{"id":3987,"date":"2026-07-30T19:51:28","date_gmt":"2026-07-30T19:51:28","guid":{"rendered":"https:\/\/projectfifty4.com\/baker-hughes-data-center-power-strategy-2026\/"},"modified":"2026-07-31T10:30:08","modified_gmt":"2026-07-31T10:30:08","slug":"baker-hughes-data-center-power-strategy-2026","status":"publish","type":"post","link":"https:\/\/projectfifty4.com\/hi\/baker-hughes-data-center-power-strategy-2026\/","title":{"rendered":"\u092c\u0947\u0915\u0930 \u0939\u094d\u092f\u0942\u091c\u0947\u0938 \u0914\u0930 \u092a\u093e\u0935\u0930 \u092a\u093f\u0935\u091f: \u0921\u0947\u091f\u093e \u0938\u0947\u0902\u091f\u0930 \u0915\u0940 \u092e\u093e\u0902\u0917 \u0928\u0947 \u090f\u0915 \u0924\u0947\u0932 \u0915\u094d\u0937\u0947\u0924\u094d\u0930 \u0915\u0947 \u0928\u093e\u092e \u0915\u094b \u0928\u092f\u093e \u0930\u0942\u092a \u0926\u093f\u092f\u093e"},"content":{"rendered":"<p>\u092c\u0947\u0915\u0930 \u0939\u094d\u092f\u0942\u091c\u0947\u0938 \u0915\u093e \u0928\u093e\u092e \u0905\u092d\u0940 \u092d\u0940 \u0924\u0947\u0932 \u0915\u094d\u0937\u0947\u0924\u094d\u0930 \u0938\u0947 \u091c\u0941\u0921\u093c\u093e \u0939\u0948, \u0932\u0947\u0915\u093f\u0928 \u0907\u0938\u0915\u0947 2026 \u0915\u0940 \u0926\u0942\u0938\u0930\u0940 \u0924\u093f\u092e\u093e\u0939\u0940 \u0915\u0947 \u0928\u0924\u0940\u091c\u0947 \u092c\u0924\u093e\u0924\u0947 \u0939\u0948\u0902 \u0915\u093f \u0905\u092c \u0935\u093f\u0915\u093e\u0938 \u0915\u093e \u0938\u094d\u0930\u094b\u0924 \u0915\u094d\u092f\u093e \u0939\u0948\u0964 \u0915\u0941\u0932 \u0911\u0930\u094d\u0921\u0930 10.5 \u0905\u0930\u092c \u0921\u0949\u0932\u0930 \u0924\u0915 \u092a\u0939\u0941\u0902\u091a \u0917\u090f, \u091c\u094b \u092a\u093f\u091b\u0932\u0947 \u0935\u0930\u094d\u0937 \u0915\u0940 \u0924\u0941\u0932\u0928\u093e \u092e\u0947\u0902 49 \u092a\u094d\u0930\u0924\u093f\u0936\u0924 \u0905\u0927\u093f\u0915 \u0939\u0948\u0902\u0964 \u0907\u0928\u092e\u0947\u0902 \u0914\u0926\u094d\u092f\u094b\u0917\u093f\u0915 \u0914\u0930 \u090a\u0930\u094d\u091c\u093e \u092a\u094d\u0930\u094c\u0926\u094d\u092f\u094b\u0917\u093f\u0915\u0940 \u0915\u0947 \u0930\u093f\u0915\u0949\u0930\u094d\u0921 7.1 \u0905\u0930\u092c \u0921\u0949\u0932\u0930 \u0915\u0947 \u0911\u0930\u094d\u0921\u0930 \u0914\u0930 \u0921\u0947\u091f\u093e \u0938\u0947\u0902\u091f\u0930 \u0914\u0930 \u092e\u094b\u092c\u093e\u0907\u0932 \u092a\u093e\u0935\u0930 \u092e\u0947\u0902 \u092c\u0947\u091a\u0947 \u0917\u090f 2.7 \u0917\u0940\u0917\u093e\u0935\u093e\u091f \u0917\u0948\u0938 \u091f\u0930\u094d\u092c\u093e\u0907\u0928 \u0936\u093e\u092e\u093f\u0932 \u0939\u0948\u0902\u0964 \u0921\u094d\u0930\u093f\u0932\u093f\u0902\u0917 \u0914\u0930 \u0938\u0947\u0935\u093e\u0913\u0902 \u0915\u093e \u092e\u0941\u0916\u094d\u092f \u0915\u094d\u0937\u0947\u0924\u094d\u0930 \u0938\u094d\u0925\u093f\u0930 \u0939\u0948, \u091c\u092c\u0915\u093f \u0907\u0932\u0947\u0915\u094d\u091f\u094d\u0930\u0949\u0928 \u0935\u094d\u092f\u0935\u0938\u093e\u092f \u092e\u0947\u0902 \u0924\u0947\u091c\u0940 \u0939\u0948\u0964 \u092f\u0939 \u092e\u0942\u0932\u094d\u092f \u0936\u094d\u0930\u0943\u0902\u0916\u0932\u093e \u092e\u0947\u0902 \u091c\u093e\u0928\u092c\u0942\u091d\u0915\u0930 \u0909\u0920\u093e\u092f\u093e \u0917\u092f\u093e \u0915\u0926\u092e \u0939\u0948, \u0914\u0930 \u090a\u0930\u094d\u091c\u093e \u0915\u094d\u0937\u0947\u0924\u094d\u0930 \u092e\u0947\u0902 \u092c\u0947\u091a\u0928\u0947 \u0935\u093e\u0932\u0947 \u0915\u093f\u0938\u0940 \u092d\u0940 \u0935\u094d\u092f\u0915\u094d\u0924\u093f \u0915\u0947 \u0932\u093f\u090f \u0907\u0938\u0938\u0947 \u090f\u0915 \u0938\u0940\u0927\u093e \u0938\u092c\u0915 \u092e\u093f\u0932\u0924\u093e \u0939\u0948: \u0938\u0902\u0930\u091a\u0928\u093e\u0924\u094d\u092e\u0915 \u092e\u093e\u0902\u0917 \u0915\u093e \u0905\u0928\u0941\u0938\u0930\u0923 \u0915\u0930\u0947\u0902 \u0914\u0930 \u0915\u092e\u094b\u0921\u093f\u091f\u0940 \u091a\u0915\u094d\u0930 \u0915\u0947 \u092c\u091c\u093e\u092f \u0906\u0935\u0930\u094d\u0924\u0940 \u092a\u094d\u0930\u094c\u0926\u094d\u092f\u094b\u0917\u093f\u0915\u0940 \u092c\u0947\u091a\u0947\u0902\u0964.<\/p>\n<h2>\u0924\u094d\u0935\u0930\u093f\u0924 \u091c\u0935\u093e\u092c<\/h2>\n<p>\u092c\u0947\u0915\u0930 \u0939\u094d\u092f\u0942\u091c\u0947\u0938 \u090f\u0915 \u0911\u092f\u0932\u092b\u0940\u0932\u094d\u0921 \u0938\u0930\u094d\u0935\u093f\u0938\u0947\u091c \u0915\u0949\u0928\u094d\u091f\u094d\u0930\u0948\u0915\u094d\u091f\u0930 \u0938\u0947 \u0916\u0941\u0926 \u0915\u094b \u090f\u0915 \u0914\u0926\u094d\u092f\u094b\u0917\u093f\u0915 \u090a\u0930\u094d\u091c\u093e \u092a\u094d\u0930\u094c\u0926\u094d\u092f\u094b\u0917\u093f\u0915\u0940 \u0915\u0902\u092a\u0928\u0940 \u0915\u0947 \u0930\u0942\u092a \u092e\u0947\u0902 \u0938\u094d\u0925\u093e\u092a\u093f\u0924 \u0915\u0930 \u0930\u0939\u0940 \u0939\u0948, \u091c\u094b \u092c\u093f\u091c\u0932\u0940 \u0915\u094d\u0937\u0947\u0924\u094d\u0930 \u092a\u0930 \u0915\u0947\u0902\u0926\u094d\u0930\u093f\u0924 \u0939\u0948\u0964 26 \u091c\u0941\u0932\u093e\u0908 \u0915\u094b \u091c\u093e\u0930\u0940 \u0930\u093f\u092a\u094b\u0930\u094d\u091f \u0915\u0947 \u0905\u0928\u0941\u0938\u093e\u0930, 2026 \u0915\u0940 \u0926\u0942\u0938\u0930\u0940 \u0924\u093f\u092e\u093e\u0939\u0940 \u092e\u0947\u0902 \u0915\u0902\u092a\u0928\u0940 \u0915\u094b \u0915\u0941\u0932 10.5 \u092c\u093f\u0932\u093f\u092f\u0928 \u0921\u0949\u0932\u0930 \u0915\u0947 \u0911\u0930\u094d\u0921\u0930 \u092e\u093f\u0932\u0947, \u091c\u094b \u092a\u093f\u091b\u0932\u0947 \u0935\u0930\u094d\u0937 \u0915\u0940 \u0924\u0941\u0932\u0928\u093e \u092e\u0947\u0902 49 \u092a\u094d\u0930\u0924\u093f\u0936\u0924 \u0905\u0927\u093f\u0915 \u0939\u0948\u0964 \u0907\u0928\u092e\u0947\u0902 \u0914\u0926\u094d\u092f\u094b\u0917\u093f\u0915 \u0914\u0930 \u090a\u0930\u094d\u091c\u093e \u092a\u094d\u0930\u094c\u0926\u094d\u092f\u094b\u0917\u093f\u0915\u0940 \u0915\u0947 \u0930\u093f\u0915\u0949\u0930\u094d\u0921 7.1 \u092c\u093f\u0932\u093f\u092f\u0928 \u0921\u0949\u0932\u0930 \u0915\u0947 \u0911\u0930\u094d\u0921\u0930 \u0914\u0930 \u0921\u0947\u091f\u093e \u0938\u0947\u0902\u091f\u0930 \u0914\u0930 \u092e\u094b\u092c\u093e\u0907\u0932 \u092a\u093e\u0935\u0930 \u0915\u0947 \u0932\u093f\u090f \u092c\u0947\u091a\u0947 \u0917\u090f 2.7 \u0917\u0940\u0917\u093e\u0935\u093e\u091f \u0915\u0947 \u0917\u0948\u0938 \u091f\u0930\u094d\u092c\u093e\u0907\u0928 \u0936\u093e\u092e\u093f\u0932 \u0939\u0948\u0902\u0964 \u0907\u0938\u0915\u0940 \u092a\u093e\u0935\u0930 \u0938\u093f\u0938\u094d\u091f\u092e \u092f\u0942\u0928\u093f\u091f \u0915\u093e \u0932\u0915\u094d\u0937\u094d\u092f 2029 \u0924\u0915 \u0932\u0917\u092d\u0917 5 \u092c\u093f\u0932\u093f\u092f\u0928 \u0921\u0949\u0932\u0930 \u0915\u093e \u0935\u093e\u0930\u094d\u0937\u093f\u0915 \u0930\u093e\u091c\u0938\u094d\u0935 \u0939\u093e\u0938\u093f\u0932 \u0915\u0930\u0928\u093e \u0939\u0948\u0964 \u0930\u0923\u0928\u0940\u0924\u093f \u092f\u0939 \u0939\u0948 \u0915\u093f \u0921\u094d\u0930\u093f\u0932\u093f\u0902\u0917 \u091a\u0915\u094d\u0930 \u092a\u0930 \u0928\u093f\u0930\u094d\u092d\u0930 \u0930\u0939\u0928\u0947 \u0915\u0947 \u092c\u091c\u093e\u092f, \u0909\u092a\u0915\u0930\u0923 \u0914\u0930 \u0906\u0935\u0930\u094d\u0924\u0940 \u092a\u094d\u0930\u094c\u0926\u094d\u092f\u094b\u0917\u093f\u0915\u0940 \u0915\u0947 \u092e\u093e\u0927\u094d\u092f\u092e \u0938\u0947 \u0921\u0947\u091f\u093e \u0938\u0947\u0902\u091f\u0930 \u0914\u0930 \u092a\u094d\u0930\u093e\u0915\u0943\u0924\u093f\u0915 \u0917\u0948\u0938 \u092c\u0941\u0928\u093f\u092f\u093e\u0926\u0940 \u0922\u093e\u0902\u091a\u0947 \u0915\u0947 \u0932\u093f\u090f \u092c\u093f\u091c\u0932\u0940 \u0915\u0940 \u0926\u094b \u0938\u0902\u0930\u091a\u0928\u093e\u0924\u094d\u092e\u0915 \u092e\u093e\u0902\u0917 \u0935\u0915\u094d\u0930\u094b\u0902 \u0915\u093e \u0932\u093e\u092d \u0909\u0920\u093e\u092f\u093e \u091c\u093e\u090f\u0964.