$BKR · Baker Hughes Co

Baker Hughes filed an 8-K disclosing CEO Lorenzo Simonelli's September 9, 2026 presentation at the Barclays CEO Energy-Power Conference, which includes updated FY'26 guidance incorporating the Chart Industries acquisition that closed July 16, 2026. The company now guides FY'26 revenue of $28.5B-$30.3B and adjusted EBITDA of $4.875B-$5.475B, with Chart contributing $1.85B-$2.25B revenue and $300M-$400M EBITDA in 2H'26. Management targets expanding Chart's EBITDA margin from approximately 17% in 2H'26 to 22-23% by 2H'28 through $200M+ annualized cost synergies, commercial synergies, and operational enhancements via the Baker Hughes Business System.

Extended-hours last trade: $64.65, up 1.14% vs regular close of $63.92. The after-hours move reflects investor optimism around the detailed Chart integration roadmap, aggressive margin-expansion targets, and early synergy capture of $35M since closing.

First comprehensive post-acquisition guidance and integration roadmap for the $7.5B+ Chart deal, detailing aggressive margin expansion and synergy targets that materially reshape Baker Hughes' earnings profile toward higher-quality industrial markets.

Baker Hughes' Chart acquisition positions it uniquely across the energy-industrial convergence, with expanded exposure to data centers, geothermal, CCUS, and industrial gases—high-growth markets where peers like Schlumberger and Halliburton have limited presence. The 22-23% Chart margin target by 2H'28 would match or exceed IET's record 18.5% 2025 margin, demonstrating operational leverage in industrial end markets.

Chart 2H'26 outlook reflects LNG project timing risks, order conversion dynamics, soft hydrogen demand, and margin pressure from first-of-a-kind projects. FY'26 FCF conversion of 40-45% is depressed by acquisition-related interest, transaction, and integration costs. Synergy realization and margin expansion depend on successful Business System deployment and footprint optimization execution.