,833	1,116	2,045	2,257	2,239	2,533	2,549
Change	-	253.86%	-39.12%	83.24%	10.37%	-0.8%	13.14%	0.62%
Announcement Date	1/21/21	1/20/22	1/23/23	1/23/24	1/30/25	-	-	-

¹USD in Million

Estimates

Forecast Financial Ratios: Baker Hughes Company

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Profitability
EBITDA Margin (%)	11.38%	13.06%	14.09%	14.75%	16.5%	17.14%	17.97%	18.61%
EBIT Margin (%)	5.02%	7.67%	9.08%	10.49%	12.42%	12.91%	13.97%	14.89%
EBT Margin (%)	-73.42%	2.08%	0.1%	10.41%	11.73%	11.81%	13.3%	13.76%
Net margin (%)	-48.01%	-1.07%	-2.84%	7.62%	10.7%	8.34%	9.44%	10%
FCF margin (%)	2.5%	8.93%	5.28%	8.02%	8.11%	8.31%	9.16%	8.92%
FCF / Net Income (%)	-5.21%	-836.99%	-185.69%	105.25%	75.76%	99.67%	96.98%	89.22%
Profitability
ROA	0.04%	1.47%	2.6%	5.46%	6.26%	6.29%	6.85%	7%
ROE	0.06%	3.08%	5.78%	13.06%	14.47%	13.18%	13.84%	14.74%
Financial Health
Leverage (Debt/EBITDA)	1.49x	1.07x	1.4x	0.9x	0.58x	0.42x	0.24x	0.09x
Debt / Free cash flow	6.76x	1.57x	3.74x	1.65x	1.18x	0.87x	0.48x	0.2x
Capital Intensity
CAPEX / Current Assets (%)	3.8%	2.63%	3.65%	3.98%	3.86%	4.33%	4.34%	4.4%
CAPEX / EBITDA (%)	33.39%	20.18%	25.9%	27%	23.42%	25.29%	24.16%	23.62%
CAPEX / FCF (%)	151.93%	29.51%	69.18%	49.68%	47.63%	52.14%	47.42%	49.27%
Items per share
Cash flow per share ¹	1.932	2.88	1.913	3.017	3.329	3.377	3.761	4.11
Change	-	49.08%	-33.58%	57.7%	10.34%	1.46%	11.38%	9.26%
Dividend per Share ¹	0.72	0.72	0.73	0.78	0.84	0.9176	0.9728	1.055
Change	-	0%	1.39%	6.85%	7.69%	9.24%	6.01%	8.47%
Book Value Per Share ¹	17.62	16.32	14.28	15.4	17.07	18.2	19.46	20.32
Change	-	-7.36%	-12.5%	7.82%	10.82%	6.65%	6.89%	4.45%
EPS ¹	-14.73	-0.27	-0.61	1.91	2.98	2.263	2.68	2.978
Change	-	98.17%	-125.93%	413.11%	56.02%	-24.06%	18.42%	11.12%
Nbr of stocks (in thousands)	685,817	869,968	1,001,468	1,006,234	989,526	990,750	990,750	990,750
Announcement Date	1/21/21	1/20/22	1/23/23	1/23/24	1/30/25	-	-	-