<\/p>\n<h2>\u0930\u093f\u0915\u0949\u0930\u094d\u0921 \u0924\u094b\u0921\u093c \u0911\u0930\u094d\u0921\u0930 \u092c\u0941\u0915, \u0936\u0915\u094d\u0924\u093f \u0915\u0947 \u0928\u0947\u0924\u0943\u0924\u094d\u0935 \u092e\u0947\u0902<\/h2>\n<p>Baker Hughes reported its second quarter 2026 results on 26 July, and the headline was the order book rather than the revenue line. Total orders reached 10.5 billion dollars, up 29 percent on the first quarter and 49 percent higher than a year earlier, according to the company&#8217;s <a href=\"https:\/\/investors.bakerhughes.com\/news\/press-releases\/news-details\/2026\/Baker-Hughes-Announces-Second-Quarter-2026-Results\/default.aspx\" target=\"_blank\" rel=\"noopener nofollow\">\u092a\u0930\u093f\u0923\u093e\u092e \u091c\u093e\u0930\u0940<\/a>. \u0907\u0938\u0915\u0947 \u0905\u0902\u0924\u0930\u094d\u0917\u0924, \u0914\u0926\u094d\u092f\u094b\u0917\u093f\u0915 \u0914\u0930 \u090a\u0930\u094d\u091c\u093e \u092a\u094d\u0930\u094c\u0926\u094d\u092f\u094b\u0917\u093f\u0915\u0940 \u0915\u094d\u0937\u0947\u0924\u094d\u0930, \u091c\u093f\u0938\u092e\u0947\u0902 \u091f\u0930\u094d\u092c\u093e\u0907\u0928, \u0915\u0902\u092a\u094d\u0930\u0947\u0938\u0930 \u0914\u0930 \u092c\u093f\u091c\u0932\u0940 \u0909\u092a\u0915\u0930\u0923 \u0936\u093e\u092e\u093f\u0932 \u0939\u0948\u0902, \u0928\u0947 \u0930\u093f\u0915\u0949\u0930\u094d\u0921 7.1 \u092c\u093f\u0932\u093f\u092f\u0928 \u0921\u0949\u0932\u0930 \u0915\u0947 \u0911\u0930\u094d\u0921\u0930 \u0926\u0930\u094d\u091c \u0915\u093f\u090f, \u091c\u094b \u092a\u093f\u091b\u0932\u0947 \u0935\u0930\u094d\u0937 \u0915\u0947 \u0938\u094d\u0924\u0930 \u0938\u0947 \u0932\u0917\u092d\u0917 \u0926\u094b\u0917\u0941\u0928\u093e \u0939\u0948\u0964.<\/p>\n<p>\u0924\u093f\u092e\u093e\u0939\u0940 \u0915\u093e \u0930\u093e\u091c\u0938\u094d\u0935 6.74 \u092c\u093f\u0932\u093f\u092f\u0928 \u0921\u0949\u0932\u0930 \u0930\u0939\u093e, \u091c\u093f\u0938\u092e\u0947\u0902 \u0906\u0908\u0908\u091f\u0940 \u0930\u093e\u091c\u0938\u094d\u0935 \u0932\u0917\u092d\u0917 3.3 \u092c\u093f\u0932\u093f\u092f\u0928 \u0921\u0949\u0932\u0930 \u0914\u0930 \u0911\u092f\u0932\u092b\u0940\u0932\u094d\u0921 \u0938\u0930\u094d\u0935\u093f\u0938\u0947\u091c \u090f\u0902\u0921 \u0907\u0915\u094d\u0935\u093f\u092a\u092e\u0947\u0902\u091f \u0930\u093e\u091c\u0938\u094d\u0935 \u0932\u0917\u092d\u0917 3.45 \u092c\u093f\u0932\u093f\u092f\u0928 \u0921\u0949\u0932\u0930 \u0930\u0939\u093e, \u091c\u094b \u092a\u093f\u091b\u0932\u0940 \u0924\u093f\u092e\u093e\u0939\u0940 \u0915\u0940 \u0924\u0941\u0932\u0928\u093e \u092e\u0947\u0902 7 \u092a\u094d\u0930\u0924\u093f\u0936\u0924 \u0905\u0927\u093f\u0915 \u0939\u0948\u0964<a href=\"https:\/\/egyptoil-gas.com\/news\/baker-hughes-posts-6-74-bn-q2-revenue\/\" target=\"_blank\" rel=\"noopener nofollow\">\u092e\u093f\u0938\u094d\u0930 \u0915\u093e \u0924\u0947\u0932 \u0914\u0930 \u0917\u0948\u0938<\/a>). Adjusted EBITDA came in at 1.23 billion dollars, above the top of the company&#8217;s guidance range, net income was 681 million dollars, and free cash flow reached 1.1 billion dollars (<a href=\"https:\/\/www.rigzone.com\/news\/baker_hughes_posts_nearly_50_percent_yoy_increase_in_orders-28-jul-2026-184232-article\/\" target=\"_blank\" rel=\"noopener nofollow\">\u0930\u093f\u0917\u091c\u093c\u094b\u0928<\/a>).<\/p>\n<p>\u0938\u094d\u0925\u093f\u0930 \u0938\u0947\u0935\u093e \u0906\u0927\u093e\u0930 \u0914\u0930 \u0930\u093f\u0915\u0949\u0930\u094d\u0921 \u0911\u0930\u094d\u0921\u0930 \u092c\u0941\u0915 \u0915\u0947 \u092c\u0940\u091a \u0915\u093e \u0905\u0902\u0924\u0930 \u0939\u0940 \u092a\u0942\u0930\u0940 \u0915\u0939\u093e\u0928\u0940 \u0939\u0948\u0964 \u092e\u093e\u0902\u0917 \u0921\u094d\u0930\u093f\u0932\u093f\u0902\u0917 \u092e\u0936\u0940\u0928 \u0938\u0947 \u0928\u0939\u0940\u0902 \u0906 \u0930\u0939\u0940 \u0939\u0948\u0964 \u092f\u0939 \u090a\u0930\u094d\u091c\u093e \u0909\u0924\u094d\u092a\u0928\u094d\u0928 \u0915\u0930\u0928\u0947 \u0914\u0930 \u0909\u0938\u0947 \u0938\u094d\u0925\u093e\u0928\u093e\u0902\u0924\u0930\u093f\u0924 \u0915\u0930\u0928\u0947 \u0935\u093e\u0932\u0947 \u0909\u092a\u0915\u0930\u0923\u094b\u0902 \u0938\u0947, \u0914\u0930 \u0938\u092c\u0938\u0947 \u092c\u0922\u093c\u0915\u0930 \u092c\u093f\u091c\u0932\u0940 \u092a\u0948\u0926\u093e \u0915\u0930\u0928\u0947 \u0935\u093e\u0932\u0947 \u0909\u092a\u0915\u0930\u0923\u094b\u0902 \u0938\u0947 \u0906 \u0930\u0939\u0940 \u0939\u0948\u0964.<\/p>\n<h2>\u0907\u0932\u0947\u0915\u094d\u091f\u094d\u0930\u0949\u0928 \u0928\u092f\u093e \u092c\u0948\u0930\u0932 \u0939\u0948<\/h2>\n<p>\u0907\u0938 \u0924\u093f\u092e\u093e\u0939\u0940 \u0915\u093e \u0938\u092c\u0938\u0947 \u0905\u0939\u092e \u0906\u0902\u0915\u0921\u093c\u093e 2.7 \u0917\u0940\u0917\u093e\u0935\u093e\u091f \u0925\u093e\u0964 \u092f\u0939 \u0935\u0939 \u092e\u093e\u0924\u094d\u0930\u093e \u0939\u0948 \u091c\u093f\u0924\u0928\u0940 \u0917\u0948\u0938 \u091f\u0930\u094d\u092c\u093e\u0907\u0928 \u092c\u0947\u0915\u0930 \u0939\u094d\u092f\u0942\u091c\u0947\u0938 \u0928\u0947 \u0921\u0947\u091f\u093e \u0938\u0947\u0902\u091f\u0930 \u0914\u0930 \u092e\u094b\u092c\u093e\u0907\u0932 \u092a\u093e\u0935\u0930 \u0915\u0947 \u0932\u093f\u090f \u092c\u0941\u0915 \u0915\u0940 \u0925\u0940, \u091c\u094b 2.6 \u092c\u093f\u0932\u093f\u092f\u0928 \u0921\u0949\u0932\u0930 \u0915\u0947 \u092a\u093e\u0935\u0930 \u0938\u093f\u0938\u094d\u091f\u092e \u0911\u0930\u094d\u0921\u0930 \u0915\u093e \u0939\u093f\u0938\u094d\u0938\u093e \u0939\u0948\u0964 \u0906\u0930\u094d\u091f\u093f\u092b\u093f\u0936\u093f\u092f\u0932 \u0907\u0902\u091f\u0947\u0932\u093f\u091c\u0947\u0902\u0938 \u0914\u0930 \u0915\u094d\u0932\u093e\u0909\u0921 \u0915\u0902\u092a\u094d\u092f\u0942\u091f\u093f\u0902\u0917 \u092c\u093f\u091c\u0932\u0940 \u0915\u0940 \u092e\u093e\u0902\u0917 \u092e\u0947\u0902 \u092c\u0921\u093c\u093e \u092c\u0926\u0932\u093e\u0935 \u0932\u093e \u0930\u0939\u0947 \u0939\u0948\u0902, \u0914\u0930 \u0939\u093e\u0907\u092a\u0930\u0938\u094d\u0915\u0947\u0932 \u0911\u092a\u0930\u0947\u091f\u0930\u094b\u0902 \u0915\u094b \u0917\u094d\u0930\u093f\u0921 \u0915\u0940 \u0906\u092a\u0942\u0930\u094d\u0924\u093f \u0915\u094d\u0937\u092e\u0924\u093e \u0938\u0947 \u0915\u0939\u0940\u0902 \u0905\u0927\u093f\u0915 \u0924\u0947\u091c\u0940 \u0938\u0947 \u0938\u094d\u0925\u093f\u0930 \u092c\u093f\u091c\u0932\u0940 \u0915\u0940 \u0906\u0935\u0936\u094d\u092f\u0915\u0924\u093e \u0939\u0948\u0964 \u0921\u0947\u091f\u093e \u0938\u0947\u0902\u091f\u0930 \u0915\u0947 \u092a\u093e\u0938 \u0938\u094d\u0925\u093f\u0924 \u0917\u0948\u0938 \u091f\u0930\u094d\u092c\u093e\u0907\u0928 \u0909\u0928 \u0915\u0941\u091b \u0924\u0915\u0928\u0940\u0915\u094b\u0902 \u092e\u0947\u0902 \u0938\u0947 \u090f\u0915 \u0939\u0948\u0902 \u091c\u094b \u0907\u0938 \u0906\u0935\u0936\u094d\u092f\u0915\u0924\u093e \u0915\u094b \u092c\u0921\u093c\u0947 \u092a\u0948\u092e\u093e\u0928\u0947 \u092a\u0930 \u0914\u0930 \u0915\u092e \u0938\u092e\u092f \u092e\u0947\u0902 \u092a\u0942\u0930\u093e \u0915\u0930 \u0938\u0915\u0924\u0940 \u0939\u0948\u0902\u0964.<\/p>\n<p>Baker Hughes has spent a decade building the turbine and compression business it inherited and expanded from General Electric&#8217;s oil and gas arm. That installed base and manufacturing capacity now positions it to sell into a demand curve that has nothing to do with oil prices. Chief executive Lorenzo Simonelli framed the quarter around exactly this breadth, saying the company delivered a strong result &#8220;reflecting the breadth of our portfolio and continued momentum across data center, gas infrastructure, and upstream markets&#8221; (<a href=\"https:\/\/www.gurufocus.com\/news\/8981187\/baker-hughes-co-bkr-q2-2026-earnings-call-highlights-record-iet-orders-and-robust-cash-flow-drive-strong-performance\" target=\"_blank\" rel=\"noopener nofollow\">Q2 2026 \u0915\u0940 \u0906\u092f \u0938\u0902\u092c\u0902\u0927\u0940 \u0918\u094b\u0937\u0923\u093e<\/a>).<\/p>\n<p>\u0939\u093e\u0932 \u0939\u0940 \u092e\u0947\u0902 \u091a\u093e\u0930\u094d\u091f \u0907\u0902\u0921\u0938\u094d\u091f\u094d\u0930\u0940\u091c \u0915\u093e \u0905\u0927\u093f\u0917\u094d\u0930\u0939\u0923 \u092a\u0942\u0930\u093e \u0939\u094b\u0928\u0947 \u0938\u0947 \u0938\u094d\u0925\u093f\u0924\u093f \u0914\u0930 \u092d\u0940 \u091c\u091f\u093f\u0932 \u0939\u094b \u0917\u0908 \u0939\u0948\u0964 \u091a\u093e\u0930\u094d\u091f \u0915\u094d\u0930\u093e\u092f\u094b\u091c\u0947\u0928\u093f\u0915 \u0914\u0930 \u0925\u0930\u094d\u092e\u0932 \u092e\u0948\u0928\u0947\u091c\u092e\u0947\u0902\u091f \u0924\u0915\u0928\u0940\u0915 \u0932\u0947\u0915\u0930 \u0906\u092f\u093e \u0939\u0948, \u091c\u093f\u0938\u0938\u0947 \u092c\u0947\u0915\u0930 \u0939\u094d\u092f\u0942\u091c\u0947\u0938 \u0905\u092a\u0928\u0940 \u092c\u093f\u091c\u0932\u0940 \u0909\u0924\u094d\u092a\u093e\u0926\u0928 \u0915\u094d\u0937\u092e\u0924\u093e \u0915\u094b \u0915\u0942\u0932\u093f\u0902\u0917 \u0915\u0947 \u0938\u093e\u0925 \u090f\u0915\u0940\u0915\u0943\u0924 \u0915\u0930 \u0938\u0915\u0924\u093e \u0939\u0948\u0964 \u092a\u094d\u0930\u092c\u0902\u0927\u0928 \u0928\u0947 \u090f\u0915\u0940\u0915\u0943\u0924 \u0921\u0947\u091f\u093e \u0938\u0947\u0902\u091f\u0930 \u0938\u092e\u093e\u0927\u093e\u0928\u094b\u0902, \u092f\u093e\u0928\u0940 \u092c\u093f\u091c\u0932\u0940 \u0914\u0930 \u0915\u0942\u0932\u093f\u0902\u0917 \u0915\u094b \u090f\u0915 \u0938\u093e\u0925 \u092c\u0947\u091a\u0928\u0947 \u0915\u094b \u0928\u093f\u0915\u091f \u092d\u0935\u093f\u0937\u094d\u092f \u092e\u0947\u0902 \u090f\u0915 \u0905\u0935\u0938\u0930 \u0915\u0947 \u0930\u0942\u092a \u092e\u0947\u0902 \u092c\u0924\u093e\u092f\u093e \u0939\u0948\u0964 \u092f\u0939 \u090f\u0915 \u0915\u094d\u0932\u093e\u0938\u093f\u0915 \u092a\u094d\u0932\u0947\u091f\u092b\u0949\u0930\u094d\u092e \u0930\u0923\u0928\u0940\u0924\u093f \u0939\u0948: \u0926\u094b \u0910\u0938\u0940 \u0915\u094d\u0937\u092e\u0924\u093e\u0913\u0902 \u0915\u094b \u090f\u0915 \u0938\u093e\u0925 \u091c\u094b\u0921\u093c\u0928\u093e \u091c\u093f\u0928\u094d\u0939\u0947\u0902 \u0917\u094d\u0930\u093e\u0939\u0915 \u0915\u094b \u0905\u0932\u0917-\u0905\u0932\u0917 \u0916\u0930\u0940\u0926\u0928\u093e \u092a\u0921\u093c\u0924\u093e, \u0914\u0930 \u092b\u093f\u0930 \u0916\u0941\u0926 \u0915\u094b \u0935\u093f\u0938\u094d\u0925\u093e\u092a\u093f\u0924 \u0915\u0930\u0928\u093e \u0915\u0920\u093f\u0928 \u0939\u094b \u091c\u093e\u0928\u093e\u0964.<\/p>\n<h2>\u0926\u094b \u0907\u0902\u091c\u0928, \u092a\u094d\u0930\u094c\u0926\u094d\u092f\u094b\u0917\u093f\u0915\u0940 \u0915\u0940 \u0913\u0930 \u091d\u0941\u0915\u093e\u0935<\/h2>\n<p>\u092c\u0947\u0915\u0930 \u0939\u094d\u092f\u0942\u091c\u0947\u0938 \u0926\u094b \u0930\u093f\u092a\u094b\u0930\u094d\u091f\u093f\u0902\u0917 \u0938\u0947\u0917\u092e\u0947\u0902\u091f \u0938\u0902\u091a\u093e\u0932\u093f\u0924 \u0915\u0930\u0924\u093e \u0939\u0948, \u0914\u0930 \u0907\u0928\u0915\u0947 \u092c\u0940\u091a \u0936\u0915\u094d\u0924\u093f \u0938\u0902\u0924\u0941\u0932\u0928 \u092c\u0926\u0932 \u0930\u0939\u093e \u0939\u0948\u0964 \u0911\u092f\u0932\u092b\u0940\u0932\u094d\u0921 \u0938\u0930\u094d\u0935\u093f\u0938\u0947\u091c \u090f\u0902\u0921 \u0907\u0915\u094d\u0935\u093f\u092a\u092e\u0947\u0902\u091f \u092a\u093e\u0930\u0902\u092a\u0930\u093f\u0915 \u0935\u094d\u092f\u0935\u0938\u093e\u092f \u0939\u0948, \u091c\u094b \u0921\u094d\u0930\u093f\u0932\u093f\u0902\u0917, \u0915\u092e\u094d\u092a\u094d\u0932\u0940\u0936\u0928 \u0914\u0930 \u0909\u0924\u094d\u092a\u093e\u0926\u0928 \u0917\u0924\u093f\u0935\u093f\u0927\u093f\u092f\u094b\u0902 \u0938\u0947 \u091c\u0941\u0921\u093c\u093e \u0939\u0948\u0964 \u0907\u0902\u0921\u0938\u094d\u091f\u094d\u0930\u093f\u092f\u0932 \u090f\u0902\u0921 \u090f\u0928\u0930\u094d\u091c\u0940 \u091f\u0947\u0915\u094d\u0928\u094b\u0932\u0949\u091c\u0940 \u0909\u092a\u0915\u0930\u0923 \u0914\u0930 \u0938\u0949\u092b\u094d\u091f\u0935\u0947\u092f\u0930 \u0935\u094d\u092f\u0935\u0938\u093e\u092f \u0939\u0948, \u091c\u093f\u0938\u092e\u0947\u0902 \u0917\u0948\u0938 \u092a\u094d\u0930\u094c\u0926\u094d\u092f\u094b\u0917\u093f\u0915\u0940, \u0914\u0926\u094d\u092f\u094b\u0917\u093f\u0915 \u092a\u094d\u0930\u094c\u0926\u094d\u092f\u094b\u0917\u093f\u0915\u0940 \u0914\u0930 \u0924\u0947\u091c\u0940 \u0938\u0947 \u0935\u093f\u0915\u0938\u093f\u0924 \u0939\u094b \u0930\u0939\u0940 \u092a\u093e\u0935\u0930 \u0938\u093f\u0938\u094d\u091f\u092e\u094d\u0938 \u0932\u093e\u0907\u0928 \u0936\u093e\u092e\u093f\u0932 \u0939\u0948\u0902\u0964 \u0911\u0930\u094d\u0921\u0930 \u092c\u0941\u0915 \u0938\u0947 \u092a\u0924\u093e \u091a\u0932\u0924\u093e \u0939\u0948 \u0915\u093f \u092c\u093e\u091c\u093e\u0930 \u0915\u093f\u0938 \u0938\u0947\u0917\u092e\u0947\u0902\u091f \u092e\u0947\u0902 \u0928\u093f\u0935\u0947\u0936 \u0915\u0930 \u0930\u0939\u093e \u0939\u0948\u0964.<\/p>\n<p>\u092f\u0939 \u092a\u0941\u0928\u0930\u094d\u0917\u0920\u0928 \u092e\u0942\u0932 \u0935\u094d\u092f\u0935\u0938\u093e\u092f \u0915\u093e \u092a\u0930\u093f\u0924\u094d\u092f\u093e\u0917 \u0928\u0939\u0940\u0902 \u0939\u0948\u0964 \u0938\u0947\u0935\u093e\u0913\u0902 \u0938\u0947 \u0939\u094b\u0928\u0947 \u0935\u093e\u0932\u0940 \u0906\u092f \u092e\u0947\u0902 \u0915\u094d\u0930\u092e\u093f\u0915 \u0935\u0943\u0926\u094d\u0927\u093f \u0939\u0941\u0908 \u0939\u0948 \u0914\u0930 \u092f\u0939 \u090f\u0915 \u092c\u0921\u093c\u093e, \u0928\u0915\u0926\u0940 \u0909\u0924\u094d\u092a\u0928\u094d\u0928 \u0915\u0930\u0928\u0947 \u0935\u093e\u0932\u093e \u0906\u0927\u093e\u0930 \u092c\u0928\u093e \u0939\u0941\u0906 \u0939\u0948\u0964 \u092e\u0941\u0916\u094d\u092f \u092c\u093e\u0924 \u092f\u0939 \u0939\u0948 \u0915\u093f \u0935\u0943\u0926\u094d\u0927\u093f\u0936\u0940\u0932 \u0935\u093f\u0915\u093e\u0938 \u0914\u0930 \u092a\u094d\u0930\u0940\u092e\u093f\u092f\u092e \u092e\u0932\u094d\u091f\u0940\u092a\u0932 \u0915\u0939\u093e\u0901 \u0938\u0947 \u0906\u0924\u0947 \u0939\u0948\u0902\u0964 \u0928\u0908 \u0915\u094d\u0937\u092e\u0924\u093e \u0914\u0930 \u0905\u0927\u093f\u0917\u094d\u0930\u0939\u0923\u094b\u0902 \u0915\u094b \u092a\u094d\u0930\u094c\u0926\u094d\u092f\u094b\u0917\u093f\u0915\u0940 \u0914\u0930 \u092c\u093f\u091c\u0932\u0940 \u0915\u0940 \u0913\u0930 \u0915\u0947\u0902\u0926\u094d\u0930\u093f\u0924 \u0915\u0930\u0915\u0947, \u092c\u0947\u0915\u0930 \u0939\u094d\u092f\u0942\u091c\u0947\u0938 \u0938\u0902\u0930\u091a\u0928\u093e\u0924\u094d\u092e\u0915 \u092e\u093e\u0902\u0917 \u0915\u0947 \u0932\u093f\u090f \u0915\u092e\u094b\u0921\u093f\u091f\u0940 \u092c\u0940\u091f\u093e \u0915\u093e \u0924\u094d\u092f\u093e\u0917 \u0915\u0930 \u0930\u0939\u093e \u0939\u0948, \u0920\u0940\u0915 \u0935\u0939\u0940 \u0938\u094c\u0926\u093e \u091c\u094b \u0907\u0938\u0915\u0940 \u0938\u092e\u0915\u0915\u094d\u0937 \u0915\u0902\u092a\u0928\u0940 \u090f\u0938\u090f\u0932\u092c\u0940 \u0921\u093f\u091c\u093f\u091f\u0932 \u0914\u0930 \u0906\u0935\u0930\u094d\u0924\u0940 \u0930\u093e\u091c\u0938\u094d\u0935 \u0915\u0947 \u092e\u093e\u0927\u094d\u092f\u092e \u0938\u0947 \u0915\u0930 \u0930\u0939\u0940 \u0939\u0948\u0964.<\/p>\n<ul>\n<li><strong>\u0924\u0947\u0932 \u0915\u094d\u0937\u0947\u0924\u094d\u0930 \u0938\u0947\u0935\u093e\u090f\u0902 \u0914\u0930 \u0909\u092a\u0915\u0930\u0923:<\/strong> \u091a\u0915\u094d\u0930\u0940\u092f \u092e\u0941\u0916\u094d\u092f \u0915\u094d\u0937\u0947\u0924\u094d\u0930: \u0921\u094d\u0930\u093f\u0932\u093f\u0902\u0917, \u092a\u0942\u0930\u094d\u0923\u0924\u093e \u0914\u0930 \u0909\u0924\u094d\u092a\u093e\u0926\u0928 \u092a\u094d\u0930\u094c\u0926\u094d\u092f\u094b\u0917\u093f\u0915\u0940\u0964 \u0924\u093f\u092e\u093e\u0939\u0940 \u092e\u0947\u0902 \u0930\u093e\u091c\u0938\u094d\u0935 \u0932\u0917\u092d\u0917 3.45 \u092c\u093f\u0932\u093f\u092f\u0928 \u0921\u0949\u0932\u0930 \u0930\u0939\u093e, \u091c\u094b \u092a\u093f\u091b\u0932\u0940 \u0924\u093f\u092e\u093e\u0939\u0940 \u0915\u0940 \u0924\u0941\u0932\u0928\u093e \u092e\u0947\u0902 7 \u092a\u094d\u0930\u0924\u093f\u0936\u0924 \u0905\u0927\u093f\u0915 \u0939\u0948\u0964 \u0938\u094d\u0925\u093f\u0930 \u0914\u0930 \u0928\u0915\u0926\u0940 \u0909\u0924\u094d\u092a\u0928\u094d\u0928 \u0915\u0930\u0928\u0947 \u0935\u093e\u0932\u093e \u0915\u094d\u0937\u0947\u0924\u094d\u0930, \u0932\u0947\u0915\u093f\u0928 \u0935\u093f\u0915\u093e\u0938 \u0915\u093e \u0938\u0942\u0924\u094d\u0930\u0927\u093e\u0930 \u0928\u0939\u0940\u0902\u0964.<\/li>\n<li><strong>\u0917\u0948\u0938 \u0914\u0930 \u0914\u0926\u094d\u092f\u094b\u0917\u093f\u0915 \u092a\u094d\u0930\u094c\u0926\u094d\u092f\u094b\u0917\u093f\u0915\u0940:<\/strong> \u090f\u0932\u090f\u0928\u091c\u0940 \u0914\u0930 \u0917\u0948\u0938 \u0905\u0935\u0938\u0902\u0930\u091a\u0928\u093e \u0915\u0947 \u0932\u093f\u090f \u0915\u0902\u092a\u094d\u0930\u0947\u0938\u0930, \u091f\u0930\u094d\u092c\u093e\u0907\u0928 \u0914\u0930 \u092a\u094d\u0930\u0915\u094d\u0930\u093f\u092f\u093e \u0909\u092a\u0915\u0930\u0923\u0964 \u0906\u0908\u0908\u091f\u0940 \u0915\u0947 \u0930\u093f\u0915\u0949\u0930\u094d\u0921 \u0924\u094b\u0921\u093c \u0911\u0930\u094d\u0921\u0930 \u092c\u0941\u0915 \u0915\u093e \u092e\u0941\u0916\u094d\u092f \u0938\u094d\u0930\u094b\u0924 \u0914\u0930 \u0917\u0948\u0938 \u0915\u094d\u0937\u0947\u0924\u094d\u0930 \u092e\u0947\u0902 \u0935\u0948\u0936\u094d\u0935\u093f\u0915 \u0935\u093f\u0938\u094d\u0924\u093e\u0930 \u0915\u093e \u0932\u093e\u092d\u093e\u0930\u094d\u0925\u0940\u0964.<\/li>\n<li><strong>\u092a\u093e\u0935\u0930 \u0938\u093f\u0938\u094d\u091f\u092e\u094d\u0938:<\/strong> \u0921\u0947\u091f\u093e \u0915\u0947\u0902\u0926\u094d\u0930\u094b\u0902 \u0914\u0930 \u0935\u093f\u0924\u0930\u093f\u0924 \u092c\u093f\u091c\u0932\u0940 \u0915\u0947 \u0932\u093f\u090f \u0917\u0948\u0938 \u091f\u0930\u094d\u092c\u093e\u0907\u0928\u0964 \u0924\u093f\u092e\u093e\u0939\u0940 \u092e\u0947\u0902 2.7 \u0917\u0940\u0917\u093e\u0935\u093e\u091f \u0915\u0940 \u092c\u0941\u0915\u093f\u0902\u0917 \u0939\u0941\u0908 \u0914\u0930 2029 \u0924\u0915 \u0932\u0917\u092d\u0917 5 \u092c\u093f\u0932\u093f\u092f\u0928 \u0921\u0949\u0932\u0930 \u0915\u0947 \u0935\u093e\u0930\u094d\u0937\u093f\u0915 \u0930\u093e\u091c\u0938\u094d\u0935 \u0915\u093e \u0932\u0915\u094d\u0937\u094d\u092f \u0930\u0916\u093e \u0917\u092f\u093e \u0939\u0948, \u091c\u093f\u0938\u092e\u0947\u0902 \u091f\u0930\u094d\u092c\u093e\u0907\u0928 \u0915\u094d\u0937\u092e\u0924\u093e 2026 \u0915\u0947 \u0938\u094d\u0924\u0930 \u0938\u0947 2028 \u0915\u0947 \u0905\u0902\u0924 \u0924\u0915 \u0926\u094b\u0917\u0941\u0928\u0940 \u0939\u094b\u0928\u0947 \u0935\u093e\u0932\u0940 \u0939\u0948\u0964.<\/li>\n<\/ul>\n<h2>\u0924\u093f\u092e\u093e\u0939\u0940 \u0915\u0947 \u0906\u0902\u0915\u0921\u093c\u0947<\/h2>\n<p>The table below sets out the key reported figures for the second quarter of 2026, drawn from the company&#8217;s results release and coverage. Where a figure is an approximation reported by third parties it is marked as approximate.<\/p>\n<table>\n<thead>\n<tr>\n<th>\u092e\u0940\u091f\u094d\u0930\u093f\u0915<\/th>\n<th>\u0926\u0942\u0938\u0930\u0940 \u0924\u093f\u092e\u093e\u0939\u0940 2026<\/th>\n<th>\u0926\u093f\u0936\u093e<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>\u0915\u0941\u0932 \u0911\u0930\u094d\u0921\u0930<\/td>\n<td>10.5 \u092c\u093f\u0932\u093f\u092f\u0928 \u0905\u092e\u0947\u0930\u093f\u0915\u0940 \u0921\u0949\u0932\u0930<\/td>\n<td>\u092a\u093f\u091b\u0932\u0947 \u0935\u0930\u094d\u0937 \u0915\u0940 \u0924\u0941\u0932\u0928\u093e \u092e\u0947\u0902 49% \u0915\u0940 \u0935\u0943\u0926\u094d\u0927\u093f \u0939\u0941\u0908 \u0939\u0948\u0964<\/td>\n<\/tr>\n<tr>\n<td>\u0906\u0908\u0908\u091f\u0940 \u0906\u0926\u0947\u0936 (\u0930\u093f\u0915\u0949\u0930\u094d\u0921)<\/td>\n<td>7.1 \u092c\u093f\u0932\u093f\u092f\u0928 \u0905\u092e\u0947\u0930\u093f\u0915\u0940 \u0921\u0949\u0932\u0930<\/td>\n<td>\u0938\u093e\u0932 \u0926\u0930 \u0938\u093e\u0932 \u0932\u0917\u092d\u0917 \u0926\u094b\u0917\u0941\u0928\u093e \u0939\u094b \u0917\u092f\u093e<\/td>\n<\/tr>\n<tr>\n<td>\u092a\u093e\u0935\u0930 \u0938\u093f\u0938\u094d\u091f\u092e \u0911\u0930\u094d\u0921\u0930<\/td>\n<td>2.6 \u092c\u093f\u0932\u093f\u092f\u0928 \u0905\u092e\u0947\u0930\u093f\u0915\u0940 \u0921\u0949\u0932\u0930<\/td>\n<td>\u0907\u0938\u092e\u0947\u0902 2.7 \u0917\u0940\u0917\u093e\u0935\u093e\u091f \u0917\u0948\u0938 \u091f\u0930\u094d\u092c\u093e\u0907\u0928 \u0936\u093e\u092e\u093f\u0932 \u0939\u0948\u0902\u0964<\/td>\n<\/tr>\n<tr>\n<td>\u0915\u0941\u0932 \u092e\u0941\u0928\u093e\u092b\u093e<\/td>\n<td>6.74 \u092c\u093f\u0932\u093f\u092f\u0928 \u0905\u092e\u0947\u0930\u093f\u0915\u0940 \u0921\u0949\u0932\u0930<\/td>\n<td>\u0932\u0917\u092d\u0917 \u0938\u092e\u0924\u0932<\/td>\n<\/tr>\n<tr>\n<td>\u0938\u092e\u093e\u092f\u094b\u091c\u093f\u0924 EBITDA<\/td>\n<td>1.23 \u092c\u093f\u0932\u093f\u092f\u0928 \u0905\u092e\u0947\u0930\u093f\u0915\u0940 \u0921\u0949\u0932\u0930<\/td>\n<td>\u090a\u092a\u0930 \u0926\u0940 \u0917\u0908 \u0926\u093f\u0936\u093e-\u0928\u093f\u0930\u094d\u0926\u0947\u0936 \u0938\u0940\u092e\u093e<\/td>\n<\/tr>\n<tr>\n<td>\u0936\u0941\u0926\u094d\u0927 \u0906\u092f<\/td>\n<td>681 \u092e\u093f\u0932\u093f\u092f\u0928 \u0905\u092e\u0947\u0930\u093f\u0915\u0940 \u0921\u0949\u0932\u0930<\/td>\n<td>\u0930\u093f\u092a\u094b\u0930\u094d\u091f \u0915\u093f\u092f\u093e \u0917\u092f\u093e<\/td>\n<\/tr>\n<tr>\n<td>\u092e\u0941\u0915\u094d\u0924 \u0928\u0915\u0926\u0940 \u092a\u094d\u0930\u0935\u093e\u0939<\/td>\n<td>1.1 \u092c\u093f\u0932\u093f\u092f\u0928 \u0905\u092e\u0947\u0930\u093f\u0915\u0940 \u0921\u0949\u0932\u0930<\/td>\n<td>\u092e\u091c\u093c\u092c\u0942\u0924<\/td>\n<\/tr>\n<tr>\n<td>\u0935\u093f\u0924\u094d\u0924\u0940\u092f \u0935\u0930\u094d\u0937 2026 \u0915\u0947 \u0930\u093e\u091c\u0938\u094d\u0935 \u0915\u093e \u0905\u0928\u0941\u092e\u093e\u0928<\/td>\n<td>27.35 \u092c\u093f\u0932\u093f\u092f\u0928 \u0905\u092e\u0947\u0930\u093f\u0915\u0940 \u0921\u0949\u0932\u0930 (\u0932\u0917\u092d\u0917)<\/td>\n<td>\u0909\u0920\u093e\u092f\u093e<\/td>\n<\/tr>\n<tr>\n<td>\u0935\u093f\u0924\u094d\u0924 \u0935\u0930\u094d\u0937 2026 \u0915\u0947 \u0932\u093f\u090f \u0906\u0908\u0908\u091f\u0940 \u0928\u0947 \u0926\u093f\u0936\u093e\u0928\u093f\u0930\u094d\u0926\u0947\u0936 \u091c\u093e\u0930\u0940 \u0915\u093f\u090f<\/td>\n<td>17.5 \u0938\u0947 19.5 \u092c\u093f\u0932\u093f\u092f\u0928 \u0905\u092e\u0947\u0930\u093f\u0915\u0940 \u0921\u0949\u0932\u0930<\/td>\n<td>\u0909\u0920\u093e\u092f\u093e<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h2>\u0924\u0947\u0932 \u0915\u0947 \u0905\u0932\u093e\u0935\u093e \u0905\u0928\u094d\u092f \u092e\u093e\u0902\u0917 \u0935\u0915\u094d\u0930 \u0915\u0947 \u0932\u093f\u090f \u0915\u094d\u0937\u092e\u0924\u093e \u0915\u093e \u0928\u093f\u0930\u094d\u092e\u093e\u0923 \u0915\u0930\u0928\u093e<\/h2>\n<p>\u092c\u0947\u0915\u0930 \u0939\u094d\u092f\u0942\u091c\u0947\u0938 \u0928\u0947 \u092a\u0930\u093f\u0923\u093e\u092e\u094b\u0902 \u0915\u0947 \u0938\u093e\u0925-\u0938\u093e\u0925 \u0935\u0930\u094d\u0937 2026 \u0915\u0947 \u0932\u093f\u090f \u0905\u092a\u0928\u0947 \u0938\u092e\u0917\u094d\u0930 \u0905\u0928\u0941\u092e\u093e\u0928 \u0915\u094b \u092d\u0940 \u092c\u0922\u093c\u093e\u092f\u093e \u0939\u0948, \u091c\u093f\u0938\u092e\u0947\u0902 \u0932\u0917\u092d\u0917 27.35 \u092c\u093f\u0932\u093f\u092f\u0928 \u0921\u0949\u0932\u0930 \u0915\u093e \u0930\u093e\u091c\u0938\u094d\u0935 \u0914\u0930 4.85 \u092c\u093f\u0932\u093f\u092f\u0928 \u0921\u0949\u0932\u0930 \u0915\u093e \u0908\u092c\u0940\u0906\u0908\u091f\u0940\u0921\u0940\u090f (EBITDA) \u0930\u0939\u0928\u0947 \u0915\u093e \u0905\u0928\u0941\u092e\u093e\u0928 \u0939\u0948\u0964 \u0938\u093e\u0925 \u0939\u0940, \u0915\u0902\u092a\u0928\u0940 \u0928\u0947 \u0905\u092a\u0928\u0947 \u0906\u0908\u0908\u091f\u0940 (IET) \u0911\u0930\u094d\u0921\u0930 \u0905\u0928\u0941\u092e\u093e\u0928 \u0915\u094b 17.5 \u0938\u0947 19.5 \u092c\u093f\u0932\u093f\u092f\u0928 \u0921\u0949\u0932\u0930 \u0915\u0947 \u092c\u0940\u091a \u0930\u0916\u093e \u0939\u0948\u0964 \u0935\u0930\u094d\u0937 \u0915\u0947 \u092e\u0927\u094d\u092f \u092e\u0947\u0902 \u0911\u0930\u094d\u0921\u0930 \u0905\u0928\u0941\u092e\u093e\u0928 \u092c\u0922\u093c\u093e\u0928\u093e, \u0928 \u0915\u0947\u0935\u0932 \u092a\u0939\u0932\u0947 \u0938\u0947 \u092c\u0941\u0915 \u0915\u093f\u090f \u0917\u090f \u0911\u0930\u094d\u0921\u0930\u094b\u0902 \u0915\u0947 \u092a\u094d\u0930\u0924\u093f, \u092c\u0932\u094d\u0915\u093f \u092d\u0935\u093f\u0937\u094d\u092f \u092e\u0947\u0902 \u0906\u0928\u0947 \u0935\u093e\u0932\u0947 \u0911\u0930\u094d\u0921\u0930\u094b\u0902 \u0915\u0947 \u092a\u094d\u0930\u0924\u093f \u092d\u0940 \u0935\u093f\u0936\u094d\u0935\u093e\u0938 \u0926\u0930\u094d\u0936\u093e\u0924\u093e \u0939\u0948\u0964.<\/p>\n<p>\u0915\u094d\u0937\u092e\u0924\u093e \u092f\u094b\u091c\u0928\u093e \u0926\u093f\u0936\u093e \u0915\u094b \u0938\u094d\u092a\u0937\u094d\u091f \u0915\u0930\u0924\u0940 \u0939\u0948\u0964 \u092a\u094d\u0930\u092c\u0902\u0927\u0928 2029 \u0924\u0915 \u0932\u0917\u092d\u0917 5 \u0905\u0930\u092c \u0921\u0949\u0932\u0930 \u0915\u0947 \u0935\u093e\u0930\u094d\u0937\u093f\u0915 \u0930\u093e\u091c\u0938\u094d\u0935 \u0915\u0940 \u0913\u0930 \u092c\u093f\u091c\u0932\u0940 \u092a\u094d\u0930\u0923\u093e\u0932\u093f\u092f\u094b\u0902 \u0915\u093e \u0935\u093f\u0938\u094d\u0924\u093e\u0930 \u0915\u0930 \u0930\u0939\u093e \u0939\u0948 \u0914\u0930 2028 \u0915\u0947 \u0905\u0902\u0924 \u0924\u0915 \u0917\u0948\u0938 \u091f\u0930\u092c\u093e\u0907\u0928 \u0935\u093f\u0928\u093f\u0930\u094d\u092e\u093e\u0923 \u0915\u094d\u0937\u092e\u0924\u093e \u0915\u094b 2026 \u0915\u0947 \u0938\u094d\u0924\u0930 \u0938\u0947 \u0926\u094b\u0917\u0941\u0928\u093e \u0915\u0930\u0928\u0947 \u0915\u093e \u0932\u0915\u094d\u0937\u094d\u092f \u0930\u0916 \u0930\u0939\u093e \u0939\u0948\u0964 \u092f\u0939 \u090f\u0915 \u092c\u0939\u0941-\u0935\u0930\u094d\u0937\u0940\u092f \u092a\u0942\u0902\u091c\u0940\u0917\u0924 \u092a\u094d\u0930\u0924\u093f\u092c\u0926\u094d\u0927\u0924\u093e \u0939\u0948 \u091c\u094b \u0938\u0940\u0927\u0947 \u0921\u0947\u091f\u093e \u0938\u0947\u0902\u091f\u0930 \u0914\u0930 \u0935\u093f\u0924\u0930\u093f\u0924 \u092c\u093f\u091c\u0932\u0940 \u0915\u0940 \u092e\u093e\u0902\u0917 \u0915\u094b \u092a\u0942\u0930\u093e \u0915\u0930\u0928\u0947 \u0915\u0947 \u0932\u093f\u090f \u0932\u0915\u094d\u0937\u093f\u0924 \u0939\u0948\u0964 \u092f\u0939 \u0924\u092d\u0940 \u0932\u093e\u092d\u0926\u093e\u092f\u0915 \u0939\u094b\u0917\u093e \u091c\u092c \u0915\u0943\u0924\u094d\u0930\u093f\u092e \u092c\u0941\u0926\u094d\u0927\u093f\u092e\u0924\u094d\u0924\u093e \u0938\u0947 \u092c\u093f\u091c\u0932\u0940 \u0915\u0940 \u092e\u093e\u0902\u0917 \u092e\u0947\u0902 \u0905\u091a\u093e\u0928\u0915 \u0935\u0943\u0926\u094d\u0927\u093f \u0915\u0947 \u092c\u091c\u093e\u092f \u0938\u0902\u0930\u091a\u0928\u093e\u0924\u094d\u092e\u0915 \u0935\u0943\u0926\u094d\u0927\u093f \u0939\u094b, \u091c\u094b \u0915\u093f \u0907\u0938 \u092f\u094b\u091c\u0928\u093e \u0915\u093e \u0932\u0915\u094d\u0937\u094d\u092f \u0939\u0948\u0964.<\/p>\n<p>\u091c\u094b\u0916\u093f\u092e \u0914\u0930 \u0905\u0935\u0938\u0930 \u090f\u0915 \u0939\u0940 \u091c\u0917\u0939 \u092e\u094c\u091c\u0942\u0926 \u0939\u0948\u0902\u0964 \u0905\u0917\u0930 \u0921\u0947\u091f\u093e \u0938\u0947\u0902\u091f\u0930 \u0915\u0940 \u092c\u093f\u091c\u0932\u0940 \u0915\u0940 \u092e\u093e\u0902\u0917 \u0927\u0940\u092e\u0940 \u0939\u094b \u091c\u093e\u0924\u0940 \u0939\u0948, \u092f\u093e \u0917\u094d\u0930\u093f\u0921 \u0915\u0928\u0947\u0915\u094d\u0936\u0928 \u0914\u0930 \u0938\u0938\u094d\u0924\u0947 \u0935\u093f\u0915\u0932\u094d\u092a \u0909\u092a\u0932\u092c\u094d\u0927 \u0939\u094b \u091c\u093e\u0924\u0947 \u0939\u0948\u0902, \u0924\u094b \u0928\u0908 \u091f\u0930\u092c\u093e\u0907\u0928 \u0915\u094d\u0937\u092e\u0924\u093e \u0915\u093e \u090f\u0915 \u092c\u0921\u093c\u093e \u0939\u093f\u0938\u094d\u0938\u093e \u0915\u092e\u091c\u094b\u0930 \u092c\u093e\u091c\u093e\u0930 \u092e\u0947\u0902 \u0906\u090f\u0917\u093e\u0964 \u092b\u093f\u0932\u0939\u093e\u0932, \u0911\u0930\u094d\u0921\u0930 \u092c\u0941\u0915 \u0938\u0947 \u092a\u0924\u093e \u091a\u0932\u0924\u093e \u0939\u0948 \u0915\u093f \u092e\u093e\u0902\u0917 \u0935\u093e\u0938\u094d\u0924\u0935\u093f\u0915 \u0914\u0930 \u0936\u0941\u0930\u0941\u0906\u0924\u0940 \u0938\u094d\u0924\u0930 \u0915\u0940 \u0939\u0948, \u092f\u0939\u0940 \u0935\u091c\u0939 \u0939\u0948 \u0915\u093f \u0936\u0947\u092f\u0930 \u092c\u093e\u091c\u093e\u0930 \u0928\u0947 \u092c\u093f\u091c\u0932\u0940 \u0915\u094d\u0937\u0947\u0924\u094d\u0930 \u0915\u094b \u092c\u0948\u0930\u0932 \u0915\u0940 \u0924\u0941\u0932\u0928\u093e \u092e\u0947\u0902 \u0905\u0927\u093f\u0915 \u092c\u0922\u093c\u093e\u0935\u093e \u0926\u093f\u092f\u093e \u0939\u0948\u0964.<\/p>\n<h2>\u092e\u093e\u0902\u0917 \u0935\u0915\u094d\u0930 \u0915\u094b \u092c\u0947\u091a\u0947\u0902, \u0935\u0938\u094d\u0924\u0941 \u0915\u094b \u0928\u0939\u0940\u0902\u0964<\/h2>\n<p>Baker Hughes is a live case study in repositioning without walking away from the core. Three lessons carry across to anyone selling into the energy sector. First, the order book is the leading indicator. Revenue tells you about last year&#8217;s demand, orders tell you where the buyer is committing next, so pipeline and bookings deserve more of your attention than trailing sales. Second, follow structural demand. Data center electricity and gas infrastructure are secular curves that are largely independent of the oil price, and a seller positioned against those curves is insulated from the commodity cycle.<\/p>\n<p>Third, bundle to defend. The Chart acquisition turns two separate purchases, power and cooling, into one integrated offer that is harder to unpick and easier to price on value. For a marketer, this is the difference between selling a product and selling an outcome. The narrative Baker Hughes now tells buyers is not &#8220;we drill better&#8221;, it is &#8220;we power the thing you are building&#8221;. That is a category move, and it is the kind of repositioning energy suppliers should study as demand shifts under their feet.<\/p>\n<p>\u0907\u0938 \u092c\u093e\u0930\u0947 \u092e\u0947\u0902 \u0914\u0930 \u0905\u0927\u093f\u0915 \u091c\u093e\u0928\u0915\u093e\u0930\u0940 \u0915\u0947 \u0932\u093f\u090f \u0915\u093f \u0915\u0948\u0938\u0947 \u0905\u0928\u094d\u092f \u092a\u094d\u0930\u0924\u093f\u0938\u094d\u092a\u0930\u094d\u0927\u0940 \u0907\u0938\u0940 \u0924\u0930\u0939 \u0915\u093e \u0935\u094d\u092f\u093e\u092a\u093e\u0930 \u0915\u0930 \u0930\u0939\u0947 \u0939\u0948\u0902, \u0939\u092e\u093e\u0930\u093e \u0935\u093f\u0936\u094d\u0932\u0947\u0937\u0923 \u0926\u0947\u0916\u0947\u0902\u0964 <a href=\"\/hi\/insights\/slb-schlumberger-digital-oilfield-services-strategy-2026\/\">SLB&#8217;s digital reinvention<\/a>, <a href=\"\/hi\/insights\/chevron-microsoft-project-kilby\/\">\u0936\u0947\u0935\u0930\u0949\u0928 \u092c\u0948\u0930\u0932 \u0915\u0947 \u092c\u091c\u093e\u092f \u092c\u093f\u091c\u0932\u0940 \u092c\u0947\u091a \u0930\u0939\u093e \u0939\u0948\u0964<\/a>, \u0914\u0930 \u092f\u0939 <a href=\"\/hi\/insights\/adnoc-xrg-gas-chemicals-ai-bet\/\">\u090f\u0921\u0940\u090f\u0928\u0913\u0938\u0940 \u0914\u0930 \u090f\u0915\u094d\u0938\u0906\u0930\u091c\u0940 \u0928\u0947 \u0917\u0948\u0938, \u0930\u0938\u093e\u092f\u0928 \u0914\u0930 \u090f\u0906\u0908 \u092a\u093e\u0935\u0930 \u092a\u0930 \u0926\u093e\u0902\u0935 \u0932\u0917\u093e\u092f\u093e \u0939\u0948\u0964<\/a>.<\/p>","protected":false},"excerpt":{"rendered":"<p>\u092c\u0947\u0915\u0930 \u0939\u094d\u092f\u0942\u091c\u0947\u0938 \u0915\u0947 2026 \u0915\u0940 \u0926\u0942\u0938\u0930\u0940 \u0924\u093f\u092e\u093e\u0939\u0940 \u0915\u0947 \u0928\u0924\u0940\u091c\u094b\u0902 \u092e\u0947\u0902 \u0930\u093f\u0915\u0949\u0930\u094d\u0921 \u0911\u0930\u094d\u0921\u0930 \u0926\u0930\u094d\u091c \u0915\u093f\u090f \u0917\u090f \u0939\u0948\u0902, \u091c\u093f\u0928\u092e\u0947\u0902 \u0914\u0926\u094d\u092f\u094b\u0917\u093f\u0915 \u0914\u0930 \u090a\u0930\u094d\u091c\u093e \u092a\u094d\u0930\u094c\u0926\u094d\u092f\u094b\u0917\u093f\u0915\u0940 \u0915\u0947 7.1 \u092c\u093f\u0932\u093f\u092f\u0928 \u0921\u0949\u0932\u0930 \u0914\u0930 \u0921\u0947\u091f\u093e \u0915\u0947\u0902\u0926\u094d\u0930\u094b\u0902 \u0915\u0947 \u0932\u093f\u090f 2.7 \u0917\u0940\u0917\u093e\u0935\u093e\u091f \u0915\u0947 \u0917\u0948\u0938 \u091f\u0930\u094d\u092c\u093e\u0907\u0928 \u0936\u093e\u092e\u093f\u0932 \u0939\u0948\u0902\u0964 \u090a\u0930\u094d\u091c\u093e \u0915\u094d\u0937\u0947\u0924\u094d\u0930 \u092e\u0947\u0902 \u0939\u094b \u0930\u0939\u0947 \u0907\u0938 \u092c\u0926\u0932\u093e\u0935 \u0914\u0930 \u090a\u0930\u094d\u091c\u093e \u092c\u09402\u092c\u0940 \u0915\u0947 \u0932\u093f\u090f \u0907\u0938\u0915\u0947 \u092e\u093e\u092f\u0928\u0947\u0964.<\/p>","protected":false},"author":12,"featured_media":3986,"comment_status":"open","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"p54_article_data":"{\"meta\":{\"kicker\":\"Insight \u00b7 Industry Leader\",\"topics\":[\"Industry Leader\",\"Strategy\"],\"title\":\"Baker Hughes and the Power Pivot: How Data Center Demand Is Rewiring an Oilfield Name\",\"dek\":\"Baker Hughes still carries an oilfield name, but its second quarter 2026 results show where the growth now comes from. Total orders hit 10.5 billion dollars, up 49 percent on the year, led by a record 7.1 billion dollars of Industrial and Energy Technology orders and 2.7 gigawatts of gas turbines sold into data centers and mobile power. The drilling and services core is steady, while the electron business runs hot. This is a deliberate move up the value chain, and it carries a direct lesson for anyone selling into energy: follow structural demand and sell recurring technology, not the commodity cycle.\",\"date\":\"30\/07\/2026\",\"readTime\":\"10 min read\",\"author\":\"Project 54 Research & Strategy\"},\"quickAnswer\":{\"q\":\"What is Baker Hughes' strategy in 2026?\",\"a\":\"Baker Hughes is repositioning from an oilfield services contractor into an industrial energy technology company built around power. In the second quarter of 2026, reported on 26 July, it booked total orders of 10.5 billion dollars, up 49 percent year on year, including a record 7.1 billion dollars of Industrial and Energy Technology orders and 2.7 gigawatts of gas turbines sold into data centers and mobile power. Its power systems unit is targeting roughly 5 billion dollars of annual revenue by 2029. The strategy is to ride two structural demand curves, electricity for data centers and natural gas infrastructure, with equipment and recurring technology rather than exposure to the drilling cycle.\"},\"takeaways\":[\"Total orders reached 10.5 billion dollars in Q2 2026, up 29 percent on the prior quarter and 49 percent year on year, with a record 7.1 billion dollars of Industrial and Energy Technology orders.\",\"Power systems booked 2.6 billion dollars of orders, including 2.7 gigawatts of gas turbines for data centers and mobile power, the clearest signal of where new demand sits.\",\"Revenue was 6.74 billion dollars and net income 681 million dollars, with adjusted EBITDA of 1.23 billion dollars and free cash flow of 1.1 billion dollars.\",\"Baker Hughes raised full year 2026 guidance to about 27.35 billion dollars of revenue and 4.85 billion dollars of EBITDA, and lifted IET orders guidance to 17.5 to 19.5 billion dollars.\",\"The closed acquisition of Chart Industries adds cryogenic and thermal management, letting Baker Hughes pair its own power generation with cooling for integrated data center solutions.\",\"For energy B2B sellers, the lesson is that the order book, not spot activity, is the leading indicator, and that recurring technology sold into structural demand outperforms commodity exposure.\"],\"sections\":[{\"id\":\"what\",\"q\":\"What did Baker Hughes report in the second quarter of 2026?\",\"h\":\"A record order book, led by power\",\"p\":[\"Baker Hughes reported its second quarter 2026 results on 26 July, and the headline was the order book rather than the revenue line. Total orders reached 10.5 billion dollars, up 29 percent on the first quarter and 49 percent higher than a year earlier, according to the company's <a href=\\\"https:\/\/investors.bakerhughes.com\/news\/press-releases\/news-details\/2026\/Baker-Hughes-Announces-Second-Quarter-2026-Results\/default.aspx\\\" target=\\\"_blank\\\" rel=\\\"noopener\\\">results release<\/a>. Within that, Industrial and Energy Technology, the segment that houses turbines, compressors and power equipment, booked a record 7.1 billion dollars of orders, roughly double the level of a year before.\",\"Revenue for the quarter was 6.74 billion dollars, with IET revenue holding around 3.3 billion dollars and Oilfield Services and Equipment revenue at about 3.45 billion dollars, up 7 percent on the prior quarter (<a href=\\\"https:\/\/egyptoil-gas.com\/news\/baker-hughes-posts-6-74-bn-q2-revenue\/\\\" target=\\\"_blank\\\" rel=\\\"noopener\\\">Egypt Oil and Gas<\/a>). Adjusted EBITDA came in at 1.23 billion dollars, above the top of the company's guidance range, net income was 681 million dollars, and free cash flow reached 1.1 billion dollars (<a href=\\\"https:\/\/www.rigzone.com\/news\/baker_hughes_posts_nearly_50_percent_yoy_increase_in_orders-28-jul-2026-184232-article\/\\\" target=\\\"_blank\\\" rel=\\\"noopener\\\">Rigzone<\/a>).\",\"The gap between a flat services core and a record order book is the whole story. Demand is not coming from the drill bit. It is coming from the equipment that makes and moves energy, and above all from the equipment that generates power.\"]},{\"id\":\"why\",\"q\":\"Why is Baker Hughes betting on data center power?\",\"h\":\"The electron is the new barrel\",\"p\":[\"The single most revealing number in the quarter was 2.7 gigawatts. That is the volume of gas turbines Baker Hughes booked in the quarter for data centers and mobile power, inside 2.6 billion dollars of power systems orders. Artificial intelligence and cloud computing are driving a step change in electricity demand, and hyperscale operators need firm power faster than grids can deliver it. Gas turbines, sited next to the data center, are one of the few technologies that can meet that need at scale and on a short timeline.\",\"Baker Hughes has spent a decade building the turbine and compression business it inherited and expanded from General Electric's oil and gas arm. That installed base and manufacturing capacity now positions it to sell into a demand curve that has nothing to do with oil prices. Chief executive Lorenzo Simonelli framed the quarter around exactly this breadth, saying the company delivered a strong result \\\"reflecting the breadth of our portfolio and continued momentum across data center, gas infrastructure, and upstream markets\\\" (<a href=\\\"https:\/\/www.gurufocus.com\/news\/8981187\/baker-hughes-co-bkr-q2-2026-earnings-call-highlights-record-iet-orders-and-robust-cash-flow-drive-strong-performance\\\" target=\\\"_blank\\\" rel=\\\"noopener\\\">Q2 2026 earnings call<\/a>).\",\"The recently closed acquisition of Chart Industries sharpens the play. Chart brings cryogenic and thermal management technology, which lets Baker Hughes pair its own power generation with cooling. Management has pointed to integrated data center solutions, power plus cooling sold together, as a near term opportunity. That is a classic platform move: bundle two capabilities the customer would otherwise buy separately, and become harder to displace.\"]},{\"id\":\"how\",\"q\":\"How is the portfolio being re-architected?\",\"h\":\"Two engines, tilting toward technology\",\"p\":[\"Baker Hughes runs two reporting segments, and the balance of power between them is shifting. Oilfield Services and Equipment is the traditional business, tied to drilling, completion and production activity. Industrial and Energy Technology is the equipment and software business, spanning gas technology, industrial technology and the fast growing power systems line. The order book tells you which one the market is funding.\",\"The reposition is not abandonment of the core. Services revenue rose sequentially and remains a large, cash generative base. The point is where the incremental growth and the premium multiples come from. By tilting new capacity and acquisitions toward technology and power, Baker Hughes is trading commodity beta for structural demand, the same trade its peer SLB is making through digital and recurring revenue.\"],\"pillars\":[{\"n\":\"01\",\"t\":\"Oilfield Services and Equipment\",\"d\":\"The cyclical core: drilling, completions and production technology. Revenue near 3.45 billion dollars in the quarter, up 7 percent sequentially. Stable and cash generative, but not the growth story.\"},{\"n\":\"02\",\"t\":\"Gas and Industrial Technology\",\"d\":\"Compressors, turbines and process equipment for LNG and gas infrastructure. The engine of the record IET order book and the beneficiary of a global build out in gas.\"},{\"n\":\"03\",\"t\":\"Power Systems\",\"d\":\"Gas turbines for data centers and distributed power. 2.7 gigawatts booked in the quarter and a target of roughly 5 billion dollars of annual revenue by 2029, with turbine capacity set to double from 2026 levels by end 2028.\"}]},{\"id\":\"numbers\",\"q\":\"What do the numbers show at a glance?\",\"h\":\"The quarter in figures\",\"p\":[\"The table below sets out the key reported figures for the second quarter of 2026, drawn from the company's results release and coverage. Where a figure is an approximation reported by third parties it is marked as approximate.\"],\"table\":{\"cols\":[\"Metric\",\"Q2 2026\",\"Direction\"],\"rows\":[[\"Total orders\",\"10.5 billion USD\",\"Up 49% year on year\"],[\"IET orders (record)\",\"7.1 billion USD\",\"Roughly doubled year on year\"],[\"Power systems orders\",\"2.6 billion USD\",\"Incl. 2.7 GW gas turbines\"],[\"Total revenue\",\"6.74 billion USD\",\"Broadly flat\"],[\"Adjusted EBITDA\",\"1.23 billion USD\",\"Above guidance range\"],[\"Net income\",\"681 million USD\",\"Reported\"],[\"Free cash flow\",\"1.1 billion USD\",\"Strong\"],[\"FY2026 revenue guidance\",\"27.35 billion USD (approx)\",\"Raised\"],[\"FY2026 IET orders guidance\",\"17.5 to 19.5 billion USD\",\"Raised\"]]}},{\"id\":\"future\",\"q\":\"Where does this strategy lead?\",\"h\":\"Building capacity for a demand curve that is not oil\",\"p\":[\"Baker Hughes raised its full year 2026 outlook alongside the results, guiding to about 27.35 billion dollars of revenue and 4.85 billion dollars of EBITDA, and lifting its IET orders guidance to a range of 17.5 to 19.5 billion dollars. Raising an order guidance mid year is a statement of confidence in the pipeline, not just the backlog already booked.\",\"The capacity plan makes the direction explicit. Management is expanding power systems toward roughly 5 billion dollars of annual revenue by 2029 and doubling gas turbine manufacturing capacity from 2026 levels by the end of 2028. That is a multi year capital commitment aimed squarely at data center and distributed power demand. It only pays off if the electricity demand from artificial intelligence is structural rather than a spike, which is the bet.\",\"The risk sits in the same place as the opportunity. If data center power demand slows, or if grid connection and cheaper alternatives catch up, a large tranche of new turbine capacity meets a softer market. For now the order book says the demand is real and early, which is why the equity market has rewarded the electron story more than the barrel.\"]},{\"id\":\"lesson\",\"q\":\"What is the lesson for energy B2B sellers and marketers?\",\"h\":\"Sell the demand curve, not the commodity\",\"p\":[\"Baker Hughes is a live case study in repositioning without walking away from the core. Three lessons carry across to anyone selling into the energy sector. First, the order book is the leading indicator. Revenue tells you about last year's demand, orders tell you where the buyer is committing next, so pipeline and bookings deserve more of your attention than trailing sales. Second, follow structural demand. Data center electricity and gas infrastructure are secular curves that are largely independent of the oil price, and a seller positioned against those curves is insulated from the commodity cycle.\",\"Third, bundle to defend. The Chart acquisition turns two separate purchases, power and cooling, into one integrated offer that is harder to unpick and easier to price on value. For a marketer, this is the difference between selling a product and selling an outcome. The narrative Baker Hughes now tells buyers is not \\\"we drill better\\\", it is \\\"we power the thing you are building\\\". That is a category move, and it is the kind of repositioning energy suppliers should study as demand shifts under their feet.\",\"For related reading on how peers are making the same trade, see our analysis of <a href=\\\"\/insights\/slb-schlumberger-digital-oilfield-services-strategy-2026\/\\\">SLB's digital reinvention<\/a>, <a href=\\\"\/insights\/chevron-microsoft-project-kilby\/\\\">Chevron selling power rather than barrels<\/a>, and the <a href=\\\"\/insights\/adnoc-xrg-gas-chemicals-ai-bet\/\\\">ADNOC and XRG bet on gas, chemicals and AI power<\/a>.\"]}],\"media\":{\"image\":{\"src\":\"https:\/\/projectfifty4.com\/wp-content\/uploads\/2026\/07\/gas-infrastructure-industrial-energy-technology.jpg\",\"label\":\"Yellow pipework and pressure vessels at a modern gas processing facility, representing the industrial energy technology that now drives Baker Hughes.\",\"credit\":\"Project 54\"},\"infographicLabel\":\"FIG.54 \/ BAKER HUGHES Q2 2026 \/ ORDERS BY ENGINE \/ REV 1.0\",\"video\":{\"src\":\"https:\/\/projectfifty4.com\/wp-content\/uploads\/2026\/07\/baker-hughes-data-center-power-strategy-2026-video.mp4\",\"label\":\"Baker Hughes and the Power Pivot\",\"duration\":\"2:29\",\"poster\":\"https:\/\/projectfifty4.com\/wp-content\/uploads\/2026\/07\/baker-hughes-data-center-power-strategy-2026-poster.jpg\"},\"podcast\":{\"src\":\"https:\/\/projectfifty4.com\/wp-content\/uploads\/2026\/07\/baker-hughes-data-center-power-strategy-2026-podcast.m4a\",\"title\":\"Baker Hughes Powers AI Data Centers\",\"ep\":\"P54 Energy Growth Brief\",\"duration\":\"21:38\"}},\"poll\":{\"q\":\"For your own business, where is the biggest unlock in the next year?\",\"options\":[{\"id\":\"structural\",\"label\":\"Riding structural demand\",\"insight\":\"Baker Hughes booked 2.7 gigawatts of gas turbines for data centers in a single quarter. Positioning against a secular demand curve beats fighting for share in a flat market.\"},{\"id\":\"orderbook\",\"label\":\"Shifting focus to the order book\",\"insight\":\"Total orders rose 49 percent year on year while revenue was broadly flat. Bookings, not trailing revenue, are the real signal of where a business is heading.\"},{\"id\":\"bundle\",\"label\":\"Bundling into an integrated offer\",\"insight\":\"By adding Chart's cooling to its own power generation, Baker Hughes sells an outcome, not a part. Integrated offers are harder to displace and easier to price on value.\"},{\"id\":\"core\",\"label\":\"Defending the cash core\",\"insight\":\"The services business still funds the pivot. A stable, cash generative core is what buys a company the room to move up the value chain.\"}],\"note\":\"There is no single right answer. The point is that Baker Hughes is doing all four at once, and sequencing matters more than any one move.\"},\"faq\":[{\"q\":\"What were Baker Hughes' Q2 2026 results?\",\"a\":\"Baker Hughes reported second quarter 2026 results on 26 July. Total orders were 10.5 billion dollars, up 49 percent year on year, including a record 7.1 billion dollars of Industrial and Energy Technology orders. Revenue was 6.74 billion dollars, adjusted EBITDA 1.23 billion dollars, net income 681 million dollars and free cash flow 1.1 billion dollars.\"},{\"q\":\"Why is Baker Hughes selling gas turbines to data centers?\",\"a\":\"Artificial intelligence and cloud computing are driving a rapid rise in electricity demand, and hyperscale operators need firm power faster than grids can supply it. Gas turbines sited next to a data center can deliver that power at scale and quickly. Baker Hughes booked 2.7 gigawatts of gas turbines for data centers and mobile power in the second quarter of 2026.\"},{\"q\":\"What is Industrial and Energy Technology at Baker Hughes?\",\"a\":\"Industrial and Energy Technology, or IET, is the Baker Hughes segment that makes and services turbines, compressors, and power and process equipment for LNG, gas infrastructure and power generation. It is distinct from the Oilfield Services and Equipment segment tied to drilling and production. IET booked a record 7.1 billion dollars of orders in the second quarter of 2026.\"},{\"q\":\"Why did Baker Hughes acquire Chart Industries?\",\"a\":\"Chart Industries brings cryogenic and thermal management technology. Combined with Baker Hughes power generation, it lets the company offer integrated data center solutions that pair power with cooling. Selling the two together makes the offer harder to displace and easier to price on the value it delivers.\"},{\"q\":\"What does the Baker Hughes pivot mean for energy suppliers?\",\"a\":\"It shows that repositioning toward structural demand, in this case data center power and gas infrastructure, can outgrow exposure to the drilling cycle. For energy B2B sellers and marketers, the practical lessons are to treat the order book as the leading indicator, to position against secular demand curves rather than the commodity price, and to bundle capabilities into integrated, outcome based offers.\"}],\"newsletter\":{\"eyebrow\":\"The P54 Energy Growth Brief\",\"title\":\"Revenue architecture, engineered, for energy B2B\",\"body\":\"Join energy leaders getting our weekly analysis of how the industry's biggest players build growth, and what it means for how you sell and market. No noise, just the strategy behind the moves.\",\"cta\":\"Subscribe\"},\"related\":[{\"title\":\"SLB's Digital Reinvention\",\"topic\":\"Industry Leader\",\"href\":\"\/insights\/slb-schlumberger-digital-oilfield-services-strategy-2026\/\"},{\"title\":\"Why Are Data Centers Driving Demand for Gas Turbines?\",\"topic\":\"Data Center Power\",\"href\":\"\/insights\/why-data-centers-drive-gas-turbine-demand\/\"},{\"title\":\"Chevron Starts Selling Power, Not Barrels: Inside Project Kilby\",\"topic\":\"Industry Leader\",\"href\":\"\/insights\/chevron-microsoft-project-kilby\/\"},{\"title\":\"ADNOC and XRG: A Bet on Gas, Chemicals and AI Power\",\"topic\":\"Industry Leader\",\"href\":\"\/insights\/adnoc-xrg-gas-chemicals-ai-bet\/\"},{\"title\":\"ExxonMobil's Value Over Volume Machine\",\"topic\":\"Industry Leader\",\"href\":\"\/insights\/exxonmobil-advantaged-assets-strategy\/\"}],\"listenTime\":\"Listen: 22 min\"}","p54_faq":"","p54_media":"","p54_comments_enabled":"","footnotes":""},"categories":[92,125],"tags":[],"class_list":["post-3987","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-analysis","category-strategy"],"acf":[],"_links":{"self":[{"href":"https:\/\/projectfifty4.com\/hi\/wp-json\/wp\/v2\/posts\/3987","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/projectfifty4.com\/hi\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/projectfifty4.com\/hi\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/projectfifty4.com\/hi\/wp-json\/wp\/v2\/users\/12"}],"replies":[{"embeddable":true,"href":"https:\/\/projectfifty4.com\/hi\/wp-json\/wp\/v2\/comments?post=3987"}],"version-history":[{"count":1,"href":"https:\/\/projectfifty4.com\/hi\/wp-json\/wp\/v2\/posts\/3987\/revisions"}],"predecessor-version":[{"id":3988,"href":"https:\/\/projectfifty4.com\/hi\/wp-json\/wp\/v2\/posts\/3987\/revisions\/3988"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/projectfifty4.com\/hi\/wp-json\/wp\/v2\/media\/3986"}],"wp:attachment":[{"href":"https:\/\/projectfifty4.com\/hi\/wp-json\/wp\/v2\/media?parent=3987"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/projectfifty4.com\/hi\/wp-json\/wp\/v2\/categories?post=3987"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/projectfifty4.com\/hi\/wp-json\/wp\/v2\/tags?post=3987"}],"curies":[{"name":"\u0921\u092c\u094d\u0932\u094d\u092f\u0942\u092a\u0940","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}